05 ALM Guidelines Short.ppt

8/20/2019 05 ALM Guidelines Short.ppt

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ASSET LIABILITY ASSET LIABILITYMANAGEMENT (ALM)MANAGEMENT (ALM)


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History of bank failures in USHistory of bank failures in US

2012 - 23

2011 - 89

2010 - 157

2009 - 140


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Components of a

Bank Balance sheetLiabilities Assets1. Capital

2. Reserve & Surplus3. Deposits

4. Borrowings

5. Oter Liabilities

1. Cas & Balan!es witRB"

2. Bal. #it Ban$s &%one at Call an'Sort (oti!es

3. "nvest)ents

4. A'van!es

5. *i+e' Assets

,. Oter Assets

Contingent Liabilities


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Business Risks

• Operational Risk

• Credit Risk

• Market Risk

• Liquidity Risk

• Interest Rate Risk • Foreign Echange Risk

• Information Risk


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Wat is ALM !"""Wat is ALM !""" #on$erne% &it strate'i$ Balan$e Seet#on$erne% &it strate

'i$ Balan$e Seet

ana'eentana

'eent

Mat$ bet&een assets an% liabilities in BSMat$ bet&een assets an% liabilities in BS

isks ste fro isat$ bet&een A*L +isks ste fro isat$ bet&een A*L +

$re%it, li-ui%ity, interest, $urren$y$re%it

, li-ui%ity, interest, $urren$y

ALM is not to a.oi% risk but to ana'e risk, ALM is not to a.oi% risk but to ana

'e risk,

sustainin' /rofitabilitysustainin

' /rofitability


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Wat is ALM !"""$ont%""Wat is ALM !"""$ont%""

0 1erio%i$ onitorin' of risk e2/osures1erio%i$ onitorin' of risk e2/osures

in.ol.in' $olle$tin' an% analysin' inforationin.ol.in' $olle$tin' an% analysin' inforation

0 Ability to anti$i/ate, fore$ast an% a$t so as to Ability to anti$i/ate, fore$ast an% a$t so as to

stru$ture bank3s business to /rofitstru$ture bank3s business to /rofit

0 Alterin' A * L /ortfolio in a %ynai$ &ay to Alterin' A * L /ortfolio in a %ynai$ &ay to

ana'e risksana'e risks

0 In.ol.es 4u%'eent an% %e$ision akin'In.ol.es 4u%'eent an% %e$ision akin'


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5efinin' ALM5efinin' ALM ALM involves Planning, directing andALM involves Planning, directing and

Controlling the flow , mix, cost and yield ofControlling the flow , mix, cost and yield ofthe consolidated funds of bankthe consolidated funds of bank

Assesses .arious asset i2es, fun%in' Assesses .arious asset i2es, fun%in'$obinations, /ri$e .olue relations an% teir$obinations, /ri$e .olue relations an% teiri/li$ations on Li-ui%ity, In$oe an% #a/ital ratioi/li$ations on Li-ui%ity, In$oe an% #a/ital ratio

Planning procedure which accounts for allPlanning procedure which accounts for allassets and liabilities of a bank by rate,assets and liabilities of a bank by rate,amount and maturityamount and maturity


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Wy ALM !Wy ALM !

0 Banks e2/ose% to $re%it an% arket risks inBanks e2/ose% to $re%it an% arket risks in

.ie& of asset6liability transforation.ie& of asset6liability transforation

0 isks in$rease% &it liberalisation an%isks in$rease% &it liberalisation an%

'ro&in' inte'ration of %oesti$ arkets'ro&in' inte'ration of %oesti$ arkets&it e2ternal arkets&it e2ternal arkets

0 Banks no& o/erate in %ere'ulate%Banks no& o/erate in %ere'ulate%en.ironent an% are re-uire% to %eterineen.ironent an% are re-uire% to %eterine

interest rates on .arious /ro%u$tsinterest rates on .arious /ro%u$ts


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Wy ALM !""Wy ALM !"" #ont%""#ont%""

• Need to maintain balance amongNeed to maintain balance among

spread, proftability and long-termspread, proftability and long-termviabilityviability

• Increasing volatility in domesticIncreasing volatility in domesticinterest rates as well as oreigninterest rates as well as oreign

exchange ratesexchange rates

• New fnancial product innovationNew fnancial product innovation


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• Increased level o awareness amongIncreased level o awareness among

top management - market risks,top management - market risks,

interest rate movementsinterest rate movements

0 Intense $o/etition for business in.ol.in'Intense $o/etition for business in.ol.in'

bot assets an% liabilitiesbot assets an% liabilities


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0 e'ulatory initiati.ese'ulatory initiati.es

0 International initiati.e + Basle #oitteeInternational initiati.e + Basle #oittee

0 Tus, a $all for stru$ture% an%Tus, a $all for stru$ture% an%

$o/reensi.e easures for$o/reensi.e easures for

institutionalisin' an inte'rate% riskinstitutionalisin' an inte'rate% risk

ana'eent systeana'eent syste


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7.erall 7b4e$ti.e""7.erall 7b4e$ti.e"" 0 Te $entral tee of (ALM) is teTe $entral tee of (ALM) is te

ana'eent of a bank3sana'eent of a bank3s entireentire balan$ebalan$eseet onseet on $ontinuous$ontinuous basis &it a .ie& tobasis &it a .ie& to

ensure a /ro/erensure a /ro/er balan$ebalan$e bet&een fun%sbet&een fun%s

obilisation an% teir %e/loyent &itobilisation an% teir %e/loyent &itres/e$t to teir aturity /rofiles, $ost an%res/e$t to teir aturity /rofiles, $ost an%

yiel% as &ell as risk e2/osure so as toyiel% as &ell as risk e2/osure so as to

i/ro.ei/ro.e /rofitability/rofitability, ensure a%e-uate, ensure a%e-uate

li-ui%ityli-ui%ity, ana'e, ana'e risksrisks an% ensure lon'an% ensure lon'

terter .iability.iability


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BI 8 NABA5 Gui%elines on ALMBI 8 NABA5 Gui%elines on ALM0 5raft 'ui%elines issue% on 9: Se/t 9;;


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BI 8 NABA5 Gui%elines on ALMBI 8 NABA5 Gui%elines on ALM

0 NABA5 'ui%elines on isk Mana'eentNABA5 'ui%elines on isk Mana'eentSystes in Banks + A/ril @::Systes in Banks + A/ril @::

0 Gui%elines &ere issue% to sele$t StateGui%elines &ere issue% to sele$t State#oo/erati.e Banks .i" An%ra 1ra%es,#oo/erati.e Banks .i" An%ra 1ra%es,Tail Na%u" Maarastra" 1un4ab an%Tail Na%u" Maarastra" 1un4ab an%West Ben'al S#Bs an% 9@ sele$te% BsWest Ben'al S#Bs an% 9@ sele$te% Bsforfor implementation of Asset - Liabilityimplementation of Asset - LiabilityManagement (ALM) System wefManagement (ALM) System wef1.4.2007- so far satisfactory .1.4.2007- so far satisfactory .


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B! "eeting #$%&%#''( decidedB! "eeting #$%&%#''( decidedintroduction o )*" in all the !+Bs introduction o )*" in all the !+Bs Bs we .%$%#''(Bs we .%$%#''(

)*" to be introduced in phased)*" to be introduced in phasedmanner in /++Bs%manner in /++Bs%

Initially selected &. /++Bs or )*"Initially selected &. /++Bs or )*"

we .%0%#''(we .%0%#''( Interim target to cover .''1Interim target to cover .''1

business by .%2%#''0business by .%2%#''0


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nce system stabilises, bank gainnce system stabilises, bank gain

experience- swtch over toexperience- swtch over to

sophisticated computerisedsophisticated computerised

techni3ues 4/uration 5ap analysis,techni3ues 4/uration 5ap analysis,!imulation 6a or Interest rate!imulation 6a or Interest rate

risk managementrisk management


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eview o computerisation in bankeview o computerisation in bank !uitability o manpower 4implementation!uitability o manpower 4implementation )*" policy approved by B/)*" policy approved by B/

+onstitute )*+ to review )*"+onstitute )*+ to review )*"implementation in bankimplementation in bank !tart generating reports as re3uired!tart generating reports as re3uired +apacity building 78"9 o nodal o:cer+apacity building 78"9 o nodal o:cer

;pgrade "I! or preparation o reports;pgrade "I! or preparation o reports !end detailed monthly progress reports-!end detailed monthly progress reports-

present status, progress made actionpresent status, progress made actionplan or utureplan or uture


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ALM 1ro$ess6 Tree /illars ALM 1ro$ess6 Tree /illars 0 ALM Inforation Syste ALM Inforation Syste

0 Management Information ystemManagement Information ystem0 Information availability, accuracy, ade!uacy andInformation availability, accuracy, ade!uacy and

expediencyexpediency

0 ALM 7r'anisation ALM 7r'anisation0 tructure and responsibilitiestructure and responsibilities0 Level of top management involvementLevel of top management involvement

0 ALM 1ro$ess ALM 1ro$ess0 "isk parameters, risk identification, risk"isk parameters, risk identification, risk

measurement, risk management, risk policies andmeasurement, risk management, risk policies andprocedures, prudential limits # auditing, reportingprocedures, prudential limits # auditing, reporting

# review# review


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ALM Inforation Systes ALM Inforation Systes

0 Information is the key to the ALM processInformation is the key to the ALM process

0 $aried business profiles % no uniform ALM system$aried business profiles % no uniform ALM system

for all banksfor all banks

0 Methods range from simple &ap statement toMethods range from simple &ap statement to

extremely sophisticated simulation methods'extremely sophisticated simulation methods'

0 Availability ofAvailability of adequate, timely and accurateadequate, timely and accurate

informationinformation, the central element for ALM exercise, the central element for ALM exercise


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ALM Inforation Systes6#allen'es ALM Inforation Systes6#allen'es

0 Lar'e net&ork of bran$es an% la$k of anLar'e net&ork of bran$es an% la$k of an

a%e-uate su//ort syste to $olle$t inforationa%e-uate su//ort syste to $olle$t inforation

0 1roble to be a%%resse% trou' AB# a//roa$1roble to be a%%resse% trou' AB# a//roa$

+ atleast >:6C:? of total business6analysin' + atleast >:6C:? of total business6analysin'bea.iour of assets an% liabilities in sa/lebea.iour of assets an% liabilities in sa/lebran$esbran$es

0 In.estent /ortfolio + easy sin$e $entralise%In.estent /ortfolio + easy sin$e $entralise%

0 S/rea% of $o/uterisation el/sS/rea% of $o/uterisation el/s


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ALM 7r'anisation ALM 7r'anisation

0 (oard to have overall responsibility and frame risk(oard to have overall responsibility and frame risk

management policymanagement policy

0 (oard to set limits for li!uidity, interest rate and exchange(oard to set limits for li!uidity, interest rate and exchangerate risksrate risks

0 ALC) *Asset Liability Committee+ consisting of seniorALC) *Asset Liability Committee+ consisting of seniormanagement including C) decides strategy and adheres tomanagement including C) decides strategy and adheres toob-ectiveob-ective

0 ALM upport &roups, responsible for analysing, monitoringALM upport &roups, responsible for analysing, monitoringand reporting the risk profiles to ALC)and reporting the risk profiles to ALC)

0 taff also prepare the forecasts *simulations+ showingtaff also prepare the forecasts *simulations+ showingeffects and recommend actioneffects and recommend action


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AL#76res/onsibilities AL#76res/onsibilities

0 ALC) decision making unit. "esponsible forALC) decision making unit. "esponsible forbalance sheet planning from risk returnbalance sheet planning from risk returnperspectiveperspective

0 Monitoring the market risk levels by ensuringMonitoring the market risk levels by ensuringadherence to the various risk limits set by theadherence to the various risk limits set by thebankbank

0 Articulating the current interest rate view and aArticulating the current interest rate view and aview on future direction of interest rateview on future direction of interest ratemovementsmovements


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AL#76res/onsibilities AL#76res/onsibilities

0 /eciding the business strategy of/eciding the business strategy of

the bank, consistent with thethe bank, consistent with the

interest rate view, budget and pre.interest rate view, budget and pre.determined risk managementdetermined risk management

ob-ectivesob-ectives

0 /etermining the desired maturity/etermining the desired maturity

profile and mix of assets and liabilitiesprofile and mix of assets and liabilities


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AL#76res/onsibilities"" AL#76res/onsibilities""$ont%""$ont%""

0 Product pricing for both assets andProduct pricing for both assets andliabilities sideliabilities side

0 /eciding the funding strategy i'e' source/eciding the funding strategy i'e' sourceand mix of liabilities or sale of assetsand mix of liabilities or sale of assets

0"eviewing implementation of decisions"eviewing implementation of decisionsmade in the previous meetingmade in the previous meeting


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#o/osition of AL#7#o/osition of AL#7

0 Te sie of AL#7 %e/en%s on sie ofTe sie of AL#7 %e/en%s on sie of

institution, business i2 an% or'anisationalinstitution, business i2 an% or'anisational$o/le2ity$o/le2ity

0 #E7 to ea% te #oittee#E7 to ea% te #oittee

0 #iefs of In.estent, #re%it, esour$e#iefs of In.estent, #re%it, esour$e

Mana'eent, =un%s Mana'eent8Mana'eent, =un%s Mana'eent8

Treasury, Bankin' an% E$onoi$ esear$Treasury, Bankin' an% E$onoi$ esear$

to be ebers of te #oitteeto be ebers of te #oittee


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#o/osition of AL#7D"#o/osition of AL#7D"

0 Hea% of Te$nolo'y 5i.ision be an in.iteeHea% of Te$nolo'y 5i.ision be an in.itee

0 Soe banks ay a.e sub6$oitteesSoe banks ay a.e sub6$oittees

an% su//ort 'rou/san% su//ort 'rou/s0 Mana'eent $oittee to o.ersee an%Mana'eent $oittee to o.ersee an%

re.ie&re.ie&


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ALM 1ro$ess ALM 1ro$ess

S$o/e of ALM fun$tion $an be %efine% asS$o/e of ALM fun$tion $an be %efine% as

Li-ui%ity isk Mana'eentLi-ui%ity isk Mana'eent

Interest rate risks ana'eentInterest rate risks ana'eent

Tra%in' risk ana'eentTra%in' risk ana'eent

=un%in' an% $a/ital /lannin'=un%in' an% $a/ital /lannin'

1rofit /lannin' an% 'ro&t /ro4e$tion1rofit /lannin' an% 'ro&t /ro4e$tion

BI 'ui%elines ainly $o.er Li-ui%ity an%BI 'ui%elines ainly $o.er Li-ui%ity an%

Interest rate risksInterest rate risks


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1oli$y for $reation of liabilities1oli$y for $reation of liabilities

An appropriate policy for creation ofAn appropriate policy for creation of

liabilities has to take care that0liabilities has to take care that0

0 A%e-uate finan$ial resour$es (i"e"fun%s) A%e-uate finan$ial resour$es (i"e"fun%s)

are obilise% kee/in' in .ie& te bank3sare obilise% kee/in' in .ie& te bank3s%e/loyent re-uireents%e/loyent re-uireents

0

Te $ost of liabilities in ters of interestTe $ost of liabilities in ters of interest$ost is least an% is re%u$e% fro tie to$ost is least an% is re%u$e% fro tie totietie


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1oli$y for $reation of liabilities1oli$y for $reation of liabilities

0 Te ser.i$in' 8 o/erational $ost of teTe ser.i$in' 8 o/erational $ost of te

liabilities is ke/t lo& &it e/asis onliabilities is ke/t lo& &it e/asis on

.olues.olues

0 Te liabilities soul% $oe fro fairlyTe liabilities soul% $oe fro fairly

%i.ersifie% sour$es so tat set ba$ks in%i.ersifie% sour$es so tat set ba$ks inone area %o not affe$t te o.erall finan$ialone area %o not affe$t te o.erall finan$ial

resour$e /ositionresour$e /osition


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1oli$y for $reation of assets1oli$y for $reation of assets

An a//ro/riate /oli$y for $reation of An a//ro/riate /oli$y for $reation of

assets as to ai atassets as to ai at

0 Making provisions for meeting statutoryMaking provisions for meeting statutoryre!uirements like reserves.C"", L"re!uirements like reserves.C"", L"

0 Maximising of the yield or return onMaximising of the yield or return on

various components of assetsvarious components of assets

0 Maintenance of ade!uate li!uidityMaintenance of ade!uate li!uidity

through appropriate mix of assetsthrough appropriate mix of assets


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1oli$y for $reation of assetsD1oli$y for $reation of assetsD

0 /iversification of assets so as to/iversification of assets so as to

minimise lossesminimise losses

0 Lending advances with prudenceLending advances with prudence

based on risk perception with the solebased on risk perception with the sole

ob-ective that it should not turn out toob-ective that it should not turn out tobe non.performingbe non.performing


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Li-ui%ity isk Mana'eentLi-ui%ity isk Mana'eent

0 Assure% ability to eet its liabilities as Assure% ability to eet its liabilities as

tey be$oe %ue re%u$es te /robabilitytey be$oe %ue re%u$es te /robability

of an a%.erse situation %e.elo/in'of an a%.erse situation %e.elo/in'

0 Li-ui%ity sortfall in one institution $anLi-ui%ity sortfall in one institution $an

a.e re/er$ussions on te entire systea.e re/er$ussions on te entire syste


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Li-ui%ity isk Mana'eentD"Li-ui%ity isk Mana'eentD"

0 Assets $oonly $onsi%ere% as li-ui% like Assets $oonly $onsi%ere% as li-ui% like

Go.ernent se$urities an% oter oneyGo.ernent se$urities an% oter oney

arket instruents $oul% also be$oearket instruents $oul% also be$oe

illi-ui% &en te arket an% /layers areilli-ui% &en te arket an% /layers areuni%ire$tionaluni%ire$tional

0 Li-ui%ity as to be tra$ke% trou'Li-ui%ity as to be tra$ke% trou'

aturity or $as flo& isat$esaturity or $as flo& isat$es

0 Use of aturity la%%er + stan%ar% toolUse of aturity la%%er + stan%ar% tool

Stateent of str $t ral li- i%itStateent of stru$tural li-ui%ity


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Stateent of stru$tural li-ui%ityStateent of stru$tural li-ui%ity


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Tie bu$kets for aturity /rofileTie bu$kets for aturity /rofile

i"i" 969F %ays969F %ays

ii"ii" 96@< %ays96@< %ays

iii"iii" @; %ays an% u/to onts@; %ays an% u/to onts

i."i."

7.er onts an% u/to > onts7.er onts an% u/to > onts."." 7.er > onts an% u/to 9 year 7.er > onts an% u/to 9 year

.i".i" 7.er 9 year an% u/to years7.er 9 year an% u/to years

.ii".ii" 7.er years an% u/to years7.er years an% u/to years

.iii".iii" 7.er years7.er years


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Li-ui%ity isat$esDLi-ui%ity isat$esD $ont%""$ont%""

0 Te isat$es %urin' 969F * 96@< %ays notTe isat$es %urin' 969F * 96@< %ays not

to e2$ee% @:? of $as outflo&sto e2$ee% @:? of $as outflo&s

0 Maturin' liability is a $as outflo& an% aturin'Maturin' liability is a $as outflo& an% aturin'asset is a $as inflo&asset is a $as inflo&

0 Toleran$e le.el in isat$es to be %eterine%Toleran$e le.el in isat$es to be %eterine%base% on asset6liability base, nature of business,base% on asset6liability base, nature of business,future strate'y et$"future strate'y et$"

0

Banks to onitor teir sort ter li-ui%ity on aBanks to onitor teir sort ter li-ui%ity on a%ynai$ basis o.er a tie orion s/annin'%ynai$ basis o.er a tie orion s/annin'fro 96;: %ays (sort ter %ynai$ li-ui%ityfro 96;: %ays (sort ter %ynai$ li-ui%itystateent)stateent)


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Estiation of sort ter %ynai$ li-ui%ityEstiation of sort ter %ynai$ li-ui%ity


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Interest ate iskInterest ate isk

0 Interest rate risk is te risk &ere $an'esInterest rate risk is te risk &ere $an'es

in te arket interest rates i't a%.erselyin te arket interest rates i't a%.ersely

affe$t a bank3s finan$ial $on%itionaffe$t a bank3s finan$ial $on%ition

0

Ie%iate i/a$t &oul% be on bank3sIe%iate i/a$t &oul% be on bank3s

earnin's by $an'in' its NIIearnin's by $an'in' its NII

0 Lon' te i/a$t of $an'in' interest ratesLon' te i/a$t of $an'in' interest rates

&oul% be on bank3s Net Wort&oul% be on bank3s Net Wort0 Interest rate risk is easure% in ters ofInterest rate risk is easure% in ters of

$an'e in NII$an'e in NII


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Interest ate iskDInterest ate iskD

0 Tra%itional Ga/ analysis eto% is to be use%Tra%itional Ga/ analysis eto% is to be use%

no&no&

0 Mo.e o.er to o%ern te$ni-ues of InterestMo.e o.er to o%ern te$ni-ues of Interest

ate isk easureent like 5uration Ga/ate isk easureent like 5uration Ga/analysis, siulation, A 'ra%uallyanalysis, siulation, A 'ra%ually

0 Ga/ or Misat$ analysis easures 'a/sGa/ or Misat$ analysis easures 'a/s

bet&een rate sensiti.e assets an% rate sensiti.ebet&een rate sensiti.e assets an% rate sensiti.eliabilitiesliabilities


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Interest ate isk6easureentInterest ate isk6easureent

0 An asset or liability is $onsi%ere% rate An asset or liability is $onsi%ere% rate

sensiti.e ifsensiti.e if

0 Witin te tie inter.al un%er $onsi%erationWitin te tie inter.al un%er $onsi%eration

tere is a $as flo&tere is a $as flo&0 te interest rate resets8re/riseste interest rate resets8re/rises

$ontra$tually %urin' te /erio%$ontra$tually %urin' te /erio%

0 BI $an'es te interest ratesBI $an'es te interest rates

0 It is $ontra$tually /re6/ayable orIt is $ontra$tually /re6/ayable or

&it%ra&able before te state% aturity&it%ra&able before te state% aturity


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Interest rate sensiti.ity 6 e/ortin' foratInterest rate sensiti.ity 6 e/ortin' forat


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Interest ate isk6easureentInterest ate isk6easureent0 Ga/ re/ort is 'enerate% by 'rou/in' te SA,Ga/ re/ort is 'enerate% by 'rou/in' te SA,

SL into tie bu$kets a$$or%in' to resi%ualSL into tie bu$kets a$$or%in' to resi%ualaturity or ne2t re/risin' /erio%, &i$e.er isaturity or ne2t re/risin' /erio%, &i$e.er is

earlier"earlier"

0 All in.estents, a%.an$es, %e/osits, borro&in's, All in.estents, a%.an$es, %e/osits, borro&in's,/ur$ase% fun%s et$ tat ature8re/rise &itin a/ur$ase% fun%s et$ tat ature8re/rise &itin a

s/e$ifie% tiefrae are interest rate sensiti.es/e$ifie% tiefrae are interest rate sensiti.e


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ate sensiti.e assets an% liabilitiesate sensiti.e assets an% liabilities


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Interest ate isk6Ga/ in tie bu$ketsInterest ate isk6Ga/ in tie bu$kets years

vii%vii% ver > yearsver > years

viii%viii% Non-sensitiveNon-sensitive


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Interest ate isk + Ga/ re/ortInterest ate isk + Ga/ re/ort

0 Te 'a/ is te %ifferen$e bet&een SA an% SLTe 'a/ is te %ifferen$e bet&een SA an% SL

for ea$ tie bu$ketfor ea$ tie bu$ket

0 SASL 6 /ositi.e 'a/SASL 6 /ositi.e 'a/

0 SAJSL 6 ne'ati.e 'a/SAJSL 6 ne'ati.e 'a/

0 1ositi.e + benefi$ial &it risin' rates1ositi.e + benefi$ial &it risin' rates

0 Ne'ati.e + benefi$ial &it %e$linin' ratesNe'ati.e + benefi$ial &it %e$linin' rates

0 Ea$ bank soul% set /ru%ential liits onEa$ bank soul% set /ru%ential liits onin%i.i%ual 'a/s &it te a//ro.al of tein%i.i%ual 'a/s &it te a//ro.al of te

Boar%8Mana'eent #oitteeBoar%8Mana'eent #oittee


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GeneralD"GeneralD"

• +lassifcation o various components o+lassifcation o various components o

assets and liabilities into di?erent timeassets and liabilities into di?erent time

buckets made is benchmarkbuckets made is benchmark

• Better e3uipped banks may reclassiyBetter e3uipped banks may reclassiy

based on data@studies subAect tobased on data@studies subAect to

approval o )*+@Boardapproval o )*+@Board

• Note approved by )*+@Board to beNote approved by )*+@Board to be

sent to BIsent to BI


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SuaryD"SuaryD"

• +oordinated fnancial management+oordinated fnancial management

o B!o B!

•

isk by choice and not by chanceisk by choice and not by chance• ) pulse on approach to market risk) pulse on approach to market risk

managementmanagement

•

Increased awareness o market risksIncreased awareness o market risks• Both science and an artBoth science and an art


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Documents

05 ALM Guidelines Short.ppt