银行大讨论

牛津—IMF总裁拉加德最近在论及尚未完成的全球金融部门改革日程时说:“首先,我们需要在太重要而不能倒难题上取得真正的进展。我们需要一场全球水平的讨论,厘清商业模式直接限制的利弊。”危机爆发已逾五年,随着关于欧盟银行改革的利卡宁(Liikanen)报告的发布,这一讨论终于开始了。

利卡宁方案与2011年由我担任主席的英国独立银行委员会(Independent Commission on Banking,ICB)所提出的方案由诸多相同之处。两组方案均强调需要实施相互关联的、将更强损失吸收能力与结构性改革相结合的一揽子措施。两组方案均为这类改革做了相似的经济分析:将基本银行服务和投资银行风险隔离;让破产更容易,从而更可信;让纳税人免担属于私人部门的风险;以及(从而)确保银行风险承担行为须受充分的市场纪律的约束。

此外,利卡宁和ICB均支持有组织的全能银行——以独立资本、独立管理等合法地经营独立实体——而不是应试图完全分离商业银行和投资银行者之要求取消全能银行。对大银行来说,利卡宁将让交易与存款银行业务分离,而ICB的方案——现在已被纳入英国法律草案中——将隔离零售银行业务。

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