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Synopsis
An essential tool for treasurers working in corporates and financial institutions, bankers and financial managers, this book is the updated edition of the best-selling guide to the profitable management of the treasury function. In 21 chapters the book discusses all aspects of treasury management including foreign exchange and interest rate management, cash and debt management and control and organisational issues, as well as detailed sections on information requirements, performance measurement, and tax and accounting implications, and a glossary. A new comprehensive section on derivatives details both their uses and control.
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Introduction
Definition of the treasury function
What is treasury? The author proposes a definition of the treasuryfunction as follows - the management of monetary assets and liabilities, financial risks and banking relationships. This definition includes treasury activities such as cash management and transmission, placing and liquidating investments, raising and redeeming finance and managing foreign exchange and interest rate exposures. Some companies will add to this definition such other functions as insurance, investor relations, pension fund management and tax. The treasury function in most corporations will vary, depending on its size, complexity, geography and organisation.
Many treasury activities involve cashflows arising from receipts and payments in local or foreign currencies, the placing or liquidating of investments and raising or repaying finance. These flows have four aspects: amount, currency, time and place. Of course each aspect must be managed. One of the most important of these is maintaining liquidity to ensure that the right amount of funds in the right currency are in the right place at the right time.
It must be stressed that there is a commercial element to the function which is the key to successful treasury management. The foregoing definition might therefore be modified to incorporate the more active and commercial aspect of the treasurer's role as follows - The management of monetary assets and liabilities, financial risks and bank relationships in such a way as to maximise yields, minimise costs and control risk subject to the agreed corporate policy.
Treasury transactions are typically linked through the complete cycle of the business from payment for, say, raw materials to invoicing sales, banking for cash received and managing the various risks throughout the cycle. Some approaches to treasury management have analysed treasury across this cycle. The author believes, however, that the most useful way to analyses the treasury function is by operational components and this book is therefore structured accordingly.
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International Treasury Management
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