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Bankbusters 拆分银行

来源:银行英语 时间:2018-12-12 点击:

THE world is awash in reports on reforming finance. Yet the latest effort from Britain isn’t being greeted by stifled yawns—far from it. Commissioned by Which?, a consumer lobbying group, and authored by a handful of worthies, most of its suggestions are not new. Two things matter though. First, it endorses the idea that banks may have to be broken up. And second, one of those worthies is Vince Cable, a Liberal Democrat politician.
当今世界充斥着金融改革的提案。然而,英国最新出台的方案却让人哈欠连连。在这份受某消费者游说团体委托,由许多大人物起草的提案中,大多数建议都是老生常谈。不过,关于这份提案,仍有两件事是值得关注的。第一,它赞同银行可能会被拆分的观点。第二,它的起草人之一是Vince Cable(英国商务大臣),一位来自自由民主党的政治家。

Since the group was brought together in December Mr Cable has unexpectedly graduated to become business secretary in Britain’s new coalition government. In a television documentary due to be screened on June 14th he reportedly presses home his point. A government commission that is to review how to reform the banks should, he says, explicitly examine a separation of retail and investment banking. Mr Cable is a longstanding fan of radical surgery and several officials at the Bank of England, including its governor, Mervyn King, are sympathetic too.
自12月集体会面以来,Cable先生出人意料地晋升为英国新联合政府的商务大臣。据说,他在一档定于6月14日播出的电视纪录片中表达了他对银行业发展的看法。他说,政府委员会在考虑如何改革银行业时,应该明确地考虑将零售银行和投资银行分离出来。Cable先生非常支持这种根治性的变革,此外另外几名英格兰银行的官员,包括英行行长Mervyn King先生也赞同这种观点。

Britain’s banks are very big relative to its economy and its taxpayers were clobbered worse than most. Yet the country is also testament to the sheer heterogeneity of bank failures. Royal Bank of Scotland was partly brought down by investment-banking losses. But a host of small, narrow banks blew up too, including Northern Rock, while a big retail bank, HBOS, failed in spectacular fashion. The evidence from other countries is confusing too. Canada’s widely lauded system is an oligopoly of big universal banks. Spain’s savings banks, which form the kind of patchwork of medium sized firms focused on traditional loans that some dream of, are busy imploding at the same time, endangering the economy.
英国银行业的损失对其经济有巨大的影响,而纳税人也因此前所未有地损失惨重。而英国也见证着全然不同的银行倒闭。因受投资银行损失的拖累,苏格兰皇家银行在一定程度上垮了。而在零售银行巨头HBOS(哈里法克斯银行)惊人地倒下的同时,许多小型银行,包括北岩银行也倒下了。其他国家的情况也同样让人困惑:加拿大广受好评的体制成为了大型通用银行的寡头垄断;专注于为中小企业提供较为理想的传统贷款的西班牙储蓄银行也突然倒闭了,危害了国家经济。更多信息请访问:http://www.24en.com/

The report is on stronger grounds when it makes its main diagnosis: banks get a giant public subsidy in the form of a taxpayer guarantee of their borrowings, and that some of that subsidy flows to activities, such as investment banking, that may not be "socially useful". The big banks will seek to persuade the government that there are other ways to remove the subsidy, including "living wills", resolution authorities for failed banks, the ring-fencing of deposits and more competition. They reckon that key officials in the Treasury agree and take comfort from the fact that the government commission will be headed by George Osborne, the Conservative chancellor (finance minister), not Mr Cable.
这份提案诊断出了当前银行业病灶所在,因而它所提的建议就更加有道理了。提案认为,病灶在于,银行通过纳税人的借款担保而获得了巨大的公家补贴,而这些补贴中一部分流动到了“对社会不是那么有用”的地方,例如投资银行。大型银行将想法设法说服政府可以采用其他方法取消补贴,包括拟定“生前遗嘱”,也就是解决倒闭银行的归属问题,还有重新分配存款的用途,以及创造更多竞争。他们认为,财政部的主要官员会接受这个事实并感到安慰,因为政府委员会将由保守党官员(财政部长)乔治·奥斯本率领,而不是Cable先生。

Reality check
面对现实
What may swing the case, however, is commercial reality. Of Britain’s five big banks, the two most successful, HSBC and Standard Chartered, have large investment-banking operations and could plausibly relocate their entire businesses to Asia, where the bulk of their profits come from. A third, Barclays, which did not take government capital either, might, if forced to dismember itself, move its investment-banking headquarters to New York. The City of London is dominated by the investment-banking arms of universal banks, most of them foreign-owned.
然而,商业现实才是最重要的。英国的五大银行中,两大最成功的汇丰银行和渣打银行运营着大量的投行项目,他们很可能将整个企业迁往利润丰厚的亚洲。排名第三的巴克莱银行并没有采用任何政府资金,因而如果被迫拆分的话,很可能将其投行总部移到纽约。通用银行的投行部门掌控了伦敦金融城的大局,而这些投行大多是外商独资企业。

The report co-authored by Mr Cable says Britain should work "with its international partners" when examining whether to break up banks. This is an onerous hurdle to overcome. Outside Britain and America there is no appetite for break-ups. In America the administration and the Federal Reserve have now opted for a reform package that leaves the industry"s structure broadly intact. At a meeting on June 9th-11th of the Institute of International Finance, a lobbying group, attended by bankers, regulators and government officials from most rich and emerging-market countries, your correspondent heard not a single mention of breaking up banks. Mr Cable has a lot of persuading to do.
由Cable先生等联合起草的提案认为,在拆分银行方面,英国应该和“国际伙伴”一起合作。然而这是一个很难逾越的障碍,因为除了英国和美国,其他国家并不支持拆分银行。美国政府和联邦储蓄系统选择了使行业结构大体保持完整的改革方案。一个庞大的游说团体将会出席6月9日-11日的国际金融研究所大会,这个团体由银行家,管理者以及来自最富有国家和新兴市场国家的政府官员组成。到时,记者们听到的可不仅仅是拆分银行的提议,Cable先生要做的游说工作还有很多。

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