Final answer:
Banks need financial statements to assess their financial health, meet regulatory requirements, and communicate with stakeholders.
Step-by-step explanation:
The bank needs financial statements in week 5 for several reasons:
Assessing the bank's financial health: Financial statements allow the bank to evaluate its assets, liabilities, and net worth. This information helps the bank understand its financial position and make informed decisions.
Meeting regulatory requirements: Banks are required by law to provide accurate and transparent financial statements to regulatory authorities. These statements are important for regulatory oversight and ensuring compliance with financial regulations.
Communicating with stakeholders: Financial statements are used to communicate the bank's financial performance and position to shareholders, investors, and other stakeholders. These statements provide transparency and help build trust among stakeholders.