【導(dǎo)讀】LearningObjectives?bankingindustry.howtoreadthem.anizations.Manyofthenation’slargestbankshave. andtheirearnings.branchoffices

　　

【正文】 rved. McGraw Hill / Irwin 15 36 Savings Institutions 02004006008001 , 0 0 01 , 2 0 01 , 4 0 01 , 6 0 01 , 8 0 01961 1966 1971 1976 1981 1986 1991 1996 2020$ Billions Total Financial Assets Total Deposits Data Source: Board of Governors of the Federal Reserve System ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 37 Savings and Loan Associations ? The size of the savings industry peaked in 1988, when total financial assets reached $1,640 billion. ? The sharp decline that followed was the result of large numbers of failures and the conversion of some Samp。Ls into other kinds of financial institutions, most notably mercial banks and savings banks. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 38 Savings and Loan Associations ? One primary cause for the low profitability of Samp。Ls during the 1980s and 1990s was that many Samp。L assets (fixedrate mortgage loans) were interestrate insensitive while most of their liabilities (deposits) were highly sensitive to interest rates. ? So, during periods of rapidly rising market interest rates, the industry’s interest margin were severely squeezed. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 39 Savings and Loan Associations ? Samp。Ls need ? sound diversification decisions, ? carefully managed loan portfolios, ? risk management, and ? further relaxation of government regulations. ? Today, more aggressive Samp。Ls are branching out in at least three different directions – real estate models, family financial centers, and diversified models. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 40 Savings Banks ? Savings banks began in Scotland in the early 19th century, and then took root in the . about 150 years ago to meet the needs of the small saver. ? Like Samp。Ls, they play an active role in the residential mortgage market. However, they are more diversified in their investments, purchasing corporate bonds and mon stock, making consumer loans, and investing in mercial mortgages. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 41 Savings Banks ? The number of savings banks operating today is small – at most a few hundred. ? They are scattered throughout the ., though they are most prominent in the New England and the Middle Atlantic states. ? The distinction among Samp。Ls, savings banks, and mercial banks is being blurred, especially because they are readily convertible from one form to another. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 42 Savings Institutions Source: Board of Governors of the Federal Reserve System 16 ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 43 Savings Banks ? The savings bank industry faces a number of problems that will significantly affect its future as a conduit for savings and investment. ? In particular, savings banks have inflexible asset structures and face petition from other financial institutions. ? Their future growth depends on their ability to gain the necessary changes in government regulations to allow them to respond to changing financial market conditions. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 44 Credit Unions ? Credit unions are cooperative, selfhelp associations of individuals, and savings deposits and loans are offered only to members of each association. ? Credit unions came to the . in 1909, and their longrun survival stems mainly from their being able to offer low loan rates and high deposit interest rates and from their relatively low operating costs. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 45 Credit Unions ? Credit unions are anized around a mon affiliation or bond among their members. Most members work for the same employer, or for one of a group of related employers. ? There is a strong shift today toward fewer, but larger, credit unions. The decline is due primarily to mergers, failures, and a structural shift in the . economy from manufacturing industries toward more service industries. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 46 . Credit Union Statistics 1940 9,224 2,693,863 249 1950 10,586 4,617,086 1,005 1960 20,094 12,025,393 5,651 1970 23,687 22,775,511 17,872 1980 21,465 43,930,569 68,974 1990 14,049 60,087,256 216,874 2020 10,684 79,751,873 449,799 Year Number of Credit Unions Number of Members Assets ($ Millions) Data Source: Credit Union National Association ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 47 Credit Unions ? . credit unions are under intense pressure to develop new services and perate new markets due to increasing petition from other financial institutions and a decline in the demand for their historically most important credit service – automobile loans. ? However, the industry has repeatedly shown its capacity for service innovation and its ability to pete successfully for both consumer loans and savings accounts. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 48 Credit Unions Source: Board of Governors of the Federal Reserve System 16 ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 15 49 Money Market Funds ? In 1972, the first money market mutual fund – a financial intermediary pooling the savings of individuals and businesses and investing those monies in shortterm, highquality money market instruments – ope