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Derivative instruments can also be used to reduce  gaps , With successful cover any market risks will affect assets and liabilities on a similar way therefore actual net losses (or gains) from market risks will be minimised.N0 " x ^g   a  lZB""  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pP:  <ȈA2 ^During portfolio management or management of the balance sheet of a bank or a private company:(_4 x^$0 . H  0޽h ? ̙33    @0 (  `  6| }p RALM  from a Debt Manager s Point of View**h N  # l%9B}B}B}?f3@ ?"6?@`NNN?Nzr.JPM_TEXT_SIZE144___PPT9  Liabilities: = debt and other obligations Assets: = ? (difficult to identify) Equity, State ownership  only divident revenues, very long durations, state ownership usually not for profit making, not the primary goal of the Government >> Privatisation, Other state assets (e.g. motorway, national parks, army)  theoretical value, good for balancing the State balance sheet, but no real revenue from them, Future discounted tax revenues  most accepted views, but difficult to use practically for ALM calculations.T0 " x0 " x T 9_O "       +  %   2  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pPH  0޽h ? ̙33  N F P$(  $2 $ 6̽ }p dALM  a Possible Point of View of the Central Bank33(& * $ # l%9B}B}B}?f3@ ?"6?@`NNN?Nppzr.JPM_TEXT_SIZE144___PPT9 Assets  Foreign currency reserves, and other assets on the CB balance sheet: Rationale of ALM  Foreign currency reserves and other (sterilisation) assets may be costly for the CB and the Government, Coordinated ALM - With coordinated foreign currency issuance FX reserves (and other assets) can be reduced, potential cost savings.Q0 " x{0 " x Qkth   #    +    2 $ C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB $ s *D=,pPH $ 0޽h ? ̙33    `4X (  4, 4 6 }p \ALM  from the Point of View of the Government//*(  4 # l%9B}B}B}?f3@ ?"6?@`NNN?Np|t.JPM_TEXT_SIZE146___PPT9 LLiability: debt, Assets FX reserves: FX debt is usually cheaper (lower yields, longer terms), Coordination is difficult  institutional autonomy or independence, Coordinational problems  different time horizon (monetary policy  short term, inflation target, debt management long term, cost saving, growth), different objectives (e.g. level of local yields).(0 " x90 " x  (!U       '     2 4 C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB 4 s *D=,pPH 4 0޽h ? ̙33 2*p<(  < < 6 }p ALM  Problems*   < # l %9B}B}B}?f3@ ?"6?@`NNN?Np|t.JPM_TEXT_SIZE146___PPT9 p&0 " x  2 < C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB < s *D=,pP < # lgggg?3fE8?"P @ tRapid increase of foreign currency reserves in emerging countries  need to limit the rise:[ UZgb; X < 0A?`@ H < 0޽h ? ̙33|  , $ D(  D D 6p }p ALM  Basics  * R D # l2%9B}B}B}?f3@ ?"6?@`NNN?Np|t.JPM_TEXT_SIZE146___PPT9 Ways of FX currency reserve reductions: Borrowed reserves  simple issue, reduce FX financing and reserves, Non-borrowed reserves: Buy-back of FX debt, Replace FX currency debt with domestic debt, Unnecessary FX currency reserves can be used to invest in higher yielding assets to avoid cost problems (advisable only if reserves are coming from good BoP position e.g. oil revenues).t)0 " x[0 " x0 " x )`,  `  !   04    2 D C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB D s *D=,pPH D 0޽h ? ̙33B L(  L L 69 }p ALM  Buy-backs<  L # lD%9B}B}B}?f3@ ?"6?@`NNN?Np|t.JPM_TEXT_SIZE146___PPT9 p&0 " x  2 L C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB L s *D=,pP L # lGgggg?3fE8?"P  &tForeign currency reserves are already used actively to reduce outstanding foreign currency debt- limited future role:u UtgTW   R L s *A`p H L 0޽h ? ̙33 T.(  T T 6hQ }p 8ALM  Use of domestic market*  T # lT]%9B}B}B}?f3@ ?"6?@`NNN?Np|t.JPM_TEXT_SIZE146___PPT9 p&0 " x  2 T C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB T s *D=,pPt T # ll_gggg?3fE8?"P  By replacing foreign currency debt with domestic debt foreign owned debt may not decrease rapidly  FX risk replaced with interest rate risk: UgTa   R T s *A` H T 0޽h ? ̙33S ,(  , , 60j }p  ALM  Basics II.2  , # lo%9B}B}B}?f3@ ?"6?@`NNN?N|t.JPM_TEXT_SIZE146___PPT9 ONon-borrowed FX currency reserve levels reduction can be difficult: ALM management can work if good cooperation between fiscal and monatary policy, Replacing FX currency debt with domestic debt can work but depends on market conditions, Coordination should work in case of outflow, CB cannot leave debt management alone, Slow process.XE0 " xP0 " x E & K  +!+#    2 , C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB , s *D=,pPH , 0޽h ? ̙33  qid(  d d 6 } ~0ALM  the Hungarian Case  d # l̋%9B}B}B}?f3@ ?"6?@`NNN?N 0 zr.JPM_TEXT_SIZE144___PPT9 ?Several institutional changes between 1990-2006: Early years of setting up new systems until 1991, Intermediate system with the CB having a major role until 1997, Co-ordination with a strong emphasis on FXY currency reserve levels until 2002, Balanced co-ordination from 2003.d40 " x20 " x 4    6     q aq d C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB d s *D=,pPH d 0޽h ? ̙33O   l(  l l 6 }p 8ALM  Early Years until 19912 q l # l%9B}B}B}?f3@ ?"6?@`NNN?N |t.JPM_TEXT_SIZE146___PPT9 iImportant measures to transform economic system, however debt management less effected: Strengthening central bank position, limitation of monetary financing (no deficit problem projected), NBH maintains its role as FX debt manager on behalf of the government and manages FX currency reserves, Underdeveloped local debt management by the Ministry of Finance.X[0 " xf0 " x [/     5@  2 l C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB l s *D=,pP l # lqgggg?3fE8?"  6Economic and deficit problems emerged in the mid 1990s:7 U6gF    H l 0޽h ? ̙33   tT(  t< t 6 }p HALM  Intermediate system until 19978%2  t # l%9B}B}B}?f3@ ?"6?@`NNN?N` |t.JPM_TEXT_SIZE146___PPT9 9Economic austerity program includes development of domestic debt management: Rapid development of domestic government securities market and institutions, On the basis of local market monetary financing stopped, later prohibited by law, FX debt management done by the NBH according to FX currency reserve needs.dP0 " xM0 " x N1 F 7   2 t C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB t s *D=,pP t # lgggg?3fE8?" p ]Previous funding relationship creates balance sheet problems for the NBH (devaluation losses):^ U]gFD H t 0޽h ? ̙33T    |(  | | 6T 3 ,ALM  Co-ordination with a Strong Emphasis on FX reserve levels until 2002(KEL 1 D | # l%9B}B}B}?f3@ ?"6?@`NNN?N@0zr.JPM_TEXT_SIZE144___PPT9 Foreign currency debt management becomes part of public debt management strategy, NBH ensures strong coordination to reach FX currency reserve level targets, Co-ordination also resulted in hedging FX debt and reserves (currency benchmarks), Debt management strategy aims for renewing maturing FX debt (no domestic monetary effect), some ad hoc deviation from the rule by the initiative of the NBH.2R0 " x= 0  6  #4 2 6 00@ | C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB | s *D=,pP4 | 00 vNBH balance sheet problems solved by transformation of foreign currency debt and management to the government in 1997:www 8\\H | 0޽h ? ̙332 r(  |  6 }p ALM  Coordination with a Strong Empasis on FX Reserve Levels  Role of ForeignersSS2%&   # l%9B}B}B}?f3@ ?"6?@`NNN?Npzr.JPM_TEXT_SIZE144___PPT9 p&0 " x  2  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pP^  # lgggg?3fE8?"@ pp :Replacing FX debt did not reduce role of foreign investors:; U:g: :  3 A00H  0޽h ? ̙33m (  r  N!? ?"} LALM  Balanced Co-ordination from 2003''Z    /  # l(%9B}B}B}?f3@ ?"6?@`NNN?N0pzr.JPM_TEXT_SIZE144___PPT9 1New debt management strategy adopted to decreased demand and medium term objectives (EMU accession), Stable FX currency debt ratio, NBH also ask for higher FX currency reserves (deteriorating BoP balance), Net FX currency issuance exchanged at the NBH, avoidance of simultaneous activity on the FX market.4e` " 2@ 22*  o 44D  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pP  0H5` "Fiscal loosening creates fiscal problems and smaller investors demand: 6J4 xG F  H  0޽h ? ̙33t $ (    6pC 3 ~0ALM  Results in Hungary N  # l8H%9B}B}B}?f3@ ?"6?@`NNN?Nzr.JPM_TEXT_SIZE144___PPT9 FX currency reserve levels are relatively low vs. peer group, cost reduction target reached, Several benchmarks (e.g. funding in domestic currency, FX debt composition) are set up using basic ideas of ALM, With relative success of coordination policy, other possible measures to solve present problems (monetary, sterilisation assets) are less taken into consideration, In time of economic problems, relatively small FX currency reserve levels is not an advantage (countries with too high levels are the benchmarks).P` " 27@ 2q3X\ p  loo  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pPH  0޽h ? ̙33 ~v0(    N]? ?"3 c Conclusions      # l0r%9B}B}B}?f3@ ?"6?@`NNN?N0@ zr.JPM_TEXT_SIZE144___PPT9 AVolatile international flows, and small local market may result in high FX currency reserve levels, causing problems in monetary policy and debt management Unnecessary FX currency reserves levels are costly, reduction can be advisable ALM may be introduced/implemented but practical use is difficult due to lack of comprehensive data, independent actors, and different objectives Co-ordination is needed in case of both inflows and outflows of capital<@ " 23!d  w   ' /        tto  C AT:\MARKETING\AKTULIS\LOGO\AKK Zrt-Logk\AKK_logo_zrt_teljes_EN_300dpi_CMYK.jpg0RB  s *D=,pPH  0޽h ? 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