By Niklaus Blattner, Hans Genberg, Alexander Swoboda
Oliver Landmann not anyone should be confident of the significance of banking for the Swiss economic system. The monetary quarter grew good above commonplace some time past decade and now debts for nearly 10 % of GDP. in comparison to the economy-wide general, it creates greater than double as a lot worth additional according to worker and it's a significant contributor to Swiss ex port sales. yet this can be no reason for complacency. The is subjf:ct to fast swap because the aggressive weather has develop into rougher nationally and across the world. significant structural weaknesses have corne to the outside which increase severe questions on the level of the necessary structural changes. hence, banking used to be an amazing candidate for an incredible case research within the framework of the nationwide study Programme No. 28 that's dedicated to Switzerland's exterior monetary demanding situations. The programme used to be commissioned by way of the Swiss executive and is performed by way of the Swiss nationwide technology origin. The learn undertaking at the fmancial quarter used to be directed by way of Professors Niklaus Blattner, Hans Genberg and Alexander Swoboda who assembled a workforce of analysis economists from the Graduate Institute of overseas reviews, the foreign Centre for financial and Banking stories (both at Geneva) and the Labour and business Economics learn Unit on the college of Basel. This joint examine attempt has yielded a powerful crop of descriptive information, analytical insights and policy-oriented conclusions.
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49 45 41 37 33 29 25 21 17 13 9 5 1~----------------------------~ 1 5 9 13 17 21 25 29 33 37 41 45 49 Ranking order AVIIC SBA 33 Added value = Profits before tax and after bad debts, minority interests and extraordinary items +/- reserve changes - costs of equity including premium Cost of equity including premium = Long term bond yield for the relevant country and year + ten percentage points (risk premium) Inputs = All operating costs + cost of equity including premium Table 7 shows the results of an application of both concepts to a group of Cantonal banks and the Big banks for the year 1991.
The comparison undertaken in this study represents a first and incomplete attempt. The results indicate a slightly stronger relation between the price-earnings ratio and AV/lC than between PIE and ROE. A ratio for the measurement of the performance of banks and other enterprises has an edge over others if it reacts with maximum neutrality to structural differences between banks. Disturbing factors may the variable importance of off-balance-sheet business, different rules concerning the equity base and different intensities of equity capital.
If the ROE approach is followed, more allowance is made for the off-balance-sheet business than in the ROA concept. As there are differences re- 37 garding equity requirements and also the policy pursued in equity matters (undisclosed reserves, overfilling), ROE can produce a distorted picture of performance. Different equity capital intensities (measured by the ratio between opportunity costs of equity capital and staff costs) can also produce differences in the ROE values. The added value approach takes account of the different intensities of capital and reserves by using an inclusive quantity in the denominator.
Banking in Switzerland by Niklaus Blattner, Hans Genberg, Alexander Swoboda