By Niklaus Blattner, Hans Genberg, Alexander Swoboda
Oliver Landmann no one has to be confident of the significance of banking for the Swiss economic climate. The monetary region grew good above usual some time past decade and now money owed for nearly 10 % of GDP. in comparison to the economy-wide regular, it creates greater than double as a lot price additional consistent with worker and it's a significant contributor to Swiss ex port sales. yet this is often no reason for complacency. The is subjf:ct to swift swap because the aggressive weather has turn into rougher nationally and the world over. significant structural weaknesses have corne to the outside which bring up severe questions about the level of the necessary structural alterations. hence, banking was once a fantastic candidate for a big case learn within the framework of the nationwide examine Programme No. 28 that's dedicated to Switzerland's exterior fiscal demanding situations. The programme used to be commissioned by way of the Swiss govt and is performed by way of the Swiss nationwide technology beginning. The learn venture at the fmancial zone was once directed by means of Professors Niklaus Blattner, Hans Genberg and Alexander Swoboda who assembled a staff of analysis economists from the Graduate Institute of overseas reports, the overseas Centre for financial and Banking experiences (both at Geneva) and the Labour and business Economics learn Unit on the collage of Basel. This joint examine attempt has yielded a powerful crop of descriptive information, analytical insights and policy-oriented conclusions.
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The bad news: His ranking order is not sufficiently rooted in the theory of corporate value, risk, cost of capital, and of regulated markets. The paper relies too much on accounting figures, and not enough weight is given to the concept of performance which reflects the market value of a corporation. Comment on Matthias Wirth: "Measuring the Performance of Banks: Conceptual Problems and Results for Switzerland (1987 - 1991)" Beat C. Philipp Matthias Wirth's paper examines the performance of a very broadly defmed and as such heterogeneous group of banks in historical perspective, that is, over the period 1987 to 1991.
This would at least reduce the data problem since the directives on the creation and release of hidden reserves mentioned above no longer permit the formerly common practice of netting off expenses against income positions. As far as the problems relating to return on assets as a performance indicator are concerned I have nothing to add to Matthias Wirth's remarks, the more so as the volume of the banks' off-balance-sheet business is increasing all the time given the current boom in derivatives.
Section 3) the profit before tax should be regarded as the corporate profit. With the data of the SNB as a basis, the following added value ratio can be obtained for the Swiss banking sector: Added value over input costs (AV/lC) (Equity concept) AV/IC = Added value (A V) = Added value Input costs Net profit (- Net loss) + Income taxes - Equity x Interest rate Interest rate = Retum on Federal bonds (averaged year) Input costs (IC) = Expenses for bank directors and staff + Contributions to staff welfare funds + Equity x Interest rate The general problems encountered in determining performance ratios for banks has already been discussed below (cf.