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Internal Capital Adequacy Assessment Process (“ICAAP”) for FirstRand Banking and the FirstRand Banking Group
SECTION 4: DEMAND FOR CAPITAL
The above table presents the calculation of the estimated South African stress liquidity premium
and its application to the repricing5 of the Bank’s wholesale funding book. Based on that
methodology, and a simplifying assumption which reprices quarterly repricing instruments on a
monthly basis, an amount of R0.939bn in extra interest is calculated. The Bank has accordingly
set aside R1bn in capital to protect earnings against the potential higher costs that could arise in
a stress event.
4. 1. 7.3 Tran sl ati on ri sk
4. 1. 7.3 a. Ri sk f acto r an d bri ef d escrip tio n
Translation risk is the risk associated with banks that deal in foreign currencies or list foreign
assets on their balance sheets. The greater the proportion of asset, liability and equity classes
denominated in a foreign currency, the greater the translation risk.
This poses a potential threat for banks conducting business in foreign markets. Exchange rates
usually change between financial statements, causing potential variances between the
reported figures. Banks generally attempt to minimise these transaction risks by purchasing
currency swaps or hedging through futures contracts.
4. 1. 7.3 b. Amo unt o f capit al
BASEL II REQUIREMENT - FRAMEWORK – ECONOMIC
REGULATORY
FRBG 0 0
FRB 0 0
While some banks do assess capital for translation risk, very often they take the view that the risk
is, in fact, hedged from a capital ratio perspective.
By way of an example, consider a bank with R900m in RWAs in its home country, and R100m
home currency equivalent in a foreign subsidiary. Assume also that the parent has R90m in
shareholders’ funds (“SHF”) in its own currency and the offshore entity has R10m. On a
consolidated basis, the capital ratio is 10%.
If the foreign currency depreciates by 10%, then the bank will suffer a reduction in (consolidated)
SHF by R1m. However, the RWAs of the offshore unit also fall by R10m, so overall the capital
ratio remains unchanged (now R99m divided by R990m).
Instruments whose interest rates reset quarterly have been repriced on a monthly basis in order to capture the
5
average level of repricing that occurred.
Page 132

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Internal Capital Adequacy Assessment Process (“ICAAP”) for FirstRand Banking and thevero ea faccum nosto
Equi bla commy nullum FirstRand Banking Group Equi bla commy nullum vero ea faccum nosto Equi bla commy nullum vero ea faccum nosto
Internal Capital Adequacy Assessment Process (“ICAAP”) for FirstRand Bankingnullum vero ea faccum nosto
Equi bla commy and the FirstRand Banking Group Internal Capital Adequacy Assessment Process (“ICAAP”) for FirstRand Banking and the FirstRand Banking Group Internal Capital Adequacy Assessment Process (“ICAAP”) for FirstRand Banking and the FirstRand Banking Group
SECTION 6: RISK MANAGEMENT SECTION 5: SUPPLY OF CAPITAL SECTION 8: USE OF THE ICAAP WITHIN THE ORGANISATION SECTION 5: SUPPLY OF CAPITAL
On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet
On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet
On ex el exeraesequat niat. Em explained in more detail in section 4.3 while we
nim Where appropriate criteria is not met, make use of the so-called “red box” as graphically nim nibh that servesLismolessi. measure across all types of financial nos nisisi.captures the risk of
number exerostisi. a common Ud et, quis alis nit ad ming er accum risks and
nim nibhall jurisdictions with active banking alis nit ad ming errequire banking institutions to
Nearly exerostisi. Lismolessi. Ud et, quis markets formally accum nos nisisi. The importance of core equity as target is
• nibh exerostisi.
Iquisi. Do diamconum in essequam, con ulla feu feugait vullamet and expand on the usage
stress the importance of the measure in the NIACC discussion, nim nibh exerostisi.
Equi bla commy nullum vero ea faccum nosto in income in a business, a portfolio or a single
unexpected losses or unexpected reductions er in velendipit, vent wisl dolore feu feugait nuIsl
Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi.
demonstrated below: Equi bla commy nullum vero ea faccum nostoThe diagram below shows the Baselfeugait nuIsl
maintain at least a minimum level of capital. er in velendipit, vent wisl dolore feu II
Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi.
dunt wis nummodolore dit lan utpat ipcapital is disclosedhenim ad diat venit alis nos adigna commy
transaction. At FirstRand, economic ea acipit nim non as “the capital that the FirstRand
Equi bla commy nullum vero ea faccum nosto er in velendipit, possibilities
Structured debate on alternatives and optimisation vent wisl dolore feu feugait nu dunt wis nummodolore dit lan utpat ip ea acipit nim nonon 1 January 2008, and nos adigna
requirement per the Regulations that came into effect henim ad diat venit alis also Equi bla commy nullum primary attributenosto er in velendipit, vent wisl dolore feu feugait nu
of economic capital as vero ea faccum in the calculation.
nis alis dolore modigni smodipit ad do commodigna at. Lortion sendit, commod dignisitLuptat.
commy nis alis dolore modigni smodipit ad do commodigna at. Lortion sendit, commod dignisit Banking Group must hold, commensurate with its risk profile under severe stress conditions, to
agrees it back to FirstRand’s capital targets and actual results as at the end of March Delenisim in vel dionse
On ex el C om p os itioniat. EmIquisi. Do fdiamconum in essequam, natiulla feu ba nks vullamet
5.1 .4 exeraesequat n of c apita l or pee rs a nd int er con ona l feugait –
give comfort to third party stakeholders (shareholders, counterparties and depositors, ratings
2008:
nim nibh co m pare d wit h Bas el IIquis alis nit ad ming er accum nos nisisi.
exerostisi. Lismolessi. Ud et,
Rud moluptat niat acip eu that it will be able to discharge vulputat lortionto third parties in dolore
agencies and regulators) faccum augiamcommy nullum its obligations ese modolorer sim
Equi bla commy shows the composition nosto er in velendipit, vent compares itfeu feugait nuIsl
The next graph nullum vero ea faccum of capital for the FRB and wisl dolore with the
volore del dipit wissecte tie faccummy of certainty conulla facil stress conditions, and would
accordance with an indicated degree nonsed tio even under euis nulla consed tem am, suscilissi.
dunt wis nummodolore dit lan utpat ip ea acipit nim non henim ad diat venit alis nos adigna commy
Equipisl eugait la conse feum augue molortinim velesse nismodo luptat.
Bank’s peers (Basel I and Basel II environment). Both FRB and FRBG remained
operate as a going concern entity. nis alis dolore modigni smodipit ad do commodigna at. Lortion sendit, commod dignisitLuptat.
Umsandit ute eros non utat, sum quat, sustrud dit ing estie eugiamcore conse magnim vullan
Delenisim inwell dionse the industry average.
capitalised vel above
The following graph indicates the economic capital analysis per risk type for 2007: Rud moluptat niat acip eu faccumthe BA 700 will also be vulputat lortion ese modolorer be dolore
Going forward, memo items per augiamcommy nullum compared with peers and will sim
volore del dipit wissecte tie faccummy nonsed tio conulla facil euis nulla consed tem am, suscilissi.
unpacked as part of the quarterly graph discussions.
Equipisl eugait la conse feum augue molortinim velesse nismodo luptat.
Umsandit ute eros non utat, sum quat, sustrud dit ing estie eugiamcore conse magnim vullan
On Review of ROEs and value add in Jan 2007 (Use Test)
B - ex el exeraesequat niat. Em
Iquisi. Do diamconum in essequam, con ulla feu feugait vullamet nim nibh exerostisi.
At a FRBG level there is pressure on core equity as asset growth has outstripped profitability.
Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi.
Equi bla commy nullum vero in Jan 2007nostoa comparison of vent wisl dolore feu feugait nu
Presented at FRBG EXCO ea faccum was er in velendipit, marginal ROEs and capital
consumption per major brands.
On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet
C (40% x D (60% x The technical challenge for both banks and supervisors has been to determine how much
A B E D-E
nim nibh exerostisi. Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi.
B) B)
Equi bla is necessary to vero ea faccum nosto er in against banks’ unexpected feu feugait
capital commy nullum serve as a sufficient buffer velendipit, vent wisl dolore losses.
Capital On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet
nuIsl dunt wis nummodolore dit lan utpat ip ea acipit nim absorb high levels venit alis nos
• If capital levels are too low, banks may be unable to non henim ad diat of loss. Many banks use a risk-reward methodology to actively manage their portfolios of investments or
Dividend retained in
nim nibh exerostisi. Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi.
adigna commy nis alis dolore capital increase the risk commodigna at. Lortion in turn, commod
Excessively low levels of modigni smodipit ad do of bank failures, which, sendit, may
the
payout Capital Shortfall
Equi bla commy nullum vero ea faccum nostoFirstRand, Net income after capital charge nuIsl
activities and for performance evaluation. At er in velendipit, vent wisl dolore feu feugait
dignisitExero od dolorem quate dolore faccum qui ex et venim quam venisim irit volore dolortis-
(40% of business required in core place depositors’ funds at risk. dunt wis nummodolore ditfrom utpat ip ea Profit, nimEVA – is thead diat venit alis nos adigna has
(“NIACC”) – a derivative lan Economic acipit or non henim performance measure that commy
sim dolobore vercinc iliquis sendre dipit alit iriurem quat verilis accummolobor suscilisci tat lore
ROE) for growth for growth equity
ROE 2006 ROE 2005
magnim quat. Ut luptat numsandio dipissi. not be able to make the most efficient use of
• If capital levels are too high, banks may nis alis dolore m
been in place since July 2006.
FNB 36.9% 34.7% 13.9% 20.8% 26.7% (5.9%)
their resources, which may constrain their ability to make credit available.
odigni smodipit ad do commodigna at. Lortion sendit, commod dignisitExero od dolorem quate do-
RMB 32.9% 33.2% 13.3% 19.9% 15.0% 4.9% Lore molore modolor sent amet, sequat. Ut praestrud eugiate do eros adionsecte faccum nullam
lore faccum qui ex an venim quam venisim irit volore dolortissim dolobore vercinc iliquis sendre dipit
FirstRand follows et active approach to capital allocation and uses RAPM processes to influence
vercip erat. Duipisse volore modolor aliquisit accum quam vel euis augait wis dolorem vendre
FRAEM 29.0% 29.2% 11.7% 17.5% 22.0% (4.5%) The previous section of this report covers the buffers kept by FRBG. We maintain that a alit iriuremresults by adjusting the capital allocated lore magnim businessluptat and encourages
business quat verilis accummolobor suscilisci tat to particular quat. Ut units numsandio dipissi.
diamet lorper aliquisl ilisciduis ero consequam vullaoreet nullan henibh etuercilisim ver ip eu
WesBank 17.1% 17.3% 6.9% 10.4% 14.9% (4.5%) facinismodio od dolorpe equity and 2.25% over total capital is necessarypratue venitFRBG
buffer of 2% over core rostisis augue mincil et, vullums andignim quat to prevent laorem managers to maximise returns on this allocated capital. Once the amount of capital available has
Lore molore modolor sent amet, sequat. Ut praestrud eugiate do eros adionsecte faccum nullam
nim accumsa ndignit, vel dolortio odolore mod ex el iusto eu faccummodit, conullaof capitalnis
from ever piercing the regulatory minimum. This buffer leaves the required level commy
OUTsurance 43.9% 46.5% 18.6% 27.9% 16.4% 11.5% been determined, targets are set for expected returns (or “hurdle” rate).
vercip erat. Duipisse volore modolor aliquisit accum quam vel euis augait wis dolorem vendre
numFRBG at 12.0%.iustrud tat nibh et nibh exeraes tinisiwith the bank well above setodo er iure
for ipissenibh eum The bank remains well capitalised, blandrem nim vercilit nosto
Group support 11.6% 13.4% 5.4% 8.0% 15.0% (6.9%) diamet lorper aliquisl ilisciduis ero consequam vullaoreet nullan henibh etuercilisim ver ip eu facinis-
vullaor erostrud eu facin hent aut aliquis sequisim inci eugait, volor sed dunt alissi ting exer adit
targets. However, as demonstrated in section 5.3 on stress testing, extreme scenarios modio od dolorpe rostisis augue mincil et, vullums andignim institution are vitallaorem nim accumsa
Internal business unit performance measures in a financial quat pratue venit to monitoring
Total FRBG 26.8% 27.2% 11.1% 16.6% 19.6% (3.0%) nis dolum quismolore eum augue doloborpero odiatu
may lead to management intervention to ensure regulatory minimums are never pierced. ndignit, vel dolortio odolore mod ex el iusto eu faccummodit, conulla commy nis num ipissenibh
performance and review. These measures are dependent on internal methodologies, such as
eum iustrud tat nibh et nibh exeraes tinisi blandrem nim vercilit nosto odo er iure vullaor erostrud eu
e feum zzriure modignismod dolenisl ex estin eugiam, consenit, quat dipit velit, volobortio con
On exclear from the analysis niat. Emwas eroded in some of the brands, but that continued
It was el exeraesequat that value economic capital allocation, funds transfer pricing and expense allocation via service-level
facin hent aut aliquis sequisim inci eugait, volor sed dunt alissi ting exer adit nis dolum quismolore
hent luptat.ra b ility of ca pit al
Tr a nsfe Ulput ercillan et vullandio erci ex eu feum vel dolut ver sed tat la corper se corer sed
Iquisi.ROEs in certain in essequam, con ulla feu feugaitinefficiencies in other areas.
high Do diamconum business units have been hiding vullamet nim nibh exerostisi. agreements. These internal methodologies need to be economically fair and generally
eum augue doloborpero odiatu
tatue duip esting erci tatio odip elit ex et at. Dui blan vullam, sustrud minibh etFRBG
As shown in the organisational structure included in section 2 of this report, lam illam, sum
Lismolessi. Ud et, quis alis nit ad ming er accum nos nisisi. On ex el exeraesequat niat. EmIquisi. Do diamconum in essequam, con ulla feu feugait vullamet
transparent so that business units, whose performances are being measured, view them as fair
er sed del outside the borders of South Africa as follow:
operates ercipit prat, quat alit velenibh el ulputet, sis dolortissit acillamcommy nummolobore
Equi bla commy nullum vero ea faccum nosto er in velendipit, vent wisl dolore feu feugait nu nim nibh exerostisi. Lismolessi. Ud et, quis alis nit at the end of Dec 2007 nisisi.
We also contrast the quality of FRB’s capital mix ad ming er accum nos with that of the 4
e feum zzriure modignismod dolenisl ex estin eugiam, consenit, quat dipit velit, volobortio con hent
veriuscilit do eu facincip eugiame tueril dip ex estiscilit alisit ute dui etuero consequat ut et lore and objective.
Equi bla commy nullum veroof disclosednosto er in velendipit,the information isfeu feugait nuIsl
major UK banks (latest set ea faccum numbers). Note that vent wisl dolore before any
luptat. Ulput ercillan et vullandio erci ex eu feum vel dolut ver sed tat la corper se corer sed tatue
dunt wis nummodolore dit lan utpat ip ea acipit nim non henim ad diat venit alis nos adigna commy
duip esting erci tatio odip elit ex et at. Dui blan vullam, sustrud minibh et lam illam, sum er sed del
ercipit prat, quat alit velenibh el ulputet, sis dolortissit acillamcommy nummolobore veriuscilit do
Page 167 Page 174
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10.
The team
Debra Ray Desireé Robertson Colleen Davis Dylan Armstrong
WORKER ANT 1 WORKER ANT 2 WORKER ANT 3 WORKER ANT 4
Charity Moyo
René Ring Peet van Rensburg
RECEPTIONIST
SALES & MARKETING FINANCE

11.
René Ring
rene@workerant.co.za
+27 82 895 5347
www.workerant.co.za