The Collapse Of The Icelandic Banking System Finance Essay - Free Essay Example

In the transition from a small-scale, low risk deposit money banking system to a universal international banking system oriented toward high-risk leveraged investments and depending heavily on foreign wholesale financing was accomplished in less than a decade. The three leading banks, Glitner, Kaupthing, and Landsbanki, were among the fastest growing financial institutions in the world (Eggertsson and Herbertsson, 2009). As the domestic economy had grown and stock prices had soared, the three banks assets had expanded from 100 percent GDP in 2004 to 923 percent at end 2007 (IMF,2008) which is almost ten times the countrys GDP. Early October 2008, the Icelandic economic euphoria was crushed by the three large banks failures, bringing down the financial system, creating an economic crisis, social and political chaos. The purpose of this Report is to respond to the issue as a regulator for banks, on the collapse of the Icelandic banking system by Identifying the main c auses of the collapse of the banks. Recommending prudential regulations which will protect the community from such devastating bank failures in the future. The failure towards the three large banks, effectively taken over the government placed a burden of debt on citizens. II. Main causes of the collapse of the banks Growth of Banks and size at the time of collapse The main explanation on the collapse of the three large banks, Glitner, Kaupthing, and Landsbanki is highly due to the rapid expansion and their subsequent size when they fell in October 2008. Internal growth of the bank was due to the increase in loan portfolios, averaged of nearly 50% from the beginning of 2004 until their collapse (Althingi,chapter2,2009); commonly associated with poor quality loans as a result of poor underwriting, record keeping, management and supervision (Flannery,2009). The quality of the loan portfolios were eroded under these circumstances as such large-scale and high risk growth were not compatible with the long-term interests of solid banks where there were strong incentives for growth within the banks. Foreign operations of the banks rocketed and a change in the nature of the banks activities were also seen as investment banking gained importance as part of their operations. An opening of global debt financing further drove the growth of the banks. The banks received high credit ratings; inherited from the countys sovereign debt rating on the sound position of the state and expectations. They also had access to the markets in Europe due to the European Economic Area Agreement (EEA), to participate in a European Unions single market without a conventional EU membership. Such big growth in lending by the banks will cause their asset portfolio to develop into a very high-risk one (Jimenez,2006). As the liquidity crisis started in 2007, foreign deposits and short term securitised funding became the main source of funding for the three banks and these ty pe of financing were very sensitive to market conditions. A run on the collateralised loans was as detrimental as a run on foreign deposit accounts. The likelihood of run therefore increases, both on deposits and other means of funding. At the time of the collapse, repayment schedule of outstanding bond issues and collateral loans were burdensome due to the enormous growth throughout the decade. Weak equity As a result of the abundance of supply of credit with low interest rates in the international markets, the banks were able to borrow more money at low interest rates and passed in on to its customers. The economic resources that the banks had were invested into its own shares and were known as weak equity. It consisted of loans with collaterals and forward contract on own shares. It was reported that these three banks have financed themselves with 300 billion of Iceland Kro na (IKR) of their own shares in mid-2008(Althingi, chapter21, 2009). Hence, the bank capital ratio s did not reflect in the real ability of the banks in withstanding losses if it were to happen. Leveraging of the banks owners The owners of the large three banks were amongst the biggest borrowers (Althingi, chapter21 ,2009). As owners, they had easy access to the loans and received substantial facilities though banks subsidiaries that operated money market funds. The largest debtors of Glitner, Kaupthing and Landsbanki were also the principal owners of the banks. The operations of the banks were in many ways characterised by their maximising of the benefit of majority shareholders, who held the reins in the bank, rather than by running reliable banks with the interests of all shareholders in mind and to showing due responsibilities towards creditors. There is a conflict of interest between the operation of the banks and operation of other companies owned by the same owners. When in the late 2007 and 2008, where the banks began to experience funding problems, it seemed tha t the boundaries between the interests of the banks and the interests of their biggest shareholders were often unclear and the banks were seen to put more emphasis on backing up their owners instead. (Moore, 2010). The privatisation of the banks were owned and controlled by three groups of investors who used the banks to extend their balance sheet, and not by running the bank reliably and responsibly towards the interests of all shareholders. Concentration of risks Risk diversification is vital in the operation of the banks. As the banks are heavy indebted, it is therefore important for their portfolio of assets to be widely spread. As the largest debtors of the three banks are also the principal owner of the banks, there is a high risk such that the performance of the bank is dependent upon the performance of the group. It is too much risk for a bank to handle as the group falls and in the event when more loans is given, proven to be harmful to the depositors and creditors if they default. There was the exposure of more than one related party which accumulated within individual banks in the country and also between banks as there were groups of interrelated borrowers within all the banks. As a consequence, systemic risk exposure became significant to the loan portfolios of the banks. The loan of the groups amounted up to 5.5 billion EUR, 11% of all the loans and about an aggregated equity of 53%.( Althingi, chapter21 ,2009) This significant systemic risk does not only affect one of the banks if it fails but all three banks. III. Recommendations on prudential regulations to protect community from future bank failures Keeping up in pace with the monitoring on financial institutions As the banks pursued rapid international growth and domestic expansion, it is vital that FSA is able to keep up to date with the rapid growth of the banks and be well equipped with technical expertise and the equipment necessary to produce high quality comprehens ive surveys of the position in the development of individual financial institutions. It was clearly seen from the FSAs budget up to 2006 that it was insufficient for it to keep pace with the growth ( Althingi, chapter 2,2009) and hence unable to fulfil its tasks properly. Vast expert knowledge is required on the operations of banks, economics, accounting, and legislation, especially for country has minimal experience in the financial industry. The Depositors and Investors Guarantee Fund (DIGF) needed strong surveillance under the FSA as an insufficient sum and the potential losses to foreign depositors will lead to serious problems. In closely monitoring the financial institutions and its activities, prompt actions should be exercised when growth is too rapid to reduce the size of the balance sheets of the banks, where the banking system will become far too big in relative to the size of the economy. Contingency plans There should be a stricter regulation into the systemic risk management on the capital reserve in the financial institution and also a compulsory contingency plan as to withstand a financial shock within the company. These contingency plans are to be clear and realistic. A strict act on minimum equity capital of banks should also be placed on these institutions. In the event of the failure in 2008, the rules were based on the so-called Basel II standards and provide that the capital base of banks should always extend more than 8% of the risk base. However, during the time where the financial system tumbled, capital ratios did not reflect the real strength as it own shares that risks exposure through direct collaterals and forward contracts on their own shares( Althingi, chapter21 ,2009) More sectors to identify specific risks It is important that there is compulsory of university degree, extensive knowledge and experience in financial market in hiring competent staff. With the resources and expertise, the organisational structured can be changed to incorporate groups of experts from different units who examine specific risks (including market risks) across sectors (Jà ¤nnà ¤ri,K. ,2009). A department for solvency and capital adequacy, department of credit and market risks can be introduced on top of the current four units. This can lessen the danger of compartmentalisation of the supervisory authority along the industry lines and allow regulators to concentrate on its own supervisory tasks. Maximise the amount of shares that can be owned by the debtor, Cross-ownerships Supervision in cross-ownerships has to be tighter and rules more stringent. The fact that banks were financing purchases of their own banks shares by their owners and other clients poses a large indirect risks in each others shares (Jà ¤nnà ¤ri,K. ,2009). This is especially true for a small economy. Cross-ownership is hard to avoid in the absence of a comprehensive regulatory and supervisory framework. Therefore close supervision is v ital in the case of any methods used to boost their capital adequacy artificially. IV Conclusion In the wake of a flawed process of privatisation, together with insufficient experience in the financial industry; the rapid growth of the three banks, Glitner, Kaupthing, and Landsbanki in a short period of time was deemed only possible by applying weak underwriting standards, loans to large holding companies and relying on weak equity. The fall of these three banks resulted in some of the biggest bankruptcies ever. Preliminary estimates indicate that creditors might have lost around 70 billion dollars in the crisis (Eggertsson and Herbertsson, 2009)and about roughly $330,000 for every Icelandic man, woman and child (Lewis,2009). The failure and the collapse of these banks as a result of these iniquities have caused a significant burden to the Icelandic citizens. A change in the organisational structure of the prudential regulations is to be implemented, in order to prevent and protect the community from such devastating bank failures in the future. Aliber,R.,2008, Monetary Turbulence and the Icelandic Economy, University of Iceland, June 20, 2008. https://www.hi.is/files/skjol/icelandlecutre-May-2008.pdf Althingi,2009, Chapter 2: Summary of the Reports Main Conclusions, Report of the Special Investigation Committee to the Icelandic Parliament Althingi,2009, Chapter 21: Summary of the Reports Main Conclusions, Report of the Special Investigation Committee to the Icelandic Parliament Buiter,W.,2008, The Icelandic banking crisis and what to do about it: The lender of last resort theory of optimal currency areas, Centre for Economic Policy Research, Policy insight No. 26., October 2008. https://www.cepr.org/pubs/PolicyInsights/PolicyInsight26.pdf Eggertsson,T. and Herbertsson,T. 2009, System Failure in Iceland and the 2008 Global Financial Crisis, University of Iceland University of Reykjavik, June 10, 2009. Flannery,M. 2009, Iceland s Failed Banks : A Post-Mortem, University of Florida, November 9, 2009. International Monetary Fund, 2008, Iceland: Financial System Stability Assessment-Update, December 2008. Jà ¤nnà ¤ri,K., 2009, Report on Banking Regulation and Supervision in Iceland: past, present and future, March 30, 2009. https://www.island.is/media/frettir/KaarloJannari%20_2009_%20Final.pdf Jimenez,G., J. Saurina,2006, Credit Cycles, Credit Risk, and Prudential Regulation. International Journal of Central Banking 2, February 2006, pages 65-98. Lewis, Michael, 2009, Wall Street on the Tundra, Vanity Fair Magazine, April 1, 2009. Moore,J.,2010, Iceland was negligent over banking collapse, The independent, April 13, 2010. https://www.independent.co.uk/news/business/analysis-and-features/iceland-was-negligent-over-banking-collapse-1943153.html

Fracking And Fracture Stimulation Techniques Essay

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Fire in a Canebrake The Last Mass Lynching in America

‘Fire in a canebrake’ is quite a scorcher by Laura Wexler and which focuses on the last mass lynching which occurred in the American Deep South, the one in the heartland of rural Georgia, precisely Walton County, Georgia on 25th July, 1946, less than a year after the Second World War. Wexler narrates the story of the four black sharecroppers who met their end ‘at the hand of person’s unknown’ when an undisclosed number of white men simply shot the blacks to death. The author concentrates on the way the evidence was collected in those eerie post war times and how the FBI was actually involved in the case, but how nothing came of their extensive investigations. Interestingly, the book does not focus solely on the Georgia lynching, but†¦show more content†¦I would describe it as the definitive work on the Moore’s Ford lynching apart from the fact that it also reads exclusively like a novel. The description of the lynching is a fairly standard one; four helpless blacks (including two women) were shot in cold blood on the banks of the Apalachee River which is about nine miles from the town of Monroe, Walton County, Georgia, a town which was certainly not a stranger to violence. Wexler’s’ detailed investigation into the case reveals how men like Loy Harrison as well as his lawyer James Arnold worked assiduously together to derail the FBI investigation. The 1948 Senate election is also given some publicity since it ensured the election Herman Talmadge, an out and out racist who would ensure that the blacks of Georgia would be ‘put in their place’. Wexler unearths evidence that the Klan was very active in counties such as Walton and Oconee where certain individuals such as James Arnold held high offices in the Klan’s of these counties. Another important personage who features regularly in Wexler’s narrative is Stetson Kennedy who was also present for particular Klan meetings. Dr Samuel Green is also another important figure and he is also mentioned by Wexler in her narrative. The book also focuses on the FBI investigation which was quite poorly conducted and also lacked the co-operation of state officials. One also has to consider that Georgia was the home of that arch-segregationist William Russell whoShow MoreRelated Fire in a Canebrake Essay1631 Words   |  7 PagesIn her Fire in a Canebrake, Laura Wexler describes an important event in mid-twentieth century American race relations, long ago relegated to the closet of American consciousness. In so doing, Wexler not only skillfully describes the event—the Moore’s Ford lynching of 1946—but incorporates it into our understanding of the present world and past by retaining the complexities of doubt and deception that surrounded the event when it occurred, and which still confound it in historical records. By skillfullyRead MoreAnalysis Of The Book Fire Of A Canebrake : The Last Mass Lynching 1126 Words   |  5 PagesFire in A Canebrake: The Last Mass Lynching in America by Laura Wexler is about the lynching of four African- Americans: Roger Malcom, Dorothy Malcom, George Dorsey, and Mae Murray Dorsey. This occurred in Walton County on July 25, 1946 at the old Moore’s Ford Bridge. The lynching spurred a six month federal investigation in Walton and Oconee County, but eventually led to no convictions or arrest. The FBI had many prime suspects and prime witnesses, but the white community stuck together and the

Anxiety and Fragile Old Man free essay sample

Melissa Garlic I sprint on to the air bridge, frizzy hair, laces undone, coat unbuttoned. I look tragic. Finally I Join the queue. I attempt to make myself look presentable; like that will ever happen. In my attempt to be graceful I try gliding towards the entrance of the plane, no luck. I trip over my laces and smash into the man in front of me. I apologize as he grunts. Crashing into my seat Im relieved, what else could go wrong? A fragile old man carefully takes his seat beside me. With only a seat between us I wonder if I should make polite yet awkward conversation. I decide against it. The final passenger roads the plane. He seems 17 or 18, my age, very attractive, tall, loose hazelnut hair, broad shoulders. Silently I pray that he wont sit next to me; he does. I silently smile and shoot my head down and pretend Im reading the worlds most fascinating article. We will write a custom essay sample on Anxiety and Fragile Old Man or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page After a series of tedious flight instructions the plane is roaring to take off. Within a matter of seconds were in the air. My anxiety gets the batter of me as I peer out the window and see how high we are. My hands start to sweat and Im positive Vive left my stomach back on the ground. Air pockets start to threaten to send my lunch back up as the plane starts to Jolt left and right. As we reach the designated altitude the plane comes to a peaceful cruise. My nerves are dancing around believing that at any moment in time the plane will come to a spiraling crash. Quickly the flight attendants come round and offer a light snack and beverage. I embrace a glass of ice cold water. My nerves relax as everyone on the plane seems settled, I hunch back into my seat and ask myself what else could go wrong? Im Just beginning to think things are going well; until we start flying over Wellington. I notice that the plane is lightly shaking, nothing to worry about, and within a matter of minutes the plane is bouncing up down and side to side. My palms are sweating, my lunch is definitely going to be making reappearance and my breathing is making me sound slightly hysterical. Mimi k? Crap, cute boy to my left has totally noticed my panic attack. Muff, Im good I squeak, not daring to make eye contact. Out of the blue the plane drops. Without thinking I grab cute boys hand and shut my eyes hoping that this is all a bad dream. I open my eyes to see cute boy staring and me like I was two crayons short of a box. Oh my gosh Im so sorry! I gush, cherry red with embarrassment Awkwardly he smiles and looks away. Silently I turn away from him, humiliated and hoping that this is the one and only time that I will ever have to see him. The plane starts to steady itself as we come into landing. I cant wait to get of this plane and never see that boy again. The plane comes to halt; I spring up and throw my bags over my shoulder waiting to run off the plane as fast as my feet will take me. I manage to worm my way through many of the other passengers and make it to the arrivals lounge. I breathe a breath of relief and tell myself thats theres nothing from here on in that could possibly go wrong. I meet up with my mum to get my luggage. In a rush I grab what I assume is my bag and walk off. Big mistake. Weve Just arrived home, after what seems like hours stuck in Auckland traffic, and my phone is going off. Apparently Vive accidental grabbed a Mr. Trend Parkers bag. I groan as I think about now long its going to take to get the airport and back. Reluctantly mum and I climb back into the car and head towards the airport. Upon arriving we are told to go to the customer information desk. Mum and I drag our tired bodies towards the desk. Then I see him. Cute boy from the plane is standing there, looking extremely annoyed. Fear comes upon me like a crashing wave. I duck so he wont see me and I run and desperately search for something to hide behind. My very confused mother walks over to me with a puzzled look on her face. Dont even ask mum, Just go give that guy the bag I say in a hushed tone. Still confused she walks over to the desk and greats cute boy. I panic as I notice they are talking; that cant be good. Finally mum walks away and we get back to the car. Andrea, did you know that boy? mum questions No whys that? Well he knew you and asked me to give this to give to you she says handing over a tiny piece of ripped paper. I open the small note and read it; call me

Essay Topics on Soccer - Make Use of Essay Topics On Soccer

Essay Topics on Soccer - Make Use of Essay Topics On SoccerIf you are going to write an essay on soccer, there are many essay topics that are available to you. The topics could range from the team's history to a topic about a player. Although some of these are obviously more popular than others, it is not hard to come up with something that will be interesting to your audience.Of course, there are many options out there. The most popular one is probably the history of the team. This is perhaps the best time to bring this up because a lot of people associate teams with tradition and history. Also, since the game is a popular one, the idea of history may strike a chord with them. It may also seem that this is an excellent opportunity to get into the spirit of things.Another great topic to consider is the current team. Many people are familiar with the team that they are rooting for now. It may be a good idea to discuss some of the issues surrounding the team at this time, such as injur ies and the roster. By bringing this up, it will be easier to pull in a few readers.A topic that is often mentioned is the team as a whole. It is nice to discuss the team's history together, whether that is a good or bad history. By doing so, it will be easier to relate to the readers. You may even be able to incorporate this into the essay by making mention of how much work the team has been putting in to get to where they are.You can also look to other topics for essay topics on soccer. If you are writing an essay about a player, that is a good place to talk about some of his or her current stats. However, there are some themes that you need to keep in mind when doing this.Firstof all, you do not want to include a stat about a player that is not relevant to the current team. You should also avoid mentioning players in the past when the team did not play in that season. Also, avoid mentioning players in an off-season or lockout year. These are periods that are often well-known in s occer circles, but you want to avoid talking about them if you can help it.After the main topic of the team has been covered, the next thing you want to do is to write the history of the team. This is your chance to show some history. It is nice to compare the team to past and present teams. Also, you want to touch on some of the other sports teams that have been part of the team.In conclusion, essay topics on soccer can range anywhere from the team's history to current players. If you do a good job of combining the topics, it can show an overall level of interest. It is also nice to be able to share some of your own knowledge about the sport, so be sure to make sure that you do this.

Surprising Facts About Topics for Latino Immigration Essay Revealed by an Old Pro

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