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Bi 1:
NH Ngoi thng s hu 1 l tri phiu chnh ph c mnh gi 100 t ng vi thi hn 3 nm, li sut
9%/nm, tr li mt ln khi o hn, ngy pht hnh 20/4/2008, ngy o hn 20/4/2011.
Vo ngy hm nay 20/1/2011, NH Ngoi thng thiu vn nn mang l tri phiu ni trn n NH nh nc
Vit Nam xin chit khu khng k hn (khng hon li). NH nh nc sau khi kim tra l tri phiu
thy hp l v m bo kh nng thanh ton nn ng nhn chit khu vi li sut 7%/nm.
NH Ngoi thng lm th tc chuyn nhng l tri phiu cho NH nh nc (NH Ngoi thng k
chuyn nhng vo l tri phiu v chuyn giao bn gc cho NH nh nc).
Yu cu:
1.
Xc nh gi tr ca l tri phiu ti thi im o hn (gi tr chit khu)
2.
Xc nh s tin NH nh nc thanh ton cho NH Ngoi thng khi chit khu l tri phiu ni trn.
3.
Xc nh thi hn xut trnh, i tng xut trnh v s tin NH nh nc nhn c khi l tri
phiu ti hn
Gii:
1.
2.
G=
GT
127
=
= 124.845.138.702
L T
7% 90
1+
1+
365
365
3.
15%
90 = 4.681.692.701
360
3.6%
90 = 1.123.606.248
360
6%
x (365 x3 90))
360
= 8.095.138.701
Bi 2 :
NH Nng nghip Vit Nam s hu 1 l tri phiu chnh ph c mnh gi 600 t ng, thi hn 3 nm, li
sut 9.8%/nm, tr li mt ln khi o hn, ngy pht hnh 18/12/2009, ngy o hn 18/12/2012.
Vo ngy hm nay 22/1/2011, NHNN cn vn cho vay ngn hn (vn kh dng). Do NHNN np h s
xin chit khu l tri phiu ni trn ti S giao dch NH nh nc VN vi thi hn 270 ngy. S giao dch
ng nhn chit khu vi li sut 7%/nm. NHNN lm th tc chuyn nhng tm thi l tri phiu cho
NH nh nc VN.
Yu cu :
1.
Xc nh l tri phiu ti thi im o hn
2.
Xc nh s tin NH nh nc thanh ton cho NHNN khi chit khu c k hn l tri phiu ni
trn.
3.
Xc nh s tin NHNN thanh ton cho NH nh nc khi ht hn chit khu.
4.
Xc nh kt qu kinh doanh ca NHNN qua nghip v trn. Bit rng li sut cho vay ngn hn
hin ang p dng ti NHNN l 15.6%. Chi ph kinh doanh 3.6%/nm.
Gii :
1.
2.
Xc nh gi tr o hn ca l tri phiu
GT = MG (1+ L x n) = 600 (1+ 9.8% x 3) = 776.400.000.000
S tin NH nh nc thanh ton cho NHNN
G=
GT
776.400.000.000
=
= 684.970.511.457
LT
7% 696
1+
1+
365
365
Vi: L = 7%
T t 22/1/2011 18/12/2012 (nm nhun)
T = 343 + (366 13) = 696.
S tin 684.970.511.457 s c nhn vo 22/1/2011
3.
S tin NHNN thanh ton cho NH nh nc khi ht hn chit khu (ngy 19/10/2011)
L Tb
7% 270
GV = G 1 +
= 684.970.511.457 1 +
= 720.438.847.530
365
365
4.
Kt qu kinh doanh
Thu li cho vay = 684.970.511.457 x 270 x
15.6%
= 80.141.549.840
360
3 .6 %
= 18.494.203.809
360
Gd = G =
MG
LT
1+
365
300.000.000.000
= 281.014.217.523
9% 274
1+
365
300.000.000.000
i vi NH B =
= 280.521.077.508
9.25% 274
1+
365
400.000.000.000
= 373.372.887.991
i vi NH C =
9.5% 274
1+
365
i vi NH A =
2.
6%
x 274 = 6.152.799.877
360
6 .2 %
B = 300.000.000.000 (280.521.077.508 + 280.521.077.508 x
x 274 = 6.241.444.534
360
6 .5 %
x 274 = 8.155.526.572
C = 400.000.000.000 (373.372.887.991 + 373.372.887.991 x
360
6.152.799.877
= 2.19%
281.014.217.523
6.241.444.534
B=
= 2.22%
280.521.077.508
8.155.526.572
C=
= 2.18%
373.372.887.991
A=
Bi 2:
NH Cng thng s hu 1 l tri phiu chnh ph c tng mnh gi 100 t ng, thi hn 3 nm, li sut
9%/nm, tr li nh k hng nm, ngy pht hnh 20/10/2010, ngy o hn 20/10/2013.
Vo ngy hm nay 25/1/2011, NH cng thng cn vn cho vay ngn hn nn u thu bn l tri
phiu trn th trng m theo phng thc c k hn:
K hn giao dch 180 ngy
Li sut trng thu 8.25%
Yu cu:
1.
Xc nh gi tr l tri phiu ti thi im giao dch (25/1/2011)
2.
Xc nh s tin NH Cng thng thanh ton cho NHTW khi mua l tri phiu ni trn. Cho bit t
l gia gi thanh ton v gi tr l tri phiu l H = 5%
3.
Xc nh s tin NH Cng thng mua li l tri phiu khi n hn giao dch.
4.
Xc nh kt qu kinh doanh ca NH Cng thng. Bit rng s tin ca NH Cng thng ton b
cho vay ngn hn vi li sut 16%/nm, chi ph kinh doanh tn dng 3.6%/nm.
Gii
1. Xc nh l tri phiu ti thi im nh gi (25/01/2011) dng cng thc 6
G=
Ci
Ti
L
1 + 365
K
9.000.000.000
9.000.000.000
+
268
634
8.25% 365 8.25% 365
1 +
1 +
1
1
109.000.000.000
999
8.25% 365
1 +
Gv = Gd (1 +
L Tb
8.25% 180
) = 98.869.731.162(1 +
) = 102.892.239.402
365
365
16%
= 7.909.578.493
360
3 .6 %
Chi ph kinh doanh = 98.869.731.162 x 180 x
= 1.779.655.161
360
BI TP THY CHO
Bi 1 : Ngy 18/01/2011, Ngn hng Thi Bnh Dng xin chit khu khng hon li mt l Tn phiu ti
NHTW. L Tn phiu c ni dung nh sau:
- Tng mnh gi : 80.000.000.000
-Thi hn
-Li sut
: 1 nm
: 9,25% nm, tr li khi pht hnh (tr li trc khng chit khu)
G=
2.
MG
80.000.000.000
=
= 78.687.110.943
L T
7% 87
1+
1+
365
365
Xc nh kt qu kinh doanh:
Thu li cho vay ngn hn = 78.687.110.943 x
Chi ph kinh doanh = 78.687.110.943 x
16%
x 87 = 3.042.568.290
360
4.2%
x 87 = 798.674.176
360
8%
x (365 87)
360
= 1.602.044.277
Kt qu kinh doanh = 2.243.894.114 + 1.602.044.277 = 3.845.938.391
Bi 2 : Ngy 20/01/2011, Ngn hng i Phong xin chit khu khng hon li mt l Tri phiu Chnh
ph ti NHTW. L Tri phiu c ni dung nh sau:
- Tng mnh gi : 100.000.000.000
-Thi hn
: 3 nm
-Li sut
GT
128.500.000.000
=
= 126.319.687.584
L T
7% 90
1+
1+
365
365
16%
2. Thu li cho vay = 126.319.687.584 x
x 90 = 5.052.787.503
360
4, 3%
Chi ph kinh doanh = 126.319.687.584 x
x 90 = 1.357.936.642
360
G=
7.8%
(365x3-90))
360
= 4.544.687.584
Kt qu kinh doanh = 3.694.850.862 + 4.544.687.584 = 8.239.538.446
Ba 3 : Ngn hng Qun i ang s hu mt l Tri phiu Chnh ph c tng mnh gi l 100 t ng ,
thi hn 3 nm, li sut sut 9,5% nm, tr li nh k hng nm.
Ngy pht hnh 22/12/2009, ngy o hn 22/12/2012.
Vo ngy 18/1/2011, Do cn vn cho vay ngn hn, Ngn hng Qun i xin chit khu c hon
li vi thi hn 180 ngy ti S Giao dch NHNN Vit Nam v c S GD ng chit khu vi thi
hn 180 ngy, li sut 7,0 % nm
1. Xc nh gi tr l Tri phiu ti thi im chit khu
2. Xc nh s tin NHNN thanh ton cho Ngn hng Qun i, khi chit khu l Tri trn.
3. Xc nh s tin Ngn hng Qun i phi thanh ton cho NHNN khi ht hn chit khu
4. Gi s li sut cho vay ngn hn ti Ngn hng Qun i l 16% nm, chi ph kinh doanh tn
dng 4,2 % nm,th Ngn hng Qun i c li bao nhiu khi chit khu c k hn nh trn ?
Nu nhn xt
Gii
1. Gi tr l tri phiu ti thi im chit khu
G=
C
i
T
i
L 365
1 +
K
9.500.000.000 109.500.000.000
= 105.026.651.600
+
338
704
7% 365
7% 365
1 +
1 +
1
1
L Tb
GV = G 1 +
365
7% 180
= 108.652.229.163
= 105.026.651.600 1 +
365
3.
16%
x 180 = 8.402.132.128
360
4.2%
Chi ph kinh doanh tn dung = 105.026.651.600 x
x 180 = 2.205.559.684
360
Thu li vay kinh doanh = 105.026.651.600 x
Gii:
T = 634
Gi tr l tri phiu khi n hn thanh ton :
GT = MG x (1 + Ls x n) = 300.000.000.000 x (1 + 9,8% x 3) = 388.200.000.000
Gi tr l tri phiu ti thi im chit khu:
1.
G=
GT
388.200.000.000
=
= 346.116.077.972
L T
7% 634
1+
1+
365
365
GV = G (1 +
L Tb
7% 270
) = 346.116.077.972 (1 +
) = 364.038.252.968
365
365
16%
x 270 = 41.533.929.357
360
4.4%
x 270 = 11.421.830.573
360
4.
Bi 5 : NH CT VN c nhu cu vay vn nc ngoi vi s tin 500 triu USD, Thi hn 7 nm. NHCTVN
np h s xin c NHNN bo lnh theo yu cu ca NH nc ngoi. NHNN kim tra thy h s hon ton
y hp l.
Yu cu :
1/ Xc nh Hn mc bo lnh nm 2011 cho NH CT VN
2/ Xc nh s tin bo lnh cho NH CTVN k ny. Bit rng n ngy 31/12/2010 vn Ch s hu ca
NH CT VN nh sau :
- Vn u l
: 8.850 t VND
- Qu d tr b sung vn iu l : 570 t VND
- Qu d phng ti chnh
: 350 t VND
- Qu u t pht trin nghip v : 750 t VND
- Qu Khen thng phc li
: 350 t VND
+ D n thc t vay nc ngoi ca NHCTVN n 31/12/2010 l 2.250.000.000 USD.
+ T gi b/q th trng ngoi t lin ngn hng USD/VND =19.450
Gii
1. Vn t c cp I ca NH CT = 8.850+570+350+750 = 10.520 t VND
Tng hn mc bo lnh nm 2011 = 10.520 x 6 = 63.120 t VND = 3.245.244.216 USD
2. Mc bo lnh cn li ti a = 3.245.244.216 - 2.250.000.000 = 995.244.216 USD
Bi 6: Ngy 25/01/2011, NHTW thng bo bn Tn phiu kho bc theo phng thc u thu li sut vi
ni dung nh sau:
a.Khi lng thng bo bn 600.t VND
b.Thi hn Tn phiu 274 ngy.
c.Phng thc xt thu: Xt thu li sut thng nht.
d.Cc i tc d thu vi khi lng v li sut theo bng di y: (t VND)
Khi lng t thu
Li sut u thu
NHA NHB NHC NHD Tng cng S tch ly
(A)
(1)
(2)
(3)
(4)
(5)
(6)
8,75%
20
10
30
30
90
90
9,00%
20
20
20
20
80
170
9,25%
30
30
30
30
120
290
9,50%
40
50
50
50
190
480
9,75%
50
60
60
70
240
720
10,00%
40
30
10
80
800
Cng
200
200
200
200
800
Yu cu:
1, Xc nh li sut trng thu cao nht thc hin ng khi lng cn bn.
2, Xc nh khi lng trng thu v gi c giao dch cho cc i tc.
3, Nu xt thu li sut ring l, hy xc nh mc gi c giao dch cho tng i tc v nu
nhn xt
Gii:
1. Li sut trng thu l li sut ti c khi lng ly k khi lng thng bo
Li sut trng thu l 9.75%
Khi lng trng thu ca cc i tc mc li sut 9,75% c iu chnh li nh sau:
600 480
= 25
240
600 480
NHB: 60 x
= 30
240
600 480
= 30
NHC: 60 x
240
NHA: 50 x
NHD: 70 x
2.
600 480
= 35
240
Ngn hng
A
B
C
D
3.
KLtrungthau
L T
(1 +
)
365
NHA
(1)
20
20
30
40
25
135
NHA
18,767
18,734
28,052
37,337
23,925
Tng cng
(5)
90
80
120
190
120
60
NHD
28,151
18,734
28,052
46,672
32,613
Xt thu li sut ring r, cc mc li sut trng thu s ln lt l 8,75%, 9,00%, 9,25%, 9,50%,
9,75% vi tng mc khi lng tng ng ca tng ngn hng nh bng bn trn.
Nhn xt: Vi kiu xt thu li sut ring l th NH no t mc li sut cao s c li hn tuy nhin
khi lng trng thu s thp hn so vi cc NH khc.
Bi 7 : BIDV s hu mt l Tri phiu co ni dung nh sau:
- Mnh gi 800 t VND
-
Thi hn 3 nm
Gii
1. T = (28-20)+31+30+18 = 87
Li tr dnh k = 800.000.000.000 x 9.2% = 73.600.000.000
Gi tr l tri phiu ti thi im nh gi:
G=
C
i
T
i
L 365
1 +
K
2. S tin li thu c t tri phiu trong nm 2009 & 2010 s c NH em i cho vay.
Thu li cho vay = 854.905.334.617 x
16%
16%
x 87 +73.600.000.000 x
x (365 + 365 x 2)
360
360
= 68.875.006.272
Chi ph kinh doanh = 854.905.334.617 x
4,1%
4,1%
x 87+73.600.000.000 x
x (365 + 365 x 2) =
360
360
17.649.220.357
Chi ph s dng vn = 800.000.000.000 x
7, 5%
x (365 x 3 87) = 168.000.000.000
360
16%
(365 + 365 x 2)
360
= 35.818.666.667
4,1%
x (365 + 365 x 2) = 9.178.533.333
360
7, 5%
Chi ph s dng vn = 800.000.000.000 x
x 365 x 3= 182.500.000.000
360
G=
GT
780.000.000.000
=
= 654.889.241.598
9.5% 734
L T
1+
1+
365
365
L Tb
GV = G 1 +
365
9.5% 270
= 686.892.692.016
= 641.791.456.766 1 +
365
16%
3. Thu li cho vay = 641.791.456.766 x
x 270 = 77.014.974.812
360
4.5%
Chi ph kinh doanh tn dng = 641.791.456.766 x
x 270 = 21.660.461.666
360
Chi ph s dng vn = 686.892.692.016 - 641.791.456.766 = 45.101.235.249
Kt qu kinh doanh = 77.014.974.812 (21.660.461.666 + 45.101.235.249) = 10.253.277.897
Bi 9 : Mt l Tn phiu Kho bc c mnh gi l 300 t VND, thi hn 274 ngy ( pht hnh ngy
28/7/2010, o hn ngy 30/4/2011 ) li sut 10% nm, tr mt ln khi o hn. Vo ngy 31/01/2011
NHPK trng thu bn hn l TP cho NHNN vi L/S 9.6% nm. Ton b s tin thu oc NHPK em cho
vay ngn hn vi L/s 16,20% nm, chi ph kinh doanh tn dng 4,5% nm
Yu cu 1/ Xc nh gi NHNN thanh ton cho NHPK
2/ Xc nh kt qu kinh doanh ca NHPK ( Bao gm li u t ti chnh v li kinh doanh tn
dng )
3/ Nu NHPK khng bn l TP trn m ch n hn nhn vn v li TP th kt qu kinh doanh
nh th no ? Cho nhn xt
Gii:
10% 274
Ls n
) = 300.000.000.000 x (1+
) = 322.520.547.945
365
365
1.
GA =
GT
1.285.000.000.000 2
=
= 554.776.859.113
L T
8.5% 679
1+
1+
365
365
GT
1.285.000.000.000 2
=
= 553.000.308.909
L T
8.7% 669
1+
1+
365
365
GVA = GdA (1 +
L Tb
8.5% 90
) = 538.133.553.340 (1 +
) = 549.412.242.882
365
365
GVA = GdB (1 +
L Tb
8.7% 90
) = 536.410.299.642 (1 +
) = 547.917.402.782
365
365
Bi 11: Ngy 20/2/2011 NHTW t chc u thu bn c k hn mt l Tri phiu Chnh ph vi ni dung
nh sau:
- Tng mnh gia TP : 500.000 Triu ng
Thi hn TP
: 3 nm
Li sut TP
: 10,0 %/ nm, tr li nh k hng nm
Ngy pht hnh : 20/10/ 2008
1.
T = 242 ngy
Gi tr l tri phiu ti thi im nh gi:
G=
Ci
T
L 365
(1 + )
K
L Tb
9.2% 120
) = 508.448 (1 +
) = 523.827 triu
365
365
16%
x 120 = 27.117 triu
360
4.2%
x 120 = 7.118 triu
360