GARP GARP Certification ICBRR

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

1. The probability of default on a bond is 3%, and in the case of default, investors expect to lose 70% of their investment. The bond's risk premium is 1.9%. The expected loss and the credit spread of the bond are, respectively:

A) 1.6% and 2.5%.
B) 2.1% and 4%.
C) 2.1% and 3%.
D) 1.6% and 3.5%.

2. What is a common implicit assumption that is made when computing VaR using parametric methods?

A) The expected returns are constant, but the standard deviation changes over time.
B) The mean of and the standard deviations of returns are both constant.
C) The mean and standard deviation of returns change periodically in response to crises.
D) The standard deviations of returns are constant, but the mean changes over time.

3. Which one of the following four statements correctly defines an option's delta?

A) Delta measures the expected decline in option with time and is usually expressed in years.
B) Delta measures the impact of volatility on the price of an option.
C) Delta measures the effect of 1 bp in interest rate change on the option price.
D) Delta is the multiplier that best approximates the short-term change in the value of an option.

4. Which one of the four following statements about Basis point values is correct?
Basis point value:

A) Refers to the change in the value of a fixed income position for a very small change yields.
B) Is a risk sensitivity measure used to measure the point spread risk in the banking book.
C) Is a widely used statistical tool used to measure market risk.
D) Provides a quick estimate of the sensitivity of the bank's banking book, to increasing volatility in interest rates.

5. A corporate bond was trading with 2%probability of default and 60% loss given default. Due to the credit crisis the probability of default increased to 10% and the loss given default increased to 100%. Assuming that the risk premium remained the same how did the credit spread change?

A) Increased by 1000 basis points
B) Increased by 880 basis points
C) Increased by 1120 basis points
D) Decreased by 880 basis points

Solutions:

Question # 1 Answer: B

Question # 2 Answer: B

Question # 3 Answer: D

Question # 4 Answer: A

Question # 5 Answer: B