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They kept close contacts with the investor public, both directly and through commercial banks. Thus, between the end of the nineteenth century and the First World War the development banks created in Europe were largely owned by private capital and concentrated their resources in large companies. After the Second World War various development banks were created whose principal characteristic was the important role governments played in them.

As once again noted by Diamond ibid. As a result the institutions created in this period maintained a strong relationship with national development plans for industry and agriculture. Therefore, despite the role played by the government, the institutions were created obeying a basic rule, which was that the allocation of long term resources should be made through financial institutions guided by a logic of private operation 2 2 By the logic of private operation, we want to refer not simply to the search for profit, but to the quest for efficiency that characterizes the concession of credit by a financial institution in comparison with loans made directly by the government.

This period also saw the emergence of a series of development banks in developing countries, notably in Asia. From the moment when the principal development banks created during the twentieth century became institutions that depended on public funding, it can be said that they intermediated fiscal resources for the projects chosen, in other words, these institutions could not be openly seen as banks, either because the funding was hegemonically public or because the choices made involve criteria other than the pure and simple search for profit.

In fact these institutions sought to obtain positive externalities since projects were chosen on the basis of broader criteria than profit alone. Since the s a greater diversification of operations has been observed among these institutions, as they moved away from being simply lenders to industry Bruck, , p.

Changes also occurred in the way that banks were financed, although government funding continued being extremely important in the cases in question Bruck, idem, p. Another aspect that needs to be mentioned is that in the post-war period development banks became more important institutions in developing countries, in contrast with the role they performed in the central countries. Also noted was a gradual move of emphasis from base industries to technological modernization.

This fact reflects, without a doubt, a characteristic of these institutions, which is that they are accessories to the development process. This is the reason why they have been losing importance in central countries and are still essential in developing countries. The analysis of the historical experiences of development banks becomes confused with the discussion about the role of the state and public banks in the financial market. The emergence of these institutions, thus, starts with the consensus that some type of government intervention in the financial market should exist, in order to increase its efficiency in the allocation of resources and to reduce the level of risk to which financial institutions are exposed and in the ultimate instance to favor economic development.

As a result, the constitution of public banks - including development banks - is seen as one of the ways that the state can act in financial markets, but not the only one. Other alternatives are market supervision; the contracting of private services by the government; the formulation of financial policies with specific objectives aimed at the financial market or for selected productive sectors, or a combination of these forms.

The principal justification of the state's actions in the financial market is based on two distinct approaches: a the market failure model; and the b Post-Keynesian model. The market failure approach starts with the criticism of the hypothesis that markets - whether financial or not - are efficient.

Market failures are seen as transitory or permanent conditions that prevent the efficient operation of some markets and, thus, prevent the prices and volumes traded from reflecting the relevant set of information about the benefits, costs and risks that guide the behavior of supply and demand. In this approach financial markets are characterized as markets where asymmetrical information exists and in which imperfect competition rules, amongst other market failures. It is as a form of supplanting these problems that the need emerges for the state to intervene in these markets Sobreira, According to this approach it is possible to implement proposals with a more interventionist nature, basically in the form of directed credit policies, supported by public resources and the creation of development banks and public banks in general.

Nevertheless, also according to this approach, development banks in particular do not figure as explicitly recommended forms of action Stiglitz, , p. Even so it is possible to justify the actions of public banks based on the credit rationing model - which results from the assistance of asymmetrical information and the limited risk propensity of banks. Under these conditions credit incentive policies for groups suffering from rationing can be implemented through public banks.

The Post-Keynesian focus is similar in part to the market failure approach, but by emphasizing uncertainty in the trading of rights over future income - and, therefore, emphasizing the fact that at the moment when the financial decision has to be taken some relevant information simply does not exist and what is in play is not a problem of the cost of or access to information - it affirms that there is no guarantee of the efficient allocation of resources Kregel, As a result the resources developed by dealing with uncertainty and its effects on the financial market have limited effectiveness, maintaining the condition of the inefficiency of the financial market from the micro-economic point of view.

In this way individual attempts at protection become the source of macroeconomic inefficiency. According to this focus this fact justifies the regular actions of the government in the financial market in order to reduce macroeconomic instability, thereby reducing the level of uncertainty that affects the financial market, and controlling the financial fragility of the system and finally by containing the short-term tendency of the financial market Carvalho, ; Studart, Also justified is the regular action of public and development banks as forms of expanding the macroeconomic efficiency of the financial market.

This is due to the fact that the government is subject to the same information limitations associated with uncertainty that hinder the calculation of the probability of the success of certain ventures by the private sector. In these cases the only form of compensating the incompleteness of the financial market in the sectors most affected by uncertainty is for the government to directly assume the risk that the private sector prefers not to. One of the principal functions of development banks in this focus is the assumption of risks in sectors with important positive externalities for economic development.

This function implies two important differences between development banks and private financial institutions in relation to the administration of risks. First, development banks need to develop risk control strategies distinct from those used in the private sector, since the nature of these risks is different in the two types of institution. Second, development banks should be submitted to distinct rules of prudential risk control.

It is also worth noting that more indirect forms of state action in the financial market are advocated by a group of theories that suggest market freedom financial liberalization theories , according to which the state should act to reduce market failures and the level of uncertainty that affect financial markets to inoffensive levels.

This is the case of prudential regulation policies aimed at the reduction of systemic risk. Based on the elements presented in the two previous sections, it is possible to advance a concept of development banks. As has already been noted, this is not intended to be a general theory, but rather is necessary to allow a discussion of the risks associated with the operations of these institutions and the adequacy of implementing the rules of Basle II by these banks.

Development banks can be classified as one of two types: in the first type the development bank is merely seen as a financial institution. In the second it is seen as a hybrid institution, with multiple functions associated with the development process. According to the more restricted focus the development bank assumes a passive posture in relation to the development process, acting as a bank whose function is to meet the demand for funds spontaneously generated by ongoing investment and not met in any satisfactory form by the existing financial system.

This is typically the focus of market failures as presented above. In this case the financing of repressed demand by long term credit is the principal function of a development bank. In the broader focus Bruck, e ; Pena, ; UN-Desa, , development banks participate more actively in the development process. Furthermore, in the more restricted focus, the development bank - despite the fact that it complies with the requirement of functionality for economic development - ends up acting in a pro-cyclical form with the same dynamics as a private bank.

Therefore, its operations expand during expansive phases of the economic cycle and contract during recessive phases. According to this focus the functionality of development banks during contracting phases is seriously compromised. It is in this phase when the estimated risk of new investments is elevated, at the same time that the incentive for the assumption of risks falls.

Therefore, the role of a development bank becomes of extreme importance. What is desirable is that the development bank plays an anti-cyclical role, i. In other words, it is up to development banks not only to meet the already existing demand for long term funds not met by the financial system, but also to stimulate new demand through the implementation of investment stimulation programs in sectors considered to be strategic.

These functions are difficult, if not impossible, for private financial institutions to implement, thus the predominance of government capital is naturally imposed in this case. Therefore, it is not only the focus on long-term financing, or the financing of important sectors for economic development in a determined period, that distinguishes a development bank from other types of financial institutions.

It is the commitment of financial aid to the national economic development process that differentiates it from other institutions which might come to exercise this function. As a result the predominance of the public sector in the structure of capital and, consequently, in the management of development banks is not a mere historical detail, but is something that has to be considered as one of the defining aspects of this type of institution.

When prudential regulation behavior is analyzed it can be noted that this fundamentally applies to commercial banks, in other words to those institutions that operate the payment system. The Basle Agreement Basle I was a response to a belief that the principal threat to the stability of the banking system came from credit risks accepted especially, but not exclusively, by US banks. The focus of Basle I was precisely credit risks and its main form of action was imposing the creation of a minimum level of owned capital proportional to the exposure of the bank to credit risks.

Basle I functioned in an adequate manner if we consider that its aim was to equalize the competitive conditions of internationally active banks in relation to the costs of obedience to the regulations. Any other lens through which Basle I is analyzed shows an agreement that is quite unsatisfactory in its terms.

Both as the codifier of prudential practices and as the inducer of advances in the risk administration methods used by banks, Basle I did not reach a minimum level of efficiency. As an inducer of improvements in the methods of risk administration the agreement is, in the best of hypotheses, innocuous.

This is because there is no stimulus for banks to invest resources in their own models of risk contention, since this will not result in any alteration in relation to the capital that the institution should accumulate, because the risk classification is given externally to the bank. Basle II, in contrast, was designed with another philosophy, which was to encourage the regulated institutions to adopt more advanced methods of risk administration.

For this reason it was decided that the new regulation system should operate through the creation of incentives for the adoption of more advanced methods of risk management, similar to those of the market. Therefore, for the three risks which Basle II is concerned with - credit, market and operational - alternative adjustment possibilities are defined depending on the investment each bank makes in its own measurement and risk control models.

The expectation is that more sophisticated methods of measurement and risk control will lead to the creation of ever smaller coefficients of capital, allowing the most advanced institutions to save capital. The main purpose of Basle II is not, however, the adoption of specific models of risk administration, but rather the creation of incentives that can induce banks, at their own decision, to seek continuous improvements in their methods of dealing with the problem. Basle II, thus proposes the objective of molding the operation of financial markets in such a way that banking institutions seek at their own initiative and interest to reduce their exposure to credit, market and operational risks.

As noted in Section 2, development banks cannot be characterized in a satisfactory manner in a general definition. Nonetheless, it is possible to identify some of their characteristics that can be found with reasonable frequency.

The principal characteristic is the mission of providing long term loans to finance investment in companies. The US is the only country in the Top ranking to feature more banks than China, although the gap is narrowing. Out of the nine Chinese banks in the top 20, four have seen double-digit increases in pre-tax profits — In previous years The Banker has reported that while Chinese banks had larger balance sheets and achieve larger profits than their nearest US peers, in relative terms the leading US banks appeared more efficient at generating profit than their Chinese counterparts.

This no longer appears to be the case. In , US banks held For the most part, the major US banks have held fast to their positions from the previous year. Bank of America also remains in sixth position. However, Wells Fargo has fallen from seventh place to ninth position in the rankings, enabling Citi, previously in eighth place to jump up one position.

Even before Covid, Wells Fargo had been grappling with a number of challenges on its journey back towards better performance. So, it is not surprising that its total assets have remained largely flat. Its Tier 1 capital has also slightly fallen by 0. Goldman Sachs, the only other US bank in the top 20, has fallen from 16th position in the rankings to 20th.

Despite its Tier 1 capital increasing by 8. Morgan Stanley, which saw its Tier 1 capital increase by It has jumped from 26th position in to 21st this year. And, unlike other banks, they have not been encumbered by the challenges of managing large retail and business loan books during the pandemic. US banks have not been alone in seeing their pre-tax profits fall: in total, of the banks in the Top this year had lower pre-tax profits than last year, and 38 banks made a loss.

Of those 38, 18 are in Europe and the six banks with the highest losses are all in Europe. All three banks are currently undertaking actions that will make a substantive impact on their operations. Though the new entity does not have a substantive overseas presence unlike rivals BBVA and Santander , it will be a major player in the domestic Spanish market.

In February, Commerzbank announced a major restructuring programme, which includes cutting 10, staff, more than a fifth of its workforce, as well as the closure of of its branches. The bank is hoping that slashing its costs and improving its digital offering will pave the way for better performance. As for UniCredit, change at the top is likely to dictate a shift in direction.

In May, Mr Orcel indicated that he wanted to move the bank into a new phase focused on growth and opened the door to acquisitions of smaller Italian rivals — something that Mr Mustier had previously ruled out. At a country level, Ireland, Greece, Spain, Portugal and Cyprus all had pre-tax losses at an aggregate level. Key measures of profitability for the region have slumped even further this year. Return on equity, already at a none-too-impressive 5. However, one notable standout success story within Europe is Deutsche Bank.

It tops the table of the 10 biggest movers from losses to profit. It has moved up one position from ninth to eighth position, with its Tier 1 capital increasing by 8. In the long term, the bank is pegging its hopes on Asia-Pacific and the Middle East to deliver growth in the coming years; the bank already generates most of its income from business done in Asia-Pacific.

Although both have seen year-on-year falls in pre-tax profits of Japan — which in and had four banks in the top 20 of the ranking — is now back down to just two. MUFG has held its ground in 10th position, with a marginal increase in Tier 1 capital. Sumitomo Mitsui has dropped from 14th position to 16th, despite increasing its Tier 1 capital by 7.

Mizuho, which had been in the top 20 since is now in 22nd position; and Norinchukin Bank — which made the impressive leap from 28th position to 18th in , then dropped to 19th in — has since fallen to 25th place in the rankings. Outside of the largest players represented towards the top of the rankings, it has been a similar story down the rankings in terms of those banks, and economies, under pressure. Eight out of the nine countries represented within the Top saw aggregate pre-tax profits decrease year-on-year.

The one exception is Egypt, which had a 3. Though this is significantly down on the Egypt has also maintained its strong growth in Tier 1 capital, increasing by As a whole, the region has been able to maintain its steady growth, with aggregate Tier 1 capital increasing by 7.

In Latin America including the Caribbean the situation is more universally challenging. For all but two out of the 15 countries Guatemala and Uruguay , aggregate pre-tax profits have fallen, and for several aggregate Tier 1 capital has fallen too. Middle Eastern banks have also had a difficult year, with aggregate pre-tax profits falling by However, having fully completed its merger with Alawwal Bank another Saudi Arabian bank in March this year, the bank will be hoping for better fortunes.

One of the most obvious impacts is visible in the allowances for loan losses that many banks have had to set aside in anticipation of souring loans caused by the widespread and persistent economic disruption witnessed across the globe. However, the picture varies considerably by region. The three countries with the largest year-on-year increases in allowances for loan losses are the US A possible explanation for the higher figures for the US relates to accounting rules.

This is a significant development, as it means that US banks must effectively front-load their response to expected losses that may occur at any time during the life of the loan. The majority of other jurisdictions operate under International Financial Reporting Standards IFRS 9 rules, which includes a tiered approach on when and how to account for expected credit losses depending on what stage of credit risk or credit impairment a financial asset is judged to be at. In effect, this means the figures for US banks may be somewhat amplified when compared to international peers, and vice versa.

Impairment charges costs that recognise the diminishing value of assets, included on the income statement that is, resulting in a reduction in profits have also increased considerably. Although impairment charges can relate to assets other than souring loans, they are likely to have been a significant driver in the increases in this period.

China, followed by the US, have the two highest levels of aggregate impairment charges in the world. However, given that they are the two countries with largest banking balance sheets this is perhaps unsurprising. The US has seen far from the most extreme increases in impairment charges, however.

To fully understand the impact of these charges, though, they should be viewed in the context of their impact against operating income. And while these countries may have seen the highest aggregate increases, they are not the hardest hit. Portugal, where aggregate banking impairment changes account for It is followed by Kuwait, with a ratio of Given the continuing high levels of economic support being provided by governments and central banks across the world, it may be some time before the real effects of the pandemic are felt in relation to loan losses in many jurisdictions.

However, despite the challenging circumstances facing banks over the past 18 months, the banking sector does appear to be far more resilient a decade or so on from the global financial crisis — and not only in terms of healthy levels of capitalisation ensuring that there has been no existential threat posed by the difficulties of the pandemic. Bolstered by government support programmes, banks have also expanded their lending, with aggregate gross total loans increasing by However, the pandemic has been a period of extremes.

While many businesses and individuals have suffered terrible financial outcomes as a result of the disruption, in other parts of the global population that have been able to continue working, the enforced home working and lockdowns that limited their spending opportunities have resulted in a big boost to savings. In the short term, particularly while interest rates remain so low, this influx of capital will be a source of cheap funding for many banks.

The new entity is branded under the First Horizon name and operates across 11 states in the south-eastern US. For comparability and consistency, we convert all the data used in the Top into US dollar values. However, year-on-year depreciation in the value of some currencies can have the effect of suppressing the position of some banks within the ranking.

All eyes were on Eastern Bank Corporation as it went public in October , one of the few initial public offerings of the year by a US bank. As one of the oldest and largest mutual savings banks in the country, some believe that its demutualisation signals an appetite for acquisitions.

Importantly, the move allowed the bank to increase its assets by It also jumped up places in the Top ranking, to th. The regional tie-up created the eighth largest bank headquartered in the US south-east. Retaining the South State name, the merged entity enhanced its Tier 1 capital by Sandwiched between the two US mega-risers is another bank from the Americas: Banco Provincia of Argentina, which managed to increase Tier 1 capital by

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