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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. The pricing of credit default swaps is a function of all of the following EXCEPT:

A) Probability of default
B) Market spreads
C) Loss given default
D) Duration

2. Arnold Wu owns a floating rate bond. He is concerned that the rates may fall in the future decreasing his payment amount. Which of the following instruments should he buy to hedge against the fall in interest rates?

A) Index amortizing swap
B) Interest rate cap
C) Interest rate swap that receives floating and pays fixed
D) Interest rate floor

3. A customer asks a broker employed by AlphaBank to buy Eureka Corporation bonds for her account. While this trade was executed correctly and the bonds were bought, the trade was mistakenly accounted for as a sell order. If the price of Eureka Corporation bonds goes up, this trade would result in a significantly larger loss than if the market had remained stable. However, if the market drops, the customer will benefit from the incorrect accounting and gain from this trade. This trading scenario can serve as an example that

A) Market risk in this transaction can magnify operational risk.
B) Credit risk in this transaction can magnify operational risk.
C) Strategic risk in this transaction can magnify operational risk.
D) Liquidity risk in this transaction can magnify operational risk.

4. To achieve leverage in long positions, a bank can use the following strategy:
I. Securities may be purchased with borrowed funds using a bank loan from the broker.
II. Securities may be borrowed on margin by taking a loan from a broker.
III. Securities may be purchased and used in a repo transaction to generate cash for further security purchases.
IV.
The bank may enter into a derivative transaction, such as a total return swap, that requires little to no collateral but mimics the performance of a long or short position in the underlying instrument.

A) I, III
B) I, II
C) II, IV
D) I, II, III, IV

5. A credit rating analyst wants to determine the expected duration of the default time for a new three-year loan, which has a 2% likelihood of defaulting in the first year, a 3% likelihood of defaulting in the second year, and a 5% likelihood of defaulting the third year. What is the expected duration for this three-year loan?

A) 2.1 years
B) 3.7 years
C) 1.5 years
D) 2.3 years

Solutions: