Managing and Reporting Liquidity Risks: Silicon Valley Bank Case

Gürol Baloğlu; Kaan Ramazan Çakalı; Nazan Güngör Karyağdı; Kadir Gökoğlan

doi:10.26650/MED.1301779

Araştırma Makalesi

Managing and Reporting Liquidity Risks: Silicon Valley Bank Case

Yıl 2023, Sayı: 69, 67 - 89, 29.08.2023

Gürol Baloğlu Kaan Ramazan Çakalı Nazan Güngör Karyağdı Kadir Gökoğlan

https://doi.org/10.26650/MED.1301779

Öz

Liquidity problems are one of the most important causes of business failures. This risk can appear related to the funding structures and asset quality of the enterprises. In an enterprise operating in the banking sector, liquidity problems have the potential to contaminate the financial system and create social impacts, since funding is mainly composed of deposits. Therefore, liquidity risk in banking is among the risks that are closely monitored. The recent Silicon Valley Bank collapse offers important lessons for analyzing liquidity risks. In this study, the Silicon Valley Bank failure is analyzed as a case study. As changes in macroeconomic policies have an impact on the liquidity of the markets, it becomes important to monitor liquidity risks. In general, the liquidity risks in the banking system are followed with the ratios calculated over the scenarios, while the Silicon Valley Bank case in the USA showed that regulatory agencies do not use this monitoring mechanism for banks below a certain size. On the other hand, the weaknesses arising from financial reporting standards in reporting the asset quality, combined with this lack of monitoring, caused difficulties in monitoring liquidity risks for financial statement users. As a result, the demand for cash created by depositors in the banking sector caused the bankruptcy of Silicon Valley Bank. Lessons learned from this case can guide the active management of liquidity risks.

Anahtar Kelimeler

Corporate Failures, Liquidity Risk, Liquidity Risk Management, Silicon Valley Bank

Kaynakça

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Likidite Risklerinin Yönetimi ve Raporlanması: Silikon Vadisi Bankası Örneği

Yıl 2023, Sayı: 69, 67 - 89, 29.08.2023

Gürol Baloğlu Kaan Ramazan Çakalı Nazan Güngör Karyağdı Kadir Gökoğlan

https://doi.org/10.26650/MED.1301779

Öz

Likidite sorunları, işletme başarısızlıklarının en önemli nedenlerindendir. Bu risk işletmelerin fonlama yapıları ve aktif kaliteleri ile ilişkili olarak ortaya çıkabilmektedir. Bankacılık sektöründe faaliyet gösteren bir işletmede, fonlamanın ağırlıklı olarak mevduattan oluşması nedeniyle likidite sorunlarının finansal sisteme bulaşma ve toplumsal etkiler yaratma potansiyeli mevcuttur. Bu nedenle bankacılıkta likidite riski yakından takip edilen riskler arasındadır. Yakın zamanda yaşanan Silikon Vadisi Bankası çöküşü, likidite risklerinin analizi açısından önemli dersler sunmaktadır. Bu çalışmada Silikon Vadisi Bankası başarısızlığı bir vaka analizi olarak ele alınmıştır. Makroekonomik politikalardaki değişiklikler piyasaların likiditesi üzerinde etki sahibi oldukça likidite risklerinin takibi önem kazanmaktadır. Genel olarak bankacılık sisteminde likidite riskleri senaryolar üzerinden hesaplanan oranlarla takip edilirken Silikon Vadisi Bankası vakası A.B.D. düzenleyici kuruluşlarının belirli bir büyüklüğün altındaki bankalar için bu takip mekanizmasını kullanmadığını göstermiştir. Diğer taraftan, aktif kalitesinin raporlanmasında finansal raporlama standartlarından kaynaklanan zafiyetler bu takip eksikliği ile birleşince finansal tablo kullanıcıları için likidite risklerinin takibinde güçlüklere sebep olmuştur. Neticede bankacılık sektöründe mevduat sahiplerinin yaratmış olduğu nakit talebi Silikon Vadisi Bankası’nın batışına neden olmuştur. Bu vakadan elde edilen dersler likidite risklerinin aktif bir şekilde yönetimi için yol gösterici olabilir.

Anahtar Kelimeler

Kurumsal Çöküşler, Likidite Riski, Likidite Riski Yönetimi, Silikon Vadisi Bankası

Kaynakça

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Babuşçu, Ş. (2005). Basel II Düzenlemeleri Çerçevesinde Bankalarda Risk Yönetimi. Akademi Yayınları, Ankara. google scholar
Bankacılık Düzenleme ve Denetleme Kurumu (2011). Uluslararası Kuruluşların Çalışmaları. Risk Bülteni, Sayı: 11, Ankara. google scholar
Barrett, P. (2022). How Food and Energy are Driving the Global Inflation Surge. https://www.imf.org/en/Blogs/Articles/2022/09/09/ cotw-how-food-and-energy-are-driving-the-global-inflation-surge (Access Date: 17.04.2023) google scholar
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BCBS (2010). Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring. https://www.bis.org/publ/ bcbs188.pdf. (Access Date: 23.04.2023). google scholar
BDDK (2014). Bankaların Likidite Karşılama Oranı Hesaplamasına İlişkin Yönetmelik. Sayı: 28948. google scholar
Bech, M., & Keister, T. (2012). On the Liquidity Coverage Ratio and Monetary Policy Implementation. BIS Quarterly Review, December 2012, 49-61. google scholar
BIS (2014). Basel III: The Net Stable Funding Ratio. BIS publication, October 2014. google scholar
Board of Governors of the Federal Reserve System. (2023). Review of the Federal Reserve’s supervision and regulation of Silicon Valley Bank. https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf (Access Date: 07.05.2023) google scholar
California Department of Financial Protection and Innovation & Federal Reserve Bank of San Francisco. (2022). Internal Audit Target Supervisory Letter. https://www.federalreserve.gov/supervisionreg/files/svbfg-and-svb-internal-audit-target-supervisory-letter-20221227.pdf (Access Date: 03.05.2023) google scholar
Castagna, A. & Fede, F., (2013), Measuring and Managing Liquidity Risk. John Wiley & Sons. google scholar
Cihangir, M. (2005). Finansal Krizlerin Banka Birleşmelerine Etkileri: Kasım 2000 ve Şubat 2001 Krizleri Çerçevesinde Kronolojik Bir google scholar
Yaklaşım. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 19(1), 99-116. google scholar
Demir, V. (2015). TFRS/UFRS Kapsamında Finansal Araçlar, (Geliştirilmiş İkinci Basım). İstanbul: Nobel Yayınları. google scholar
Diamond, D. & Dybvig, P. (1983). Bank Runs, Deposit Insurance, and Liquidity. Journal of Political Economy, University of Chicago Press, 91(3), 401-419. google scholar
Diamond, D. & Rajan, R. (2001). Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking, Journal of Political Economy, 109(2), 287-327. google scholar
Diamond, D. (1991). Debt Maturity Structure and Liquidity Risk. The Quarterly Journal of 'Economics, 106(3), 709-737. google scholar
Dukakis, A. (2023). SVB Execs Sold Millions of Their Company Stock in Lead up to Collapse, Federal Disclosures Show. https:// abcnews.go.com/Business/svb-execs-sold-millions-company-stock-lead-collapse/story?id= 97937058. (Access Date: 02.05.2023) google scholar
Dutta, A., Voumik, L.C, Kumarasankaralingam, L., Rahaman, A. and Zimon, G. (2023). The Silicon Valley Bank Failure: Application of Benford’s Law to Spot Abnormalities and Risks. Risks 11: 120. https://doi.org/10.3390/ risks11070120 google scholar
Güzel, A. (2022). Faiz Oranları ve Döviz Kurlarındaki Değişimlerin Bankaların Performansına Etkisi: Sistematik Yaklaşım ve Duyarlılık Analizini de İçeren Stres Testi Model Uygulaması. Üçüncü Sektör Sosyal Ekonomi Dergisi, 57(1), 586-611. google scholar
Haslem, John A.(1982).Bank Portfolio Management .Donald R. Fraser and Peter S. Rose, eds., Financial Institutions and Markets in a Changing World, 2nd ed., pp. 37-46, Plano, TX: Business Publications. google scholar
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Heider, F., Krahnen, J.P., Pelizzon, L., Schlegel, J. and Tröger, T. (2023). European lessons from Silicon Valley Bank resolution: A plea for a comprehensive demand deposit protection scheme (CDDPS), SAFE Policy Letter, No. 98, Leibniz Institute for Financial Research SAFE, Frankfurt a. M., https://nbn-resolving.de/urn:nbn:de:hebis:30:3-640587bankrun.asp (Access Date_ 19.04.2023) google scholar
İslamoğlu, M. (2002). Türev Ürünlerden Forward Sözleşmeler; Forward Sözleşmelerinin Tdhp’na Göre Muhasebeleştirilmesi. Yayınlanmamış yüksek lisans tezi, İstanbul Üniversitesi, İstanbul google scholar
İşseveroğlu, G. (2014). TMS 39 Kapsamında Finansal Varlıkların Sınıflandırılması ve Değerlemesi: Borsa İstanbul 100 Endeksindeki Şirketlerin Uygulamaları. Uluslararası Yönetim İktisat ve İşletme Dergisi, 10(21), 87-106. google scholar
Jean-Loup, S. (2017). Measuring Heterogeneity in Bank Liquidity Risk: Who are the Winners and Losers? The Quarterly Review of Economics and Finance, 66, 302-313. google scholar
Kang-Landsberg, A. & Plosser, M. (2022). How do Deposit Rates Respond to Monetary Policy? https://libertystreeteconomics. newyorkfed.org/2022/11/how-do-deposit-rates-respond-to-monetary-policy/ (Access Date: 01.05.2023) google scholar
Kim, R. (2023). Interest Rate Hedging and Silicon Valley Bank Idiosyncrasies. SSRN: https://ssrn.com/abstract=4413099 or http:// dx.doi.org/10.2139/ssrn.4413099 google scholar
Lieugaut, A. (2023). Bi-weekly Data Additions. https://www.macrobond.com/news-posts/bi-weekly-data-additions-15 (Access Date: 02.05.2023) google scholar
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Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	İngilizce
Konular	İşletme
Bölüm	ARAŞTIRMA MAKALELERİ
Yazarlar	Gürol Baloğlu 0000-0003-1093-2664 Kaan Ramazan Çakalı 0000-0003-4186-2291 Nazan Güngör Karyağdı 0000-0003-3938-4147 Kadir Gökoğlan 0000-0001-6397-8477
Yayımlanma Tarihi	29 Ağustos 2023
Yayımlandığı Sayı	Yıl 2023 Sayı: 69

Kaynak Göster

APA	Baloğlu, G., Çakalı, K. R., Güngör Karyağdı, N., Gökoğlan, K. (2023). Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. Muhasebe Enstitüsü Dergisi(69), 67-89. https://doi.org/10.26650/MED.1301779
AMA	Baloğlu G, Çakalı KR, Güngör Karyağdı N, Gökoğlan K. Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. MED. Ağustos 2023;(69):67-89. doi:10.26650/MED.1301779
Chicago	Baloğlu, Gürol, Kaan Ramazan Çakalı, Nazan Güngör Karyağdı, ve Kadir Gökoğlan. “Managing and Reporting Liquidity Risks: Silicon Valley Bank Case”. Muhasebe Enstitüsü Dergisi, sy. 69 (Ağustos 2023): 67-89. https://doi.org/10.26650/MED.1301779.
EndNote	Baloğlu G, Çakalı KR, Güngör Karyağdı N, Gökoğlan K (01 Ağustos 2023) Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. Muhasebe Enstitüsü Dergisi 69 67–89.
IEEE	G. Baloğlu, K. R. Çakalı, N. Güngör Karyağdı, ve K. Gökoğlan, “Managing and Reporting Liquidity Risks: Silicon Valley Bank Case”, MED, sy. 69, ss. 67–89, Ağustos 2023, doi: 10.26650/MED.1301779.
ISNAD	Baloğlu, Gürol vd. “Managing and Reporting Liquidity Risks: Silicon Valley Bank Case”. Muhasebe Enstitüsü Dergisi 69 (Ağustos 2023), 67-89. https://doi.org/10.26650/MED.1301779.
JAMA	Baloğlu G, Çakalı KR, Güngör Karyağdı N, Gökoğlan K. Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. MED. 2023;:67–89.
MLA	Baloğlu, Gürol vd. “Managing and Reporting Liquidity Risks: Silicon Valley Bank Case”. Muhasebe Enstitüsü Dergisi, sy. 69, 2023, ss. 67-89, doi:10.26650/MED.1301779.
Vancouver	Baloğlu G, Çakalı KR, Güngör Karyağdı N, Gökoğlan K. Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. MED. 2023(69):67-89.

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