The Promise and Perils of Infrastructure Privatization: The by L. Solomon

By L. Solomon

This publication specializes in the Macquarie workforce Ltd. From its modest beginnings in Australia, Macquarie has completed preeminence because the world's prime non-governmental operator of infrastructure assets. Its infrastructure fund version rentals (or buys) staid resources starting from toll roads to airports, piles on debt and reaps good-looking rewards.

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Extra resources for The Promise and Perils of Infrastructure Privatization: The Macquarie Model

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Opened a private trading bank business the next month. Macquarie became a mixture of a commercial bank and an investment bank, offering financial and takeover advice, underwriting and placement of securities, foreign currency management, bullion trading, futures brokerage and interest rate hedging services. As a licensed bank, its activities became subject to regulation under rules overseen by the Australian Prudential Regulatory Authority (APRA). APRA’s banking regulations restricted the financial risk exposure of certain subsidiaries of authorized, deposit-taking institutions, such as Macquarie Bank, a topic that we will return to in chapter four.

The Capital Group initially consisted of five divisions, Capital Advisers, Capital Finance, Capital Funds, Capital Products, and Capital Securities. 33 Group-wide services, such as risk management, continue to be held by the Macquarie Group, the nonoperating holding company. Outside the Risk Management Group, each group has its own experts working on risk management issues. Thus, the 2007 restructuring allows the nonbanking group to continue its growth trajectory, free from the previous, regulatory current operations and growth strategy / 49 limitations, particularly the burdensome capital constraints, at least in the near term.

19 Risks were (and continue to be) assessed daily, with computers number crunching a series of “bad” scenarios. Each day, Moss received a report on how Macquarie would fare if world equity markets suddenly dropped 40 percent or adverse currency movements occurred, among other possibilities. According to Moss, “On some scenarios we would make a lot of money. ”20 The aggressive, independent risk analysis team watches over the shoulders of the firm’s operational groups to ensure the deals they put together meet acceptable risk criteria.

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