NO.PZ2024050101000001
问题如下:
Which of the following statements is correct?
以下哪项陈述是正确的?
选项:
A.Both bank insolvency and bank failure are major concerns for the bank’s counterparties even if the bank still has a source of liquidity under insolvency.即使银行在资不抵债的情况下仍有流动性来源,银行资不抵债和银行倒闭仍是银行交易对手方主要担心的问题。
B.For retail depositors, the expected loss on their deposits is the same whether the bank fails or becomes insolvent.
对于零售储户而言,无论银行倒闭还是资不抵债,其存款的预期损失都是一样的。
The rate of corporate failure during normal market conditions is the same for banks and for nonfinancial corporations.
在正常市场条件下,银行和非金融企业的倒闭率是相同的。
As lender of last resort, a central bank provides capital to a bank in financial distress for the same reason whether the bank is considered “too big to fail” or “too small to fail.”
作为最后贷款人,无论一家银行被认为是“大而不能倒”还是“小而不能倒”,中央银行都基于相同的原因向陷入财务困境的银行提供资金。
解释:
英文解析:
A is correct. Despite having access to liquidity (e.g., central bank as “lender of last resort”), a bank under insolvency is of concern to counterparties and other stakeholders (e.g., investors) because the bank’s credit quality (rating) declines, access to some (but not all) sources of funding is lost, the pricing of its risk is changed, and the allocation of bank capital is changed.
B is incorrect. The extent of deposit insurance varies from country to country. In most cases, the insurance may not cover deposits in whole and the expected loss under bank failure would not be the same as the expected loss under bank insolvency, which is still a going concern.
C is incorrect. Bank failures are rare during normal times compared to nonbank firm failures. Weaker banks tend to be merged into other stronger banks.
D is incorrect. With “too big to fail,” the central banks provide capital support to avoid systemic risk of contagion and the possibility of adverse country-wide financial instability. However, with “too small to fail,” central banks arrange somewhat quiet absorption for small banks in trouble because it is cheaper and more expedient, and also because it would be embarrassing to let the small banks fail.
中文解析:
A对。尽管银行可以获得流动性(例如,央行作为“最后贷款人”),但处于破产状态的银行仍会引起交易对手和其他利益相关者(例如,投资者)的担忧,因为银行的信用质量(评级)下降,部分(但不是全部)资金来源丧失,其风险定价发生变化,银行资本的配置也发生变化。
B错。存款保险的覆盖范围因国家而异。在大多数情况下,保险可能无法全额覆盖存款,而且银行倒闭时的预期损失与银行破产(银行仍在持续经营)时的预期损失并不相同。
C错。与非银行企业倒闭相比,正常时期银行倒闭的情况较为罕见。实力较弱的银行往往会被并入其他实力较强的银行。
D错。对于“大而不能倒”的银行,央行为避免系统性风险蔓延和全国性金融不稳定的可能性而提供资金支持。然而,对于“小而不能倒”的银行,央行会安排对陷入困境的小银行进行较为低调的吸收,因为这样做成本更低、更便捷,而且让小银行倒闭也会令人尴尬。
