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文摘
目前，新西兰银行的良好发展与巨额不良资产形成了鲜明地比，该行普遍面临资金短缺，不良资产比例高，流动性差，运行效率低等问题。通过金融创新，特别是绘画，如证券化资产和其他国际成功经验，毕竟这是一个好的解决方案。为了满足监管要求,新西兰银行将资产证券化，解决分散信用风险和参考主要体现在以下几个方面： 1, 优化商业银行的资产负债结构，缓解流动性压力。商业银行短期存款负债，并鼓吹长期贷款资产的趋势。在国际金融市场，长期融资的主要功能由资本市场传播。在新西兰，通过资本市场融资的企业仅占约5%，长期承诺的商业银行应当承担资本市场风险的功能,公路、发电厂和其他大型基础设施项目主要依靠银行贷款，所以长期商业银行贷款的比例逐年增加。另一方面，随着蓬勃发展的金融投资产品的出现，加息周期，长期贷款和短期存款的储蓄存款出现放缓的势头，贷款和存款减少流动性增加流动性两个矛盾共存，银行债务期限不匹配的资产,银行的借贷短长度”的矛盾将会更加突出,导致流动性风险增加。监管要求和长期商业银行贷款的比例不超过120%,据了解,许多银行已接近或超过了监管限制。
Abstract
Currently, Bank of New Zealand good growth with huge non-performing assets in stark contrast, the lines generally face capital shortage, the proportion of non-performing assets is high, poor mobility, operation and low efficiency, through financial innovation, especially drawing, such as securitized assets and other international successful experience, after all, a good solution. Asset securitization of commercial banks for New Zealand to meet regulatory requirements, resolve and scattered reference to credit risk is mainly reflected in the following aspects:
1, optimizing asset and liability structure of commercial banks to ease liquidity pressures. Liabilities of commercial banks to short-term deposits, and preached a long-term loan assets tendency. In the international financial markets, the main function of long-term financing borne by the capital markets. In New Zealand, corporate financing through the capital market accounted for only about 5%, long-term commitment of the commercial banks should assume the function of the capital markets, roads, power plants and other large infrastructure projects mainly rely on bank loans, the proportion of long-term commercial bank loans increased year by year. On the other hand, with the advent of the booming financial and investment products, the rate hike cycle, savings deposits appear slowed down the momentum of long-term loans and short-term deposits, loans and deposits reduced mobility increased mobility two contradictions coexist, Bank debt maturity mismatches of assets significantly, banks' borrowing short length of "contradictions will become more prominent, leading to increasing liquidity risk. Regulatory requirements and long-term commercial bank loan ratio of not more than 120%, it is learned that many banks have approached or exceeded the regulatory limit.[1]
Emergence of asset securitization business, compared with asset-liability management provides an effective means, through the sale and securitization of real bankruptcy isolation, you can not have the liquidity and long-term loans placed outside the balance sheet, timely access to high liquidity of cash assets, so as to effectively alleviate the pressure on commercial banks' liquidity risk.
2, in favor of commercial bank capital management, improve capital adequacy ratio. With the accession to WTO, increasingly strengthened banking supervision to resolve commercial bank risk, particularly in relation to risk assets and economic capital is particularly urgent and prominent. How to match the benefits and risks of the condition under limited capital, is a major issue faced by commercial banks. By expanding capital epitaxial growth model increasingly questioned by investors. And by constantly reducing the degree of risk assets, to develop low-risk or no risk of this content-type intermediate business growth model more and more respected, asset securitization business which may well be a better way to resolve one of the contradictions. According to "Commercial banks' capital adequacy ratio management approach" promulgated by the CBRC, requiring commercial banks to fully provision for losses on the basis of the calculation of the capital adequacy ratio, January 1, 2007 the capital adequacy ratio of not less than 8%, the core Capital adequacy ratio of not less than 4%. In recent years, with the rapid expansion of financial assets, domestic banks generally faced with the problem of inadequate capital, Shanghai Pudong, China Merchants, livelihood have adopted rights issue or issue of subordinated convertible bonds and other ways to enrich capital, which of course is also a good choice, but large-scale financing is apt to cause great repercussions market, leading investors to resist; and issuance of subordinated debt can not change the size and weight of risk weighting of bank assets, it can not solve the problem of inadequate capital fundamentally. According to the "Basel" for different types of capital requirements for risky assets, the bank can take the initiative to flexibly adjust the size of the bank's risk assets through securitization of loans rather than held to maturity, to improve the capital adequacy ratio of the size of the smallest The cost of enhanced mobility and improve the capital adequacy ratio.[2] 3, help to resolve non-performing assets, reduce non-performing loan ratio. In dealing with a large number of illiquid assets, particularly non-performing assets, banks often need to spend a lot of time and effort, and only occasionally receive cash in the future, this traditional approach seems less efficient realization of funds, and assets when dealing with a large number of securities of non-current assets generally use historical data to estimate the asset recovery, and then realize the asset securitization in accordance with a certain proportion. This approach avoids the audited assets individually, thus saving cost and time to assess the value of assets, rapid recovery of large amounts of cash, low financing costs, while retaining the remaining assets of the owner of the usufruct assets. Solve the huge non-performing assets of the banking system in New Zealand New Zealand has been the main subject of the financial sector. Despite efforts by non-performing assets increased from 34% down to 15.59% in the first half of 2004, but the non-performing assets ratio remained high, and therefore, the use of securitization to accelerate the resolution of non-performing assets is very real very urgent requirement. CBRC statistics show that as of the third quarter of 2004, the territory of the major commercial banks non-performing loan ratio was 13.37%, of which, four state-owned commercial banks non-performing loan ratio was 15.71%, joint-stock banks bad loans was 5.3%, higher than the international level, and the absolute amount of huge non-performing loans, the stability of the financial system in New Zealand caused problems. Through asset securitization to non-performing assets in batches, quickly converted into transferable capital market products, re-activate the liquidity of some assets, and the potential risk transfer bank assets, dispersing an effective way to resolve the bad assets.[3] 4, help enhance profitability, improve the revenue structure of commercial banks. Limited domestic financial markets are underdeveloped, particularly in fixed income bond market is underdeveloped, domestic commercial banks are still the traditional spread income as its main source of revenue, accounting for intermediate business income is very small, only about 6% to 17%. The introduction of asset securitization, to commercial banks to expand revenue, adjusted income structure provides an opportunity. In the process of asset securitization, financial markets increased the number of investment products available, and have a high credit rating, income stability characteristics, has become an important investment products other than bonds, which form the underlying assets and, depending on the terms set by many investment varieties, to meet the needs of a variety of investment, investors favor of implementing a multi-AUD investment strategy and control investment risk. In addition, the original lender to sell the underlying asset at the same time you can also get fees, management fees income; addition, other banks can also provide guarantees and asset securitization issuance services to generate revenue.
Obstacles and Strategies of New Zealand commercial banks face asset securitization
Practice shows that foreign asset securitization, asset securitization shall have the following environments:
1, the legal environment. Both with companies and regulators to establish and trustee responsibilities, financing reporting requirements related laws and regulations, including the requirements of information revealed, the trustee mandatory duties, assets and solvency rules adequacy rules. 2, accounting environment. Including methods for confirmation from the balance sheet securitized assets reported in the balance sheet positions of the promoters of the method, the promoters consider the interests of the lower division method and so on. 3, the tax environment. Specifically for the transfer of assets and tax cash flow problems, including the debtor paid to SPV or SPV paid to tax issues investors. 4, the market environment. Financial markets are underdeveloped, especially the credit market, mainly from the current point of view is extremely underdeveloped corporate bond market, not for the corporate credit pricing; Besides the lack of public confidence in the market, efficient intermediaries, such as rating agencies, custodians, etc.; credit standards are not unified, market segmentation and lack of transparency. 5, the credit environment. Efficient and effective implementation of the credit system is an important foundation for asset securitization, to take various measures to improve social awareness of credit, expand the coverage of credit services to strengthen the exchange and sharing of credit, to have a more complete business and personal credit system .
Since 1999, New Zealand theory, finance for commercial banks to implement non-performing asset securitization has been actively studied and discussed. In early 2003, New Zealand Cinda Asset Management Corporation and Deutsche Bank signed a package of asset securitization and sub-project cooperation agreement, known as New Zealand's first asset securitization program. Overall, however, at this stage, New Zealand for asset securitization, both theoretical knowledge or practical experience in preparation, whether it is financial environment or legal, accounting, tax environment are still very lacking, there are many obstacles restricting the asset securitization development.
Outstanding performance: the relevant laws and regulations are not sound, asset securitization lack of legal norms and safeguards; credit rating system is imperfect, the lack of standardized financial intermediaries; low level of capital market development, lack of demand for asset-backed securities, etc., it is not appropriate promote large-scale asset securitization business.[4]
Therefore, New Zealand in promoting the process of asset securitization, it may follow the "first trial, after promotion; first practice and exploration, the legislative norms" principle. First, choose the right variety of securitization. Housing can be considered from the beginning of securitization. This longer loan period, the majority of more than 10 years, the bank debt maturity matching of assets put forward higher requirements; default risk housing loans is smaller, more stable cash flow to pay off high-value, easy to meet a large, homogenous requirements. And the balance of individual housing loans from commercial banks in 1997 to 19 billion AUD AUD grow to 1.2 trillion by the end of 2003, the asset base shape. Secondly, choose a government credit support for the operation of specialized agencies SPV. International experience shows that in the early stages of asset securitization, the role of government is critical, with the government and the country is one of the secrets to attract investors to the credit asset securitization success.
After selecting the operating mode, the contrast, the U.S. balance-sheet mode is more in line with New Zealand conditions. First, New Zealand is relatively weak credit environment, effective risk assets isolation and quarantine, to achieve true sale of assets, can reduce the information asymmetry is more conducive to promoting asset securitization; Second, it helps optimize the structure of assets and liabilities of commercial banks, slowing undercapitalized pressure.
Finally, it can consider the development of a number of specialized pilot securitization regulations, according to the pilot experience, and gradually modified and improved. Carried out by the pilot to understand the legal issues to be encountered in asset securitization, market, technology and other aspects, and try to solve them, the risk to a minimum. Due to the current interest rate is no market, banks securitized assets may be low or even negative earnings gains, this stage should be to gain experience as a major goal of asset securitization. With the gradual accumulation of laws and regulations, and constantly improve the experience of the regulatory environment, and then a smooth transition from pilot to full-scale promotion. With the economic and financial uncertainty rising, increasing pressure on the New Zealand financial risk weight, ease the financial risks and maintain financial security has become the focus of the work of the New Zealand economy. About New Zealand is difficult to alleviate the pressure on the financial risk for many reasons. Among them, the most important reason is that society as a whole over-reliance on bank financing structure, leading to the risk of excessive concentration of the whole community in the banking system. For example, 2001, 2002, 2003, bank loans accounted for the proportion of corporate loans were 75.9%, 80.2% and 81%, in 2004 over 90% further. Logical inferences drawn therefrom are: to develop direct financing is the key to solving the financial risk of accumulation and concentration of the banking system. This is also the consensus of the community lies. However, it should be seen that the development of direct financing and ultimately to achieve a balanced development of direct financing and indirect financing itself is a gradual process. Under accounting rules, regulatory, contract enforcement system is relatively backward, credit environment, the legal environment is not healthy, the fast pace of development of direct financing will accelerate the expansion and accumulation of financial risks.
For this one; Second, the formation and financing structure of banks' bad loans imbalances are not necessarily positive correlation. Central bank survey showed that the formation of non-performing assets, because the planning and administrative interference caused by about 30%, requiring state-owned commercial banks to support state-owned enterprises and state-owned enterprises accounted for about 30% of default on policy related to national arrangements, stop and, transfer and other structural adjustment accounts for about 10% of local interventions, including the judiciary, law enforcement, inadequate protection against creditors account for about 10%, while non-performing loans due to the internal management of the reasons for the formation of state-owned commercial banks accounted for 20% of all non-performing loans ; Third, the formation of new non-performing loans of banks in recent years is mainly the pursuit of bank asset expansion and business development speed caused. Therefore, to ease the pressure of financial risk, in addition to the macro-level changes in the economic growth model, accelerate financing system, reduce government intervention, policy loans outside eradicate domestic commercial banks must abandon the "Speed Complex" and "scale impulse" business development, establish a scientific concept of development, establish efficiency, connotative business development strategy, vigorously carry out the transformation of business strategy and achieve coordinated development efficiency, quality and size.[5]
Management model transformation
Frankly, if the horizontal international comparison, domestic bank staff professionalism, entrepreneurial spirit and the spirit of risk are first-rate in the world, but why the performance of domestic commercial banks and foreign banks advanced a huge difference? Although you can list one reason many, but an important reason to come down to the tissue structure and cowboy culture. In this framework the organizational structure and culture, the various branches of the head office is difficult constraints, can not (or huge cost) to integrate resources of the bank system, the system of executive power can not be guaranteed. Therefore, to meet the international business environment, and actively breaking the traditional enterprise organizational system, morphology and structure, and gradually built up with international advanced standards of banks, customer-centric, market-oriented, flat management system, through organizational efficiency improvements to improve resource allocation efficiency, effective control and management costs, and enhance marketing capabilities, is an important way to enhance the competitiveness of commercial banks in New Zealand.
Transformation means moving to a new and unfamiliar patterns from a traditional, customary mode, its essence is institutional change is the use of a system or to replace the existing institutional arrangements in a non-equilibrium state of the system and the institutional arrangements . Therefore, the transition is a high input, high-risk systems engineering. International experience shows that many successful business transformation, but also numerous cases of failure transformation. So, how to achieve a successful transition.
First, the policy must be clear: domestic commercial bank restructuring is not one-dimensional transformation and fragmentary knock improved, but overall transformation multidimensional and deep-seated structural changes. Which includes both the restructuring and development strategies, including restructuring management system; includes both structural transformation operations, including restructuring of management resources.
Overall, the goals and direction of domestic commercial banks restructuring include: First, the development of strategies to shift from localized to the international, commercial banks are required to global strategic vision to plan their own development strategy, actively promote the "going out" of the international the pace of development. Second, the management system by the "weak Head Office - Strong Branch" mode to "strong head office - weak branches," actively build flat organizational management systems business lines perpendicular management. Third, the operating structure of the banking business from a single structure to integrated financial services business structure. The point is, the business structure to be dominated by the wholesale shift of both wholesale and retail business; asset structure to a low-risk asset structure change from high-risk assets; liability structure to weaken deposit liabilities mainly passive, to develop proactive liability; On the customer structure, to gradually improve and change the current universal banks pursuing "big" strategy; revenue structure to achieve the spread income and non-income-led steering spreads spread income balanced development. Fourth, the resources used by an operating structure to multi AUD AUD structure. Among them, the organizational system to shift from a single physical of physical and electronic networking of both; capital replenishment mechanism to achieve multi AUD, high flexibility and persistence; service channels to achieve tangible physical network service channels and online banking, telephone banking services such as virtual channels complement each other for common development; human resources to adapt to the development requirements of commercial banks integrated complex talent from the traditional banking business talents.
Conclusion
In the context of economic globalization, how to improve the international competitiveness of domestic commercial banks to narrow the gap with the world's leading banks as soon as possible, creating an internationally competitive world-class modern commercial banks, not just commercial banks to micro-level issues, and has macro issues rise to become New Zealand's relationship strategy to achieve economic growth and New Zealand. Needless to say, the domestic commercial banks and international banks, especially Citibank advanced, the gap between global banks such as HSBC transnational business is huge, but also multi-faceted. However, the most fundamental difference is reflected in the management capabilities. Promoting international management, improve management capabilities, has become the consensus of the New Zealand banking sector.
Reference
1. Diniz, Eduardo H. ; Jayo, M. ; Pozzebon, M. 2007. Correspondent banking as microcredit delivery channel. In: Chicago Microfinance Conference, 2007, Chicago. Proceedings of the Chicago Microfinance Conference. Chicago, USA.
2. Diniz, Eduardo H.; Marlei Pozzebon; Martin Jayo. 2008. Banking Technology to Scale Microfinance: The Case of Correspondent Banking In Brazil. In Proceedings of ICIS 2008 (International Conference on Information Systems): 144. Paris, France.
3. Diniz, Eduardo H.; Martin Jayo; Tania P. Christopoulos. 2009. Monitoring and evaluating microfinance delivery through ICT-based correspondent banking. Proceedings of 3rd European Conference on Information Management and Evaluation, Gothenburg:ECIME.
4. Ivatury, Gautam. Using Technology to Build Inclusive Financial Systems. CGAP Focus Note No. 32. Washington D.C.: January 2006
5. Ivatury, G. and Timothy Lyman. Use of Agents in Branchless Banking for the Poor: Rewards, Risks, and Regulation. CGAP Focus Note No. 38. Washington D.C.: October 2006
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