欧盟正在考虑加强对银行业提供的一种风险较高的保险形式的规则，作为即将推出的一揽子计划的一部分，旨在总体上放宽对证券化融资的准入。
The European Union is considering strengthening the rules around a riskier form of insurance provided to the banking sector, as part of an upcoming package to broadly ease access to securitized finance.
根据彭博社看到的欧盟委员会专家意见，如果政策制定者支持对这些产品采取最宽松的银行资本处理方式，那么参与所谓无资金重大风险转移的保险公司应满足一套额外的偿付能力标准，以确保金融稳定。
Insurers participating in so-called unfunded significant risk transfers should meet a set of extra solvency criteria in order to ensure financial stability if policymakers back the most lenient bank-capital treatment for those products, according to an expert opinion for the European Commission seen by Bloomberg.
为本周晚些时候的关键会议做准备，该行政部门引用了美国国际集团公司（American International Group Inc）在2008年金融危机期间的救援案例，作为对信用保护规则过度放松的警告。该事件表明，无担保的信用风险保险在违约激增时可能使金融部门面临多重风险，它指出。
In preparation for a key meeting later this week, the executive cited the bailout of American International Group Inc during the 2008 financial crisis as a warning against loosening rules on credit protection too far. That episode showed how the unsecured insuring of credit risk can expose the financial sector to multiple risks when defaults spike, it said.
在爱尔兰政府轮值主席国的领导下，欧盟正在寻求最终确定一项法律方案，旨在提升该地区打包和再销售金融资产的能力——这是其推动为包括国防和气候韧性在内的目标释放新融资的关键要素。
The EU, under the Irish government’s rotating presidency, is seeking to finalize a legal package seeking to boost the region’s ability to package and re-sell financial assets — a key element in its push to unleash fresh financing for goals including defense and climate resilience.
“我们不应忘记AIG的案例，该公司在2008年金融危机期间也因使用无资金信用保护而陷入严重困境，”欧盟委员会官员在该备忘录中写道。
“We should not forget the case of AIG, which ran into serious difficulties during the 2008 financial crisis also linked to the use of unfunded credit protection,” the European Commission officials wrote in the note.
保险公司通过无资金信用保护日益参与蓬勃发展的重大风险转移（SRT）市场，这种保险本质上是承诺覆盖特定银行贷款组合的损失。慕尼黑再保险集团（Munich Re AG）、AXA SA、AXIS Capital和自由互保公司（Liberty Mutual）等保险公司正在投资无资金SRT。
Insurance firms increasingly take part in the booming SRT market via unfunded credit protections, which essentially are commitments to cover losses on an earmarked bank’s loan portfolio. Munich Re AG, AXA SA, AXIS Capital and Liberty Mutual are among insurance firms investing in unfunded SRTs.
与有资金SRT形成对比——在这些安排下，投资者提供流动资产供银行用于抵消潜在损失——无资金信用保护使银行暴露于保险公司支付贷款损失的能力和意愿之中。
In contrast to funded SRTs — under which investors put up liquid assets for the bank to offset potential losses — unfunded credit protections leave the bank exposed to the insurer’s ability and willingness to pay for the loan losses.
政策制定者正在努力平衡简化规则与防范欧洲重演AIG流动性危机的保障措施。该保险公司曾为数千亿美元的固定收益证券提供信用保护，其中包括与次级抵押贷款挂钩的工具。
Policymakers are balancing efforts to streamline rules with safeguards aimed at avoiding a European reprise of AIG’s liquidity crunch. The insurer had provided credit protection on hundreds of billions of dollars of fixed-income securities, including instruments linked to subprime mortgages.
该备忘录指出：“除交易对手信用风险外，未融资保护可能使银行面临其他几类重要风险，例如法律风险——即保护提供方可能对保护所涵盖的信用事件是否发生存在争议——以及结算或流动性风险，这与保护提供方延迟赔付或付款有关。”
“Outside the counterparty credit risk, unfunded protection can expose the bank to several other important risks, such as legal risk — where the protection provider may dispute whether the credit event covered by the protection has occurred — and settlement or liquidity risk, related to delayed compensations or payments by the protection provider,” the note said.
备忘录还称，除了符合一般要求的信用质量和披露标准之外——这些标准通常用于判定某些SRT是否具备“韧性”，因而有资格获得更宽松的资本待遇——提供此类信用保护的保险公司在过去三年内应始终保持其偿付能力比率高于一定水平。
On top of complying with a set of credit quality and disclosure criteria generally required for certain SRTs to be deemed as “resilient,” — and therefore eligible for more lenient capital treatment — insurers providing such credit protections should have maintained their solvency ratios above certain levels during the previous three years, according to the note.
备忘录称，此类交易必须至少由两家保护提供方参与，且需包含条款：若保险公司的信用评级降至最低阈值以下，则应予以替换。
At least two protection providers have to take part in such transactions, which must include provisions to replace an insurer if a credit rating is downgraded below a minimum threshold, the note said.
欧盟委员会表示，银行监管机构还应通过SRTs对贷款机构的集中度风险进行评估。
Banking supervisors should also run assessments of the lenders’ concentration risk via their SRTs, the Commission said.
备忘录指出，欧洲保险和职业养老金管理局及欧洲系统性风险委员会也应被授权评估保险公司的集中度风险及其对欧盟金融体系的潜在影响。
The European Insurance and Occupational Pensions Authority and European Systemic Risk Board should also be mandated to assess the concentration risks at insurers and the potential impact for the EU financial system, the note said.
SRTs通常以定期超过10%的票息为交换，承保投资组合的首位或次级部分。贷款机构通常会保留该贷款组合证券化中的高级部分。
SRTs typically insure a first or junior portion of a portfolio in exchange for coupons that regularly exceed 10%. The senior portion of the securitization is typically retained by the lender originating the loan portfolio.
根据该备忘录，允许某些未融资信用保护被视为“有弹性”或不被视为“有弹性”的主要区别在于，银行需要预留的资本水平，以覆盖交易高级 tranche 上的意外损失。这将决定是应用 5% 的风险底线 — — 即银行需要预留以覆盖意外损失的资本指标 — — 还是 7%。
The main difference between allowing certain unfunded credit protection to be deemed ‘resilient’ or not lies on the capital levels that banks need to set aside to cover unexpected losses on the senior tranche of the transaction, according to the note. That would determine whether a 5% risk floor — an indicator of the capital that banks need to set aside to cover unexpected losses — or 7% could be applied.
随着银行加大对这些对冲工具的使用，保险公司正争取在今年获得更大份额的 SRT 市场。国际信用投资组合经理协会于八月发布的一项对 14 家全球保险公司和再保险公司的调查显示，各公司预计将参与的 SRT 数量比 2025 年多约 50%。欧盟委员会的一位代表拒绝置评。
Insurers are aiming for a bigger slice of the market for SRTs this year as banks step up their use of the hedging instruments. Firms expect to participate in about 50% more SRTs than in 2025, according to a survey of 14 global insurers and reinsurers by the International Association of Credit Portfolio Managers released in August. A representative for the European Commission declined to comment.