1
2
3
4
46 144 5
800 105.0 700 100.0 600 95.0 500 90.0 400 85.0 300 80.0 200 75.0 100 70.0 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 65.0 /GDP 6
7
8
20092013 20092013 9
12655 5 2 3 QUICK 20032013 1 2 10
11
12
5 4 3 2 1 0 1 2 3 13
14
15
% 20.0 15.0 10.0 5.0 0.0 5.0 9.1 5.2 3.9 GDP GDP 0.6 8.2 6.7 8.3 9.8 5.7 5.9 6.6 5.4 4.3 0.7 0.3 0.5 09 10 11 12 13 14 % 25 20 15 10 5 0.0 4.1 18 16 14 12 10 8 6 4 2 0 2 02 03 04 05 06 07 08 09 10 11 12 13 14 () CEIC % 20 40 15 GDP() 30 10 20 0-5 5 10-10 1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 11 12 13 14 15 0 07 08 09 10 12 13/6 0 16
FRB BOE TAFTALF LLRAIGMaiden Lane (TAF07.12.12 TALFABS08.11.25ABS Maiden Lane= AIG ECB 312 BEAPFF (BEAPFFBOE09.1.19CPBOE SLS09.4.21Treasury Bill 2 1211123 097600 092CP 20091 (09.12.15 17
18
3.5 3 10 2.5 2 2.5 1.5 2 1 1.5 0.5 1 0.5 0 0-0.5 Bloomberg 19
450 400 350 300 250 200 150 100 50 2003100 2,000 DAX 0 03 04 05 06 07 08 09 10 11 12 13 14 15 Bloomberg 2007100 160 140 120 100 80 60 40 20 0 00Q1 02Q1 04Q1 06Q1 08Q1 10Q1 12Q1 14Q1 LTV ECBBloomberg 1,800 1,600 1,400 1,200 1,000 800 600 400 200 Bloomberg 20
21
22
23
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 2110 24
25
15 11112 8726 1564 8165 2015 6793 6590 15 2947 65 10 1812 196572 2006 26
27
7.0 6.0 8.0 7.0 5.0 6.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 0.0 7578 7881 8186 8691 9196 9699 9901 0104 0406 0609 0912 0.0 7578 7881 8186 8691 9196 9699 9901 0104 0406 0609 0912 28
IMF World Economic Outlook 29
30
20089 G20200811 G20201411 TLAC CCP 2015112016 31
FSB G-SIBsTLAC CCP FSB FSB G20/OECD9 G20 FSB 32
33
G20 FSB G2020139 FSB2014 20141110 FSB RWA16%20 201511G20 34
35
36
37
2003FY 2006FY 2009FY 2012FY 86.6% 82.7% 82.8% 83.3% A 34.7% 32.7% 35.6% 39.0% B 30.5% 28.4% 31.3% 35.4% AB 4.2% 4.2% 4.3% 3.7% 13.4% 17.3% 17,2% 16.7% 39% 29% 29% 33% 50% 47% 16% 45% 35% 7% 27% 22% 30% 23% 22% 20141220149 38
Fiduciary Duty 39
H26 10 40
41
36.7% 41.7% 43.3% 3573,842 42
43
44
45
272 46
(1) (2) (3) 47
(1) (2) (1) 48
49
26 2730 50
2014 -- 51
52
FinTech 53
54
55
56
57
58
59
60
10,796 8,278 7,305 1,797 622 1,621 1,533 1,478 1,261 1,811 1,009 1,057 954 827 1,834 1,852 1,266 0 5,000 10,000 15,000 20,000 25,000 26 61
62
SPE MPE 63
64