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By Dimitris N. Chorafas (auth.)

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Additional resources for Banks, Bankers, and Bankruptcies under Crisis: Understanding Failures and Mergers during the Great Recession

Sample text

There is too much variety in internally modeled risk weightings, and: M M If the regulator softens his stand Then this discrepancy is bound to increase, which is, indeed, now happening. 5 percent. 5 percent. 5 percent. 1 shows how this will work out. 1 The definition of regulatory capital by Basel III. counterparty’s creditworthiness. Therefore Basel III introduced new capital requirement to cover such losses, known as credit valuation adjustments, required by all derivatives trades that are not settled via a central counterparty (CCP).

The solutions Basel II promoted to identify exposure associated with risky assets and oblige creation of corresponding capital buffers were based on risk-weighted assets . The caveat has been that each bank was permitted to use its own homemade models to compute it. Practical experience documented that this leaves much to be wanted. A growing number of regulators, investors, and analysts have been concerned by the fact that: M M The different RWA models don’t tell the truth about the risk weights, and The complexity and opacity of risk-weighting has become legendary, leading to a justified loss of confidence in disclosures.

But in 2008 an audit established that the whole enterprise was worth well below what seemed to be the value of its parts. Austrian regulators came into the act, but they found it difficult to establish: M M Where the money had gone, and Which country’s law applied to Meinl’s assets and liabilities? To make matters more complex, in July 2008, MEL was sold to Gazit Globe. Reportedly, this deal severed the fund’s ties with its parent, the Meinl Bank. In the Jersey Islands, the Financial Services Commission investigated allegations that MEL had provided financial assistance to itself to buy its own shares.

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