Impact of the Financial Crisis on Barclays Bank - Dissertation Example

?Impact of the financial Crisis on Barclays Bank – A Case study Table of Contents Chapter Introduction 3 Background and the Motivation 3 Research Question 4 Research Method and Data 4 Research Structure 4 Chapter 2: Literature Review 7 Impact of Financial Crisis on the Banking System of UK as a whole 7 Regulatory Developments on the wake of Financial Crisis 9 Chapter 3: Research Methodology 11 Research Method 11 Data Collection 12 Reliability and Validity of the Research 12 Chapter 4: Impact of Financial Crisis on Barclays Bank 14 Business Perspective 14 Financial Perspective 16 Asset Quality 17 Chapter 5: Key Findings 20 Chapter 6: Conclusion 21 Reference 22 Barclays. (2009). Barclays Bank PLC Annual Report 2008. [Online]. Available at: http://group.barclays.com/cs/Satellite?blobcol=urldata&blobheader=application%2Fpdf&blobheadername1=Content-Disposition&blobheadername2=MDT-Type&blobheadervalue1=inline%3B+filename%3D2008-Barclays-Bank-PLC-Annual-Report.pdf&blobheadervalue2=abinary%3B+charset%3DUTF-8&blobkey=id&blobtable=MungoBlobs&blobwhere=1231864052351&ssbinary=true. [Accessed on April 10, 2012]. 22 Bibliography 26 Chapter 1: Introduction Background and the Motivation The latter half of the year 2008 had seen rapid weakening of the overall global economy and also established that no part in the world is inaccessible from turbulence in the worldwide financial markets. Though initially the crisis was thought to be one of solidity, distressing only a small number of organizations, it had developed to be a more extensive problem necessitating state involvement. The financial crisis went on to affect the banks and other financial services company across the world. In the United States, around 25 banks were not successful to bring themselves out of the impacts of recession in 2008. Regardless of a high decline in the central bank interest rates across the world, the rates of interbank lending continued to be persistently elevated. This demonstrated that the banks lacked confidence in each others’ financial security. This resulted in a rigorous drop in both personal as well as corporate credit in addition to a fast recession in the housing and construction markets. In the United Kingdom, owing to the financial crisis, the Bradford and Bingley Building Society was nationalised during the end of 2008 and then partly sold to the Spanish Group Santander Bank. During the same period, the UK Government also partly nationalised the feeble Royal Bank of Scotland (RBS). At the outset, the government acquired a 58% stake of the RBS Group, but in due course by the end of 2009, it raised its ownership to around 84%. The Governments across the world had to take measures to save several of the illiquid and undercapitalised banks. The UK Government also efficiently assisted the Halifax Bank of Scotland (HBOS), which was in severe financial problem. The HBOS, which is principal mortgage lender in UK, was merged with the Lloyds TSB group in the year 2009.The UK Government acquired an ownership of around 43.4% in this joint business (Jefferys, 2010). Other banks like the Barclays and the HSBC, which are headquartered in the United Kingdom, did not have to be nationalised. However, they were required to raise capital by issuing new shares, so as to maintain their capital ratios. This study examines the impact of the financial crisis on Barclays Bank in a comprehensive manner, attempting to assess the magnitude of the impact and the actions taken by the Bank to revive it (University of Liverpool, n.d.). Research Question What was the impact of the financial crisis on Barclays Bank? Research Method and Data Considering the subject of the research, a qualitative approach had been chosen as the research method. For a thorough understanding of depth of the financial crisis’s impact on the Barclay Bank, the study would accentuate on the review of relevant articles and journals. In addition to this, the approach would be to evaluate the financial reports of the Bank so as to assess and compare its financial condition prior to and after the financial crisis. Research Structure Research Structure is an overview of how the research will be carried out and the layout the research will follow. This research will be following the flowing layout. Chapter One: Introduction This chapter will include the basic introduction of the topic under discussion, followed by the reason and motivation for studying the particular issue. Research the main problem and the methods by which the research will be carried on. Finally stating how the research will be organized. 1.1 Background and the Motivation 1.2 Research Question 1.3 Research methodology 1.4 Organization of the dissertation Chapter Two: Literature Review The second chapter will discuss about the previous studies carried out by other researchers in the relevant field in context of the impact of financial crisis on the banking system of UK as a whole and the regulatory developments on the wake of financial crisis 2.1 Impact of Financial Crisis on the Banking System of UK as a whole 2.2 Regulatory Developments on the wake of Financial Crisis Chapter Three: Research Methodology This chapter would consist of a discussion on the selection of the appropriate sample and the sources used to collect it. It would also include an analysis of the findings and the methods. 3.1 Research Method 3.2 Data Collection 3.3 Reliability and Validity of the Research Chapter Four: Impact of Financial Crisis on Barclays Bank The fourth chapter will discuss the impact of financial crisis on the Barclays Bank. For a comprehensive analysis, this chapter would present the effect of the financial crisis on Barclays from the perceptive of business, finance as well as asset quality. 4.1 Business Perspective 4.2 Financial Perspective 4.3 Asset Quality Chapter Five: Key Findings This chapter will state the results from the review and findings after the comprehensive study of the Barclays Bank’s position before and after the financial crisis. Chapter Six: Conclusion and Implication of the Research Finally, this chapter would state the implications of the research for further development and further research. This would be done by stating the objectives and the summary of the research and summarizing the results by comparing with existing researches. Additionally, it would also include a discussion. References Giving appropriate references for the data used throughout the research. Chapter 2: Literature Review Impact of Financial Crisis on the Banking System of UK as a whole The Global Financial Crisis (GFC) started in early 2007 and was represented by the media as “credit crisis” or “credit crunch”. An unavailability of credit in this industrialised world came into picture in this financial crisis. At the initial time of GFC it was assumed that the lack of liquidity in the developed as well as developing countries is the key reason for this worldwide financial disaster. The crisis lasted longer than expected. As a result of this, a number of financial institutions in US and UK collapsed in September, 2008. This financial crisis has had a negative impact on many areas of the UK financial system. Many funding areas of the credit market were largely affected by this credit crunch. These are following. Liquidity decreased in interbank market: The financial institutions especially the investment banks have been lending to each other very lower than as usual. The reason is that the banks have been well aware about the solvency of other institution and don’t want take high risk rather they want to keep the cash reserve for themselves (Allen, Babus & Carletti, 2009, p.10). Decreased individual wholesale funding: Wholesale funding refers to funding through money market instruments like mutual funds. The investors reduced the investment for the commercial paper issued by banks rather they moved to comparatively safe investment like in sovereign debt and gold (Adir, Berry, Martin, Greg & McGreal, 2009, p.5). Decreased bond insurance and lending: Net Bond insurance come down to new low point since previous five years i.e. in third quarter of 2008, it became lowest. Financial institution became less willing to extend the existing as well as new credit to the individuals and businesses. The scenario of financial crisis showed that bank lending dramatically fall from US$768 in 2007 to US$401 in 2008. Borrowing cost became higher: As lending by the bank became very lower due to the economical instability, the bank increased the borrowing cost to increase the operational revenue. This strtegy6 was taken by the bank to main the sustainable business operation in the financial market. Overall result was insufficient liquidity in the market. Economically it is called recession period of the economy (Turner, 2009). This financial crisis so called recession also has affected the credit facilities in number of ways; following are the key affected areas. Interest rates: Interest rate on lending between each other of the financial institutions in UK is called London Inter-Bank Offered Rate (LIBOR) and it is fixed by British Bankers Association. At the initial time of the financial crisis, financially healthy banks in UK were confident to credit to the comparatively weaker banks or small financial institutions and as a result the LIBOUR had been increased rapidly. A direct negative effect of this came into the economy i.e. the lack of liquidity in the market due to high interest rate. Insolvent lenders: Certain big financial institutions became insolvent like Lehman Brothers and after this both the lenders as well as the borrowers became aware of the issues coming out about other many large financial institutions (ActionAid, 2009). The new credit system was also affected by this credit crisis. It results market disruption, insolvency of the financial institutions, provisions for debt buyback etc. Regulatory Developments on the wake of Financial Crisis The banking system of UK is currently in better position because of the effective implementation of three desired solutions. These are efficient supervision of the banks in the UK, national sovereignty on banking operations and developing integrated banking market of European Union. To overcome this financial disaster the UK treasury unveiled multi billion pounds as for restoring confidence in the overall banking system (The Telegraph, 2008). Many regulatory measures were taken by the UK government at the time of recession to become financially healthy. Banking Act, 2008; This act was formed by the UK treasury under the “Special Provision Act” in order to have the power of transferring the securities to the public. This act was extended until February 20, 2009 to excess the power which can be for the following reasons; The treasury considered that if the act was not made there would be a serious threat for the UK financial system which could not maintain the stability of the financial system. This financial assistance was provided for the benefit of the financial institutions and the building societies in order to protect the public interest (PLC, 2009). Banking Act, 2009; The enactment of this act came into action in February 21, 2009. The main purpose of this act is to strengthen the protection of depositors and provide efficient mechanism for the dealing with the banks in crucial financial period. The rules of this new act were for the administration and waking up the business operations of the most affected banks in Wales and England. Broadly this is to enforce the compulsory liquidation of the public securities by the banks to enhance liquidity into the market. The main difference of this act from the previous one was that it was formed to focus on the protection of bridge bank and the private sector purchaser and the failed bank’s property transfer (PLC, 2009). Recapitalisation scheme of banks: This scheme was made to facilitate to the incorporated banks of UK which had substantial business in the UK market both debts as well as equity and also for the building societies i.e. the promoters. This scheme was launched in April 15, 2009 and extended up to October 13 as other banks in UK also included in this facility later on. Credit guarantee scheme: This scheme was launched for an interim period of financial crisis. This is a government guarantee for the medium and short term debt issuance for the assistance of the financial institution which raised tier 1 capital to refinance the obligations of wholesale funding. Asset protection scheme: This scheme was made to protect some eligible institutions from the loss of future credit on assets. There was a high probability of uncertainty of the performance of the asset in that financial condition of the world. Lloyds Banking group and Royal bank of Scotland group participated in this scheme (ActionAid, 2009, p.17). Measures by Bank of England: A special liquidity scheme was formed by BOE to the banks which were drawing down until January 30, 2009. A discount window facility was made to the banks which are allowed to swap sufficient collateral for the securities issued by UK government. Another important scheme was asset purchased facility which was made for the banks and other non banking financial institutions for the purchase of high yield private assets. Chapter 3: Research Methodology In this section of the study, research technique, data collection as well as validity of the empirical research are presented. First, research method used had been discussed and the rationale for choosing this method is mentioned. Subsequently, data collection and how it was accomplished will be discussed. It includes the process of the data collection and the selected of data sources. Finally, the reliability and validity of the research has been discussed briefly. Research Method The approach employed in this study is qualitative as well as descriptive in nature. Qualitative research would be advantageous because it offers intricate documented description of the experience on a particular research aspect. Moreover, it is more flexible and permits superior spontaneity as well as adaptation on the basis of the subject of the research. Qualitative techniques are best suited for descriptive researches as they focus on open-ended queries and enable the interviewee to answer in a more descriptive manner, rather than having to choose set responses. Shank (2002) had termed qualitative research as a mode of methodical empirical inquiry into implication. Methodical enquiry follows a planned, controlled and public approach following guidelines agreed upon by associates of the qualitative research community. By empirical, the researcher implied that this type of investigation is based in the world of occurrence. Inquiry into meaning implies that researchers try to comprehend how different people interpret their experience of the occurrence. According to Denzin & Lincoln (2000), qualitative researcher requires examining issues in their natural settings, trying to interpret or to understand the occurrence in terms of the interpretations other researchers bring to them. This study is descriptive and explanatory in nature as it illustrates and discusses the how the global financial calamity influenced the Barclays bank from the perspective of existing literature and articles as well as the financial and others reports of the bank. Data Collection Since the approach employed in this study was based on the case study of Barclays Bank, relevant data were collected from multiple sources such as historical researches, journals and articles, declarations and statements made by Barclays bank, financial statements of the bank, documents, and participant observation among others. In other words, the data collection techniques used in this study involved literature review, data review, observation, and case study analysis of Barclays bank. An important aspect of the data collection used in this research study is the utilization of number of data sources to enable triangulation during the process of data study. This justifies the use of several methods while data collection (University of North Carolina Wilmington, n.d.). However, it should be noted that observation was the imperative element of this research on the impact of financial crisis on Barclays bank, though they were improved and supported by other facts and data. Reliability and Validity of the Research Reliability of the research refers to the constancy as well as the repeatability of the outcome of the research. On the other hand, validity implies whether the researcher has been able to assess the incident or event he/she intended to evaluate (McKinnon 1988). Golden-Biddle & Locke (1993) stated that in a research that is qualitative in nature, validity as well as reliability is associated to sense of belief such as plausibility and dependability. McKinnon (1988) had stated that there are certain attributes that could jeopardize the aspects of reliability and validity of the study. The attributes mentioned by McKinnon (1988) were observer prejudice; observer caused hazard, restrictions and intricacies of the human mind and in conclusion the restrictions related to data accessibility. On the contrary, Chapman & Ahrens (2006) claimed that checking the reliability and validity of the research was not sufficient and that emphasis should be given to the aspect of plausibility as well. In order to address the discussed aspects, the research study was carried out on the basis of review of prior studies on the impact of financial crisis on financial institutions. To maintain the validity and reliability of the study, the qualitative research was based on the analysis of the financial crisis’s impact on the banking system of UK in general and Barclays Bank in particular. A case study approach was followed, so as to enable a comprehensive assessment of Barclays Bank and the magnitude of the impact that the financial crisis had on the Bank. Chapter 4: Impact of Financial Crisis on Barclays Bank Business Perspective Three among the top four banks in UK reported a profit in the second quarter of the financial year 2009. despite the fact that a massive financial crisis engulfed the world a year before. But this profit was only in the area of the non-recurring items, not for assets and capitals. Barclays reported in the results of 2nd quarter of 2009 that profit increased 8.4 percent in last 52 weeks. This increase of profit was due to buy-back of debt worth ?1,192 million of Barclays Capital. Impairment charges like the employee cost increased because of the acquisition of the North Business of Lehman Brothers in 2008. Profits fell dramatically in the commercial banking business as well as retail business by 42 percent and 62 percent respectively. Total assets of the bank decreased. Two key factors highly influenced this decrease of asset. These are reduction in loans and advances and derivative balances. The bank moved towards more foreign exchange rather concentrated on domestic landings. At the same time customer current as well as term deposit also decreased (Barclays, 2009, p.9). There was a huge negative impact of recession on the retail business of Barclay as well as other top three banks in UK. After two years of starting of the recession i.e. mid of 2009, all the major four banks including Barclay reported that profit had been decreased far more than the mid 2008. Barclay reported in second quarter result that profit before tax decreased to ?268 million from ?690 million in the half year ended in 2008. This deterioration in the performance of retail business was due to the some key reasons. Non-interest income reduced very fast in 2nd half of 2008 due to the customer withdrawal of single premium payment based insurance product and even reduced in the fees more. Margin on domestic funding of Barclay reduced due to lower funding and deposit margin also fallen down. Overall funding cost became higher and also it had not been by the asset reprising. Due to the lower operational revenue the unemployment raised and for this reason the arrears level increased. So the overall decline in the retail business of Barclay was due to the backdrop of sustainable growth in consumer lending (KPMG, 2009, p.15). The retail business of the bank also had to face the bad impact of overdraft court case. The building society, office of Fair Trading and Seven major banks started a case to analyse the legality of unauthorised institutional as well as personal overdraft charges. At the time of financial crisis these financial instructions offered more than 90 percent of the current accounts in UK. The court judgement against this test case was that these financial institutions’ historic and current charges are capable for testing by the court but the court could not charge penalties for this. These financial institutions further appealed to the House of Lords but the same was awaited for longer investigation. This cases had a major impact on the current accounts holders in the UK and they started withdraw the accounts from the banks and Barclay faced a huge loss in the current net interest income as it had a large no of institutional as well as individual current account which used to provide a large contribution in the bank’s operating revenue (Barclays1, 2010, p.8). Finally, Barclay’s global retail banking cluster took place in the time of recession was in four different area of the bank’s worldwide business. These were Barclay card i.e. credit card and loans, Barclays business in Africa, Western Europe retail banking and UK retail banking. Financial Perspective There was a major negative impact of the global financial crisis on Barclay’s financing. At the beginning of the financial crisis the bank was bound to take lending of ?1.6bn from the Bank of England on August 30, 2007. This lending to the Barclay’s bank by BOE was act as lender of last resort because at that time the bank was unable to settle down their debts with the other banks at the end of each day trading. At this point of time there was a worldwide rumour that the bank is going to liquidate but the actual reason behind this lending was due to the technical problems in the bank’s computerised settlement network. Barclay’s shares dropped 9 percent on November, 2007. The bank was temporarily suspended from trading of its share due to the rumour of ?4.8bn bad debts in the US market (KPMG, 2009, p.6). In February, 2009, Barclays Bank in Uganda decided to close its business operation in this country due to banks operational revenue at this country was so lower at that time so that the bank had to lay off about 200 of its employees (Chinaview, 2009). The negative impact of recession on the Barclay is reflected through its year ending financial results of 2008. Profit before tax of Barclay group was declined to ?6,035m, a 155 decline from 2007 year end. This declined in its profit was largely due to the massive losses in the credit market. Profit after tax increased 2% from 2007 and this was due to 12% reduction on the tax on profit because of its noticeable acquisition of Lehman Brothers North American Business. Barclay capital was affected by the challenging market condition in mid 2008, especially when the world economy was deep into the recession. Income of Barclay Capital fallen down 27% than 2007 i.e. ?1,888m which reflects gross loss of ?6,290m to credit market. In UK there was a huge increase in the impairment charges in retail banking sector which reflected the UK banking sector was going deeper into the recession. Operating expenses also increased 9% from 2007 year end as the bank started diversifying its retail business into comparatively lower effected market across the world (Barclays, 2009, p.8). The effect of recession remains largely on the Barclay’s business in 2009 also. Yearend report of 2009 reflects the extent of impact of the financial crisis and the recovery by the bank. Net profit increases 96% from 2008 and this major was possible mainly due to the buy-backs and extinguishment. Total income of the bank grew by 34% from next previous year. In 2009 the bank already done some acquisition to expand its business mainly to diversify its retail business and that is why operational cost increased (Barclays1, 2010, p.7). In January, 2009, the British government started to nationalise the banking industry. For this purpose the government decided to inject ?37 billion to the banking industry mainly the top five banks in the UK. This huge amount of money was a large percentage of the taxpayers’ money. By this process the major percentage of the stake of each of these banks would be public ownership. But Barclay rejected this proposal and they did not want to sell their stake to the public. Instead of this rejection of the government’s proposal Barclay raised over ?7 billion of new capital from the market which includes ?2 billion from the dividend cancelation and rest ?4.5 billion from the private share holders both the new as well as existing share holders of the company (The Telegraph, 2008). Asset Quality Asset quality persisted to get worse owing to the unrelenting decline in economic circumstances, in addition to corporate failures, declining property rates and augmented unemployment. The utmost impact was visible in case of the corporate loans. Majority of the banks in UK experienced considerable raises in impairments. In order to identify with the major trends in the banking sector, it would be advisable to divide the study into parts: Personal Loans The escalating unemployment levels have resulted in amplified arrears levels and as an outcome a large number of borrowers are at the present in negative equity. Both secured impairments and unsecured impairments saw noteworthy rises. Nevertheless, in comparative terms, the raise in secured impairments was larger than that in unsecured portfolios. Corporate Loans The declining property costs in addition to a raise in corporate failures have led to the persistent downgrade in asset quality. Corporate loans were the largest and the foremost contributor to the augmented impairment levels throughout the banks in the United Kingdom (KPMG, 2009). Impaired assets (Source: KPMG, 2009) The figure above shows the growth of impaired assets compared to loans and advances to customers since June 2007. This ratio gives an indication for the quality of assets. Barclays Bank had documented impaired loans worth ?19.9 billion, which was a raise of 27.0 % from ?15.7 billion at the end of the year 2008. The values of impaired loans as well as advances to clients amplified throughout all areas. The impaired loans computed as a percentage of gross loans and advances augmented to 4.5 % from 3.1 % for wholesale clients. For the retail clients the percentage rose from 3.7 % to 5 %. The major amplifications in the value of wholesale impaired loans were observed in the Barclays Capital as well as the Barclays Commercial Bank (KPMG, 2009, pp. 33-37). On the other hand, in the Retail sector the amplification was impelled by UK Retail Banking in addition to Global Retail & Commercial Banking, chiefly in Absa. The percentage of credit risk loans amongst the retail secured mortgage services augmented by 43 % since the end of 2008. This rise was impelled by Absa Home Finance where the balances of loans enlarged considerably on account of the weakening economy. Rise in the loan balances were also observed in UK Home Finance, led to the decline in UK house prices and reflected the recessed economy. Similar trends were also visible in Spain, as economic circumstances got worse. The percentage of credit risk loans in the unsecured as well as other retail portfolios have amplified by 28 % since the end of 2008. This was also motivated by Absa, a subsidiary of Barclays, which was effected severely by the weakening economy. In Barclaycard US, the worsening credit circumstances led to growing delinquency rates. In a similar manner as the economic circumstances worsened, the customer indebtedness augmented in Spain. Barclays documented an enhancement in impairment cover from 41.9 % in the end of 2008 to 44.3 % in the mid of 2009. The most important reason in this raise was amplified coverage of Credit Market exposures (KPMG, 2009, pp. 33-37; Barclays Bank Delaware, 2012). Chapter 5: Key Findings Barclays bank was largely affected by the global financial crisis in its overall business perspective as well as financial perspective. According to both the analysis some important findings can be highlighted which reflects the extent of impact this global recession. According to the business perspective the bank faced a massive decline in its global retail business. In UK the retail business declined more than other regions due to the risk factor of the bank’s liquidation. Although it was perceived by the existing customers of the bank then also they started withdraw their current account from the bank. The increase in fees of overdraft influence this individual as well as instiututional current account holder’s tyo withdraws or to stop their transaction with the bank and the bank faced a huge loss in its operational revenue. Secondly the bank faced losses in credit lending to the small medium real estate institutions who did not able to pay the money to the bank due to their customers also took housing loans from the same bank and bank was facing problems both the side. In financial perspective Barclay faced huge loss which is reflected by financial numbers of the two conductive years’ annual reports i.e. 2007 band 2008. Barclay’s business in 2009 had a major recovery from the recession and end of the year of 2009 the bank proved that it was able to recover its position in the global investment as well as retail bank without taking the help from the government. The bank started loss in net profit in 2007 and net profit was lowest in 2009 in last five years of its business. To reduce risk of concentrated geographical risk of the economy the banks started diversify into different market where comparatively lower effect of financial crisis was there. Chapter 6: Conclusion Global financial impact had a major impact on most of the financial institutions around the world especially developed as well as developing countries. As Barclays Bank is one of the top five financial institutions in UK, so, it was also badly affected by this global financial crisis along with the overall banking industry in UK. A massive loss the bank incurred in the time of the recession in 2007 and 2008 due the maximum loss in the credit market business of the bank. Being an investment bank it had a huge lending in the credit market in mostly UK and as well as other developing countries as well as other under developed country like South Africa and Uganda. Barclay had to close down its some of the overseas business due to the lack of operational revenue which could not bear the operational expenses like the salary to its employees. These factors influenced the existing customers as well the shareholders of the company to pensive the risk of liquidation of the overall Barclay group. But this was not happened because of some effective strategy by the bank to acquire some other banks business in potential market and bank’s further funding into some other potential medium scale business in Europe. The interest earned from these used to cover its operational cost of worldwide business. At the same time many sold their large percentage of stake to the tax payers but Barclay did not do that and it proved its confidence of its own capabilities to recover in the financial result of year end 2009 and thereafter. Reference ActionAid. (March, 2009). Where does it hurt? The impact of the financial crisis on developing countries.[Pdf]. 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