Does diversification contribute to the resiliency of a residential loans guarantee scheme?

Abstract To secure housing loans, French banks do not necessarily ask for a mortgage but rely mainly on the guarantee provided by a residential property loan guarantor. Using an economic capital approach and the data of a major French guarantor over the 1997-2013 periods, this paper illustrates the ability of a guarantee mutual fund to benefit from diversification effects coming from the heterogeneity across participating banks. Thanks to these large diversification benefits, the required deposits of the borrowers amount on average over the period to less than 0.10 percent of the total of their loans to insure the stability of the fund at the one year horizon. During the recent crisis, this percentage rises to 0.20, to be compared to the current charge of 1.5%, of which a part is usually refunded to borrowers when the loan is repaid. These results are evidence of the resilience of the French guarantee system in adverse scenarios. However, analyzing the impact of the 2008 crisis on the required economic capital of the fund also shows that the heterogeneity across banks still exposes the fund to concentration risk, i.e. the risk to observe extreme losses concentrated on a given lender

Faut-il réglementer distinctement les différentes activités bancaires ?

Financial markets play a central role in the financing of banks. Indeed, the evolution in the structure of savings increased the dependency of the banking system upon resources collected from other financial institutions. The 2007/ 2008 liquidity crisis has underlined the fragility of this setting and the threats of excessive leverage. The current reform of the regulatory framework (Basel III), by seeking to promote the financial system’s stability, imposes new constraints on the transformation function fulfilled by banks. Yet, a bank is an institution which realizes a fragile and complex equilibrium between liquidity production and long term financing of agents who have no alternative to bank financing. This article, after having presented the specificity of production in banking, analyses the potential effects of the ongoing reforms on this equilibrium and the ability of banks to finance the economy. Classification JEL : E51, G21, G28.Les marchés financiers jouent désormais un rôle central dans le financement des banques. En effet, l’évolution de la structure de l’épargne a rendu ces dernières davantage dépendantes des ressources collectées auprès d’autres institutions financières. Mais la crise de liquidité de 2007/ 2008 a souligné la fragilité de ce cadre et les excès de l’effet de levier. La refonte du dispositif réglementaire (Bâle III), en cherchant à assurer la stabilité du système bancaire, impose des contraintes nouvelles sur la fonction de transformation remplie par les banques. Or la banque est une institution qui maintient un équilibre fragile et complexe entre la production de liquidité pour l’économie et de financement à long terme de clients qui dépendent entièrement d’elle. Après avoir présenté les fondements de la spécificité de la production bancaire, cet article analyse les effets potentiels des nouvelles exigences réglementaires sur cet équilibre et sur la capacité des banques à financer l’économie. Classification JEL : E51, G21, G28.Dietsch Michel, Petey Joël. Faut-il réglementer distinctement les différentes activités bancaires ?. In: Revue d'économie financière, n°101, 2011. Le risque systémique 2. Repenser la supervision. pp. 129-145

Mesure et gestion du risque de crédit dans les institutions financières

info:eu-repo/semantics/publishe

13C-NMR dereplication of medicinal plant extracts using a home-made software.

International audienc

MixONat: Assistance aux analyses déréplicatives par RMN-13C

International audienc

MixONat, a Software for the Dereplication of Mixtures Based on 13 C NMR Spectroscopy

International audienceWhether chemists or biologists, researchers dealing with metabolomics require tools to decipher complex mixtures. As a part of metabolomics and initially dedicated to identifying bioactive natural products, dereplication aims at reducing the usual timeconsuming process of known compounds isolation. Mass spectrometry and nuclear magnetic resonance are the most commonly reported analytical tools during dereplication analysis. Though it has low sensitivity, 13 C NMR has many advantages for such a study. Notably, it is nonspecific allowing simultaneous high-resolution analysis of any organic compounds including stereoisomers. Since NMR spectrometers nowadays provide useful data sets in a reasonable time frame, we have embarked upon writing software dedicated to 13 C NMR dereplication. The present study describes the development of a freely distributed algorithm, namely MixONat and its ability to help researchers decipher complex mixtures. Based on Python 3.5, MixONat analyses a { 1 H}-13 C NMR spectrum optionally combined with DEPT-135 and 90 datato distinguish carbon types (i.e., CH 3 , CH 2 , CH, and C)as well as a MW filtering. The software requires predicted or experimental carbon chemical shifts (δc) databases and displays results that can be refined based on user interactions. As a proof of concept, this 1