IMF FEARS RULES WILL KILL OFF SECURITISATION
By Chris Giles in London 2009-09-22
Restarting securitisation markets is “critical” to a wider economic recovery, the International Monetary Fund claimed yesterday, as it warned that regulatory proposals might kill the market.
The fund welcomed efforts to tame many of the pre-crisis excesses in securitisation markets, which have been blamed for allowing money to flow to households with little chance of paying it back, but signalled that current proposals were too draconian.
“As these proposals currently stand . . . they may be so blunt that they will either be ineffective at providing incentives for better securitiser behaviour or, alternatively, may further slow the market recovery, effectively closing it under some configurations of portfolio characteristics and economic conditions,” the fund said.
The private sector market for new securitisation has collapsed since the financial crisis started in 2007. It seeks to parcel up individual loans offered by banks to customers and sell them en masse to investors, including pension funds and insurance companies, who are able and willing to manage the risks.
In its Global Financial Stability Report, the fund insisted that the market’s resumption was “critical to limiting the real sector fallout from the credit crisis amid financial sector deleveraging pressures”.
It said that, in spite of the disastrous consequences of the crisis, distributing credit risks to investors outside the banking system would still place risks with those best able and willing to manage them.
The fund supported many of the changes to rules and regulations that would address these problems, calling for much more standardised products.
But it expressed concerned about US and European proposals to force the banks that originated loans to hold on to the first 5 per cent of losses in all securitisations. This idea, the fund said, was not flexible enough and might backfire.
英国《金融时报》 克里斯•贾尔斯 伦敦报道 2009-09-22
IMF在其《全球金融稳定报告》(Global Financial Stability Report)中坚称，证券化市场的重启，对于“金融业在去杠杆化压力之下，减轻信贷危机对实体部门的连带影响至关重要”。