大家论坛

 找回密码
 注册
查看: 695|回复: 4

[经济学人] [2009.07.09]The devil's punchbowl魔鬼的甜酒缸

[复制链接]

239

主题

8129

帖子

3万

金币

大家网博士后

Rank: 22Rank: 22Rank: 22Rank: 22

积分
20066
发表于 2010-4-29 02:08 | 显示全部楼层 |阅读模式
Regulating banks银行监管The devil's punchbowl魔鬼的甜酒缸Jul 9th 2009From The Economist print editionYou thought that the party was over. Think again聚会结束了?不!你错了!A NEW hiring frenzy in the City, with bonuses guaranteed for “only” the first year; investment-banking results for the second quarter likely to top those of the first; an innovative securitisation by Barclays to get bank loans off its balance sheet. The term “business as usual” normally delights tradesmen and their customers. Applied to the banks that plunged Britain into economic crisis, it strikes fear to the heart.新一轮的招聘启事打出仅在入职第一年可确保得到年终奖的广告,在城内引起了轩然大波;投资银行的第二季度年终奖都可能超过这里所提到的第一年的奖金。巴克利提出的这项创新的监管之举是为了让清除政府负债表上的银行的借款。“一切照常”这个说法很受商人及其客户的欢迎。但把这种说法运用到导致英国经济危机的银行业上,则让业内人士人心惶惶。Promised reforms to bank regulation, meant to curb the excess before it starts all over again, are in limbo. On July 8th Alistair Darling, the chancellor of the exchequer, unveiled plans to make banks hold progressively more capital, the bigger and more complex they are. Banks will be required, in effect, to add capital if they pose special risks to the system, including higher capital charges if they pay bonuses that encourage short-term risk-taking. 这些已经通过的银行监管改革意在控制超额支出,防止再次出现此前的状况,但目前这项改革却一直“犹抱琵琶半遮面”。7月8日,英国财政部长达林公布了银行业的发展计划,要求银行业按照其规模大小与综合程度相应增持多少股本;要求银行业在给自身增加运营风险的情况下有效增持股本,包括为奖金发放可能带来的短期风险增加股本支出。This all sounds plausible. But Mr Darling failed to explain how those varying capital requirements will be assessed and applied. In fact their calibration will depend not on Britain alone but also on work being done in Brussels for the European Council (a draft law is expected in October). And rules to increase the money banks must hold for liquidity are coming from the Basel Committee, a club of rich-country bank supervisors.这些做法听起来很无稽,但达林先生并没有说明将如何评估及执行不同资本的要求。事实上,执行和评估标准不仅会考虑英国的实际情况,还会参考欧洲理事会在布鲁塞尔会议上的做法(预计10月份将会出台法规草案)。增加自行负责资本偿清银行的数量,这一法规来自巴塞尔委员会这个富有国银行监管员协会。He also failed to change the outfit in charge of bank supervision. The much criticised “tripartite arrangements”, designed to help the Treasury, the Bank of England and the Financial Services Authority (FSA) act as one in a crisis, are hardly touched. The trio failed in its first big test, the collapse of Northern Rock in 2007, prompting calls for authority over banks to be concentrated in the Bank of England, as it was before Labour took power in 1997. Instead, Mr Darling wants the FSA to impose the varying capital charges; the Bank of England is to assess the systemic risk on which the charges will be based but will not have the power to enforce them. Overseeing it all will be a Council for Financial Stability, chaired by the chancellor himself.此外,达林财长也没有更换银行监管组织的成员。备受指责的“三重协定”旨在帮助财政部,英格兰银行和英国金融服务管理局(FSA)联合起来一起应对金融危机,但这项协议却被搁置了起来。随着2007年诺森罗克银行的破产,“三重协定”在这次大挑战中没有发挥作用,使得政府呼吁所有银行业职能机构将精力集中在英格兰银行上,因为诺克森银行在工党1997年上台前就存在的。尽管没有做出相关解释,也不更换监管组织成员,达林财长希望英国金融服务管理局(FSA)征收各种资本费用,还要求英格兰分析出基于系统风险下的这些征收费用的标准,但不授予其自行执行费用标准的权力。全权负责监管的是金融稳定委员会,达林本人将出任委该员会主席。Mr Darling’s long-awaited white paper sets out a blueprint of sorts for how the current regulatory system might be adapted to more perilous times. It ducks the big questions, however. In particular, a lively debate over whether risky “casino” investment banking should be split from “utility” commercial and retail banking, guaranteed by the taxpayer, has been cut short. The hope seems to be that, as their activities demand more capital, riskier investment banking will be reduced or spun out of banking groups. More pressure to shrink may come from an insistence that banks demonstrate regularly how they would wind down their affairs in an orderly manner in the event of failure. 达林先生这份期盼已久的白皮书提出了如何使当前的监管机制适应危机情况。但这份白皮书也回避了一些重要问题,尤其不再讨论关于带风险且具有赌博性质的投资银行业是否要从“实用”商业和个人银行这些以纳税人的钱为“靠山”的银行中离出来的问题。达林先生这项计划意在减少业务需要更多资金,风险更大的投资银行数量或将其踢出银行业系统。缩减银行数量的其他压力来自要求银行业在万一出现业务失败的时候,控制好自己的所作所为这一主张。The European Union (EU) may also have a stick to wield, though it is not yet clear how big. On June 30th Neelie Kroes, the EU competition commissioner, declared that Royal Bank of Scotland (RBS), one of the two large banks the British government rescued and took a stake in, was too big, too complex and “highly dangerous to the European single market”. The EU has the power to demand the restructuring of a company that has received state aid. It has already done so with German banks. 欧盟在监管上可能也会有一席之位,目前让欧盟居何要职还不得而知。6月30日,欧盟竞争专员Neelie Kroes指出苏格兰皇家银行(RBS)这个受英国政府救助并得到政府资本注入的两大银行之一的银行过大且综合性过高,并且“对欧盟单一市场极为不利”。欧盟有权要求接受国家救助的银行重组。几个德国的银行已经因此重组了。Yet there is little sign that the government itself has the appetite or the will to confront such big banks head on, despite their huge size relative to GDP (see chart). UK Financial Investments (UKFI), the agency that runs the government’s stakes in rescued banks, seems interested only in preparing to sell them, not in getting the banks to serve the economy better. Moreover, its acquiescence in a
回复

使用道具 举报

200

主题

8094

帖子

3万

金币

大家网博士后

Rank: 22Rank: 22Rank: 22Rank: 22

积分
20141
发表于 2010-4-29 02:23 | 显示全部楼层
这篇又长又难,请大家帮我看看
回复 支持 反对

使用道具 举报

221

主题

8202

帖子

3万

金币

大家网博士后

Rank: 22Rank: 22Rank: 22Rank: 22

积分
20522
发表于 2010-4-29 02:38 | 显示全部楼层
确实好长好难,我真佩服你的勇气!嘿嘿,顺道佩服一下我自己~~~~~总体不错,挑点小刺。如下是我的拙见:
1、A NEW hiring frenzy in the City, with bonuses guaranteed for “only” the first year;这个City是一个银行,没有译出来。而且文中你的第二句也提到了银行,是对比之效。而且City为大写,故专有名词也。
2、to get bank loans off its balance sheet译为“让清除政府负债表上的银行的借款”,别扭。不知道是不是译者笔误。“清除政府负债表上银行的借款。”
3、“一切照常”这个说法很受商人及其客户的欢迎。但把这种说法运用到导致英国经济危机的银行业上,则让业内人士人心惶惶。”我觉得这句译文不顺溜。。。
4、Mr Darling’s long-awaited white paper sets out a blueprint of sorts for how the current regulatory system might be adapted to more perilous times. “达林先生这份期盼已久的白皮书提出了如何使当前的监管机制适应危机情况。”blueprint是蓝图的意思,有构想的意思,好像译文里面缺少了这个意味……
5、“casino”本意是赌博娱乐场所,但是加了引号,想必有别的意思。“投机”?我也不是很确定。
6、“即帮助政府管理被救银行的政府股本的机构更感兴趣的似乎是准备卖掉这些政府股本,”不顺溜。
7、“the chief executive of RBS, tied to the bank’s share price hardly discourages the resurgence of the old bonus culture. ”“默许RBS首席执行官史蒂芬•赫斯特报销960万英镑费用的做法令银行股价发生变化完全又让旧的奖金制度抬头了。”应该是RBS的CEO的薪酬太高,限制了银行股票。因为金融危机后,各大金融机构(资本主义国家的)纷纷削减总裁的年薪,以安全渡过危机。而不是“报销”吧……
8、“监管制度中没有提及给银行负责人们发放承担的短期风险奖励的传统的奖励制度。”不顺溜。
9、Understandably, the government is scared to risk further erosion of London’s position as a global financial centre.政府也担心伦敦一些要员岗位再次出现腐败。这里不是腐败,而是担心伦敦作为一个金融中心的地位会削减。
10、“splitting up ”译为“划分银行”。。。。应该是前面提到的对大银行的重组吧。前面提到德国对大银行的做法。
11、“他们要开始准备接过领导分析资本持有量的担子。”原文理解有点不顺溜,而且理解上还有点不妥。
回复 支持 反对

使用道具 举报

207

主题

7992

帖子

3万

金币

大家网博士生

Rank: 21Rank: 21Rank: 21

积分
19791
发表于 2010-4-29 02:53 | 显示全部楼层
第一段:

A NEW hiring frenzy in the City, 城里掀起了新一轮招聘热潮,
investment-banking results for the second quarter likely to top those of the first; 投行第二季度的业绩有可能高于一季度;
an innovative securitisation by Barclays to get bank loans off its balance sheet.  巴克莱银行推出创新的证券化产品,以在它的资产负债表中摆脱银行借贷。

这前三点都是说的银行“生意照常”

第二段:

Banks will be required, in effect, to add capital if they pose special risks to the system, including higher capital charges if they pay bonuses that encourage short-term risk-taking.  
这样,如果银行对(银行)体系造成特定风险,银行将被要求增加资本,例如如果他们的分红鼓励了短期投机风险,他们将支付更高的资本费用。

第三段:

plausible 似乎挺有道理。      完全反了呢~
depend on 有赖于,取决于
increase the money banks must hold for liquidity   增加银行必须持有的钱,以保证流动性

第四段:

He also failed to change the outfit in charge of bank supervision. 他也没有能够改变管理银行监管的机构。  是这段的核心,整段都是这个意思。
tripartite arrangements 三方协议,指财政部、英格兰银行和FSA三方
are hardly touched 几乎未受触动(指前句的failed to change)
The trio failed in its first big test, 这个三角联盟在它的首次大考验中即告失败
authority over banks 银行监管机构
as it was before Labour took power in 1997. 我的理解这里的it是指“银行监管机构将所有注意力都放在英格兰银行”这件事,待考
the Bank of England is to assess the systemic risk on which the charges will be based but will not have the power to enforce them. 英格兰银行评估系统风险,资本费用将以这些风险为基础征收,但银行并没有执行征收费用的权利 ,大意哈

“尽管没有做出相关解释,也不更换监管组织成员,”这句貌似是多出来的,只为了翻译Instead?

Overseeing it all 总管全局的,就是这三角联盟的头

看了前四段,读起来确实长而慢,明天继续 ;P
回复 支持 反对

使用道具 举报

212

主题

8144

帖子

3万

金币

大家网博士后

Rank: 22Rank: 22Rank: 22Rank: 22

积分
20167
发表于 2010-4-29 03:08 | 显示全部楼层
City好像是特指伦敦金融城吧~
回复 支持 反对

使用道具 举报

您需要登录后才可以回帖 登录 | 注册

本版积分规则

诚聘英才|移动端|Archiver|版权声明|大家论坛 ( 京ICP备06071611号,京公网安备11010802018363号 )

GMT+8, 2021-9-22 10:46 , Processed in 0.603787 second(s), 22 queries .

Powered by Discuz!

© Comsenz Inc.

快速回复 返回顶部 返回列表