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capitalization "Near equity"

Tier1:

• Innovative capital instruments or Preference shares
  
• Duration of contract : indeterminate
• Minimum: 10 years
• Reimbursement requires authorization by the Bank of Italy
  
• Subordinated: preferred to shareholders
• capacity to absorb losses: the subscribers preference shares are called upon to cover losses per share
• Suspension interest and repayment
• Non-cumulation of interests
• If a year the coupon is suspended loses the bondholder the right
  
• But "related actions" are less risky: the 'related shareholder is entitled to the dividend cumulation
  
• accounting problems
• instruments are characterized by so high a risk profile that is incompatible with the definition of debt in the current regulatory environment, and are not compatible with the definition of actions
  
• Italian banks placed the issues of preference shares (Bonds) through a foreign corporate vehicle
  
• MA Tremonti Bond:
• first example of bonds that can be included in Tier 1 Tier 2

:

• Hybrid instruments
• privilege with respect to shareholders and preference shares of sottoscritori
• Duration of contract: minimum 10 years
• Minimum: 10 years
• Corporate bonds: there is no law for a minimum duration for corporate bonds. But
• bank bonds: The legislation provides for a minimum period of 60 months
• Suspension interest and repayment
• cumulation of interests: the coupon is suspended accumulated
  
• Subordinated debt level II
  
• privilege with respect to shareholders and preference shares of sottoscritori
• privilege with respect to the holders of hybrid instruments only if contractually
• non-suspension of interest and principal
• Max 50% Tier 1
  

Tier 3:

• Subordinated debt level III
• cover only market risk except clause lock.
  
• Contract Duration: min. 2 years
• Minimum duration: 2 years suspension
• interest and repayment
• cumulation interests suspended
• Max 250% free capital base

Advantages of equity instruments near

• no voting rights
• Minor problems of governance are less expensive
• equity debt tax shield
• Flexibility: you can pay to benefit from changes in market conditions

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The financial statements and ratio analysis ROE of the bank balance sheet of a bank

Acronyms EC bank:

• components of an operational / accounting, which are formed in daily
• MIS: Net interest
• IA: Interest income
• IP: Interest expense
• MINTM: Total revenues
• RG: Operating profit
• Components for valuation
• RLI / RLG: Gross Tax / Gross operating
• RN: Net

Acronyms: PA Bank:

• Activity:
• AFI: interest-bearing assets (this is the capital of a commercial enterprise)
• Fixed Income
• income variable
• ANF: Active
• noninterest-bearing Liabilities:
• PFI: interest-bearing liabilities
• Fixed Income
• Income variable
• PNF: Liabilities not frutifero

Decomposition of the bank's ROE: ROE =

RN / RLG RLG * / RG * RG /

• RN / RLG: Tax Management
• RLG / RG: Impact of the "editor of the budget"
• discretionary choices in the preparation of the valuation placed
• RG / PN: Profitability of the bank's operations

Scoposizione RG / PN:

RG / PN = RG / * MINTM MINTM / MIS * MIS / PN

• RG / MINTM: Efficiency Indicator operational
• RG = MINTM - Operating costs
• RG / MINTM tends to 1 when the costs tend to 0
• MINTM / MIS: The impact of income of the non-bank credit
• MIS / PN: Profitability of "management money "
• Spread between credits and debits

Decomposition of MIS / PN: Value drivers of the lending bank

MIS / PN = IA / CCN * AFI / PN + (IA / AFI - IP / PFI) PFI * / PN

• IA / AFI Performance dell'atttività credit
• IP / PFI: Cost of collection
• IA / AFI - IP / PFI: Spread
• CCN / PN: CCN = Reddività
• AFI - PFI

fee-earning assets financed by equity. And 'a pathological situation where the equity financing of interest-earning assets. The assets should be used to finance investments in fixed assets.

rates are sticky in active / passive to changes in market

The average assets and average liabilities vary significantly delayed and not consistent with changes in market rates.

How do you build the ROE:

• Spread: little room for negotiation with the customer
• IA / AFI: ditto
• RG / MINTM: lack of flexibility in personnel management
• RN / RLG: I can not improve fiscal management
• RLG / RG: capital gains on sale of
• Ability to use this lever to adjust the ROE when you run out of operating leverage
• need for a proper assessment of the asset sale: desk

comparison with industrial firms: rule of leverage

ROE = [+ ROI (return on investment - OF / D) * D / PN] * (1-t)

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Intesa Sanpaolo: Model sources / uses
A. Casework
B. Investment Activities
C. Activities provided

General:

• corresponds to the flow of assets of industrial enterprises
• calculation from the bottom up: starting in net income and adjusted operating
• not useful for assessment
• cash flows for the assessment of a bank must be consistent with the bank's activities
• PFI and PNF are commodities
• D / E no longer makes sense

cash flow for valuation purposes:

carry out a financial statement to predict which dividends. FCFE I have not fully distributed as dividends because a part is needed to finance growth activities for the portion of the assets of Surveillance core tier 1 in the form of equity.

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Regulatory capital

• Hybrid capital instruments
• subordinated liabilities The level
• Preference shares
• Hybrid instruments
• Subordinated debt:
• II level III level

Terms:

• Free
• capital free capital base
• Total capital ratio or solvency ratio
• Active Risk-weighted / total capital for regulatory
• min 8% for banking groups in aggregate
• min 6% absolute
• Tier 1 capital ratio:
• Tier 1 / Risk-weighted Assets
• min 4% until 2006, 6% after 2006
• Core Tier 1 capital ratio
• Core Tier 1 / Risk-weighted Assets
• There is no regulatory limit

Regulatory capital:

1. Tier 1 or Tier: Similar to the net tangible assets

• Components: Capital stock
  
  + +
  Fund Reserves for general banking risks
  + Innovative capital instruments or preference shares (eg . Tremonti bond)
  - Treasury
  -
  Goodwill - Intangible
  Imm - Losses the previous year and current year
  - Share of preference shares in excess 15% of the total

• 
  Core Tier 1 Tier 1 - Preference shares

2. Primary or Tier 2 Tier

• Components:
  Reserves rivaluatazione
  + Hybrid capital instruments (including preference shares exceeding 15%)
  + Subordinated debt level II
  + + Provision for loan losses
  Net gains on investments
  - Net losses on securities
  - Net losses on investments
  - Other negative elements residual
  
• Credit losses
• ...
• Gains / losses: post presences in the income statement
• Calculation rules
1. In the hybrid preference shares are included more than 15% of Tier 1 subordinated liabilities
2. II level: max 50% of Tier 1
3. Gains - losses: 1.25% Max denominator of the solvency ratio (risk-weighted assets, APR)
4. Tier 2 is at most equal to Tier 1, regardless of its composition

3. Secondary Tier 3 or Tier

• Introduced in 2006
• Components:
  Subordinated debt level III (including the share of Tier 2, which exceeds the Tier 1) rules for calculating
1. III level in subordinated debt is included the portion of the components of Tier 2 which exceed the regulatory limit, ie, the Tier 1
2. the total can not exceed 250% of free assets Basic

Regulatory capital:

• Components:
  
  Tier 1 + Tier 2 + Tier 3
  
  - Investments in banks and financial institutions in excess of 10%
  - Investments in banks and finance less than 10% for the portion that exceeds T1 + T2 + T3

quotient and indexes:

• PV / APR: Total capital ratio
• Until 1996: Solvency ratio or capital ratio
• = APRC in April: On a risk-weighted credit
• Each mail was weighted assets for credit risk using the coefficients provided by Basel I
• After 1996: Total Capital Ratio ( April also includes other types of risk)
  
• April include market risk
• Methods VAR (Value at risk)
• This regulatory gap has produced the need for a strong recapitalization
• After Basel II
• April includes operational risk
• need for further recapitalization
• Risks recapitalization:
• Dilution control
• governance issues
• increase the cost of capital
  
• In other countries (USA) supervisors allow banks to include in regulatory capital debt securities, although structured stable. So even in Italy has decided to allow the use of debt as a means of capitalization for the purposes of supervision.
• CaR: = 8% in April
• Capital to Risk Capital at Risk
• Safety Net, the last bank to bail out the bank
• FC: = PV - CaR
• Free Capital
  
• Capital Assets free or free
  
• capital available for growth
• policy management development must be consistent with the availability of Free Capital
• Tier 1 Capital Ratio: Tier 1/APR => = 6
• % Core Tier 1 Capital Ratio = Core Tier 1/APR
• There is no regulatory limit
• Moral suasion by the Bank of Italy: CT1CR> = 6%
• free capital base: = Tier 1 to 6% in April
• Excess Tier 1 compliance with the regulatory requirements
• There is no English translation (as always Free Capital PV - CaR)

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time ago I imbattutto on urbansketchers.com : a blog where people from all over the world post their own designs. They are especially sketches of views, people, busy streets, etc. .. facts of the jet using various techniques. I tried to do the same below yesterday during lunch.
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Budget Consolidated Intesa Sanpaolo 2008:

Assets: 636 bn

• Credits: 450 billion
• Financial assets: 100mld
• Tangible and intangible assets: 32mld

Liabilities: 636 billion

• Equity: 47 billion
• technical reserves : 20 billion
• debt: 450 billion
• Financial liabilities: Other liabilities 70 billion
• : residual
  

strong component of such items in financial

• High exposure to market risks: interest rate risk volatility of
  
• assets and liabilities
• measurement of the values Market

Income: reclassified


Interest income - Interest expense
= Net interest income (MIS) or net income (profitability of lending classic)

+ commission income - commission expense Dividends

+ + + Coupons
Net trading (trading)
+ Income Management (asset management)
+ Profits + Income from insurance coverage

+ result on securities Ownership (merchant banking)
= income (MINTM)
- Staff costs (cost item in the predominantly Italian banks)
- General and administrative expenses
= result (RG) (operating income, accounting entries to be operating)
(Equivalent to EBIT in industry, last entry feature of the business, without the distraction of fiscal policies, financial choices, options evaluation. From now on you have for valuation of accounting items that do not form daily but only once a year, at the time of writing the budget.)

+ Adjustments (gains / losses)

• Activities Financial Activities and intangible assets (depreciation)
• Credits
• Impairment of items at fair value

= Gross operating profit (RLG)
- Fiscal Management

• Tax Deferred ordinary

= Result Net

synthetic scheme:
Activity:

• AF: Active Financial
  
• AFI: Active interest-bearing
• Fixed Income Income
• variable
• AFNF: Financial assets not interest-bearing
  
• ANF: Not fruttifeo

Liabilities:

• PFI: interest-bearing liabilities
• current medium term
• PNF: noninterest-bearing liabilities
• PN: Equity
  

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evaluation of a bank

Reasons to conduct an assessment of a bank:

• Expertise conguration
• independent expert report
• reasonable exchange ratio
  
• Merger Acquisition
• Subscribing to budget (impairment test)
• Privatization
Quote
• Managing critical situations
• Management of regulatory capital
• Hybrid instruments for funding the compensation based in part on equity kicker
• What is the performance of these tools? Depends on the value of the value of the company.
• NB: Shareholders' equity other than regulatory capital
• Trading
• management of convertible bonds
• CDS
• "Governance"

Choice of method

• final evaluation
• Perspective / position assumed by the evaluator

What is a bank?

• Collection funds from the public in the form of deposits and lending.
• DL September 1, 1993, No 385
  
• collected through debt instruments repayable on demand
• Definition obsolete: the banks are highly concentrated and diverse organizations.

eg XYZ Bank Collects 100

• C / C, CD, P / T: 60
• Bonds: 20
• Equity: 20
  

employs 100

• 2: Reserve
• 20: real estate and real assets
• 28: Titles
• 50: Credit

Both the active and passive sources of income are and production of value:

• C / C
• Security and storage of money
• access to the payment system
• Reputation (credit card gold / platinum prestige of the bank)
• track record for granting Credit Rating
  

goodwill of the bank:

• multiple collection
• multiple of assets under management

type branches: the quotient of lending collection

• \u0026lt;1: Branch collection
• > 1 : branch use

type of banks: Banks

• Credit
• Mediocredito, Centrobanca, ICS (Educational Institutions under the special credit)
• We finance at market rates: collection activity does not generate value
• Banks collection:
• generate value through the collection of deposits low-cost service
• Banks:
• Investment Services Banks
• management:
• network of financial services to private banking
• Ex Mediolanum, Banca Generali, Fideuram
• Banks investment (merchant banks, not investment banks)
• participation in investment activities
• es. Mediobanca

features a multi-bank

• Company ASA, multi-product
• significant economies of scale and joint cost (you can not make a profit or loss for each ASA)
• heterogeneity: different sources
• to generate profitable
• different value drivers
  

So: Complexity and discretion of the evaluation process!