德拉吉 支持紓困意大利問題銀行
Mario Draghi backed a public bailout of Italy’s troubled banks “in exceptional circumstances”, even as he hailed the eurozone for its resilience in the aftermath of Britain’s decision to quit the EU and left interest rates on hold.
馬里奧•德拉吉(Mario Draghi)支持“在異常情況下”公開紓困意大利問題銀行——儘管他也對歐元區近期的堅挺大加讚賞。最近，歐元區剛剛經歷了英國決定退出歐盟(EU)並維持利率不變所造成的衝擊。
The remarks by the president of the European Central Bank, at his monthly press conference, helped alleviate concerns about Italian lenders, which have been weighed down by a heavy burden of bad debt and non-performing loans and whose shares have been depressed after the British referendum stoked fears about EU cohesion.
這位歐洲央行(ECB)行長是在其月度記者招待會上發佈上述言論的。他的這番表態有助於緩解對意大利銀行的擔憂。目前，意大利銀行正揹負着沉重的壞債及不良貸款負擔。而自英國退歐公投引發對歐盟凝聚力擔憂以來，意大利銀行的股價一直低迷不振。
But Mr Draghi also argued that it was too early for the ECB to give its full response to the Brexit vote.
不過，德拉吉也辯稱，歐洲央行全面應對英國退歐公投還爲時尚早。
European bank stocks, led by Italian lenders, rallied after he described a state backstop as a “very useful” way to help banks rid their books of non-performing loans — a problem the ECB president said was making his central bank’s policies less effective.
德拉吉表示銀行不良貸款問題會降低其央行政策的效力，不過這位歐洲央行行長把政府提供最後擔保稱爲“非常有用”的幫助銀行消除不良貸款賬目的方法。這一言論傳出之後，以意大利銀行爲首的歐洲銀行股股價應聲上漲。
“We want to avoid fire sales,” he said, referring to the banks’ forced sale of assets at too cheap a price because of a lack of a functioning market. He added that there was room within existing EU rules to provide state support.
他說：“我們希望避免出現大甩賣。”這句話是指銀行由於市場功能失調而被迫以極低價格出售資產的現象。德拉吉還表示，在歐盟現有規則框架內，依然存在政府提供支持手段的空間。
To date, however, EU officials and Italian prime minister Matteo Renzi have failed to reach a deal on state help for the country’s lenders — notably for Monte dei Paschi di Siena, the country’s third-largest bank.
不過，到目前爲止，歐盟官員和意大利總理馬泰奧•倫齊(Matteo Renzi)未能就政府爲該國銀行（尤其是該國第三大銀行西雅那銀行(Monte dei Paschi di Siena)）提供幫助的問題達成協議
Tougher rules on government bailouts have put pressure on Rome to impose rescue costs on private investors in the banks, but such a move — which could hit small investors — might expose Mr Renzi to political pressure ahead of a crucial referendum on constitutional reform in October. The ECB would like to see a deal reached before new European bank stress test results are published on July 29.
對政府紓困規定趨嚴，加大了意大利政府將救援成本轉嫁銀行私人投資者的壓力。不過，這種可能打擊小規模投資者的舉措，可能會在10月份就憲政改革舉行的重要公投前，爲倫齊帶來政治上的壓力。歐洲央行則希望在7月29日新一輪歐洲銀行壓力測試結果公佈前達成協議。
“It’s quite clear in Draghi’s mind Italian banks matter more than Brexit right now,” said Gilles Moec, European economist for Bank of America Merrill Lynch.
美銀美林(Bank of America Merrill Lynch)歐洲經濟學家吉爾斯•莫伊克(Gilles Moec)表示：“很明顯，在德拉吉心目中，目前意大利銀行問題比英國退歐更重要。”
The rally in Italian bank stocks was led by a gain of 4.1 per cent for the shares of Banco Popolare. Shares in UniCredit, Italy’s largest bank, were 2.4 per cent higher. Monte dei Paschi shares rose 1.6 per cent. The governing council kept its benchmark main refinancing rate at zero and the deposit rate at minus 0.4 per cent. The rate freezes were widely expected, but analysts had hoped for more clues from Mr Draghi on how the ECB could respond later in the year to the economic fallout from Brexit.
歐洲央行執委會將基準的主要再融資利率保持在零不變，存款利率也保持在負0.4%的水平。這一維持利率不變的舉措並未出乎人們的普遍預期。不過，分析師曾希望能夠從德拉吉處獲得更多線索，瞭解歐洲央行會在今年下半年如何應對英國退歐的經濟影響。
Instead, the ECB president told markets they would have to wait until the next policy vote in September, when new inflation and growth projections would shape the bank’s response.
與此相反，德拉吉卻向市場表示，它們需要等到9月份下次政策投票，屆時新的通縮和增長預期會左右歐洲央行的應對方式。
