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>The impact of higher capital requirements on cost of capital for DNB Bank ASA : will increased capital requirements for Norway’s largest bank increase interest rates charged to consumers?
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The impact of higher capital requirements on cost of capital for DNB Bank ASA : will increased capital requirements for Norway’s largest bank increase interest rates charged to consumers?
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机译：较高的资本要求对DNB Bank ASA的资本成本产生了影响：挪威最大的银行的资本要求增加会增加对消费者收取的利率吗？
The financial crisis of 2007-2008 affected the financial sector worldwide. After the crisis, regulatory bodies and governments implemented stricter capital requirements for banks and financial institutions in order to cushion the impact of similar shocks in the future. In Norway the government aims to impose even stricter regulations than the Basel III-accord require. In opposition to the new rules DNB, Norway’s largest bank, claims the new rules will increase their capital cost and therefore increased their mortgage lending rates by 0,3 percentage points.This paper aims at assessing the quantitative impact of higher primary capital in the capital structure of DNB Bank ASA. We intend to determine whether higher equity will lead to a higher cost of capital, which in turn will imply a higher interest rate on loans extended to customers. We will estimate DNBs capital structure under future Basel III standards and Norwegian legislation. We also estimate the effect of proposed Norwegian rules for stricter risk weighting of mortgages in DNBs assets. We apply the Capital Asset Pricing Model to calculate the regulations impact on the cost of capital for DNB Bank ASA under various scenarios.We find that stricter capital requirements lead an increased cost of capital for DNB Bank ASA. Their cost of capital increases from 1.26 % under Basel III to 1.38 % if we introduce the new Norwegian RWA-rules and capital requirements. The effect of rising cost of capital for DNB Bank ASA is justified to lead to increased lending rates costs for consumers, but does not justify the magnitude of DNBs rate increase of 0.3 percentage points in March 2013.
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机译：2007-2008年的金融危机影响了全世界的金融部门。危机过后，监管机构和政府对银行和金融机构实施了更严格的资本要求，以减轻未来类似冲击的影响。在挪威，政府旨在实施比《巴塞尔协议III》所要求的更为严格的规定。挪威最大的银行荷兰国家银行（DNB）反对这项新规定，称新规定将增加其资本成本，因此将其抵押贷款利率提高0.3个百分点。本文旨在评估较高的初级资本对该国资本的量化影响。 DNB Bank ASA的结构。我们打算确定更高的股权是否会导致更高的资本成本，这反过来又意味着向客户提供的贷款利率更高。我们将根据未来的巴塞尔协议III标准和挪威法律估算DNB的资本结构。我们还估计了提议的挪威规则对DNBs资产中抵押的风险加权更加严格的影响。我们使用资本资产定价模型来计算法规对DNB Bank ASA在各种情况下的资本成本的影响，我们发现更严格的资本要求导致DNB Bank ASA的资本成本增加。如果我们引入新的挪威RWA规则和资本要求，其资本成本将从《巴塞尔协议III》下的1.26％增加到1.38％。 DNB Bank ASA的资本成本上升的影响被认为导致消费者借贷利率成本增加，但在2013年3月DNB利率上调0.3个百分点的幅度方面，其理由不成立。
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