今日看法发布:(瑞士共同基金)瑞士 基金

► Let­ting bank fail was ‘not an option’ ► Cent­ral bank offers liquid­ity line ► Share­hold­ers wiped out

◆让银行倒闭绝对不是一个选项◆ 央行提供流动性 ◆股东损失

UBS has agreed to buy Credit Suisse for $3.25bn after a frantic week­end of nego­ti­ations brokered by Swiss reg­u­lat­ors in a bid to safe­guard the coun­try’s bank­ing sys­tem and pre­vent a crisis spread­ing to global fin­an­cial mar­kets.

The all-share deal between Switzer­land’s two biggest banks was priced well below Credit Suisse’s clos­ing price on Fri­day of SFr1.86, all but wip­ing out its share­hold­ers.

UBS will pay SFr0.75 a share in its own stock, accord­ing to two sources. Credit Suisse’s board rejec­ted an earlier offer of about $1bn accord­ing to people famil­iar with the situ­ation. The Swiss National Bank has agreed to offer a SFr100bn liquid­ity line backed by a default guar­an­tee to UBS. Speak­ing at a press con­fer­ence in Bern yes­ter­day even­ing, Swiss pres­id­ent Alain Ber­set said: “On Fri­day the liquid­ity out­flows and mar­ket volat­il­ity showed it was no longer pos­sible to restore mar­ket con­fid­ence, and a swift and sta­bil­ising solu­tion was abso­lutely neces­sary.”

The Swiss gov­ern­ment “is con­fid­ent that in this dif­fi­cult situ­ation the takeover is the best solu­tion to restor­ing the con­fid­ence that has been lack­ing in fin­an­cial mar­kets recently and best man­aging the risk to our coun­try and its cit­izens”, he added.

The Swiss Fed­eral Depart­ment of Fin­ance said let­ting the bank fail was not an option because of the “unfore­see­able con­sequences for the Swiss eco­nomy and the global fin­an­cial sys­tem”.

The Swiss gov­ern­ment is pre­par­ing emer­gency meas­ures to fast-track the takeover and plans to intro­duce legis­la­tion that will bypass the nor­mal six­week con­sulta­tion period required for UBS share­hold­ers, accord­ing to people famil­iar with the mat­ter. Swiss author­it­ies have already secured roval from reg­u­lat­ors in the US and Europe.

There was lim­ited con­tact between the two lenders and the terms were heav­ily influ­enced by the SNB and reg­u­lator Finma, people with know­ledge of the situ­ation said. Both sides have been locked in dis­cus­sions with reg­u­lat­ors since Wed­nes­day, when Credit Suisse asked the SNB for an emer­gency SFr50bn ($54bn) credit line. Deposit out­flows from Credit Suisse topped SFr10bn a day late last week. When this back­stop failed to arrest a fall in its share price and stop pan­icked cli­ents from with­draw­ing their money, the cent­ral bank stepped in to force a mer­ger.

在瑞士政府的主导下，经过一个周末艰苦的谈判，瑞士银行决定以32.5亿瑞士法郎收购瑞士。瑞士政府意图通过此举可以稳定国家的银行，防止风险外溢到全球金融市场。

全股票交易的定价远低于瑞信周五的股价，即1.86法郎每股，对股东是一个损失。

根据两方面的信息

瑞士政府“十分有信心，并认为在当下的苦难时期，收购是最佳的解决方案，此举不仅可以恢复金融市场最近缺失的信心，更能够最好的管理对于国家和人民的风险”。

瑞士联邦财政部称“让银行倒闭绝不是我们的选项，因为这将对瑞士经济和全球金融市场造成不可预知的后果“。

相关知情人员称，瑞士政府正在准备一系列的特殊措施来加速整个收购计划的执行，通过立法来避免瑞银股东6个月的协商期。同时，瑞士政府已经取得了来自于欧洲和美国当局的批准。

收购双方并未进行十分有效的接触，收购条款大多由瑞士国家银行和监管部门促成。自周三起，双方就被相关部门要求闭门讨论，而此时瑞信正在向瑞士国家银行申请540亿美金的“救命钱”。上周瑞信的储蓄外流每天最高达100亿法郎，即便这些救命钱也没有逆转股价的下滑，更没有安抚客的恐慌情绪而逆转资金外流。在这样的下，央行不得不介入迫使收购达成。

Some people cri­ti­cised the SNB’s plans to pre­vent a UBS share­holder vote.

Vin­cent Kaufmann, chief exec­ut­ive of Ethos Found­a­tion, which rep­res­ents Swiss pen­sion funds that own between 3 per cent and 5 per cent of Credit Suisse and UBS, told the Fin­an­cial Times that the move to bypass a share­holder vote on the deal was poor cor­por­ate gov­ernance.

“I can’t believe our mem­bers and UBS share­hold­ers will be hy about this,” he said. “I have never seen such meas­ures taken; it shows how bad the situ­ation is.”

The deal comes just months after the Saudi National Bank and the Qatar Invest­ment Author­ity injec­ted close to SFr3bn into Credit Suisse as part of a SFr4bn cap­ital raise. They are the bank’s two largest share­hold­ers and jointly own 17 per cent of the stock.

In a bid to ease any fur­ther strain on European banks, the European Cent­ral Bank is work­ing on a scheme to lend money to any euro­zone banks that need it in exchange for assets pledged as col­lat­eral, accord­ing to a per­son famil­iar with the mat­ter.

The scheme, which is being pre­pared in con­sulta­tion with other major cent­ral banks, is likely to be sim­ilar to the ECB’s pre­vi­ous longer term refin­an­cing oper­a­tions and would only be launched if needed to address mar­ket tur­bu­lence. The ECB declined to com­ment.

很多人士批评瑞士国家银行的计划没有通过瑞银股东的投票。

一家代表瑞士养老基金的基础基金公司，拥有3%到5%的瑞信和瑞银的股票，他们的负责人告诉，这样没有通过股东投票的交易，体现了糟糕的公司管理机制。

“我无法相信作为瑞银的股东和相关的一员，会对此表示欢迎，我从未看到过如此的做法。这也侧面的说明情况有多糟糕。”

而就在几个月之前，沙特国家银行和卡塔尔投资局刚刚向瑞信注入30亿法郎，这也是瑞信40亿法郎集资目标的一部分。他们是银行最大的两家股东，共同拥有17%的公司股票。

据消息灵通人士报道，为了能够进一步减轻欧洲银行所面临的压力，欧洲银行正在紧急制定一个计划，即向任何一个需要以资产作为抵押申请紧急资金的欧洲区的银行提供相应的支持。

欧洲央行正就该计划和欧洲主要国家的央行进行协商，而该计划和欧洲央行之前的长期再融资计划类似，只有在必须要解决市场失控问题时才会被请启动。欧洲央行拒绝对此发表评论。