Lepší než Basilej

ŘÍM – Basilejské dohody, zaměřené na ochranu vkladatelů a veřejnosti obecněji před škodlivými praktikami bank, zesílily ekonomický propad ve spirále, vyvolaný finanční krizí roku 2008. Během krize, kdy se vypařila podnikatelská důvěra, byly banky nuceny prodávat aktiva a seškrtávat půjčky, aby vyhověly kapitálovým požadavkům stanoveným v těchto dohodách. Takové přiškrcení úvěrů vyústilo v prudký propad HDP a zaměstnanosti, přičemž překotný odprodej aktiv vyvolal další poklesy.

Studie Time to Set Banking Regulation Right (Je načase správně nastavit bankovní regulaci), již jsme s Jacopem Carmassim nedávno publikovali, dokládá, že povolováním nadměrné dluhové páky a rizikového chování u velkých mezinárodních bank – v některých případech se bankám povolovala akumulace pasiv do 40násobku, či dokonce 50násobku jejich základního kapitálu – basilejská pravidla bankovnictví krizi nejen umožnila, ale paradoxně zintenzivnila.

Po odeznění krize světoví lídři a centrální bankéři provedli generální revizi bankovní regulace, v prvé řadě nápravou preventivních basilejských pravidel. Nová Basilejská dohoda III a následná Směrnice EU o kapitálových požadavcích ale bohužel nenapravily dva hlavní nedostatky mezinárodních preventivních pravidel – konkrétně to, že při kalkulaci kapitálových požadavků spoléhají na modely řízení rizik samotných bank a že schází dozorčí zodpovědnost.

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