Reuters newsWord文档下载推荐.docx
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Reuters newsWord文档下载推荐.docx
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thelongerphaseinagreedlastmonthbytheG20.
Manyofthechanges,suchasondeferredtaxesand
treatmentofminorities,willbewelcomedbycountriessuchas
Japan,FranceandGermany.
TheG20issettoendorseafinalizedBaselIIIreformin
Novemberwithimplementationfromtheendof2012.
(Forfulllistofmodifications,double-clickon:
http:
//www.bis.org/press/p100726/annex.pdf)
ThefollowingarethekeychangesannouncedonMonday:
DEFINITIONOFCAPITAL
*BaselIIIproposesbanksmustdeductallcapitalheldin
minority-ownedbanks,butbankssaidthiswouldforcethemto
eitherdiveststakesoracquirefullcontrol.
*Thereformwillnowallow"
someprudentrecognitionof
theminorityinterestsupportingtherisksofasubsidiarythat
isabank."
SeveralbanksinEuropewillbepleased.
DEFERREDTAX
*Greaterwiggleisalsobeinggiventothetreatmentof
deferredtaxassetsinbankcapitalsotheynolongerhaveto
befullydeductedfromcapital.Japanhasbeenlobbyingfor
suchawateringdown.
COUNTERPARTYCREDITRISK
*Thedraftrulesaremadelessdraconianafterbanking
concernsabouttheimpacttheywouldhaveonholdingsofassets
likederivatives.Largebankswillwelcomethemove.
LEVERAGERATIO
*Manytweakstoeasethepainofintroducingaleverage
cap,commonplaceintheUnitedStatesbutwhichwouldbefor
thefirsttimeinregionslikeEurope.
*Theleverageratioorcapwillbecalculatedasan
averageoverthequarterwithalengthyphase-in.
*TheBaselCommitteewilltestaminimumTier1leverage
ratioof3percentandlengthyphase-inprospect.
*Agreementtodividetransitionperiodintotwo
milestones
--supervisorymonitoringperiodstartsJanuary2011to
tracktheunderlyingcomponentsoftheagreeddefinitionand
theresultingratio.
--parallelrunperiodstartsJanuary2013andrunsuntil
January2017,duringwhichtheleverageratiowillbetracked.
*Bankleveldisclosureoftheleverageratioandits
componentswillstartJanuary2015.
EXTRABUFFERS
*BaselCommitteewillcontinuewithitsworkondefining
newregulatorybuffersaboveTier1aswellasonadditional
buffersthatwouldhavetobebuiltupduringtimesof
excessivecreditgrowth.
*Finalisationbyendof2010.Bankswerehopingforsome
ofthisworktobepushedback.
CONTINGENTCAPITAL,CAPITALSURCHARGES
*Endorsedworkonproposalsonhowtodealwithcontingent
capitalasanelementofabank'
scapital.
*Contingentcapitalcouldalsoplayaroleinmeetingany
systemicsurchargerequirementsonbankswhosefailurecould
destabilisethebroadersystem.
*Bankswillwelcomesometweaksinthisarea.
LIQUIDITYRULES
*Severalmodificationsannouncedonhowthefirstglobal
bankliquidityregimewillwork,particularlythewideningof
assetsthatcanbeincludedinaliquiditybufferfromjustthe
country'
ssovereigndebt.
*Allowtheinclusionofdomesticsovereigndebtfornon
zeroriskweightedsovereigns,issuedinforeigncurrency.
*Introducea"
Level2"
ofliquidassetswithacapthat
allowsupto40percentofassetsotherthantoprated
governmentdebt.Bankswerefacingproblemsoftoppingupon
sovereigndebtincountrieswhichhavenoneedtoissuedebt
duetobalancedbudgets.
*BaselCommitteewilldevelopstandardsthisyearfor
countriesthatdon'
thavesufficientgovernmentdebtissuesto
meettheoriginalBaselIIIreform.
*Thenetstablefundingratio(NSFR)reform,which
requiresbankstohaveenoughlongertermliquiditytotap,
staysindespitehopesitwouldbescrapped.
*Itscalibrationwillbemodifiedwithalengthyphasein,
byJanuary2018.
((ReportingbyHuwJones;
EditingbyPaulSimao))
((huw.jones@;
+44-207-542-3326))
22:
0827Jul10-ANALYSIS-BankswintimebutnotrespitefromBasel
ByHuwJones
LONDON,July27(Reuters)-Bankswillgetmoretimeandleewaytointroducenewglobalcapitalrulesbutcallstolendmorefreelymaybehardertoresistasaresultandthenewregimewillstillbefartougherthananythingthatexistsnow.
CentralbanksgovernorsandheadsofsupervisionpublishedchangestothedraftBaselIIIaccordlateonMonday,sparkingrisesinEuropeanbankingsharesandacollectivesighofreliefwhenmarketsreopenedonTuesday.[ID:
nLDE66Q11A]
Thelessdraconiantreatmentofdeferredtaxassetsandaffiliatesforcalculatingcapital,alongphaseinfornewliquidityrulesandacapondebtwilleasepressureonbankstoraisevastamountsoffundsorselloffminoritystakes.
Thewayinwhichacapitalchargeisslappedonabank'
sexposurestootherbanks'
creditriskswillalsobecalculatedmoreleniently,takingpressureoffcapitalrequirements.
"
Therearesomewinsforushere--themoresensibletreatmentofminorityinterestsanddeferredtaxassets,andrecognitiontheyhavetodomoreworkontheliquiditysideofthings,"
saidSimonHills,adirectoroftheBritishBankers'
Association.
Itintroducesanelementofcertainty.Oneoftheconcernswehavehadiswhilethiswasupintheair,wewereunabletoplantheshapeofourbalancesheet,"
Hillssaid.
CreditSuissesaidcoupledwithlastweek'
s"
credible"
stresstestofEuropeanbanks,theBaselchangesshouldfuelacontinuationofthesector'
sbouncebyremovinguncertainties.
Investorswon'
tknowthefullimpactofBaselIIIuntillaterintheyearwhentheBaselCommitteecompletesthepicturewithafigureforahigherTier1capitalratioanddetailsofhowlongbankshavetoditchlowerqualitycapitalfromtheircapitalcalculations.
HeretheregulatorswillhavetoheedadealcutbytheGroupof20leadingcountrieslastmonthtohavealongerphaseinthantheoriginalendof2012deadlineforBaselIII.
Therewillbeagradualmigrationsoindustrycangettherethroughretainedearningsandreasonablecapitalraising,"
BaselCommmitteeSecretaryGeneralStefanWaltersaid.
Expertssaidfearsthemorelenientapproachmaycompromisethemaingoal--topreventanewfinancialcrisisfollowingthecreditcrunchthatstartedin2007--wereprobablyoverdone.
MostoftheBaselIIIelementsarenewatthegloballevel--suchasatighterdefinitionoftopqualitycapital,liquidityrulesandacapondebt--andwillthereforestillbeabigtighteningonthepresentsituationdespitethisweek'
stweakstothecommittee'
soriginalplan.
Thereissomereliefforthesectorontimingbutregulatorypressureremainssignificant,"
saidExecutionNobleanalysts.
Andtherewillcertainlybemorepressureforbankstolend.
DavidClark,chairmanoftheWholesaleMarketsBrokersAssociationsaidbankswouldhavefewerexcusesnottohelpbusinesses."
Thereisgoingtobeapoliticalconsequenceofallthis.Thebankswillnowbeunderalotmoremoralpressuretolend,"
hesaid.
LIQUIDITYBOOST?
BaselIIIoriginallyproposedabanonbankscountingcapitalheldinaffiliatesaspartoftheirownholdings.Thistriggeredfearsofafreezeinacquisitionofminoritystakesorsell-offstoavoidtheneedforextracapital.
Bankswillnowbeabletoincludecapitalfromminority-heldcompaniesuptoacertainthreshold.MorganStanleysaidthismaybeenoughtoallowBarclays<
BARC.L>
toholdontoitsstakeinBlackRock,theworld'
slargestmoneymanagementfirm.
French,NordicandItalianbanksshouldalsobenefit.
TheBaselpackagealsoincludesaproposaltoensureabankhasenoughlong-termliquidity,knownasthenetstablefundingratio,whichhasnowbeendilutedsothatitwon'
ttakefulleffectuntilthestartof2018,fiveyearslaterthanexpected.
Therewillbealongphaseinratherthanimmediateimplementationbutsomepeoplehadthoughtitwasgoingtobescrappedaltogether,"
saidAndrewLim,ananalystatMatrix.
CreditSuissesaidtherevisedNSFRproposalwaslikelytohelpthecreditmarketimproveasitremovesasignificantamountofsupply.
MorganStanleywarnedinJanuarytheoriginalproposalwouldrequire1.5trillioneurosoffundingandanalystssaidthechangesannouncedonMondaywillbenefitbankslikeBritain'
sLloyds<
LLOY.L>
andthoseinFranceandtheNordiccountries.
Baseloriginallywantedonlygovernmentbondsincludedinabank'
splannednewshort-termliquiditybufferbutthishasnowbeenbroadenedout,drawingalessonfromEurope'
ssovereigndebtcrisiswhereratingsonGreekdebtwerecuttojunk.
Now,sometopratedcorporatedebtcanbeincluded.
ThiswillbeparticularlywelcomedincountrieslikeAustraliawhosestrongpublicfinancesmeanthereisnotenoughgovernmentdebtforlocalbankstobuyforbufferbuilding.
Usingderivativescontractswill,however,becomemoreexpensiveafterBaselannouncedasurprisetougheningupofcapitalchargesoncontractsclearedatcentralcounterparties.
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