IFRS für Versicherer: Hintergründe und Auswirkungen (German Edition)
Evren Damar, Reint Gropp, Adi Mordel 39 Financial Institutions credit supply, banking, financial crisis, consumption expenditure, liquid assets, consumption smoothing How do insured deposits affect bank risk? What Have We Learned? How to best ensure a "clean balance sheet"? From Dreary to Dreamy or Vice Versa? What to do in the case of mis-selling? Reint Gropp Financial Institutions systemic risk analysis, statistical risk measurement, spillover effects May Frontiers of Sustainable Finance in Europe: The Social Impact Bond Ester Faia Financial Institutions social impact bonds, risk premia, incentives for investment June Curtailing capture through the European banking union: Wo bleibt die Nachhaltigkeit?
Mehr Projekte Weniger Projekte. Persistent liquidity shocks and interbank funding. Marcel Bluhm Journal of Financial Stability. Financial Institutions, Systemic Risk Lab. Evidence from Hurricane Katrina. Bank Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment. Too-big-to-fail im Spannungsfeld von Wettbewerb und Regulierung.
Systemic risk and financial interconnectedness: Towards a Democratic Financial Order. International Investment Law and Financial Regulation: Towards a Deliberative Approach. Much ado about nothing? Macro-prudential ideas and the post-crisis regulation of shadow banking. Competition and Bank Stability.
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Structural Reforms in Banking: The Role of Trading. Rent-Seeking in Elite Networks. Corporate Finance, Financial Institutions. Bank Rescues and Bailout Expectations: Financial Institutions, Transparency Lab. Banking Beyond Banks and Money. To Ring-Fence or Not, and How? How Special Are They? Pro-Cyclical Capital Regulation and Lending. Vertragsrechtliche Fragen negativer Zinsen auf Einlagen. Spillover Effects among Financial Institutions: Systemic Risk Lab, Financial Institutions. Risk spillovers, state-dependent sensitivity value-at-risk SDSVaR , quantile regression, financial institutions, hedge funds.
Liquidity Coinsurance and Bank Capital. Tobias Niedrig Journal of Insurance Issues. Networks in Risk Spillovers: Reviving the Shadow Banking Chain in Europe: Vanessa Endrejat, Matthias Thiemann. Edin Ibrocevic, Matthias Thiemann. Bargaining with a Bank. Remarks on the German Regulation of Crowdfunding. Too Complex to Work: Financial Institutions, Macro Finance.
Commercial banks, global banks, wholesale shocks, solvency shocks, transmission, internal capital markets. Financial Markets, Financial Institutions. Systemic risk for financial institutions of major petroleum-based economies: The role of oil. Natural Disaster and Bank Stability: The Role of the Community Reinvestment Act. Data Center, Financial Institutions. The Forward-looking Disclosures of Corporate Managers: The Political Economy of Bank Bailouts. Financial Institutions, Corporate Finance. Halbjahr auf Basis von pro-forma-Zahlen: Trotz eines intensivierten Wettbewerbs durch neue digitale Marktteilnehmer steigerte die Bank ihre Kundenforderungen um 3,2 Prozent auf 8,2 Milliarden Euro.
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Gleichzeitig wuchs die Zahl der Kunden um Die operative Entwicklung verlief stabil. Somit hat die DVB im ersten Halbjahr operativ schwarze Zahlen geschrieben und eine stabile Entwicklung in ihren drei Segmenten gezeigt. Therefore the paper is designed to provide a broad understanding of the standard and to facilitate its implementation.
The application of IAS 39 is not limited to certain entities. IAS 39 covers all financial instruments except those that are specifically addressed by another standard, such as: Financial guarantee contracts are subject to this Standard if they provide for payments to be made in response to changes in a specified interest rate, security price, commodity price, credit rating, foreign exchange rate, index of prices or rates, or other underlying variables.
In general commodity based contracts are not within the scope of IAS Yet, commodity-based contracts that give either party the right to settle in cash or some other financial instrument or that are readily convertible into cash are treated as financial instrument. Furthermore, if an entity enters into offsetting contracts that effectively accomplish settlement on a net basis or by exchanging financial instruments it has to apply IAS This is also true, if the entity has a practice of shot-term profit taking in these kinds of contracts. In contrast, a forward contract to buy or sell expected input or output items for productions purposes, is accounted for as an executory contract, even if the contract permits the entity to pay or receive a net settlement in cash.
Loan commitments which are designated as financial liabilities at fair value through profit and loss are included in the scope. Additionally, entities that have a past practice of selling the asset which was financed by the loan shortly after origination have to apply IAS 39 to all their loan commitments of this kind.
A financial instrument is widely defined as any contract that result in a financial asset of one entity and a financial liability or equity instrument of another entity. The term entity is very broadly defined. It includes all individuals, partnerships, incorporated bodies and government agencies. In general, such a contract can be enforced by law and it has to have clear economic consequences. The term financial instruments include both primary instruments and derivative instruments. Common examples for financial liabilities are trade accounts payables, or notes, bonds, and loans payables, since all of them represent contractual obligations to deliver cash in the future.
IAS 39 divides financial instruments into five different categories, which are handled differently in terms of measurement methods and the treatment of arising gains and losses. The categories have to be clearly distinguishable at all times. Even if it is not explicitly required by the standard, it is advisable that entities define them properly, set objectives and comprehensive criteria to ensure a group wide consistent treatment. The criteria should be in line with the organizational structure and other relevant issues of the entity. Since the requirements must be applied retrospectively, prior classification of financial instruments, including derivatives on own shares have to be reviewed.
This category has two sub-categories. Second, all financial instruments held-for-trading have to be taken into this category. IAS 39 does not define the period, considered as near term. Nevertheless, financial instruments in trading portfolios can be held for much longer than this time. Only the fact that a liability is used to fund trading activities does not make it automatically a trading liability, but they can be if all the criteria are met.
It is a further step towards full fair value accounting of financial instruments, which many International Accounting Standard Board IASB members favor. There are currently no restrictions on the voluntary designation but it is irrevocable. Thus, the asset or liability cannot be moved to another category during its life. Yet some important decisions concerning the new category have been made during the Board meeting at the end of February The Board plans to limit the designation to:.
These regulations are not adopted yet. The discussion of these issues will be continued in a future meeting. As there will probably be new questions arising from these decisions, a new Exposure Draft is expected. The question of how to ensure the substantially offsetting of fair value changes between financial instruments is likely to lead to new discussions.
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Investments which qualify for this category have to be non-derivative financial assets with fixed or determinable payments and a fixed maturity. In addition, the reporting entity has to have the positive intent and ability to hold them until maturity. The fixed maturity and fixed or determinable payments have to be ensured by a contractual arrangement that defines the amounts and dates of payments to the holder, such as interest and principal payments on debt.
Therefore, almost all equity securities cannot be classified as held-to-maturity investments, since they have either an indefinite life e. Callable financial assets may qualify for this category. Puttable assets cannot be classified in this category since the additional payment for the put feature is not consisting with the intention to hold the asset until maturity. If an entity does not have the financial resources to continue to finance the investment until maturity or if it is subject to an existing legal or other constraint then it does not meet the requirements.
If an entity has sold, transferred, or reclassified more than an insignificant amount of these investments before maturity, all financial instruments are banned from this category and have to be reclassified. The entity is then prohibited from classifying any financial assets as held-to-maturity until the end of the second financial year following the premature sales. Exceptions are sales close enough to maturity, so that changes in the market interest rate would not significantly affect the fair value of the investment; or sales made after the entity has already collected substantially the entire original principal.
This restriction limits the management to make future strategic decisions such as restructuring portfolios due to a change in risk management policies.
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Instead they will designate securities that are held until maturity as available-for-sale assets. All non-derivative financial assets with fixed or determinable payments that are not quoted in an active market qualify for this category. Revised IAS 39 no longer restricts this category to originated loans and receivables and thus includes those loans that were purchased by the entity.
This rule eliminates the previous problems of entities that managed purchased and originated loans together but separated them for accounting purposes. Common examples are trade receivables, loan assets, deposits held in banks, and investments in debt instruments which are not quoted in an active market. Financial assets for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, are excluded.
Furthermore, an interest acquired in a pool of assets e. All financial assets that are not designated in one of the above categories are classified as available-for-sale financial assets. In general, all equity instruments other than those classified as at fair value through profit and loss will be categorized as available-for-sale. In general, assets and liabilities have to be presented separately from each other.
IAS 39 - Accounting for Financial Instruments
This regulation includes two or more separate financial instruments. Only the intention of one or both parties to settle on a net basis does not justify offsetting. IAS 32 gives several examples for situations, in which offsetting is inappropriate. Offsetting is not permitted if: Valuation allowances, like allowances for doubtful debts are not considered as offsetting, and are therefore reported on a net basis. In cases, where settlement of two financial instruments is done simultaneously through a clearing house or other organized financial markets a single net amount has to be presented.
Offsetting can have a significant affect on an entities credit and liquidity risk. Especially banks feel that the prohibition of netting is out of line with existing practice and that it does overstate the real risk exposure. Commercial benefits of master netting agreements and similar arrangements are ignored. Moreover, it leads to the presentation of transactions which are not relevant and of economic substance. An equity instrument is any contract that testifies ownership rights on the net assets of an entity, which is the residual interest in the assets of an entity after deducting all of its liabilities.
Although equity instruments are financial instruments, they are particularly excluded from the scope of IAS 39, if issued by the reporting company. However, the holder of such instruments is requited to apply the standard to those instruments.
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Examples are non-puttable common shares and warrants or call-options to purchase a fixed number of common shares in the issuing entity. In addition, some types of preferred shares are equity instruments.
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The critical feature in differentiating equity and liabilities is the existence of a contractual obligation to deliver cash or another financial asset, or to exchange financial instruments under conditions that are potentially unfavorable to the issuer. For instance, although the holder of an equity instrument may be entitled to receive dividends payments, he has no contractual right to receive such payments. The classification of an instrument has to be made by assessing its economic substance, rather than its legal from, when it is first recognized. In general, substance and legal from are equivalent.
However, a preferred share with a mandatory redemption feature, which forces the issuer to redeem the share on a certain date, is a financial liability rather than an equity instrument.