Mr.Bank

作者： bankr

  • As the world stares at the possibility of slipping into a recession due to the economic devastation caused by Coronavirus pandemic, here is a look at how countries around the world fought the Global Financial Crisis in 2008

    Almost every country is scrambling to save their economies and livelihood as the world stares at the possibility of slipping into a recession, which is being dubbed by many as much worse and more severe than the Global Financial Crisis of 2008. But that was the kind of recession that countries fought head on.

    What was the Global Financial Crisis of 2008 and how was it caused?

    It was on September 15, 2018 when America’s fourth largest investment bank, Lehman Brothers’ giant Investment Bank went bust and filed for bankruptcy. The bank had total debt of $613 billion against total assets of $639 billion and 25,000 employees worldwide. The bankruptcy of Lehman is said to be the largest in the history surpassing the Worldcom’s and Enron’s.

    This crisis let to the erosion of almost $10 trillion in market capitalization from global equity markets in October 2008.

    In a podcast, Susan Lund of Mckinsey says that the epicenter of the global financial crisis was really the housing market. It started in the USA but it turned out that similar housing bubbles were building in other countries as well. The problem, according to him, started when housing prices stopped growing after some time and instead started declining. Then the economy fell into a recession and people lost their jobs.

    This crisis pulled down the confidence in the banks across the world that included India’s then largest private lender ICICI Bank too. However, the USA was at the epicenter of this global economic crisis but impact of the crisis on India’s economy was minimal when compared to other countries.

    The US government turned down the request of Lehman Brothers to bail out them as they were finding it little hard to roll over its borrowings in the markets. The Wall Street bank allowed it go bust. The failure of a systemically important financial institution with some $700 billion of liabilities sent shockwaves across the entire global financial system.

    At that time, The Federal Reserve subsequently called it the worst financial crisis in global history.

    Let us have a look at how countries across the world handled Global Financial Crisis of 2008.

    USA         

    U.S Federal Reserve began taking action and started slashing the interest rate. The interest rates were brought down to zero in 2008 from 5.25 per cent in 2007.  However, this was not the only way to minimize the impact of recession. In February 2008, President George W Bush signed the Economic Stimulus into Law. The US President also approved the Troubled Asset Relief Program (TARP) in October 2008. TARP provided $700 billion in funds to purchase the assets of struggling company.

    Germany

    Germany in October 2008 promised to guarantee all private bank a/cs worth 568 billion euro and the government approved a plan to inject 500 billion Euros into credit market. The government also injected 10 billion euros taking a 25 per cent stake in country’s second largest lender.

    France

    French President Nicolas Sarkozy pledged 360 billion euros to banks and also hosted an emergency global financial crisis summit in Paris. Also the government announced it would inject 10.5 billion euros into the France’s six largest banks.

    Italy

    Italy also went on the same path and provided 40 billion euros in T-bills to banks to refinance inferior assets. Foreign trade institute offered 100 million euros to make businessmen more competitive. Country hosted a meeting of G8 countries to discuss economic recovery.

    Japan

    The Asian economic power brought down the interest rates to nominal level to increase the liquidity in the market and the government also announced a slew of packages worth $16.7 billion and also injected $1.2 billion into regional banks and many more.

    India

    Finance Ministers P Chidambaram and planning commission deputy chairman Montek Singh Ahluwalia adopted three pronged strategy that ensured enough liquidity in market, no run on banks and no bank collapse resulting from asset liability mismatch. The day when Lehman collapsed, Indian government tried to insulate its Indian subsidiaries. The RBI almost halved the repo rate within six months of Lehman’s collapse. The government announced Rs 40000 crore stimulus packages and cut excise duties on products.

  • 外汇市场“安全货币”

    此前在外汇市场上一同被视为“安全货币”的日元和瑞郎（瑞士法郎）作为投资对象正在出现分化。过去在投资者面临避险局面时，往往是日元被极端炒高，但近期瑞郎的购入倾向更为明显。从代表货币综合性价值的指数在雷曼危机后的走势来看，日元处于下跌一成的水平，而瑞郎则是上涨三成。安全货币会形成“瑞郎独大”的局面吗？

    瑞郎兑欧元的行情在始于5月11日一周的周末升至1欧元=1.05瑞郎附近，创下2015年7月以来近5年的新高。新冠病毒疫情继续在欧洲蔓延，避险情绪升温的投资者纷纷买入瑞郎。进入5月18日的一周后虽然也出现过少数卖出瑞郎的情况，但依旧处于较高水平。

    从代表货币综合性价值的有效汇率指标“日经货币指数”来看，瑞郎在105左右，一年时间上升7%。与雷曼危机后的2008年底相比上涨3成。

    相比之下，日元的货币指数在120左右，尽管也比一年前上涨5%，但瑞郎的涨幅更大。如果与2008年底相比，日元则下跌8%，与瑞郎形成显著差异。在日本银行（央行）2013年开始实施的超级量化宽松后，日元急剧贬值，随后尽管有涨有跌，但基本上维持低于雷曼危机时的水平。

    日元和瑞郎在外汇市场上均被视为安全货币，为何会出现如此大差异？

    原因之一在于两国贸易收支的差异。瑞士2019年贸易收支为373亿瑞郎（约合人民币2743亿元）的顺差，创历史新高。在国内生产总值（GDP）中的占比约6%，最近10年几乎翻了一番。由于存在贸易盈余，出口企业需要把赚取的外汇兑换成本国货币，这就容易让本国货币升值。

    日本自3·11东日本大地震后，由于核电站关停，贸易收支大幅恶化，2019年为1.6万亿日元（约合人民币1063亿元）的逆差。花旗证券的高岛修认为“瑞郎升值、日元贬值的压力较大”。

    另一方面，由于全球性的降息，日元也变得不再那么受到追捧。雷曼危机前，主要国家的长期利率全都超过4%，唯有日本在1%的水平上，比瑞士还低。为此，筹措低利率的日元、投资高利率货币来赚取利润的“日元套利交易”非常盛行。雷曼危机后出现回购日元的动向，推动日元升值，行情一度超过1美元=100日元的水平。

    近年来，随着各国央行的金融宽松，出现了全球性的降息局面。日元套利交易也不断降温，“即使在新冠疫情扩大引发的避险局面下，日元也并未极端走高”（摩根大通银行的佐佐木融）。Gaitame.Com研究所的神田卓也表示“日元作为避险货币的地位正在动摇”。

    神田认为“瑞郎走高趋势眼下还会持续”。欧洲的政治局势在应对新冠疫情问题上明显步调不统一，投资者很容易产生避险倾向。

    但作为安全货币的瑞郎也存在价格剧烈波动的风险。瑞士国家银行（央行）为抑制瑞郎过度升值而正在实施汇市干预，但被特朗普政府批评为“操纵货币贬值”，考虑将其认定为汇率操纵国。2015年1月瑞士国家银行突然停止汇市干预，瑞郎行情一度出现暴涨，许多日本个人投资者由于外汇保证金（FX）交易而亏损。市场上也出现了许多担心可能再次发生这种状况的警惕声。

  • 徽商银行北京、深圳、成都、宁波四家分行正式对外营业，包商银行在内蒙古自治区内的营业网点，将全部变更为蒙商银行营业网点

    徽商银行北京、深圳、成都、宁波四家分行正式对外营业，全面受理各项金融业务。与此同时，包商银行在内蒙古自治区内的营业网点也定于25日起全部变更为蒙商银行营业网点，正式以“蒙商银行”名义全面对外营业。

    5月22日，徽商银行官网发布公告称，根据包商银行接管组2020年4月30日发布的《关于包商银行股份有限公司转让相关业务、资产及负债的公告》，徽商银行已收购承接原包商银行股份有限公司北京分行、深圳分行、成都分行、宁波分行（以下简称包商银行四家分行）及包商银行内蒙古自治区外各分支机构经徽商银行确认的相关业务，设立徽商银行北京分行、深圳分行、成都分行、宁波分行（以下简称徽商银行四家分行）。徽商银行四家分行定于5月25日正式对外营业，全面受理各项金融业务。

    徽商银行四家分行25日开业

    公告表示，自2020年5月25日起，客户在包商银行四家分行相关存量业务可至徽商银行四家分行营业网点或通过蒙商银行电子渠道办理，客户的交易与资金安全不受影响。客户在5月25日前已签发未兑付的支票在票据有效期内可继续使用。客户已购买未使用的空白银行票据，可在徽商银行四家分行营业网点办理免费更换。

    此次徽商银行承接包商银行四家分行的资产和负债以及员工和业务，就此实现了异地经营，而这四家分行位于核心城市的核心地段，未来在这些区域的业务规模发展如何，市场拭目以待。

    包商银行5月20日在官网发布公告称，在内蒙古自治区内的营业网点，将全部变更为蒙商银行营业网点。目前，网点标识、凭证、印章更换等准备工作已就绪，5月25日将正式以“蒙商银行”名义全面对外营业。

    据公告，在蒙商银行承接的业务办理方面，客户与原包商银行签署的合同、协议等由蒙商银行承接，债权债务关系将根据法律法规的有关规定相应转移。客户持有的原包商银行支票等空白票据需于5月25日至6月24日（含首尾当日）到开户机构免费更换新票据，客户于5月25日至6月24日期间（含首尾当日）签发的原包商银行票据仍可正常流通。客户持有的原包商银行借记卡、存单、存折等交易介质可继续使用，也可自愿到蒙商银行营业网点免费更换新的交易介质；客户持有的原包商银行信用卡可继续使用，也可自愿申请蒙商银行发行的新信用卡。

  • Japanese beer maker Asahi to borrow US$11 billion to complete purchase of AB InBev’s Australian business

    Asahi Group Holdings plans to borrow 1.19 trillion yen (US$11 billion) from Japanese lender Sumitomo Mitsui Banking Corporation to complete its long-brewing purchase of Anheuser-Busch InBev’s Australian business.
    AB InBev, the world’s largest brewer, agreed to sell its Australian business for A$16 billion (US$11 billion) to Asahi in July last year, after briefly shelving the Hong Kong initial public offering of its Asia-Pacific arm, Budweiser Brewing Company APAC, amid months of anti-government street protests in the city.
    The bulk of the proceeds from the sale of the Australian unit, Carlton & United Breweries, is expected to be used to pay down debt. AB InBev’s debt topped US$95 billion at the end of 2019, following its acquisition of rival SABMiller two years earlier.
    Budweiser ultimately proceeded with a slimmed down IPO for the Asia unit in September, raising US$5 billion. Several companies delayed or cancelled their IPOs last year, as the street protests intensified and deal valuations declined in the summer. The IPO of AB InBev was a shot in the arm for the Hong Kong stock exchange, after it lost its crown as the top market for IPOs in the first half of the year.

  • ADB to extend loans in support of development in Myanmar

    Myanmar is planning to take a US$60 million loan from the Asian Development Bank (ADB) to establish a Credit Guarantee Corporation (CGC), U Maung Maung Win, the Deputy Minister for the Ministry of Planning, Finance, and Industry, said in Parliament on May 21. The proposal was sent by the President. 

    U Maung Maung Win said small and medium enterprises (SMEs) in Myanmar lack a credit guarantee system which limits the amount of unsecured loans the banks are able to extend to an SME.

    In Myanmar, 98pc of the economy comprises SMEs, while 95pc of the workforce is employed by this sector, according to government data. 

    Yet, bank lending for business in Myanmar comprises just 37 percent of GDP, which is low compared to other countries in the region. “Establishing the CGC will help solve the problem of SMEs having insufficient collateral and documentation, which prevents them from getting a loan from the banks,” he said. 

    The ADB will extend the loan at an interest rate of 1pc per year during a grace period of eight years, and 1.5pc per year during the repayment period over the next 24 years. 

    The CGC will be formed in three stages. Under the first and second stages, to be complete before the end of the year, a wholly-owned CGC will be established by the government utilising the ADB loan. The third stage will see the CGC sign agreements with financial institutions to establish the necessary financial systems required. This will be implemented between 2021 and 2025.

    Meanwhile, Myanmar will also receive some $1.8 billion in financial support for development projects in the country from the ADB, according to the Ministry of Investment and Foreign Economic Relations (MIFER). 

    This will include a $1.7 billion concessional loan and a grant of $70 million to build infrastructure for transport and energy as well as for education, healthcare and urban and rural development, said U Than Aung Kyaw, Director General of the Foreign Economic Relations Department under MIFER. 

    This aligns with the ADB’s business plan for Myanmar over the next two years, released on May 18, as well as the Myanmar Sustainable Development Plan. It also comes on the heels of the World Bank’s Country Partnership Framework for Myanmar for the next three years. The World Bank last month fast-tracked a US$50 million loan to Myanmar to help with the country’s COVID-19 response. 

    During 2013–2019, ADB extended funds totalling $2.4 billion to support  development in Myanmar.

  • 新加坡主要银行

    1. 主要当地银行

    • 星展银行（DBS） – 成立于1968年，目前是新加坡和东南亚最大的银行（以资产衡量）。
    • 华侨银行（OCBC） – 成立于1912年，是新加坡-马来西亚市场最大的金融机构之一，总资产达1,840亿新元。
    • 大华银行（UOB） – 成立于1935年，在新加坡是领先的银行，在亚太区拥有强大的影响力。

     
    2. 主要外资银行

    • 汇丰银行（HSBC） – 汇丰银行于1877年12月在新加坡首次开业。汇丰银行是新加坡政府证券市场批准的主要交易商（Primary Dealer）和经过批准的债券中介机构（ABI）。
    • 渣打银行 – 新加坡渣打银行于1859年开始运营，是新加坡境内最大的境外机构托管银行
    • ABN-AMRO Singapore – Owned by RBS, Santander and the Dutch government, ABN AMRO is one of the reputable foreign banks in Singapore。
    • 荷兰银行（ABN-AMRO ）- 由苏格兰皇家银行（RBS）、桑坦德银行和荷兰政府拥有。荷兰银行是新加坡着名的外资银行之一。
    • 马银行（Maybank） – 马银行于1960年开始在新加坡营运，是一家持牌的商业银行，目前是东盟五大银行之一，并且在新加坡是全面银行（QFB）。
    • 法国巴黎银行（BNP Paribas） – 法国巴黎银行自1968年在新加坡开业，并于1999年获得QFB资格。新加坡的法国巴黎银行有良好声誉，是该集团的企业及投资银行，以及私人银行业务的区域中心。
    • 花旗银行（Citibank） – 新加坡的花旗银行于1902年开业，是在新加坡营运的第一家美国银行。花旗银行于1999年获得全面银行（QFB）执照，是新加坡获得全面银行资格的首四家外资银行之一。

  • 新加坡银行业

    新加坡是名誉国际的金融中心，支撑该国甚至亚太区的经济，因此被誉为亚洲的瑞士。经济快速增长、政治环境稳定、有力的律法和税务政策，以及严厉打击犯罪与贪污活动，促使新加坡继日本和香港之后成为亚洲第三大金融中心。其中，银行业是新国金融业的主要驱动力，并且正在崛起为全球最强之一。截至目前，在新加坡银行界占重要地位的外资银行和本地银行共有117家。

    领域一览

    新加坡是全球五大活跃外汇交易中心，也是亚洲第二大场外衍生品交易中心，并且是该地区领先的衍生商品交易中心。作为亚洲首屈一指的资产管理机构之一，新加坡在亚太区有卓越的资本市场，管理的资产总额约为1兆新元，被誉为亚洲最佳资产管理地。

    新加坡交易所（SGX）是全球200多家公司的首选上市地点。事实上，新加坡已成长为除日本以外亚洲最大的房地产投资信托基金（REITs）市场，并在航运、航空和基础设施资产业务信托方面提供多元投资。 除此之外，新加坡还为固定收益投资者提供各种投资机会，包括多种新加坡政府证券和外国公司债券。

    为什么新加坡的银行业如此成功？

    我们来看看银行业蓬勃发展的原因，

    1. 国内银行市场开发
    2. 本土银行透过并购加强区域市场。
    3. 外资银行的扩张，其中一些使得新加坡成为区域甚至全球重要的银行服务平台，进而提升竞争力。
    4. 竞争提升，推动了创新产品发展，并有更具竞争力的定价模式。
    5. 除了传统的贷款和存款功能外，还提供进复杂性质的银行服务，如公司和投资银行业务。
    6. 严格的银行保密法、税收优惠政策和一整套财富管理服务，造就了私人银行业的繁荣。瑞士信贷集团（Credit Suisse Group）和瑞银银行（UBS AG）就扩大了新加坡的私人银行业务，以迎合亚洲和欧洲的新需求。
    7. 承认并达到中小企业的需求。中小企业占了新加坡银行市场显著部分。

    新加坡银行业趋势

     
    1. 银行业自由化

    为了加强银行体系，提高新加坡作为国际金融中心的声誉和地位，新加坡金融管理局（MAS)）于1999年5月启动了一项为期五年的自由化计划。其中推出的措施，包括推出新类型的全面银行（Qualifying Full Bank，QFB）执照于外资银行、提升有限制牌照银行（restricted banks）的数量，并且给予以新元做批发业务的岸外银行更大弹性。此外，金融管理局还着手改善公司治理规则，并取消了外资在本地银行持股40%的限额。

    2001年6月，开放计划的第二阶段开始，限制牌照银行被重新归类为批发银行（wholesale banking）状态，以此作为提高零售银行业（retail banking）竞争力的一种方式。 QFB获得更多特权，例如在更多地方设立、提供债务和特别账户服务，同时合格离岸银行（QOB）能优先升级为批发银行。由于银行体系的弹性和稳定性，让当地银行的整合看起来很正面。

     
    2. 私人银行业的成长

    由于私人银行业的蓬勃发展，新加坡赢得了“亚洲的瑞士”的赞誉。 以下是促使新加坡私人银行业获得成功的一些原因。

    (a) 严格的银行保密法

    根据银行法令第47条文，除非银行法令有明确规定，否则客户信息不得以任何方式由银行或其任何人员披露给任何人知道。

    (b) 不承认2005年欧盟储蓄税指令

    新加坡是少数尚未签署欧盟储蓄税指令（其国家成员可以交换在这些国家进行银行和投资的人的私人信息，）的离岸中心之一。

    (c) 具吸引力的税务优惠

    在新加坡外产生的任何资本收益和利得收入都无需在新加坡纳税。
     
    3. 投资银行中心的成长

    新加坡投资银行业的发展，显示了新国有潜力成为亚洲重要的国际债务布局中心，以及蓬勃的资本市场。以下是推动投资银行业成长的因素：

    (a) 新加坡政府、法定机构、国家和企业的稳步推进。

    (b) 推出合格债券中介商制度(approved bond intermediary scheme, ABI)，培育债券投资者以支持债券市场。

    (c) 身为国际交易所，新加坡交易所获得成长，吸引外国投资者进入新国。

    (d) 高标准，包括公司治理准则、修订新加坡证券交易所上市规则，以及在证券和期货法令下推出新的民事罚款制度，以维持投资者信心（代理各种措施，以加强披露、加强市场规矩，并完善上市公司治理结构） 
     
    4. 加强地方银行集团

    将之前6家本地银行集团合并成为目前3家主要本地银行（星展银行DBS、华侨银行OCBC和大华银行UOB），巩固了银行的能力，从而建立管理团队，提高运营效率，扩大业务活动范围， 以及改善业务和风险管理能力。到目前为止，本地银行已经发展成为一站式银行，符合银行客户所有需求。本地银行开始透过海外并购，往海外扩展以及加强区域发展，由此可见，合并加强了本地金融业优势，提升了竞争力。
     
    5. 中小企业银行服务

    中小企业是组成市场的重要部分。 因此，本地和外国银行都踊跃为中小企业提供量各种定制的金融服务，以符合中小企业需求。其中，各种存款和现金管理服务、贷款、信用卡、保险、贸易融资服务和投资，都是为了符合中小企业需求而设计的服务和产品。此外，政府推出多项融资计划，协助中小企业升级、扩大业务。

    银行类型

    与许多其他辖区一样，新加坡的银行迎合不同类型的客户，包括个人、公司或政府机构的商业银行（针对企业和公司）、零售银行（针对公众个人）和私人银行服务。

    银行可分为两大类，6家本地银行和117家外资银行。 在外资银行中，可以进一步细分为：

    • 27家全面银行 (full bank)- 提供一系列在银行法令下批准的银行业务，并有6家在新加坡营业的外资银行：汇丰银行、花旗银行、渣打银行、马银行、荷兰银行和法国巴黎银行，已经获得合格的全面银行（QFB）资格;
    • 53家批发银行 – 除了以新元进行活动的零售银行外，其余的批发银行业务范围都和全面银行一样。新加坡的所有批发银行都以外国银行分行的身份营运。
    • 37家岸外银行 – 为通过亚洲货币单位（一家会计单位，银行用于记下在亚洲市场进行的所有外币交易）进行交易的生意，提供如全面银行和批发银行般的银行服务。新加坡的所有岸外银行都以外国银行分行的身份营运。
    • 42家商业银行 – 提供企业融资、股票和债券发行承销、并购、投资组合管理、管理咨询和其他收费业务。例子：新加坡瑞士信贷（Credit Suisse Singapore Ltd）、新加坡巴克莱商业银行（Barclays Merchant Bank Singapore Ltd）、新加坡澳新银行新（ANZ Singapore Ltd）、安讯士银行（Axis Bank Ltd）等等。

    银行法规和条例

    在新加坡，银行法规和条例能够在国会通过的相关法令（及其相关的附属条例）中找到，而普通法和衡平法的原则和条规，则来自判例法（case law）。这些立法规范了新加坡的银行业，并确保新加坡银行业的法律框架能够跟上金融业的最新发展。

    以下是于银行业有关的法令：

    1. 银行法令 –  银行法令（Cap 19，2003 年修订）是管理新加坡商业银行的法规。
    2. .“新加坡金融管理局法令”（Cap 186，1999年修订） – 管理与金融管理局（MAS）及其业务相关的所有事宜。
    3. 反洗钱条例
    4. 支付和结算系统指南
    5. 证券和期货法令

    新加坡金融管理局及其角色

    新加坡金融管理局（MAS）成立于1971年，是事实上的中央银行，管理新加坡的金融业，并协助其发展成为国际金融中心。 金融管理局的主要职能是确保金融市场有效率地运作并符合国家经济目标。

    新加坡金融管理局（MAS）的角色：

    • 实施货币政策
    • 监管银行系统
    • 政府的银行家
    • 各个银行的银行家
    • 国际储备金管理者
    • 货币发行者
    • 发出银行牌照
    • 最终贷款人

  • 疫情影响高风险金融机构处置节奏

    疫情影响高风险金融机构处置节奏

    自央行去年5月接管包商银行以来，中国金融监管对高风险金融机构的处置方式和节奏备受市场关注。但突如其来的新冠肺炎疫情或将打乱原定的风险处置计划。

    徐诺金指出，近年来中国金融监管层对包括中小银行、金融企业集团相关的“系”的风险处置工作已取得较大进展，相当部分的机构风险得到有效处置，在实践过程中，也积累了不同的处置方法。

    比如采取“一行一策”，对根据各家机构不同的风险状况、成因、风险程度，采取了包括股东重组、兼并重组、注资、不良资产剥离等相关措施，也要求各家金融机构根据自身风险状况制定风险处置方案，且在一定时间内逐步化解存量风险、严格控制增量风险。

    “这些工作都在逐步进行，但由于疫情对整个经济的冲击是全面、系统性的，这个时候不仅原来的风险可能进一步加剧，且新的风险可能也在不断形成，确确实实给风险防范化解工作带来新的挑战。”他称。

    他进一步谈到，现在要根据疫情发展情况和疫情给不同机构带来的影响，采取更多的措施，甚至不得不采取更多的宽容性措施。

    “如要适当延长风险防范化解的过渡期，这也是很正常的，”他称，“机构跟人一样，本来身体就很虚弱了，现在遇到新的疫情冲击，这个时候还要按正常的机构来对待，大概是不可能的了。”

    不过他强调，虽然疫情对金融风险防范化解工作的原有节奏带来一定影响，但继续在控制疫情的过程中防范化解金融风险的主线是不会改变的。

    中国央行周六发布公告称，受疫情影响，将包商银行接管期限从此前的一年时间延长六个月。

  • UK court orders Anil Ambani to pay $717 million to Chinese banks

    A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million (around Rs 5,446 crore) within 21 days to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement.

    In February 2012, Reliance Com took a loan of over $700 million from three Chinese Banks which Anil Ambani provided personal guarantee to. The company now in insolvency proceedings, defaulted on the loan which the banks have sued it for to be recovered with interest. The three banks in question are Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China.

    This Friday, through remote hearing because of the Covid-19 lockdown restrictions, Justice Nigel at the Commercial Division of the High Court in London ruled that Anil Ambani is required to honour the guarantee provided, “It is declared that the guarantee is binding on the defendant (Ambani).”

    The order reads, “It is declared that pursuant to clause 3.2 of the guarantee, the defendant is liable in respect of any payment made by RCom to the lenders towards repayment of the loan which is repaid, reversed or refunded as a result of the RCom insolvency action.”

    Anil Ambani’s office though has consistently denied “having authorised anyone to execute any guarantee on his behalf.” They are exploring further legal options.

    In an earlier hearing, the court had refused to entertain Ambani’s defence that his net worth now is zero and also that he will find no support from his extended family.

  • Bank Indonesia to provide liquidity for banks involved in loan restructuring

    Bank Indonesia (BI) will help provide liquidity for local banks involved in a credit restructuring program for micro, small and medium enterprises (MSMEs) as a part of its efforts to support the country’s economic recovery.

    BI Governor Perry Warjiyo said Tuesday that banks could use sovereign debt papers they held as underlying assets for repurchase agreements (repo) with the central bank to get fresh funds.

    Indonesian banks owned Rp 886 trillion (US$59.77 billion) in government bonds and could transact Rp 563.6 trillion worth with the central bank should they need liquidity. The remaining Rp 330.2 trillion is reserved for banks to maintain their liquidity needs.

    “Overall, banks still have a lot of government bonds they can [use as underlying assets in] repos with the central bank in order to meet their liquidity needs for MSMEs’ credit restructuring,” Perry told reporters in a livestreamed news conference.

    “Only a small number of banks own very few bonds and thus the government’s needs for fund placement will be very small,” he added.

    The government has allocated Rp 87.59 trillion for fund placements in certain banks to support the MSMEs loan restructuring program. The fund placement is a part of the government’s national economic recovery (PEN) program worth a total of Rp 641.17 trillion to soften the impact of COVID-19 on small businesses as well as state-owned enterprises (SOEs).

    The loan restructuring program is regulated in Financial Services Authority (OJK) Regulation No. 11/2020, which instructs financial institutions to provide relief for debtors affected by the pandemic. According to OJK data revealed earlier this month, 88 banks have provided 3.88 million borrowers with loan restructuring worth Rp 336.97 trillion.

    The authority projected that 7.8 million borrowers might apply for the restructuring worth Rp 1.11 quadrillion at 110 banks.

    Sunarso, the president director of state-owned Bank Rakyat Indonesia (BRI), which has restructured loans of 1.4 million MSMEs totaling Rp 101 trillion as of April, conceded that the program would affect its revenues and liquidity. He expressed hope that the government’s fund placement could help relieve the bank’s liquidity problems this year.

    Banks had agreed to sell Rp 43.9 trillion worth of their government bonds to the central bank, Perry noted, adding that their liquidity remained “ample” to support economic recovery.

    Fitch Ratings director for banks Gary Hannify also told The Jakarta Post recently that the country’s 12-largest banks had ample liquidity as reflected in the liquidity coverage ratio of about 180 percent at the end of 2019.

    “We believe that lower loan growth together with various relief measures introduced by the central bank should help mitigate any potential pressure on funding and liquidity as a result of the coronavirus,” he said. “We expect these ratios to continue to be maintained with a satisfactory buffer throughout 2020.”

    BI has lowered the reserve requirement ratio (GWM) for banks that provide loans to export-import companies, small and medium businesses, and other prioritized sectors to provide more liquidity. The policy was expected to boost the banks’ liquidity by Rp 117.8 trillion.

    The central bank held its benchmark interest rate at 4.5 percent on Tuesday as it sought to maintain financial system stability over boosting higher economic growth.

    It also announced purchases worth Rp 22.8 trillion in government bonds in the primary market as of May 14 and planned to buy an estimated Rp 150 trillion with lower yields than the market rate to help finance its economic recovery program.

    “We are committed to supporting the government in financing the fiscal deficit and we are willing to share the burden of economic recovery,” Perry assured.