BANKS AND SAVINGS INSTITUTIONS in Visual Studio .NET

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312 BANKS AND SAVINGS INSTITUTIONS
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transactions are short term, the value of the pledged collateral is usually required to be higher than the value of the securities borrowed, and collateral is usually valued daily and adjusted frequently for changes in the market price, most securities lending transactions by themselves do not represent signi cant credit risks However, other risks exist in securities lending transactions, such as market and credit risks, relative to the maintenance and safeguarding of the collateral For example, the manner in which cash collateral is invested could present market and credit risk SFAS No 140 addresses the accounting for securities lending transactions It provides that if the transferor (institution loaning the securities) surrenders control over those securities, the transfer shall be accounted for as a sale, to the extent that consideration (other than bene cial interest) is received in exchange SFAS No 140 states that the transferor has surrendered control over the transferred asset only if all three of the following conditions have been met: 1 The transferred assets have been isolated from the transferor put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership (pars 27 and 28) 2 Each transferee (or, if the transferee is a qualifying SPE (par 35), each holder of its bene cial interests) has the right to pledge or exchange the assets (or bene cial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial bene t to the transferor (pars 29 34) 3 The transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity (pars 47 49) or (2) the ability to unilaterally cause the holder to return speci c assets, other than through a cleanup call (pars 50 54) If all three of the above conditions are met, the securities lending transaction shall be accounted for as a sale, in the following manner:
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Institution loaning the securities Recognizes the sale of the loaned securities, proceeds con-
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sisting of the collateral Also recognizes the forward repurchase commitment
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Institution borrowing the securities Recognizes the purchase of the borrowed securities, con-
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sideration representing the collateral Also recognizes the forward resale commitment Lending securities transactions accompanied by an agreement that entitles and obligates the institution loaning the securities to repurchase or redeem them before their maturity should be accounted for as secured borrowings The cash (or securities) received as collateral is considered the amount borrowed, and the securities loaned are considered pledged as collateral against the cash borrowed Any rebate paid to the institution borrowing the securities is treated as interest on the cash borrowed When the transfer is recorded as a sale, the cash (or securities) received in conjunction with loaning securities should be recognized as an asset and a corresponding liability established, recording the obligation to return the cash (or securities) However, most securities lending transactions are accompanied by an agreement that entitles and obligates the securities lender to repurchase or redeem the transferred assets before their maturity Such transactions will not typically be reported as sales under SFAS No 140 because of the obligation of the transferor to repurchase the transferred assets However, the provisions of SFAS No 140 relating to the recognition of collateral could require that the transfer of securities and related collateral be recorded The principal criterion to determine whether the collateral will be required to be recorded are whether the parties to the arrangement have the right to sell or repledge it If such a right is present, the securities lender records the cash or noncash collateral received as its own asset as well as a corresponding obligation to return it If the securities lender sells the collateral, it would recognize the proceeds and derecognize the collateral The securities borrower will typically not record the securities received or an obligation to return them unless
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