免费咨询热线：400-699-1716 
微信
APP
ACCA FM知识点：Traditional and basic approaches
文章来源：ACCA全球官网
发布时间：2021-11-05 11:22
阅读：540次
ACCA FM《财务管理学习指南》的G部分规定了以下与利率风险管理相关的内容：
(a)讨论和应用利率风险管理的传统和基本方法，包括：
(i)匹配和平滑
(ii)资产负债管理
(iii)远期利率协议
(b)确定用于对冲利率风险的主要利率衍生工具类型，并解释如何使用它们进行对冲。
本文介绍的知识点是利率风险管理内容的基本方法。
Traditional and basic approaches
Matching and smoothing
When taking out a loan or depositing money,businesses will often have a choice of variable or fixed rates of interest.Variable rates are sometimes known as floating rates and they are usually set with reference to a benchmark such as SONIA,the Sterling Overnight Index Average.For example,variable rate might be set at SONIA+3%.
If fixed rates are available then there is no risk from interest rate increases:a$2m loan at a fixed interest rate of 5%per year will cost$100,000 per year.Although a fixed interest loan would protect a business from interest rates increases,it will not allow the business to benefit from interest rates decreases and a business could find itself locked into high interest costs when interest rates are falling and thereby losing competitive advantage.
Similarly if a fixed rate deposit were made a business could be locked into disappointing returns.
Smoothing
In this simple approach to interest rate risk management the loans or deposits are simply divided so that some are fixed rate and some are variable rate.Looking at borrowings,if interest rates rise,only the variable rate loans will cost more and this will have less impact than if all borrowings had been at variable rate.Deposits can be similarly smoothed.
There is no particular science about this.The business would look at what it could afford,its assessment of interest rate movements and divide its loans or deposits as it thought best.
Matching
This approach requires a business to have both assets and liabilities with the same kind of interest rate.The closer the two amounts the better.
For example,let’s say that the deposit rate of interest is SONIA+1%and the borrowing rate is SONIA+4%,and that$500,000 is deposited and$520,000 borrowed.Assume that SONIA is currently 3%.
Currently:
Annual interest paid=$520,000 x(3+4)/100=$36,400
Annual interest received=$500,000 x(3+1)/100=$20,000
Net cost=$16,400
Now assume that SONIA rises by 2%to 5%.
New interest amounts:
Annual interest paid=$520,000 x(5+4)/100=$46,800
Annual interest received=$500,000 x(5+1)/100=$30,000
Net cost=$16,800
The increase in interest paid has been almost exactly offset by the increase in interest received.The extra$400 relates to the mismatch of the borrowing and deposit of$20,000 x increase in SONIA of 2%=$20,000 x 2/100=$400.
相关阅读：【ACCA FM知识点：The cause of interest rate risk】
2022年ACCA最新学习资料包
请大家认真填写以下信息，获取2025年ACCA学习资料包，会以网盘链接的形式给到大家，点击免费领取后请尽快保存。
*姓名不能为空
*手机号错误
*验证码错误
考试问答
May
讲师认证：
CICPA、ACCA ；曾任世界500强企业战略计划与控制部经理。多年来一直任职于外资企业，从事财务及相关管理工作，熟悉财务各个业务流程与职能，有着丰富的理论与实战经验。担任多所高校外聘ACCA讲师，善于总结复习技巧，将纷繁复杂的P阶段考试内容总结成逻辑关系清晰的学习框架，从宏观战略角度帮助学员理解知识概念并与结合实际应用理论知识，让学员快速了解书本内容，建立清晰的知识结构框架！
免费下载老师推荐的学习资料
免费直播
