全球監(jiān)管新規(guī)要求中國(guó)大銀行額外發(fā)行債券（中英雙語(yǔ)）

青島希尼爾翻譯公司（www.marshallsfreshproduce.com）整理發(fā)布2015-11-12

希尼爾翻譯公司（www.marshallsfreshproduce.com）2015年11月12日了解到：中國(guó)幾家大銀行面臨著一項(xiàng)艱巨的任務(wù)——要滿足旨在防止靠納稅人救助銀行的全球新標(biāo)準(zhǔn)，而依賴存款獲得融資（正常情況下被視為一種優(yōu)勢(shì)）使它們處于不利境地。Chinese banks need
China's biggest banks face a daunting task in meeting new global standards designed to prevent taxpayer bailouts of lenders, as their reliance on deposit funding — ordinarily considered a source of strength — puts them at a disadvantage.

The Financial Stability Board, which makes policy recommendations to the Group of 20 large economies, on Monday confirmed its final proposals for requiring global banks to hold a special debt known as Total Loss Absorbing Capacity (TLAC). 金融穩(wěn)定委員會(huì)(FSB)負(fù)責(zé)向20國(guó)集團(tuán)(G20)大型經(jīng)濟(jì)體提供政策建議。本周一，該委員會(huì)證實(shí)向全球性銀行提出了最終建議，要求它們持有一種名為“總損失吸收能力”(TLAC)的特別債務(wù)。

The aim is to make the biggest lenders resilient enough to weather economic or financial turmoil without spreading contagion to the broader financial system and to avoid future government bailouts. The requirements are part a broad suite of global reforms enacted in the wake of the 2008 financial crisis. 此舉旨在使大型銀行具有足夠大的彈性，可以安然度過(guò)經(jīng)濟(jì)或金融危機(jī)、而不致把自己的問(wèn)題蔓延至整個(gè)金融體系，并使自己未來(lái)不需要政府的救助。這一要求是2008年金融危機(jī)之后啟動(dòng)的一整套全球改革措施的一部分。

Three Chinese banks are on the hook for nearly one-third of the ￠1.1tn in additional loss-absorbing debt that the FSB estimates the 30 global systemically important banks (G-Sib) need to raise to satisfy the TLAC requirement. Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China are together short ￠355bn, according to board estimates. 據(jù)金融穩(wěn)定委員會(huì)估算，30家全球系統(tǒng)重要性銀行(G-Sib)需要額外籌集1.1萬(wàn)億歐元的損失吸收債務(wù)，才能滿足TLAC要求。中國(guó)三家銀行占到上述債務(wù)總額的近三分之一。據(jù)該委員會(huì)估算，中國(guó)銀行(BoC)、中國(guó)農(nóng)行(ABC)和中國(guó)工行(ICBC)需籌集的債務(wù)總額達(dá)到3550億歐元。

That compares to Rmb7tn (￠1.02tn) in total China bank bonds outstanding domestically and offshore, according to Daiwa Capital Markets. A fourth Chinese bank, China Construction Bank, which was added to the G-Sib list earlier this month, may also have to issue additional debt. 大和資本市場(chǎng)(Daiwa Capital Markets)表示，相比之下，中國(guó)銀行業(yè)在國(guó)內(nèi)外的未清償債券總額達(dá)7萬(wàn)億元人民幣（約合1.02萬(wàn)億歐元）。作為本月初加入全球系統(tǒng)重要性銀行之列的中國(guó)第4家銀行，中國(guó)建行(CCB)或許也必須額外發(fā)行債務(wù)。

Emerging-market lenders were previously exempted from the TLAC requirements, a move widely seen as a sop to China. The FSB ended that exemption on Monday amid criticism that it undermined the principle of a global level playing field. 以往，新興市場(chǎng)的銀行不必滿足TLAC要求，這被普遍認(rèn)為是對(duì)中國(guó)的一種特別照顧。本周一，金融穩(wěn)定委員會(huì)終止了新興市場(chǎng)被豁免的局面，因?yàn)橛信u(píng)意見稱，這樣破壞了全球公平競(jìng)爭(zhēng)的原則。

Developed-market banks have until 2022 to meet the full requirement for TLAC worth 18 per cent of risk-weighted assets and a leverage ratio of 6.75 per cent of total assets. 到2022年，發(fā)達(dá)市場(chǎng)的銀行必須完全滿足TLAC達(dá)到風(fēng)險(xiǎn)加權(quán)資產(chǎn)的18%，杠桿率達(dá)到總資產(chǎn)的6.75%的要求。

The Chinese banks have until 2028, though the deadline will be moved forward if China's corporate bond market expands to 55 per cent of GDP — it is currently 30-35 per cent — making it easier for Chinese lenders to sell TLAC debt. 中國(guó)的銀行達(dá)標(biāo)的截止期限是2028年，不過(guò)，如果中國(guó)公司債市場(chǎng)規(guī)模升至相當(dāng)于GDP的55%的話（目前為30%至35%），那將更便于中國(guó)的銀行發(fā)行TLAC債務(wù)，截止期限將被相應(yīng)提前。

“If the local corporate bond market develops more rapidly than we now anticipate?.?.?.?there will be an earlier implementation,” said Svein Andresen, secretary-general of the FSB, at a briefing in Basel. “China and other emerging market economies are all in the process of developing their corporate debt markets, into which these banks would need to begin to issue TLAC eligible liabilities,” he added. “如果中國(guó)債市的發(fā)展速度比我們現(xiàn)在預(yù)測(cè)的快……那么我們將把中國(guó)滿足TLAC要求的時(shí)間提前，”金融穩(wěn)定委員會(huì)秘書長(zhǎng)斯韋恩?安德森(Svein Andresen)在巴塞爾的一次情況通報(bào)中表示，“中國(guó)和其他新興市場(chǎng)經(jīng)濟(jì)都在發(fā)展各自的公司債市場(chǎng)，中國(guó)幾大銀行將需要開始在公司債市場(chǎng)發(fā)行符合TLAC要求的債務(wù)，”他補(bǔ)充道。

The TLAC requirement comes on top of new fundraising that Chinese banks need to comply with the post-crisis banking reforms known as Basel III. China's implementation of Basel III requires its four big domestic banks to have top quality capital equal to 11.5 per cent of their assets, adjusted for risk, by the end of 2018. 除了滿足TLAC的要求外，中國(guó)的銀行首先必須實(shí)施新一輪融資，以符合《巴塞爾協(xié)議III》(Basel III)危機(jī)后銀行業(yè)改革方案的要求。中國(guó)如果要落實(shí)Basel III，就得要求中國(guó)四大行在2018年底前，使高質(zhì)量資本金對(duì)總資產(chǎn)的比例達(dá)到11.5%（經(jīng)風(fēng)險(xiǎn)調(diào)整）。

Chinese lenders have sold $58bn of capital bonds since 2013 to meet the Basel requirements, according to Dealogic, with more issuance expected. Dealogic數(shù)據(jù)顯示，為了滿足Basel III的要求，中國(guó)的銀行自2013年以來(lái)已發(fā)售了580億美元的資本債券，預(yù)計(jì)未來(lái)還將發(fā)行更多此類債券。

The TLAC requirement hits Chinese banks especially hard due to their reliance on customer deposits. Western banks, by contrast, draw a much larger share of their funding from selling bonds. 由于中國(guó)的銀行依靠客戶存款，TLAC要求對(duì)它們的影響尤為嚴(yán)重。相比之下，西方銀行通過(guò)發(fā)行債券獲得融資的比例要高得多。

Unlike deposits, bonds can count toward TLAC requirements, so long as their legal documents include "bail in" provisions that impose losses on investors if the bank gets into trouble. Senior debt is already a major component of western banks' funding mix but is not commonly used in China. 跟存款不同的是，債券會(huì)被計(jì)入TLAC要求的范圍內(nèi)——只要債券的法律文件中包含有“自救”條款——規(guī)定當(dāng)銀行陷入困境時(shí)，損失必須要由投資者承擔(dān)。優(yōu)先債已經(jīng)是西方銀行融資渠道的一個(gè)主要組成部分，但這種做法在中國(guó)并不普遍。

The Chinese banks benefit in other way from their reliance on deposits. The "net stable funding ratio" — another component of Basel III designed to prevent overreliance on wholesale funding that can quickly evaporate during periods of market stress — treats deposits as a better funding source than bonds. 中國(guó)的銀行對(duì)存款的依賴，在其他方面會(huì)讓自身受益。凈穩(wěn)定融資比率(net-stable funding ratio)把存款視為一種優(yōu)于債券的融資途徑。該比率是Basel III的另一個(gè)組成部分，旨在防止對(duì)批發(fā)融資的過(guò)度依賴——在危機(jī)時(shí)刻，批發(fā)融資可能迅速蒸發(fā)。

But for the purposes of avoiding taxpayer bailouts, deposits are far less useful than bonds. While bond holders can be forced to take losses, most retail deposits are government insured so imposing losses on them would still leave taxpayers on the hook. 但在避免由納稅人實(shí)施紓困方面，存款遠(yuǎn)沒有債券發(fā)揮的用處大。盡管債券持有者可能會(huì)被迫承受損失，但大多數(shù)零售存款具有政府的擔(dān)保，所以把虧損強(qiáng)加給零售存款，仍將讓納稅人蒙受損失。

Some analysts worry that the TLAC rules may actually weaken Chinese bank balance sheets. 一些分析師擔(dān)心，TLAC規(guī)則實(shí)際上可能會(huì)削弱中國(guó)各銀行的資產(chǎn)負(fù)債表。

“If Chinese banks have to make a big shift in their funding base for TLAC reasons, this could undermine one of their key strengths,” says Qiao Liang, senior director for financial institutions ratings at Standard & Poor’s in Beijing. 標(biāo)準(zhǔn)普爾(Standard & Poor's)金融機(jī)構(gòu)評(píng)級(jí)資深董事廖強(qiáng)在北京表示：“如果中國(guó)各大銀行因TLAC而必須要對(duì)資金基礎(chǔ)作出重大調(diào)整，那可能反而會(huì)削弱它們的主要優(yōu)勢(shì)之一?！?span id="y4mwsemgwi0" class="style43">

China's bond market has grown rapidly in recent years but remains smaller and less liquid than those in developed markets, creating a challenge for Chinese banks looking to boost their TLAC with more senior debt. 中國(guó)債券市場(chǎng)近幾年發(fā)展迅速，但在規(guī)模和流動(dòng)性上仍比不上發(fā)達(dá)市場(chǎng)，這對(duì)想要以更多優(yōu)先債務(wù)提高其TLAC的中國(guó)各銀行來(lái)說(shuō)是一大挑戰(zhàn)。

A more fundamental issue is whether the TLAC framework makes sense at all for the big, state-owned Chinese banks. James Antos, Asia banks analyst at Mizuho Securities, says that for state-owned banks, the TLAC requirements actually impose more risk on taxpayers. 更根本的問(wèn)題是，對(duì)于中國(guó)的大型國(guó)有銀行而言，TLAC框架是否完全合理？瑞穗證券(Mizuho Securities)亞洲銀行業(yè)分析師詹姆斯?安托斯(James Antos)表示，對(duì)于中國(guó)的國(guó)有銀行來(lái)說(shuō)，TLAC的要求其實(shí)將更多風(fēng)險(xiǎn)施加到納稅人身上。

"TLAC is supposed to avoid using public funds to bail out banks. But if the government owns the banks in the first place, public funds will by definition be used. They get the burden of more debt than they need but the public does not get protection in a crisis because the public owns the banks.” “TLAC按理應(yīng)避免使用公共資金去救助銀行。但假如銀行本身就是屬于政府的，公共資金當(dāng)然會(huì)被動(dòng)用。銀行背負(fù)了超出需要的過(guò)多債務(wù)，但遇到危機(jī)時(shí)公眾無(wú)法得到保護(hù)，因?yàn)殂y行歸公眾所有?！?/p>

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