Banks have raised long-term capital through issue of 1.5 billion in capital notes, convertible debentures, and preferred stock in the last three years. They have borrowed an additional 200 million or more through subsidiaries or affiliates holding title to their premises. The notes and convertible debentures are subordinate to depositors’ claims and are subject to the statutory restrictions on banks’ total borrowings.
In the last decade, and especially in the last four years, the average maturity of bank assets has increased substantially, as the shares of total assets devoted to mortgages, state and local government securities, and term loans have grown. Over the same period, the proportions of cash and short-term government securities have declined. Whether it is called
evolution or innovation, this is a major change in banking practice. The
Lengthening maturity of bank assets, when contrasted with the generally
short maturities of bank liabilities, has aroused concern among bankers
and bank regulators, for it conflicts with the hallowed injunction against “borrowing short and lending long.”
The rapid changes of the last few years have prompted banks to pay more attention to portfolio management techniques. George Morrison and
Richard Selden concluded recently that many of the conventional rules of
thumb in bank asset management are inadequate. “For the most part,”
they say, “the rule...do not assure an adequate liquidity position; nor, except through pure change, could they possibly result in maximum profitability in either the short or long run”[27,p.39].Portfolio management, therefore, may well be one of the most fruitful areas for innovation in future.
在过去十年，尤其是在过去四年中，平均到期的银行资产已大幅增加，由于股份的总资产用于抵押贷款，国家和地方的政府证券，贷款的增长。在同一时期内，该比例的现金和短期政府证券有所下降。无论是所谓的
演化或创新，这是一个重大的改变，在银行业的做法。那个
延长的成熟，银行的资产，当对比，与一般
短期内到期的银行负债，已引起关注，其中银行家
和银行监管机构，因为它的冲突与神圣的禁令，禁止“借短期和长期贷款” 。
快速的变化在过去数年已促使银行更加注重投资组合管理技术。乔治莫里森和
理查德塞尔登结束，最近有很多传统的议事规则
拇指在银行的资产管理是不够的。 “在大多数情况下， ”
他们说， “法治...不保证足够的流动资金状况，也没有，除了通过纯粹的变化，可他们可能导致在最高的盈利，无论是短期或长远而言， ” [ 27 ，临39 ] 。资产组合管理，因此，可能是其中一个最富有成果的领域，创新的未来。
