Ray Perman's Hubris: How HBOS Wrecked the Best Bank in Britain PDF

By Ray Perman

ISBN-10: 0857902296

ISBN-13: 9780857902290

In 1995 financial institution of Scotland celebrated three hundred years as Britain's oldest advertisement financial institution. Voted 'most fashionable bank', revered by means of rivals, applauded by means of traders and relied on by way of shoppers, it seemed ahead to the subsequent 300. lower than 15 years later it used to be bust, reviled as a part of the magnificent cave in of HBOS, the conglomerate it had joined. one of many high-profile sufferers of the credits crunch, its magnificent fall prompted seismic surprise waves during the monetary global. What went unsuitable? Ray Perman, who has the financial institution because the Nineteen Seventies while he was once a monetary instances journalist, exposed the tale from records and dozens of interviews with humans on the best in financial institution of Scotland and HBOS - from being the financial institution of selection for the highrolling Monte Carlo mega-rich to wasting GBP10 billion. it's a cautionary story for our instances. within the advanced global of recent worldwide finance, the bright males who ran the corporate overlooked the straightforward banking principles that their predecessors discovered the tough method 3 centuries prior to.

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Extra info for Hubris: How HBOS Wrecked the Best Bank in Britain

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You would expect this to be the Final Scheduled Distribution Date, however, we do not want to use that date in case we get late-stage recoveries. Specifically, if a loan defaults very close to May 2036 the trust is typically allowed the recovery on that asset. This means our model will extend beyond May 2036 in case we want to capture those recoveries. For this reason, the maximum number of periods should be a reasonable number of recovery periods beyond the Final Distribution Date. In our example model, we will use 500, as it would be odd to expect anywhere close to a 140-month lag between default and liquidation.

These errors can be detected by running combinations of different scenarios and checking the results. Often, prospectuses provide output tables for a given set of assumptions, such as prepayment and default. 4. Verify Verifying that the model is correct is the final step of reverse engineering a transaction. This is largely an extension of the “Metrics” section where the reverse engineer verifies that the model produces results that can be matched up against the documentation. To do this, the reverse engineer needs documentation with results.

You may notice some cosmetic differences between your final model and the example model included on the CD-ROM. This is largely because formatting instructions have not been included. You may want to use the same formatting style as the example model, but you have the option to implement your own formatting as it will have no effect on the model calculation. In addition, some unnecessary summary cells (cells that total up columns) have been left in the example model, but not instructed in the text.

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Hubris: How HBOS Wrecked the Best Bank in Britain by Ray Perman


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