不應放鬆對大銀行的監管

Robert Kaplan, the chief of the Federal Reserve Bank of Dallas, has warned against watering down the stress tests on America’s biggest banks, saying it would be hazardous to loosen regulation at a time of soaring asset prices.

達拉斯聯邦儲備銀行(Federal Reserve Bank of Dallas)行長羅伯特?卡普蘭(Robert Kaplan)警告不要削弱針對美國各大銀行的壓力測試，他表示，在資產價格飆升之際放鬆監管將是危險的。

The Fed president said he was concerned about risk-taking in certain corners of the financial markets, but he argued that one of the reasons there has not been a broader build-up of dangerous levels of debt was the strong regulatory regime put in place after the crisis.

卡普蘭表示，他對金融市場某些領域的冒險行爲感到擔憂，但他稱，目前之所以沒有出現更爲廣泛的危險水平的債務累積，原因之一就是在危機之後建立了強有力的監管機制。

“While market valuations may be full, I don’t see a build-up yet of excessive debt and one of the reasons is we have had very tough macroprudential policies, particularly on the big banks,” said Mr Kaplan. “Now is not the time to be easing back on, say, annual stress testing for big banks.”

“儘管市場估值可能已經到位，但我沒有看到過多債務的累積，一個原因就是我們實行了非常嚴格的宏觀審慎政策，特別是針對大銀行，”卡普蘭表示，“現在不是放鬆大銀行年度壓力測試的時候。”

His comments in an interview with the Financial Times ahead of the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming, echoed warnings by Stanley Fischer, the Federal Reserve Board’s vice-chair last week. Mr Fischer said attempts to slash regulatory burdens on big banks were dangerous and short-sighted.

他是在懷俄明州傑克遜霍爾舉行的堪薩斯城聯儲年度研討會前夕在接受英國《金融時報》採訪時發表上述言論的，這與美國聯邦儲備委員會(Federal Reserve Board)副主席斯坦利?費舍爾(Stanley Fischer)上週提出的警告一致。費希爾表示，削減大銀行監管負擔的企圖是危險和短視的。

Janet Yellen, the Fed chair, will address financial stability matters in a speech in Jackson Hole on Friday morning. The Fed’s long period of ultra-loose monetary policy has helped foster a renewed bout of risk-taking and high asset prices in markets, prompting Fed officials at their last meeting to lift their assessment of the risks associated with asset valuations.

美聯儲主席珍妮特?耶倫(Janet Yellen)週五上午將在傑克遜霍爾發表的演講中談到金融穩定問題。美聯儲的長期超寬鬆貨幣政策再度助長了一輪冒險行爲和市場資產價格高企，這促使美聯儲官員在上次會議上提升了他們對資產估值相關風險的評估。