据欧洲主要监管机构之一的负责人透露，欧洲的银行业监管机构正在对银行持有的数千亿欧元规模的主权债券投资组合所面临的风险进行额外审查。
Europe’s banking supervisors are carrying out extra checks on the risks around lenders’ multitrillion portfolios of sovereign bonds, according to the head of one of the region’s top watchdogs.
随着一些核心欧洲国家的债券收益率飙升至多年来的高点，欧洲银行管理局（EBA）主席弗朗索瓦-路易·米肖（François-Louis Michaud）表示，银行持有的政府债券需要得到更严格的监管。“监管机构正在采取相应的措施，”他在EBA巴黎总部接受采访时说道。
As some core European bond yields surge to multiyear highs, Francois-Louis Michaud, chair of the European Banking Authority, said banks’ government debt portfolios needed enhanced monitoring. “That is what supervisors are doing,” he said in an interview at the EBA’s Paris headquarters.
米肖补充称，目前银行所面临的风险似乎仍处于“可控”范围内；债券带来的较高净利息收入在很大程度上抵消了债券价格下跌对银行股本价值的影响。
Michaud added that exposures so far seemed to be “contained,” with the impact of higher net interest income from bonds “largely offsetting” the effect of lower bond prices on the economic value of banks’ equity.
“目前来看，银行并未因此受到严重影响，我们相信监管机构正在履行他们的职责，”他说。
“We don’t see banks suffering from what is going on so far, and we are convinced that supervisors are doing what needs to be done there,” he said.
根据EBA最新的风险报告，截至去年年底，欧洲银行持有的主权债券总额超过4万亿欧元（约合4.5万亿美元），占其总资产的13%。根据欧盟的银行业竞争力政策，银行可以无资本支持地持有这些主权债券；不过该政策也规定了对银行过度集中持有主权债券的行为进行处罚，从而降低银行因相关国家债务问题而遭受损失的风险。
European banks held more than €4 trillion ($4.5 trillion) in sovereign bonds - equal to about 13% of their assets - at the end of last year according to the EBA’s most recent risk dashboard. They can hold sovereign debt of European Union countries without any capital backing, though the EU’s banking competitiveness package proposes charges for concentrated exposures so banks are less likely to be dragged down by the woes of their sovereign.
米肖强调，现行的资本监管规则并不意味着银行可以忽视主权债券带来的风险。“技术层面的处理方式是一回事，”他说，“但银行如何管理整个资产负债表则是另一回事。”他进一步指出：“监管机构与银行之间正在就银行在主权债券投资中的风险敞口、以及相应的风险管理与对冲措施进行沟通；同时，也有相应的政策工具可供使用。”
Michaud said that the current capital rules did not mean that banks could ignore sovereign bond risks. “Technical treatment is one thing,” he said, adding “the way you manage your entire balance sheet is another.”“So, of course, there are conversations between supervisors and their banks on to what extent they are exposed to sovereign yields and how they are managing and hedging that, and then there are policy tools that can be used,” Michaud said.
这位在担任EBA执行董事六年后于4月中旬接任主席职务的官员，拒绝详细说明这些政策工具的具体内容。
The official, who became EBA chair in mid-April after six years as its executive director, declined to elaborate on those policy tools.
米肖表示，若因人工智能引发市场动荡，对欧洲银行业造成的潜在冲击似乎也“可控”。他说：“这只是银行业在信息通信技术行业所面临风险的一部分；目前欧盟各银行在该行业的风险敞口仅为4%，这一点让人稍感安心。”
Michaud said the potential hit to European banks from any crash linked to artificial intelligence also appeared “contained.”“It’s a piece of an exposure to the ICT sector and exposure of EU banks to the overall ICT sector is 4%, that gives a bit of comfort,” he said.
不过他同时指出，欧洲银行管理局的各国监管委员会对这一议题给予了“高度关注”。“在竞争力问题之后，这大概是目前我们各工作组中讨论第二多的话题，”他补充道。
Still, he said there was a “lot of attention” given to the topic by the EBA’s board of national supervisors. “After competitiveness, it’s probably the second-most discussed topic at the moment in our groups,” he added.