資本市場(chǎng)和金融機(jī)構(gòu)-wenkub.com
2025-05-09 22:51 本頁面
【正文】 1 Ch. 7 Risks faced by FIs (Saunders et al, 2021) Outline This chapter discusses the risks associated with financial institutions Uncertainty vs. Risk Interest rate risk Market risk Credit Risk Offbalance sheet risk Operating risk Foreign exchange risk Liquidity risk Other risks The main objective of FIs is the proper management of these risks 2 Uncertainty vs. Risk Uncertainty. A situation where an action has more than one possible result and the probability of each result is unkwnown. ? Risk. A situation where an action has more than one possible result and the probability of each result is known. – Alternatively, Risk is the degree of uncertainty associated to the oute of an event ? Usually FIs make decisions under uncertainty in terms of risk, ., they know (estimate) the probability of the results of a course of action. 3 Interest rate risk Interest rate risk is the potential impact on an FI’s earnings and market value of equity of changes in interest rates – This risk is incurred by an FI when the maturities of its assets and liabilities are mismatched. ? a) Reinvestment risk. The risk that the returns on funds to be reinvested will fall below the originally anticipated returns Example: 1year loans at 10% annual funded with 2year deposits at 9% Profit spread 1st year = 10% 9% = +1%. 2nd year: ?? 9% [Other example of reinvestment risk: mortgage refinancing at a lower interest rate] ., FI pays dep
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