Assignment No.

Prepared by:

MEHWISH KHAN Roll No. MBA-B&F Semester: 3rd

Acknowledgement

I am thankful to ALLAH for enabling me to work in the project.

I would like to thanks my parents and my teachers without whom I cant be able to complete this task. This was an ambitious project and could only have succeed with the wisdom and support provided by them.

As an amateur in this field I am indebted to those who have readily responded to my request for expert guidance.

The opinion of the respected teachers and dear class fellows would be a source of enlighten for me.

ABSTRACT
In a business anything done financially affects cash eventually. Cash is to a business is what blood is to a living body. A business cannot operate without its lifeblood cash, and without cash management, there may remain no cash to operate. Cash movement in a business is two-way traffic. It keeps on moving in and out of business. The inflow and outflow of cash never coincides. Important aspect which is unique to cash management is time dimension associated with the movement of cash. Due to non-synchronicity of cash inflow and outflow, the inflow may be more than the outflow or the outflow may be more than the inflow at a particular point of time. This needs regulation. Left to itself cash flow is apt to follow monsoon pattern, and showers of cash may be heavy, scanty or just normal. Hence there is a dire need to control its movement through skillful cash management. The primary aim of cash management is to ensure that there should be enough cash availability when the needs arise, not too much, but never too little.

Table Of Contents

Introduction.............................................. .04 Features of Liquidity Assets......4/5 Speculators markets and Markets makers..05 Liquidity in Banking Industry 05 How do banks manage liquidity 6/7 Crises ...07 Regulations for Liquidity ..07 Management Strategy ..08 Banking system liquidity developments and issues. ..8/9 General issues in bank liquidity management..09

Practical Study
History .... Vision

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... 13

Mission .14

Liquidity Management Programs 15 Liquidity Policies ..16 Funding Policies ..17 Liquidity Management And Control Procedure ..18 Role of Board Of Directors .19 Role of Management ..19 SWOTAnalysis ..... 20-21 Recommendation....22 Conclusion .. . 22 Glossary Terms .23-24

What Does Liquidity Means?

The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. Assets that can be easily bought or sold are known as liquid assets. The ability to convert an asset to cash quickly also known as "marketability". Or Solutions for efficient management of your funds

There is no specific liquidity formula; however liquidity is often calculated by using liquidity ratios. It is safer to invest in liquid assets than illiquid ones because it is easier for an investor to get his/her money out of the investment. Examples of assets that are easily converted into cash include money market securities. The liquidity of a product can be measured as how often it is bought and sold this is known as volume. Often investment in liquid markets such as the stock markets or future markets are considered to be more liquid than investments such as real state, based on their ability to be converted quickly. Some assets with liquid secondary markets may be more advantageous to own, so buyers are willing to

pay a higher price for the asset than for comparable assets without a liquid secondary market. The liquidity discount is the reduced promised yield or expected return for such assets, like the difference between newly issued U.S. Treasury bonds compared to off the run treasuries with the same term remaining until maturity. Buyers know that other investors are not willing to buy off-the-run so the newly issued bonds have a lower yield and higher price.

Features O f Liquidity Assets:

A liquid asset has some or all of the following features: It can be sold rapidly, with minimal loss of value, any time within market hours The essential characteristic of a liquid market is that there are ready and willing buyers and sellers at all times. Another elegant definition of liquidity is the probability that the next trade is executed at a price equal to the last one. A market may be considered deeply liquid if there are ready and willing buyers and sellers in large quantities. This is related to the concept of market depth that can be measured as the units that can be sold or bought for a given price impact. The opposite concept is that of market breadth measured as the price impact per unit of liquidity. An illiquid asset is an asset which is not readily saleable due to uncertainty about its value or the lack of a market in which it is regularly traded. The mortgagerelated assets which resulted in the sub prime mortgage crises are examples of illiquid assets, as their value is not readily determinable despite being secured by real property. Another example is an asset such as a large block of stock, the sale of which affects the market value.

Speculators markets and Markets makers

Speculators and market makers are individuals or institutions that seek to profit from anticipated increases or decreases in a particular market price. By doing this, they provide the capital needed to facilitate the liquidity. The risk of illiquidity need not apply only to individual investments: whole portfolios are subject to market risk. Financial institutions and asset managers that oversee portfolios are subject to what is called "structural" and "contingent" liquidity risk. Structural liquidity risk, sometimes called funding liquidity risk, is the risk associated with funding asset portfolios in the normal course of business.

Liquidity in Banking Industry

In banking, liquidity is the ability to meet obligations when they come due without incurring unacceptable losses. Managing liquidity is a daily process requiring bankers to monitor and project cash flows to ensure adequate liquidity is maintained. Maintaining a balance between short-term assets and short-term liabilities is critical. For an individual bank, clients' deposits are its primary liabilities (in the sense that the bank is meant to give back all client deposits on demand), whereas reserves and loans are its primary assets in the sense that these loans are owed to the bank, not by the bank). The investment portfolio represents a smaller portion of assets, and serves as the primary source of liquidity. Investment securities can be liquidated to satisfy deposit withdrawals and increased loan demand. Banks have several additional options for generating liquidity, Such as

Selling loans, Borrowing from other banks,

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 borrowing from a central bank, such as the US Federal Reserve bank, and
Raising additional capital

In a worst case scenario, depositors may demand their funds when the bank is unable to generate adequate cash without incurring substantial financial losses. In severe cases, this may result in a bank run. Most banks are subject to legally-mandated requirements intended to help banks avoid a liquidity crises. Banks can generally maintain as much liquidity as desired because bank deposits are insured by governments in most developed countries. A lack of liquidity can be remedied by raising deposit rates and effectively marketing deposit products. However, an important measure of a bank's value and success is the cost of liquidity. A bank can attract significant liquid funds. Lower costs generate stronger profits, more stability, and more confidence among depositors, investors, and regulators.

How do banks manage liquidity?

For banks, the problem is actually a fairly simple one to state. Long term, banks typically make money by borrowing short and lending long. As yield curves are typically upward sloping this works well borrowing from people who want to deposit short and are prepared to receive between 0 and 4 or 5% to do so and then lending this to people who want to borrow to build homes and pay from 6 to 10%, run credit card balances at around 12% (or more) is a good business. With modern banking practice this even is profitable at a net interest margin of less than 2%. Given that bank makes the most money by transforming short-dated liabilities into long dated loans the way to make the most money in the long term is to lend it all out and for as long as possible. Some depositors are inconsiderate enough to want to be able to actually ask the bank to do what the bank has promised to do pay their deposit at call. The trick to making the most money, then, is to make sure that you only have enough liquid assets on hand to meet all your depositors calls on the funds and as little as possible more. This is because liquid assets pay little interest, with the most liquid, cash, paying none at all. Getting this right is the responsibility of the ALM (Asset / Liability Management) function, usually headed by the (gloriously named) ALCO (Asset Liability

Committee). Get it wrong and, no matter how solvent your bank, if it cannot pay depositors calls you will very shortly not be a functioning institution.

Crises
Mostly, a quick collapse is precipitated by a name crisis, in brief, depositors no longer trust you to be able to make good on your promises. They then rush to be at the head of the queue to get their money out of the bank. Bank runs out of liquid assets, bank goes phut. In this instance it really does not matter if the banks net asset position is strong if a bank cannot pay it is then in liquidation. In many countries this risk is reduced through mechanisms like deposit insurance or guaranteed central bank facilities. Both of these have their problems mostly moral hazard. If you want more on this go here. Suffice to say that, in Australia at least, we have not succumbed to the sirens song as yet.

Regulations for Liquidity

They are principles based and flexible enough to cope with most approaches taken by banks. In brief, they mandate the following: 1. A bank has to have a liquidity management strategy that is approved by the regulator; 2. It has to analyze certain scenarios to show the regulator that they can be dealt with; and 3. If a bank cannot satisfy the regulator that they can robustly model their liquidity requirements they have to hold a minimum of 9% of their assets in certain highly liquid forms. For a small bank this sort of scheme is actually pretty good. Provided the regulator actually has a clue of what they are doing you could do a lot worse. The ALCO can normally take this as a baseline and then build a strategy on this.

International View
Oddly, given that liquidity management is one of the two principle risks facing banks, there are no international accords on liquidity management. Generally, each regulator follows. their own path.

Management Strategy
The first part of any decent liquidity strategy is simple,

Satisfy the regulations Management may think that this is an obvious point but I have seen this missed. No matter how silly the regulations management will need to satisfy them. If they are bad regulations, seek to change them. If the regulators will not listen, lobby in your parliament. Outright arguing with the regulators will get you into a bad place. Dont try it. Doctors may say First, do no harm. Management says First, satisfy the regulations. Model your requirements The second part is to model your requirements. Spend a good amount of time (and money) getting this right. Even if management cannot use a model for regulatory purposes use one. If management start trying to run bank to minimum regulatory standards it is probably well past time for you to retire. Still young, Cheer up, you may be able to get a job with one of the regulators. Probably only as a junior analyst, though. Make sure you are able to meet your forecast requirements at least 99.99% of the time. This means that your model will not save you on one day every 2.74 years, worst case. For those days the third part is crucial. This is having committed back up facilities available on, at worst, 24 hour call. These facilities should be structured to be big enough to get you through a once in a century event. Make sure they are with at least two other, large, banks. Pay the fees. They are worth it and you cannot put them in place when you need them that is too late. Lastly and possibly most crucially, have a good name crisis plan. Review its operation frequently (at least once a year). Make sure the statements from the banks Chair are already drafted. Have your media and PR people briefed. Know all the financial journalists in your city well enough that not only do they answer your calls but they call you. The worst possible way for news of a problem to get out is through rumor, followed by silence (perhaps with a rising background of prayer and panic) and then a rush followed by an announcement from the regulator. Make sure this will not happen to you.

As always, I use the term bank as a substitute for any deposit taking institution. In Australia, these are authorized deposit-taking institutions, licensed under the Banking Act 1959. In other countries

they will be called other things. To the public, though, they are all banks. Banking system liquidity developments and issues
The liquidity of the banking system often receives less attention than its capital adequacy, but is also vital to stability. This article reviews developments in the UK in recent years in the light of a series of official initiatives gilt repo, real-time gross settlement, new regulatory requirements that have changed the environment in which banks manage their liquidity. While, at least on a simple measure, the degree of maturity transformation does not seem to have altered much, the composition of banks liquid assets has changed significantly. For the future, some issues include the industrys use of scenario analysis to assess liquidity needs in stressed markets how to measure and manage contingent cash flows associated with committed loan facilities and derivative contracts and the increasing need for banks to manage liquidity and collateral needs intraday in modern payment and settlement systems.

General issues in bank liquidity management

There are two separate but inter-related dimensions to a banks liquidity. . First, its cash flow position and its ability to meet short-term needs by borrowing in the market, and, second, its capacity to meet any liquidity pressures by selling high quality assets Customer benefits Regulatory considerations Tax implications Single vs. multiple entities Single currency vs. multiple currencies Maximize float management Minimize funding cost Account balance information MIS reports on inter-company settlements Outsourcing

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PRACTICAL STUDY
Credit Management Organization selected
Askari Bank Ltd

Introduction
Askari Bank (formerly Askari Commercial Bank) was incorporated in Pakistan on October 9, 1991, as a Public Limited Company. It started its operations on April 1, 1992.The bank principally deals with banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on the Karachi, Lahore & Islamabad Stock Exchanges. Askari Bank has expanded into a network of 226 branches, including 31 dedicated Islamic banking branches, and a wholesale bank branch in Bahrain. A shared network of 4,173 online ATMs covering all major cities in Pakistan supports the delivery channels for customer service. Askari Bank achieved planned growth in business and operations during 2009. The total assets of the Bank amounted to Rs.254 billion as at December 31, 2009, registering an increase of 23 percent over December 31, 2008.Customer deposits reached Rs.206 billion by December 31, 2009, an increase of 23 percent over December 31, 2008. Profit after taxation showed an increase of 187% at Rs.1.11 billion, when compared with last years Rs.386 million. The banking spread registered slight improvement over last year, despite absorbing the adverse impact on net mark-up income due to increased nonperforming advances. The Banks NPLs stood at Rs.17.73 billion as of December 31, 2009 compared to Rs.11.69 billion at the end of previous year, an increase of 52 percent.

Awards and recognitions

The Asian Banker awarded twice as Best Retail Bank in Pakistan in 2004 and 2005.

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Askari Bank won 1st Consumer Choice Award 2004 for the Commercial Banking Category by the Consumer Association of Pakistan. Askari Bank awarded The Corporate Excellence Award for the financial sector from the Management Association of Pakistan (MAP) for the years 2002, 2003 and 2004. Askari Bank has been given The Best Bank in Pakistan award by Global Finance magazine twice i.e. for the years 2001 and 2002. Askari Bank also has been given the Best Consumer Internet Bank award by Global Finance magazine for the years 2002 and 2003. Askari Bank won the Euromoney and Asiamoney awards as early as 1994, 1996 and 1997. Best Presented Annual Accounts award from the Institute of Chartered Accountants in Pakistan (ICAP), and The Institute of Cost and Management Accountants in Pakistan (ICAMP), for the Services Sector, for the years 2000, 2001and 2002. Ranking prizes during the last six years from the South Asian Federation of Accountants (SAFA) for The Best Presented Annual Accounts for the financial sector, in the SAARC region. In 2007 Askari bank won The Best Consumer Banking Award 2006 for the third consecutive year from the consumer Association of Pakistan. In 2008, Askari Bank has been given The Best Retail Banking Award 2008 by Pakistan Guarantee Export Corporation Ltd.

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17

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25

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27

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29

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7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ffe7ffe7fdb7bfb7ffa7ffa7ffa7ff97ffa 7fb87f546bf97fd877fb7fd97ffb7ffa7f6e52fb7ffb7ff256fa77b977b156fa7ffb7f da7bfb7ffc7ffc7ffb7fdb7bdb7bfd7ffd7ffd7fdc7bdd7bbb73796fbb77db7bdb7b fc7ffc7ffc7ffc7ffc7ffc7ffc7fdb7bdb7bba77db7bdb7bfc7bbb77fd7fbb77fe7f9a 732721a314a314586bff7f514a8310ee3d7a6b492900041867b65a840c9346f f7772460000304a7256000806216008fd7f4008db7ffc7ffa7ffa7ff97ffa7ff97ffa 7ff97ffa7ff97ffa7fd87bfb7ff97ff97ffa7f567bcc61167fdb7ffb7ffa77d86ffb7ffb7 fb877fa7fd97fda7ffb7ffa7ffa7ffb7ffa7ff97ffa7ffa7ffa7ff97ffa7ff97ffa7ff97ffa7f f97ff87bf97ff97ff97ff87ff97ff97ffb7fda7bba77dc7bff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7ffe7ffd7fb977fc7ff97ffa7ffa7ffc7f366b2f4a997737 6f2f4ad35a924ed45600001767dc7be61cbb73175f2000d977f15e9773fa7ffa 7ffb7ffb7ffc7ffb7ffb7bfb7bdb7bfb7bdb7bdb77986f9873b977fc7ffb7ffb7ffa7ff b7ffa7ffb7ffb7ffb7ffb7ffb7ffb7ffc7ffc7ffb7bfc7fda77fc7f986f682dba73166326 21fe7fbb77504afe7ffe7ffd7f796fff7f9d73d652ff77ff7bff7b3867fe7fd45e5052 5667fb7bfd7f6629fb7ffc7ffb7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ff97ffa7ffa7ffa7f fa7ffa7ffa7fd97fd97ffb7ffa7ffb7ffa7bfb7bfa7bb97ffb7fdb7fba7fdb7ffb7ffb7ffb 7ffb7ff97ffb7ff97ff97ff97ffb7ff97fd777fa7ffa7ff97ffa7ff97ffb7ff97ffa7ff97ffb7 ffc7f776bfe7ffe7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ffe7ffc 7fb977fa7ff97ff97ffa7ff35a0d42fd7f0e4a2f4ea3188a2dcc350e3a61085046b b772004796bdd772000766f652d8d52fa7ff97ffa7ffa7ff97bfa7ffb7ffa7ffb7ffb 7ffc7ffb7bda7bb877fa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffb7ffa7ffb 7ffb7ffb7ffb7ffc7ffb7f5667fc7ffb7f776fdb7bfb7bfc7ffd7fba77fd7fdc7b9b73ff7 fff77ff779a67dc73dc77fe7f9a7b7873da77fb7ffb7fd15afb7ffa7ffa7ffa7ff97ffa 7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ff97fd877f97bda7ffa7ffa7ffa7bf9 77fa7bb97f7066cc59dc7fba7ffb7fd973fa77f97bfb7fd87bfb7ffa7ff97ff97fd87 bfa7fd87bfa7ffb7fd87bfa7ffb7fd87bfa7ff97bd977fc7f5767fe7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff

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bf97ffb7ff97ffa7ffa7ff97ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ff 97ff97ff97ff97ff97ff97ff97ff97ffa7ff97ffa7ffa7ff97ff97ff87ffa7ff97ff97ffa7ff97 ff97ffa7ff97fd77bfa7ffa7ff97ff97bfc7ff977fa7bfa7ffb7ff97ffa7ff97ffa7ff97ff97 ffa7ff97ffa7ff97ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ffa7ffa 7ff97ffa7ff97ff97ff97ff97ff97ffa7fd87ff97bfb7f54638008356304210c42db7b ec41776f0c424629fd7ff35ea935db7fcb393667fc7f2625692dfe7fac39ab3558 6bfe7b29259552b6568c31ff7fff7fff7ffe7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7 fff7fff7fff7ffd7f9977da7bfb7ffa7ffb7fb773fa7ffa7fb87bfa7ffa7ff97ffb7ffa7ff97 ffa7ffb7fd87ffa7ffa7ffa7ffb7ffb7ffa7ffa7ffa7ffb7ffa7ffa7ff97ffa7ffa7ffa7ff97ff9 7ff97ffa7ffa7ffa7ffa7ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ffa7ffb7ff97ff a7ff97ffa7ffa7ff97ff97ffa7ff97ff97ff97ffa7ff97ff97ffa7ff97ffa7ffa7ffa7ff97ff87f f87ff97ff97ff87ff97ff87bfa7ffa7ffb7ff97ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa 7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ff97ff97ff97bfa7ff97ffa7ff97ffb7ffb7ffa7b34632d 46fc7f6f4e6f4efb7f3467fa7f3467b877fb7ffb7fd97bfc7f3567b977fc7fb25699 739152504a3767ff7fff7f1863ff7fff7f1963ff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff 7fff7fff7fff7fff7fdf7fff7fff7ffe7f9973db7ffb7ffb7ffa7ffb7ffa7ff97ffa7ff97fd97ffb 7ff97fd87bfa7ff97ff87ffa7ffa7ffa7ffa7ffa7ff97ffb7ffa7ffa7ffa7ffa7ffa7ffa7ff97f fa7ff97ff97ff97ff97ff97ffa7ffa7ffa7ff97ff97ff97ffa7ff97ff97ff97ffa7ff97ffa7ffa 7ffa7ff97ffa7ff97ffa7ff87ffa7ffa7ff97ff97ff97ff97ff97ffa7ff97ffa7ff97ff97ff97ff 87ff87ff97ffa7ff97ff87ff97ff87ffa7ff97ff97bfa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7 ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ff97bfa7ff97ffa7ff97ffa7ff97ff9 7bfb7fd977fb7ffc7ffa7ffc7fb773f97ffa7ffa7ffa7ff97ffa7ffb7fd97bfc7ffa7ffd7f7 76fdb7bfd7fdc7bfd7bff7fff7fff7fdf7bff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ff f7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ff f7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ff f7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ff f7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7fff7ff f7fff7fff7fff7fff7fff7fff7ffe7ffe7ffd7f9973fd7ffb7ffb7ffa7ffb7ffa7ffa7ffa7ffa7ff9 7ffa7ff97ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ff a7ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ff97ffa7ff97ffa7ffa7ffa7ffa7ffa7ffa7ffa7f fa7ffa7ff97ffa7ffa7ffa7ff97ffa7ffa7ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ff97ffa7 ffa7ffa7ff97ffa7ff97ffa7ff97ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa7ffa

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(Locations of Askari Bank Ltd branches in Pakistan)

Products and services

Consumer banking
ASK 4 CAR ASKCARD (Askari debit card) Master card Mortgage finance Personal finance

Islamic banking
Declared weight ages Deposit scheme Home Musharakah Ijarah Bi Sayyarah Profit rates

Branch banking
Deposit multiplier account Investment certificates Mahana bachat account Paishgi munafa account Roshan mustaqbil deposit Rupee traveler cheques Value plus deposits

Agriculture banking
Kissan aabpashi finance Kissan evergreen finance Kissan farm mechanization finance Kissan tractor finance Kissan livestock development finance

Corporate & investment banking

Bill discounting Export financing Fund transfers/remittances

37

Letters of credit Letters of guarantee Receivable discounting Structured trade finance facilities Term loans Working capital facilities

Alternate Delivery Channels

ATM Call center I-Net banking

LIQUIDITY MANAGEMENT

39

PURPOSE
This document sets out the minimum policies and procedures that each institution needs to have in place and apply within its liquidity management programmer, and the minimum criteria it should use to prudently manage and control its liquidity. Although this document focuses on the institutions responsibility for managing liquidity, and is intended to address liquidity management within the context of a strategic liquidity plan under ordinary or reasonably expected business conditions, liquidity management cannot be conducted in isolation from other asset/liability management considerations, such as interest and foreign exchange rate risk, or other risks. However, since liquidity determines the day-to-day viability of an institution, it must remain the principal consideration of asset/liability management. Moreover, this document presents the management of liquidity undifferentiated as to currency denomination, since in principle, through the foreign exchange markets, commitments in one currency may be met by the availability of funds in another. However, institutions that conduct substantial business in foreign currencies need to make distinctions between the management of liquidity in domestic currency (Pak rupees) and that in other currencies.

DEFINITION
Liquidity is the availability of funds, or assurance that funds will be available, to honor all cash outflow commitments (both on- and off-balance sheet) as they fall due. These commitments are generally met through cash inflows, supplemented by assets readily convertible to cash or through the institutions capacity to borrow. The risk of illiquidity may increase if principal and interest cash flows related to assets, liabilities and off balance sheet items are mismatched.

LIQUIDITY MANAGEMENT PROGRAMME

Managing liquidity is a fundamental component in the safe and sound management of all financial institutions. Sound liquidity management involves prudently managing assets and liabilities (on- and off-balance sheet), both as to cash flow and concentration, to ensure that cash inflows have an appropriate relationship to approaching cash outflows. This needs to be supported by a process of liquidity planning which assesses potential future liquidity needs, taking into account changes in economic, regulatory or other operating conditions. Such planning involves identifying known, expected and potential cash outflows and

weighing alternative asset/liability management strategies to ensure that adequate cash inflows will be available to the institution to meet these needs.

The objectives of liquidity management are:

honoring all cash outflow commitments (both on- and off-balance sheet) on an ongoing, daily basis; avoiding raising funds at market premiums or through the forced sale of assets; and Satisfying statutory liquidity and statutory reserve requirements. Although the particulars of liquidity management will differ among institutions depending upon the nature and complexity of their operations and risk profile, a comprehensive liquidity management programmed requires: establishing and implementing sound and prudent liquidity and funding policies; and developing and implementing effective techniques and procedures to monitor measure and control the institutions liquidity requirements and position.

Liquidity Policies
Sound and prudent liquidity policies set out the sources and amount of liquidity required to ensure it is adequate for the continuation of operations and to meet all applicable regulatory requirements. These policies must be supported by effective procedures to measure, achieve and maintain liquidity. Operating liquidity is the level of liquidity required to meet an institutions day-to-day cash outflow commitments. Operating requirements are met through asset/liability management techniques for controlling cash flows, supplemented by assets readily convertible to cash or by an institutions ability to borrow. Factors influencing an institutions operating liquidity include: Cash flows and the extent to which expected cash flows from maturing assets and liabilities match; and The diversity, reliability and stability of funding sources, the ability to renew or replace deposits and the capacity to borrow. For regulatory purposes an institution is required to hold a specific amount of assets classed as liquid, based on its deposit liabilities. Generally, undue reliance should not be placed on these assets, or those formally pledged, for operating purposes other than as a temporary measure, as legally they may not be available for encashment if needed.

41

In assessing the adequacy of liquidity, each institution needs to accurately and frequently measure: The term profile of current and approaching cash flows generated by assets and liabilities, both on- and off-balance sheet; The extent to which potential cash outflows are supported by cash inflows over a specified period of time, maturing or liquefiable assets, and cash on hand; The extent to which potential cash outflows may be supported by the institutions ability to borrow or to access discretionary funding sources; and The level of statutory liquidity and reserves required and to be maintained. Essentially, operating liquidity is adequate if the institutions approaching cash inflows, supplemented by assets readily convertible to cash or by an institutions ability to borrow is sufficient to meet approaching cash outflow obligations. In this context, because the timing and amount of these cash flows are not completely predictable because of risks such as credit defaults, and events including honoring customer drawdown on credit commitments, deposit redemptions, and prepayments, either on mortgages or term loans, sound and prudent liquidity policies must deal with this uncertainty by carefully controlling the maturity of assets, ensuring assets are readily convertible to cash, or securing sources to borrow funds.

Liquid assets should have the following attributes:

Diversified, residual maturities appropriate for the institutions specific cash flow needs; Readily marketable or convertible into cash; and Minimal credit risk. Holding assets in liquid form for liquidity purposes will often involve some loss of earnings capacity relative to other investment opportunities. Nevertheless, the primary objective with respect to managing the liquid asset portfolio is to ensure its quality and convertibility into cash. Liquidity lines and funding facilities may also have a role within an institutions liquidity Programmed by helping an institution protect itself against temporary difficulties that might occur when honoring cash outflow commitments. Examples are the Undue need to draw on credit facilities to meet unforeseen clearing commitments, and to meet credit commitments with drawdown at the customers option.

reliance should not be placed on these facilities (including those that may be irrevocable or for which a fee is paid) as substitutes for traditional funding sources, as they are generally very short term in nature, they are costly compared with other funding sources, and their availability could be withheld by the provider of the facility. Institutions using these sources for liquidity need to ensure that the provider of a facility has an appropriate credit standing and capacity.

Funding Policies
Deposit liabilities are the primary source of funding for all institutions. In this context, an important element of an institutions liquidity management programmed is the diversification of funding by origination and term structure. Each institution needs to have explicit and prudent policies that ensure funding is not unduly concentrated with respect to: Individual depositor; Type of deposit instrument; Market source of deposit; Term to maturity; and Currency of deposit, if the institution has liabilities (both on- and off-balance sheet) in foreign currencies. The primary funding risk is the unplanned deposit withdrawal or the reduced rate of deposit renewal at the time of maturity. Deposits may decline due to a loss of confidence in the institution, a general decline in savings, more attractive investments elsewhere, or as a result of other factors. Concentrated funding sources leave the institution open to potential liquidity problems as a result of such unexpected deposit withdrawal and may also restrict an institutions flexibility in managing its cash flow. Institutions with excessive funding concentrations may require additional liquid assets. In the context of foreign currency deposits, funding policies also need to ensure that foreign currency cash flows are prudently managed and controlled within the policies and procedures set out under the institutions foreign exchange risk management programmed.

Liquidity Management and Control Procedures

Each licensee needs to develop and implement effective and comprehensive

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procedures and information systems to manage and control liquidity in accordance with its liquidity and funding policies. These procedures must be appropriate to the size and complexity of the institutions liquidity and funding activities. Internal inspections/audits are a key element in managing and controlling an institutions liquidity management program. Each institution should use them to ensure that liquidity management complies with liquidity and funding policies and procedures. Internal inspections/audits should, at a minimum, randomly test all aspects of liquidity management in order to: ensure liquidity and funding policies and procedures are being adhered to; ensure effective controls apply to managing liquidity; verify the adequacy and accuracy of management information reports; and ensure that personnel involved in the liquidity management fully understand the institutions liquidity and funding policies and have the expertise required to make effective decisions consistent with the liquidity and funding policies. Assessments of the liquidity management operation should be presented to the institutions Board of Directors on a timely basis for review.

ROLE OF THE BOARD OF DIRECTORS

The Board of Directors of each institution is ultimately responsible for the institutions liquidity. In discharging this responsibility, a Board of Directors usually charges management with developing liquidity and funding policies for the boards approval, and developing and implementing procedures to measure, manage and control liquidity within these policies. A Board of Directors needs to have a means of ensuring compliance with the liquidity management program. A Board of Directors generally ensures compliance through periodic reporting by management and internal inspectors/auditors. The reports must provide sufficient information to satisfy the Board of Directors that the institution is complying with its liquidity management program. At a minimum, a Board of Directors should: review and approve liquidity and funding policies based on recommendations by the institutions management; program Ensure that an internal inspection/audit function reviews the liquidity and funding operations to ensure that the institutions policies and procedures are appropriate and are being adhered to;

 ensure the selection and appointment of qualified and competent management to administer the liquidity management function; and outline the content and frequency of management liquidity reports to the board.

ROLE OF MANAGEMENT
The management of each institution is responsible for managing and controlling the day-to-day liquidity of the institution according to the liquidity management program. Although specific liquidity management responsibilities will vary from one institution to another, management should be responsible for: developing and recommending liquidity and funding policies for approval by the Board of Directors; implementing the liquidity and funding policies; ensuring that liquidity is managed and controlled within the liquidity management and funding management program ensuring the development and implementation of appropriate reporting systems with respect to the content, format and frequency of information concerning the institutions liquidity position, in order to permit the effective analysis and the sound and prudent management and control of existing and potential liquidity needs; establishing and utilizing a method for accurately measuring the institutions current and projected future liquidity; monitoring economic and other operating conditions to forecast potential liquidity needs; ensuring that an internal inspection/audit function reviews and assesses the liquidity management program, developing lines of communication to ensure the timely, dissemination of the liquidity and funding policies and procedures to all individuals involved in the liquidity management and funding risk management process; and reporting comprehensively on the liquidity management program to the Board of Directors at least once a year.

SWOT Analysis

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SWOT stands for Strengths, Weaknesses, Opportunities and Threats, and is an important tool often used to highlight where a business or organization is, and where it could be in the future. It looks at internal factors, the strengths and weaknesses of a business, and external factors, the opportunities and threats facing the business. The process can give you on overview of where the business, and the environment it operates in, is strategically. This is an important, yet to simple to understand, tool used by many students, businesses and organizations for analysis. The following SWOT analysis looks at Askari Bank which is operating in financial institute industry. The analysis shows Askari Bank's Strengths, Weaknesses, Opportunities and Threats. The SWOT analysis will give you a clear picture of the business environment Askari Bank is operating in at the present time.

Strengths:
The strengths of a business or organization are positive elements, something they do well and is under their control. The strengths of a company or group and value to it, and can be what gives it the edge in some areas over the competitors. The following section will outline main strengths of Askari Bank . Keeping costs lower than their competitors and keeping the cost advantages helps Askari Bank pass on some of the benefits to consumers. Askari Banks marketing strategy has proved to be effective, helping to raise profiles and profits and standing out as a major strength. Askari Bank has an extensive customer base, which is a major strength regarding sales and profit. Being financially strong helps Askari Bank deal with any problems, ride any dip in profits and out perform their rivals. Askari Bank has a high percentage of the market share, meaning it is ahead of many competitors. Askari Banks distribution chain can be listed as one of their strengths and links to success. Askari Banks international operations mean a wider customer base, a stronger brand and a bigger chunk of the global market.

Weaknesses:
Weaknesses of a company or organization are things that need to be improved or perform better, which are under their control. Weaknesses are also things that place you behind competitors, or stop you being able to meet objectives. This section will present main weaknesses of Askari Bank . Askari Banks R&D work is low and insignificant, which is a major weakness

in financial institute as it is constantly creating new products. The lack of staff experience is a major downfall for Askari Bank as it could lead to mistakes or negligence. Old and outdated technologies hold Askari Bank back and limits success, as other firms are making use of better and more reliable technologies. Over pricing, setting too high prices for Askari Bank products/services makes them uncompetitive, which is a major weakness. Good companies need loyal employees, but Askari Bank has a poor relationship with staff which affects performance.

Opportunities: Opportunities are external changes, trends or needs that could enhance the business or organizations strategic position, or which could be of a benefit to them. This section will outline opportunities that Askari Bank is currently facing. Askari Bank could benefit from Governmental support, in the form of grants, allowances, training etc. Changes in technology could give Askari Bank an opportunity to bolster future success. Askari Bank could benefit from expanding their online presence and making more money from online shoppers/internet users. The changes in the way consumers spend and what they buy provides a big opportunity for Askari Bank to explore. Decrease in taxation gives an opportunity for Askari Bank to reduce prices or increase profits.

Threats:
Threats are factors which may restrict, damage or put areas of the business or organisation at risk. They are factors which are outside of the company's control. Being aware of the threats and being able to prepare for them makes this section valuable when considering contingency plans and strategies. This section will outline main threats Askari Bank is currently facing. Price wars between competitors, price cuts and so on could damage profits for Askari Bank. A decline in demand for Askari Bank products, with no likelihood of resurgence could pose a threat. Structural changes in the industry could be a threat for Askari Bank Substitute products available on he market present a major threat to Askari Bank.

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Recommendations
Liquidity management is required and developed designed to achieve Liquidity assessment ability Understanding all legal matters Adoption of modern style of liquidity management in organization to meet the global technological advancement

Conclusion
In a business anything done financially affects cash eventually. Cash is to a business is what blood is to a living body. A business cannot operate without its life-blood cash, and without cash management, there may remain no cash to operate. Cash movement in a business is two-way traffic. It keeps on moving in and out of business. The inflow and outflow of cash never coincides. Important aspect which is unique to cash management is time dimension associated with the movement of cash. Due to nonsynchronicity of cash inflow and outflow, the inflow may be more than the outflow or the outflow may be more than the inflow at a particular point of time. This needs regulation. Left to itself cash flow is apt to follow monsoon pattern, and showers of cash may be heavy, scanty or just normal. Hence there is a dire need to control its movement through skillful cash management. The primary aim of cash management is to ensure that there should be enough cash availability when the needs arise, not too much, but never too little. In banking, liquidity is the ability to meet obligations when they come due without incurring unacceptable losses. Managing liquidity is a daily process requiring bankers to monitor and project cash flows to ensure adequate liquidity is maintained. Maintaining a balance between short-term assets and short-term liabilities is critical.

GLOSSARY OF TERMS

Assets/Liability Management
The management and control, within set parameters, of the impact of changes in the volume, mix, maturity, quality, and interest and exchange rate sensitivity of assets and liabilities on an institution.

Concentrated Funding
Occurs when an institutions liabilities contain an excessive level of exposure to individual depositor, type of deposit instrument, market source of deposit, term to maturity, and if the institution has liabilities (either on- or off-balance sheet) in foreign currencies, currency of deposit.

Credit Risk
The risk of financial loss resulting from the failure of a debtor, for any reason, to fully honor financial or contractual obligations to an institution.

Foreign Exchange Risk

The exposure of an institution to the potential impact of movements in foreign exchange rates. The risk is that adverse fluctuations in exchange rates may result in a loss in Pak rupees terms to the institution. Foreign exchange risk arises when there are unhedged currency mismatches in an institutions assets and liabilities, and related cash flows (both on- and off-balance sheet) which are not subject to a fixed exchange rate vis--vis the Jamaican dollar. This risk continues until the open position is covered by means of a hedging transaction. The amount at risk is a function of the magnitude of potential exchange rate changes and the size and duration of the foreign currency exposure. Hedging A risk management technique to reduce or eliminate price, interest rate or foreign exchange risk exposures. The elimination or reduction of such exposures is accomplished by entering into transactions that create offsetting risk positions. The concept is that when an institution has an open position which entails a risk that it wishes to avoid or minimize, the institution can undertake a further transaction which compensates for the risk and acts as a hedge. If the hedge is effective, any gain or loss on the hedged risk position will be offset by a loss or

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gain on the hedge itself.

Interest Rate Risk

The potential impact of movements in interest rates on an institution. Interest rate risk arises when an institutions principal and interest cash flows (including final maturities), both on- and off-balance sheet, have mismatched reprising dates. The amount at risk is a function of the magnitude of interest rate changes and the size and maturity structure of the mismatch position.

Liquid Assets
Cash and securities and other assets readily convertible to cash. Liquidity is the availability of funds, or assurance that funds will be available, to honor all cash outflow commitments (both on- and off-balance sheet) as they fall due.

Liquidity Management
Managing assets and liabilities (on- and off-balance sheet), both as to cash flow and concentration, to ensure that cash inflows have an appropriate relationship to approaching cash outflows .

Liquidity Planning
Assessing potential future liquidity needs, taking into account changes in economic, regulatory or other operating conditions and weighing alternative asset/liability management strategies to ensure that adequate cash inflows will be available to an institution to meet these needs.

Operating Liquidity
The liquidity required to meet day-to-day cash outflow commitments, taking into account asset/liability management techniques for controlling liquidity through the management of cash flows, supplemented by assets readily convertible to cash or by the institutions ability to borrow.

Risk Management
The process of controlling the impact of risk-related events on the institution.

Risk Position
The amount of an institutions exposure to a particular risk.

Statutory Liquidit
The liquidity that an institution may be required to hold for statutory or regulatory purposes.

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