制卧份贸易+学 银行管理学 5. Securitization is the process of converting assets into marketable securities.It enables banks to move assets off-balance sheet and increase fee income.It increases competition for the types of standardized products,such as mortgages and other credit-scored loans,and eventually lowers the prices paid by consumers by increasing the supply and liquidity of these products.Given the problems of Enron,and Citicorp's and J.P.Morgan's efforts to make Enron's financial statements appear less risky,analysts now focus carefully on which parties bear risk in securitization agreements. 6.Financial markets and institutions are becoming increasingly global in scope. Firms must recognize that businesses in other countries as well as their own are competitors,and that international events affect domestic operations. 7.Banks'traditional loan operations have been seriously undermined by the development of the commercial paper and junk bond markets as alternatives to bank loans.Corporations that issue these securities view them as cheaper substitutes for bank credit.Generally,any loan that can be credit scored can potentially be securitized.Securitization allows nonbank firms to originate loans, package them into pools,and sell securities collateralized by securities in the pools.This increases the competition for the securitized asset and will eventually lead to lower rates. 8.Technological advances in banking are constantly changing the competitive environment.Many of these advances relate to payment services and how customers conduct banking business.Many bankers and bank analysts believe that the greatest growth in the delivery of banking services will be through debit and smart cards,telephone banking and the internet.Such electronic payments systems will transform how people conduct their banking business and how banking firms compete. 9.GE Capital represents a financial services company that is itself part of General Electric.In July 2002,Jeff Immelt,GE's CEO,split GE Capital into four separate businesses:GE Commercial Finance,GE Consumer Finance,GE Insurance,and GE Equipment Management.GE Capital had almost $460 billion in assets in mid-2002,which made it the largest non-bank finance company in the U.S.GE Capital can offer services in all areas and compete directly with banks,yet avoid regulation as a bank because it does not own or manage a commercial bank or savings and loan.In 2001,GE Capital accounted for 40%of GE's total earnings and 46%of GE's total revenue. 10.Many firms obtained unitary thrift charters during the 1990s to offer nationwide banking services,yet avoid regulation as a commercial bank.Formally,a firm obtains a federal savings bank charter,which allows it to issue deposits and make loans without hindering the nonfinancial products and services that it might otherwise offer.The firm can operate in a wide range of businesses not allowed traditional commercial banks.Thus,many insurance companies,finance companies,investment banks,and firms like Ford,Archer Daniel Midland,and State Farm Insurance operate unitary thrifts. 第2页共29页银行管理学 第 2 页 共 29 页 5. Securitization is the process of converting assets into marketable securities. It enables banks to move assets off-balance sheet and increase fee income. It increases competition for the types of standardized products, such as mortgages and other credit-scored loans, and eventually lowers the prices paid by consumers by increasing the supply and liquidity of these products. Given the problems of Enron, and Citicorp’s and J.P. Morgan’s efforts to make Enron’s financial statements appear less risky, analysts now focus carefully on which parties bear risk in securitization agreements. 6. Financial markets and institutions are becoming increasingly global in scope. Firms must recognize that businesses in other countries as well as their own are competitors, and that international events affect domestic operations. 7. Banks' traditional loan operations have been seriously undermined by the development of the commercial paper and junk bond markets as alternatives to bank loans. Corporations that issue these securities view them as cheaper substitutes for bank credit. Generally, any loan that can be credit scored can potentially be securitized. Securitization allows nonbank firms to originate loans, package them into pools, and sell securities collateralized by securities in the pools. This increases the competition for the securitized asset and will eventually lead to lower rates. 8. Technological advances in banking are constantly changing the competitive environment. Many of these advances relate to payment services and how customers conduct banking business. Many bankers and bank analysts believe that the greatest growth in the delivery of banking services will be through debit and smart cards, telephone banking and the internet. Such electronic payments systems will transform how people conduct their banking business and how banking firms compete. 9. GE Capital represents a financial services company that is itself part of General Electric. In July 2002, Jeff Immelt, GE’s CEO, split GE Capital into four separate businesses: GE Commercial Finance, GE Consumer Finance, GE Insurance, and GE Equipment Management. GE Capital had almost $460 billion in assets in mid-2002, which made it the largest non-bank finance company in the U.S. GE Capital can offer services in all areas and compete directly with banks, yet avoid regulation as a bank because it does not own or manage a commercial bank or savings and loan. In 2001, GE Capital accounted for 40% of GE’s total earnings and 46% of GE’s total revenue. 10. Many firms obtained unitary thrift charters during the 1990s to offer nationwide banking services, yet avoid regulation as a commercial bank. Formally, a firm obtains a federal savings bank charter, which allows it to issue deposits and make loans without hindering the nonfinancial products and services that it might otherwise offer. The firm can operate in a wide range of businesses not allowed traditional commercial banks. Thus, many insurance companies, finance companies, investment banks, and firms like Ford, Archer Daniel Midland, and State Farm Insurance operate unitary thrifts