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• W2992917587 abstract "1. Introduction After the recent financial crisis a new round of market turmoil on the occasion of the financial indebtedness of the Greek public sector has began. The rating agencies failed to provide helpful insights on the main causes of the crisis in an efficient way. On the contrary, they negatively reassessed their reviews (rating levels) regarding governments' debt and banks' financial strength. This article starting from the above necessity constructs a framework for a new rating approach of the banking industry based on transparency and responsibility. The work is organized as follows: First, in Section I the major items for European Monetary Union, European legislation for the banking sector and the main financial figures of European banking industry are presented. European Banking Institutions operate in this financial, monetary, and economic environment since 2002, following the introduction of Euro. Then the construction of the framework for banks' rating follows according to the work by Alnoor Bhimani and Kazbi Soonwalla (2005) for corporate responsibilities continuum by changing and adding components suitable for the banking industry. Section II presents the Corporate Financial Reporting (CFR) standards that banks follow globally. Section III presents the Risk Management Procedures (RMP) followed by banks focusing on solvency ratios according to Capital Adequacy (CAD), Basel I and Basel II procedures. Section IV analyses Corporate Governance procedures, especially the index that presents the level of the Corporate Governance within a Bank (GOV-Index). Section V discusses issues of Corporate Social Responsibility (CSR) and Sustainable Development (SD) of a bank in order to incorporate these items into the proposed framework as rating components. Section VI examines Stockholders' Value Creation (SVC), mainly with Value Based Management (VBM) indexes. Section VII presents the global rating system and the rating agencies. Section VIII chooses from Macroeconomic and Monetary environment indexes that have an impact on the ratings of banks in order to integrate some external economic environment indexes in the banks' rating system. Section IX presents the proposed framework for rating of the banking industry, while Section X presents a simple model for measuring banks' financial health by using data of the Greek Banking Industry. Finally, Section XI presents the conclusions and recommendations for the construction of a holistic--multivariate Rating System for the Banking Industry. 2. European Legislation for the European Banking Industry Based on the works of John H. Rogers (2007), John Goddard, et al (2007) and by collecting data from various reports from the European Central Bank and the Central Bank of Greece the present study describes the environment established in the European Monetary Union (EMU). Then the legislation and directives that regulate the banking industry in EMU as well as the main accounting and other quantitative figures of the banking sector of EU as follows: 1. European Monetary Union European Monetary Union starts form 1957 and till has followed a certain economic integration timeline: * 1957 Treaty of Rome Established customs unions * 1970s Informal joint float of several European currencies versus dollar, which called The snake * 1979 European Monetary System Formal network of mutually pegged exchange rates (France, Germany, Italy, Denmark, Ireland, Luxemburg, Netherlands) * 1986 The Single European Act (Europe 1992) Enabled eventual completion of the internal market; remove internal barriers to trade, capital, and labor * 1991 Maastricht Treaty meeting Envisioned economic and monetary union (EMU) to begin * 1991 Specified convergence criteria for EMU admission; call for harmonization of social policy stage 2 to begin1/94 * 1989-92 EMS developments Spain ('89), Britain ('90), Portugal ('92) added; Italy and Britain leave after 9/92 crisis harmonization of the value-added tax (VAT); the internal market is realized * 1997 Stability & growth pact Specifies medium-term budgetary objectives for EMU * 1998 EMU members decided Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Portugal, Spain * 1999 Euro launched single monetary policy for all EMU, set by ECB; all monetary policy actions and most large-denomination private payments conducted in euros; national currencies irrevocably fixed, continue to circulate for 3-year transition period * 2001 Expansion of EMU Greece joins (1/01); possible next-round entrants identified * 2002 Euro circulates national currencies removed from circulation 2. …" @default.
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• W2992917587 date "2011-11-01" @default.
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• W2992917587 title "Measuring a Bank’s Financial Health: A Case Study for the Greek Banking Sector" @default.
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