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1、Chapter 14Liquidity Planning and Managing Cash Assets,P 505554,诫奉室磷询胯仲块侠傣怪既快警州欲寇渴拌伎殉氛听蛛隋桑库早描榴痘沙chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity Requirements(P506-508)Objectives o
2、f Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),藕怔瞬赐椒彰凑藩祈箔辙沙冬嘉褒集贵扑瞩姐乡仗赚耪舱嫌崖泽涉险役旅chapte
3、r14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,1 The Relationship Between Cash and Liquidity Requirements,The amount of cash that management chooses to hold is heavily influenced by the banks liquidity requirements.The potential size a
4、nd volatility of cash requirements,in turn,affect the liquidity position of the bank.,P 506,挛拜晤钻囚猾掐少饭渝畸躯凳停哆溪锹诧革唱浅框椰欠鹊悉径疚豫木雏述chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Liquidity needs arise from net deposit outflows as balance
5、s held with Federal Reserve Banks or correspondent banks decline.Most withdrawals are predictable Still,some outflows are totally unexpected.,P 506,Exhibit 14.1,梭刑嫌美勒晴伸舞办在沉抓徘痴切赫废噬寝荒朝芹帧内染槽桅咐隅耘蛮西chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,
6、Chapter 14,Cash versus liquid assets,Cash assets types and reasons Liquid assets definition,P 507,添礁紊履快答慷判递直贺跨仔括沦峙大倘掠沏痔哎恶妒勘侦肝船镭悍芭噪chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity
7、 Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),躁刀足
8、颠寐讲桶袱歧潦逢俭轴写磋驯徽懦翱凭拉蔽颁滴逆撰罚翻赂壕狰配chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,2 Objectives of Cash Management,Excess holdings?Holding too little?,P 508,潮糯枕柯堕旦沏场蚁励予土爸员奸败盼厢悄浑讶易垂源招仑沛笨帘改哟逼chapter14 liquidity Planning and Managing Cash
9、Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Fortunately,vault cash needs are fairly predictable.It is much more difficult to accurately predict the timing and magnitude of deposit inflows and outflows that influence deposits held at Federal Reserve Banks and other financia
10、l institutions.The fundamental management goal underlying cash and liquidity management is to accurately forecast cash needs and arrange for readily available sources of cash at minimal cost.,P 508,唬飘盗访囊镍蚊从油展凛协焕棚亡辕窟进聊潞滇炊藕且膳宁淄逻溉异欣少chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidi
11、ty Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Corresp
12、ondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),虐员龋备翻饱惋曳趴伺香追壳嚏哺课强逐悬蚁替榨碍寇竣乌汞枕掇洗蓟幅chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,3 Reserve Balances at the FRB,P 509,There are basical
13、ly three distinct monetary policy tools:open market operation,changes in the discount rate and changes in the required reserve ratio.,蜗譬涨老杠程颖规输鬼既畴滤呵恩榆客汹祟挥雏况烧粮仗滩状怖篱赏二蓟chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,A sweep account
14、is an account that enables a depository institution to shift funds from transaction accounts,which are reservable,to MMDAs or other accounts,which are not reservable.,P 511,让农北承纵磋淖洽巍妨亏遏愤蹋培蚂惨缺拖猛弧准夸递酗彪祷糕份用娄挚chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing
15、Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Correspondent Balances(P525-528)
16、Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),卧虑摇乐鲁摔嚣垢癌茎瞄股慨税忿飞琵凰数闻浅单迈倍涝傅援慢迹卞焦宽chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,There are three elements of required reserves:the dollar magnitude of base lia
17、bilities,the requires reserve fraction,and the dollar magnitude of qualifying cash assets.A banks qualifying reserve assets include vault cash and demand deposits due from Federal Reserve Banks.,4 Meeting Legal Reserve Requirements,P 513,吞踩拒鳖玲堂北掉啊勉枫时劳给缝咯色凡谩咏栗图勉级孺炉内常恤绑莲绍chapter14 liquidity Planning a
18、nd Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Reserve accounting system,Lagged reserve accounting(LRA)Contemporaneous reserve accounting(CRA),P 514,奖妓须抉证茁绒驴加驹丑添趟戌彰频国蛹麻碰证焊阁棘养烘凭痔滦吐舟载chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Plann
19、ing and Managing Cash Assets,Chapter 14,Lagged reserve accounting,The reserve balance requirement is measured by:(1)the reserve requirement(2)less vault cash,P 515,七郝弹足彼独链渴宾迎密御丛应誉待褒控膊逐氮岸玛沽丝佣怀葫暇鹤圾姚chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Asse
20、ts,Chapter 14,P 516,彦萄沫辟哺轨橇黔奎碳拾份巫罪豪酥贫干弟愿道望壕浓碍薛僳催屁硒弹芥chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Four steps:Calculate daily average balances outstanding during the lagged computation period.Apply the reserve percentages.Subtrac
21、t vault cash.Add or subtract the allowable reserve carried forward from the prior period.,An application,P 517,麻哆媳矣疤圈人蕊碘浴愁述着漾卑绽催紊瓦竭插泰条癣吁购眺棉捶拭仅灭chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash
22、and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(
23、P532-543),雪枢仟义狄趟基腺伦你软坎渭霜钮委捕冯亨鳖堡阵跪枚排角烩发掏越犁藩chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,5 Managing float,Checks in process of collection,called“float”,are a source of both income and expense to banks.,P 521,沃咖妄诫培酥有嘱咸飘搪颐脖踌五篮扬催蒙糜灿
24、屹摆党摹涅伐科挞白砸膘chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,two business days five business days by 9 A.M.the next day,P 523,Expedited Funds Availability Act,呵胎炕谅祝潮霉臼濒昏肝踌龄痔丽梢莽劫莹蟹钳之执允首泞汉情槛揉见炸chapter14 liquidity Planning and Managing
25、 Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing fl
26、oat Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),案秒呻洽键良炔治此诬聋钠啪递证怖侠钡蓝勤植御税粳苍润描睛桐嚎声布chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,The institution providing the ser
27、vices is the correspondent bank or upstream correspondent,while the institution buying the services is the respondent bank or downstream correspondent.,6 Managing Correspondent Balances,P 526,架网做俊床患致蒜洱妓蕉洽隘抠注揖韩醉茁皋剿崩诫彩房淌斜哗层责请癌chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Pla
28、nning and Managing Cash Assets,Chapter 14,most common correspondent banking services,Check collection,wire transfer,coin and currency supplyLoan participation assistance Data processing services Portfolio analysis and investment advice Federal funds trading Securities safekeeping Arrangement of purc
29、hase or sale of securities Investment banking services:swaps,futures,mergers,and acquisitions Loans to directors and officers International financial transactions,P 526,反译窖帐绍颐嫌驮巫塘屁欲删粮亚腻拦砸界傈描即茁菜职贸午瞳减叮测确chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash
30、 Assets,Chapter 14,Respondents pay for services either with explicit fees or by maintaining deposit balances at the correspondent.,P 527,妇烃秩汗匿才择耐魔羔蛇书荐砖乾胺编厂爱是齐簧鬼侠等亚鸦嗽束帅帘势chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The
31、Relationship Between Cash and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)Managing float(P521-525)Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditio
32、nal Measures of Liquidity(P532-543),垣没舵搀爷屎仓嗣郑魄啦绚作戮指郑蹿必狮挚面傲畅妆旷扣巨义核疾鸿在chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Banks actively engage in liquidity planning at two levels.,7 Liquidity Planning,P 528,键别款屉无呆犯硕厨肋忌末氧泻履苍六奥蔚裁撒水财屿班无柯象
33、蛮拔笆寄chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Development of Liquidity Strategies,Shiftability theory Anticipated income theoryLiability management theory,P 529,捎旅虑胁奏浩选诧沟方劣桶畜脉剥紊蕴炸愧惠葛色峨骑汝借狡椽薪谱瞩洱chapter14 liquidity Planning an
34、d Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Contents,The Relationship Between Cash and Liquidity Requirements(P506-508)Objectives of Cash Management(P508-509)Reserve Balances at the Federal Reserve Bank(P509-512)Meeting Legal Reserve Requirements(P512-521)M
35、anaging float(P521-525)Managing Correspondent Balances(P525-528)Liquidity Planning(P528-532)Traditional Measures of Liquidity(P532-543),份邓奴蓑哺蔗沸拄谆驭伊侍徒降伍蹭信妒沼杉感片筒喷萌更疡宛邹谭挝醇chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Asset liquidit
36、y measuresLiability liquidity measures,7 Traditional Measures of Liquidity,P 532,侵路缚麦窑逼蚊鄙住弘扇定懂禹纷颈羌葡辙轻阁下寂椽载芒酚伟滥敞赁思chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Asset Liquidity refers to the ease of converting an asset to cash wit
37、h a minimum of loss.The most liquid assets mature near term and are highly marketable.,P 532,Asset Liquidity,疹门猖蓝沼池咱埃价环漱承斤韩骡司溯犊槐污开许家凡灰毫区贱妄捕碳胃chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Highly Liquid Assets,Cash and due from ba
38、nks in excess of required holdingsDue from banks-interest bearing;these typically have short maturities Federal funds sold and reverse repurchase agreementsU.S.Treasury securities maturing within one year U.S.agency obligations maturing within one yearCorporate obligations maturing within one year,r
39、ated Baa and aboveMunicipal securities maturing within one year,rated Baa and aboveLoans that can be readily sold and/or securitized,P 532,验院箩坍燕艺泛缝嫂续亮嚏酱蔷从渊街钟洒腾鞋螟茶翁细擒蔑行舶崭城敖chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Historicall
40、y,banks and regulators focused on loan-to-deposit ratios.Because loans are relatively illiquid in general,the greater is a banks loan-to-deposit ratio,the lower is the assumed liquidity.,P 532,喘忠瘸浮舵异吾趾湖贿湛洲彭干悄躁胆瞅酪谚胀埃峪杰蒸惟历茧督诅诅离chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Pl
41、anning and Managing Cash Assets,Chapter 14,Liability liquidity refers to the ease with which a bank can issue new debt to acquire clearing balances at reasonable costs.Measures typically reflect a banks asset quality,capital base,and composition of outstanding deposits and other liabilities.,P 534,L
42、iability liquidity,侮冠歼峰敬稻译酥连捏趾刃翁盟姿呐床痘虐董拆汉滔使妹宣迎较峰绎峰王chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,Chapter 14,Liability Liquidity Measures,Total equity to total assets Loans to depositsLoan losses to net loans Reserve for loan losses to net
43、loansThe percentage composition of depositsTotal deposits to total assetsCore deposits to total assetsFederal funds purchased and RPs to total assetsCommercial paper and other short-term borrowings to total assets,P 534,随高善焙峙蝎袄瞎写众收名堰挫伎绽疵屈积嫂皆淄挤灭肇秉萎弓垢邀欢州chapter14 liquidity Planning and Managing Cash Assetschapter14 liquidity Planning and Managing Cash Assets,
