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FHLB – Not only for advances

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Lutter D. James (Jim) Lutter is the Senior Vice President of Trading and Operations at PMA Financial Network and PMA Securities where he oversees PMA Funding, a service of both companies … Web: pmafunding.com Details Liquidity, liquidity, liquidity; it’s one of the central themes of 2018.  As loan growth continues to expand, liquidity has returned to the spotlight.  Securing diversified sources though a well-defined liquidity plan is at the forefront of discussion. Instead of cannibalizing their local markets to raise funding, financial institutions look to institutional/wholesale sources and the FHLB for advances. However, an often overlooked opportunity is utilizing the FHLB to issue Letters of Credit (LOC) for the securitization of political subdivision deposits. Political subdivisions, or public entities, can be a consistent and stable source of deposits. They are funded through sales and property taxes, user fees and state and federal sources. Their funding cycles are consistent and repeated annually, regardless of the economic cycle. However, due to state statues and individual investment policies, balances in excess of the FDIC insured limits must be secured in order for a financial institution to participate in deposit opportunities. As an alternative to pledged securities, FHLB Letters of Credit can provide an efficient and acceptable form of collateralization for public unit deposits. An FHLB LOC provides many benefits over the use of pledged securities. A financial institution can expand its acceptable forms to include LOC’s, and furthermore, it frees up their security portfolio to be utilized for other liquidity needs. As a securitization method, FHLB LOCs are highly customizable; furthering their appeal to financial institutions and political subdivisions. The LOC can be issued on an individual basis or pooled. As a pooled source, the LOC is issued to a money manager/agent who, in turn, monitors the LOC’s usage and underlying deposits. The Letter of Credit amount can be issued as a fixed or a fluctuating balance. Also, to provide further flexibility, the terms on the LOCs can be written to a specific maturity date or incorporate evergreen language. As a form of collateralization, LOCs provide more flexibility and convenience than pledged securities. Perhaps the greatest advantage is the lack of need to monitor market values as the LOC is a direct obligation of the FHLB, and therefore is not subject to market fluctuations. Although there are many benefits to using an FHLB LOC, it is important to also examine concerns. Perhaps the largest drawback from utilizing an LOC is that it limits your ability to borrow from the FHLB. Also, LOCs are limited to certain types of depositors, but can be a great tool in seeking out political subdivision depositors. Letters of Credit are a highly customizable tool used to streamline and attract public unit depositors. By reducing the need to encumber securities, financial institutions can free up liquid assets to improve their liquidity ratios and mitigate the need to monitor market value fluctuations. As a securitization method, LOCs are a great option and can provide diversification from FHLB advances in your funding mix.Co-Author: Todd A. Terrazaslast_img read more


Arsene Wenger reveals Arsenal’s failed transfer bid for Jadon Sancho

first_imgAdvertisement Jadon Sancho scored his first England’s goals during Tuesday’s 5-3 win over Kosovo (Picture: Getty)Arsene Wenger has tipped Jadon Sancho for super stardom and revealed he attempted to sign England’s teenage sensation for Arsenal.The 19-year-old marked his eighth senior international appearance with his first goals during last night’s 5-3 Euro 2020 qualifying victory over Kosovo.Sancho took the decision to leave Manchester City two years ago given he was unlikely to be able to force his way into Pep Guardiola’s first team plans.Borussia Dortmund won the race to sign one of the most coveted young players in Europe and Sancho has subsequently thrived in the Bundesliga.ADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Jadon Sancho has thrived in the Bundesliga for Borussia Dortmund (Picture: Getty)Ole Gunnar Solskjaer has identified Sancho as one of his primary long-term transfer targets but the winger could have been plying his trade in north London had Wenger been successful in luring the player to London.AdvertisementAdvertisement‘I wanted to take him from Man City when he didn’t get the games,” he told beIN SPORTS.‘I tried to lure him because he’s from London. I tried to get him to Arsenal.‘He’s one of the best players of his generation. He can dribble, he has the arrogance.‘There’s something in there that is part of the big players.‘You can call it arrogance, confidence, belief; but it has to be there.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Advertisement Metro Sport ReporterWednesday 11 Sep 2019 1:09 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link135Shares Arsene Wenger reveals Arsenal’s failed transfer bid for Jadon Sancho Commentlast_img read more