今日主題:Non-bank finance in Europe-- Embracing the alternatives / 歐洲非銀行金融機構--採用新方法
康康精選GRE&GMAT會考的主題,堅持每天精讀一定會進步的哦!!
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http://xia2.kekenet.com/Sou…/2016/…/eco160909_0918692mXH.mp3
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中英文稿:
Non-bank finance in Europe-- Embracing the alternatives
歐洲非銀行金融機構--採用新方法
Banks are changing. That means other providers of capital must step forward, especially in Europe
銀行有變,資本家須出手,尤其是向歐洲
Fixing one problem often creates another. The financial crisis has produced a wave of regulation to make the banking system safer. Banks are being required to hold more capital. They are being pushed out of riskier areas of activity. This week regulators in America and Britain gave more details of plans to impose losses on bank bondholders to spare taxpayers the cost of resolving failing lenders (see article). Such reforms are needed. Banks must be better cushioned against losses and it must be possible for them to fail.
左支右絀的事時常發生。在本次金融危機的影響下,為增強銀行體系安定性,銀行業監管開始受到重視。銀行需要提高其資本持有量,並遠離金融海嘯的高危地帶。本周,英美兩國的銀行監管當局為避免讓其納稅人來承擔不良債務,就提高銀行債券持有人的損失負擔一事,進一步交流了該計畫的細節問題。此舉必不可少。一方面,對銀行應增加保護力度以免遭虧損;而另一方面,也須置銀行於破產的風險之中。
But refashioning the banks carries a cost. By making it more expensive to fund assets, both because of higher capital charges and because bondholders will bear more risk in future, the new rules are forcing lenders to be pickier. European banks are under particular pressure. They are huge, accounting for most lending (compared with 25-30% in America’s more diverse system). The Europeans are more reliant on flighty wholesale funding. Before the crisis, they financed a lot of long-term assets such as infrastructure. That has to change: funding such holdings with short-term debt is frowned on, and long-term bank debt is hard to come by. The IMF said in October that European banks could end up shedding assets worth $2.8 trillion. Beyond such enormous numbers, the simple reality is that many borrowers can no longer rely on the banks.
但此般銀行改革也會引起成本。在新的監管規則下,資本費用將會增加,債權人的未來風險也將提高,因而抬高基金資產的價格。其結果,銀行借貸者在挑選銀行時不得不更為挑剔。而歐洲銀行面臨的壓力尤為巨大。這些銀行規模龐大,占歐洲借貸業務的多數(相比之下美國借貸體系更為分散,銀行借貸僅占全部的25-30%)。歐洲對於變化無常的批發性融資依賴較大。本次金融危機前,融資專案包括大量基礎設施等長期資產。而現在這一結構需要改變,含短期債務的資產融資無法通過的話,長期銀行債務也難以獲得。國際貨幣基金組織(IMF)在10月份表示,歐洲銀行最終將以喪失2.8萬億美元的資產收場。除了這一巨大虧損之外,眾多人無法再依靠銀行借貸。
For companies with an investment-grade rating or a big brand name, there is an obvious alternative. The bond markets are hoovering up corporate debt in enormous quantities, in part because investors are desperate for a yield of any kind in an environment of ultra-low interest rates. This year is likely to be the first in which non-financial firms in Europe will have issued more debt than financial ones.
而那些被評為投資等級或馳名中外的企業,顯然有其他對策。債券市場正在大量吸收債務,其部分原因是投資者急需在極低利率的投資環境下取得回報。今年,歐洲非金融企業可能首次比金融部門發行更多債券。
The capital markets are not for every borrower, however. That opens the door to other providers of non-bank finance. At one end of the spectrum peer-to-peer lenders are experimenting with entirely new forms of finance in which individual savers and borrowers are matched in an electronic marketplace. At the other the world’s biggest insurers and asset managers are building up their credit-analysis capabilities so that they can lend money directly to mid-market companies, property developments, infrastructure schemes and the like. The banks are often partners in this process, originating debt and then passing it on to institutional investors.
然而,資本市場並非適合所有借貸者。該市場還面向銀行以外的資本家。其中一端發生在電子化市場中的存款個體與貸款個體之間,兩者相互配對形成全信的借貸模式,為P2P借貸人所嘗試。而另一端則由世界領頭的保險公司和資產管理公司建立起自己的信用分析能力,借此直接向中型企業、房地產開發、基礎設施建設等項目進行出資。而銀行常充當其中的合夥人,推動貸款並將資本流向機構投資者。
Light, not shade
光非影
The idea that more funding activity will pass from the banks to non-banks makes many people queasy. One lesson of the financial crisis was that systemic risks can build up outside the formal banking sector: think of AIG’s catastrophic derivatives bet. The term “shadow banking” is often used to conjure up this dark world. And anxiety is warranted when the non-banks ape the banks in taking on lots of leverage, or in using short-term liabilities to fund longer-term assets. This newspaper would like to see much tougher regulation of American money-market funds, for example, which promise to pay all their investors all their money back the moment they ask for it.
越來越多的借貸活動將從銀行轉向非銀行機構,這使人們一想到就深感感不適。金融危機教會了人們,在正規銀行部門之外,系統風險也會不斷積累,美國國際集團(AIG)當初押注于金融衍生品上而引發災難一事歷歷在目。“影子銀行”一詞常用以聯繫至這些陰暗面。而非銀行機構效仿起銀行,動用各種金融杠杆,或以短期債務資助長期資產,以此打消人們的擔憂。例如,本刊希望美國加強金融市場監管,以承諾投資者隨時可回收全部資本。
But plenty of non-bank finance is benign. Insurers and pension funds, for example, have long-term liabilities (such as annuities and pension payments) that make them ideal candidates to invest in longer-term assets like project finance. Peer-to-peer platforms do not use leverage. Private-debt funds lock their investors in for a defined period, which reduces the risk of a run. Firms can put the piles of cash on their balance-sheets to good use by offering finance to their suppliers. And having diversity of supply is a good thing in itself. In America’s financial system risk is spread among many more sorts of lenders, and borrowers can call on a large base of credit-savvy institutional investors.
但非銀行機構的數量增多有益無害。例如,保險公司和養老基金通過長期借貸(年金或養老金等),而成為專案貸款等長期資產的理想投資者。P2P平臺無需使用金融杠杆。私人貸款基金會綁定投資者一段時間,以降低臨時撤資的風險。企業則可向其供應商貸款,以此有效利用資產負債表上大額現金。同時,分化供應商本身就比較有利。在美國,金融系統風險就分擔到了各個投資者身上,而借貸者則有眾多信譽良好的機構投資者可供選擇。
Given the credit squeeze now afflicting Europe, it would be desirable to speed up the emergence of the good sort of non-bank finance. Europe’s regulators can help this happen. There is a strong case for allowing UCITS investment funds (Europe’s equivalent of mutual funds) to be able to hold loans, for instance. Resolving the uncertainty over new capital rules for European insurers known as Solvency 2 would hasten investment in things like infrastructure.
鑒於目前信貸緊縮正在侵蝕歐洲,推動優良的非銀行金融發展將比較有利。歐洲各國的銀行當局可推波助瀾。允許有“歐洲版共同基金”之稱的法國證券投資基金業(UCITS)持有貸款就是有力的一例。歐洲保險業在資本運作上已採用新規則,對於其中的不確定因素予以解決的“歐盟償付能力II”(Solvency 2)將加快基礎設施等方面的投資。
Replacing the hole left by the banks is bound to be a gradual process. It must not be glacial.
銀行業查漏補缺註定是一個漫長的過程,但絕不會止步不前。
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