TAILIEUCHUNG - Capital market bank funding (Not such a) brave new world …

Since the financial crisis, which commenced in late summer 2007, there have been significant changes not only in the regulatory environment in which banks operate but also in the market conditions. In particular the funding, that is the refinancing, of banks has been in upheaval since the financial crisis erupted. The banks’ funding mix has on the one hand always been subject to several variables, and on the other to a certain inertia. The aggregated figures of eurozone banks show that in the last 10 years preceding the financial crisis there were no fundamental structural changes in the funding mix. | Deutsche Bank Current Issues Global financial market August 2 2012 Author Meta Zahres Editor Bernhard Speyer Deutsche Bank AG DB Research Frankfurt am Main Germany E-mail Fax 49 69 910-31877 DB Research Management Ralf Hoffmann Bernhard Speyer Capital market bank funding Not such a brave new world . The years preceding the crisis were characterised by banks increasingly tapping the market for funding while at the same time the importance of deposits was declining the securitisation market was expanding rapidly and the market environment was one of low interest rates and high liquidity. During the financial crisis it became clear that these developments were also accompanied by a lack of risk awareness conflicts of interest along the securitisation chain excessive confidence in the risk models of the ratings agencies and a lack of transparency concerning the quality of the underlying collateral and the business structures. The banks access to the capital market especially with securitisations is still impeded globally many banks can largely only obtain funding via the central banks via short-term repo activities or by issuing Pfandbriefe. The market for unsecured bank bonds remains fraught with major uncertainty. Many of the changes that have shaped the funding landscape since the crisis are proving to be long-term trends that will be lasting impediments to the refinancing of banks. These include 1 investors risk aversion 2 the perceived limited transparency concerning the risks attached to debt securities 3 the ongoing measures being conducted by the central banks 4 the new regulatory rules on bondholder liability 5 the lack of availability of high-quality securities and 6 the relative volume of encumbered assets. Banks currently find themselves in a sticky situation with regard to their funding options the current situation promotes the issuance of secured bonds but the options for procuring debt capital in this way are .

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