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Lessons from the Northern Rock affair

机译：北岩事件的教训

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摘要

Purpose – This paper seeks to analyse reasons behind the difficulties faced by Northern Rock (NR) and the UK financial system and proposes a return to a more traditional/prudent banking business model, based on a sound balance between sources and uses of funds. Design/methodology/approach – The paper outlines the background to the credit crunch and presents a simple model of a bank and NR's business model. Conclusions and implications are drawn. Findings – It is suggested that credit rating agencies should provide a better assessment of the risks involved in securitised instruments by focusing on clarity and transparency and hence allowing liquidity risk of loan originators to be comprehensively understood. Moreover, the efficacy of the existing regulatory framework requires the tripartite system of supervision (Treasury, Bank of England, and FSA) to assume a more alert role in order to avoid asset bubbles in the first place rather than intervening ex post. Originality/value – The paper will give rise to a series of new research streams – all of which are much needed, given the fragile state of the financial systems.
机译：目的–本文旨在分析北岩（NR）和英国金融体系面临的困境背后的原因，并基于资金来源和使用之间的合理平衡，提出一种回归到更为传统/审慎的银行业务模式的建议。设计/方法/方法–本文概述了信贷紧缩的背景，并提出了银行的简单模型和NR的业务模型。得出结论和启示。调查结果–建议信用评级机构通过关注透明度和透明度，从而更好地评估证券化工具所涉及的风险，从而使贷款发起人的流动性风险得到全面了解。此外，现有监管框架的有效性要求三方监管体系（财政部，英格兰银行和FSA）承担起更加警惕的作用，从而首先避免资产泡沫，而不是事后干预。原创性/价值–论文将引发一系列新的研究流–考虑到金融系统的脆弱状态，所有这些都非常需要。

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