Tim Brinton

بنوك أوروبا العارية

واشنطن، العاصمة ـ إن زعماء أوروبا مقتنعون بأن رأسمال البنوك "مكلف"، بمعنى أن رفع متطلبات رأس المال من شأنه أن يعمل على إبطاء النمو الاقتصادي. ولكن التطورات الأخيرة في أزمة اليونان تؤكد أن العكس تماماً هو الصحيح ـ ذلك أن افتقار البنوك الأوروبية إلى رأس المال هو الذي يهدد بعرقلة النمو الأوروبي والعالمي.

إن رأسمال البنوك يشير ببساطة إلى صافي رأس المال المساهم ـ كم من التزامات البنك مملوكة من قِبَل حاملي الأسهم وليس المستحقة لدائنين كشكل من أشكال الدين. والميزة في رأس المال المساهم هي أنه "قادر على "استيعاب الخسائر"، بمعنى أنه بعد أن تقضي الخسائر على كل رأس المال المساهم فقط تنشأ الحاجة إلى تقسيمها بين الدائنين. وهذا يعني أن رأسمال البنوك هو ما يحول دون تسبب القروض الرديئة في الإفلاس.

وفي مفاوضات بازل 3 التي اختتمت في العام الماضي، حبذت فرنسا وألمانيا بقوة متطلبات رأس المال المنخفضة نسبيا. وهي حماقة في واقع الأمر: فبالنسبة للبنوك الكبيرة هناك، تعمل الزيادة في رأس المال على تقليص احتمالات الاحتياج إلى المزيد من عمليات الإنقاذ من جانب الحكومة.

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