2015考研英语阅读中国的资产管理公司_大学英语阅读

2015考研英语阅读中国的资产管理公司

　　NPLs were hived off into four new AMCs: Huarong, China Orient, China Great Wall and Cinda.From 1999 to 2004 loans worth over 2 trillion yuan were transferred. Thoughmostly bad, the loans were usually sold at full face value. They were paid for with ten-yearbonds, backed by the finance ministry, that the AMCs issued to the big state-owned banks.But since most NPLs failed to recover in that time, these bonds were extended anotherdecade. In short, the bail-out is still going on.

　　不良贷款被分离成了四个新的资产管理公司，分别是华融，中国东方，中国长城和信达。从1999年到2004年，超过两万亿元人民币的贷款被转让。尽管大部分是不良贷款，然而这些贷款通常是以全额票面价值卖掉。它们在财政部的支持下以十年期债券的形式卖掉，这些资产管理公司将其发行给大型国有银行。但是因为当时大多数的不良贷款无法偿还，这些债券又延期十年。总之，金援还在继续。

　　What the AMCs have done with their assets is unclear, as they have not released properaccounts. Some NPLs have been sold but reportedly at only 20% of face value. To deal withthe resulting cash crunch, Cinda sold bonds to the finance ministry. Anne Stevenson-Yang of JCapital, a research firm, observes that these bonds have since been wiped clean from itsbalance-sheet without any explanation for where they went: The AMCs seem to be virtualholding-tanks where the debt doesnt stay and doesnt depart either. Some think they maybe insolvent.