__来源:华尔街见闻|编辑:2011-12-21| 郑重声明:本则消息来自网络未经严格核实,也不代表智投观点。
金融时报用以下问答介绍了欧洲央行12月初三年期长期再融资操作(LTRO)的基本情况。 1、问:欧洲央行以1%的利率提高三年期贷款,听起来挺不错的,个人投资者要怎么申请? 答:只有欧元区的银行,即欧洲央行的所谓“对手方”才可以得到这样的借款。 2、问:那如果是一家银行,可以利用LTRO借多少钱? 答:欧洲央行称借款不限量,借款最低为100万欧元。大多数银行的借款都解决10亿欧元。 3、问:危机时期,现金为王。欧洲的银行为什么没有大量借款? 答:银行的资产抵押是有限的,必须用欧洲央行接受的抵押获得借款。 对欧洲央行来说,资产的价值不是面值,而是市场价值。如果资产贬值,欧洲银行就必须增加抵押量。而如果没有市场,欧洲央行就自己定价。 4、问:欧洲央行的贷款更像是抵押贷款,借款需要得到担保。这和用信用卡借款并不一样,是不是? 答:是。这能使欧洲央行避免信用风险。如果一家欧洲银行倒闭,即使欧洲央行得不到还款,也可以出售借款银行抵押的资产。 欧洲央行也可以根据抵押的质量减记0.5%-46%的价值。这意味着,抵押每100万欧元的资产,银行就可以借得到54万-99.5万欧元。 5、问:欧洲央行接受什么样的抵押? 答:欧元区政府债务都可以接受,还接受各种质量等级的其他资产。 12月初,欧洲央行行长德拉吉称,欧洲央行会进一步放宽其他资产的抵押标准,其中包括给予小企业的贷款。 6、问:假设一家欧元区银行拥有了抵押,它要怎样保证得到贷款? 答:欧元区银行都有两个账户,一个是现金账户,欧洲央行会用来存放现金,另一个是抵押账户,借款银行用来存放自己的资产。 银行想向欧洲央行借款,就要投标资金。而欧洲央行只接受那些抵押账户有足够资产的投标。 7、问:贷款的资金来自哪里? 答:欧洲央行从现金账户贷款得到这些资金,在这个过程中扩大了所谓的资金基础。这种贷款方式反映了欧洲央行的资产负债表规模。从危机开始至今,这个资产负债表已经大量增长。 8、问:为什么这些三年期贷款吸引了这么多注意力? 答:有多个原因。首先,欧元区国家的央行很少提供期限这么长的贷款。正常的无危机时期,三个月是最大的贷款期限。 欧洲央行这么做,会让人感到它是在做金融业应该通过货币市场和债券市场自己完成的工作。但现在,很多欧元区银行被视为健康状况恶劣,所有的市场都对这些银行关闭。 三年也可以发生很多情况。今天向欧洲央行借款的523家银行之中,任何一家都可能在这期间破产。一旦出现这样的情形,抵押的减记和每日重新估值juice帮助欧洲央行避免损失。但欧洲央行仍然有无法收回借款的风险。 9、问:为什么欧洲央行要这么费事? 答:法国央行行长Christian Noyer最近的评论里可以找到线索。 10、问:英国会比法国早降级吗? 答:Noyer也说到,欧洲央行将提供三年期贷款视为自己的“大火箭炮”,可以用来缓解意大利这类欧元区国家的压力。 11、问:这样一来,欧洲央行就不必自己购买意大利债券吗? 答:不必。欧洲央行希望欧洲银行用4890亿欧元区购买政府债券,这会降低意大利的借款成本,相应地减少了欧洲央行购买债券的压力。 传出欧洲央行现金需求很高的新闻后,股市最初上涨。这就是一个原因。 欧洲央行也希望,贷款能刺激银行向企业和家庭借贷。 12、问:这听起来更像量化宽松。 答:如果银行的确尽力购买政府债券,这本质上就是间接的量化宽松。但这是如果。 13、问:三年期LTRO会奏效吗? 答:只有时间能回答这个问题。今后银行可能不必用欧元买政府债券,甚至可能不会增加借款。 许多银行努力寻找欧洲央行以外的融资来源,他们可能会在自己的资产负债表上囤积现金。但这种LTRO仍然会有帮助,因为有了它,欧洲银行就不会承受很大的去杠杆压力。
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__来源:华尔街见闻|编辑:2011-12-13| 郑重声明:本则消息来自网络未经严格核实,也不代表智投观点。
美联储FOMC声明要点: 1、金融压力持续带来“重大下行风险”。(主要来自欧洲) 2、重申“超低”利率将至少保持至2013年中。 3、全球经济增长放缓,美国经济“温和增长”。 4、扭转操作(OT)项目不变。 5、消费开支“继续推进”。 6、失业率“只会逐渐”下降。 7、预计未来几个季度“温和”增长。 8、Evans不同意FOMC决议,他偏好更多宽松。 与11月份对比,几个变化之处。 1、美联储将劳工市场环境“持续疲软”的措辞改成了“有所改善”。 2、美联储11月份强调居民结构疲软,这个月变成了强调固定投资业务疲软。 3、美联储将“经济增长加强”改成“虽然全球经济增长有所放缓,但经济在温和增长”。 FOMC声明英文原文: Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but business fixed investment appears to be increasing less rapidly and the housing sector remains depressed. Inflation has moderated since earlier in the year, and longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee’s dual mandate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations. To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate. The Committee also decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools to promote a stronger economic recovery in a context of price stability. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time. |
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