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Shall I compare thee to a pain in my neck? Let me count the ways.
我該說你讓我感覺如芒在背嗎？讓我細說一下理由。
Maybe the People's Bank of China wasn't quite that blunt in its 2014 China Financial Stability Report issued Tuesday. But when it came to talking about securities companies and how they help distort risks in the banking system, it certainly came close. The source of its ire? So-called 'directional asset management plans.'
或許中國央行在周二發(fā)布的《中國金融穩(wěn)定報告（2014）》中沒說得這么直截了當。但對于證券公司及其如何助長了銀行體系的風險失真，中國央行顯然說得夠直白。中國央行為何感到不悅？是因為所謂的定向資產(chǎn)管理計劃。
According to the report, the outstanding amount of directional asset management plans issued by securities companies at the end of 2013 was 4.83 trillion yuan ($790 billion), up a whopping 186% from a year earlier.
據(jù)該報告顯示，截至2013年末，證券公司定向資產(chǎn)管理業(yè)務(wù)規(guī)模達人民幣4.83萬億元（合7,900億美元），較2012年末增長186%。
A glance at a number of banks' recent IPO prospectuses also shows just how prevalent these plans are. At the end of June, Bank of Chongqing held 3.86 billion yuan worth of such plans on their books compared with 1.11 billion yuan six months earlier. Harbin Bank held 16.3 billion yuan at the end of September, without giving a comparison.
一些銀行最近的首次公開募股(IPO)招股說明書也顯示出了定向資產(chǎn)管理計劃有多盛行。截至去年6月底，重慶銀行定向資產(chǎn)管理計劃結(jié)余為人民幣38.6億元，2012年底為人民幣11.1億元。截至去年9月底，哈爾濱銀行定向資產(chǎn)管理計劃結(jié)余為人民幣163億元，但沒有披露與之前進行比較的數(shù)據(jù)。
But what are they and why are they riling up the PBOC? Here's the definition from Harbin Bank:
但定向資產(chǎn)管理計劃是什么，它們?yōu)楹瘟钪袊胄懈械讲豢欤恳韵率枪枮I銀行給出的定義：
'W e enter into directional asset management contracts with securities companies and such securities companies are entrusted by us to provide loans to borrowers...secured by guarantees or by collateral. Directional asset management plans are not part of trust loans or the loan portfolio of our bank and are non-standard debt securities of our bank.'
根據(jù)定向資產(chǎn)管理計劃，我們與證券公司簽訂定向資產(chǎn)管理合同，證券公司受我們的委托向借款人提供融資，資產(chǎn)管理安排由中國的金融機構(gòu)予以擔保，或由借款人提供擔保物予以擔保。定向資產(chǎn)管理計劃不作為委托貸款或本行的貸款組合的一部分，而屬于本行的非標準化債權(quán)證券。
Got it?
明白了嗎？
Thankfully, if that isn't clear enough for you, the PBOC has provided an outline of exactly what these directional asset management plans are used for. And it's pretty clearly not happy about it.
幸運的是，如果你還不是很清楚，中國央行提供的參考中界定了這類定向資產(chǎn)管理計劃的具體用途。很顯然，中國央行對它并不是很滿意。
1. Firstly, these plans allow banks to make off-balance-sheet loans. That process involves a bank entrusting its funds to a securities company, which then repackages it as an investment. Such an investment could involve buying a trust product (which banks aren't allowed to do directly anymore) that's backed by a loan to a company. Or it could involve buying the income stream from a company's accounts receivable, or investing in banker acceptance drafts, which would appear as loans on a bank's books, were the bank to discount them directly itself .
1. 首先，這些業(yè)務(wù)允許銀行發(fā)放表外貸款。在這一過程中，銀行把資金委托給一家證券公司，后者把資金重新打包成投資。這類投資可能涉及購買由公司貸款支持的信托產(chǎn)品（按照規(guī)定，銀行不得直接購買這類信托產(chǎn)品），也可能涉及購買一家公司應(yīng)收賬款的現(xiàn)金流或是投資于銀行承兌匯票，如果銀行自己進行貼現(xiàn)，這些投資將在銀行賬面上顯示為貸款。
Turning loans into investments also has the added advantage of turning interest income into fee income. Doing so makes it look as though the bank is diversifying its operations away from an over-dependence on lending, something regulators have been pushing for years
將貸款變成投資還有另外一個好處，那就是把利息收入轉(zhuǎn)變?yōu)槭掷m(xù)費及傭金收入。這樣做讓銀行看起來是在推動業(yè)務(wù)多樣化，不再過度依賴貸款，這正是監(jiān)管機構(gòu)多年來一直鼓勵的做法。
2. One of the major limits on banks' operations is a loan-to-deposit ratio of 75%. That is, for every dollar a bank collects in deposits, it can only lend out 75 cents. One way to get around that limit is to shift lending off the books (see point one). The other way is to boost deposits. According to the PBOC's report, banks have been using securities companies to turn interbank deposits (which don't count toward their loan-to-deposit ratio) into ordinary deposits. They can do that by using the interbank deposits -- which come from other banks and financial institutions that trade in the interbank market -- to purchase wealth management products issued by insurance companies. The funds raised by the insurance company are then transferred back to the bank as ordinary deposits.
2. 75%的貸存比率是銀行業(yè)面臨的主要制約之一。也就是說，銀行每收到一塊錢存款，只能把七毛五分錢貸出去。規(guī)避這一限制的方法之一就是表外貸款（見第一點）。另一個方法是增加存款。根據(jù)中國央行的報告，銀行一直在利用證券公司把銀行間存款（不算入貸存比率）轉(zhuǎn)變?yōu)槠胀ù婵睢＞唧w做法是用銀行間存款（來自銀行間市場的其他銀行和金融機構(gòu)）購買保險公司發(fā)行的理財產(chǎn)品，保險公司再將發(fā)行理財產(chǎn)品籌集的資金以普通存款的形式存入銀行。
The central banks says in its report that, beyond help banking avoid regulatory requirements, directional asset management plans are spreading risk around the financial system. That's exacerbated by the fact that banks, securities companies and insurers are all kept separate under the purview of three different regulators. With the system growing more complicated, such complexities could mean gaps in oversight are opening up.
中國央行在報告中說，除了幫助銀行規(guī)避監(jiān)管要求外，定向資產(chǎn)管理業(yè)務(wù)正在金融系統(tǒng)中散播風險。而考慮到銀行、證券公司和保險公司分歸三個不同的機構(gòu)監(jiān)管，這樣的風險又被放大。隨著金融系統(tǒng)變得更加復雜，這樣的復雜性意味著出現(xiàn)監(jiān)管漏洞。
