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Stress-test Mess

机译：压力测试混乱

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Assessing banks' capital adequacy has become almost as tortured as trying to work out their exposures to toxic credit. Disclosure is patchy and a plethora of measures exists, with most banks emphasising those that flatter them most. American regulators hope to clean up the mess by imposing stress tests on lenders and requiring them to raise new capital, probably from the government, to plug any shortfalls. Behind the scenes such a test will probably require banks to meet a given, but undisclosed, standard of capital adequacy. It will also involve checking that asset valuations reflect the possibility of a severe recession.rnJudged by tier-one capital, a common measure of adequacy, America's ten biggest banks by assets appear in reasonable shape. Typically, their ratios of tier-one capital to risk-weighted assets exceed 10% (see chart). However, the quality of their tier-one capital has crumbled. Only about half now consists of tangible common equity, the purest and most flexible form of capital which bears the "first loss" when an asset goes sour. The rest is largely preference stock, much of it government-owned, which is not truly loss-bearing. For example, the dividends on Citigroup's government preference shares can be deferred but not cancelled, unlike those on common stock. The original Basel rules on capital adequacy sought to limit such "hybrid" capital that sits between equity and debt. But most governments like preference stock because it does not carry votes, and thus avoids nationalisation, and because the more secure dividends protect taxpayers, providing the bank does not go bust.
机译：评估银行的资本充足率已几乎与试图计算其有毒信贷的风险一样折磨。信息披露是零散的，并且存在过多的措施，大多数银行都强调那些最能令他们满意的措施。美国监管机构希望通过对贷方进行压力测试，并要求它们筹集可能来自政府的新资本以弥补任何缺口，来清理混乱局面。在这种测试的幕后，可能会要求银行达到既定但未披露的资本充足率标准。它还将涉及检查资产估值是否反映出严重衰退的可能性。根据一级资本（通常是充足性的衡量标准）判断，按资产划分的美国前十大银行的形态是否合理。通常，它们的一级资本与风险加权资产的比率超过10％（请参见图表）。但是，他们的一级资本的质量已经崩溃。现在只有大约一半的资产包括有形普通股，这是最纯净，最灵活的资本形式，在资产变坏时承担“第一笔损失”。其余的大部分是优先股，其中很多是政府所有，并不是真正的亏损。例如，与普通股不同，花旗集团政府优先股的股息可以延期但不能取消。巴塞尔关于资本充足率的原始规则试图限制这种介于股本和债务之间的“混合”资本。但是大多数政府喜欢优先股，因为优先股不投票，从而避免了国有化，并且因为更安全的股息保护了纳税人，只要银行不会破产。

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    《The economist》 |2009年第8620期|80|共1页
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