Het houden van toezicht op banken (2009)

De economische principes achter het houden van toezicht

Waarom is het houden van toezicht eigenlijk nodig of nuttig? Wat zit daar voor economische logica achter? Het is daarbij aardig het zeer lezenswaardige boek ‘De grote recessie’ (2009) van het Centraal Planbureau te volgen op dit punt.

Het begint eigenlijk met iemand die een goed idee heeft en dat wil realiseren maar daar het benodigde geld niet voor heeft. Aan de andere kant zijn er vermogende mensen die wel het geld hebben maar niet het idee. De ene partij kan de andere helpen waardoor een win-win situatie ontstaat. Het idee wordt gerealiseerd en als alles goed gaat krijgt de geldschieter een passende vergoeding voor het ter beschikking stellen van zijn vermogen.

Moreel risico

Het probleem bij deze transactie is nu dat de geldschieter niet zonder meer weet of de ondernemer van goede kwaliteit is en zuinig met zijn centen zal omgaan. Er is hier sprake van asymmetrische informatie: de ondernemer weet meer over zijn eigen achtergronden en werkelijke beweegredenen dan de geldschieter. In de economie wordt dit ‘moral hazard’ of moreel risico genoemd. Dit probleem kan worden opgelost door iemand in opdracht van de geldschieter het bedrijf en de ondernemer in de gaten te laten houden.

Meeliftersgedrag

Maar er is nog een probleem. In de praktijk zal het niet gaan over een enkele grote geldschieter maar over meerdere kleinere geldschieters. Nu is de vraag wie van de geldschieters de ondernemer in de gaten gaat houden. Hier speelt het tweede probleem, het probleem dat in de economie bekend staat als het ‘free rider’ probleem oftewel in goed Nederlands het meeliftersprobleem. Elke geldschieter ziet het liefst dat iemand anders de controle op zich gaat nemen zodat hijzelf zijn tijd beter en nuttiger kan besteden. Als dit probleem te groot wordt is het eind van het liedje dat per saldo niemand het bedrijf controleert. Hoe deze patstelling te doorbreken?

Banken als bewaker

En dan komt de rol van banken als toezichthouders of bewakers in opdracht van de vele (grotere en kleinere) geldschieters. De banken lossen het meeliftersgedrag en het morele risico op door als intermediair tussen geldschieters en ondernemers op te treden. Ze verdiepen zich in de ondernemers en hun producten en markten en zien toe op een goed bedrijfsmanagement ook op langere termijn. De bank houdt dus toezicht op het risico en rendement van de haar toevertrouwde gelden door het controleren en bewaken van de ondernemers.

Wie bewaakt de bewaker?

Maar we zijn er nog niet. Ook de bank is geen neutrale partij die gratis dingen vanzelfsprekend goed doet voor een hoger doel. Ook een bank is een onderneming die zelf geld verdient en eigen vermogen aanhoudt (en er dus belang bij heeft dat eigen vermogen veilig te houden en anderen het risico te laten lopen als het mis gaat). De vraag is dan dus weer: wie controleert de bank zodat zij hun taak goed uitvoeren, wie bewaakt de bewakers? Hoe weet ik als kleine spaarder dat de bank zijn taak goed uitvoert (moreel risico) en hoe krijg ik als kleine spaarder voor elkaar dat iemand anders voor mij de eventuele controle uitvoert (meeliftersprobleem)? Hier doet de overheid zijn intrede via het bankentoezicht en de depositoregeling. De overheid neemt op deze manier het risico van de schuldeisers van de bank over.

Ontstaan crisis: toezicht omzeild

De wereldwijde crisis heeft uiteindelijk kunnen ontstaan (is mijn lezing van het boek van het CPB) doordat de banken zulke slimme constructies hebben weten te verzinnen dat hun echte verplichtingen deels buiten de balansen bleven en onzichtbaar werden voor de toezichthouders. Toezichthouders hadden onvoldoende zicht op de werkelijke risico’s.

Daarnaast werden banken zich steeds meer bewust dat ze zo groot en belangrijk waren voor de werking van het hele systeem dat niemand het zich kon permitteren ze failliet te laten gaan. Wat betekent dat in termen van de getrapte opbouw van toezicht zoals hierboven beschreven? Dat de uiteindelijke prikkel en noodzaak om toezicht te houden verdween. Dat er een weeffout in de logica was geslopen die het meeliftersgedrag weer volop kans gaf. Omdat banken niet om mogen vallen en de overheid de laatste toezichthouder in de keten van toezicht is, is het de belastingbetaler die uiteindelijk de prijs van mismanagement betaalt. Uiteindelijk betaalt iedereen de prijs en is dus niemand verantwoordelijk. Hierdoor kan iedereen zijn eigen dingetjes doen en korte termijn belangen laten prevaleren zonder dat het hem iets kost.

De moraal van dit verhaal?

Een paar voorlopige conclusies wat mij betreft:

  • Dat toezicht noodzakelijk is en blijft, nu meer dan ooit
  • Dat de keten wordt bepaald door de laatste of zwakste schakel. De overheid moet daarom als ‘zwakste schakel’ van extra wet- en regelgeving worden voorzien. Het CPB boek gaat hier verder op in.
  • Dat effectief toezicht omzeild kan worden bij toename aan complexiteit en ondoorzichtigheid in combinatie met onvoldoende kennis en inzicht bij de toezichthouders.
  • Er is ook nog sprake van wat men in de economie een ‘agency’ probleem noemt (overigens niet als zodanig apart genoemd in de CPB publicatie). Een bank is niet alleen een bank en een ondernemer is niet alleen een ondernemer. Uiteindelijk zijn het personen met hun eigen belangen die concrete taken uitvoeren. Een bank heeft een directeur en een management team. Die voeren officieel de hun toevertrouwde taken uit maar houden daarnaast ook goed hun eigen belang in de gaten (bonussen, carriereperspectief, hobbies, uitstapjes, status etc). De verschillende belangen lopen niet altijd gelijk op. Ook het in de gaten houden van mogelijk divergerende belangen kost geld, de zogenaamde ‘agency costs’.

    • Welke toezichthouder je ook bent: het begint bij het in kaart brengen van de partijen (stakeholders) en hun belangen. Het gaat niet aan om belangen als zodanig ter discussie te stellen. Een belang is wat het is, en dan kun je het maar beter zonder waardeoordeel boven tafel proberen te krijgen. Een belang is wat iemand aanzet tot zijn gedrag en door het niet te benoemen of door het af te keuren verdwijnt het belang immers niet. Ook het belang van de toezichthouder zelf moet hierin worden meegenomen. Als de belangenmatrix helder is, wordt duidelijk waar de belangrijkste problemen en kansen zitten en kan de discussie pas goed starten.

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    145. These males may also not use an AI successfully to assist cut back water. One Other aspect of your results with this steroid will relate to recovery. You ought to notice less time to recuperate from intense workouts and less muscle pain post-workout. Not only will heavier lifting capability contribute to your results with Testosterone Cypionate, but so will the increased endurance and stamina you’re feeling. As Soon As Testosterone Cypionate kicks in, you’ll be able to work out longer than usual, with fatigue not approaching at the point it normally would.
      Even a comparatively low dose will promote increased muscle features, with blast doses that may have your T ranges at 4 instances their typical, allowing distinctive features. New Testosterone Cypionate users shall be very responsive to even average doses and will discover the muscle gains come on massive and fast in the first cycle or two. The main reason people misuse anabolic steroids is to extend lean muscle mass when utilizing them in conjunction with weight training. Superdrol is considered one of the most hepatotoxic anabolic steroids obtainable, together with methyltrienolone. If you are about to go along with anabolic steroids to enhance body efficiency and get in the shape, you might wish to plan your finances rigorously.
      Subsequently, one strategy would be to have an AI prepared if you start to notice swollen nipples. As quickly as our patients start to experience the early phases of gynecomastia, they begin working letrozole at the dosages said above. Nonetheless, an anti-estrogen is often effective in treating high progesterone unwanted effects. When taking this cycle, it’s possible to experience difficulty urinating, which can indicate prostate enlargement. We additionally see trenbolone acetate filter of the physique quicker than enanthate as a result of its shorter half-life.
      While AAS are essentially the most generally talked-about type of steroid, there’s another variety called glucocorticoids or corticosteroids. These are naturally occurring hormones produced in the adrenal glands positioned on top of your kidneys (33). A Number Of circumstances can lead to muscle loss, together with AIDS, persistent obstructive pulmonary disease (COPD), cancer, and kidney and liver disease. Whereas not as common, AAS can be utilized in these populations to help protect muscle mass (9, 10). To increase muscle power and energy beyond the natural limit, some folks turn to substances like anabolic-androgenic steroids (AAS). Many performance athletes incorporate IGF-1 LR3 post-workout to reinforce muscle growth, pace up restoration, and help fat loss.
      Therefore, if Anavar is taken with the intention of bulking and gaining lean mass, then a small calorie surplus may be adopted to enhance muscle and energy outcomes. Most anabolic steroids offered on the black market are UGL (underground laboratories). This is actually produced in a non-certified laboratory and poses a excessive risk to the buyer, as there are not any rules in place to ensure product safety. Our feminine sufferers have reported feeling depressed and have skilled low libido upon cycle cessation. Dave Crosland, the founding father of Crosland’s Hurt Discount Companies, has additionally found testosterone and estrogen ranges to be deficient in females post-Anavar (24). Anavar causes significant intracellular water retention, leading to constantly full and pumped muscles throughout the day. Such muscle fullness, mixed with Anavar’s diuretic properties, can lead to extra outstanding vascularity.
      We have seen bodybuilders take Equipoise as an various alternative to Deca Durabolin, which is a barely more effective and more androgenic compound. Testosterone is one other potent anabolic steroid, sometimes taken to add giant quantities of muscular hypertrophy (size) and strength within the off-season. Apparently, we’ve found anti-estrogens (such as anastrozole) to be efficient inhibitors of progesterone receptor expression and thus cut back the chance of gynecomastia in our patients (4). Deca Durabolin has low estrogenic properties, with just a 20% aromatization price of testosterone. Nevertheless, we find that Deca Durabolin users can experience estrogen-like side effects due to it significantly increasing progesterone. Deca Durabolin is a slow-acting steroid containing long esters; therefore, cycles sometimes last as long as 12 weeks. In one study, Deca Durabolin was given to 18 males experiencing joint pain.
      Oily pores and skin isn’t something to be involved about; nonetheless, pimples could be extreme and extreme in customers who are genetically vulnerable to it. Hair loss, thinning, or recession on the scalp is frequent when using these two steroids as a result of heightened ranges of DHT (causing damaged hair follicles). We discover trenbolone is extra generally utilized when bulking and making an attempt to add mass, as its anabolic results considerably outweigh its fat-burning properties. Trenbolone is considered one of the most potent anabolic steroids, each by way of outcomes and side effects. One of the biggest signs of utilizing anabolic steroids is violent and aggressive behavior. A 1996 examine discovered that users of men utilizing anabolic-androgenic steroids were more more likely to present heightened aggressiveness than non-users [2]. Depending on why you should take prednisone, you might have other remedy options.
      Dianabol, or in short Dbol is more used for bulking, but also assist to protect strength. But you are in a place to do nothing in case your pockets doesn’t support the expenses required for running a steroids cycle. Since many of the chemical users don’t stop to first steroid cycle and go further with more superior stacks, you must take this into consideration and plan long-term outgoings.
      The first four come filled-in based mostly on the FFMI data supplied by Kouri and Brennan, however you can mess around with different assumptions to see how they have an result on the calculations. Cell C10 (odds a random individual in a inhabitants is drug-free) is entirely as much as you, and it affects the percentages of someone’s natty-ness with a given FFMI on the third web page. Relative energy is the amount of weight you’ll have the ability to lift, relative to how massive you might be. That’s what I goal to do on this article to tie this series together and put a pleasant little bow on it.
      They cut back swelling in the membranes lining the nose and the sinuses. In allergic rhinitis, they cut back symptoms corresponding to a runny nose or sneezing. In sinusitis, the spray helps to make it simpler to breathe via the nostril. Side results might include dry membranes lining the nostril, as nicely as nosebleeds.
      Abruptly stopping prednisone can lead to a severe condition often identified as an adrenal disaster. With Out prednisone to behave as a cortisol substitute, the physique may not have sufficient of the hormone to perform properly. You can cease taking prednisone in case you are not capable of tolerate these unwanted effects, however this could never be carried out suddenly or without a healthcare provider’s steerage.
      Anybody who pursues the event of their physique via weight training and food plan can name themselves a bodybuilder. There are no official statistics on GH use in bodybuilding, however it’s a protected bet to assume it’s prevalent in any respect levels, with the professionals doubtless utilizing it with out exception. Dosages for higher-level enhanced male pro bodybuilders ranged between 300 and 4000 mg/week of complete substances, whereas dosages for high-level enhanced female bodybuilders ranged between 30 and 200 mg/week. Up until lately, we had no studies taking a look at steroid utilization in high-level professional bodybuilders, and the pros aren’t drug tested. The carbohydrate consumption of the bodybuilders within the review was relatively low.

      References:

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