<p>安德魯·貝利對可能出現的 “影子銀行” 危機發出了警告，這可能會對全球金融體系造成衝擊。</p>
<p>金融穩定委員會（FSB）在一份新報告中警告稱，傳統銀行、保險公司和養老金基金與 2 萬億美元（14 萬億英鎊）的私人信貸市場潛在地危險交織在一起，這一市場常被稱為影子銀行。</p>
<p>影子銀行行業是指公司從基金和私募股權公司而非銀行借款。近年來，隨着全球監管機構收緊對主流銀行的監管規則，該行業迅速擴張。</p>
<p>然而，FSB 警告稱，私人信貸市場尚未經歷嚴重的經濟衰退，這意味着任何衝擊都可能導致金融體系出現意想不到的後果。</p>
<p>FSB 秘書長約翰·辛德勒警告稱，私人信貸 “可能在不利情境中加劇壓力，給金融穩定帶來更廣泛的風險”。</p>
<p>他補充説，由於數據非常零散，監測該行業所帶來的真實風險非常困難。辛德勒表示，“存在顯著的數據挑戰，阻礙了對私人信貸市場總規模及其所包含脆弱性的準確評估。”</p>
<p>這一警告是在滙豐控股宣佈因英國影子銀行市場金融解決方案（MFS）崩潰而遭受 4 億美元損失的前一天發出的，該崩潰伴隨着欺詐指控。</p>
<p>滙豐表示，這一損失是因為它支持了另一家被認為向 MFS 提供貸款的機構，這突顯了風險如何在金融體系中傳播。</p>
<p>辛德勒表示：“與公共市場不同，私人信貸的估值更新頻率較低，並且涉及更大的自由裁量權。這可能在壓力時期造成不確定性，因為條件可能迅速變化。”</p>
<p>他補充説：“缺乏透明度不僅影響當局，在許多情況下也影響投資者。”</p>
<p>辛德勒表示：“由於缺乏透明度和貸款信息，風險可能被錯誤定價，脆弱性可能未被發現。”</p>
<p>FSB 表示，現有證據顯示，私人信貸借款者的債務通常大於依賴主流銀行和債務市場的公司，且更可能未能償還貸款。</p>
<p>FSB 表示，主流銀行對私人信貸市場的直接敞口約為 2200 億美元，但實際的聯繫規模可能更大。</p>
<p>它警告稱，影子銀行行業在一些地區高度集中，包括英國，並將貸款集中在少數幾個行業，包括科技。這意味着特定地區或行業的相對有限衝擊可能引發整個行業的危機。</p>
<p>貝利多次警告影子銀行可能帶來的風險，包括暗示私人信貸與 2008 年崩潰前複雜的金融工程有相似之處。</p>
<p>去年十月，貝利在上議院金融服務監管委員會發言時表示：“我們確實開始看到，例如，曾經被稱為切片和分層的貸款結構正在進行，如果你在金融危機之前參與過，那麼警報就會響起。”</p>
<p>該行長還單獨表示，私人信貸行業的損失可能會削弱公眾對金融體系的信任。</p>
<p>貝利上個月在歐洲議會發言時表示：“當投資者開始觀察到更多此類崩潰事件時，這引發了一個更大的問題，即他們對整個系統的信心。”</p>
<p>他的警告是在兩家美國公司 First Brands 和 Tricolor 的高調崩潰之後，這兩家公司通過私人信貸借款數十億美元，並在崩潰前被行業評估為健康。</p>
<p>總部位於倫敦的 MFS 於 2 月份因法官稱為 “非常嚴重” 的欺詐指控而進入管理程序。</p>
<p>管理人員警告稱，MFS 的房地產帝國的出售可能會 “淹沒市場”，並拉低倫敦高端地區的房價。這一警告突顯了私人信貸市場危機可能對經濟產生意想不到的連鎖反應的另一個例子。</p>
<p>管理 Market Financial Solutions（MFS）部分崩潰的 AlixPartners 表示，它正在向 Knight Frank 諮詢如何在不崩潰市場的情況下出售 MFS 的物業。</p>

匯豐控股

匯豐控股有限公司

滙豐

HSBH

<p>英格蘭銀行行長安德魯·貝利對影子銀行部門所帶來的風險表示擔憂，該部門已與傳統金融機構交織在一起。金融穩定委員會（FSB）警告稱，2 萬億美元的私人信貸市場可能在經濟衰退期間加劇金融壓力，顯著的數據挑戰阻礙了風險評估。最近的事件，包括滙豐銀行因市場金融解決方案的崩潰而導致的 4 億美元損失，突顯了廣泛金融不穩定的潛在風險。貝利將當前的私人信貸做法比作 2008 年金融危機前的情況，發出了對公眾信任金融系統的警告</p>

<p>Andrew Bailey has raised the alarm about a potential “shadow banking” crisis that could send shock waves through the global financial system.</p>
<div class="lb-trans"><p>安德魯·貝利對可能出現的 “影子銀行” 危機發出了警告，這可能會對全球金融體系造成衝擊。</p>
</div><p>The Financial Stability Board (FSB), which is chaired by the Bank of England Governor, warned in a new report that traditional banks, insurers and pension funds had become potentially dangerously intertwined with the $2tn (£1.4tn) private credit market, often dubbed shadow banking.</p>
<div class="lb-trans"><p>金融穩定委員會（FSB）在一份新報告中警告稱，傳統銀行、保險公司和養老金基金與 2 萬億美元（14 萬億英鎊）的私人信貸市場潛在地危險交織在一起，這一市場常被稱為影子銀行。</p>
</div><p>The shadow banking industry is where companies borrow from funds and private equity houses rather than banks. It has expanded rapidly in recent years as regulators around the world have tightened the rules governing mainstream banking.</p>
<div class="lb-trans"><p>影子銀行行業是指公司從基金和私募股權公司而非銀行借款。近年來，隨着全球監管機構收緊對主流銀行的監管規則，該行業迅速擴張。</p>
</div><p>However, the FSB, which works with central banks and governments around the world, warned that the private credit market had not been tested by a severe economic downturn, meaning any shock could result in unexpected consequences throughout the financial system.</p>
<div class="lb-trans"><p>然而，FSB 警告稱，私人信貸市場尚未經歷嚴重的經濟衰退，這意味着任何衝擊都可能導致金融體系出現意想不到的後果。</p>
</div><p>John Schindler, the secretary general of the FSB, warned that private credit“could amplify stress in adverse scenarios, posing broader risks to financial stability”.</p>
<div class="lb-trans"><p>FSB 秘書長約翰·辛德勒警告稱，私人信貸 “可能在不利情境中加劇壓力，給金融穩定帶來更廣泛的風險”。</p>
</div><p>He added that it was difficult to monitor the true risks posed by the sector because data was so patchy. Mr Schindler said there were “significant data challenges preventing an accurate assessment of the total outstanding size of private credit markets and of the vulnerabilities that this sector contains.”</p>
<div class="lb-trans"><p>他補充説，由於數據非常零散，監測該行業所帶來的真實風險非常困難。辛德勒表示，“存在顯著的數據挑戰，阻礙了對私人信貸市場總規模及其所包含脆弱性的準確評估。”</p>
</div><p>The warning came a day after HSBC announced a $400m hit tied to the collapse of Market Financial Solutions (MFS), a British shadow bank that collapsed amid allegations of fraud this year.</p>
<div class="lb-trans"><p>這一警告是在滙豐控股宣佈因英國影子銀行市場金融解決方案（MFS）崩潰而遭受 4 億美元損失的前一天發出的，該崩潰伴隨着欺詐指控。</p>
</div><p>HSBC said the loss came after it backed another institution thought to have lent to MFS, highlighting how risk can spread throughout the financial system.</p>
<div class="lb-trans"><p>滙豐表示，這一損失是因為它支持了另一家被認為向 MFS 提供貸款的機構，這突顯了風險如何在金融體系中傳播。</p>
</div><p>Mr Schindler said: “Unlike public markets, valuations in private credit are updated less frequently and involve greater discretion. This can create uncertainty, particularly during periods of stress, when conditions can change rapidly.”</p>
<div class="lb-trans"><p>辛德勒表示：“與公共市場不同，私人信貸的估值更新頻率較低，並且涉及更大的自由裁量權。這可能在壓力時期造成不確定性，因為條件可能迅速變化。”</p>
</div><p>He added: “The lack of transparency affects not only authorities, but also investors in many cases.”</p>
<div class="lb-trans"><p>他補充説：“缺乏透明度不僅影響當局，在許多情況下也影響投資者。”</p>
</div><p>“Risks may be mispriced and vulnerabilities may go undetected” because of a lack of transparency and information on loans, Mr Schindler said.</p>
<div class="lb-trans"><p>辛德勒表示：“由於缺乏透明度和貸款信息，風險可能被錯誤定價，脆弱性可能未被發現。”</p>
</div><p>The FSB said available evidence showed private credit borrowers typically have larger debts than companies that rely on mainstream banks and debt markets, and were more likely to fail to pay their loans.</p>
<div class="lb-trans"><p>FSB 表示，現有證據顯示，私人信貸借款者的債務通常大於依賴主流銀行和債務市場的公司，且更可能未能償還貸款。</p>
</div><p>Mainstream banks have around $220bn of direct exposure to the private credit market, but the true scale of connection could be much larger, the FSB said.</p>
<div class="lb-trans"><p>FSB 表示，主流銀行對私人信貸市場的直接敞口約為 2200 億美元，但實際的聯繫規模可能更大。</p>
</div><p>It warned that the shadow banking industry is also heavily concentrated in a few regions, including the UK and funnels its loans to just a small group of industries, including tech. It means a relatively limited shock in a specific region or industry could trigger a sector-wide crisis.</p>
<div class="lb-trans"><p>它警告稱，影子銀行行業在一些地區高度集中，包括英國，並將貸款集中在少數幾個行業，包括科技。這意味着特定地區或行業的相對有限衝擊可能引發整個行業的危機。</p>
</div><p>Mr Bailey has repeatedly warned about possible risks arising from shadow banking, including suggesting that private credit had echoes of the complex financial engineering seen in the run-up to the 2008 crash.</p>
<div class="lb-trans"><p>貝利多次警告影子銀行可能帶來的風險，包括暗示私人信貸與 2008 年崩潰前複雜的金融工程有相似之處。</p>
</div><p>Speaking to the House of Lords financial services regulation committee last October, Mr Bailey said: “We certainly are beginning to see, for instance, what used to be called slicing and dicing and tranching of loan structures going on, and if you were involved before the financial crisis, then alarm bells start going off at that point.”</p>
<div class="lb-trans"><p>去年十月，貝利在上議院金融服務監管委員會發言時表示：“我們確實開始看到，例如，曾經被稱為切片和分層的貸款結構正在進行，如果你在金融危機之前參與過，那麼警報就會響起。”</p>
</div><p>The Governor has separately suggested losses in the private credit industry could undermine public trust in the financial system.</p>
<div class="lb-trans"><p>該行長還單獨表示，私人信貸行業的損失可能會削弱公眾對金融體系的信任。</p>
</div><p>Speaking to the European Parliament last month, Mr Bailey said: “There is a risk that when investors start to observe more of these instances [of collapses], it begs a bigger question about their confidence in the system as a whole.”</p>
<div class="lb-trans"><p>貝利上個月在歐洲議會發言時表示：“當投資者開始觀察到更多此類崩潰事件時，這引發了一個更大的問題，即他們對整個系統的信心。”</p>
</div><p>His warning followed the high-profile of two US companies, First Brands and Tricolor, which had both borrowed billions of dollars through private credit and were judged to be healthy by the industry shortly before their collapse.</p>
<div class="lb-trans"><p>他的警告是在兩家美國公司 First Brands 和 Tricolor 的高調崩潰之後，這兩家公司通過私人信貸借款數十億美元，並在崩潰前被行業評估為健康。</p>
</div><p>London-based MFS collapsed into administration in February amid what a judge called “very serious” allegations of fraud.</p>
<div class="lb-trans"><p>總部位於倫敦的 MFS 於 2 月份因法官稱為 “非常嚴重” 的欺詐指控而進入管理程序。</p>
</div><p>Administrators have warned that the sale of a property empire belonging to MFS could potentially “flood the market” and pull down property prices in high-end areas of London. The warning highlights another example of how a crisis in the private credit market could have unexpected knock-on effects across the economy.</p>
<div class="lb-trans"><p>管理人員警告稱，MFS 的房地產帝國的出售可能會 “淹沒市場”，並拉低倫敦高端地區的房價。這一警告突顯了私人信貸市場危機可能對經濟產生意想不到的連鎖反應的另一個例子。</p>
</div><p>AlixPartners, which is managing part of the collapse of Market Financial Solutions (MFS), said it was taking advice from Knight Frank on how to sell off MFS’s properties without crashing the market.</p>
<div class="lb-trans"><p>管理 Market Financial Solutions（MFS）部分崩潰的 AlixPartners 表示，它正在向 Knight Frank 諮詢如何在不崩潰市場的情況下出售 MFS 的物業。</p>
</div>

Andrew Bailey raises alarm over ‘shadow bank’ risk

- Andrew Bailey 警告潛在的 “影子銀行” 危機將影響全球金融系統。  
- 金融穩定委員會指出，傳統金融機構與 2 萬億美元私人信貸市場交織，加大風險。  
- 影子銀行缺乏透明度，可能導致投資者對財務體系的信心減弱。

安德魯·貝利對 “影子銀行” 風險敲響警鐘