7/28/2019 72870971 CAIIB Super Notes Bank Financial Management Module D Balance Sheet Management Interest Rate Risk Management
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CAIIB Super-Notes M S Ahluwalia Sirf Business
CAIIB
SUPER NOTES
Bank Financial Management: Interest Rate Risk Management
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Contents
Coverage:
1. Essentials of Interest Rate Risk
2. Sources of Interest Rate Risk
3. Effects of Interest Rate Risk
4. Measurement of Interest Rate Risk
5. Interest Rate Risk Measurement Techniques
6. Strategies for controlling Interest Rate Risk
7. Controls and supervision of Interest Rate
Risk Management8. Sound Interest Rate Risk Management
Practices
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ESSENTIALS OF INTEREST RATE RISK
1.
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Essentials of Interest Rate Risk
Interest Rate risk is the exposure of a banks financial conditions to
adverse movements in interest rates
Though this is normal part of banking business, excessive interest
rate risk can pose a significant threat to a banks earnings and
capital base
Changes in interest rates affect
Banks earnings by changing its Net Interest Income and level of other
interest sensitive income and operating expenses
The underlying value of the banks assets, liabilities and off-balance-sheet
instruments
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Interest Rate Risk
Interest rate risk refers to volatility in Net Interest Income (NII)
or variations in Net Interest Margin(NIM)
Therefore, an effective risk management process thatmaintains interest rate risk within prudent levels is essential
to safety and soundness of the bank
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CAIIB Super-Notes M S Ahluwalia Sirf Business
SOURCES OF INTEREST RATE RISK
2.
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Types of Interest Rate Risk
Gap Risk
Arises fromholding assetsand liabilitieswith differentprincipalamounts,maturity datesor repricing
datesBank is assetsensitive ifassets arerepriced muchmore rapidlythan theliability duringthe period
Liability
sensitive ifinterest paidon its depositis reset morerapidly thanthe rate beingcharged onthe loan
Basis Risk
Risk thatinterest ratesof differentassets andliabilities maychange indifferentmagnitudes
Fairly high inrespect ofbanks whichcreatecompositeassets out ofcompositeliabilities
Net InterestPosition Risk
Interest rateearned onassets changeswhile cost offunding ofliabilitiesremains thesame
EmbeddedOption Risk
Prepaymentof loans/bondsand/orprematurewithdrawal ofdeposits
Yield CurveRisk
Yield of allmaturities of aparticularinvestment
Price Risk
Assets aresold beforematurity dates
ReinvestmentRisk
Uncertaintywith regard tointerest rate atwhich thefuture cashflows can bereinvested
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CAIIB Super-Notes M S Ahluwalia Sirf Business
EFFECTS OF INTEREST RATE RISK
3.
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Effects of Interest Rate Risk
Focus is impact of interest rate change on accrual or reported earnings particularly NII
Traditional approach
Earnings PerspectiveEarnings Perspective
Impact on Economic value of banks assets, liabilities and off balance sheet positions
A view of the sensitivity of the net worth of the bank to fluctuations in interest rates
Provides a more comprehensive view since it considers effect on present value of allfuture cash flows
Economic PerspectiveEconomic Perspective
Impact of past interest rates on bank performance
Gains or losses reflected over time
Instruments that are not marked to market
Embedded LossesEmbedded Losses
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MEASUREMENT OF INTEREST RATERISK
4.
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Measurement of Interest Rate Risk
Before management, risk has to be identified and quantified
Measurement systems should
Assess all interest rate risk associated with Banks assets, liabilities andOBS positions
Utilise generally accepted financial concepts and risk management
techniques
Have well documented assumptions and parameters
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CAIIB Super-Notes M S Ahluwalia Sirf Business
INTEREST RATE RISK MEASUREMENTTECHNIQUES
5.
k
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Interest Rate Risk Measurement
Techniques
Simplest Technique Maturity/Repricing Schedule that distributes interest sensitive assets, liabilities and OBS positions into a
certain no of predefined time bands based on maturity or time remaining to next repricing
Repricing SchedulesRepricing Schedules
When repricing schedules are used to assess the interest rate risk of current earnings
A negative or liability sensitive gap
occurs when liabilities exceed assets (RSARSL) in a given time band
decrease in market interest rates could cause a decline in NII.
Gap AnalysisGap Analysis
A measure of the percentage change in economic value of a position that will occur given a small change in
the value of interest rates
Higher duration implies that a given change in the level of interest rates will have a larger impact on economicvalue
DurationDuration
Detailed assessments of the potential effects of changes in interest rates on earnings and economic value bysimulating the future path of interest rates and their impact on cash flows
Simulation ApproachesSimulation Approaches
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Shortcomings of GAP Analysis
Does not take account of variation in characteristics of different
positions within a time band
Ignores differences in spreads between interest rates due to change
in market interest rates
Does not take into account changes in timing of payments that
might occur as a result of changes in the interest rate environment
Only a rough approximation
Fail to capture variability in non-interest revenue and expenses
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Duration based Measurement
Average duration is assumed for positions that fall into each
time band
Average durations multiplied by assumed change in interestrates to construct a weight
Different weights may be used for different positions that fall within a
time band
Different interest rate changes may also be used
Weighted gaps are then aggregated across time bands
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Shortcomings of Duration approach
Focus on just one form of interest rate risk exposure -
repricing risk
Since average durations are used the differences in actualsensitivity positions arising from differences in coupon rates
and timing of payments will not be reflected
Risk of options may not be adequately captured
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Types of Simulation
Cash flows arising solely from banks current on and off balance sheet positions
are assessed
Static SimulationStatic Simulation
More detailed assumptions about the future course of interest rates and expectedchanges in banks business activity over that time
More sophisticated techniques allow for dynamic interaction of payments streamsand interest rates, and better capture the effect of embedded or explicit options
Dynamic SimulationDynamic Simulation
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Additional Issues
Declines in interest rates result in increasing levels of
prepayments
Non-maturity deposits may be withdrawn without penalty
Treatment of positions with embedded options
Inputs from managerial and business units
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CAIIB Super-Notes M S Ahluwalia Sirf Business
STRATEGIES FOR CONTROLLINGINTEREST RATE RISK
6.
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Ways to Reduce Sensitivities
Reduce Asset Sensitivity
Extend investment portfoliomaturities
Increase floating rate deposits Increase fixed rate lending
Sell floating rate loans
Increase short term borrowings
Increase long term lending
Reduce Liability Sensitivity
Reduce investment portfoliomaturities
Increase floating rate lending Increase short term lending
Increase long term Deposits
Oth ti il bl f i
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Other options available for managing
interest rate risks
Match long term assets preferably with non-interest bearing
liabilities
Match repricable assets with similar repricable liabilities
Use Forward Rate Agreements, Swaps, Options and Financial
Futures to construct synthetic securities
Sound loaning policies and effective post-sanction monitoring and
recovery steps to contain NPAs
Full match in repricing assets and liabilities is not prudent even if it was feasible.
Appropriate tolerance limits should be placed on interest rate sensitivity gaps.
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CONTROLS AND SUPERVISION OFINTEREST RATE RISK MANAGEMENT
7.
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Effective Internal Control System includes
A strong control environment
Adequate process for identifying and evaluating risk
Establishment of control activities such as policies, procedures and
methodologies
Adequate information systems
Continual review of adherence to established policies and
procedures
Banks should have their measurement, monitoring and control functions reviewed on
a regular basis by an independent party
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SOUND INTEREST RATE RISKMANAGEMENT PRACTICES
8.
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Basic Elements
Board and Senior Management oversight of Interest Rate RiskBoard and Senior Management oversight of Interest Rate Risk
Adequate Risk Management policies and proceduresAdequate Risk Management policies and procedures
Appropriate risk measurement, monitoring and control functionsAppropriate risk measurement, monitoring and control functions
Comprehensive internal controls and independent auditsComprehensive internal controls and independent audits
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Roles and Responsibilities
Approve Strategies and policies
Ensure action by Senior Management in line with the above
To be informed regularly of interest rate risk exposure
Board of DirectorsBoard of Directors
Management of structure of banks business and level of interest rate risk
To ensure that appropriate policies and procedures are established to control and limit the risks
To ensure that resources are available for evaluating and controlling interest rate risk
Periodic review oforganisations interest rate risk management policies and procedures
Also responsible for maintaining:
Appropriate limits on risk taking
Adequate systems and standards for measuring risk
Standards for valuing positions and measuring performance
Comprehensive interest rate risk reporting and interest rate risk management Review Process
Effective internal controls
Should define lines of responsibility and authority for developing strategies, implementing tactics andconducting the risk measurement and reporting functions of the interest rate risk managementprocess
Senior ManagementSenior Management
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Do you have any questions or queries or some feedback to give?
Just mark an email to [email protected]
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M S Ahluwalia, amongst other things, is a visual artist, blogger,
blog designer and of course an MBA and Banker from New
Delhi, India.
To know more about him you may visit his blog-site:Estudiante De La Vida
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