Improving the monitoring of the value of implicit guarantees for bank debt:
The value of implicit guarantees has declined from its peak at the height of the financial crisis, which is consistent with progress made regarding the bank regulatory reform agenda, as one would expect that many of the reform measures imply a more limited value of implicit guarantees for bank debt....
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| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2014
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | The value of implicit guarantees has declined from its peak at the height of the financial crisis, which is consistent with progress made regarding the bank regulatory reform agenda, as one would expect that many of the reform measures imply a more limited value of implicit guarantees for bank debt. Implicit guarantees persist however and their value continues to be significant, estimated here to be equivalent to EUR 50 billion of annual funding costs savings for a sample of more than 100 large European banks. This estimated funding cost advantage is a conservative estimate as it only focuses on one type of debt that can be measured in "real-time", that is as data on credit ratings, debt issuance and prices of debt become available. In any case, bank debt continues to be considered "special" by market participants and this observation implies that the substantial economic distortions, including distortions to risk-taking incentives and competition, arising from this situation also persist |
| Physical Description: | 1 Online-Ressource (31 Seiten) 21 x 28cm |
| DOI: | 10.1787/fmt-2014-5jxzmkgjnt9x |
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| spelling | Schich, Sebastian Verfasser aut Improving the monitoring of the value of implicit guarantees for bank debt Sebastian Schich, Michiel Bijlsma and Remco Mocking Paris OECD Publishing 2014 1 Online-Ressource (31 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier The value of implicit guarantees has declined from its peak at the height of the financial crisis, which is consistent with progress made regarding the bank regulatory reform agenda, as one would expect that many of the reform measures imply a more limited value of implicit guarantees for bank debt. Implicit guarantees persist however and their value continues to be significant, estimated here to be equivalent to EUR 50 billion of annual funding costs savings for a sample of more than 100 large European banks. This estimated funding cost advantage is a conservative estimate as it only focuses on one type of debt that can be measured in "real-time", that is as data on credit ratings, debt issuance and prices of debt become available. In any case, bank debt continues to be considered "special" by market participants and this observation implies that the substantial economic distortions, including distortions to risk-taking incentives and competition, arising from this situation also persist Finance and Investment Bijlsma, Michiel ctb Mocking, Remco ctb https://doi.org/10.1787/fmt-2014-5jxzmkgjnt9x Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Schich, Sebastian Improving the monitoring of the value of implicit guarantees for bank debt Finance and Investment |
| title | Improving the monitoring of the value of implicit guarantees for bank debt |
| title_auth | Improving the monitoring of the value of implicit guarantees for bank debt |
| title_exact_search | Improving the monitoring of the value of implicit guarantees for bank debt |
| title_exact_search_txtP | Improving the monitoring of the value of implicit guarantees for bank debt |
| title_full | Improving the monitoring of the value of implicit guarantees for bank debt Sebastian Schich, Michiel Bijlsma and Remco Mocking |
| title_fullStr | Improving the monitoring of the value of implicit guarantees for bank debt Sebastian Schich, Michiel Bijlsma and Remco Mocking |
| title_full_unstemmed | Improving the monitoring of the value of implicit guarantees for bank debt Sebastian Schich, Michiel Bijlsma and Remco Mocking |
| title_short | Improving the monitoring of the value of implicit guarantees for bank debt |
| title_sort | improving the monitoring of the value of implicit guarantees for bank debt |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-2014-5jxzmkgjnt9x |
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