In the last few years, the risk of mortality improvements has become increasingly capital intensive for pension funds and annuity providers to manage. The reason is that longevity risk has been systematically underestimated, making balance sheets vulnerable to unexpected increases in liabilities. The traditional way of transferring longevity risk is through insurance and reinsurance markets. However, these lack the capacity and liquidity to support an estimated global exposure in excess of $20tr (e.g., Loeys et al., 2007). Capital markets, on the other hand, could play a very important role, offering additional capacity and liquidity to the market, leading in turn to more transparent and competitive pricing of longevity risk. Blake and Burrows (2001) were the first to advocate the use of mortality-linked securities to transfer longevity risk to the capital markets. Their proposal has generated considerable attention in the last few years, and major investment banks and reinsurers are now actively innovating in this space (see Blake et al., 2008, for an overview). Nevertheless, despite growing enthusiasm, longevity risk transfers have been materializing only slowly. One of the reasons is the huge imbalance in scale between existing exposures and willing hedge suppliers. Another reason is that a traded mortality-linked security has to meet the different needs of hedgers (concerned with hedge effectiveness) and investors (concerned with liquidity and with receiving adequate compensation for assuming the risk), needs that are difficult to reconcile when longevity risk, a long-term trend risk that is difficult to quantify, is involved. A third reason is the absence of an established market price for longevity risk. We provide an overview of the recent developments in capital markets aimed at overcoming such difficulties and at creating a liquid market in mortality-linked securities and derivatives.
{"title":"Mortality-Linked Securities and Derivatives","authors":"E. Biffis, D. Blake","doi":"10.2139/ssrn.1340409","DOIUrl":"https://doi.org/10.2139/ssrn.1340409","url":null,"abstract":"In the last few years, the risk of mortality improvements has become increasingly capital intensive for pension funds and annuity providers to manage. The reason is that longevity risk has been systematically underestimated, making balance sheets vulnerable to unexpected increases in liabilities. The traditional way of transferring longevity risk is through insurance and reinsurance markets. However, these lack the capacity and liquidity to support an estimated global exposure in excess of $20tr (e.g., Loeys et al., 2007). Capital markets, on the other hand, could play a very important role, offering additional capacity and liquidity to the market, leading in turn to more transparent and competitive pricing of longevity risk. Blake and Burrows (2001) were the first to advocate the use of mortality-linked securities to transfer longevity risk to the capital markets. Their proposal has generated considerable attention in the last few years, and major investment banks and reinsurers are now actively innovating in this space (see Blake et al., 2008, for an overview). Nevertheless, despite growing enthusiasm, longevity risk transfers have been materializing only slowly. One of the reasons is the huge imbalance in scale between existing exposures and willing hedge suppliers. Another reason is that a traded mortality-linked security has to meet the different needs of hedgers (concerned with hedge effectiveness) and investors (concerned with liquidity and with receiving adequate compensation for assuming the risk), needs that are difficult to reconcile when longevity risk, a long-term trend risk that is difficult to quantify, is involved. A third reason is the absence of an established market price for longevity risk. We provide an overview of the recent developments in capital markets aimed at overcoming such difficulties and at creating a liquid market in mortality-linked securities and derivatives.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"2019 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126143760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents an interest rate model for real world risk management purposes which produces realistic yield curve movements, does not allow negative interest rates and is arbitrage free. The model is formulated in the BGM framework, with market prices of risk which limit the occurrence of "implausible" yield curve shapes. The paper illustrates a simple calibration procedure to obtain parameter estimates from historical data. Extensions of the model, such as a constant elasticity of variance model, are proposed and investigated.
{"title":"Real World Interest Rate Modelling with the BGM Model","authors":"James P. Norman","doi":"10.2139/ssrn.1480174","DOIUrl":"https://doi.org/10.2139/ssrn.1480174","url":null,"abstract":"This paper presents an interest rate model for real world risk management purposes which produces realistic yield curve movements, does not allow negative interest rates and is arbitrage free. The model is formulated in the BGM framework, with market prices of risk which limit the occurrence of \"implausible\" yield curve shapes. The paper illustrates a simple calibration procedure to obtain parameter estimates from historical data. Extensions of the model, such as a constant elasticity of variance model, are proposed and investigated.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"10 12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130661549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Housing Development Finance Corporation Limited (H.D.F.C) was set up on 17th October, 1977 by I.C.I.C.I. out of the consideration that a specialised institution was needed to channel household savings including funds from the capital market into the housing sector. The main objective of H.D.F.C. is to develop significant expertise in retail mortgage loans to different market segments, to have a large corporate client base for its housing related credit facilities and to support or aid in the promotion of home ownership. Their mission is to be 'a World Class Indian Bank,' benchmarking themselves against international standards and best practices in terms of product offerings, technology, service levels, risk management and audit & compliance. The objective is to build sound customer franchises across distinct businesses so as to be a preferred provider of banking services for target retail and wholesale customer segments, and to achieve a healthy growth in profitability, consistent with the Bank's risk appetite. They are committed to do this while ensuring the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance.
{"title":"Case Analysis: HDFC: Housing Development and Finance Corporation, India","authors":"M. Joshi","doi":"10.2139/SSRN.1478049","DOIUrl":"https://doi.org/10.2139/SSRN.1478049","url":null,"abstract":"Housing Development Finance Corporation Limited (H.D.F.C) was set up on 17th October, 1977 by I.C.I.C.I. out of the consideration that a specialised institution was needed to channel household savings including funds from the capital market into the housing sector. The main objective of H.D.F.C. is to develop significant expertise in retail mortgage loans to different market segments, to have a large corporate client base for its housing related credit facilities and to support or aid in the promotion of home ownership. Their mission is to be 'a World Class Indian Bank,' benchmarking themselves against international standards and best practices in terms of product offerings, technology, service levels, risk management and audit & compliance. The objective is to build sound customer franchises across distinct businesses so as to be a preferred provider of banking services for target retail and wholesale customer segments, and to achieve a healthy growth in profitability, consistent with the Bank's risk appetite. They are committed to do this while ensuring the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"19 2-6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123732188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the presence of deposit insurance, a rise in counterparty risk may cause a freeze in interbank money markets. We show this in a general equilibrium model with regionally segmented bank-based retail financial markets, in which money markets facilitate the reallocation of funds across banks from different regions. Counterparty risk creates an asymmetry between banks in savings-rich regions, which remain marginally financed by the abundant regional insured deposits, and in savings-poor regions, which have to pay large spreads in money markets. This asymmetry distorts the aggregate allocation of credit and, in the presence of demand externalities, can cause large output losses.
{"title":"Deposit Insurance and Money Market Freezes","authors":"Max Bruche, J. Suárez","doi":"10.2139/ssrn.1403129","DOIUrl":"https://doi.org/10.2139/ssrn.1403129","url":null,"abstract":"In the presence of deposit insurance, a rise in counterparty risk may cause a freeze in interbank money markets. We show this in a general equilibrium model with regionally segmented bank-based retail financial markets, in which money markets facilitate the reallocation of funds across banks from different regions. Counterparty risk creates an asymmetry between banks in savings-rich regions, which remain marginally financed by the abundant regional insured deposits, and in savings-poor regions, which have to pay large spreads in money markets. This asymmetry distorts the aggregate allocation of credit and, in the presence of demand externalities, can cause large output losses.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114468556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-09-01DOI: 10.32890/IJBF2011.8.1.8418
Yin Xiao
This paper runs the gamut of qualitative and quantitative analyses to examine the performance of French banks during 2006-2008 and the financial support measures taken by the French government. French banks were not immune but proved relatively resilient to the global financial crisis reflecting their business and supervision features. An event study of the impact of government measures on CDS, debt, and equity markets points to the reduction of credit risk and financing cost as well as the redistribution of resources. With the crisis still unfolding, uncertainties remain and challenges lie ahead, calling for continued vigilance and enhanced risk management.
{"title":"French Banks Amid the Global Financial Crisis","authors":"Yin Xiao","doi":"10.32890/IJBF2011.8.1.8418","DOIUrl":"https://doi.org/10.32890/IJBF2011.8.1.8418","url":null,"abstract":"This paper runs the gamut of qualitative and quantitative analyses to examine the performance of French banks during 2006-2008 and the financial support measures taken by the French government. French banks were not immune but proved relatively resilient to the global financial crisis reflecting their business and supervision features. An event study of the impact of government measures on CDS, debt, and equity markets points to the reduction of credit risk and financing cost as well as the redistribution of resources. With the crisis still unfolding, uncertainties remain and challenges lie ahead, calling for continued vigilance and enhanced risk management.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133464105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper addresses factors which have prompted the need for further revision of banking regulation, with particular reference to the Capital Requirements Directive. The Capital Requirements Directive (CRD), which comprises the 2006/48/EC Directive on the taking up and pursuit of the business of credit institutions and the 2006/49/EC Directive on the capital adequacy of investment firms and credit institutions, implemented the revised framework for the International Convergence of Capital Measurement and Capital Standards (Basel II) within EU member states. Pro cyclicality has attracted a lot of attention – particularly with regards to the recent financial crisis, owing to concerns arising from increased sensitivity to credit risk under Basel II. This paper not only considers whether such concerns are well-founded, but also the beneficial and not so beneficial consequences emanating from Basel II’s increased sensitivity to credit risk (as illustrated by the Internal Ratings Based approaches). In so doing it considers the effects of Pillar 2 of Basel II, namely, supervisory review, with particular reference to buffer levels, and whether banks’ actual capital ratios can be expected to correspond with Basel capital requirements given the fact that they are expected to hold certain capital buffers under Pillar 2. Furthermore, it considers how regulators can respond to prevent systemic risks to the financial system during periods when firms which are highly leveraged become reluctant to lend. In deciding to cut back on lending activities, are the decisions of such firms justified in situations where such firms’ credit risk models are extremely and unduly sensitive - hence the level of capital being retained is actually much higher than minimum regulatory Basel capital requirements?
{"title":"Basel II and the Capital Requirements Directive: Responding to the 2008/09 Financial Crisis","authors":"Marianne Ojo D Delaney PhD","doi":"10.2139/ssrn.1475189","DOIUrl":"https://doi.org/10.2139/ssrn.1475189","url":null,"abstract":"This paper addresses factors which have prompted the need for further revision of banking regulation, with particular reference to the Capital Requirements Directive. The Capital Requirements Directive (CRD), which comprises the 2006/48/EC Directive on the taking up and pursuit of the business of credit institutions and the 2006/49/EC Directive on the capital adequacy of investment firms and credit institutions, implemented the revised framework for the International Convergence of Capital Measurement and Capital Standards (Basel II) within EU member states. Pro cyclicality has attracted a lot of attention – particularly with regards to the recent financial crisis, owing to concerns arising from increased sensitivity to credit risk under Basel II. This paper not only considers whether such concerns are well-founded, but also the beneficial and not so beneficial consequences emanating from Basel II’s increased sensitivity to credit risk (as illustrated by the Internal Ratings Based approaches). In so doing it considers the effects of Pillar 2 of Basel II, namely, supervisory review, with particular reference to buffer levels, and whether banks’ actual capital ratios can be expected to correspond with Basel capital requirements given the fact that they are expected to hold certain capital buffers under Pillar 2. Furthermore, it considers how regulators can respond to prevent systemic risks to the financial system during periods when firms which are highly leveraged become reluctant to lend. In deciding to cut back on lending activities, are the decisions of such firms justified in situations where such firms’ credit risk models are extremely and unduly sensitive - hence the level of capital being retained is actually much higher than minimum regulatory Basel capital requirements?","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124374323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Climate change is increasingly being recognised as a factor that will be one of the most significant challenges to face business, government and the community in the foreseeable future (IPCC, 2007; NOAA, 2008; and Hansen et al., 2007). The impact it will have on the financial services sector, is not immediately clear, as it is a comparatively low emissions sector and one that has received little public scrutiny in recent years in regards to climate change. Despite this, it is accepted that the financial sector will be critical to climate change response due to its role as a provider of capital and advice, and the influence this provides on both business and consumers. In addition, it is also argued that the impact of climate change (extreme weather patterns, sea level rises and atmospheric changes) on asset values, business performance and risk will also effect the performance of credit, investment and insurance portfolios. Finally, it is also apparent that the sector will be impacted by regulatory change in relation to their own operations and those of their clients as emissions reporting, carbon trading and other environmental policies become law.This study examines the preparedness of the financial services sector for climate change. Senior staff in sustainability related roles from across the industry are interviewed to this end. We find that the sector faces significant risk and potential reward from climate change, yet despite some examples of strong engagement, there are great disparities across institutions and the various subsectors of the industry. Interviewees argue that the sector does a lot of talking about climate change and awareness is high, but this has not translated into systemic action at the coal face. Accordingly, legitimacy concerns are yet to translate into a systematic and broad response from the sector. Therefore, regulatory intervention is seen as critical to improve the pace of response in the short term.
在可预见的未来，气候变化日益被认为是企业、政府和社会面临的最重大挑战之一(IPCC, 2007;美国国家海洋和大气管理局,2008;和Hansen et al.， 2007)。它对金融服务行业的影响目前还不清楚，因为这是一个相对低排放的行业，近年来在气候变化方面几乎没有受到公众的关注。尽管如此，人们普遍认为，由于金融部门作为资金和咨询服务提供者的作用及其对企业和消费者的影响，它对应对气候变化至关重要。此外，还认为气候变化(极端天气模式、海平面上升和大气变化)对资产价值、业务绩效和风险的影响也将影响信贷、投资和保险组合的绩效。最后，很明显，随着排放报告、碳交易和其他环境政策成为法律，该行业将受到与自身业务和客户业务相关的监管变化的影响。本研究考察了金融服务部门应对气候变化的准备情况。为此，我们采访了全行业从事可持续发展相关工作的高级职员。我们发现，该行业面临着气候变化带来的巨大风险和潜在回报，然而，尽管有一些强有力参与的例子，但各机构和该行业的各个子行业之间存在巨大差异。受访者认为，该行业对气候变化的讨论很多，意识也很高，但这并没有转化为采煤工作面的系统行动。因此，对合法性的担忧尚未转化为该行业系统性和广泛的回应。因此，监管干预被视为在短期内提高反应速度的关键。
{"title":"The Financial Sector and Climate Change: Risks, Opportunities and Overall Preparedness","authors":"J. Stewart, Mark A. Brimble","doi":"10.2139/ssrn.1460676","DOIUrl":"https://doi.org/10.2139/ssrn.1460676","url":null,"abstract":"Climate change is increasingly being recognised as a factor that will be one of the most significant challenges to face business, government and the community in the foreseeable future (IPCC, 2007; NOAA, 2008; and Hansen et al., 2007). The impact it will have on the financial services sector, is not immediately clear, as it is a comparatively low emissions sector and one that has received little public scrutiny in recent years in regards to climate change. Despite this, it is accepted that the financial sector will be critical to climate change response due to its role as a provider of capital and advice, and the influence this provides on both business and consumers. In addition, it is also argued that the impact of climate change (extreme weather patterns, sea level rises and atmospheric changes) on asset values, business performance and risk will also effect the performance of credit, investment and insurance portfolios. Finally, it is also apparent that the sector will be impacted by regulatory change in relation to their own operations and those of their clients as emissions reporting, carbon trading and other environmental policies become law.This study examines the preparedness of the financial services sector for climate change. Senior staff in sustainability related roles from across the industry are interviewed to this end. We find that the sector faces significant risk and potential reward from climate change, yet despite some examples of strong engagement, there are great disparities across institutions and the various subsectors of the industry. Interviewees argue that the sector does a lot of talking about climate change and awareness is high, but this has not translated into systemic action at the coal face. Accordingly, legitimacy concerns are yet to translate into a systematic and broad response from the sector. Therefore, regulatory intervention is seen as critical to improve the pace of response in the short term.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130277171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines how banking competition affects the transmission of monetary policy through the bank lending channel. Using bank-level panel data for commercial banks in ten Asian countries and ten Latin American countries during the period from 1996 to 2006, we apply a two-stage estimation procedure. In the first stage, we measure the degree of banking competition by applying the methodology proposed by Panzar and Rosse (1987). The results show that banking markets in Latin America and Asia are characterized by monopolistic competition, and overall, banking competition in Latin America is higher than in Asia. In the second stage regression analysis, we estimate a loan growth equation where the explanatory variables include the Panzar-Rosse measure of banking competition. The estimation results provide consistent evidence that increased competition in the banking sector weakens the transmission of monetary policy through the bank lending channel. This is especially so for banks in Latin American countries and banks with small size, low liquidity, and low capitalization. We also discuss the policy implications of the main findings of this paper.
{"title":"Banking Competition and the Lending Channel: Evidence from Bank-Level Data in Asia and Latin America","authors":"M. Olivero, Li Yuan, B. Jeon","doi":"10.2139/ssrn.1461928","DOIUrl":"https://doi.org/10.2139/ssrn.1461928","url":null,"abstract":"This paper examines how banking competition affects the transmission of monetary policy through the bank lending channel. Using bank-level panel data for commercial banks in ten Asian countries and ten Latin American countries during the period from 1996 to 2006, we apply a two-stage estimation procedure. In the first stage, we measure the degree of banking competition by applying the methodology proposed by Panzar and Rosse (1987). The results show that banking markets in Latin America and Asia are characterized by monopolistic competition, and overall, banking competition in Latin America is higher than in Asia. In the second stage regression analysis, we estimate a loan growth equation where the explanatory variables include the Panzar-Rosse measure of banking competition. The estimation results provide consistent evidence that increased competition in the banking sector weakens the transmission of monetary policy through the bank lending channel. This is especially so for banks in Latin American countries and banks with small size, low liquidity, and low capitalization. We also discuss the policy implications of the main findings of this paper.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121748711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ceteris paribus, a large dividend payout ratio decreases the capital ratio of a bank. Under deposit insurance regulation, banks with a low capital ratio are encouraged to take on risk. I investigate the relation between dividends and risk in banking, using a sample of 335 banks for the period 2000-2007. Contrary to the extant literature about nonfinancial firms, I find evidence that dividends are positively related to default risk, and negatively related to retained earnings. Similar to nonfinancial firms, dividends are related to insider/outsider agency issues, profitability, and size.
{"title":"Dividends and Risk in European Banks","authors":"E. Onali","doi":"10.2139/ssrn.1460145","DOIUrl":"https://doi.org/10.2139/ssrn.1460145","url":null,"abstract":"Ceteris paribus, a large dividend payout ratio decreases the capital ratio of a bank. Under deposit insurance regulation, banks with a low capital ratio are encouraged to take on risk. I investigate the relation between dividends and risk in banking, using a sample of 335 banks for the period 2000-2007. Contrary to the extant literature about nonfinancial firms, I find evidence that dividends are positively related to default risk, and negatively related to retained earnings. Similar to nonfinancial firms, dividends are related to insider/outsider agency issues, profitability, and size.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121888989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
High carbon emissions from buildings are causing Hong Kong’s air quality to diminish.1 Massive amounts of energy are used by buildings,2 and Financial Institutions (FIs) are among the largest occupants of commercial building space in Hong Kong. As a consequence, FIs are well placed to reduce building-related power use and mitigate the environmental damage caused by it. This chapter focuses on the demand side for environmentally friendly building options, where pressure is beginning to form.3 Eight Hong Kong-based FIs are interviewed to find out their perspectives on initiatives for green buildings. The findings show that FIs are very serious about environmental CSR and it has become a normal part of doing business in the banking sector.
{"title":"CSR Initiatives for Green Buildings: Perspectives of Hong Kong Financial Institutions","authors":"Paul, Lisa Barnes","doi":"10.2139/ssrn.1458744","DOIUrl":"https://doi.org/10.2139/ssrn.1458744","url":null,"abstract":"High carbon emissions from buildings are causing Hong Kong’s air quality to diminish.1 Massive amounts of energy are used by buildings,2 and Financial Institutions (FIs) are among the largest occupants of commercial building space in Hong Kong. As a consequence, FIs are well placed to reduce building-related power use and mitigate the environmental damage caused by it. This chapter focuses on the demand side for environmentally friendly building options, where pressure is beginning to form.3 Eight Hong Kong-based FIs are interviewed to find out their perspectives on initiatives for green buildings. The findings show that FIs are very serious about environmental CSR and it has become a normal part of doing business in the banking sector.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115320990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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