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Banks' Divergent Securities Investment Programs

By contrast, three examples of speculation in relation to raw materials are not convincing in relation to their productive influence since in each case all that is involved is speculation on a rise in the price of commodities (wood, wine and wheat) and not on a source of progress: Even if in each of these situations there is no wish to deceive and if, in extremis, there is a service provided to the consumer – thus the speculative hoarding of wine allows the market to be supplied when all other supplies are exhausted – there is effectively a speculative hope. | I RI Dream up the future. lakyara Kyara which means precious in ancient Japanese is an aromatic resin regarded as the highest quality of all agarwood. lakyara la-káéla aims to deliver the same quality as Kyara together with NRI s endeavour for continuous excellence and innovation to provide the most advanced and up-to-date information to our readers worldwide. vol.94 10.November.2010 Banks divergent securities investment programs Nomura Research Institute Ltd vol.94 10.November.2010 Banks divergent securities investment programs lakyara This year NRI again surveyed banks regarding their securities investment programs and risk management regimes. The survey revealed disparate interest-rate risk management capabilities and attitudes toward investing in complex products. Banks investment securities holdings continue to grow Even after the 2008-09 financial crisis Japanese banks continue to expand their investment securities holdings amid anemic lending growth insufficient to fully absorb deposit inflows. In the year ended March 2010 the banking sector increased its investment securities holdings by 37 trillion to 232 trillion equivalent to 28.4 1 of total bank assets a 10-year high. At NRI we annually survey Japanese financial institutions regarding their securities portfolios and risk management regimes. This year we again interviewed bankers2 regarding their current investment stance and any recent changes in their securities investment practices. We found that banks are investing new funds predominantly in JGBs and other such highly safe highly liquid products. More interestingly the survey revealed that 1 some major banks have resumed investing in complex products such as funds and securitizations and 2 differences are emerging even among regional banks in terms of sophistication of securities investment practices see exhibit . These findings are discussed in more detail below. Exhibit . Mapping of banks in terms of risk appetite and risk management sophistication