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Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdINTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition6ChapterSixInternati

onalBankingandMoneyMarketChapterObjective:Thischapterservestobeginourdiscussionofworldfinancialmarketsandinstitutions.Irwin/McGr

aw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdChapterSixOutline⚫InternationalBankingServices◼TheWorld’sLargestBanksIrwin/McGraw-Hil

lCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdChapterSixOutline⚫InternationalBankingService

s⚫ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdChapterSixOutline⚫Internationa

lBankingServices⚫ReasonsforInternationalBanking⚫TypesofInternationalBankingOffices◼CorrespondentBank◼Represent

ativeOffices◼ForeignBranches◼SubsidiaryandAffiliateBanks◼EdgeActBanks◼OffshoreBankingcenters◼InternationalBa

nkingFacilitiesIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdChapterSixOutline⚫Internationa

lBankingServices⚫ReasonsforInternationalBanking⚫TypesofInternationalBankingOffices⚫CapitalAdequacyStandardsIrwin/McGraw-

HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdChapterSixOutline⚫InternationalBankingServices⚫ReasonsforInternationalBa

nking⚫TypesofInternationalBankingOffices⚫CapitalAdequacyStandards⚫InternationalMoneyMarket◼EurocurrencyMarkets◼Eurocr

edits◼ForwardRateAgreements◼Euronotes◼Euro-Medium-TermNotes◼EurocommercialPaperIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,In

c.AllrightsdChapterSixOutline⚫InternationalBankingServices⚫ReasonsforInternationalBanking⚫TypesofInternationalBankingOffices⚫CapitalAdequacy

Standards⚫InternationalMoneyMarket⚫InternationalDebtCrisis◼History◼Debt-for-EquitySwaps◼TheSolution:BradyBo

nds◼TheAsianCrisisIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdInternationalBankingServic

es⚫InternationalBanksdoeverythingdomesticbanksdoand:◼Arrangetradefinancing.◼Arrangeforeignexchange.◼Offer

hedgingservicesforforeigncurrencyreceivablesandpayablesthroughforwardandoptioncontracts.◼Offerinvestmentbankingservices(whe

reallowed).Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdTheWorld’s10LargestBanksBankofAmericaU.S.CitigroupU.S.HSBCH

oldingsU.K.CréditAgricoleGroupFranceChaseManhattanU.S.Industrial&CommercialBankofChinaChinaUBSSwitzerlandDeutscheBankGermanyWell

sFargoU.S.BankOneU.S.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts◼Managerialandmarket

ingknowledgedevelopedathomecanbeusedabroadwithlowmarginalcosts.ReasonsforInternationalBankingIrwin/McGraw

-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts⚫KnowledgeAdvantage◼Theforeignbanksubsidiarycandrawonthepar

entbank’sknowledgeofpersonalcontactsandcreditinvestigationsforuseinthatforeignmarket.ReasonsforInternationalBankingIrwin/McGraw-

HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts⚫KnowledgeAdvantage⚫HomeNationInformationServices◼Localfi

rmsinaforeignmarketmaybeabletoobtainmorecompleteinformationontradeandfinancialmarketsinthemultinationalbank’shomenationthanisobtaina

blefromforeigndomesticbanks.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw

-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts⚫KnowledgeAdvantage⚫HomeNationInformationServices⚫Prestige◼Verylargemult

inationalbankshavehighperceivedprestige,whichcanbeattractivetonewclients.ReasonsforInternationalBankingIrwin/McGraw-Hi

llCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts⚫KnowledgeAdvantage⚫HomeNationIn

formationServices⚫Prestige⚫RegulatoryAdvantage◼Multinationalbanksareoftennotsubjecttothesameregulationsasdomesticbanks.

ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫LowMarginalCosts⚫KnowledgeAdvantage

⚫HomeNationInformationServices⚫Prestige⚫RegulatoryAdvantage⚫WholesaleDefensiveStrategy◼Banksfollowtheirmult

inationalcustomersabroadtoavoidlosingtheirbusinessathomeandabroad.ReasonsforInternationalBankingIrwin/McG

raw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdReasonsforInternationalBanking⚫LowMarginalCosts⚫KnowledgeAdvantage⚫HomeNationInformat

ionServices⚫Prestige⚫RegulatoryAdvantage⚫WholesaleDefensiveStrategy⚫RetailDefensiveStrategy◼Multinationalbanksalsocompetefo

rretailservicessuchastravelerschecks,touristandforeignbusinessmarket.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫Know

ledgeAdvantage⚫HomeNationInformationServices⚫Prestige⚫RegulatoryAdvantage⚫WholesaleDefensiveStrategy⚫RetailDefensiveStrategy⚫Trans

actionsCosts◼Multinationalbanksmaybeabletocircumventgovernmentcurrencycontrols.ReasonsforInternationalBankingIrwin/McGraw-HillCopyr

ight©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫HomeNationInformationServices⚫Prestige⚫RegulatoryAdvantage⚫WholesaleDefensiv

eStrategy⚫RetailDefensiveStrategy⚫TransactionsCosts⚫Growth◼Foreignmarketsmayofferopportunitiestogrowthno

tfounddomesticallyReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsd⚫Prestige⚫Regulat

oryAdvantage⚫WholesaleDefensiveStrategy⚫RetailDefensiveStrategy⚫TransactionsCosts⚫Growth⚫RiskReduction◼Greaterstabilityofearningsduetodiversifica

tion.ReasonsforInternationalBankingIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdTypesofInternationalBankingO

ffices⚫CorrespondentBank⚫RepresentativeOffices⚫ForeignBranches⚫SubsidiaryandAffiliateBanks⚫EdgeActBanks⚫OffshoreBankingCenters⚫International

BankingFacilitiesIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdCorrespondentBank⚫Acorrespondentbankin

grelationshipexistswhentwobanksmaintaindepositswitheachother.⚫Correspondentbankingallowsabank’sMNCclienttoconductbusinessworldwidethroughhisloc

albankoritscorrespondents.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdRepresentativeOffices⚫Arepr

esentativeofficeisasmallservicefacilitystaffedbyparentbankpersonnelthatisdesignedtoassistMNCclientsoftheparen

tbankindealingswiththebank’scorrespondents.⚫Representativeofficesalsoassistwithinformationaboutlocalbusinesscustoms,andcreditevaluationoftheMNC’

slocalcustomers.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdForeignBranche

s⚫Aforeignbranchbankoperateslikealocalbank,butislegallypartofthetheparent.◼Subjecttoboththebankingregulationsofhomecoun

tryandforeigncountry.◼Canprovideamuchfullerrangeofservicesthanarepresentativeoffice.⚫BranchBanksarethemostpopularway

forU.S.bankstoexpandoverseas.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdSubsidiaryandAffiliateBanks⚫Asubsidiary

bankisalocallyincorporatedbankwhollyorpartlyownedbyaforeignparent.⚫Anaffiliatebankisonethatispartlyownedbutnotcontrolledbytheparent.⚫U.S.

parentbankslikeforeignsubsidiariesbecausetheyallowU.S.bankstounderwritesecurities.Irwin/McGraw-HillCopyright©2001byTheM

cGraw-HillCompanies,Inc.AllrightsdEdgeActBanks⚫EdgeActbanksarefederallycharteredsubsidiariesofU.S.banksthatarephysicallylocatedin

theU.S.thatareallowedtoengageinafullrangeofinternationalbankingactivities.⚫TheEdgeActwasa1919amendmenttoSection25ofthe1914Fe

deralReserveAct.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdOffshoreBankingCenters⚫Anoffshore

bankingcenterisacountrywhosebankingsystemisorganizedtopermitexternalaccountsbeyondthenormalscopeoflocaleconomic

activity.⚫Thehostcountryusuallygrantscompletefreedomfromhost-countrygovernmentalbankingregulations.Irwin/McGraw-HillCopyright

©2001byTheMcGraw-HillCompanies,Inc.AllrightsdOffshoreBankingCenters⚫TheIMFrecognizes◼theBahamas◼Bahrain◼theCay

manIslands◼HongKong◼theNetherlandsAntilles◼Panama◼Singapore⚫asmajoroffshorebankingcentersIrwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompani

es,Inc.Allrightsd“Shell”Branches⚫Shellbranchesneedtobenothingmorethanapostofficebox.⚫Theactualbusinessisdonebyt

heparentbankattheparentbank.⚫ThepurposewastoallowU.S.bankstocompeteinternationallywithouttheexpenseofsettingupope

rations“forreal”.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdInternationalBankingFacilities⚫An

internationalbankingfacilityisaseparatesetofaccountsthataresegregatedontheparentsbooks.⚫Aninternationalbankingfacilityisnotauniquephysicalorleg

alidentity.⚫AnyU.S.bankcanhaveone.⚫InternationalbankingfacilitieshavecapturedalotoftheEurodollarbusinessthatwaspreviouslyhandledoffshore.Irwin/McGraw

-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdCapitalAdequacyStandards⚫Bankcapitaladequacyreferstotheamountofequi

tycapitalandothersecuritiesabankholdsasreserves.⚫Therearevariousstandardsandinternationalagreementsregardinghow

muchbankcapitalis“enough”toensurethesafetyandsoundnessofthebankingsystem.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allr

ightsdCapitalAdequacyStandards⚫Whiletraditionalbankcapitalstandardsmaybeenoughtoprotectdepositorsfromtraditionalcre

ditrisk,theymaynotbesufficientprotectionfromderivativerisk.⚫Forexample,BaringsBank,whichcollapsedin1995fromderivativelosses,lookedgoodonpap

errelativetocapitaladequacystandards.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdInternationalMoneyMarket⚫Eurocurren

cyisatimedepositinaninternationalbanklocatedinacountrydifferentthanthecountrythatissuedthecurrency.◼Forexample,Eurodol

larsareU.S.dollar-denominatedtimedepositsinbankslocatedabroad.◼Euroyenareyen-denominatedtimedepositsinba

nkslocatedoutsideofJapan.◼Theforeignbankdoesn’thavetobelocatedinEurope.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompa

nies,Inc.Allrightsd⚫MostEurocurrencytransactionsareinterbanktransactionsintheamountof$1,000,000andup.⚫Commonreferenceratesinclud

e◼LIBORtheLondonInterbankOfferedRate◼PIBORtheParisInterbankOfferedRate◼SIBORtheSingaporeInterbankOfferedRate⚫Anewreferencerateforthene

weurocurrencyEurocurrencyMarket◼EURIBORtherateatwhichinterbanktimedepositsofareofferedbyoneprimebanktoanother.Irwin/McGraw-Hi

llCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdEurocredits⚫Eurocreditsareshort-tomedium-termloansofEurocurr

ency.⚫TheloansaredenominatedincurrenciesotherthanthehomecurrencyoftheEurobank.⚫Oftentheloansaretoola

rgeforonebanktounderwrite;anumberofbanksformasyndicatetosharetheriskoftheloan.⚫Eurocreditsfeatureanadjustablerate.OnEurocreditsoriginatinginLon

donthebaserateisLIBOR.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdForwardRateAgreements⚫Aninterbankcontrac

tthatinvolvestwoparties,abuyerandaseller.⚫Thebuyeragreestopaythesellertheincreasedinterestcostonanotationalamountifinterestratesfallbelowanagre

edrate.⚫Theselleragreestopaythebuyertheincreasedinterestcostifinterestratesincreaseabovetheagreedrate.Irwin/McGraw-Hill

Copyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdForwardRateAgreements:Uses⚫ForwardRateAgreementscanbeusedto:◼Hedgeassetsthata

bankcurrentlyownsagainstinterestraterisk.◼Speculateonthefuturecourseofinterestrates.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,I

nc.AllrightsdEuronotes⚫Euronotesareshort-termnotesunderwrittenbyagroupofinternationalinvestmentbanksorinternat

ionalcommercialbanks.⚫Theyaresoldatadiscountfromfacevalueandpaybackthefullfacevalueatmaturity.⚫Maturityistypicallythreetosixm

onths.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdEuro-Medium-TermNotes⚫Typicallyfixedratenotesissuedbyacorporation.⚫Matur

itiesrangefromlessthanayeartoabouttenyears.⚫Euro-MTNsispartiallysoldonacontinuousbasis–thisallowstheborrowertoraisefundsastheyarene

eded.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdEurocommercialPaper⚫Unsecuredshort-termpromis

sorynotesissuedbycorporationsandbanks.⚫Placeddirectlywiththepublicthroughadealer.⚫Maturitiestypicallyrangefromone

monthtosixmonths.⚫Eurocommercialpaper,whiletypicallyU.S.dollardenominated,isoftenoflowerqualitythanU.S.commercialpaper—asares

ultyieldsarehigher.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdInternationalDebtCrisis⚫Someofthelarge

stbanksintheworldwereendangeredwhenloanstosovereigngovernmentsofsomeless-developedcountries.⚫Attheheightofthecrisi

s,thirdworldcountriesowed$1.2trillion.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.Allr

ightsdInternationalDebtCrisis⚫Likeagreatmanycalamities,itiseasytoseeinretrospectthat:⚫It’sabadideatoputtoomanyeggsinonebasket,espe

ciallyif:⚫Youdon’tknowmuchaboutthatbasket.Irwin/McGraw-HillCopyright©2001byTheMcGraw-HillCompanies,Inc.AllrightsdEndChapterSix