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.

IMF:重启证券化市场对经济复苏至关重要
英国《金融时报》 克里斯•贾尔斯 伦敦报道 2009-09-22

国际货币基金组织(IMF)昨日声称,重启证券化市场对于范围更广的经济复苏“至关重要”。该机构警告称,一些监管提议有可能扼杀这一市场。

人们批评危机之前证券化市场中的许多无节制行为,认为它们导致资金流向了那些几乎没有可能偿款的家庭。IMF对旨在遏制这种行为的努力表示了欢迎,但暗示目前的一些提议过于严苛。

IMF表示:“从目前这些提案来看……它们可能过于严厉,以至于它们或者无法有效地激励证券化行为的改善,或者可能会拖延市场复苏的速度,在某些资产特征和经济环境的组合下,甚至会结束复苏。”

从2007年金融危机开始以来,私人部门的证券化市场就已经崩溃。在这个市场上,银行提供给客户的个别贷款被打包,然后整体出售给有能力和意愿管理风险的投资者,包括养老基金和保险公司。

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”。

IMF表示,尽管危机产生了灾难性的后果,但将信贷风险分散至银行业体系之外的投资者,仍能将风险传递给那些最有能力、也最愿意管理风险的人。

IMF对许多能够解决这些问题的规则和监管改革表示支持,并呼吁创造更为标准化的产品。

但IMF对美欧的一项提议表示担忧,这项提议要求,一旦证券化产品出现亏损,最初的5%的损失要由发放贷款的银行承担。IMF表示,这一提议有欠灵活,可能适得其反。

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