全球監管新規要求中國大銀行額外發行債券
China's biggest banks face a daunting task in meeting new global standards designed to prevent taxpayer bailouts of lenders, as their reliance on deposit funding — ordinarily considered a source of strength — puts them at a disadvantage.
中國幾家大銀行面臨着一項艱鉅的任務——要滿足旨在防止靠納稅人救助銀行的全球新標準，而依賴存款獲得融資（正常情況下被視爲一種優勢）使它們處於不利境地。
The Financial Stability Board, which makes policy recommendations to the Group of 20 large economies, on Monday confirmed its final proposals for requiring global banks to hold a special debt known as Total Loss Absorbing Capacity (TLAC).
金融穩定委員會(FSB)負責向20國集團(G20)大型經濟體提供政策建議。本週一，該委員會證實向全球性銀行提出了最終建議，要求它們持有一種名爲“總損失吸收能力”(TLAC)的特別債務。
The aim is to make the biggest lenders resilient enough to weather economic or financial turmoil without spreading contagion to the broader financial system and to avoid future government bailouts. The requirements are part a broad suite of global reforms enacted in the wake of the 2008 financial crisis.
此舉旨在使大型銀行具有足夠大的彈性，可以安然度過經濟或金融危機、而不致把自己的問題蔓延至整個金融體系，並使自己未來不需要政府的救助。這一要求是2008年金融危機之後啓動的一整套全球改革措施的一部分。
Three Chinese banks are on the hook for nearly one-third of the ㄠ.1tn in additional loss-absorbing debt that the FSB estimates the 30 global systemically important banks (G-Sib) need to raise to satisfy the TLAC requirement. Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China are together short 355bn, according to board estimates.
據金融穩定委員會估算，30家全球系統重要性銀行(G-Sib)需要額外籌集1.1萬億歐元的損失吸收債務，才能滿足TLAC要求。中國三家銀行佔到上述債務總額的近三分之一。據該委員會估算，中國銀行(BoC)、中國農行(ABC)和中國工行(ICBC)需籌集的債務總額達到3550億歐元。
That compares to Rmb7tn (ㄠ.02tn) in total China bank bonds outstanding domestically and offshore, according to Daiwa Capital Markets. A fourth Chinese bank, China Construction Bank, which was added to the G-Sib list earlier this month, may also have to issue additional debt.
大和資本市場(Daiwa Capital Markets)表示，相比之下，中國銀行業在國內外的未清償債券總額達7萬億元人民幣（約合1.02萬億歐元）。作爲本月初加入全球系統重要性銀行之列的中國第4家銀行，中國建行(CCB)或許也必須額外發行債務。
Emerging-market lenders were previously exempted from the TLAC requirements, a move widely seen as a sop to China. The FSB ended that exemption on Monday amid criticism that it undermined the principle of a global level playing field.
以往，新興市場的銀行不必滿足TLAC要求，這被普遍認爲是對中國的一種特別照顧。本週一，金融穩定委員會終止了新興市場被豁免的局面，因爲有批評意見稱，這樣破壞了全球公平競爭的原則。
Developed-market banks have until 2022 to meet the full requirement for TLAC worth 18 per cent of risk-weighted assets and a leverage ratio of 6.75 per cent of total assets.
到2022年，發達市場的銀行必須完全滿足TLAC達到風險加權資產的18%，槓桿率達到總資產的6.75%的要求。
The Chinese banks have until 2028, though the deadline will be moved forward if China's corporate bond market expands to 55 per cent of GDP — it is currently 30-35 per cent — making it easier for Chinese lenders to sell TLAC debt.
中國的銀行達標的截止期限是2028年，不過，如果中國公司債市場規模升至相當於GDP的55%的話（目前爲30%至35%），那將更便於中國的銀行發行TLAC債務，截止期限將被相應提前。
“If the local corporate bond market develops more rapidly than we now anticipate... will be an earlier implementation,” said Svein Andresen, secretary-general of the FSB, at a briefing in Basel. “China and other emerging market economies are all in the process of developing their corporate debt markets, into which these banks would need to begin to issue TLAC eligible liabilities,” he added.
“如果中國債市的發展速度比我們現在預測的快……那麼我們將把中國滿足TLAC要求的時間提前，”金融穩定委員會祕書長斯韋恩褠德森(Svein Andresen)在巴塞爾的一次情況通報中表示，“中國和其他新興市場經濟都在發展各自的公司債市場，中國幾大銀行將需要開始在公司債市場發行符合TLAC要求的債務，”他補充道。
The TLAC requirement comes on top of new fundraising that Chinese banks need to comply with the post-crisis banking reforms known as Basel III. China's implementation of Basel III requires its four big domestic banks to have top quality capital equal to 11.5 per cent of their assets, adjusted for risk, by the end of 2018.
除了滿足TLAC的要求外，中國的銀行首先必須實施新一輪融資，以符合《巴塞爾協議III》(Basel III)危機後銀行業改革方案的要求。中國如果要落實Basel III，就得要求中國四大行在2018年底前，使高質量資本金對總資產的比例達到11.5%（經風險調整）。
Chinese lenders have sold $58bn of capital bonds since 2013 to meet the Basel requirements, according to Dealogic, with more issuance expected.
Dealogic數據顯示，爲了滿足Basel III的要求，中國的銀行自2013年以來已發售了580億美元的資本債券，預計未來還將發行更多此類債券。
The TLAC requirement hits Chinese banks especially hard due to their reliance on customer deposits. Western banks, by contrast, draw a much larger share of their funding from selling bonds.
由於中國的銀行依靠客戶存款，TLAC要求對它們的影響尤爲嚴重。相比之下，西方銀行通過發行債券獲得融資的比例要高得多。
Unlike deposits, bonds can count toward TLAC requirements, so long as their legal documents include "bail in" provisions that impose losses on investors if the bank gets into trouble. Senior debt is already a major component of western banks' funding mix but is not commonly used in China.
跟存款不同的是，債券會被計入TLAC要求的範圍內——只要債券的法律文件中包含有“自救”條款——規定當銀行陷入困境時，損失必須要由投資者承擔。優先債已經是西方銀行融資渠道的一個主要組成部分，但這種做法在中國並不普遍。
The Chinese banks benefit in other way from their reliance on deposits. The "net stable funding ratio" — another component of Basel III designed to prevent overreliance on wholesale funding that can quickly evaporate during periods of market stress — treats deposits as a better funding source than bonds.
中國的銀行對存款的依賴，在其他方面會讓自身受益。淨穩定融資比率(net-stable funding ratio)把存款視爲一種優於債券的融資途徑。該比率是Basel III的另一個組成部分，旨在防止對批發融資的過度依賴——在危機時刻，批發融資可能迅速蒸發。
But for the purposes of avoiding taxpayer bailouts, deposits are far less useful than bonds. While bond holders can be forced to take losses, most retail deposits are government insured so imposing losses on them would still leave taxpayers on the hook.
但在避免由納稅人實施紓困方面，存款遠沒有債券發揮的用處大。儘管債券持有者可能會被迫承受損失，但大多數零售存款具有政府的擔保，所以把虧損強加給零售存款，仍將讓納稅人蒙受損失。
Some analysts worry that the TLAC rules may actually weaken Chinese bank balance sheets.
一些分析師擔心，TLAC規則實際上可能會削弱中國各銀行的資產負債表。
“If Chinese banks have to make a big shift in their funding base for TLAC reasons, this could undermine one of their key strengths,” says Qiao Liang, senior director for financial institutions ratings at Standard & Poor’s in Beijing.
標準普爾(Standard & Poor's)金融機構評級資深董事廖強在北京表示：“如果中國各大銀行因TLAC而必須要對資金基礎作出重大調整，那可能反而會削弱它們的主要優勢之一。”
China's bond market has grown rapidly in recent years but remains smaller and less liquid than those in developed markets, creating a challenge for Chinese banks looking to boost their TLAC with more senior debt.
中國債券市場近幾年發展迅速，但在規模和流動性上仍比不上發達市場，這對想要以更多優先債務提高其TLAC的中國各銀行來說是一大挑戰。
A more fundamental issue is whether the TLAC framework makes sense at all for the big, state-owned Chinese banks. James Antos, Asia banks analyst at Mizuho Securities, says that for state-owned banks, the TLAC requirements actually impose more risk on taxpayers.
更根本的問題是，對於中國的大型國有銀行而言，TLAC框架是否完全合理？瑞穗證券(Mizuho Securities)亞洲銀行業分析師詹姆斯褠塛斯(James Antos)表示，對於中國的國有銀行來說，TLAC的要求其實將更多風險施加到納稅人身上。
"TLAC is supposed to avoid using public funds to bail out banks. But if the government owns the banks in the first place, public funds will by definition be used. They get the burden of more debt than they need but the public does not get protection in a crisis because the public owns the banks.”
“TLAC按理應避免使用公共資金去救助銀行。但假如銀行本身就是屬於政府的，公共資金當然會被動用。銀行揹負了超出需要的過多債務，但遇到危機時公衆無法得到保護，因爲銀行歸公衆所有。”
