Unit 5 Commercial Bank2.docx
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Unit 5 Commercial Bank2.docx
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Unit5CommercialBank2
Unit5CommercialBankⅡ
Off-BalanceSheetActivities
1.Oncenegligibleinamount,andthereforeworthyofnomorethanpassingmentioninbankingtexts,off-balancesheetitemsofbanksnowamounttotrillionsofdollarsintheUnitedStates.Theyincludecontingentclaimsthatrepresentavarietyofexposureacrossmarketsandcreditrisks--standbylettersofcredit,interestrateandcurrencyswaps,noteissuancefacilities,options,foreigncurrencies,fixed—andvariable—rateloancommitments,andfuturesandforwardcontractsoneverythingfromTreasurybillstogold.Loancommitmentsareamongthelargestcomponentsoftheoff-balancesheetitemsofbanks.Also,whenaddedtogetheroff-balancesheetitemsexceedthebank’stotalrecordedassets.Thisisalittlemisleading,however,sinceonlysomecontingentclaimsimposea(contingent)liabilityonthebank,andthiscontingentliabilityisonlyafractionofitsoutstandingcontingentclaims.
Oncenegligibleinamount,andthereforeworthyofnomorethanpassingmentioninbankingtexts,off-balancesheetitemsofbanksnowamounttotrillionsofdollarsintheUnitedStates.
negligible:
adj.十分轻微的,可以忽视的,微不足到的。
amountto:
(数量上)总计,达到。
如果不考虑绝对数量,那么在考察商业银行的业务时我们就不仅仅要关注银行的资产负债表了。
目前,美国商业银行的表外业务已经达数十亿美元。
Theyincludecontingentclaimsthatrepresentavarietyofexposureacrossmarketsandcreditrisks--standbylettersofcredit,interestrateandcurrencyswaps,noteissuancefacilities,options,foreigncurrencies,fixed—andvariable—rateloancommitments,andfuturesandforwardcontractsoneverythingfromTreasurybillstogold.表外业务指那些反映大量市场风险和信用风险的或有债权---如:
备用信用证,利率及货币互换,票据发行便利,期权,外汇,固定和浮动利率贷款承诺,及从国库券到黄金的各种期货和远期合约。
(近年来,金融市场最重要的发展就是期货、期权及相关衍生工具市场的成长。
这些衍生工具为我们提供了取决于其他各类资产价值的支付手段,这些资产价值有商品价格、债权与股票的价格或市场指数值。
由于这一原因,这些工具有时被称为衍生资产(derivativeassets)或或有债权(contingentclaims)。
它们的价值由其他资产的价值派生出来的,或由其他资产的潜在价值派生出来。
)
Balancesheet:
资产负债表
Off-balancesheet:
表外业务
Contingentclaims:
或有债权,
Contingent:
dependentonsomethingthatisuncertainorthatwillhappeninthefuture.因情况而变的,视情况而定的。
Contingency:
可能性,或有性
Claim:
arighttohaveorgetsomethingsuchasland,atitlethatbelongstoyou.权利,所有权。
Contingentliability:
possiblefutureliabilitiesthatarementionedinnotesaddedtoabalancesheet.或有负债。
Exposure:
汉语常常把它翻译成揭发,暴露
如:
skincancercanbecausedbyprolongedexposuretothesun.翻译成:
长时间晒太阳(暴露在太阳下)可能会导致皮肤癌。
我们来看一下朗文词典对这一词的英语解释。
todanger,meansthestateofbeingputintoasituationthatisharmfulbecauseyouhavenoprotectionfromsomethingthatisdangerous.从英文解释我们可以看出这个词实际上可以理解为:
处于某种危险状态。
Exposureacrossmarket:
理解为:
市场带来的风险。
Loancommitmentsareamongthelargestcomponentsoftheoff-balancesheetitemsofbanks.贷款承诺是商业银行表外业务的最主要成分之一。
Also,whenaddedtogether,off-balance
sheetitemsexceedthebank’stotalrecordedassets.把表外业务加总,它将超过银行帐户上记录的资产的总额。
Thisisalittlemisleading,however,sinceonlysomecontingentclaimsimposea(contingent)liabilityonthebank,andthiscontingentliabilityisonlyafractionofitsoutstandingcontingentclaims.
Impose:
imposesthonsb.给某人带来某物。
Outstanding:
未偿还的。
Outstandingcontingentclaim:
未偿或有债权
Outstandingloan:
未偿还的贷款
然而,由于Somecontingentclaimsimposealiabilityonthebank.仅有一小部分的或有债权给银行带来了负债。
Thiscontingentliabilityisonlyafractionofitsoutstandingcontingentclaims.而且这种或有负债只是银行未偿或有债权的一部分。
Thisismisleading所以人们往往对表外业务缺乏足够的认识。
2.OBSbankingreferstotransactionsthatdonotappearonthebank’sbalancesheet,exceptpossiblyasfootnotes.OBSitemsCanbedividedintotwogroups:
option-likecontingentclaims
andnonoptioncontingentclaims.Table18-lshowsthevariousitemswithineachgroup.Anycontingentclaiminvolvesacommitmentonthepartofthebank.AccordingtoWebster’sdictionary,a“commitment”isapromisetodosomethinginthefuture.Anoptionlikecontingentclaimisapromisebythebanktosettleinthefutureatprespecifiedtermsandattheoptionoftheholderofthecommitment.Thusanoption1ikecontingentclaimimposesacontingentliabilityonthebank(theseller)andendowsthebuyerofthecommitmentwithanoption.Inacompetitivemarketforcontingentclaims.Thebankshouldbepaidafeeatthetimethecontingentclaimissoldthatequalsthevalueoftheoptioncontainedinthatclaim.Nonoptioncontingentclaimsmayalsoinvolvefeesforthebank,buttheydonotnecessarilyimposea
contingentliabilityonthebankbecausethereisasymmetryintheobligationsofthebankandthecustomer.Thuseventhoughthereisafuturecontingencythatdeterminesthesettlementofthecontract,itisnotonethatgivesthecustomeralloption.forexample,aforwardorfuturescontractisanonoptioncontingentclaim.
OBSbankingreferstotransactionsthatdonotappearonthebank’sbalancesheet,except
possiblyasfootnotes.表外业务(OBS)指那些不在银行的资产负债表上出现的(除去可能在脚注中出现的)交易。
OBSitemsCanbedividedintotwogroups:
OBS可以分为两类:
option-likecontingentclaimsandnonoptioncontingentclaims.带有选择权特征的或有债权和非选择权或有债权。
Table18-lshowsthevariousitemswithineachgroup.表18.1表示以上两类中包含的具体项目。
Anycontingentclaiminvolvesacommitmentonthepartofthebank.任何或有债权都涉及银行的承诺。
AccordingtoWebster’sdictionary,a“commitment'’isapromisetodosomethinginthefuture.根据韦氏大词典,“commitment”是在未来做某事的允诺。
Anoption—likecontingentclaimisapromisebythebanktosettleinthefutureatprespecifiedtermsandattheoptionoftheholderofthecommitment.
Prespecified:
specify,tostatesthinanexactanddetailedway.具体指明,明确的规定。
Prespecified指事先就具体指明的,明确规定好的。
Settle:
支付,偿还,结算。
具有选择权特征的或有债权是银行做出承诺,即在未来按预先确定的条件,在持有者行使选择权时进行偿付的承诺。
Thus.anoptionlikecontingentclaimimposesacontingentliabilityonthebank(theseller)andendowsthebuyerofthecommitmentwithanoption.
Endow:
endowsbwithsth赋予,给予某人某物
因此,选择权性质的或有债权给银行(卖者)带来了或有负债而赋予了承诺购买者一种选择权。
Inacompetitivemarketforcontingentclaims.thebankshouldbepaidafeeatthetimethecontingentclaimissoldthatequalsthevalueoftheoptioncontainedinthatclaim.在或有债权的竞争性市场中,银行在出售或有债权的时候收取一定的费用,that指代的是fee,该笔费用在数量上等于或有债权所含选择权的价值。
Nonoptioncontingentclaimsmayalsoinvolvefeesforthebank,buttheydonotnecessarilyimposeacontingentliabilityonthebankbecausethereisasymmetryintheobligationsofthebankandthecustomer.非选择权或有债权也可能涉及付给银行的费用,但这种债权不一定构成银行的或有负债,因为这种情况下银行与其客户的义务是平衡的。
Symmetry:
exactlikenessinsizeandshapebetweentwosidesofsomething.对称性,平衡。
Thuseventhoughthereisafuturecontingencythatdeterminesthesettlementofthecontract,itisnotonethatgivesthecustomeralloption.这样,尽管存在着未来的或有性并决定着合同的最终履行,但却没有给客户提供选择权。
Forexample,aforwardorfuturescontractisanonoptioncontingentclaim.例如,远期或期货合同就是非选择权或有债权
3.WhyhasOBSbankinggrownsoexplosivelyinthe1970sand1980s?
Itwasduringthisperiodthatinterestratesandforeignexchangeratesbecameincreasinglyvolatile.Thisincreasedvolatilityinfinancialandforeignexchangemarketscreatedastrongdemandfromcorporationsforfinancialriskmanagementservices,andbanksfounditprofitabletoprovidetheseservices.ThusGermancompaniesthatonceborrowedonlyinmarksbutderivedincomeinothercurrenciesfromtheirforeignoperationswerenowhelpedbybankstocontroltheirforeigncurrencyrisk.Similarly,technology-intensivefirmsforwhomunpredictableshort-termrevenuesimposedsevereconstraintsonresearchanddevelopment(R&D)budgets,approachedbanksthatprovidedproductsdesignedtohedgeoverseasincomeandplanR&Doverlongerperiods.ThegrowthofOBSbankingwasanaturaloutcomeofbanksprovidingtheseriskmanagementservices.
WhyhasOBSbankinggrownsoexplosivelyinthe1970sand1980s?
explosively:
adv.Explosive:
除了我们非常熟悉的爆炸性的意思之外,还表示数量或数字的激增,increasingsuddenlyorrapidlyinamountornumber.因此,grownexplosively理解为迅速的发展。
这句话的意思是:
为什么OBS业务在20世纪70~80年代会有如此迅速的发展呢?
Itwasduringthisperiodthatinterestratesandforeignexchangeratesbecameincreasinglyvolatile.原因是在这一时间利率和汇率变得日益波动不稳。
Increasingly:
=moreandmore越来越…Volatile:
avolatilesituationmeansasituationislikelytochangesuddenlyandwithoutwarning.易变的,动荡不定的。
Thisincreasedvolatilityinfinancialandforeignexchangemarketscreatedastrongdemandfrom
coorporationsforfinancialriskmanagementservices,andbanksfounditprofitabletoprovide
theseservices金融和外汇市场日益增加的波动性创造出了公司对财务风险管理服务的大量需求,而银行也发现提供这些服务具有丰厚的利润。
Thus,GermancompaniesthatonceborrowedonlyinD-marksbutderivedincomeinothercurrenciesfromtheirforeignoperationswerenowhelpedbybankstocontroltheirforeigncurrencyrisk.
这样,曾经借入德国马克但是却在外汇交易中收入其他货币的德国公司,就可以在银行的帮助下控制其交易中的汇率风险。
Similarly,technology-intensivefirmsforwhomunpredictableshort-termrevenuesimposedsevereconstraintsonresearchanddevelopment(R&D)budgets,approachedbanksthatprovidedproductsdesignedtohedgeoverseasincomeandplanR&Doverlonger
periods.整句的主体结构是:
technology-intensivefirmsapproachedbanks技术创新行公司接近银行。
Forwhom后面告诉了公司有什么样的问题,unpredictableshort-termrevenuesimposedsevereconstraintsonresearchanddevelopment(R&D)budgets,不可预测的短期收入给研发预算带来很多限制,banks后面的that引导从句告诉我们银行可以提供的服务也就是解释了技术创新行公司technology-intensivefirms为什么愿意接近银行。
providedproductsdesignedtohedgeoverseasincomeandplanR&Doverlonger提供为海外收入套期保值和为R&D制定长期计划的金融产品,
Hedgev.作为动词,它本意就是规避风险的意思。
作为金融术语我们把它理解为:
reducingtheriskofunfavorablemovementincommodityorsecurityprices,orexchangeorinterestrates,bywayoffuturecontracts.通过远期和约来规避商品或证券价格,汇率及利率的变动所带来的风险。
也就是我们汉语所说的套期保值。
ThegrowthofOBSbankingwasanaturaloutcomeofbanksprovidingtheseriskmanagementservicesOBS业务的增长是银行提供此类风险管理服务的自然结果。
4.Abank’scustomerfacestwomaintypesofrisks.Thefirstisbusinessrisk.Itmayberoutine.Suchasthatarisingfromunpredictableshiftsindemandforthefirm’soutput.Oritmaybestrategic.Suchas
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- Unit Commercial Bank2