Lietuvos bankų investicijų struktūros analizė

LTInvesticinio portfelio kokybę bei priklausomybę nuo įvairių išorinių ir vidinių veiksnių lemia portfelio struktūros ypatybės. Šiame straipsnyje įvertinamos Lietuvos bankų investicijos akcijų ir skolos vertybinių popierių rinkoje. Ekonominė analizė padeda nustatyti investicijų struktūros kitimo priežastis ir prognozuoti Lietuvos bankų aktyvumą vertybinių popierių rinkoje. [Iš leidinio]

ENBanks are important participants of the securities markets. Sound and good practice of banking requires more information about investment structure and formation. Despite the fact that Lithuanian banks become more engaged in securities activity their investment structure still lacks scientific research. The purpose of this article is to analyze Lithuanian bank investments according to the main structure indices Banks arc the main investors and intermediaries in the state debt securities market. The main features of the state debt securities market that attract banks attention are: 1.High profitability of the state debt securities of the developing countries; 2.Liquid secondary market; 3.Low trading costs. Lithuanian banks are the main investors in Lithuanian government securities. Lithuanian banks averagcly purchased 71% of all Lithuanian state debt securities in the period from the mid of 1997 to the mid of 1999. Lithuanian state banks are active in debt / treasury securities market. State banks investments in state debt securities were especially high in the period from the end of 1997 to the mid of 1999. The largest part of Lithuanian banks equity securities portfolio consists of long-term investments. Investments in subsidiaries more than doubled in the period 1997-1999. Foreign investments of Lithuanian banks have grown from 3.4% to 5.2% in the same period.The main conclusions of this research are: 1. Lithuanian banks actively invested in state debt securities because of their liquidity and high interest rates. 2. Diminishing state banks investments in state debt securities market is a positive process. It reveals diminishing government influence on the state banks. 3. Low tradable investments in equity securities point out that Lithuanian banks use a passive investment strategy. 4. Vilniaus and 'Hermis' banks actively invested in equity securities from the mid of 1997 to the end of 1999. This can be related with Vilniaus bank efforts to capture bank 'Hermis'. 5. Private Lithuanian banks invest in equity securities more actively than state banks. 6. High increase of Lithuanian banks investments in foreign securities in 1998 was followed by slight reduction of those investments in 1999. The cause of this is diminishing investments in CIS countries and losses in CIS countries securities value. 7. Inclusion of higher rated foreign securities in Lithuanian banks securities portfolios should have a positive influence on the results of Lithuanian banks investments. [Text from author]