4Bank regulation.doc

Bank regulation 银行监管 Capital punishment死刑 The latest global capital rules to make banks safer are sensible. Much else that regulators are doing is not. 为了银行更加安全而必威体育精装版设立的全球资金规则是合理的。监管机构做得许多其他事却并不合理。 GIVEN how many things went wrong at banks during the financial crisis, it is not surprising that regulators have come up with several new rules to set them to rights. On November 10th the Financial Stability Board (FSB), an international body charged with avoiding future crises, unveiled yet another test banks will have to pass—the fifth so far. At the same time Mark Carney, the head of the FSB and governor of the Bank of England, declared that these measures, if taken together and implemented properly, would “substantially complete the job” of “fixing the faultlines” that led to the crash. 考虑到金融危机时期有多少银行出现问题，监管者们提出几个新的规则让银行归位也不足为奇。11月10日，金融稳定委员会，一个防止未来危机发生的国际组织，推出了另一项银行必须通过的测试—迄今为止第五项测试。同时，金融稳定委员会会长兼英格兰银行总裁马克·坎尼宣布，这些措施如果同时采取并且合理执行将会“基本完成”修复导致崩溃的错误这一职能。 Broadly speaking, he is right. The alphabet soup of rules devised in recent years makes it much harder for banks to be run in the risky manner that was all too common before 2007. New liquidity requirements prevent them from borrowing money on fickle overnight markets while lending it on for 30 years, the practice that felled Northern Rock, the first British bank to fail during the crisis. New rules on capital, including the one unveiled by Mr Carney this week, will force banks to have a decent safety buffer so that tiny changes in the value of their assets do not cast them automatically into the arms of the state. 广泛意义来讲，他是正确的。近年来，逐条修改的规则使得银行更难以危险的方式运行，这些方式在2007年以前是非常常见的。新的现金储备防止银行向瞬息万变的隔夜市场借款，再向外贷出为期的30年贷款。 那个做法使得英国首家银行北岩银行在危机中倒闭了。现金方面的新规则包括坎尼本周推出的迫使银行拥有可靠的安全缓冲，这样其资产的微小变化将不会自动使他们处于备战状态。 Better yet, the latest measure ensures that if a banks shareholders are wiped out there will in future be an additional tier of investors standing between failure and a taxpayer-funded bail-out. “Total loss-absorbing capacity”, in the regula