切勿以经济后果吓唬苏格兰人

2014-09-25 14:38:38来源：可可英语

　　The third risk associated with independence is a change in the credit risk attached to financialinstitutions. Banks and other companies can operate in the EU through branches of their homebusiness, or by establishing local subsidiaries in other member states. Sweden’s Handelsbankenuses branches; the Spanish Santander takes deposits in Scotland into its English subsidiary. Ifa bank fails, the saver has a claim on the appropriate deposit protection scheme – that ofthe country in which the regulated entity is located. As in Santander’s case, that might beneither the country where you made the deposit nor the one where the bank’s head office islocated.

　　伴随独立出现的第三类风险是，金融机构相关信用风险的改变。银行和其他企业可通过开设隶属于母国业务的分支机构、或通过在欧盟(EU)其他成员国设立当地子公司，来在欧盟市场运营。瑞典Handelsbanken银行采用的是开设分行的办法;西班牙桑坦德银行(Santander)则是将其在苏格兰吸收的存款转至在英格兰的子公司。如果银行倒闭，储户就对相应的存款保险机制——受监管实体所在国家的存款保险机制——拥有求偿权。就桑坦德银行的例子而言，这个“国家”可能既不是储户存款时所在的国家，也不是该行总部所在的国家。

　　The “lender of last resort” facility provides liquidity support if there is a run on a bank. Lastweek’s interrogation of Mark Carney, governor of the Bank of England, at Westminster’sTreasury select committee confused that issue with a quite separate one: the reservesneeded to sustain a currency peg; and the resources needed to provide liquidity support tothe banking system. The scale of modern speculative capital flows is such that there isprobably no currency reserve large enough to sustain the price of a clearly overvaluedcurrency. Meanwhile, the availability of liquidity support to solvent institutions depends noton the reserves available but on the credit rating of the provider of such support – whetheranother bank, a government or a central bank.

　　“最后贷款人”安排会在银行遭遇挤兑时提供流动性支持。上周英国央行(BoE)行长马克•卡尼(Mark Carney)在英国议会下院财政特别委员会(Treasury select committee)接受质询时，混淆了两个截然不同的问题：维持货币挂钩所需的外汇储备;向银行业体系提供流动性支持所需的资源。当代投机资金流的规模极其庞大，可能没有任何一个国家的外汇储备大到足以维持一种明显被高估的货币的币值。另一方面，能否向有偿付能力的金融机构提供流动性支持并非取决于有多少外汇储备，而是取决于提供者(无论是另一家银行，还是政府或央行)的信用评级。

　　But since the global financial crisis the term “lender of last resort” has routinely been used inwider and ill defined sense: to identify who (if anyone) will make whole the creditors of anyfailed financial institution or recapitalise any bank, wherever based, no longer able to raiseequity from its shareholders. The only sensible answer – for Scotland and perhaps for othercountries – is “not us”.

　　但自全球金融危机爆发以来，“最后贷款人”这个词常常应用在更广的范围内，定义也往往比较模糊：可指替任何倒闭的金融机构向债主偿债的人，或向任何无法再从股东那里筹集股本的银行(无论其总部位于何处)注资的人——假如存在这样的人的话。唯一明智的回答是，这个词指的“不是我们”——对苏格兰而言是如此，或许对其他国家而言也是如此。

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