Companion files

Financial Regulation

A Practitioner’s Guide to Finding the Constraint That Actually Binds

Julian R. Sterling

These are the companion files of Financial Regulation by Julian R. Sterling.The book on Amazon →

The four Excel workbooks that go with the book, corrected where they were wrong. Every figure the book prints is reproduced in them by a live formula rather than a typed constant, and each workbook ends with a Checks sheet setting the printed figure beside the computed one: 203 controls in all, every one green. Around them: the same four models with the inputs emptied, thirteen working documents to print, forty questions that mark themselves, and three cases the book names and never takes to a number. Nothing is locked, protected or watermarked.

Free to download. No sign-up, no email address, nothing to fill in.

The four workbooks

These carry the book’s own figures, so that every number it prints can be traced to a live formula, and each closes on its checks sheet. Download these four148 KB

• Chapters 2 to 6

  A portfolio is not its average loan

  The flat 35 per cent risk weight on residential mortgages is gone. The part of a loan up to 55 per cent of the property value carries 20 per cent; the rest is weighted as an unsecured exposure to the same borrower. Computed band by band, the book weighs 27.7483 per cent. Computed on the average loan-to-value, it weighs 25.2631. That is 248.5 basis points, or 521.9 million of risk-weighted assets, and on this book the shortcut flatters.

  Then both ladders line by line — standardised against internal models, with the three non-credit blocks that are a seventh of the total — and the output floor across all six years of its schedule. The year it starts to bind is looked up, not typed: move an internal weight and the year moves with it. Revised: the shortcut does not always flatter. The weight is convex across the 55 per cent threshold and concave above it, and on the four bands above the threshold alone the average loan overstates the weight by 69.5 basis points (33.1922 per cent against 32.4972 band by band).

  Download the workbook31 KB

  The_Risk_Weight_Engine.xlsx · XLSX · 31 KB

• Chapters 7 to 10

  The headroom the board reads, and the headroom that exists

  The three capital compartments with their requirements built from Pillar 1 and the Pillar 2 split. Northbank is 40.8 million short of additional tier 1 and 162.3 million long of tier 2, and the surplus cannot fill the shortfall: the hierarchy runs one way only. The shortfall is plugged with common equity, which is then no longer available for the buffer.

  So the headroom is computed twice. As the board reads it: 2.9796 per cent. As it exists: 2.8432. Thirteen point six basis points, and the sheet shows exactly where they go. The countercyclical buffer is rebuilt country by country, weighted by own funds requirements and not by exposures, and the trigger carries its four quartile boundaries with their payout factors. Revised: lowering the internal weights cannot make the leverage ratio the binding constraint, as the first edition said. The output floor holds the density at 29.3603 per cent, above the switch of 25.1004; only 35,186.9 million of zero-weighted exposure would bring the two together.

  Download the workbook37 KB

  The_Capital_Stack.xlsx · XLSX · 37 KB

• Chapters 11 to 15

  Two liquidity ratios, and only one of them is in breach

  The coverage ratio built from the deposit book upward. The securities portfolio is shown before and after encumbrance, so the 51 points between 168.8372 and 117.4934 per cent open and close on a switch: 5,629.8 million of the buffer is already pledged, and a pledged asset is not eligible.

  Then stable funding, at 95.7941 per cent and short by 1,956.0 million — with six factor variations on switches and the exposure-by-exposure mortgage reading as a seventh. The band runs from 94.46 to 96.10. None of them reaches a hundred. The last sheet builds the two-cost table: capital per euro against stable funding per euro, whose rank correlation is +0.8628 — the two costs are not inverted, and the finding is that their intensity varies by a factor of 7.4. Revised: all six variations switched on together give 94.7605 per cent, not the most favourable reading; the three that help give 96.5310 and leave 1,601 million missing. The mortgage is not the asset the capital rules treat most gently (the covered bond is); it is the one with the most stable funding per unit of capital.

  Download the workbook48 KB

  The_Two_Liquidity_Ratios.xlsx · XLSX · 48 KB

• Chapters 16 to 18

  The price of one sentence, and a cell that is wrong on purpose

  The market confidence charge reads two ways: the combined buffer less 125 basis points, or less the countercyclical buffer. The two requirements sit side by side, 83.7 million apart — which is 52.6 per cent of everything Northbank holds above the requirement. Neither reading is chosen.

  The subordinated requirement is written both permitted ways, and they agree to the euro. Beside them sits a cell, marked in red, that deliberately reproduces the double count — adding the buffer to the requirement and deducting it from resources, which are two writings of one rule. It misstates the headroom by 1,486.5 million, and turns 1,315.8 million of headroom into a shortfall of 170.6 million that does not exist. The book’s own reference model made that mistake; the cell is there so you can see it happen. Then the large exposure limit on both bases, and the 227.5 million of headroom that does not exist. Revised: this page called the 1,486.5 million a shortfall; it is the size of the misstatement. The workbook itself was re-verified, with four checks added.

  Download the workbook36 KB

  Resolution_and_Concentration.xlsx · XLSX · 36 KB

The same models, for your own bank

The four workbooks with the 233 inputs of their shared Inputs sheet emptied. The checks sheets count what is still missing and test what holds for any inputs.

• Chapters 2 to 18

  Your balance sheet, your requirements, your readings

  The risk weight engine, the capital stack, the two liquidity ratios, resolution and concentration, with the same formulas and every input emptied: the transitional schedules, the loan-to-value bands, the balance sheet on and off, the funding, the requirements and buffers, the national rates, the liquidity parameters and the resolution terms. The years of the floor schedule, the six switches and the four quartile boundaries stay, because they are the axes of their tables, not data.

  The book’s 233 inputs are listed in a text file inside the archive. Type them back in and the book’s figures come back with them: 27.7483 per cent band by band, 2.8432 per cent of headroom as it exists, 1,956,000,000 of stable funding short.

  Download the blank set136 KB

  Blank_Model_Set.zip · four XLSX files

The documents the chapters describe

Thirteen pages to print and use. A4, with margins wide enough for US Letter.

• Chapters 3 to 18

  Thirteen working documents

  The seven questions for somebody else’s capital plan, with Northbank’s answers beside a blank column. The loan split band by band, with the sign of the shortcut tested. The two ladders side by side. The output floor calendar, carried into the resolution requirement. The three compartments. The countercyclical buffer country by country. The distribution trigger and the two headrooms. Leverage and the switch. The liquidity buffer after encumbrance. Stable funding and the band of readings. The two costs of each asset. The convention register. The constraint that actually binds, on one page for the board.

  Download the PDF32 KB

  Working_Documents.pdf · PDF · 13 pages

Forty questions, marked by the file

A workbook that marks itself. Answer in the yellow cells; the marking fills in as you go.

• All parts of the book

  Forty questions on the book

  Eight on the risk weight engine, seven on the capital stack, six on liquidity coverage, seven on stable funding and the two costs, six on resolution and concentration, and six on the three cases below. Numbers are marked to a tolerance, multiple choice to the letter, and the score sheet counts your errors part by part: that is your revision list.

  Nothing is hidden. The marking sheet holds every answer, every tolerance, and the reason for each answer.

  Download the question book17 KB

  Forty_Questions.xlsx · XLSX

Three cases the book does not work

New material, not a restatement. Three situations the chapters name and never take to a number. Each case is one workbook: the note is the first sheet, the model is the rest, and a checks sheet closes it. Type your own figures in and every finding recomputes.

• Chapters 6, 9 and 16 · Case one

  The floor lands on the resolution requirement first

  Chapter 6 dates the output floor and follows it to the capital ratio, which absorbs it. Carried into every requirement that is a multiple of risk-weighted assets, with the balance sheet held where it stands (ADDED), the floor breaks the one with the least room in the year it first binds: in 2029 the resolution headroom of 159.1 million becomes a shortfall of 262.2 million, 350.1 on the literal reading, and 583.7 million in 2030, while the distribution headroom is still 1.62 per cent. The resources carry a floor of 67.96 per cent of the standardised ladder, and no more.

• Chapters 8, 16 and 17 · Case two

  The buffer released

  The countercyclical buffer is built to be released; the book never releases it. Released in full, it frees 290.1 million for distributions and, on the resolution requirement, 580.2 million on the authority’s reading against 290.1 on the literal one. The gap between the two readings widens from 83.7 to 373.9 million, and they agree only at 1.25 per cent. The other way, a rise of 27 basis points, to 1.2360 per cent, exhausts the resolution headroom. The scenario rates are ADDED.

• Chapters 13, 14 and 16 · Case three

  Closing the 1,956 million

  The book establishes the stable funding shortfall and stops. Closed with term senior non-preferred debt held as reserves (ADDED), it takes 1,956 million and costs 52,812,000 a year; closed by running off corporate loans to repay wholesale deposits (ADDED), it takes 2,301.2 million and is the cheaper route only if the loans earn less than 2.30 per cent net. Read exposure by exposure the bill is 67.6 million a year; at the most favourable combination, 43.2. The obvious route is the only one that weakens a ratio: leverage, from 5.45 to 5.33 per cent.

  Download the three cases38 KB

  Three_Cases.zip · three XLSX files

Conventions used throughout

Blue text	a hardcoded input: you may edit these
Yellow fill	an input cell; everything else on the sheet is a formula
Black text	a formula: do not overtype these
Checks sheet	the printed figure beside the computed one, with a PASS or a FAIL; in the blank set and the cases, each control states its own verdict and the file ends ALL OK
ADDED	a figure the book does not give, used in the cases and marked wherever it appears

How they are built

There is one Inputs sheet in each file, and it carries the only entered values: the balance sheet, the funding, the risk weights, the loan-to-value bands, the national buffer rates, the requirements. Everything else is computed from them. Where the texts permit two readings, both are shown and neither is chosen — that is the subject of chapter 17.

The workbooks were checked by moving the inputs and confirming that every dependent figure moved with them. Shifting eight points of the mortgage book from the lowest loan-to-value band to the highest moves the portfolio weight, the standardised total, the floor trajectory and the funding factor together. Raising the internal weight on corporate lending moves the binding year of the output floor from 2029 to 2030 through the lookup.

Opening the files

The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers; the PDF prints on A4 or US Letter. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline; there are none.

What changed, and when

24 Sep 2026

The four workbooks corrected, 203 checks. Chapter 4’s shortcut does not always understate: above the 55 per cent threshold the weight is concave, and on the book’s upper bands the average loan overstates by 69.5 basis points. Chapter 10’s backstop cannot be reached by lowering internal weights while the floor stands: the lowest density is 29.36 per cent, above the switch at 25.10. Chapter 13’s switches all on give 94.76 per cent, not the most favourable reading, which is 96.53. The double count misstates the headroom by 1,486.5 million and produces a shortfall of 170.6 million, not one of 1,486.5. Added: a blank set, thirteen working documents, forty questions that mark themselves, and three cases.

These files accompany Financial Regulation. The book is on Amazon.

If this book helped — or didn’t — a few lines on Amazon are worth more than they look: they are what the next reader goes on. Write a review. The workbook stays free either way.

Articles on this book

• Does an additional tier 1 shortfall reduce headroom to the distribution trigger?A 40.8 million additional tier 1 shortfall takes 13.6 basis points out of the buffer: headroom is 2.8432 per cent, not 2.9796.
• How do you calculate a mortgage risk weight under loan splitting?20 per cent on the loan up to 55 per cent LTV, 75 on the rest: an 80 per cent LTV loan weighs 37.19 per cent. Why a book's average LTV gets it wrong.
• How do you calculate the LCR when part of the buffer is pledged?Pledged securities leave the liquidity buffer: 12,883 over 10,965 of net outflows is an LCR of 117.49 per cent, not the 168.84 the full portfolio gives.
• How do you calculate the net stable funding ratio (NSFR)?Available stable funding over required stable funding, each weighted by Basel factors: 42,900 / 36,600 is an NSFR of 117.21%. Worked example with stress.
• How do you calculate the output floor on risk-weighted assets?RWA = max(internal-model RWA, floor rate x standardised RWA). At 66.72% of standardised, a bank's floor binds in 2029 and adds 2,589.3 million by 2030.
• How do you calculate a bank's leverage ratio, and when does it bind?Tier 1 capital over the leverage exposure measure: 4,580 / 83,970 is 5.45%, against a 3% minimum. It binds first only below an RWA density of 25.10%.
• How do you calculate a bank's maximum distributable amount (MDA)?Distributable profits times 0, 0.2, 0.4 or 0.6 by the quartile of the buffer the bank's CET1 is in. 240m of profit in the third quartile gives an MDA of 96m.
• How do you calculate a bank's countercyclical capital buffer?Weight each country's CCyB rate by its share of credit risk own funds requirements, then apply it to total RWA: 1.0493 per cent and 377.7 million in a worked case.
• How do you calculate a bank's CET1 ratio from its balance sheet?Start from equity, strip AT1 and filters, deduct goodwill, DTAs and the 10 and 17.65% threshold excesses, then divide: 3,511.9 over 27,654.7 is 12.70%.
• How do you calculate a bank's MREL requirement?Loss absorption plus recapitalisation plus a market confidence charge, on TREA, then the combined buffer on top: 23.25% plus 4.25% asks 8,250 of 30,000.
• How do you calculate operational risk capital under Basel III?Build the business indicator, apply 12, 15 and 18% by band, multiply by 12.5: a BI of 1,843.0 gives 246.45 of capital and 3,080.6 of RWA.
• How do you calculate a bank's large exposure limit?25% of tier 1, against the whole connected group after CCFs and collateral: 1,284.0 on tier 1 of 4,580 is 28.03%, a breach of 139.0 million.
• How do you calculate a bank's risk-weighted assets (RWA)?Exposure times risk weight, line by line, with off-balance items converted first: 41,000 of assets and 7,000 of commitments give 22,200.0 of credit RWA.
• How much can a bank lend with its excess capital?Surplus CET1 over target, divided by target times the risk weight: 300 million of surplus supports 2,857.1 million of corporate loans or 14,285.7 of mortgages.
• How do you calculate SA-CCR exposure at default for derivatives?EAD = 1.4 x (replacement cost + multiplier x add-on). Two swaps and two FX forwards worth 1.2 net give add-ons of 2.64 and an EAD of 5.38 million.
• How does tier 2 capital amortise in its final five years?Daily, straight line: nominal x days to maturity / days in the final five years. A 400 bond with 821 of 1,826 days left counts 179.8 and costs 19.5 bp of headroom.
• How much capital does an undrawn credit line use under Basel III?Undrawn amount times the credit conversion factor times the risk weight. 60.0m undrawn on a corporate revolver at a 40% CCF adds 24.0m of RWA.
• How does the 40% cap on Level 2 assets work in the LCR?Level 2 can be at most two-thirds of Level 1 and, then, Level 2B a quarter of it: with 4,800m of Level 1 a bank counts 8,000m of HQLA, not 9,210m. LCR 80.0%.
• How do you calculate LCR net cash outflows from run-off rates?Balances times run-off rates, less inflows capped at 75% of outflows. Worked bank: outflows of 2,975m, net 1,475m, an LCR of 122.0 per cent.
• How does an IRB expected loss shortfall reduce CET1?Compare regulatory EL with eligible provisions book by book: a 60.1 performing shortfall is deducted from CET1, cutting 12.00% to 11.60%, despite a 75.0 surplus.

Also by Julian R. Sterling

The other books with companion files. The full list of titles is on the author page.

• Breaking Into European Defence ProcurementThe money and the instruments, the 35 per cent content test, and proposal economics.
• Closing the DealTwo defensible bridges 20.70 million apart, a peg worth 7.00 million, and the six choices that remove 6.60 of a 12.00 earn-out.
• CMBS and CRE CLOsWhere the loss actually lands, from appraisal reduction to realised severity, and what the B-piece is really being paid for.
• How to Read a Commercial LeaseThe three refinements chapter 19 names and never performs, and the renewal rate below which the mark-to-market is worth nothing.
• How to Read a Credit AgreementWhere the default actually comes from, the cure that costs 5.5 times the other, and the capacity nobody adds up.
• How to Read a Limited Partnership AgreementWhat the clawback actually collateralises, and why every dollar won on the tax clause lands in the uncollateralised column.
• How to Read a Private Funds Financial StatementsThe Harbourgate reporting pack, five worked cases, and rebuilding your own account.
• How to Read a Real Estate Loan AgreementThe cure ratio in closed form, the four-point window in which the cheap cure works, and the cure sized to the wrong threshold.
• Insurance Capital for Asset ManagersWhy the same fund costs two insurers different amounts, and what opacity costs a manager in euros.
• Logistics and Industrial Real EstateNet effective rent, the ageing asset, and the development letting decision.
• Office Real EstateA six per cent yield that returns 3.2 per cent once the re-letting cycle is paid for, and the headline-to-net-effective rent arithmetic.
• Operational Due Diligence in Private EquityThe rating model built and then broken, and why refining a rubric weakens it.
• Personal Finance for BeginnersWhat a minimum payment really does, and what the snowball and the emergency fund actually cost.
• Private Equity Investor RelationsWhat a fund has returned, read six ways — and the eleven-point gap between them.
• Private Equity Real EstateBoth worked waterfalls to the dollar, the two capital stacks, and the arithmetic of the promote made changeable.
• Private Markets PerformanceThirty-one of the thirty-three figures chapter 19 publishes reproduce exactly — and the two that do not are named rather than quietly adopted.
• Raising a Real Estate FundThe chapter 17 funnel run on a calendar — when the first close actually lands, and why more travel does not help.
• Real Estate FinanceFour people look at one building and reach four numbers; the lender is whole only above 105,109,489, twelve per cent below today’s value rather than forty.
• Real Estate Financial ModelingProperty, development and fund models built line by line, and the modelling test worked end to end.
• Real Estate Fund ManagementThe waterfall of 6.11, the build-to-core of 8.7 and the proceeds gap, reproduced as live formulas rather than asserted.
• Real Estate Joint VenturesThe JV waterfall and promote, the complete venture, and failure to fund.
• Real Estate Transaction Due DiligenceWhat the diligence cost, which workstreams paid for themselves, and the investigation the book skips, priced.
• REIT Analysis and ValuationFFO of 532.0, AFFO of 381.0, net asset value and dividend safety — every figure a formula you can change.
• Retail Real EstateThe occupancy cost of every unit in a centre, the sixteen per cent of the rent roll no tenant can sustain, and the right-size-convert-or-hold decision priced.
• Sale and LeasebackA €179.5 million transaction end to end, with rent cover measured on the entity that actually signs the lease.
• Self-Storage Real EstateThe cohort engine behind a 590-unit store, and the rate increase on existing customers priced against the move-outs it causes.
• Senior Living and Healthcare Real EstateThe resident engine of a seventy-bed home, the payor mix, and a rota costed at the employer's real hourly rate.
• Significant Risk TransferThe bank's ceiling and the investor's floor derived independently, and the narrow band of prices at which both can say yes.
• Stock Market Investing for BeginnersWhat compounding and fees actually cost, with figures — and a calculator for your own.
• Student Housing Real EstateRevenue per available bed against the rate card, the letting campaign week by week, and the cost base of a 520-bed scheme.
• The AIFMD II HandbookThe reverse stress test computed, and the facility term that moves it more than any asset.
• The Asset-Based Finance HandbookThe borrowing base off a live loan tape, the Meridian transaction, and trigger design.
• The CBAM Compliance HandbookWhat 2027 really costs, how big the buffer should be, and the term the surrender formula counts twice.
• The Co-Investment PractitionerWhat dilution really costs, what a pay-to-play clause is worth, and how much to hold back.
• The Continuation Fund HandbookThe Thalia transaction, the bid funnel, and the fees behind the roll decision.
• The Data Center Development HandbookThe underwrite computed: the levered return the chapter never builds, and what a twelve-month slip costs.
• The Distressed Debt InvestorWhere the fulcrum security actually breaks, and what an 80-cent recovery is worth once composition and time are priced.
• The ESG Manager in Private EquityThe exit in equity and IRR, the line the book drops, and the half-turn nobody controls.
• The EU AML HandbookThe back book sized, and the month beyond which no headcount recovers a one-year window.
• The Evergreen Fund HandbookWhat the sleeve costs, and the headline IRR at which a closed-ended fund merely ties.
• The Family Office ProfessionalWhat an office costs, and the level of wealth at which building one starts to pay.
• The Fund Finance ProfessionalChapter 8 builds the reported-to-eligible NAV bridge; chapter 9 computes every ratio without it. Two points at every state — and what a subscription line does to the IRR.
• The Growth Equity InvestorWhat a pro rata cheque really costs, and the band where defending your ownership loses money.
• The Infrastructure Investment AnalystDebt sculpted to a coverage floor, and one asset valued twice to the last decimal.
• The Private Credit InvestorThe two coverage ratios are not measured on the same thing: the erosion is 47.7 per cent, not the 28.7 the headline implies.
• The Private Equity Fund Controller PlaybookThe book defines IRR, DPI, RVPI and TVPI, tells you to update them at the exit, and prints not one value. Computed: a 1.833× deal inside a fund at 0.892 TVPI.
• The Private Equity Operating PartnerThe value creation bridge built in full, and who actually made the return.
• The Private Equity Secondaries InvestorThe seller’s floor beside the buyer’s ceiling — and the zone that usually is not there.
• The Private Fund Compliance OfficerThe grey zone as basis points, a broken deal four ways, and how many items you must test.
• The Private Markets Limited PartnerWhat a co-investment programme really saves, and the loss rate that erases it.
• The Private Markets Valuation SpecialistThe book describes its illustrations without numbers on purpose. These files close the chain, with every step visible.
• The Private Wealth FundraiserThree peaks, years apart, and the signature that tells a forecast miss apart.
• The Real Estate Asset ManagerBusiness plans, leasing, and what deferring the work on a building actually costs.
• The Real Estate Debt InvestorThe margin against the return on capital, the floor priced, and what prepayment protection buys.
• The Real Estate Development ManagerThe residual appraisal, the worked scheme, land diligence and the risk register.
• The Real Estate Secondaries InvestorAn eighteen per cent discount to net asset value that is really 9.18 once the reported value is unsmoothed.
• The Venture Capital AssociateWhat defending a position costs, and how many companies a reserve pool actually defends.
• Financial Risk ManagementA fund inside every limit that cannot meet a redemption — and the number that decides it is the one with no currency attached.
• Business ValuationThree advisers land 26.8 per cent apart on one company, and the whole gap turns out to be 1.96 points of perpetual growth.
• Quantitative FinanceThree models agree to a quarter of one per cent about a number that one unobservable input moves a hundred and three times as much.
• Asset ManagementFour people quote four returns for one mandate, all correct and 2.7017 points apart — forty-eight times the manager’s net skill.
• Alternative InvestmentsA manager reports 13.29 per cent and the endowment earns 6.26 — both correct, and only a third of the advertised advantage arrives.
• Credit AnalysisFour defensible EBITDAs on one borrower give leverage from 3.19x to 6.47x — and the add-back argument is fifty times the covenant headroom.
• Venture CapitalOne company out of twenty-eight returns 56.7 per cent of the fund, and half the capital goes in after the decision — at half the return.
• Machine Learning for FinanceFive people quote the accuracy of one credit model, all five are right, and the number that decides how much money it makes is none of them.
• Commercial Real Estate InvestingThe equity earned 8.6647 per cent and the investor received exactly 8.0000 — the preferred return, and nothing above it.
• Mergers and AcquisitionsThe board paper says the deal creates 13,436,667 of value. The arithmetic says it destroys 17,530,855. Nobody is lying.
• DerivativesThe treasury report says the hedge cost 1,233,698. That is the interest differential, not a cost.
• Treasury ManagementFive cash balances for one company, all correct and 145,600,000 apart — and the revolver that is two-thirds of the liquidity leaves at a revenue fall of 8.4127 per cent.
• Financial Planning and AnalysisRevenue 3.0190 per cent above budget and operating profit 16.3209 per cent below it, in the same quarter, with every figure correctly stated.
• Energy TradingA position report that is 91.7031 per cent hedged and correctly computed, on a book that is short 2,542,000 MWh — and a margin call of 198,400,000 the next morning.
• Construction Cost ControlA contract sum of 26,301,102 became a final account of 29,153,363 on the building that was drawn — and 85.8 per cent of what was lost was knowable on the day it was signed.
• Trade FinanceSix routes to payment on one 4,200,000 export order cost between 178,040 and 223,268, a spread worth 14.8 per cent of the margin, and a day of buyer credit costs 1,031.76.
• Cost AccountingOne factory costed twice on the same 13,440,000 of overhead, and 4,053,091 moves between four product families.
• The Project Finance HandbookTwo infrastructure deals modeled end to end, and one of them does not work.
• Pricing StrategyA list price of 148.00, a pocket price of 112.51, and the nine deductions in between — with what one point of price is actually worth.
• Contract ManagementA bid 5.50 a unit cheaper, signed on paper worth 9.81 a unit more — and 94.68 per cent of it was knowable on the day of signature.
• Capital MarketsFour defensible readings of one bond, the cost of an issue under each convention, and the placement discount computed at a constant discount.
• Bank ManagementFour defensible readings of one balance sheet, the deposit beta measured two ways, and the liquidity that lasts 3.9 days.
• The Real Estate WorkoutFour ways out of one broken loan, discounted to today, and the 58.7 cents at which a payoff beats enforcement.