PWC：财务官如何备战巴塞尔协议III.doc

天和财务:
PWC：财务官如何备战巴塞尔协议III
Basel III: Time for Action
来源：天和网
核心提示：尽管巴塞尔III产生影响还需要一段时间，但财务官可以尝试预见其变化并采取适当的行动了。
This article is written by Richard Barfield, PwC.

本文作者是普华永道的理查德•巴菲尔德。
Although the impact of Basel III and other regulatory changes will take time to filter through, corporate treasurers can anticipate many of the likely changes and take appropriate action now.
尽管巴塞尔III及其他管制调整产生影响还需要一段时间，但是公司财务官可以尝试预见其可能的变化，并从现在开始采取适当的行动。
In 2011 the average return on equity for the major banks in the G7 economies was around 5%. This is less than half of the cost of equity of these banks. It should therefore be no surprise that the average market to book ratio for the sector is around a half. It should also be no surprise that equity investors are currently wary of putting more equity capital into banks.
2011年，G7经济体各大银行的平均股东权益报酬率大概是5%，在银行股权成本所占比例不到一半，这样，行业市场平均预订比率大概为50%也就不足为怪了。同时，股票投资者目前很谨慎的将更多股权资本注入银行，对于这个现象就更好理解了。
The on-going eurozone crisis coupled with economic and regulatory uncertainties are contributing factors. However Basel III is playing its role with:
正在进行的欧元区危机再加上经济和监管的不确定性是其推动因素。但是巴塞尔协议III也在发挥这它的作用，例如：
A 10-fold increase in the minimum capital ratio (including a surcharge for larger banks).
最低资本比率增加十倍（对大银行来说包括附加费）。
A new and expensive liquid assets buffer requirement.
新且昂贵的流动资产缓冲要求。
A net stable funding ratio which requires banks to seek longer-term (and more expensive) funding.
净稳定融资比率，要求银行发展较长期（或更昂贵）融资。
A leverage ratio which caps the level of bank gearing.
规定银行杠杆水平的杠杆比率。
With return on equity in the doldrums and tough new regulatory capital ratios, banks are trying to optimise the regulatory treatment of their lending and trading books.
由于低迷的股本回报率及严格的新监管资本比率，银行目前试图优化贷款和交易账簿的监管治疗。
In Europe, these issues are likely to come even more firmly into focus when the final text of the fourth Capital Requirements Directive (CRDIV), which will make Basel III law in the EU, is issued later this year.
在欧洲，随着第四资本要求指令最终文本在今年年末的发行，这些问题就更有可能会成为焦点，第四资本要求指令将会确定巴塞尔协议III为欧盟法律。

What does all this mean for corporate treasurers and the customers of their firms? While the overall consequences of Basel III and other regulatory change will take years to crystallise, some immediate implications include:

所有这些对财务官和公司客户都意味着什么呢？虽然整体来说巴塞尔协议III和其他监管变化的影响要到几年之后才有明显的效果，但还是有一些直接的影响的，包括：
The cost of credit is likely to rise. A bank’s willingness to raise prices will depend to a degree on its own financial position and strength and the corresponding positions of its customers and competitors. Even so, this is an area where there is a first-mover disadvantage for the banks. From the bank’s point of view, a 'plain vanilla' lending relationship is unlikely to be enough. The new economics dictate that a profitable customer relationship will be built around a range of services.
信贷成本可能上升。一个银行是否愿意提高价位，一方面取决于自己的财务状况和实力，另一方面取决于相对应的客户和竞争对手的状况。尽管如此，对于银行来说，银行还会考虑到先发劣势的影响。从银行的角度来看，一个“大众型”借贷关系不太可能是足够的。新型经济要求建立在一系列服务之上的有利可图的客户关系。
Trade finance, an innocent bystander in the financial crisis and a low-margin activity, is penalised by Basel III from both capital and liquidity perspectives. Unless the rules are changed (as for example planned in the current draft of CRDIV), certain banks will withdraw from trade finance and some customers will no longer be able to afford it. This could have a major impact on business in emerging markets where trade finance is central to business activity.
贸易融资，金融危机和低利润活动的无辜旁观者，在资本和流动性视角上都受到巴塞尔协议III不利影响。除非规则被改变（CRDIV草案中所计划的那样），否则某些银行将退出贸易融资，一些客户也将没有能力再承担起贸易融资。贸易融资是新兴市场的中心，这很有可能影响新兴市场的业务。
Additional capital requirements for derivatives come into force on 1 January 2013. Corporate treasurers, who use these for hedging interest rates, foreign exchange (FX) risk, commodity risk, etc should expect the price to go up. For some banks in some markets the provision of derivatives is likely to become uneconomic, so expect the services provided by banks to change. Note that there are additional rules related to banks’ use of central counterparties (clearing houses) for derivatives that are yet to be finalised.
衍生品的额外资本要求将于2013年1月开始生效。在对冲利率、外汇(FX)风险、商品风险中会用到它的财务主管应该会期待它的价格上升。由于某些市场中一些银行提供的衍生品不是很经济，所以银行提供的服务可能会发生变化。应该注意的是，关于银行在衍生品结算时用到中央对手方（结算公司）附加法规还在制定中。
Infrastructure and project finance are likely to become more expensive because of the new funding ratio introduced by Basel III. If your business or your customers depend on infrastructure finance, the implications need to be worked through. Assumptions about rolling over of finance may need to be tested.
由于巴塞尔协议III引入新融资比率，基础设施和项目融资可能会变得更加昂贵。如果你的企业或你的客户依赖于基础设施融资，那这个影响就需要考虑进去。融资展期的预测需要被测试。
Banks are in a 'race for deposits' to comply with the new liquidity rules. Corporates with cash should, in the long-run, be in a good position despite the fact that the liquidity rules treat corporate deposits less favourably than retail ones. Banks are likely to be keen to lock-in depositors, so corporate treasurers will need to consider what this means in terms of their overall banking relationships and what terms they are willing to accept.
为跟上新的流动性规则，银行竞相争取存款。企业现金从长远来看发展应该不错，尽管相比零售商，企业存款在流动性规则中不是很受欢迎。银行可能更希望锁定出乎，所以财务主管需要考虑对于他们的银行关系这意味着什么，什么条件下他们更愿意接受。
Undrawn facilities are expensive, both from regulatory capital and liquidity perspectives. Corporate treasurers should expect unused facilities to continue to be reduced in amount and term, to become more expensive or additional collateral required (generally, if a firm can provide additional collateral to its bank, it should be regarded favourably).
从资本监管和流动性视角，未使用设施是昂贵的。公司财务主管应该期待未使用设施在数量和时间上继续降低，价格上更加昂贵且有额外的抵押品要求（一般来说，如果一个公司可以向银行提供附加担保品，应该会比较受欢迎）。
Banks have to avoid concentrations in particular sectors or geographies. This applies to both regulatory liquidity and capital considerations - so corporate treasurers should expect price differentials between banks because their risk profiles vary. Similarly banks have different capital and internal funds pricing models with differing levels of sophistication, so a given transaction may look different depending on the bank’s approach. As ever, it should pay corporate treasurers to shop around.
银行必须避免在特定部门或特定区域的集中分布。这也同样适用于监管流动性和资本的考虑，所以公司财务主管应该期待银行差价，因为他们的风险概况有所不同。类似的银行，有不同的资本，不同复杂程度的内部基金定价模型，所以相同事务在不同银行的方法处理下看起来就不同了。和往常一样，银行会先带财务主管去参观一下。
Shadow banking (finance activities that are not regulated) is likely to grow, enabling bank customers to access financial services more cheaply from non-regulated providers. Corporate bonds issued directly to investors are a well-established option for larger companies to raise finance without a bank. Longer term, it is likely that we will see other financial activities developing outside the regulated sector. New technology means that the options to do so are growing and changing all the time.
影子银行（金融活动不是很规范的）很可能会有所发展，非规范服务提供者可以向客户提供成本更低的金融服务。公司债券直接向投资者发行对于大公司来说是不通过银行筹集资金的行之有效的选择。长期来看，我们很有可能看到监管部门之外的其他金融活动。新技术意味着这种做法正在增多并且一直在改变。
In summary, the aim of banking reforms like Basel III is to make the financial system safer and reduce the risk that the taxpayer will have to bail out the banking industry again. However, the removal of the 'implicit government guarantee' means that the cost of banking has gone up and that the cost has passed from taxpayers to bank customers.
总之，巴塞尔协议III之类的银行改革其目的就是要让金融系统更安全，降低纳税人将不得不再次救助银行业的风险。然而，消除“隐形政府担保”意味着银行的成本上涨，并且成本来源由纳税人过渡到银行客户。

So, what’s to be done? Corporate treasurers have been long been aware that reform in the banking industry will affect them. It’s clearly important to have a firm grip on the regulatory reforms and their potential implications. It will also be important to continue to monitor regulatory developments closely over the next two to three years as the details are finalised and refinements made.

那么，我们该做些什么呢？财务主管长久以来就意识到银行业改革会影响到他们。很明显，对监管改革及其潜在影响有一个很好的控制，是非常重要的。在接下来的两到三年中，在监管细节还未敲定细化时，继续密切监控监管发展是非常重要的。
In the meantime, to prepare for the Basel III world, corporate treasurers should undertake careful impact assessments and assess their options.
同时，为迎接巴塞尔协议III的世界，公司财务主管应仔细进行影响评估及权衡自己的选择。
译者：王娜
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