Repurchase Agreements (Repo transactions)

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Repurchase Agreements (Repo transactions)발음듣기

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Let's say that you're in desperate need of money and I have money to lend to other people.발음듣기

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So this is me and this is my gold chain.발음듣기

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So you come to me and say, Sal, I need $10,000 for a kidney transplant.발음듣기

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Can you lend me the money?발음듣기

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I'm in desperate need. And I have $10,000.발음듣기

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Sure, I'm willing to lend it to you, but it's a tough economy and you never know where that money's going to go and I don't know if you're going to be able to keep your job after going through this kidney surgery and all that.발음듣기

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So I'm very careful with my money so I want to make sure that you're good for it.발음듣기

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So we think about it a little bit and I say, hey, that watch you have on your wrist, that looks pretty nice.발음듣기

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You say, this watch? Let me draw the watch. And I say, yeah, that watch.발음듣기

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You're like, this watch I got from my great-great-grandfather and it's actually worth - I don't know - maybe it's a diamond studded Rolex of some sort and it's actually worth $30,000, right?발음듣기

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And I know that, clearly because I've already become well acquainted with gold and diamonds and things like that.발음듣기

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So I say, I trust you and you trust yourself.발음듣기

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I'll lend you the $10,000, but just so that we all know that everything's going to be fine, why don't you just leave your great-grandfather's watch with me?발음듣기

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And when you pay back the $10,000 with a low interest - let's say it's 10% a week - when you pay back the money, the principal, with the interest, however long you borrow it, I'll give you back your watch.발음듣기

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You're like, I don't know about that.발음듣기

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First of all, 10% a week sounds like a lot.발음듣기

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I was like, well, don't you just need it for the kidney transplant tomorrow and then you can work a couple of weeks and then pay it back.발음듣기

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10% a week's not bad - and we all know that that is because you compound that over the year and it becomes some type of horrendous interest rate.발음듣기

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But you're desperate. You need your kidney and I'm like, look, you plan on paying me back, right?발음듣기

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So you're going to get your $30,000 watch back, so what's there to worry, right?발음듣기

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So why don't you just leave this with me as collateral?발음듣기

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And you say, fine and you leave your watch and you get your kidney transplant and then you try to work really hard to pay it back, but you never can and I keep your watch.발음듣기

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And this is how the pawn process essentially works.발음듣기

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You've pawned your watch off to me, but in a less kind of derisive way of talking about it, you've given it as collateral for a loan.발음듣기

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And I was willing to give you the loan because I knew that if you couldn't pay it back, I could keep this nice asset.발음듣기

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And this happens all the time in less shady parts of our economy.발음듣기

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A bank will give you a loan and they'll collateralize it by the house.발음듣기

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If you can't pay the loan, they keep the house.발음듣기

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They want you to put a down payment on the house so that even if the house devalues, they still capture back most of their money.발음듣기

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And so this is a pretty straightforward collateralized loan.발음듣기

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This is the collateral you give me.발음듣기

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I give you the loan. You pay it back.발음듣기

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I give you back the collateral.발음듣기

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Now what if there was a reality where I don't - me as the lender, I don't even like this notion of collateral and all of that.발음듣기

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I actually want to make it very clear that I have ownership of the collateral when it happens, right?발음듣기

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I don't want some Feds coming in and saying, wow, whose watch is this that you're holding?발음듣기

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Where's the receipt for this? Where did you get it?발음듣기

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Was it stolen from somebody? And it looks all shady and I probably do have some side shady operations anyway so I want to know that I own this watch in the event that you don't come back to pay the loan.발음듣기

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So instead, we could have done this exact same transaction - so this is you again.발음듣기

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This is me again. I'll draw that top hat and the moustache.발음듣기

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Those are my differentiating characteristics, maybe the gold chain.발음듣기

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And now what I can do is - because I want ownership of that watch, what I'll do is I will buy that watch from you.발음듣기

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So you'll give the watch - so the watch will literally change hands.발음듣기

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So I will buy the watch from you for $10,000.발음듣기

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But we'll also have a side agreement.발음듣기

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So far it's almost identical, right?발음듣기

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The only difference between this and what we did before is, I'm actually selling the money.발음듣기

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I'm actually buying the watch from you.발음듣기

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This is a cash transaction. This wasn't a loan, strictly speaking, but the same thing is happening, right?발음듣기

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Up here you handed me the watch and I handed you $10,000.발음듣기

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Here, you handed me the watch and I handed you $10,000.발음듣기

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But what we'll add on to this is an agreement that at some future date - so this is now.발음듣기

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We also going to have an agreement - and both of us are parties to this - that in the future, I will agree to sell and you will agree to buy this watch for me for something more than $10,000.발음듣기

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So in the future, you're going to give me back my money.발음듣기

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So it'll be $10,000 plus something - and that's something is essentially interest, right?발음듣기

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So I'll get my money back and then I'll give you back the watch.발음듣기

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So if you think about it, this is completely identical economically to what we did up here, right?발음듣기

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I gave you $10,000. You gave me the watch as collateral.발음듣기

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When you pay back the $10,000 plus interest, I give you back the watch, right?발음듣기

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But at no time did I really have real, legitimate ownership of that watch.발음듣기

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Well, in this situation, the same thing happens.발음듣기

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You come to me. I give you money.발음듣기

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You give me the watch, but I bought it from you so I have a receipt too.발음듣기

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I am the official owner of the watch while you have my money, but we have an agreement that at some future date, you will repurchase the watch from me. for $10,000 plus some amount, which is essentially the interest.발음듣기

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So this was a loan collateralized by a watch, but the only difference here is that instead of it just being collateral, you actually sold it to me and then we had a repurchase agreement - and it took me six minutes to say that,발음듣기

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but I think it was worth it - where you agree to repurchase the watch at some point.발음듣기

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It's actually I'm the holder of the repurchase agreement.발음듣기

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So the money lender - so I get the watch and a repurchase agreement.발음듣기

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We'll call that a repo. So these are two assets that I now have - the watch plus the repurchase agreement.발음듣기

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You get the money. And it's actually called a reverse repo, from your point of view.발음듣기

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But the whole idea here is this agreement forces you to buy the watch back at the original amount that you essentially borrowed from me plus some interest.발음듣기

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And this essentially forces me to sell it to you.발음듣기

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So we have a - it's essentially a forward contract.발음듣기

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A forward contract is just an agreement to transact in the future at some given price.발음듣기

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And the whole reason why I did this is because this is how the Fed transacts.발음듣기

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This is how the Fed lends, especially with the discount window.발음듣기

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Sometimes it's called a repo transaction or a repurchase agreement.발음듣기

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And so what the Fed does when someone comes to it at the discount window - let me actually draw proper balance sheets now.발음듣기

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Let's say that this over here is a bank in need.발음듣기

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I won't worry about the right-hand side of the balance sheet too much.발음듣기

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It has some liabilities, some equities.발음듣기

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Let's say it has a ton of assets.발음듣기

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Let's say that these right here are treasuries.발음듣기

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But it's all out of cash, right?발음듣기

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This is the bank. It's all out of cash and on the other hand, we have the Federal reserve.발음듣기

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Let me see if I can draw their balance sheet properly.발음듣기

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And the Federal reserve - well, for the most part, these are going to be treasuries right now.발음듣기

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It has some liabilities. I won't go into that just yet.발음듣기

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It has some equity. And let's say you're one of these pariah banks.발음듣기

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No-one's willing to lend to you.발음듣기

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Your depositors are taking out their money.발음듣기

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So you need to convert some of these treasuries into cash.발음듣기

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You don't want to just dump them on the market.발음듣기

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Maybe there are other assets that are less liquid and if you just dump them, you won't get the value you want.발음듣기

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So essentially you enter into a repurchase agreement with the Federal reserve.발음듣기

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So this is the Fed reserve.발음듣기

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You go to the Federal reserve discount window.발음듣기

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The discount rate might be - I don't know - 5% on an annual basis, but we won't get into the technicalities of that.발음듣기

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You say, hey, Fed, lend me some money.발음듣기

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And the Fed says, OK, let me print some money for you.발음듣기

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So these are the liabilities notes outstanding and then he prints some Federal reserve notes, but instead of just lending the money to you and then keeping these treasuries as collateral, the Federal reserve will actually buy these - it'll enter into a repurchase agreement with you.발음듣기

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So the mechanics of that is that the Federal reserve will buy these treasuries from you.발음듣기

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So now all of a sudden, the treasuries - the Federal reserve notes will go from the Federal reserve to you and then your cash will go to - then your treasury notes will go to the Federal reserve, right?발음듣기

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This is cash - Federal reserve printed cash, gave it to you, and then essentially bought treasury notes from you.발음듣기

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So now these are treasury notes.발음듣기

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These are the treasury notes that were here before.발음듣기

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But it has a repurchase agreement where you agree at some future date to unwind this transaction, where you're going to buy back your treasuries and you're going to pay the amount that the treasury paid you initially plus some interest, right?발음듣기

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So the basic way to view it is, this was just a loan.발음듣기

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You just borrowed this much from the Federal reserve.발음듣기

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The Federal reserve kept your treasuries as collateral, but it actually had formal ownership over it.발음듣기

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And that's what differentiates a repo agreement from just a traditional collateralized loan,발음듣기

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but in the future you're going to buy back those treasuries for the amount the Federal reserve had originally bought them from you for plus a little bit of interest.발음듣기

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You're going to pay a little interest and that interest is going to be dictated by the discount rate.발음듣기

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Anyway, all out of time. In the next video, we'll actually look at the Federal reserve's balance sheet.발음듣기

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