Get with the cycle. An egregious unintended consequence of the great re-regulation post crisis was that, in haste to make banks safer, regulators removed any incentive for them to lend to the real economy. Unable to raise equity to meet new capital hurdles against strict deadlines, banks simply deleveraged. Banks were also required to build higher liquidity buffers to cushion them from runs.
顺势而为。“后危机时代大力加强监管的一大意外恶果是,监管机构为了迅速提升银行的安全性,已令银行丧失了向实体经济放贷的一切动力。由于无法在严格规定的期限前增加股本以达到新的最低资本比率,各家银行便采取了减少债务的对策。监管机构还要求银行建立更牢固的流动性缓冲,以抵御挤兑的冲击。
But banks (particularly those swept up in the eurozone debt crisis) struggled to amass liquidity by the deadline. The need to hamster away available liquidity left them disinclined to lend. Cue Sunday’s regulatory easing by the Basel committee on banking supervision.
但银行——尤其是在欧元区债务危机中遭重创的银行——很难在截止日期之前增加流动性。它们需要把可用的流动性储藏起来,因而不愿对外放贷。有鉴于此,巴塞尔银行监管委员会(BCBS)周日放宽了新的监管要求。
The committee has heeded bank concerns and revised the so-called liquidity coverage ratio, which forces banks to hold enough cash or easy-to-sell assets (such as sovereign debt) to withstand a 30-day funds outflow. The first such change extends the 2015 deadline for banks to get their act together: they must meet 60 per cent of the requirements by then, but comply fully only in 2019.
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