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HSBC Holdings Annual Report and Accounts 2006

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HSBC Holdings Annual Report and Accounts 2006 HSBC HOLDINGS PLC Report of the Directors: The Management of Risk Regulation and supervision Page Regulation and supervision Regulation and supervision1 ....................... 165 (Unaudited) 1 Risk management ...................................... 170 With listings of its ordinary shares in London, Hong Credit risk ................................................... 171 Kong, New York, Paris and Bermuda, HSBC Credit risk management2 ........................ 171 Holdings complies with the relevant requirements Credit exposure3 ..................................... 176 for listing and trading on each of these exchanges. In the UK, these are the Listing Rules of the Financial Credit quality3 ......................................... 192 Services Authority (‘FSA’); in Hong Kong, The 3 Impairment allowances and charges ...... 197 Rules Governing the Listing of Securities on The 2 HSBC Holdings ..................................... 211 Stock Exchange of Hong Kong Limited; in the US, Risk elements in the loan portfolio1 ........ 211 where the shares are traded in the form of ADSs, Liquidity and funding management ............ 213 HSBC Holdings’ shares are registered with the US Policies and procedures2 ......................... 213 Securities and Exchange Commission. As a consequence of its US listing, HSBC Holdings is Primary sources of funding3 ................... 213 also subject to the reporting and other requirements 2 HSBC Holdings ..................................... 215 of the US Securities Act of 1933, as amended, the Market risk management ............................ 216 Securities Exchange Act of 1934, as amended, and Value at risk3 .......................................... 216 the New York Stock Exchange’s Listed Company Trading portfolios2 .................................. 218 Manual, in each case as applied to foreign private Non-trading portfolios2 ........................... 219 issuers. In France and Bermuda, HSBC Holdings is subject to the listing rules of Euronext, Paris and the Sensitivity of net interest income1 ........... 221 Bermuda Stock Exchange applicable to companies 1 Structural foreign exchange exposures . 223 with secondary listings. HSBC Holdings3 ..................................... 223 A statement of HSBC’s compliance with the Residual value risk management1 ............... 224 code provisions of the Combined Code on Corporate 1 Operational risk management ................... 225 Governance issued by the Financial Reporting 1 Legal litigation risk ............................... 225 Council and with the Code on Corporate Governance Pension risk1 ............................................... 226 Practices in Appendix 14 to the Rules Governing the Reputational risk management1 .................. 227 Listing of Securities on The Stock Exchange of Sustainability risk management1 ................ 227 Hong Kong Limited is set out in the ‘Report of the Directors: Governance’ on page 248. Risk management of insurance operations2 .............................................. 228 HSBC’s operations throughout the world are Life insurance business2 ........................... 228 regulated and supervised by approximately Non-life insurance business2 .................... 228 510 different central banks and regulatory authorities in those jurisdictions in which HSBC has offices, Insurance risk2 ........................................ 229 branches or subsidiaries. These authorities impose a 2 Financial risks ....................................... 233 variety of requirements and controls designed to 2 Market risk ............................................. 235 improve financial stability and the transparency of Credit risk2 ............................................... 237 financial markets and their contribution to economic Liquidity risk2 ......................................... 240 growth. These regulations and controls cover, inter Present value of in-force long-term alia, capital adequacy, depositor protection, market insurance business2 ............................. 241 liquidity, governance standards, customer protection (for example, fair lending practices, product design, Capital management and allocation ............ 243 and marketing and documentation standards), and 2 Capital management .............................. 243 social responsibility obligations (for example, anti- 3 Capital measurement and allocation ..... 243 money laundering and anti-terrorist financing Risk-weighted assets by principal measures). In addition, a number of countries in subsidiary1 ............................................ 247 which HSBC operates impose rules that affect, or place limitations on, foreign or foreign-owned or 1 Unaudited. controlled banks and financial institutions. The rules 2 Audited. include restrictions on the opening of local offices, 3 Audited where indicated. branches or subsidiaries and the types of banking and non-banking activities that may be conducted by those local offices, branches or subsidiaries; restrictions on the acquisition of local banks or 165 HSBC HOLDINGS PLC Report of the Directors: The Management of Risk (continued) Regulation and supervision regulations requiring a specified percentage of local calculated on two bases. First, firms must calculate ownership; and restrictions on investment and other their liabilities on a prudent basis and add a statutory financial flows entering or leaving the country. The solvency margin (Pillar 1). Secondly, firms must supervisory and regulatory regimes of the countries calculate their liabilities on a realistic basis then add where HSBC operates will determine to some degree to this their own calculation of risk-based capital. HSBC’s ability to expand into new markets, the The sum of realistic reserves and risk-based capital services and products that HSBC will be able to (Pillar 2) is agreed with the FSA. Insurers are offer in those markets and how HSBC structures required to maintain capital equal to the higher of specific operations. Pillars 1 and 2. The FSA has the right to object, on prudential grounds, to persons who hold, or intend to The FSA supervises HSBC on a consolidated hold, 10 per cent or more of the voting power of a basis. In addition, each operating bank, finance financial institution. company or insurance operation within HSBC is regulated by local supervisors. The primary The regulatory framework of the UK financial regulatory authorities are those in the UK, Hong services system has traditionally been based on Kong and the US, the Group’s principal areas of co-operation between the FSA and authorised operation. institutions. The FSA monitors authorised institutions through ongoing supervision and the In June 2004, the Basel Committee on Banking review of routine and ad hoc reports relating to Supervision introduced a new capital adequacy financial and prudential matters. The FSA may framework to replace the 1988 Basel Capital Accord periodically obtain independent reports, usually from in the form of a final Accord (commonly known as the auditors of the authorised institution, as to the ‘Basel II’). Details of the EU’s implementation of adequacy of internal control procedures and systems Basel II and how this will affect HSBC are set out as well as procedures and systems governing records on page 244. and accounting. The FSA meets regularly with HSBC’s senior executives to discuss HSBC’s UK regulation and supervision adherence to the FSA’s prudential guidelines. They UK banking and financial services institutions are also regularly discuss fundamental matters relating subject to multiple regulations. The primary UK to HSBC’s business in the UK and internationally, statute is the Financial Services and Markets Act including areas such as strategic and operating plans, 2000 (‘FSMA’). Other UK primary and secondary risk control, loan portfolio composition and banking legislation is derived from EU directives organisational changes, including succession relating to banking, securities, insurance investment planning. and sales of personal financial services. UK depositors and investors are covered by the The FSA is responsible for authorising and Financial Services Compensation Scheme, which supervising UK financial services institutions and deals with deposits with authorised institutions in the regulates all HSBC’s businesses in the UK which UK, investment business and contracts of insurance. require authorisation under the FSMA. These Institutions authorised to accept deposits and include retail banking, life and general insurance, conduct investment business are required to pensions, mortgages, custody and branch share- contribute to the funding of the scheme. In the event dealing businesses, and treasury and capital markets of the insolvency of an authorised institution, activity. HSBC Bank is HSBC’s principal authorised depositors are entitled to receive 100 per cent of the institution in the UK. first £2,000 (US$3,927) of a claim plus 90 per cent of any further amount up to £33,000 (US$64,794) FSA rules establish the minimum criteria for (the maximum amount payable being £31,700 authorisation for banks and financial services (US$62,241)). Payments under the scheme in respect businesses in the UK. They also set out reporting of investment business compensation are limited to (and, as applicable, consent) requirements with 100 per cent of the first £30,000 (US$58,903) of a regard to large individual exposures and large claim plus 90 per cent of any further amount up to exposures to related borrowers.
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