巴克莱(Barclays)前首席执行官、ICB前成员、现在是英国央行(Bank of England)金融政策委员会成员的马丁•泰勒(Martin Taylor),有力地阐明了实施圈护背后的逻辑。他指出,这样做有三个主要目标。
First, it was designed to make resolution of a failing bank easier by allowing the authorities topluck out the most critical parts of the business. Second, “As long as governments stoodbehind a bank’s domestic business . . . and as long as that domestic business was mixed inwith the investment bank . . . then effectively the taxpayer had no choice but to stand behindthe investment bank too. The ringfence was designed to subvert this “irresponsible businessmodel.
首先,它旨在通过允许当局挑出业务中最关键的部分,使破产银行的清盘更加容易。第二,“只要政府支持一家银行的国内业务……只要该行的国内业务与投行业务混合在一起……那么纳税人实际上就别无选择,只能也支持投行那一块。圈护旨在颠覆这种“不负责任的业务模式。
Finally, removing the implicit subsidy would make banking as a whole safer. Given theconsequences of pre-crisis risk-taking, that had to be desirable.
最后,取消隐性补贴将使银行业整体更加安全。考虑到危机前冒险行为产生的后果,这一点必定是可取的。
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2020-09-15
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