每日新闻更新 - 欧洲央行/不良贷款 The Daily Update - ECB/Non-perform loans

欧洲央行副行长Vítor Constâncio警告指出,欧洲银行业最紧迫的问题之一是资产负债表中近1万亿欧元的不良贷款。尽管不良贷款占比从2013年达到峰值8%后一直在下降,但仍顽固地保持在6%的水平,而且欧洲有6个国家的不良贷款率高于10%。仅意大利就占欧洲不良贷款的26%。意大利1.68万亿欧元的未偿还贷款中,有2760亿欧元是不良贷款。

对不良贷款率高的国家来说,很大的一个问题是高不良贷款与经济表现存在很高的相关性。GDP疲软和失业率走高是导致高不良贷款率的两大罪魁,这又对经济发展产生了不利影响。银行不良贷款率高于平均水平的国家,其金融系统的利润收益下降,融资成本提高,与资本的绑定程度增加。这一切对信用供应产生了消极影响,进而又导致经济增长疲软。

Vítor Constâncio认为应在整个欧洲布局综合战略,融合一系列合适的工具来有效解决不良贷款问题。其中的一个设想是建立国家资产管理公司(AMC)。他认为该设想很有希望,并称如果能恰当地进行规划设计AMC,可有效缓解银行的不良贷款负担,回收资产价值。一份欧元区的AMC蓝图,尤其是建立AMC的手册,可为政府节省大量时间和资金。除了详细阐述AMC如何兼容欧盟的法律架构,这一蓝图还应对AMC关键领域指出国际最佳惯例,例如合法资产等级、参与要求、资产评估、资本和融资体系与管理。

除了建立AMC,他还认为证券化也有助于启动不良贷款二级市场,但这可能意味着通过政府介入来展示愿意坚持改革,改善资产估值。为此,应寻求通过不良资产交易平台或清算机构来刺激交易,提高透明度。

不管这些建议的结果如何,重要的是欧盟开始正视不良贷款问题了。欧盟委员会最近宣布将针对这一问题的解决方案提供协调性综合战略建议,包括建立国家AMC的蓝图。把头埋在沙里祈祷问题自动消失,已经不是可供欧盟选择的做法了。

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