67# May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk.
68# Costs: Securitizations are expensive due to management and
system costs, legal fees, underwriting fees, rating
fees and ongoing administration. An allowance for unforeseen costs is usually
essential in securitizations, especially if it is an atypical securitization.
69# Size
limitations: Securitizations often
require large scale structuring, and thus may not be cost-efficient for small
and medium transactions.
70# Risks: Since securitization is a structured transaction, it
may include par structures as well as credit enhancements that are subject to
risks of impairment, such as prepayment, as well as credit loss, especially for
structures where there are some retained strips.
71# Advantages to
investors
72# Opportunity to potentially earn a higher rate of return (on a
risk-adjusted basis)
73# Opportunity to invest in a specific pool of high
quality assets: Due to the stringent
requirements for corporations (for example) to attain high ratings, there is a
dearth of highly rated entities that exist. Securitizations, however, allow for
the creation of large quantities of AAA, AA or A rated bonds, and risk averse
institutional investors, or investors that are required to invest in only
highly rated assets, have access to a larger pool of investment options.
74# Portfolio diversification: Depending on the securitization, hedge funds
as well as other institutional investors tend to like investing in bonds
created through securitizations because they may be uncorrelated to their
other bonds and securities.
75# Isolation
of credit risk from the parent entity:
Since the assets that are securitized are isolated (at least in theory) from
the assets of the originating entity, under securitization it may be possible
for the securitization to receive a higher credit rating than the
"parent," because the underlying risks are different. For example, a
small bank may be considered more risky than the mortgage loans it makes to its
customers; were the mortgage loans to remain with the bank, the borrowers may
effectively be paying higher interest (or, just as likely, the bank would be
paying higher interest to its creditors, and hence less profitable).
76# Risks to investors
77# Liquidity risk
78# Credit/default: Default risk is generally accepted as a borrower’s
inability to meet interest payment obligations on time. For ABS, default may
occur when maintenance obligations on the underlying collateral are not
sufficiently met as detailed in its prospectus. A key indicator of a particular
security’s default risk is its credit rating. Different tranches within the ABS
are rated differently, with senior classes of most issues receiving the highest
rating, and subordinated classes receiving correspondingly lower credit
ratings.[12]
However, the
credit crisis of 2007-2008 has exposed a potential flaw in the securitization
process - loan originators retain no residual risk for the loans they make, but
collect substantial fees on loan issuance and securitization, which doesn't
encourage improvement of underwriting standards.
79# Event risk
Prepayment/reinvestment/early amortization: The majority of revolving ABS are subject to some degree
of early amortization risk. The risk stems from specific early amortization
events or payout events that cause the security to be paid off prematurely.
Typically, payout events include insufficient payments from the underlying
borrowers, insufficient excess Fixed Income Sectors: Asset-Backed Securities
spread, a rise in the default rate on the underlying loans above a specified
level, a decrease in credit enhancements below a specific level, and bankruptcy
on the part of the sponsor or servicer.[12]
80# Currency
interest rate fluctuations: Like all
fixed income securities, the prices of fixed rate ABS move in response to
changes in interest rates. Fluctuations in interest rates affect floating rate
ABS prices less than fixed rate securities, as the index against which the ABS
rate adjusts will reflect interest rate changes in the economy. Furthermore,
interest rate changes may affect the prepayment rates on underlying loans that
back some types of ABS, which can affect yields. Home equity loans tend to be
the most sensitive to changes in interest rates, while auto loans, student
loans, and credit cards are generally less sensitive to interest rates.[12]
81# Contractual
agreements
82# Moral
hazard: Investors usually rely on the
deal manager to price the securitizations’ underlying assets. If the manager
earns fees based on performance, there may be a temptation to mark up the
prices of the portfolio assets. Conflicts of interest can also arise with
senior note holders when the manager has a claim on the deal's excess spread.[15]
83# Servicer
risk: The transfer or collection of
payments may be delayed or reduced if the servicer becomes insolvent. This risk
is mitigated by having a backup servicer involved in the transaction.
84# What is Camels Rating ?
Ans.
The Camels Rating is a supervisory rating of the bank’s overall condition used
to classify them in different categories. This rating is based on financial
statements of the bank and on site examination. The scale is from 1 to 5. Here
`1’ represents the best rating while ‘5’ Indicates the worst rating.
84# Discus/what are the Technique of
measuring and evaluating financial institutions performance.
Ans.
Techniques of measuring and evaluating Financial institution’s performance :
The CAMELS rating system is based up on an evaluation of six crucial dimensions
of a bank’s operations. These are-Capital adequacy, –Asset Quality,-Management
efficiency,-Earnings-liquidity,-sensitivity to market risk .
Capital adequacy : A banking company is expected to maintain capital
commons rate with the nature and extent of risk to the institution and the
ability of management to identify, measure, monitor and control there risk by
implementing the core risk management guide lines and by following other
Bangladesh Banks rules and regulations.
Asset Quality : The asset quality ratings reflects the quantity of
existing and potential credit risk associated with the loan and investment
portfolios, other assets as well as off-balance sheet transaction. The ability
of management to identify, measure, monitor and control credit risk is also
reflected here.
Management Efficiency: The management rating should reflect the capability
of the Board of Directors and management, their respective rules, to identify,
measure, monitor and control the risk.
Earnings : The rating for earnings reflects not only the
quantity and trend of earnings that may effect the sustainability or quality of
earnings.
Liquidity: In evaluating a banking company’s liquidity
position, consideration should gives to its capacity to prompt meet the demand for payment on its obligations and
to readily fulfill the credit needs of the community it serves.
Sensitivity to Market Risk: The sensitivity to market risk reflects the degree
to which changes in interest rates, F.Ex. rates, commodity prices or equity
prices can adversely affect, a banking company’s earnings and capital
Composite Ratings :
In
assigning a composite rating for a
banking company, consideration must be given to the individual component
ratings of the CAMELS. There Components can be weighted and summed as shown in
the following slide, in order to quantify a composite rating. However, a
composite estimate will probably need modification as a result of considering
qualitative factors that may strongly influence the inspector’s judgment.
|
component |
Weights |
Rating |
|
|
Capital |
0.20 |
3.35
X 0.20 |
0.67 |
|
Asset |
0.20 |
3.40
X.20 |
0.68 |
|
Management |
0.25 |
2.86
X 0.25 |
0.72 |
|
Earnings |
0.15 |
3.45
X 0.15 |
0.52 |
|
Liquidity |
0.10 |
3.12
X 0.10 |
0.31 |
|
Sensitivity
to market risk |
0.10 |
4.30
X 0.10 |
0.43 |
|
|
|
|
3.33 |
Composite-1(strong)-
Banking companies in this group are basically sound in every respect.
Composite-2(Satisfactory)
: Banking companies in this group are fundamentally sound, but may demonstrate
modest weakness that are easily correctable.
Composite-3(Fair):
Banking companies in this category exhibit a combination of financial
operational and compliance weakness rating from moderately severe to
unsatisfactory.
Composite-4(Marginal):
Banking companies in this group have a number of serious Financial weakness.
Composite-5(Unsatisfactory)
:This category is reserved for those banking companies in direct need of
assistance or even take over by Bangladesh Bank.
85# What is Liquidity Management?
Ans.
Liquidity: The term liquidity we mean the ability of the bank to maintain the
necessary cash amount for fulfill the promise and the ability to satisfy the
client’s withdrawal requests whenever they demands.
86# What is liquidity crisis? Liquidity
Crisis/Problem:
Ans: Liquidity is availability of cash at the time
needed at reasonable cost.
When
a bank/Financial institution has no sufficient cash/liquid assets to meet up
its current obligation, the bank faces many problems. This situation is called
liquidity crisis. Liquidity management in an important problem of commercial
banks of here are may possible reasons which may cause such problem. Some of
the reasons of liquidity crisis are :
a)
using short term funds in long investment
b)
In balances between maturity dates of assets and liability.
c)
High proportion of liabilities subject to immediately payment
d)
Over sensitiveness to the rates of interest
e)
Inaccessibility to the money market
f)
In efficient frontline counter service
87# What would you suggest to solve the
crisis ?
Ans.
Steps to be taken to avoid liquidity crisis : To avoid liquidity crisis a bank
should be taken to the following necessary steps :
i)
Mobilization of deposit by offering prime rate.
ii)
Discourage sanction of new loans in less priority sector
iii)
Crust program to be taken for recovery of bad loans
iv)
Borrowing from call money market
v)
Repo with Bangladesh Bank.
vi)
Repo with other bank.
88# Discuss the forces of demand for and
supply of liquidity ?
Ans.
Demand for liquidity: Demand for liquidity can be defined as the willingness
and the usage of money by the clients. The nature of demand for liquidity of
bank is
i)
Withdrawals of Deposits
ii)
Credit request from quality loan customers
iii)
Disbursement of loan Installment
iv)
Repayment of non deposit borrowings
v)
Operating expenses and Taxes
vi)
Payment of shareholders as dividend
vii)
Conversion of off-balance sheet items.
Supply
of liquidity :- Supply of liquidity can be defined as the various processes of
the sources of cash generation. The nature of supply of liquidity of bank is
i)
In crease in customize deposit
ii)
Customer loan repayment
iii)
Revues from the ancillary services
iv)
Borrowings from money market
v)
Borrowings from central Bank
vi)
Salle of banks assets.
Liquidity Risk :- Liquidity risk is define as a potential loss
arising on the bank’s In ability to meet its contractual obligation and
Financial commitment whenever due.
Interest Rate Risk :- Interest
rate risk is the exposure of a bank’s Financial condition to adverse movements
in interest rates.
Liquidity Contingency Plan :- To addressed stretch liquidity position a Bank
should have enough liquid steps for-
-Reserve
Assets
-Govt.
Security-(i.e-Treasury bill, bond)
-Foreign
Currency open position(oversold/overbought)
-Specific
FDR
Liquidity
management :- The estimation of the demand for funds and the provision of
adequate reserves to meet those needs.
Excess
liquidity is a problem
89# Discuss the 3 pillar concept of BASEL-II
Ans.
Basal-II is nothing but the second of the Basel Accord which is “The New Accord”. It’s real name is “The
International Convergence of Capital Measurement and Standards A Revised Frame
Work” which are recommendations of banking laws and regulations issued by the
Basel committee on banking supervision. It introduces in 2001 because of some
limitation of Basel-I. Hundred countries who were the follower of Basel-I
established Basel-II in their countries from 2008. Basel-II is compulsory in
Bangladesh from january-2010.
Objectives:
i)
To kept sufficient capital for financial institutions.
ii)
To minimize risk in operation.
iii)
To earn deceit profit without capital erosion.
3 pillars concept of Basel –II :
Basel
committee on banking supervision has set three pillars in Basel-II accord.
Basel-II accord consists of
3 pillars. They are;
1)
Pillars-1 : Minimum capital requirement.
2)
Pillar-II : Supervisory Review.
3)
Pillar-III : Market Discipline.
Pillar –I : Minimum
capital requirement : A bank mainly faces three kinds of risks such as
credit risk, market risk and operational risk, Basel-II has recommended for
maintaining adequate capital offer
assessing there three risk properly
Credit Risk :- Credit risk Indicates the risk loss that a bank
may faces for counterparty default or non repayment of a loan. Credit risk can be calculated by
using two methods.
1.
Standardized approach.
2.
Internal Rating board (IRB) approach.
Bangladesh
Bank has accepted standardize approach up to 2012. From 2013. IRB approach
should be used for calculating credit risk.
Market Risk :- Two alternative approaches are used for
calculating market risk.
1.
Standardized (i.e-Maturity method, Duration method)
2.
Internal Model Method.
Bangladesh
Bank accepted Maturity method.
Operational
Risk: For operation risk there are three different approaches. a)Basic
Indicator approach
b) Standardize approach
c)
Advance measurement approach
Pillar-II : Supervisory Review Process: i) To
evaluate risk assets ii) Ensure soundness and Intrigrely of bank Internal
process iii) To assess the adequacy of capital iv) To ensure maintenance
of of minimum capital v) Prescribe defencial capital where necessary when the
Internal process are slact.
Pillar-III: Market
discipline: Market discipline to cus on adequate and accurate disclosure of
facts. Market discipline complements the rest two pillars. To comply with this
requirements mainly two types of disclosure are given such as core disclosure
and supplementary disclosure. These types of disclosures ensure transparency
and help the depositor and investors to take Informed decision on the basis of
such disclosures.
90# Write down the components of Tier-1,
Tier-II and Tier-III capital under Basel-II
Ans.
Components of Tier-1capital under
Basel-II:- Capital (Core Capital) comprises of highest quality capital
elements.
a)
Paid of capital/capital deposited with Bangladesh Bank.
b)
Share Premium c) Statutory reserve,
d)
General reserve, e) Retained Earnings f) Minority Interest in subsidiaries
g)
Non-cumulative irredeemable preference shares, h) Dividend Equalization account
Tier-II Capital(Supplementary Capital): Contribute to the overall strength of a bank and
shall include
a)
General Provision, b) Asset Revaluation Reserves c) Preference Shares d)
Subordinated Debt.
e)
Exchange Equalization Account f) Revaluation Reserves for security
Tier-III Capital (Additional
Supplementary Capital) : Consisting
of short-term subordinated debt maturity less than or equal to five year but
greater than or equal to two years in meant solely for purpose of meeting a
proportion of the capital requirements of market risk.
91# CRR:
The reserve
requirement (or cash reserve ratio) is a central bank regulation
that sets the minimum reserves each commercial bank must
hold (rather than lend out) of customer deposits
and notes. It is normally in the form of cash stored
physically in a bank vault
(vault cash) or deposits made with a central bank.
The reserve ratio
is sometimes used as a tool in the monetary policy,
influencing the country's borrowing and interest
rates by changing the amount of loans available.[1]
Western central banks rarely alter the reserve requirements because it would
cause immediate liquidity problems for banks with low excess reserves; they
generally prefer to use open market operations (buying and selling
government-issued bonds) to
implement their monetary policy. The People's Bank of
China uses changes in reserve requirements as an inflation-fighting tool,[2]
and raised the reserve requirement nine times in 2007. As of 2006 the required
reserve ratio in the United States was 10% on transaction deposits and zero on time
deposits and all other deposits.
92# SLR:
Statutory
Liquidity Ratio is the amount of liquid assets, such as cash, precious metals
or other approved securities, that a financial institution must maintain as
reserves other than the Cash with the Central Bank. The statutory liquidity
ratio is a term most commonly used in India
==Objectives==
The
objectives of SLR are:
#
To restrict the expansion of bank credit.
#
To augment the investment of the banks in Government securities.
#
To ensure solvency of banks. A reduction of SLR rates looks eminent to support
the credit growth in India.
The
SLR is commonly used to contain [[inflation]] and fuel growth, by increasing or
decreasing it respectively. This counter acts by decreasing or increasing the
money supply in the system respectively. Indian banks’ holdings of government
securities ([[G-Sec|Government securities]]) are now close to the statutory
minimum that banks are required to hold to comply with existing
regulation. When measured in rupees,
such holdings decreased for the first time in a little less than 40 years
(since the nationalisation of banks in 1969) in 2005-06.
94# Changes in the prudential regulation
of banks’ investments in G-Sec.
Most
G-Sec held by banks are long-term fixed-rate bonds, which are sensitive to
changes in interest rates. Increasing interest rates have eroded banks’ income
from trading in G-Sec.
==
Difference between SLR & CRR ==
SLR
restricts the bank’s leverage in pumping more money into the economy. On the
other hand, CRR, or [[Reserve Requirement|Cash Reserve Ratio]], is the portion
of deposits that the banks have to maintain with the Central Bank.
A repurchase agreement, also known as a repo,
RP, or sale and repurchase agreement, is the sale of securities together with an agreement for the
seller to buy back the securities at a later date. The repurchase price should
be greater than the original sale price, the difference effectively
representing interest, sometimes called the repo rate. The party that
originally buys the securities effectively acts as a lender. The
original seller is effectively acting as a borrower, using
their security as collateral for a secured cash loan at a fixed rate of interest.
A repo is equivalent to a cash transaction combined
with a forward contract.
The cash transaction results in transfer of money to the borrower in exchange
for legal transfer of the security to the lender, while the forward contract
ensures repayment of the loan to the lender and return of the collateral of the
borrower. The difference between the forward price and the spot price is effectively
the interest on the loan while the settlement date of the
forward contract is the maturity date of the loan.
97# Reverse Repo
A reverse repo is simply the same repurchase agreement
from the buyer's viewpoint, not the seller's. Hence, the seller executing the
transaction would describe it as a "repo", while the buyer in the
same transaction would describe it a "reverse repo". So
"repo" and "reverse repo" are exactly the same kind of
transaction, just described from opposite viewpoints. The term "reverse
repo and sale" is commonly used to describe the creation of a short
position in a debt instrument where the buyer in the repo transaction
immediately sells the security provided by the seller on the open market. On
the settlement date of the repo, the buyer acquires the relevant security on
the open market and delivers it to the seller. In such a short transaction the
seller is wagering that the relevant security will decline in value between the
date of the repo and the settlement date.
98# Securitization:
Securitization
is the financial practice of pooling various types of contractual debt such as
residential mortgages, commercial mortgages, auto loans or credit card debt
obligations and selling said debt as bonds, pass-through securities, or Collateralized
mortgage obligation (CMOs), to various investors. The principal and
interest on the debt, underlying the security, is paid back to the various
investors regularly. Securities backed by mortgage receivables are called mortgage-backed securities, while those
backed by other types of receivables are asset-backed securities.
The granularity of pools of securitized assets is a
mitigant to the credit risk of individual borrowers. Unlike general corporate
debt, the credit quality of securitised debt is non-stationary due to changes in
volatility that are time- and structure-dependent. If the transaction is
properly structured and the pool performs as expected, the credit risk of all tranches of
structured debt improves; if improperly structured, the affected tranches will
experience dramatic credit deterioration and loss.[1]
Securitization has evolved from its tentative
beginnings in the late 1970s to a vital funding source with an estimated
outstanding of $10.24 trillion in the United States and $2.25 trillion in
Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3,455 billion in
the US and $652 billion in Europe.[2]
WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the
1990s, and became common in various Commonwealth legal systems where senior
creditors of an insolvent business effectively gain the right to control the
company.[3]
99# Loan Sale:
A loan sale
is a sale, often
by a bank, under contract
of all or part of the cash
stream from a specific loan,
thereby removing the loan from the bank's
balance sheet.
Often subprime
loans from failed banks are sold by the FDIC in an online
auction format through companies such as The
Debt Exchange, Mission Capital
Advisors, Eastdil Secured, Garnet and First Financial, all of which are listed
on the FDIC's website under Asset Sales and the Carlton Group (under Carlton
Exchange). Performing loans are also sold between financial institutions.
Mandel & Company is an example of a leading financial services firm that
arranges performing loan sales.
100# Treasury bill
"Treasury bill" redirects here. Note that
the Bank of England
issues these in the United Kingdom.
Treasury bills (or T-Bills) mature in one year or less. Like zero-coupon
bonds, they do not pay interest
prior to maturity; instead they are sold at a discount
of the par value to create
a positive yield to
maturity. Many regard Treasury bills as the least risky investment
available to U.S. investors.
Regular weekly
T-Bills are commonly issued with maturity dates of 28 days (or 4 weeks, about a
month), 91 days (or 13 weeks, about 3 months), 182 days (or 26 weeks, about 6
months), and 364 days (or 52 weeks, about 1 year). Treasury bills are sold by single-price auctions held weekly. Offering
amounts for 13-week and 26-week bills are announced each Thursday for auction,
usually at 11:30 a.m., on the following Monday and settlement, or issuance, on
Thursday. Offering amounts for 4-week bills are announced on Monday for auction
the next day, Tuesday, usually at 11:30 a.m., and issuance on Thursday.
Offering amounts for 52-week bills are announced every fourth Thursday for
auction the next Tuesday, usually at 11:30 am, and issuance on Thursday.
Purchase orders at TreasuryDirect
must be entered before 11:00 on the Monday of the auction. The minimum
purchase, effective April 7, 2008, is $100. (This amount formerly had been
$1,000.) Mature T-bills are also redeemed on each Thursday. Banks and financial
institutions, especially primary dealers, are the largest purchasers of
T-bills.
Like other
securities, individual issues of T-bills are identified with a unique CUSIP number. The 13-week bill
issued three months after a 26-week bill is considered a re-opening of the
26-week bill and is given the same CUSIP number. The 4-week bill issued two
months after that and maturing on the same day is also considered a re-opening
of the 26-week bill and shares the same CUSIP number. For example, the 26-week
bill issued on March 22, 2007, and maturing on September 20, 2007, has the same
CUSIP number (912795A27) as the 13-week bill issued on June 21, 2007, and
maturing on September 20, 2007, and as the 4-week bill issued on August 23,
2007 that matures on September 20, 2007.
During periods
when Treasury cash balances are particularly low, the Treasury may sell cash
management bills (or CMBs). These are sold at a discount and by auction
just like weekly Treasury bills. They differ in that they are irregular in
amount, term (often less than 21 days), and day of the week for auction,
issuance, and maturity. When CMBs mature on the same day as a regular weekly
bill, usually Thursday, they are said to be on-cycle. The CMB is
considered another reopening of the bill and has the same CUSIP. When CMBs
mature on any other day, they are off-cycle and have a different CUSIP
number.
Treasury bills are
quoted for purchase and sale in the secondary market on an annualized discount
percentage, or basis.
101# Bank rate:
bank rate is the interest rate that is charged by a country’s
central or federal bank on loans and advances to control money supply in the
economy and the banking sector. This is typically done on a quarterly basis to
control inflation and stabilize the country’s exchange rates. A fluctuation in bank
rates triggers a ripple-effect as it impacts every sphere of a country’s
economy. For instance, the prices in stock markets tend to react to interest
rate changes. A change in bank rates affects customers as it influences prime
interest rates for personal loans. Types of Bank Rates
Here are the
different types of monetary instruments on which financial institutions offer
the following bank rates:
Savings account
bank rate: Modest rates are charged on funds that are deposited in the savings
accounts. However, investors have high flexibility in withdrawing the deposits.
102# Basel-11
Basel II is the second of the Basel Accords, which are
recommendations on banking laws and regulations issued by the Basel
Committee on Banking Supervision. The purpose of Basel II, which was
initially published in June 2004, is to create an international standard that
banking regulators can use when creating regulations about how much capital
banks need to put aside to guard against the types of financial and operational
risks banks face. Advocates of Basel II believe that such an international
standard can help protect the international financial system from the types of
problems that might arise should a major bank or a series of banks collapse. In
theory, Basel II attempted to accomplish this by setting up risk and capital
management requirements designed to ensure that a bank holds capital reserves
appropriate to the risk the bank exposes itself to through its lending and
investment practices. Generally speaking, these rules mean that the greater
risk to which the bank is exposed, the greater the amount of capital the bank
needs to hold to safeguard its solvency
and overall economic stability.
Basel II uses a "three
pillars" concept – (1) minimum capital requirements (addressing risk),
(2) supervisory review and (3) market discipline.
The Basel I accord dealt with only
parts of each of these pillars. For example: with respect to the first Basel II
pillar, only one risk, credit risk, was dealt with in a simple manner while
market risk was an afterthought; operational risk was not dealt with at all.
103# Currency swaps
Main
article: Currency swap
A currency swap
involves exchanging principal and fixed rate interest payments on a loan in one
currency for principal and fixed rate interest payments on an equal loan in
another currency. Just like interest rate swaps, the currency swaps also are
motivated by comparative
advantage. Currency swaps entail swapping both principal and interest
between the parties, with the cashflows in one direction being in a different
currency than those in the opposite direction.
Factoring ist eine Finanzdienstleistung,
die der umsatzkongruenten Betriebsmittelfinanzierung von Unternehmen dient. Der
Factor erwirbt revolvierend die Inhaberschaft an den Forderungen seines
Factoring-Kunden (dieser wird auch Anschlusskunde, Anschlussfirma, Klient oder
Anwender genannt) gegen dessen Abnehmer (Debitor). Die Übertragung der
Inhaberschaft erfolgt über einen regresslosen Kauf der Forderung zum
Nominalbetrag der Forderungen. Dem Kauf geht eine Abtretung (Zession) der Forderungen
voraus. Als Gegenleistung für den Verkauf der Forderungen steht dem Factoring-Kunden
die sofortige Zahlung des Kaufpreises abzüglich der Gebühren und der
Sicherheitseinbehalte des Factors zu. Der Factoring-Kunde kann bzw. muss (je
nach Factor) die daraus generierte Verfügbarkeit an Liquidität in Anspruch
nehmen.
Die Gebühren des
Factors setzen sich in der Regel aus einer Factoring-Gebühr auf den Umsatz und
aus Zinsen für die in Anspruch genommene Liquidität zusammen.
Die Factoring-Gebühr rechtfertigt sich im Wesentlichen durch das vom Factor
übernommene Ausfallrisiko der Abnehmer (Delkredere) aus dem zu
Grunde liegenden regresslosen Kauf und aus dem übernommenen Servicing im
Bereich der Buchhaltung und dem Inkasso.
Als Zinskondition wird meist, entsprechend der durchschnittlichen Forderungslaufzeit eine Marge auf den 3-Monats-EURIBOR
vereinbart.
Der Factor bildet
Sicherheitseinbehalte, um Abzüge der Abnehmer und Veritätsrisiken
der Abnehmer abzudecken. Für Skonti und anderen Sofortabzüge wie z.B.
Gutschriften und Belastungen aus Retouren und Reklamationen wird ein
sogenannter Kaufpreiseinbehalt gebildet. Dieser wird in Abhängigkeit von dem
angekauften Forderungsbestandes auf täglicher Basis gebildet und liegt meist
zwischen 10% und 20%. Es können außerdem zusätzliche Einbehalte für
Gegenforderungen der Abnehmer und andere Veritätsrisiken wie z.B. Gewährleistungsverpflichtungen
gebildet werden. Diese werden unabhängig von der Höhe des jeweils angekauften
Forderungsbestandes gebildet. Beispielhaft sind Ansprüche der Abnehmer auf
Zahlungen eines Jahresboni oder eines Werbekostenzuschusses zu erwähnen, welche nicht
mit Zahlung der jeweiligen Forderungen verrechnet werden.
105# Grameen
Bank:
The Grameen Bank (Bengali:
গ্রামীণ বাংক) is a microfinance organization
and community
development bank started in Bangladesh that makes small loans (known as microcredit or
"grameencredit"[4])
to the impoverished without requiring collateral. The name Grameen is derived from
the word gram which means "rural" or "village" in
the Bengali language.[5]
The system of this
bank is based on the idea that the poor have skills that are under-utilized. A
group-based credit approach is applied which utilizes the peer-pressure
within the group to ensure the borrowers follow through and use caution in
conducting their financial affairs with strict discipline, ensuring repayment
eventually and allowing the borrowers to develop good credit standing. The bank
also accepts deposits, provides other services, and runs several
development-oriented businesses including fabric, telephone and energy
companies. Another distinctive feature of the bank's credit program is that the
overwhelming majority (98%) of its borrowers are women.
The origin of
Grameen Bank can be traced back to 1976 when Professor Muhammad Yunus, a Fulbright
scholar at Vanderbilt
University and Professor at University of
Chittagong, launched a research
project to examine the possibility of designing a credit delivery system to
provide banking services targeted to the rural poor. In October 1983, the
Grameen Bank Project was transformed into an independent bank by government
legislation. The organization and its founder, Muhammad Yunus, were jointly
awarded the Nobel
Peace Prize in 2006;[6] the
organization's Low-cost Housing Program won a World Habitat Award in 1998.
106#Gap analysis:
In business and economics, gap analysis
is a tool that helps a company to compare its actual performance with its
potential performance. At its core are two questions: "Where are we?"
and "Where do we want to be?" If a company or organization is not
making the best use of its current resources or is forgoing investment in capital or technology, then it may be producing
or performing at a level below its potential. This concept is similar to the base
case of being below one's production possibilities frontier.
The goal of gap analysis is to identify the gap
between the optimized allocation and integration of the inputs
(resources) and the current level of allocation. This helps provide the company
with insight into areas which could be improved. The gap analysis process
involves determining, documenting and approving the variance between business
requirements and current capabilities. Gap analysis naturally flows from benchmarking and other
assessments. Once the general expectation of performance in the industry is
understood, it is possible to compare that expectation with the company's
current level of performance. This comparison becomes the gap analysis. Such
analysis can be performed at the strategic or operational level of an
organization.
Gap analysis is a formal study of what a business is doing currently
and where it wants to go in the future. It can be conducted, in different
perspectives, as follows:
1.
Organization (e.g., human
resources)
2.
Business
direction
Gap analysis provides a foundation for measuring
investment of time, money and human resources required to achieve a particular
outcome (e.g. to turn the salary payment process from paper-based to paperless
with the use of a system). Note that 'GAP analysis' has also been used as a
means for classification of how well a product or solution meets a targeted
need or set of requirements. In this case, 'GAP' can be used as a ranking of
'Good', 'Average' or 'Poor'. This terminology does appear in the PRINCE2 project management
publication from the OGC (Office of Government Commerce).
107#Recession:
In economics, a recession is a business cycle
contraction, a general slowdown in economic activity.[1][2] During
recessions, many macroeconomic indicators vary in a similar way.
Production, as measured by Gross Domestic Product (GDP), employment,
investment spending, capacity
utilization, household incomes, business profits and inflation all fall during recessions;
while bankruptcies
and the unemployment rate rise.
Recessions
generally occur when there is a widespread drop in spending often following an
adverse supply shock or
the bursting of an economic
bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as
108# Define ‘Management Accounting’? State its
main characteristics and objectives.
Ans. Any form of accounting which enables a business to be
conducted more efficiently can be regarded as management accounting.
Accounting to T.G. Rose “Management accounting
is the adaptation and analysis of accounting information, and its diagnosis and
explanation in such a way as to assist management.