巴塞尔委员会打击“监管套利”

当前位置：首页 > 英语笔译

巴塞尔委员会打击“监管套利”

天之聪教育 2013-04-12 天之聪教育 340次

巴塞尔委员会打击“监管套利”

Watchdog to close loophole over banks’ use of credit default swaps

Global banking watchdogs have announced their first big crackdown on regulatory arbitrage since the passage of the Basel III reform package with a plan for hefty charges on banks that use pricey credit default swaps to cut their capital requirements.

全球银行业监督机构宣布，计划对利用昂贵的信用违约互换(CDS)来降低自身资本金要求的银行征收高额费用。此举是自《巴塞尔III》(Basel III)改革方案通过以来针对“监管套利”行为出台的首轮重大打击。

The highly technical consultation announced on Friday by the Basel Committee on Banking Supervision, which sets global bank safety rules, takes aim at banks that have been exploiting a regulatory loophole by buying credit protection on risky loans but spreading out the premiums for several years.

负责制定全球银行安全规则的巴塞尔银行监管委员会(Basel Committee on Banking Supervision)上周五宣布了这项颇为技术性的磋商。其矛头指向那些钻监管漏洞的银行，它们为高风险的贷款购买信用保险，但把保费分摊至数年。

The Basel group, made up of 27 countries with major financial centres, announced 15 months ago that it was concerned about these arrangements because they immediately cut a bank’s capital charges, though the costs – and the risk of buying the insurance – do not show up until later.

由27个国家（拥有一些大型金融中心）组成的上述巴塞尔委员会曾在15个月前宣布，对此类安排感到关切，原因是它们会立刻降低相关银行的资本金费用，尽管其成本——以及购买保险的风险——将在以后显现。

The US Federal Reserve had said the practice called “into question the degree of risk transfer of the transaction and may be inconsistent with safety and soundness”. But the deals remained popular.

美联储(Fed)曾表示，这种操作“使人质疑交易的风险转移程度，可能不利于安全和稳健”。但此类交易仍十分流行。

Last month it emerged that Citigroup had bought protection from Blackstone , the private equity group, on a pool of shipping loans. Other banks that have engaged in “reg-cap” deals recently include Standard Chartered and Barclays.

上月传出的消息显示，花旗集团(Citigroup)曾针对一批航运贷款向私人股本集团黑石(Blackstone)购买保险。近期从事过所谓“监管资本金”(reg-cap)交易的其他银行包括渣打(Standard Chartered)和巴克莱(Barclays)。

Now regulators have taken a much tougher line, saying they plan to amend the hard-fought Basel III deal to close the loophole. Banks can continue to use CDSs to hedge their losses but they must reflect the cost of the insurance up front and take a capital charge, the consultation says, adding: “The proposed changes are intended to ensure that the costs, and not just the benefits, of purchased credit protection are appropriately recognised in regulatory capital.”

现在监管机构大幅收紧了立场，称他们计划修订经过艰苦谈判才得以达成的《巴塞尔III》协议，以求堵塞这个漏洞。磋商文件称，银行可继续利用CDS对冲自己的亏损，但它们必须从一开始就报告保险成本、录得资本金费用。磋商文件还称：“拟议的变动意在确保所购买之信用保护的成本——而非仅仅是收益——恰当地计入监管资本金。”

The move comes as regulators fight to reassure investors and politicians that Basel III will make the financial sector safer and that banks will not be able to evade the new rules by “optimising” their balance sheets to make them appear less risky.

此举出台之际，监管人士正努力向投资者和政界人士保证，《巴塞尔III》将提高金融行业的安全性，而且银行将无法通过“优化”自身资产负债表、使其看上去风险不那么大来逃避新规。

“It appears pretty draconian,” said one person who works at a counterparty fund.

“这项计划看起来相当严厉，”在一只基金工作的一名人士表示。该基金是银行的交易对手。

Daniel Davies, analyst at BNP Exane, said: “It seems like a sensible piece of regulation. It’s pretty difficult to make a case that capital credit should be given for credit protection without recognising the full cost.”

BNP Exane分析师丹尼尔•戴维斯(Daniel Davies)表示：“这看上去像是一条明智的监管规定。在不承认全部成本的情况下对信用保护给予资本金信用——这种做法很难站得住脚。”