ppt_ch03a-1 Non-bank Financial Institutions (NBFIs) 外汇与外汇市场 教学课件.pptVIP

Chapter 3 Non-bank Financial Institutions (NBFIs) Websites: .au Learning Objectives Understand the role of NBFIs in the financial system Outline the financial products and services provided by NBFIs Describe NBFI’s principal sources and uses of funds Examine the regulatory system Chapter Organisation 3.1 Introduction 3.2 Investment and Merchant Banks 3.3 Life Insurance Offices 3.4 General Insurance Offices 3.5 Superannuation Funds 3.6 Finance Companies and General Financiers Chapter Organisation (cont.) 3.7 Permanent Building Societies 3.8 Credit Cooperatives 3.9 Managed Funds 3.10 Export Finance and Insurance Corporation 3.11 Summary 3.1 Introduction NBFIs can be differentiated by their source and use of funds, OBS business and regulation 3.2 Investment and Merchant Banks Evolved under regulation Officially classified as ‘money market corporations’ (not authorised banks) Size of balance sheet not constrained by capital adequacy requirements Primarily deal in wholesale finance Famous companies: Goldman Sachs, Merrill lynch, Morgan Stanley, JP. Morgan, First Boston, Macquarie Bank 3.2 Investment and Merchant Banks (cont.) Sources of funds Mainly offshore money market securities Uses of funds Primarily short-term loans to corporations and government Little direct involvement in household sector except through cash management and unit trust products 3.2 Investment and Merchant Banks (cont.) Other activities Deregulation has allowed banks to move into merchant bank activities This led money market corporations to develop their OBS business Provide advice, management services and funding arrangements for Mergers and acquisitions Takeover company seeks to gain control over a target company 3.2 Investment and Merchant Banks (cont.) Mergers and acquisitions horizontal takeover: the target company conducts the same type of business as the takeover company. vertical takeover: takeover company acquire another company that operates within a related business chain