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1、MANAGINGLIABILITIESANDTHECOSTOFFUNDSChapter12BankManagement,5thedition. TimothyW.KochandS.ScottMacDonaldCopyright©2003bySouth-Western,adivisionofThomsonLearningThecompositionofbankliabilitiesTherearemanydifferenttypesofliabilities.Someoffertransactioncapabilitieswithrelative
2、lylowornotinterest.Othersofferlimitedcheckwritingcapabilitiesbutpayhigherinterestrates.Liabilitieswithlong-termfixedmaturitiesgenerallypaythehighestrates.Customerswhoholdeachinstrumentresponddifferentlytointerestratechanges.Thepercentagecontributionofvarioussourcesofbankfund
3、s:acomparisonoflarge versussmallbanks: 1992and2001 (%oftotalassets)Thepercentagecontributionofvarioussourcesofbankfunds:acomparisonoflargeversussmallbanks(continued):1992and2001 (%oftotalassets)GeneraldeclineincoredepositsTransactionaccountshavedeclineinfavorofinterestbearin
4、gMMDAonsmalltimedeposits(lessthan$100,000).Bankrelianceonliabilitiesotherthancoredeposits,includingfederalfundspurchased,securitiessoldunderagreementtorepurchase,FederalHomeLoanBank(FHLB)advances,borrowingsfromtheFederalReserve,anddepositsinforeignofficesdeclinedovertheperio
5、d1992–2001forlargebanksbutincreasedforsmallerbanks.Exceptfordiscountwindowborrowings,thesefundsallhavelargedenominationsandpaymarketrates.Theytypicallyhaverelativelyshort-termmaturitiesexceptforsomeFHLBadvancesthatcanextendaslongas20years.Banksusethetermvolatileliabilitiesto
6、describepurchasedfundsfromrate-sensitiveinvestorsThetypesofinstrumentsincludefederalfundspurchased,RPs,jumboCDs,Eurodollartimedeposits,foreigndeposits,andanyotherlarge-denominationpurchasedliability.Investorsintheseinstrumentswillmovetheirfundsifotherinstitutionspayhigherrat
7、esorifitisrumoredthattheissuingbankhasfinancialdifficulties.Averageannualcostofliabilities:acomparisonoflargeversussmallbanks:2001IncreasedcompetitionforbankfundsPerhapsthemostdifficultproblemfacingbankmanagementishowtodevelopstrategiestocompeteforfundingsources.First,bankcu
8、stomershavebecomemuchmorerateconscious.Second,manycustomershavedemonstrated
