Οι οίκοι αξιολόγησης, ο ρόλος τους στην χρηματοπιστωτική κρίση και αξιολόγηση των ελληνικών τραπεζών
Credit rating agencies, their role in the financial crisis and the rating of Greek banks
SubjectΟικονομικές κρίσεις ; Χρηματοπιστωτικό σύστημα ; Πιστωτικός έλεγχος ; Financial crises ; Credit ratings ; Rating agencies (Finance)
Credit Rating Agencies have a central role in global debt markets, evaluating and rating, the risk of financial products and credit of a financial institution, limiting asymmetric information in capital markets among investors and companies, states, who seeking funding, as we analyze in the first chapter. Ratings, do not constitute investment advice but an evaluation of the probability of bankruptcy by borrowers. The methodology and the evaluation method which are used by rating agencies, may have some differences. Nevertheless, it is fact that the three major rating agencies (Moody's, Standard & Poor's and Fitch), follow similar procedures of credit rating, as presented in the second chapter. In the recent financial crisis of 2007, the reliability of major rating agencies, has suffered significantly, with several concerns be raised about the role, which studied in the third chapter, because of ratings were issued, did not reflect the real risk which has had in financial products, contributing thereby to the creation and expansion of the crisis. The financial crisis that broke out in the subprime mortgage market of the United States, creating a negative domino effect in the global financial system, evolving into an economic crisis, in an closely environment with interconnected economies and secondarily to a debt crisis in some countries of the euro area, such as Greece, as the result of the fact that capital markets have become more cautious and more anxious while rating agencies with massive downgrades of securities of countries, exacerbating the problem, as in the case of Greece, where the rating of Greek bonds in 2011, downgraded, on a status of bankruptcy. Then, initially, it is found that malfunctions and liquidity problems of Greek banking system are the result of the financial crisis, the debt crisis that arose in Greece because Greek banks had not invested, or had invested small amounts in "toxic" bonds and consequently the financial crisis was not the main cause of the problems created in the Greek banking system. The analysis of the above is discussed in the fourth chapter of this thesis. After, it becomes an object of study, the evaluation of three systemic Greek banks (Alpha Bank, Eurobank, National Bank of Greece) during the period 2009-2012, by using the method of CAMELS, where conclusions are drawn, such as capital adequacy, liquidity and profitability of banks in this period. Finally, in the fifth chapter, presents recommendations for the effective functioning of rating agencies, based on the above analysis, to change the payment system of rating agencies in order to avoid conflicts of interest. The significant of providing all available information to investors as well as the necessity to create a single global framework for supervision of credit rating agencies in order to avoid future events that contributed to the deepening of the crisis, are the main conclusions of the work.