信用风险-CREDITRISK

AnnualReport2003ChinaDevelopmentBank83822003
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Inthefourthquarterof2003,usingtheabovematrixsystemandotherassessmentcriteriajudgementally,wecompletedanassessmentofcredit,marketandoperationalrisksinallareasoftheBank.AllresultsweresummarisedinaRiskProfileReport,whichwassubmittedtoALCO.Inaddition,wehavedevelopedbenchmarkriskmetricsandkeyperformanceindicatorsinordertoevaluatetheeffectivenessofmanagementÕseffortsatmanagingrisk.CDBisexposedtothreeprincipaltypesofrisk-(i)creditrisks,(ii)marketrisks,and(iii)operationalrisk.RISKMANAGEMENT

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&'*CreditriskistheriskthataborrowermaynotmeetitsobligationaccordingtotheoriginalcontractualtermsofitsfacilitywithCDB,anditisthemostsignificantriskfacedbyCDB.Giventhenatureofourlending-largebalance,longtermandhighconcentrationinafewindustries-effectivemanagementofcreditriskisourtopriskmanagementpriority.Ourcreditriskmanagementapproachiscomprisedofthefollowingkeyelements:1.Segregationoftheunderwriting,creditadministrationandriskmonitoringfunctions.2.Soundunderwritingproceduresandqualitycontrolstandardsdesignedtoensureahighlevelofassetqualityup-front.3.Proprietarycreditgradingtechniquesandmethodologiesthatprovideaconsistentbasisforeffectivelymanagingourcredits.4.Portfolioexposureandconcentrationlimitstodiversifyourrisktotheextentpossiblegiventhenatureofourbusiness.5.Robustcollectioneffortsandotherlossmitigationprocedurestoresolvenon-performingloans.

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&'*AnnualReport2003ChinaDevelopmentBank8584RISKMANAGEMENT
SEGREGATIONOFDUTIESTheultimateresponsibilityforcreditriskmanagementrestswithourGovernor.TheAsset/LiabilityManagementandCreditRiskRatingCommittees,whichareindependentofourbusinessunitsandreportdirectlytoourGovernor,havebeendelegatedtheauthorityfordirectingourcreditriskmanagementactivities.TheCreditRiskManagementDepartment,whichreportstotheCreditRiskRatingCommittee,isresponsiblefortheimplementationofourriskmanagementactivities.Throughtheindependenceofthesefunctionsandtheirclearlydefinedroles,CDBhasestablishedclearriskmanagementresponsibilitiesatboththeheadofficeandbranchlevels.Transactionsareexecutedinourbranchesandsubjecttothecontrolsputintoplacebymanagement.
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&'*SOUNDUNDERWRITINGPROCEDURESANDCREDITENHANCEMENTBecauseoftherelativelylargesizeofindividualloansinourloanportfolio,ourunderwritingprocedureshavebecomeverythoroughandstringent.Theunderwritingofourlargeloansalsoinvolvesindustryspecialistswhoarefamiliarwiththeuniquefundingneedsandrelatedrisks.Theygetinvolvedintheprojectduediligenceprocesslongbeforetheactualcreditapplicationissubmitted.Astheapprovaloflocalandprovincialgovernmentsisoftenrequiredforlargeinfrastructureloans,CDBalsoassessesthebudgetarycapacityofthesegovernmentstosupportinfrastructuredevelopmentloansindefault.Whilemanyloansarenotexplicitlyguaranteedbyanygovernmentbody,CDBhasestablishedmutuallyproductiverelationshipswithmanylocalandprovincialgovernmentsthathavefacilitatedthecollectionofpaymentsondefaultedloans.Whencreditapplicationsaresubmitted,thoroughanalysisisperformedbyanindependentunderwritinggroup.TheunderwritingprocessfocusesontheborrowerÕspastcreditperformance,itsfinancialpositionanddebtpaymentcapacity,theproposedcreditfacilitytermsandstructure,itsindustry,localgovernmentsupport(explicitandimplicit)andeconomictrends.Ofcourse,collateralandthirdpartyguaranteesarealsoconsidered.Suchanalysisisnormallypreparedbyboththeloanofficerandindustryspecialisttoensureitsobjectivity.TheapprovalofloansrestswiththeCreditRiskRatingCommittee.
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AnnualReport2003ChinaDevelopmentBank8786RISKRATINGTOOLSANDMETHODOLOGIESWehavestartedthedesignofanInternalBasedRatingsystemthatincludesbothborrower(13grades)andfacilityratings(7grades)inaccordancewiththenewBASLEAccord.Inaddition,wehavealsodevelopedindustryratings(10grades)andgeographic