financial conglomerate
3
Gramm-Leach-Bliley Act
Joint Forum Joint Forum Joint Forum Joint Forum Joint Forum Tripartite Group of Bank, Securities and Insurance Regulators The Supervision of Financial Conglomerates Joint Forum on Financial Conglomerates Supervision of Financial Conglomerates Joint Forum
Group of Ten
Group of Ten
bancassurance bankassurance Allfinanz European Central Bank European Central Bank
Rabobank Rabobank
tying arrangement
Joint Forum probity competence fit and proper tests
reputation regulatory arbitrage
Joint Forum economic capital
Joint Forum
opt-out
disseminationprocessing opt-in opt-in 2001 28 511-33
Joint Forum The Joint Forum2001a
Memorandums of Understanding
Solvency
source of strength doctrine
net capital requirement risk based capital requirement
Joint Forum
Joint Forum Joint Forum 2002 12 31 Joint Forum 2003 VAR VAR Joint Forum economic capital method
EU EU 25 * BHC FRB 52 section2 10 21 BHC 52 17 BHC 25 * section4 50 9 16 BHC 52 23 BHC 2 3 3 10 16 2 5 1999 GLB 5 FRB section3 20 52 9 52 10 52 15
BHC BHC 25 section4 16 2 4 16 3 9 BHC ActEU EU 2000/12/EC
EU 10 20 10 10 10 10 10 2050JV 20 20 20 EU 2050 EU 1.5
Japan Research Review
Akhavein, Jalal D., Allen N. Berger and David B. Humphrey, The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function, Review of Industrial Organization 12, 1997, 95-139 Beck, Thorsten, Asli Demirgüç-Kunt and Ross E. Levine, Bank Concentration and Crises, World Bank Policy Research Paper No. 3341, August 2003 Berger, Allen N., Gerald A. Hanweck and David B. Humphrey, Competitive Viability in Banking Scale, Scope, and Product Mix Economies, Journal of Monetary Economics Vol. 20, 1987, 501-520 Berger, Allen N., Rebecca Demsetz and Phillip E. Strahan, The Consolidation of the Financial Services Industry: Causes, Consequence, and Implications for the Future, Journal of Banking and Finance 23, 1999 Berger, Allen. N. et al, The Integration of the Financial Service Industry: Where are the Efficiencies?, Working Paper, 2000, Bank Concentration and Competition: An Evolution in the Making, Journal of Money, Credit, and Banking Vol. 36, No. 3, 2004, 433-451 Boyd, John H., and Stanley L. Graham, The Profitability and Risk Effects of Allowing Bank Holding Companies to Merge with Other Financial Firms: A Simulation Study, Quarterly Review Vol. 12, No. 2, Spring, Federal Reserve Bank of Minneapolis, 1988, 3-20 Boyd, John H., Stanley L. Graham, and R. Shawn Hewitt, Bank Holding Company Mergers with Nonbank Financial Firms: Effects on the Risk of Failure, Journal of Banking and Finance, Vol. 17, February 1993, 43-63 Bank for International Settlements, Committee on the Global Financial System, Foreign Direct Investment in the Financial Sector of Emerging Market Economies, 2004 Corrigan,E.Gerald, Financial Market Structure:A Longer View, Seventy-second Annual Report, Federal Reserve Bank of New York,1986, 3-54 Cumming, C.M. and B.J. Hirtle, The Challenges of Risk Management in Diversified Financial Companies, Federal Reserve Bank of New York Economic Policy Review, March 2001, 1-17 DeLong, Gayle L., Stockholder Gains from Focusing Versus Diversifying Bank Mergers, Journal of Financial Economics 59, 2001, 221-252 Demirguc-Kunt, Asli, Luc A. Laeven and Ross E. Levine, Regulations, Market Structure, Institutions and the Cost of Financial Intermediation, NBER Working Paper No. 9890, July 2003 European Central Bank, Financial Stability Review 2004, 2004 2004a, The Supervision of Mixed Financial Services Groups in Europe, ECB Occasional Paper No.20, August 2004 2004b
Estrella, Arturo, Mixing and Matching: Perspective Financial Sector Mergers and Market Valuation, Journal of Banking & Finance, 2001 England, Robert Stowe, Selling the One-Stop Shop Banking Strategie, March/April 1999 Edwards, Franklin R. and Frederic S. Mishkin, The Decline of Traditional Banking: Implications for Financial Stability and Regulatory Policy, Federal Reserve Bank of New York Economic Policy Review, July 1995, 27-45 Group of Ten, Consolidation in the Financial Sector, 2001 Henrard, Luc and Ruben Olieslagers, Risk Management of a Financial Conglomerate, Risk Management, March 2004, Society of Actuaries Jackson, Howell and Hal Scott, Evolving Trends in the Supervision of Financial Conglomerates: A Comparative Investigation of Responses to the Challenges of Cross-Sectoral Supervision in the United States, European Union, and United Kingdom, International Finance Seminar, 2002. Jensen, Michael C. and William H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 3, 1976, 305-360 The Joint Forum on Financial Conglomerates, Supervision of Financial Conglomerates Capital Adequacy Principles Paper, February 19991999a, Supervision of Financial Conglomerates Fit and Proper Principles Paper, February 1999 1999b The Joint Forum, Risk Concentrations Principles, December 19991999c, Intra-Group Transactions and Exposures Principles, December 19991999d, Core Principles Cross-Sectoral Comparison, 20012001a, Risk Management Practices and Regulatory Capital Cross-Sectoral Comparison, November 2001 2001b, Trends in Integration and Aggregation, August 2003, Financial Disclosure in the Banking, Insurance and Securities Sectors: Issues and Analysis, May 2004, Outsourcing in Financial Services, February 2005 Kuritzkes, Andrew, Til Schuermann and Scott M. Weiner, Risk Measurement, Risk Management and Capital Adequacy in Financial Conglomerates, in Richard Herring and Robert E. Litan (eds.), Brookings-Wharton Papers on Financial Services:2003, Brookings Institution Press, 2003 Lown, Cara S. et al, The Changing Landscape of the Financial Services Industry: What Lies Ahead?, Federal Reserve Bank of New York Economic Policy Review, October 2000, 39-55 Michael White s Bank Holding Company Insurance & Investment Fee Income Report-2002 Year-End Edition OECD,Financial Conglomerates, 1993 Panetta, Fabio and Dario Focarelli Are Mergers Beneficial to Consumers? Evidence from the Italian Market for Bank Deposits, The American Economic Review, Vol.93, No.4, September 2003, 1152-1172 Pilloff, Steven J., Bank Merger Activity in the United States, 1994-2003, Board of Governors of the Federal Reserve System Staff Study 176, 2004.
Sapienza, Paola, The Effects of Banking Mergers on Loan Contracts, The Journal of Finance, Vol. 57, No. 1, Feb. 2002, 329-367 Saunders, A. and Ingo Walter, Universal Banking in the United States: What Could We Gain? What Could We Lose?, Oxford University Press, 1994 Shaffer, Sherrill, Can Megamergers Improve Bank Efficiency?, Journal of Banking and Finance, Vol. 17, 1993, 423-436 Spindt, Paul A. and Vefa Tarhan, Performance Economics Associated with Small and Medium Sized Bank Mergers, Journal of Banking and Finance, Vol. 17, 1993 Trainar, Philippe, Insurance and Financial Stability, Financial Stability Review, November 2004, Banque de France Tripartite Group of Bank, Securities and Insurance Regulators, The Supervision of Financial Conglomerates, July 1995 Walter, Ingo, Strategies in Financial Services, the Shareholders, and the System: Is Bigger and Broader Better?, in Richard Herring and Robert E. Litan (eds.), Brookings-Wharton Papers on Financial Services:2003, Brookings Institutions Press, 2003, 1-36 Wilmarth, Arthur E. Jr., How Should We Respond to the Growing Risks of Financial Conglomerates?, The George Washington University Law School, 2001., Controlling Systemic Risk in an Era of Financial Consolidation, 2002 2002a, The Transformation of the U.S. Financial Services Industry, 1975-2000: Competition, Consolidation, and Increased Risks, 2002 U. Ill. Rev. 215, 2002 2002b ABN AMRO Holding N.V. Annual Report 2003 Bank of America Annual Report 2003 BNP Paribas Annual Report 2003 Barclays PLC Annual Report 2003 Citigroup Annual Report 2003 Credit Agricole S.A. Annual Report 2003 Credit Suisse Group Annual Report 2003 Deutsche Bank Annual Review 2003 HSBC Holdings PLC Annual Report and Accounts 2003 HBOS PLC Annual Report and Accounts 2003 ING Group Annual Report 2003 J.P. Morgan Chase & Co. Annual Report 2003 Société Générale Group Annual Report 2003 The Royal Bank of Scotland Group Annual Report and Accounts 2003 UBS Handbook 2003/2004 UBS Annual Review 2003