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29 November 2021
SURVEY OF MONETARY ANALYSTS
ECB Survey of Monetary Analysts (SMA), December 2021
English
26 November 2021
WORKING PAPER SERIES - No. 2617
Markups and inflation cyclicality in the euro area
English
- Abstract
- Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation remained stubbornly stable and low in the euro area over the past two decades. For this purpose, we exploit a rich firm-level database to show that over the period 1995–2018 the aggregate markup in the euro area has been on the rise, mainly on account of a reallocation towards high-markup firms. We document significant heterogeneity in markups across sectors and countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we find that (i) inflation in high-markup sectors tends to be less volatile than in low-markup sectors and (ii) inflation in high-markup sectors responds significantly less to oil supply, global demand and euro area monetary policy shocks.
- JEL Code
- D2 : Microeconomics→Production and Organizations
D4 : Microeconomics→Market Structure and Pricing
N1 : Economic History→Macroeconomics and Monetary Economics, Industrial Structure, Growth, Fluctuations
O3 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights - Network
- Price Micro Setting Analysis Network (PRISMA)
25 November 2021
WORKING PAPER SERIES - No. 2616
Nowcasting euro area GDP with news sentiment: a tale of two crises
English
- Abstract
- This paper shows that newspaper articles contain timely economic signals that can materially improve nowcasts of real GDP growth for the euro area. Our text data is drawn from fifteen popular European newspapers, that collectively represent the four largest Euro area economies, and are machine translated into English. Daily sentiment metrics are created from these news articles and we assess their value for nowcasting. By comparing to competitive and rigorous benchmarks, we find that newspaper text is helpful in nowcasting GDP growth especially in the first half of the quarter when other lower-frequency soft indicators are not available. The choice of the sentiment measure matters when tracking economic shocks such as the Great Recession and the Great Lockdown. Non-linear machine learning models can help capture extreme movements in growth, but require sufficient training data in order to be effective so become more useful later in our sample.
- JEL Code
- C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
C45 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Neural Networks and Related Topics
C55 : Mathematical and Quantitative Methods→Econometric Modeling→Modeling with Large Data Sets?
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
25 November 2021
WORKING PAPER SERIES - No. 2615
Quantitative easing and corporate innovation
English
- Abstract
- To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate Sector Purchase Program. Companies eligible for the program increase significantly their investment in R&D, relative to similar ineligible companies operating in the same country and sector. The evidence further suggests that by subsidizing the cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative companies with low debt levels, rather than by supporting credit constrained firms.
- JEL Code
- E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
G10 : Financial Economics→General Financial Markets→General
O3 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights
24 November 2021
OCCASIONAL PAPER SERIES - No. 285
To be or not to be “green”: how can monetary policy react to climate change?
English
- Abstract
- Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the monetary policy stance, it interacts with fiscal and structural responses and it can generate dislocations in financial markets, which are impossible for monetary policy to ignore. Next, we survey several possible ways central banks can respond to climate change. These range from protective actions to more proactive measures aimed at mitigating climate change and supporting green finance and the transition to sustainable growth. We also discuss the constraints and trade-offs faced by central banks as they respond to climate risks. Finally, focusing on the specific challenges faced by inflation-targeting central banks, we consider how certain design features of this regime might interact with, and evolve in response to, the climate challenge.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
24 November 2021
SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREA
Survey on the Access to Finance of Enterprises in the euro area - April to September 2021
English
English
24 November 2021
RESEARCH BULLETIN - No. 89
Bank leverage constraints and bond market illiquidity during the COVID-19 crisis
English
English
- Abstract
- The outbreak of the coronavirus (COVID-19) pandemic led to heightened uncertainty and a “dash-for-cash” in March 2020. Investors moved out of risky assets and into safe assets. The mutual fund sector in particular was hit by unprecedented investor redemptions and faced fire sale pressure as a result. Typically, banks that engage in securities trading – dealer banks – absorb such bond sales, supporting market liquidity, but regulation may limit their ability to do so by requiring them to maintain a certain leverage ratio. In recent research, we analyse the role of bank leverage constraints as an amplifier of bond market illiquidity during the March 2020 crisis. Our analysis links mutual funds bond holdings to dealer banks and their leverage constraints. We document that mutual funds that were holding more bonds exposed to dealer bank constraints in their portfolio faced bigger selling pressure in March 2020. We provide supplementary evidence that bank leverage constraints affect bond liquidity, using the introduction of leverage ratio regulation in the euro area.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
22 November 2021
WORKING PAPER SERIES - No. 2614
Credit growth, the yield curve and financial crisis prediction: evidence from a machine learning approach
English
- Abstract
- We develop early warning models for financial crisis prediction by applying machine learning techniques to macrofinancial data for 17 countries over 1870–2016. Most nonlin-ear machine learning models outperform logistic regression in out-of-sample predictions and forecasting. We identify economic drivers of our machine learning models using a novel framework based on Shapley values, uncovering nonlinear relationships between the predic-tors and crisis risk. Throughout, the most important predictors are credit growth and the slope of the yield curve, both domestically and globally. A flat or inverted yield curve is of most concern when nominal interest rates are low and credit growth is high.
- JEL Code
- C40 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→General
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
F30 : International Economics→International Finance→General
G01 : Financial Economics→General→Financial Crises
19 November 2021
WORKING PAPER SERIES - No. 2613
What goes around comes around: How large are spillbacks from US monetary policy?
English
- Abstract
- We quantify spillbacks from US monetary policy based on structural scenario analysis and minimum relative entropy methods applied in a Bayesian proxy structural vector-autoregressive model estimated on data for the time period from 1990 to 2019. We find that spillbacks account for a non-trivial share of the overall slowdown in domestic real activity in response to a contractionary US monetary policy shock. Our analysis suggests that spillbacks materialise as Tobin’s q/cash flow and stock market wealth effects impinge on US investment and consumption. Contractionary US monetary policy depresses foreign sales of US firms, which reduces their valuations/cash flows and thereby induces cutbacks in investment. Similarly, as contractionary US monetary policy depresses US and foreign equity prices, the value of US households’ portfolios is reduced, which triggers a drop in consumption. Net trade does not contribute to spillbacks because US monetary policy affects exports and imports similarly. Finally, spillbacks materialise through advanced rather than emerging market economies, consistent with their relative importance in US firms’ foreign demand and US foreign equity holdings.
- JEL Code
- F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
C50 : Mathematical and Quantitative Methods→Econometric Modeling→General
18 November 2021
WORKING PAPER SERIES - No. 2612
Natural rate chimera and bond pricing reality
English
- Abstract
- We build a novel macro-finance model that combines a semi-structural macroeconomic module with arbitrage-free yield-curve dynamics. We estimate it for the United States and the euro area using a Bayesian approach and jointly infer the real equilibrium interest rate (r*), trend inflation (π*), and term premia. Similar to Bauer and Rudebusch (2020, AER), π* and r* constitute a time-varying trend for the nominal short-term rate in our model, rendering estimated term premia more stable than standard yield curve models operating with time-invariant means. In line with the literature, our r* estimates display a distinct decline over the last four decades.
- JEL Code
- C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
17 November 2021
FINANCIAL STABILITY REVIEW
Financial Stability Review, November 2021
English
English
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
Sustainability of recent euro area investment banking strength and debt capital market intermediation
Financial Stability Review Issue 2, 2021
English
- Abstract
- Investment banking revenues have contributed markedly to the recent increase in euro area banks’ non-interest income growth and the rebound in bank profitability. Internationally, equity capital market (ECM) revenue has doubled in the last three years, while debt capital market (DCM) and merger and acquisition (M&A) revenue has increased by around 50%, with only syndicated lending remaining more subdued. In the euro area, however, the most significant volume increase has come from debt instruments, which have long been the preferred source of corporate funding in the euro area ahead of equity. Despite the international growth in capital market volumes, market commentary before the pandemic suggested that investment banking was the “problem child” of European banking, with many large banks retreating from various market segments as they faced the fallout from the global financial crisis. Against this background, this box considers the recent developments in investment banking of euro area banks in relation to some of the prior trends and considers how sustainable the recent strength might be.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
:
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
Lessons learned from initial margin calls during the March 2020 market turmoil
Financial Stability Review Issue 2, 2021
English
- Abstract
- This box establishes stylised facts about the significant increase in initial margin (IM) in the euro area derivatives market during the March 2020 market turmoil. First, it shows that the increase was concentrated almost entirely in centrally cleared derivatives and driven mainly by equity, credit and interest rate portfolios. Second, by comparing static portfolios with those where portfolio repositioning took place, the IM increase is decomposed into (i) changes attributable to the CCP model sensitivity to market volatility, and (ii) changes attributable to portfolio repositioning by investors. For centrally cleared interest rate and credit derivatives (where this method is applicable), CCP model sensitivity to market volatility is found to be a key driver of the IM increase. Overall, the results suggest that it is important to develop a clearer understanding of “excessive procyclicality” for IM and possibly, on the basis of this common understanding, to review the models which CCPs use to calibrate IMs. The supervisory and regulatory framework governing the liquidity management of market participants, and in particular that of some non-bank financial intermediaries, should also be strengthened.
- JEL Code
- C60 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→General
G10 : Financial Economics→General Financial Markets→General
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
The role of financial stability in the ECB’s new monetary policy strategy
Financial Stability Review Issue 2, 2021
English
- Abstract
- The box reviews the role of financial stability in the ECB’s new monetary policy strategy and summarises the underlying analytical considerations. Financial stability is a precondition for price stability and vice versa. Accordingly, the pursuit of price stability by means of monetary policy, and of financial stability by means of macro-prudential, supervisory and regulatory policies, are complementary. For example, a build-up of financial imbalances increases the likelihood of future financial crises, with a negative impact on price stability. Addressing these vulnerabilities with adequate marcro-prudential measures is also beneficial for price stability. Similarly, monetary policy may also affect financial stability risks: it can reduce credit risk by boosting activity levels and inflation dynamics but at times may also encourage the build-up of leverage or raise the sensitivity of asset prices. In view of the price stability risks arising in financial crises, there is a clear conceptual case for the ECB to take financial stability considerations into account in its monetary policy deliberations. This does not imply that monetary policy is responsible for guaranteeing financial stability or lessen the role of macro-prudential policies as a first line of defence against financial vulnerabilities. Accordingly, the ECB’s new monetary policy strategy envisages a flexible approach in considering financial stability whenever this is relevant to the pursuit of price stability.
- JEL Code
- E3, E44, G01, G21 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
Assessing the strength of the recent residential real estate expansion
Financial Stability Review Issue 2, 2021
English
- Abstract
- In order to assess the strength of the current residential real estate expansion, we compare recent developments in euro area housing markets with the period ahead of the global financial crisis (GFC). We find that house price dynamics, overvaluation and the risk profile of new mortgage loans are at similar levels to those observed during the height of the pre-GFC cycle in 2007. However, vulnerabilities from mortgage lending developments and household balance sheets are currently below their pre-GFC levels. We conclude that the continued build-up of vulnerabilities in residential real estate markets calls for close monitoring and possible macroprudential measures.
- JEL Code
- R31 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets
G51 : Financial Economics
P34 : Economic Systems→Socialist Institutions and Their Transitions→Financial Economics
G01 : Financial Economics→General→Financial Crises
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
The impact of loan and market-based credit supply shocks on euro area GDP growth
Financial Stability Review Issue 2, 2021
English
- Abstract
- Using a Bayesian vector autoregression model and drawing from a novel quarterly dataset on debt financing of non-financial corporations, this box estimates the effects of loan and market-based credit supply shocks on GDP growth in the euro area and the five largest euro area countries. A novel identification scheme with inequality restrictions is developed to distinguish between the two types of credit supply shock. The results suggest that not only loan supply but also market-based credit supply shocks play an important role for GDP growth. For the euro area as a whole, the explanatory power of both types of credit supply shock is found to be similar, while in Germany and France the explanatory power of market-based credit supply shocks exceeds that of loan supply shocks. Since market-based credit is mostly provided by non-bank financial intermediaries, the findings also suggest that strengthening the resilience of these intermediaries – such as through an enhanced macroprudential framework – would support GDP growth.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
G2 : Financial Economics→Financial Institutions and Services
17 November 2021
FINANCIAL STABILITY REVIEW - ARTICLE
Creditor coordination in resolving non-performing corporate loans
Financial Stability Review Issue 2, 2021
English
- Abstract
- Numerous European and national initiatives have been deployed since 2014 to reduce non-performing loan (NPL) stocks on euro area bank balance sheets. NPL ratios have fallen as a result, but very gradually, mainly thanks to sales to non-bank investors. Despite stronger market activity, prices paid by NPL investors have only improved marginally and continue to stand well below values assigned to NPLs by banks. One type of NPL that has proven particularly difficult to resolve is loans to non-financial firms that have borrowed from multiple banks – multi-creditor loans. Analysis of these loans relative to others finds lower provision coverage by the lending banks, reflecting more optimistic valuations by individual banks and limited recognition of the expected costs of multi-creditor coordination. This special feature proposes a strategy to overcome creditor coordination failures and costs, through the use of data platforms providing ex ante transparency to NPL investors. These, together with NPL securitisation, could substantially reduce the gap between the value of the loans booked on banks’ balance sheets and the prices offered by investors for NPL portfolios.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
17 November 2021
FINANCIAL STABILITY REVIEW - ARTICLE
Bank capital buffers and lending in the euro area during the pandemic
Financial Stability Review Issue 2, 2021
English
- Abstract
- Bank capital buffers are supposed to help banks to absorb losses while maintaining the provision of key financial services to the real economy in times of stress. Capital buffers that are usable along these lines should lessen the damaging effects that can arise from credit supply shortages. Making use of buffers entails using the capital space above regulatory buffers and minimum requirements and, in case of need, also using regulatory buffers. This special feature analyses bank lending behaviour during the pandemic to gain insights into banks’ propensity to use capital buffers and the impact of the regulatory capital relief measures implemented by the authorities. From a macro perspective, the euro area banking system was able to meet credit demand and withstand stress. However, this aggregate view reflects several factors, including the impact of extraordinary policy measures. A micro perspective thus can help to comprehend how the capital buffer framework and capital releases affected banks’ behaviour during the pandemic. A microeconometric analysis shows that the banks with limited capital space above regulatory buffers adjusted their balance sheets by reducing lending, which could be interpreted as an attempt to defend capital ratios, suggesting unwillingness to use capital buffers. The results also show that the regulatory capital relief measures adopted during in the pandemic, which added to banks’ existing capital space, were associated with higher credit supply. while more research is desirable, this suggests that more releasable capital could enhance macroprudential authorities’ ability to act countercyclically when a crisis occurs.
- JEL Code
- E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
Sensitivity of sovereign debt in the euro area to an interest rate-growth differential shock
Financial Stability Review Issue 2, 2021
English
- Abstract
- Euro area sovereigns have issued significant amounts of new debt in response to the pandemic. While fiscal support was crucial to limit economic scarring and aid the recovery, it has also triggered concerns about medium to longer-term sovereign debt sustainability. One of the key factors for assessing sovereign debt sustainability is the interest rate-growth differential (
- JEL Code
- E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H62 : Public Economics→National Budget, Deficit, and Debt→Deficit, Surplus
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
H68 : Public Economics→National Budget, Deficit, and Debt→Forecasts of Budgets, Deficits, and Debt
17 November 2021
FINANCIAL STABILITY REVIEW - BOX
ECB macroprudential stress test complements the EBA/SSM stress tests results in 2021
Financial Stability Review Issue 2, 2021
English
- Abstract
- The ECB’s biennial macroprudential stress test evaluates the resilience of the euro area banking system, this year also assessing the impact of pandemic-related policy measures. While relying on the same adverse and baseline scenarios as the EBA/SSM supervisory stress test, it also employs a dynamic balance sheet perspective and introduces amplification mechanisms relying on the banking euro area stress test model framework as outlined in Budnik et al. (2020). The results indicate a strong bank capitalisation under the baseline scenario combined with a subdued outlook for bank profitability. The lending outlook differs sharply for the two scenarios where policy support measures have a clear positive effect, especially in the adverse scenario, and have helped to ensure the resilience of the financial system.
- JEL Code
- E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
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© 2014-2021 Copyright Assetz SME Capital Limited.
As with most forms of investment, peer-to-peer lending carries a degree of risk to your capital; in this case, if the borrower is unable to repay their loan. At Assetz Capital, we seek to reduce this risk to our investors by taking asset security on every loan. Investment Account target interest rates should be considered along with the relevant Investment Account expected defaults & losses information. Past performance does not guarantee future performance. Investment in peer-to-peer loans is not protected by the Financial Services Compensation Scheme. We recommend that prospective lenders read the Key Investor Information pages before investing.
Assetz SME Capital Limited is a company registered in England and Wales with company number 08007287. Assetz SME Capital Ltd is authorised and regulated by the Financial Conduct Authority (Reg No: 724996). ’Assetz Capital’ is a trading name of Assetz SME Capital Ltd. Assetz SME Capital is registered with the Office of the Information Commissioner (Reg No: Z3338899) for data protection purposes.
Assetz Capital also offers Coronavirus Business Interruption Loan Scheme (“CBILS”) & Recovery Loan Scheme (“RLS”) loans to corporate borrowers through Assetz Capital Lending Limited. Assetz Capital Lending Limited is a company registered in England and Wales with company number 12632494. Assetz Capital Lending Limited is not authorised or regulated by the Financial Conduct Authority. Assetz Capital Lending Limited is registered with the Office of the Information Commissioner (Reg No: ZA759694) for data protection purposes.
Texas Capital Bank is built to help businesses and their leaders. Our depth of knowledge and expertise allows us to bring the best of the big banks at a scale that makes sense for our clients, with highly experienced bankers who truly invest in people’s success — today and tomorrow.
While we are rooted in core financial products, we are differentiated by our approach. Our bankers are seasoned financial experts who possess deep experience across a multitude of industries. Equally important, they bring commitment — investing the time and resources to understand our clients’ immediate needs, identify market opportunities and meet long-term objectives. At Texas Capital Bank, we do more than build business success. We build long-term relationships.
Headquartered in Dallas, Texas Capital Bank has offices in Austin, Fort Worth, Houston, Richardson, Plano and San Antonio. We serve clients across the nation in a variety of industries. For more information about joining our team, visit texascapitalbank.com. Member FDIC.
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AUTO FINANCING FOR FIRST-TIME BUYERS
If you’re looking for financing as a first-time car buyer, then you’ve likely got questions.
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We Care at Chrysler Capital
We are making sure that our customers have access to essential services during the COVID-19 pandemic.
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Standing Together
Respect is at the heart of everything we do at Chrysler Capital. In times like these, it is more important than ever that we stand together with our communities in solidarity and show respect for each other.
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Sweepstakes runs from 12:00:01 a.m. CT on November 1, 2021, to 11:59:59 p.m. CT on December 31, 2021. To enter, you must be a legal U.S. resident who is at least the age of majority in your state of residence. Sweepstakes drawing to be conducted on or about January 17, 2022. Odds to win depend on number of eligible entries. Additional restrictions and limitations apply. For complete details, including how to enter by mail, see Official Rules. Void where prohibited.
Capital solutions for a sustainable future
Founded in 2012, we possess an unrivalled global industry network
that we leverage to serve our clients by providing them with capital solutions
spanning from growth capital, M&A, recapitalisation and structured finance.
BILLIONS
Advised transaction on the past 15 years
YEARS
Partners combined experience
LANGUAGES
Spoken by our team
EMISSIONS
Carbon emissions offset
We have positioned ourselves at the intersection of major changes
in the global energy and transport landscapes to best capture
the essence of the energy transition to a
digitised, decentralised and decarbonised system.
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We deliver a comprehensive range of advisory services for public and private companies, including buyside, sellside, joint ventures, public-take overs and take-privates.
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We get involved with everything from private placements (including pre-IPO financing), to IPOs and all forms of secondary issues. Our sources of capital range from strategic corporates through institutional capital, including venture, growth, private equity and non-traditional sources such as hedge funds, sovereign wealth funds and family offices.
Venture Capital Exits
We work with industry-leading venture capital funds on successfully navigating high-value exits across the energy transition. Our unique ability to articulate a compelling equity story, capture a share of the synergies unlocked, crystallise scarcity value and drive a competitive auction underpins our exceptional track record with VC-backed growth companies.
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We work on the buyside with sponsors, sell-side with companies or directly with corporates on equity, mezzanine and debt recapitalisation strategies.
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We support corporates to unlock value with non-core businesses, leveraging our broad capital markets reach into strategic corporates, private equity and non-traditional sources such as hedge funds and family offices.
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We work with asset and infrastructure owners to optimise funding structures, including development of innovative funding vehicles. The energy transition and electrification of transport are creating new demands for structuring innovation.
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Our deep industry insights coupled with our capital markets experience allows us advise our clients on positioning for shareholder value.
Sale of Flexitricity Ltd
Undisclosed
FLEXIBILITY PLATFORM 
Series D Capital Raise
£65,000,000
SOLAR 
Capital Raise Series I
$40,000,000
GRIDS & MICROGRIDS 
Sale of merchant co-located project to
Undisclosed
SOLAR + STORAGE 
Acquired by:
Undisclosed
FLEXIBILITY PLATFORM 
Acquired by:
$60,000,000
ENERGY STORAGE 
Structured Recapitalisations
£120,000,000
SOLAR 
Private Placement of listed shares
CHF15,000,000
ENERGY STORAGE 
Series B Capital Raise
$50,000,000
ENERGY STORAGE 
Series B capital raise and recapitalisation
Undisclosed
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Colin joined the Society in July 2015 as a Non-Executive member of the Board and in March 2016 became Chairman. Having worked at building societies for 42 years, he has a wealth of expertise and experience in the sector.
David joined the Hinckley & Rugby as a Non-Executive Director in 2015 and is also currently Chairman of the Audit & Compliance Committee. He is a qualified Chartered Management Accountant.
Geneane joined Hinckley & Rugby as a Non-Executive Director in July 2013 and is currently Chairman of the Board Remuneration Committee. She has lived in the Rugby area since 2001.
Barbara joined the Society as a Non-Executive Director at the Annual General Meeting in March 2017.
Nemone joined the Society as a Non-Executive Director at the Annual General Meeting in March 2017.
Colin joined the Society in November 2018 after leading the Darlington Building Society since 2014.
John joined the Society in March 2020 as Chief Financial Officer. He has over 20 years of experience in the financial services sector and joins us from Melton Mowbray Building Society, where he was the Deputy Chief Executive and Finance Director for 10 years. He is a chartered accountant, having trained and qualified at KPMG, working within their financial services team auditing banks and building societies.
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