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...In contrast, over ten percent of banks with uninsured deposits accounting for more than half of their deposit funding reclassified securities from AFS to HTM....
...The Wall Street Journal reported earlier this year that, in 2022, six financial institutions moved half a trillion dollars from AFS to HTM....
...Hilma af Klint & Piet Mondrian: Forms of Life is at Tate Modern until 3 September...
...Rising interest rates mean that the fair value of the securities was falling; keeping them in AFS would have meant a significant hit to capital....
...The best book I’ve read in the past year is Julia Voss’s biography of Hilma af Klint, who was one of the greatest painters of all time....
...and losses on AFS securities in regulatory capital leads to stronger risk management as well....
...UPS has seen its market share shrink to a quarter of the US parcel market, down from about two-thirds of it in 1997, according to a report from AFS Logistics....
...Martinus Evans, aka @300poundsandrunning on Instagram and author of the Slow AF Run Club book, advocates “sexy pace”....
...Tracing the arc of a controversial career that mirrored the turmoil of postwar America, Tate’s show is pitch-perfect — the museum in finest form after feeble spring offerings (Hilma af Klint, minor next...
...However, let’s turn to the AfS side. Unfortunately, here be dragons. This is what SVB’s AfS portfolio looked like at the end of 2022. As you can see, it was mostly Treasuries....
...He began his career at AF Vandevorst in Antwerp in the early 2000s, returning to Milan to join Gianfranco Ferré before working at Gucci under Frida Giannini and, later, Alessandro Michele....
...remarks to the Senate Banking Committee on Monday, former CEO Greg Becker makes clear he was following external advice (our emphasis): On March 8, SVB announced that it was selling the available-for-sale (“AFS...
...the US to follow the global approach and force banks to recognise losses on their AFS bonds in real time....
...From the blog, with our emphasis below: TCE is declining industrywide because of the negative effect of rising rates on the market value of bank holdings of AFS securities....
...By contrast, any losses in the AFS basket have to be marked to market and deducted from the bank’s capital base. To keep capital ratio stable, many banks have shifted assets away from AFS toward HTM....
...It’s somewhat surprising that there is in practice no real hedging going on, as there are other banks with chunky AfS portfolios of high-duration bonds that are jerked around by shifts in rates....
...She formed her last business partnership in 1965 with designer Florence Cowell under AF Chantilly, and one of her last wedding gowns also shows a bold hippie floral motif integrated into traditional elements...
...According to the November board presentation, “a one-time transfer from our HTM [hold to maturity] to AFS [available for sale] portfolio . . . for purposes of hedging those securities in support of interest...
...In addition to AfS and HTM, we also have “deposit betas”, and the NY Federal Reserve has you covered....
...As mentioned before, SVB was raising $2.25bn in common and mandatory convertible preferred stock as it was announcing a $1.8bn loss from selling much of its AfS bond portfolio....
...Prudential had more than $23bn, or 7.5-per cent of its AFS portfolio, AIG had nearly $30bn of unrealised losses on its $226bn portfolio, and MetLife had $29bn, or 12 per cent of its AFS bonds....
...And finally The works of Swedish painter Hilma af Klint and Dutch painter Piet Mondrian are juxtaposed in a new exhibition at Tate Modern....
...government’s intervention on Sunday night: Though we think the collapse of SIVB has relatively limited implications for the broader financial system, the announcement on Wednesday that it had liquidated its AFS...
...thing to market: We also note that many banks won’t be able to or do not want to actively reduce holdings — for instance, as of 4Q22, GSIBs owned $1.55tr in mortgages of mortgages, but only $253bn were in AFS...
...-2019 regime, SVBFG would have been required to recognise unrealised gains and losses on its available-for-sale securities portfolio in its regulatory capital; by including the unrealised losses on its AFS...
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