CHAPTER 11 International Banking and Money Market

CHAPTER 11 International Banking and Money Market International Banking Services

The World’s Largest Banks

Reasons for International Banking

Types of International Banking Offices

Correspondent Bank

Representative Offices

Foreign Branches

Subsidiary and Affiliate Banks

Edge Act Banks

Offshore Banking Centers

International Banking Facilities

Capital Adequacy Standards

International Money Market

Eurocurrency Market

Eurocredits

Forward Rate Agreements

Euronotes

Eurocommercial Paper

International Debt Crisis

History

Debt-for-Equity Swaps

International Finance in Practice: LDC Lenders Should Have Listened to David Hume The Solution: Brady Bonds

Japanese Banking Crisis

The Asian Crisis

Summary

MINI CASE:Detroit Motors’ Latin American Expansion

Appendix 11A: Eurocurrency Creation

International Banking Services

1International banks are different from domestic banks in what way(s)?

a)International banks can arrange trade financing

b)International banks can arrange for foreign exchange transactions.

c)International banks can assist their clients in hedging exchange rate risk.

d)All of the above

Answer: d)

2Major distinguishing features between domestic banks and international banks are:

a)The types of deposits they accept.

b)The types of loans and investments they make.

c)Membership in loan syndicates.

d)All of the above

Answer: d)

3Merchant banks are different from traditional commercial banks in what way(s)?

a)Merchant banks can engage in investment banking activities

b)Merchant banks can arrange for foreign exchange transactions.

c)Merchant banks can assist their clients in hedging exchange rate risk.

d)All of the above

Answer: a)

The World’s Largest Banks

4By far the most important international finance centers are:

a)New York and London

b)New York, London, and Tokyo

c)New York, London, Tokyo, Paris, and Zurich

d)New York, London, Tokyo, Paris, Zurich, and Frankfurt

Answer: b)

Reasons for International Banking

5Multinational banks are often not subject to the same regulations as domestic banks.

a)There may be increased need to publish adequate financial information.

b)There may be reduced need to publish adequate financial information

c)There requirements to publish adequate financial information are the same.

d)None of the above

Answer: b)

6 A domestic bank that follows a multinational client abroad to preserve that banking

relationship:

a)Is playing the role of the desperate housewife in this relationship.

b)Is pursuing a wholesale defensive strategy.

c)Is pursuing a retail defensive strategy.

d)None of the above

Answer: b)

7 A domestic bank that becomes a multinational bank to prevent erosion by foreign

banks of the traveler’s checks, touring, and foreign business market:

a)Is playing the role of the desperate housewife in this relationship.

b)Is pursuing a wholesale defensive strategy.

c)Is pursuing a retail defensive strategy.

d)None of the above

Answer: c)

8Banking tends to be

a) A low marginal cost industry

b) A high marginal cost industry

c) A constant average cost industry

d)None of the above

Answer: a)

9 A U.S.-based multinational bank

a)Would not have to provide deposit insurance and meet reserve requirements on

foreign currency deposits

b)Would have to provide deposit insurance and meet reserve requirements on

foreign currency deposits

c)Would not have to provide deposit insurance but would have to meet reserve

requirements on foreign currency deposits

d)Would have to provide deposit insurance but not meet reserve requirements on

foreign currency deposits

Answer: a)

10Currently, the biggest bank in the world is

a)Citigroup

b)Bank of America

c)UBS

d)HBO

Answer: a)

Rationale: this title can change, but at press time, the answer was Citigroup, with Bank of American coming in at number 5.

11Which of the following are reasons why a bank may establish a multinational operation?

a)Low marginal and transaction costs

b)Home nation information services, and prestige

c)Growth, and risk reduction

d)All of the above

Answer: d)

Types of International Banking Offices

Correspondent Bank

12A correspondent bank relationship is established when:

a)Two banks maintain deposits with one another.

b)Two banks become pen pals.

c) A group of banks form a syndicate to spread out the risk and cost of a large bond

offering.

d)All of the above

Answer: a)

13Correspondent bank services include

a)Prepaid postage and packing materials

b)Letters of introduction

c)Foreign exchange conversions

d)b) and c)

Answer: d)

14Correspondent bank relationships can be beneficial

a)Because a bank can service its MNC clients at a very low cost

b)Because a bank can service its MNC clients without the need to have personnel in

many different countries.

c)Because a bank can service its MNC clients without developing its own foreign

facilities to service its clients

d)All of the above

Answer: d)

Representative Offices

15A representative office

a)Is what lawyers’ offices are called in Mexico

b)Is a small service facility staffed by parent bank personnel that is designed to

assist MNC clients of the parent bank in dealings with the bank’s correspondents.

c)Is a small service facility staffed by correspondent bank personnel that is designed

to assist MNC clients of the parent bank in dealing s with the bank’s correspondents.

d)None of the above

Answer: b)

16A representative office

a)Is a way for the parent bank to provide its MNC clients with a level of service

greater than that provided through merely a correspondent relationship.

b)Is a small service facility staffed by parent bank personnel that is designed to

assist MNC clients of the parent bank in dealings with the bank’s correspondents.

c)Is a step up from a correspondent relationship, but below a foreign branch..

d)All of the above

Answer: d)

Foreign Branches

17A foreign branch bank

a)Is a small service facility staffed by parent bank personnel that is designed to

assist MNC clients of the parent bank in dealings with the bank’s correspondents.

b)Operates like a local bank, but legally is a part of the parent bank.

c)Is subject to domestic regulation only

d)All of the above

Answer: b)

18A foreign branch bank

a)Is a small service facility staffed by parent bank personnel that is designed to

assist MNC clients of the parent bank in dealings with the bank’s corre spondents.

b)Operates like a local bank, but legally is a part of the parent bank.

c)Is subject to domestic regulation only

d)All of the above

Answer: b)

19Why would a U.S. bank open a foreign branch bank?

a)This form of bank organization can provide a much fuller range of services for its

MNC customers than it can through a representative office.

b)To get really good Mexican food, even in Switzerland.

c)As a subsidiary that can avoid U.S. banking regulation.

d)a) and c)

Answer: a)

20Why would a U.S. bank open a foreign branch bank instead of a foreign chartered subsidiary?

a)This form of bank organization allows the bank to be able to extend a larger loan

to a customer than a locally chartered subsidiary bank of the parent.

b)To slow down check clearing and maximize the bank’s float.

c)To avoid U.S. banking regulation.

d)a) and c)

Answer: a)

21The most popular way for a U.S. bank to expand overseas is

a)Branch banks

b)Representative offices

c)Subsidiary banks

d)Affiliate banks

Answer: a)

22The major legislation controlling the operation of foreign banks in the U.S.

a)Specifies that foreign branch banks operating in the U.S. must comply with U.S.

banking regulations just like U.S. banks.

b)Specifies that foreign branch banks operating in the U.S. must comply with their

country-of-origin banking regulations just like U.S. banks operating abroad.

c)Specifies that the ―shell‖ branches are illegal for U.S. and foreign banks.

d)a) and c)

Answer: a)

Subsidiary and Affiliate Banks

23A subsidiary bank is

a) A locally incorporated bank that is wholly owned by a foreign parent

b) A locally incorporated bank that is majority owned by a foreign parent

c) A locally incorporated bank that is partially owned (but not controlled) by a

foreign parent

d)a) and b)

Answer: d)

24An affiliate bank is

a) A locally incorporated bank that is wholly owned by a foreign parent

b) A locally incorporated bank that is majority owned by a foreign parent

c) A locally incorporated bank that is partially owned (but not controlled) by a

foreign parent

d)a) and b)

Answer: c)

25Both subsidiary and affiliate banks

a)Operate under the banking laws of the country in which they are incorporated.

b)Operate under the banking laws of the U.S.

c)Can underwrite securities, but not accept dollar-denominated deposits

d)a) and b)

Answer: a)

26U.S. banks that establish subsidiary and affiliate banks

a)Are allowed to underwrite securities.

b)Must provide FDIC insurance on their foreign-currency denominated demand

deposits

c)Can underwrite securities, but not accept dollar-denominated deposits

d)a) and b)

Answer: a)

27Foreign banks that establish subsidiary and affiliate banks in the U.S.

a)Tend to locate in states that are major centers of financial activity.

b)Tend to locate in the highly populous states of New York, California, Illinois,

Florida, Georgia, and Texas.

c)Can underwrite securities, but not accept dollar-denominated deposits

d)a) and b)

Answer: d)

Edge Act Banks

28Edge Act banks

a)Can accept foreign deposits, extend trade credit, finance foreign projects abroad,

trade foreign currencies, and engage in investment banking activities with U.S.

citizens involving foreign securities.

b)Are federally chartered subsidiaries of U.S. banks that are physically located in

the United States and are allowed to engage in a full range of international banking activities.

c)Can underwrite securities, but can only be located in states on the edge of the U.S.

d)a) and b)

Answer: d)

29Edge Act banks

a)Are not prohibited from owning equity in business corporations.

b)Are prohibited from owning equity in business corporations.

c)a) and b)

d)None of the above

Answer: a)

Offshore Banking Centers

30An Offshore banking center is

a) A country whose banking system is organized to permit external accounts beyond

the normal economic activity of the county.

b)Is external to any government, frequently located on old oil drilling platforms

located in international waters.

c) A country like North Korea

d)None of the above

Answer: a)

31Offshore banks

a)Are frequently located on old oil drilling platforms located in international waters.

b)Are often located in ―pariah‖ countries like North Korea and Iran.

c)Operate as branches or subsidiaries of the parent bank.

d)None of the above

Answer: c)

32The primary activities of offshore banks

a)Include money laundering where banking secrecy laws are strict.

b)Is to seek deposits and grant loans in currencies other than the currency of the

host government.

c)Involve check clearing of large bags of checks.

d)None of the above

Answer: b)

International Banking Facilities

33Which banks cannot accept foreign deposits?

a)Domestic banks located in the U.S.

b)Edge Act banks located in the U.S.

c)Subsidiary banks located overseas

d)Foreign branches located overseas

Answer: a)

Rationale: Exhibit 11.2

Capital Adequacy Standards

34In reference to capital requirements,

a)Bank capital adequacy refers to the amount of equity capital a bank holds as

reserves against impaired loans.

b)Bank capital adequacy refers to the amount of debt capital a bank holds as

reserves against risky assets to reduce the probability of bank failure.

c)Most bank regulators agree with the doctrine of ―less is more‖

d)None of the above

Answer: a)

35In reference to capital requirements, value-at-risk analysis

a)refers to traditional bank loans and deposits

b)refers to a ―risk-focused‖ approach to determining adequate bank capital

c)provides a level of confidence measure of the probability of the maximum loss

that can occur during a period of time

d)b) and c)

Answer: d)

International Money Market

36The core of the international money market is

a)The Eurocurrency market

b)The market for foreign exchange

c)The futures forwards and options markets on foreign exchange

d)None of the above

Answer: a)

37Eurocurrency

a)Is the euro, the common currency of Europe

b)Is a time deposit of money in an international bank located in a county different

from the country that issued the currency.

c)Is a demand deposit of money in an international bank located in a county

different from the country that issued the currency.

d)Can be b) or c).

Answer: b)

38The Eurocurrency market

a)Is only in Europe

b)Is an external banking system that runs parallel to the domestic banking system of

the country that issued the currency.

c)Has languished following monetary union in Europe

d)None of the above

Answer: b)

39LIBOR

a)Is the London Interbank Offered Rate

b)Is the reference rate in London for Eurodollar deposits

c)One of several reference rates in London: there is a LIBOR for Euroyen,

Euro—Canadian dollars, and even euro.

d)All of the above

Answer: d)

40The LIBOR rate for euro

a)is EURIBOR

b)is a government set rate

c)is the rate at which Interbank deposits of euro are offered by one prime bank to

another in the euro zone

d)a) and c)

Answer: d)

Eurocurrency Market

41Eurodollars refers to dollar deposits when the depository bank is located in

a)Europe

b)Europe, and the Caribbean

c)Outside the United States

d)United States

Answer: c)

Eurocredits

42Eurocredits

a)Are credit cards that work in the euro zone

b)Short- to medium-term loans of Eurocurrency extended by Eurobanks to

corporations, sovereign governments, nonprime banks, or international organizations.

c)Short- to medium-term loans of euro currency extended by Eurobanks to

corporations, sovereign governments, nonprime banks, or international organizations.

d)None of the above

Answer: b)

43Eurocredits

a)Are often so large that individual banks cannot handle them

b)Short- to medium-term loans of Eurocurrency extended by Eurobanks to

corporations, sovereign governments, nonprime banks, or international organizations.

c)Frequently require the use of a banking syndicate..

d)All of the above

Answer: d)

Forward Rate Agreements

44A forward rate agreement (FRA) is a contract between two banks

a)that allows the Eurobank to hedge the interest rate risk in mismatched deposits

and credits

b)in which the buyer agrees to pay the seller the increased interest cost on a notional

amount if interest rates fall below an agreed rate, and the seller agrees to pay the buyer the increased interest cost if interest rates increase above the agreed rate

c)that is structured to capture the maturity mismatch in standard-length

Eurodeposits and credits

d)All of the above

Answer: d)

45ABC International can borrow $4,000,000 at LIBOR plus a lending margin of .65 percent per annum on a three-month rollover basis from Barclays in London. Three month LIBOR is currently 5.5 percent. Suppose that over the second three-month interval LIBOR falls to 5.0 percent. How much will ABC pay in interest to Barclays over the six-month period for the Eurodollar loan?

a)$ 50,000

b)$100,000

c)$118,000

d)$120,000

Answer: c)

Rationale:

$4,000,000 × (.055 + .0065)/4 + $4,000,000 × (.05 + .0065)/4 = $118,000

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS ABC Bank (seller) has made a ―three against six‖ Forward Rate Agreement (FRA), with XYZ Bank (buyer).

Assume that the:

Notional Amount = $4,000,000

Settlement Rate (SR) (i.e., three-month market LIBOR) = 5%

Agreement Rate (AR) = 6%

Actual number of days in the three-month agreement period = 91

46Since SR < AR, then

a)ABC Bank will pay XYZ Bank a cash settlement at the beginning of the 91-day

FRA period

b)XYZ Bank will pay ABC Bank a cash settlement at the beginning of the 91-day

FRA period

c)ABC Bank will pay XYZ Bank a cash settlement at the end of the 91-day FRA

period

d)XYZ Bank will pay ABC Bank a cash settlement at the end of the 91-day FRA

period

Answer: b)

47The payment amount under this FRA is:

a)$9,985

b)$10,111

c)$60,667

d)$120,000

Answer: a)

Rationale:

$4,000,000 × (.05 – .06) × 91/360 /[1 + (.05 × 91/360)] = $9,985

International Debt Crisis

48Which of the following are principles of sound banking behavior?

a)Avoid an undue concentration of loans to single activities

b)Control mismatches between assets and liabilities

c)Expand cautiously into unfamiliar activities

d)All of the above

Answer: d)

Debt-for-Equity Swaps

49Who benefits from debt-for-equity swaps?

a)the creditor bank

b)the LDC

c)the market maker

d)all of the above

Answer: d)

The Solution: Brady Bonds

50On September 10, 1990 the published prices (cents on the dollar) on Latin American bank debt was quoted as follows:

Mexico 43.12

Venezuela 46.25

Chile 70.25

Assume that the central banks of Mexico, Venezuela, and Chile redeemed their debts at 50 percent, 85 percent, and 76 percent, respectively, of face value in a debt-for-equity swap. If the three countries had equal political risk, based purely on financial considerations, the cost of a $40,000,000 assembly plant investment in local currency would be ranked (lowest to highest) in dollar cost as follows:

a)Venezuela first, Mexico second, Chile third

b)Venezuela first, Chile second, Mexico third

c)Chile first, Venezuela second, Mexico third

d)Mexico first, Chile second, Venezuela third

Answer: a)

Rationale:

Venezuela: ($40,000,000/.85) × $0.4625 = $21,764,706 —first

Mexico: ($40,000,000/.50) × $0.4312 = $34,496,000 —second

Chile: ($40,000,000/.76) × $0.7025 = $36,793,684 —third

汇付和托收有答案

汇付和托收 一、翻译并解释下列名词 1．Remittance 2．T／T 3．M/T 4．Collection 5．Collection 6．D／P 7．D/A 8．D/P．T/R 二、问答题 1．简述汇付结算方式的特性。 2．简述托收业务的种类。 3．比较即期付款交单、远期付款交单、承兑交单的异同。 4．为什么在出口业务中不宜轻易按远期D／P方式成交 5．D／P at30 days after sight和D／A at 30days after sight有何区别各有何风险} 6．简述托收方式的特点。 三、单项选择题 1．托收方式收取货款采用的是( )。 A．顺汇方法B．逆汇方法C．反推方法D．信汇方法 2．在托收方式下，卖方委托银行收取货款，使用的汇票是( )。 A．商业汇票，属于商业信用 B．银行汇票，属于银行信用

C．商业汇票，属于银行信用 D．银行汇票，属于商业信用 】 3．( )方式只适用于远期汇票的托收。 A．付款交单B．承兑交单C．信托交单D．顺汇方法 4．在托收方式下，对出口商来说，下面哪一种选择风险最小( )。 A．D／P 90天B．D／A 60天C．D／P 30天D．D／A 30天 5．我们所说的托收业务属于商业信用是因为( )。 A．没有银行参与B．出票人开立的汇票是银行汇票C．银行不承担保证付款的义务D．以上都对 6．使用托收方式时，托收行和代收行在收回货款方面( )。 A．没有责任B．承担部分责任C．有责任D．视合约而定 7．D／P和D／A支付方式下，就卖方风险而言，哪个正确( )。 - A．D／A>D／P B．D／P>D／A C．D／A=D／P D．不确定 8．合同中规定采用D／P 30天，如果托收日为8月l it，寄单邮程为7天，则此业务的提示日、承兑日、付款日分别为( )。 A．8月8 13／8月8日／9月7 日B．8月1 日／9月6 日／8月1 日C．9月6 13／8月1日／8月1 日D．8月1 日／9月6 日／9月6 日9．承兑交单的起算日应为( )。

郭著章《英汉互译实用教程》(第4版)教材配套题库-第5章 翻译常用的八种技巧【圣才出品】

第5章翻译常用的八种技巧 5.1 重译法 一、英译汉 1. It may seem strange to put into the same packet an industrial revolution and two political revolutions. But the fact is that they were all social revolutions. 【译文】把一场工业革命同两次政治革命归作一类似乎有点奇怪，但事实上这三次革命都是社会革命。 2. Two things are outstanding in the creation of the English system of canals, and they characterise all the Industrial Revolution. 【译文】在修建英国的运河网的过程中，有两点是非常突出的，而这两点也正是整个工业革命的特点。 3. The canals were arteries of communication: they were not made to carry pleasure boats, but barges. 【译文】运河是交通的动脉，开运河不是为了走游艇，而是为了通行驳船。 4. James Brindley was a pioneer in the art of building canals or, as it was then called, ‘navigation’. 【译文】布林德雷是开凿运河的先驱者，当时人们把开凿运河叫做navigation。

5. Several factors accounted for this extraordinary achievement. One was the expansion into the west. Another was the application of machinery to farming. 【译文】取得这一特殊成就有几方面的原因：第一个原因是向西部的扩展，第二个原因是机器在农业上的应用。 6. …for the establishment of agricultural and industrial colleges. These were to serve both as educational institutions and as centers for research in scientific farming. 【译文】……以便建立农业和工业学院。这些学校一方面是教育机关，另一方面，也是农业科学的研究中心。 7. …This is nothing li ke back home in Colorado. We have rains there, too. Thunderstorms in spring and summer... 【译文】……这跟家乡科罗拉多的情况迥然不同。科罗拉多也下雨。春夏两季雷雨交加……【解析】原文第二句用there代替in Colorado，而译文重复“科罗拉多”。 8. The world watches. The world listens. The world waits to see what we will do. 【译文】全世界在注视着。全世界在倾听着。全世界在等待着看我们将做些什么。 9. As you said in your toast, the Chinese people are a great people, the American people are a great people.

国际贸易实务课后答案详解-第十一章--汇付和托收

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