5月15日，浙江省第十三届人民代表大会常务委员会第二十一次会议通过了《浙江省地方金融条例》。新规将于今年8月1日起实施，其中第十八条规定：
重点导读
民间借贷活动应当遵守法律、法规和国家有关规定。
民间借贷具有下列情形之一的，借款人应当自合同签订之日起十五日内，将合同副本和借款交付凭证报送设区的市地方金融工作部门或者其委托的民间融资公共服务机构备案：
（一）单笔借款金额或者向同一出借人累计借款金额达到三百万元以上；
（二）借款本息余额达到一千万元以上；
（三）累计向三十人以上特定对象借款。
出借人有权督促借款人履行前款规定的备案义务，也可以自愿履行。
第四十四条 违反本条例第九条第二款、第十八条第二款规定，民间融资服务企业、民间借贷的借款人不履行备案义务，或者提供虚假备案材料的，由设区的市地方金融工作部门责令限期改正，按照下列规定予以处罚：
（一）对民间融资服务企业处一万元以上三万元以下罚款；
（二）民间借贷的借款人为自然人的，可以处一万元以上五万元以下罚款；为企业、其他组织的，可以处三万元以上十万元以下罚款。
The business arm of China’s most prestigious university met its creditors on April 30, and the outcome has shaken investors’ faith in widely used contracts for Chinese offshore bonds.
The bankrupt Peking University Founder Group used a short cut known as a keepwell deed to borrow US dollars from foreign investors. Now, its state-appointed restructuring administrator has thrown doubt on the enforceability of these contracts by classifying them as pending recognition.
This decision impacts bondholders of about 16 per cent, or US$96 billion, of outstanding offshore bonds issued by Chinese companies, according to Redd, a market data provider. More than US$12 billion of debt rated by credit rating agency Moody’s uses keepwell deeds.
“This is the first time keepwell deeds have been tested in court. The administrator could set an important precedent,” said Renee Lam, a credit officer researching companies across the Asia-Pacific region at ratings agency Fitch.
From British bank HSBC suspending dividend payments to rising defaults on payments due to bondholders, borrowers and governments are riding roughshod over investors’ rights as they grapple with the fallout from the novel coronavirus pandemic.
With more companies coming under stress as the global economy tumbles into its worst downturn since the 1930s’ Great Depression, legal fights and restructurings will test other grey areas of investments that have mushroomed during the world’s longest bull market since the 2007-08 global financial crisis.
“When the market is good, investors don’t worry. But when the market is stressed, they take another look at these structures,” said Soo Cheon Lee, chief investment officer at credit-focused banking and asset management group SC Lowy.
a listed oil and gas firm that announced last week that it would default on a US$248 million bond.
MIE Holdings, controlled by tycoon Zhang Ruilin, failed to make a US$17 million interest payment on its bonds which was initially due on April 12, it said in a statement to the Hong Kong stock exchange. It was still unable to make the payment when the 30-day grace period expired on May 11, resulting in the default.
The bond default triggered cross-defaults on other financial contracts and potentially breaches the terms of additional loans and bonds totalling more than US$287.3 million, MIE said.
Zhang, who is MIE’s chairman, blamed the bond default on a lack of liquidity caused by the collapse of oil prices in the past two months, according to the exchange filing.
For example, Daqing crude oil prices fell from a high of US$69.06 a barrel in January to a low of US$12.33 in late April, a drop of more than 80 per cent.
“The company is experiencing increasing liquidity pressure due to the significant decline in revenue and cash flow caused by recent plunge in crude oil prices,” Zhang said.
The value of MIE’s assets fell 65 per cent to 2.93 billion yuan last year, with the company suffering an operating loss of 631 million yuan, according to its unaudited annual results.
The company’s cash and cash equivalents at the end of 2019 stood at 13.71 million yuan, a decrease of nearly 50 per cent from 2018 and not enough to cover the US$17 million bond interest payment.
On May 6, just days before the default, Fitch Ratings revoked MIE’s “C” long-term issuer credit rating.
Trading in MIE stock in Hong Kong has been suspended. Its last trading price was HK$0.065 on March 31, down from HK$0.255 in April 2019, making it a “penny stock”. It traded at a peak of HK$4.13 in April 2011.
5月12日，交通银行在官网公布了新版《投资者风险提示调整后等级名称和表述情况表》。
其中，减少银行方面对产品保本的承诺、风险可控的强调，增加对风险及收益波动的提示，成为此次变更的核心内容。相关调整将于6月12日开始正式执行。
此前，交行理财产品按照1R、2R、3R、4R、5R、6R的名称来区分产品风险等级，对应极低风险、低风险、较低风险、中等风险、较高风险和高风险等六大类产品。
调整后，交行产品风险等级依旧分为六大类，但是名称已经改变，分别为1R（保守型）、2R（稳健型）、3R（平衡型）、4R（增长型）、5R（进取型）和6R（激进型）。
从调整之前各类产品均带有“风险”二字，到在产品风险等级后加上“保守型”等提醒字眼，对投资者来说，购买相关产品的思路也会更加清晰。
与此同时，交行也对客户风险承受能力等级评估进行了全新描述，并重点突出了激进型客户的描述，对这类客户明确了“最坏的情况下可能导致失去全部投资本金并对投资所导致的任何亏损能承担责任。”
“原油宝”反思
与多数投资者达成和解签约，并不意味着原油宝事件告一段落。多名投资者对记者表示，不会签约，仍将选择提起诉讼，“做好了打持久战的准备”。
北京市隆安律师事务所高级合伙人潘修平此前接受记者采访时表示，中行在原油宝事件中存在多项不当之处，包括投资者适当性义务未履行到位、违规营销、相关操作及信息披露不到位等。
在他看来，银行对该产品的风险级别判断错误，进而带来了适当性义务未能履行到位。“如果从九民纪要的角度来说，对金融机构履行适当性义务的要求是很高的，后续如果有投资者诉讼，可能法院判决结果对银行并不利。”
另一方面，原油宝事件也为银行业带来深刻反思。“它不仅暴露了银行此前存在的一些产品设计缺陷，风控管理、产品营销失当等问题，也要求银行在投资者教育、适当性义务履行上更加‘走心’，而不是流于形式。”一位银行财富管理部负责人向记者表示。
前述负责人同时透露，本周他还组织部门集中学习讨论原油宝事件，在形成统一意见后向上汇报。
事实上，原油宝事件发生后，其他推出纸原油等账户商品产品的银行已陆续叫停多头开仓，并对此类业务进行系统升级。与此同时，针对投资者的风险提示方面，也有国有大行开始做出改变。
中行有关部门负责人接受采访时表示，自启动与客户和解工作以来，通过多种途径与绝大多数客户进行了沟通联系。截至目前，已与超过80%的客户完成了和解签约。
中行：已与超过80%的客户完成和解签约
据报道，中行有关部门负责人接受采访时表示，自启动与客户和解工作以来，该行通过多种途径与绝大多数客户进行沟通联系，了解客户诉求，回应市场关切，与客户诚挚协商。
“经过双方共同努力，截至目前，中行已与超过80%的客户完成了和解签约。”该负责人透露。
这位负责人表示，针对尚未达成和解的客户，中行将继续深入沟通，坚持市场化、法治化原则，尊重契约精神，推动和解相关工作，尽最大努力维护客户利益。
对于与原油宝客户的纠纷问题，一位中行华南地区支行负责人透露，“我们支行已经在5月15日‘清零’了。”
该支行负责人称，从5月5日开始，支行就全员行动起来，和投资者挨个交流沟通，了解客户诉求，并在周五完成了最后一位投资者的和解协议签署工作。
“其实五一假期也没一天闲着，启动和解工作之后，更是每天都要逐级上报与投资者的沟通进展，以及和解协议的签署推进情况，能到网点签的就到网点签，人在外地或者什么原因不方便过来的，在APP上也能签，哪怕只买了一手，也要沟通到位。”该负责人透露。
在这之前，多位投资者透露，陆续于5月4日、5日接到中行支行电话，沟通解决原油宝投资赔偿问题，希望约投资者到网点面谈。
根据投资者出示的材料及录音，中行方面提出愿意承担负价亏损，因负价亏损而划扣的保证金也将退还。同时，投资者还将拿回20%的投资本金。
“我觉得能退还20%已经不错了，剩下的80%我不要了，毕竟是投资，亏损也正常，也不想浪费时间和精力，所以就签了，现在相关款项都到账户上了。”投资者柯先生说。
不过在各大维权群中，打算或已经签约的投资者往往被视为“水军”，并被踢出群聊。不少投资者还是希望能通过协商或者法律诉讼争取到更好的结果，甚至拿回全部投资本金，也有一些投资者选择观望。
记者在多个维权群中也注意到，“中行已与超过80%的客户完成和解签约”的消息发出后，部分投资者表示“不相信”，并要求已签约的投资者退群，但实际退群人数寥寥。
The Korea Development Bank (KDB) is in a growing dilemma over how to “ensure fairness” when distributing its 40 trillion won ($32.56 billion) in coronavirus relief funds to sagging companies here.
Starting as early as the end of May, the fund will be allocated to companies primarily in the aviation and shipbuilding sectors ― deemed as the biggest victims of the global pandemic.
The Financial Services Commission (FSC) and the Ministry of Economy and Finance ― the two key authorities involved in fund management ― said they would widen the number of industries for more virus-hit firms to receive the financial aid for their survival.
But the state-run lender and the two government authorities are faced with a conundrum over how to maintain fairness in terms of the capital supply.
Chances are that Korean Air and Asiana Airlines will become the first beneficiaries receiving the financial support from the state-run lender. In April alone, the government announced its plan to offer liquidity worth 3 trillion won to the nation’s two-largest airlines suffering serious business setbacks.
The government also decided to provide 300 billion won to low-cost carriers (LCC) whose financial status is even worse than the major airlines after global fear of the pandemic ended up in the suspension of their cash-cow international flights.
But a controversy was sparked after KDB Vice President Choi Dae-hyun said the state-run lender “is not considering any plans to provide additional financial support for LCCs here.” Against the backdrop of this recent comment, chances appear very slim for the small airlines to become beneficiaries of the financial aid from the relief fund.
This is also raising concern that the state-run lender is not being fair when it comes to offering the aid packages to companies with serious financial difficulties.
For now, the government authorities are holding internal discussions over how to handle the issue of fairness in managing the fund, but for now, no specific and objective standard on distributing money has been fixed.
“Even if we are a state-run lender, the KDB is a financial organization, so we have to judge the qualifications of companies before providing loans, even if their financial status worsen in the aftermath of the virus shock,” a spokesman for the bank said.
“Regarding the LCC relief fund, we have executed 130 billion won out of the 300 billion won fund to five sagging airlines, and the rest will be provided for financing Jeju Airlines’ planned acquisition of Eastar Jet,” the official said. “But the remaining money is not being spent as overseas anti-trust authorities are delaying their review on the merger and acquisition.”
Some critics argue that it is impossible for the government to salvage all the sagging airlines due to budget limitations.
They said the government needs to “pick and choose” certain companies qualified for support under strict standards.
“For instance, there are nine LCCs operating in Korea,” an industry source said. “Doubts can be raised over whether it is really important for the government to save all of them at a time when calls are growing for the need to cut the number of airlines here.”
The number of LCCs in Korea surpasses that of Japan, even though the former has smaller population and land area.
メガバンクを傘下に持つ大手金融グループ３社は、新型コロナウイルスの影響で景気の先行きが不透明だとして、取引先企業の経営悪化による貸し倒れに備える費用が今年度、大きく膨らむと見ています。３社合わせた費用は１兆円を超え、先行きの厳しさがうかがえます。
大手金融グループ３社は15日、ことし３月期の決算を発表し、最終的な利益は三井住友フィナンシャルグループが7038億円、三菱ＵＦＪフィナンシャル・グループが5281億円、みずほフィナンシャルグループが4485億円でした。
このうち三菱ＵＦＪは新型コロナウイルスの世界的な感染拡大をきっかけに、金融市場が動揺し海外のグループ銀行の株価が大きく下落したことから、特別損失を計上し39％の減益となりました。
今年度の業績については3200億円から5500億円の最終利益を見込んでいます。
ただ、３社とも、新型コロナウイルスの影響で景気の先行きが不透明だとして、取引先の経営が悪化して融資が貸し倒れになる事態に備える費用が大きく膨らむという見通しを明らかにしました。
三井住友と三菱ＵＦＪはそれぞれ4500億円、みずほは2000億円を見込み、３社合わせた費用は１兆1000億円にのぼり先行きに対する厳しい見方を反映しています。
銀行にとっては新型コロナウイルスの影響を受る企業の資金繰りに加えて、事業そのものをどう支援していくかも課題となりそうです。
低金利の長期化で金融界ではコストの削減が課題になっています。大手銀行が人手のかかる事務作業をデジタル化によって効率化し、経費や人員を削減しようという動きが加速しています。
三井住友フィナンシャルグループは、個人や法人の営業部門でこれまで手作業で作ってきた書類の作成などのデジタル化や窓口での接客をインターネットバンキングに置き換えることなどで8000人分の事務を削減する方針です。
会社ではＩＴを使った新たなサービスなど強化を目指す事業の人員は増やす一方、退職する人の補充を行わないことなどで10万3000人いるグループ全体の人員を今後３年間で6000人減らし、1000億円の経費削減につなげる考えです。
りそなホールディグスも銀行の窓口業務を中心にデジタル化を進める結果、今後３年間で３万1800人から3100人の人員が減る見通しを示しています。
大量の人員を抱えていた大手銀行では、長引く低金利や金融分野に参入したＩＴ企業との競争でコストの削減が課題になりここ数年、業務の削減を進めてきました。
新型コロナウイルスの感染拡大の影響で景気の先行きが一層不透明になる中、さらなる削減に踏み込む動きが広がる可能性もあります。
The coronavirus outbreak upended markets in March, and the Federal Reserve said on Friday that the financial system had exacerbated that turmoil and warned that highly indebted businesses remained a vulnerability that could hurt the broader economy.
The financial system “amplified the shock” as short-term funding markets in particular seized up in March, the Fed said. Some hedge funds were “severely affected” and “reportedly” contributed to market dislocations, according to the central bank’s financial stability report.
The Fed used the annual report to sound a warning bell on persistent weaknesses that have the potential to worsen the fallout in markets — which could then spill back into the rest of the economy — as coronavirus lockdowns slow growth, spurring job losses and causing consumers to pull back spending.
Businesses went into the crisis highly indebted, the Fed pointed out. As they miss out on sales and income, they may default on their debts. That could have knock-on effects: Credit losses could pair with low interest rates to hurt profitability at banks, which entered the crisis well capitalized and are, at least for now, holding up and lending steadily.
“We will be monitoring closely for solvency stresses among highly leveraged business borrowers, which could increase the longer the Covid pandemic persists,” Lael Brainard, a Fed governor, said in a statement accompanying the release. She noted that the Fed’s early interventions “have been effective in resolving liquidity stresses.”
The Fed’s report is the most detailed glimpse yet at how the central bank understands the financial gyrations that took hold as coronavirus cases began surfacing in America.
Among the areas the Fed flagged:
Even the market for Treasury securities — the deepest and most liquid in the world — ceased to function normally as investors became attuned to the economic risk and cashed out their holdings.
As investors pulled cash from money market mutual funds and the market for short-term business debt looked shaky — echoing what happened in the 2007-9 downturn — a more surprising weakness surfaced in the market for Treasury bonds, especially older ones. Speculation has been rampant that hedge funds contributed to the turmoil, and the Fed acknowledged that in its report.
The Fed jumped in to ease the strains, rolling out a series of emergency lending facilities aimed at money markets, a type of short-term business debt called commercial paper, and, more recently, corporate and municipal bonds.
Corporations went into the current crisis with huge debt loads, a vulnerability that threatens to percolate throughout the financial system as the downturn drags on.
The Fed noted that stock prices had “swung widely,” and said other assets — most notably commercial real estate — could be in for lower prices if the coronavirus lasted.