The thesis examines subordinated debt holder market discipline in UK credit institutions during the period 1995 to 2002. The topic is relevant as current research is questioning the role and effectiveness of rules-based bank regulatory oversight, and favouring, instead, incentive-compatible regulatory design and market discipline. In particular, the literature proposes using signals from subordinated debt holders to constrain bank risk-taking. In addition, this market oversight may provide information signals to regulatory agencies that are useful in improving bank regulatory design. The thesis researches two prominent issues related to subordinated debt holder market discipline and, therefore, contributes to the debate in introducing incentive-compatible polices in bank regulatory design. First, testing the risk sensitivity of UK credit institution subordinated debt spreads assesses whether investors are signalling bank risk in market prices. The UK evidence supports the theoretical literature in claiming that eliminating too-big-to-fail policies can encourage effective incentive-based mechanisms. Secondly, the research examines the appropriateness of introducing a mandatory subordinated debt policy in the UK. The empirical analysis raises a number of themes, many of which are in stark contrast to US and other European banks' subordinated debt characteristics. The conclusion is that the regular issuance of subordinated debt should be the overriding policy tool to signal and constrain bank risk-taking (i.e. direct discipline). Extending the policy to include indirect market discipline through a standardised mandatory subordinated debt requirement would impose substantial costs and should not be implemented.

The thesis deals with perspectives of the regulation of credit institutions in the Czech Republic, Europe and worldwide.

v anglickém jazyce Despite the market relevance and cross-border operations of numerous credit and other financial institutions, the recent global financial crisis has clearly demonstrated that even the most significant conglomerates of the financial sector are not safe from the threat insolvency. Given cross-border activities of these institutions, any resolution of their market failure requires a comprehensive approach, inevitably facing also complexities arising from the presence of an international element. In this regard, this work examines persisting pitfalls pertaining to determination of international jurisdiction and applicable law, considering specific principles that govern current regulation of international insolvencies of credit institutions in conjunction with fundamental principles of universality and territoriality. With reference to existing case law, it is shown that despite the dogmatic dominance of the universality principle, the international solution of the insolvency of credit institutions still clashes with significant territorialism tendencies. Given the unique position of credit institutions and their systemic importance for financial stability, their resolution has traditionally been entrusted to supervisory authorities with competence. As a result, credit institutions...

Final qualification work (the master thesis) is devoted to a research of the market of interbank crediting in the Russian Federation at the present stage. An object of research is the set of the economic relations arising between participants of a banking system in the market of interbank crediting. The purpose of the master thesis – on the basis of studying and the analysis of theoretical and practical aspects of the market of interbank crediting in the Russian Federation to reveal the problems characteristic of the credit relations of this type and to develop recommendations for improvement of a system of crediting of commercial banks both from the Central bank of the Russian Federation, and from other credit institutions. / Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию рынка межбанковского кредитования в Российской Федерации на современном этапе. Предметом исследования является совокупность экономических отношений, возникающих между участниками банковской системы на рынке межбанковского кредитования. Цель магистерской диссертации – на основе изучения и анализа теоретических и практических аспектов рынка межбанковского кредитования в Российской Федерации выявить проблемы, характерные для данного вида кредитных отношений, и разработать рекомендации для улучшения системы кредитования коммерческих банков как со стороны Центрального банка Российской Федерации, так и со стороны других кредитных организаций.

The Diploma thesis deals with a comparative analysis of credit institutions operating on the Czech banking market. The first part of the thesis characterizes the banking system of the Czech Republic, the legal status of different institutional types and specifies range of their activities. The second part of the thesis focuses on the positions of the institutions against the supervisor and clients. The last part of the diploma thesis analyses the process of transformation of credit unions to banks, as well as reasons for this transformation and its possible consequences.

Microfinance institutions have evolved as an economic development tool intended to benefit low-income people. The benefit, however, can only be achieved if the institutions have a good financial and outreach performance. This study has three objectives. The first objective is to assess the influences of informal and formal institutions and their interrelationships on the practical operational arrangement of Village Credit Institutions of Bali (Lembaga Perkreditan Desa or LPD). Second, to evaluate the financial performance and outreach indicators of the institutions and to assess the influence of informal and formal institution on the sustainability of the institutions, which has received little attention from previous studies. Finally, to outline some elements of a strategic business plan for two selected village credit institutions (LPDs) in Gianyar district, LPD Mas and LPD Kerta. By using a case study approach, this study finds that the informal institutions (such as social values, norms, and sanctions) have significant influences on the practical arrangements of the LPDs, including the organisation, recruitment procedure, delivery mechanism, and remuneration system. Along with the influence of informal institutions, the formal institutions have also had some direct influences on the practical operational arrangements of the LPDs that are reflected in the supervision and guidance system of LPDs, an obligation to apply prudential principles of banking, and the remuneration system. The findings also show that the local government regulations (formal institutions) concerning the LPDs have accommodated the informal institutions of the Balinese in the background of their establishment, status and ownership, and organisation of the LPDs. Based on the performance indicators - portfolio quality, leverage, capital adequacy ratio (CAR), productivity, efficiency, profitability, self-sufficiency, and outreach � the LPDs in Gianyar district could be considered as success microfinance institutions. The success is influenced by some important factors. First, the use of local people in managing the LPDs and the application of character-based lending system in screening the clients. This has resulted in a high clients� sense of belonging and moral obligation to support the development of the LPD Second, the use of social (custom) sanctions in the contractual enforcement has forced the borrowers to comply with their credit contract in a timely fashion. Third, the use of local community personnel whose remuneration is based on performance and low transaction costs has resulted in the high efficiency of LPDs. Fourth, a growing economy and supporting government policy at all levels through provision of a legal basis for the LPDs and the Central Bank regulation (formal institutions) have also contributed to the success of the LPDs. Thus, based on the necessary conditions of sustainable microfinance institution proposed by some scholars(Yaron 1994; Christen 1998), it can be concluded that the Gianyar district LPDs have been sustainable, and by that implication they have positive net social benefits for their clients. Any attempt, however, to replicate the achievements of the LPDs by imitating its mode of operations should be conducted with great caution. A mechanism that works well in one socioeconomic environment (in this instance, in Bali) will not necessarily work in another, where the social system including social norms and values are different. But, the experience of the LPDs is a valuable thing since it has highlighted some critical issues that should be considered when handling the complex issue providing financial services to rural people.

<p>Final assignment for Bachelor Degree in Business Administration,</p><p>Mid Sweden University in Östersund</p><p>Spring term 2008</p><p>Title: Abolishment of statutory audit – a qualitative research on banks attitude when credit rating small businesses</p><p>Author: Rima Harouki, Carina Hoffmann</p><p>Supervisor: Anna-Maria Jansson</p><p>Background & problem: In Sweden the statutory audit has been mandatory for every corporation since 1983. With the membership in European Union it became possible to allow exception from statutory audit for small businesses, according to the fourth commission of EG. Today, in the European Union, there are few countries that still have statutory audit for smaller businesses, Sweden is one of them. There are discussions about whether Sweden should follow the trend of abolishment and an analysis management by the justice of the Supreme Court Bo Svensson was recently presented, which ended in the conclusion that statutory audit ought to be abolished. The purpose of statutory audit is to secure the credibility in the information presented by the companies. For banks, as a credit institution, audited material is of great significant. What is their attitude towards abolishment of the statutory audit?</p><p>Aim: Our aim is to find out if an abolishment of the statutory audit affects the decision process of the banks when granting credit.</p><p>Method: The research continues qualitative interviews with representatives of the four largest banks in Sweden. The collection of the material has been brought together, analyzed and resulted in our conclusions.</p><p>Result & conclusion: The study reveals that the banks most likely will continue to request audited economical reports in the future.</p><p>Key words: Audit, mandatory audit, small businesses, credit grant, credit institutions</p> / <p>Examensarbete i Företagsekonomi, Mittuniversitetet i Östersund</p><p>C-uppsats VT-2008</p><p>Titel: Revisionspliktens försvinnande – en kvalitativ studie om bankernas kreditbedömning av småföretag</p><p>Författare: Rima Harouki, Carina Hoffmann</p><p>Handledare: Anna-Maria Jansson</p><p>Bakgrund & Problem: Sverige har haft revisionsplikt för samtliga aktiebolag sedan 1983. I samband med medlemskapet i EU blev det möjligt att enligt EG:s fjärde direktiv tillåta att små bolag undantas från revisionsplikten, vilket är upp till de enskilda medlemsländerna att ta ställning till. I EU är det idag få som har kvar revisionsplikten för småföretag, Sverige är en av dem. Det förs diskussioner om huruvida Sverige ska avskaffa revisionsplikten och en utredning under ledning av justitierådet Bo Svensson presenterades nyligen, där man finner att nuvarande revisionsplikt bör avskaffas. Revisionen syfte är att ge trovärdighet åt den information som ett företag lämnar. För banker, i sin roll som kreditgivare, ingår det reviderade materialet som en del av beslutsunderlaget. Hur förhåller sig bankerna till ett eventuellt slopande av revisionsplikten?</p><p>Syfte: Uppsatsens syfte var att undersöka om avskaffad revisionsplikt påverkar kreditgivarnas beslutsprocess vid bedömning av kreditgivning.</p><p>Metod: Undersökningen består av kvalitativa intervjuer med respondenter från de fyra största bankerna i Sverige. Underlaget har sammanställts, analyserats och resulterat i våra slutsatser.</p><p>Resultat & slutsats: Undersökningen visade att bankerna med största sannolikhet även fortsättningsvis kommer att begära reviderade siffror vid utlåning.</p><p>Nyckelord: Revision, revisionsplikten, små aktiebolag, kreditgivning, banker</p>

Final assignment for Bachelor Degree in Business Administration, Mid Sweden University in Östersund Spring term 2008 Title: Abolishment of statutory audit – a qualitative research on banks attitude when credit rating small businesses Author: Rima Harouki, Carina Hoffmann Supervisor: Anna-Maria Jansson Background &amp; problem: In Sweden the statutory audit has been mandatory for every corporation since 1983. With the membership in European Union it became possible to allow exception from statutory audit for small businesses, according to the fourth commission of EG. Today, in the European Union, there are few countries that still have statutory audit for smaller businesses, Sweden is one of them. There are discussions about whether Sweden should follow the trend of abolishment and an analysis management by the justice of the Supreme Court Bo Svensson was recently presented, which ended in the conclusion that statutory audit ought to be abolished. The purpose of statutory audit is to secure the credibility in the information presented by the companies. For banks, as a credit institution, audited material is of great significant. What is their attitude towards abolishment of the statutory audit? Aim: Our aim is to find out if an abolishment of the statutory audit affects the decision process of the banks when granting credit. Method: The research continues qualitative interviews with representatives of the four largest banks in Sweden. The collection of the material has been brought together, analyzed and resulted in our conclusions. Result &amp; conclusion: The study reveals that the banks most likely will continue to request audited economical reports in the future. Key words: Audit, mandatory audit, small businesses, credit grant, credit institutions / Examensarbete i Företagsekonomi, Mittuniversitetet i Östersund C-uppsats VT-2008 Titel: Revisionspliktens försvinnande – en kvalitativ studie om bankernas kreditbedömning av småföretag Författare: Rima Harouki, Carina Hoffmann Handledare: Anna-Maria Jansson Bakgrund &amp; Problem: Sverige har haft revisionsplikt för samtliga aktiebolag sedan 1983. I samband med medlemskapet i EU blev det möjligt att enligt EG:s fjärde direktiv tillåta att små bolag undantas från revisionsplikten, vilket är upp till de enskilda medlemsländerna att ta ställning till. I EU är det idag få som har kvar revisionsplikten för småföretag, Sverige är en av dem. Det förs diskussioner om huruvida Sverige ska avskaffa revisionsplikten och en utredning under ledning av justitierådet Bo Svensson presenterades nyligen, där man finner att nuvarande revisionsplikt bör avskaffas. Revisionen syfte är att ge trovärdighet åt den information som ett företag lämnar. För banker, i sin roll som kreditgivare, ingår det reviderade materialet som en del av beslutsunderlaget. Hur förhåller sig bankerna till ett eventuellt slopande av revisionsplikten? Syfte: Uppsatsens syfte var att undersöka om avskaffad revisionsplikt påverkar kreditgivarnas beslutsprocess vid bedömning av kreditgivning. Metod: Undersökningen består av kvalitativa intervjuer med respondenter från de fyra största bankerna i Sverige. Underlaget har sammanställts, analyserats och resulterat i våra slutsatser. Resultat &amp; slutsats: Undersökningen visade att bankerna med största sannolikhet även fortsättningsvis kommer att begära reviderade siffror vid utlåning. Nyckelord: Revision, revisionsplikten, små aktiebolag, kreditgivning, banker

El objetivo de esta tesis consiste en profundizar en el análisis de las fusiones y adquisiciones que, durante el período comprendido entre 1993-2001, han tenido lugar entre las entidades de crédito europeas, en primer lugar, desde una perspectiva que ponga de manifiesto las características previas de las entidades que han participado en las mismas, y en segundo lugar, analizando las consecuencias que tales operaciones han generado en dichas entidades. Los resultados obtenidos en el primero de los análisis muestran que el tamaño influye positivamente en la probabilidad de participar en una operación de consolidación, que las entidades adquirentes son, a priori, más rentables, las adquiridas presentan ciertas ineficiencias, y que existen ciertos patrones en la actividad desarrollada que favorecen la realización de este tipo de operaciones. Por lo que respecta a las consecuencias de las fusiones y adquisiciones, se observan moderados incrementos en la rentabilidad y únicamente pequeñas reducciones de costes, mientras que la cuota de mercado sólo mejoraría en las adquirentes. / The aim of this thesis is to further study the financial consolidation process analysing the consequences of banking merger and acquisitions, which took place in the period 1993-2001, and the characteristics of the European credit institutions involving in these operations. The results point to the importance of size as a conditioning factor in these operations. Also, acquiring institutions are more profitable than those acquired, which present certain inefficiencies, and there are certain patterns in the business which affect the participation of credit institutions in consolidation operations. Financial, mergers and acquisitions lead to a moderate increase in revenues and market power, and a small cost reduction.

This thesis evaluates the regulation of credit institutions. Its aim is to answer the question of how the regulation of credit institutions evolved and how this development influenced current regulation. This thesis examines the potential of credit institution regulation to prevent further financial crises. At first the author deals with the development of the market of financial services and subsequently with the development of regulation of credit institutions. In the first part the author analyses the positive and negative aspects of each piece of legislation, reasons for their adoption, changes or their further use. This thesis deals particularly with capital adequacy requirements. It analyses their gradual development and reason for their amendments, especially in the context of the recent financial crisis. The author concludes that that current se-up of the credit institution regulation and its expected development puts too much emphasis in increasing of the capital adequacy requirements. The author sees this aspect especially in the directive on capital requirements from 2013 which presents new buffers that the credit institutions are required to hold and in the resolution directive from 2014 which adds new, yet similar requirements. The author particularly disagrees with the assessment of...