全球监管者呼吁整顿“影子银行”

Non-bank lending markets face unprecedented levels of government intervention under sweeping proposals to tame “shadow banking laid out by global regulators meeting as the Financial Stability Board.

根据全球监管者会议——金融稳定委员会(FSB)有关整顿“影子银行的全面提议，非银行放贷市场正面临空前水平的政府干预。

“We need to be constructing a regulatory and supervisory regime that guards against shadow banking creating [its] crisis in 2015 or 2020, Lord Turner, the UK regulator who helped lead the project, told the Financial Times.

参与牵头发起此项目的英国监管者特纳勋爵(Lord Turner)对英国《金融时报》表示：“我们需要建立起防止影子银行在2015或2020年制造出危机的监管和监督体系。

The Basel-based regulatory group made clear yesterday that it intended to push for tighter oversight of any part of the $67tn sector that takes on bank-like attributes such as using short-term assets to fund longer-term lending, known as “maturity transformation. They also intend to set global capital and liquidity standards for non-banks that could be subject to investor panics akin to a depositor run.

总部位于巴塞尔的FSB昨天明确表示，该监管组织计划对这一67万亿美元的行业加强监督，以针对任何类似于银行的操作，如利用短期资产为长期放贷融资，即“期限转换(maturity transformation)。该组织还计划对可能遭遇投资者恐慌（类似于储户挤兑）的非银行机构设定全球资本和流动性标准。

“If it looks like a bank and quacks like a bank, it has got to be subject to bank-like safeguards, said Lord Turner.

“如果它看起来像银行，行为也像银行，那么它就必须接受银行式的防护措施，特纳勋爵说。

In a shift from early discussions, the FSB was careful to say that some shadow banking, which includes all private financial groups that are not banks, insurers or pension funds, provided much needed funds to the real economy.

与早先的谈论不同，在提及某些影子银行提供了实体经济亟需的资金时，FSB颇为谨慎。影子银行包括所有不是银行、保险公司或养老基金的私有金融机构。

The wide-ranging package includes new rules for everything from asset securitisation to short-term lending, as well as guidelines for regulators around the world on how to distinguish potentially dangerous innovations from garden variety “market finance.

这一包罗万象的监管计划包括为资产证券化和短期放贷在内的各种行为制定规则，并为全球监管机构出台有关如何区分潜在危险的创新与普通“市场金融的指导方针。

Among the most controversial proposals are plans to set minimum discounts known as “haircuts for secured lending in the “repo markets.

最具争议的提议包括为回购市场的有抵押放贷设定有“削发之称的最低折价。

The FSB has also proposed tighter rules on “rehypothecation, which occurs when a custodian or broker takes the assets they are supposed to be holding and lends them out to someone else.

FSB还提出对再抵押(rehypothecation)实施更严格的监管规则。再抵押是指托管者或经纪商将它们理应持有的资产外借第三方。

“Anybody with a securities portfolio can build a shadow bank by lending it out for cash and using the cash to make loans, said Paul Tucker, Bank of England official and an FSB member, “so the regulatory community as a whole wants to consult on whether we should put floors on haircuts or at least have official guidelines on how to determine haircuts.

“目前任何拥有证券投资组合的人，都可以通过外借资产换取现金，再用现金放贷，从而建立起影子银行，英格兰银行(Bank of England)官员、FSB会员保罗·塔克(Paul Tucker)说，“因此监管界希望征求意见的是，我们是否应当设立‘削发’的下限，或是至少为如何确定‘削发’拟定官方指引。

Mr Tucker has suggested that minimum haircuts could tamp down asset bubbles.

塔克提出，设定最低折价能够抑制资产泡沫。

The FSB’s report has been awaited since the leaders of the Group of 20 nations asked the board in 2011 to suggest ways to prevent banks from using shadow banking to circumvent efforts to make lenders safer.

2011年20国集团(G20)成员国领导人要求FSB出谋划策，以防止银行使用影子银行来绕过旨在提高银行安全性的监管方案。自那时起，各方一直在等候FSB的报告。