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Since September 6, the shibor (inter-bank lending rate), which reflects changes in bank funds, has been on the rise. Take the overnight interest rate as an example, rising from 2.95% on September 6 to 3.56%. Taking the one-month interest rate as an example, it has soared from 4.48% on September 6 to 5.91% on the 18th.
After experiencing the “money shortage†in June, “the bank’s tight money at the end of the season†once again provoked people’s fragile nerves. Contrary to this, the suspension of loans once again returned to the market's sight. Due to the extremely tight quota, the credit line that was gradually tightened until the end of the year has suddenly slammed on the brakes since late September.
"Now the mortgage application, the loan is at least one month later, maybe longer, this we can't guarantee you." The buyer, Mr. Lu, got the saying when he signed the loan at the bank. In fact, the bank’s suspension of loans is far more than a mortgage.
A person in charge of the retail credit department of a joint-stock bank Beijing branch admitted to the Huaxia Times reporter: "This is not a case. The status of each bank is similar. From the branch, although the loan approval business is going on normally, the reality is this year. The number of quotas controlled by the head office is very strict, which makes the amount of new loans much less than the demand for loans. Therefore, it is more and more obvious that the quotas and other loans are queued."
The mortgage has all stopped?
"It has been said that the suspension of loans is a rumor. From the Beijing area, it was only a week before the Mid-Autumn Festival." The head of the above-mentioned joint-stock bank told reporters that the loan amount was not so tight this month. He also revealed that the bank's credit line control is very strict at present, and it is expected that the credit line will be very tight by the end of the month.
According to the person in charge, at the end of last year, the regulatory authorities requested some commercial banks to control project loans and fixed-asset loans. “Although such loans are still being released this year, new loans have been very few.â€
Recently, the reporter visited Beijing Guomao, Sanyuanqiao, Ciyun Temple and several commercial banks around Shilibao. As an example, Huaxia Bank’s reply was that all the mortgages were stopped, and the personal loan was still You can try to report it to the branch.
In addition, several joint-stock banks, including Minsheng Bank and Industrial Bank, said: “The mortgage is basically not done now, and it may not be approved for reporting to the branch.†The city commercial banks, including Nanjing Bank and Hangzhou Bank, clearly stated that “the mortgage†All stop the loan and no longer accept new additions by the end of the month."
A state-owned bank branch outlet staff admitted that the loan application is still a normal procedure, but when the branch approves the loan, it will end at the end of October. He also said that now the mortgage loan needs to be registered in the branch system. If the information is complete and the approval is successful, the payment can be made in one month. If it is not possible to queue up in the system, the loan time is difficult to guarantee. In general, urban housing loans are used for a longer period of time.
“The file of the loan application has piled up like a mountain. Every day, when you go to the branch, it is a coordination relationship. You can approve a few strokes and approve a few strokes.†According to the small-scale business staff of the subordinate branches of the state-owned banks mentioned above, “From the week before the Mid-Autumn Festival, , orally received a notice from the branch to suspend the approval of housing loans (first set, two sets), consumer loans, and business loans."
For the loan application submitted to the branch, “a loan application must be signed by several responsible persons for the approval process. The loan officers of each branch will try to get the first few approvals in order to get the points.†Xiao Xu told reporters that the so-called “doping†"It is a "benefit fee" to say it, but it becomes an "expedited fee" at the relevant person in the branch.
"If a list is to be expedited at least 1,000 yuan. The cost is borne by the lender, even if the expedited fee is charged, the loan may not be smooth." Xiao Xu told reporters that this is the industry's "hidden rules."
So far, the bank’s “stopping loans†has turned from rumors to reality.
Our reporter learned that the bank's head office has issued a credit limit to the branch, and it is different from the previous year's quarterly regulation. This year, the head office will control the scale and pace of new credit loans on a monthly basis, and some banks are even more right. A number of indicators such as credit line and deposit-to-deposit ratio are strictly monitored. At the same time, from the perspective of a number of state-owned banks and joint-stock banks, the credit line given by the head office this year was basically 10% or more lower than the same period last year.
Bank caliber contradiction
What is embarrassing is that the internal statements of the bank's head office and branches to the sub-branch are not consistent with regard to the “stop-loanâ€.
“In principle, there is no loan suspension, and the examination and approval work is carried out normally.†The person in charge of credit approval of a joint-stock bank Beijing branch clarified to the “China Times†reporter that compared with the first half of the year, since the third quarter, bank credit has indeed slowed down. Since most banks have completed the loan indicators determined in the first half of the year, the third quarter lending is normal and understandable."
Taking housing-related loans as an example, central bank data showed that in the first half of the year, financial institutions increased their real estate loans by 1.3 trillion yuan, an increase of 712.6 billion yuan over the same period of the previous year, accounting for 27.1% of the increase in various loans over the same period. Compared with the whole year of 2012, real estate loans of financial institutions increased by 1.35 trillion yuan. “This means that the housing loans in the first half of this year are almost the same as last year. In this case, personal housing loans account for almost 80%.†The person in charge of credit approval mentioned above said frankly.
"At present, it is not a 'stop loan', but only reasonable and necessary risky asset regulation." The relevant person in charge of the Shanghai Branch of Shanghai Pudong Development Bank said that the industry that has already invested heavily in credit or has completed the full-year loan target will have appropriate restrictions; Customers with good industrial policy support, good industry prospects and good qualifications will continue to support loans.
The head of a state-owned big bank credit line explained: "Since the third quarter, the bank's approval conditions have become harsh. If the loan risk is high, the company will voluntarily withdraw or suspend approval. In addition, stop giving interest rates to customers and enjoy now. There are also very few customers with benchmark interest rates. Customers with more urgent loan requirements require a certain interest rate to rise, at least 10%."
The problem is that in the face of the reality that real estate in the first and second tier cities is in full swing and housing prices remain high, what has been the retreat of commercial banks for mortgage loans that have been called high-quality assets for many years? What is the reason for this?
"One reason is because the benefits it brings are limited. In terms of mortgages, the general benchmark interest rate for the first suite and the second-home rate are usually 10% higher. Compared with small and micro-enterprise loans, the loan can be increased by 20%-30%. The profit of the mortgage business is too small.†Xiao Xu said frankly, but the main reason is that after the “money shortage†in June, the bank once again faced the liquidity quarterly test.
Shibor Transaction Truth
The money is not tight, the first thing to perceive is the interbank offered rate.
According to the data released by the Shanghai Interbank Offered Rate on September 18, except for the interest rate of more than 6 months, the interest rate of the remaining period has risen; among them, the 2-cycle limit rate has risen by 29BP to 3.93%; According to historical data, the 2-week interest rate will continue to rise in the second half of September. The overnight, one-week and one-month split rates will rise by 6.4BP and 16.6BP, respectively.
At the same time, the repo rate also rose against the trend. According to China Money Network data, on September 18, the pledge-style repo and the two-week interest rate rose by 37BP and 36BP, respectively, at 4.04% and 4.1%.
"It's not as serious as you think. Banks are in short supply. This kind of situation will happen at the end of the season and at the end of the year." A state-owned bank trader told this reporter that it is not that the bank is really short of money, but only temporarily The bank did not pay back the position in time or just delayed the time. In fact, there are cyclical reasons behind the tightening of “monetary rootsâ€, as well as regulatory factors and the influence of the external market.
Construction Bank researcher Zhao Qingming believes that the tightness of market liquidity at the end of the quarter depends on the central bank's operation on market liquidity, but usually the price of funds at the end of the month will definitely be higher than at the beginning of the month and mid-month, which is at the end of each quarter. What happened.
From a regulatory perspective, the central bank is continuing to carry out reverse repurchase operations. According to the statistics of this reporter, in the week of September 17, only the end of the central bank bill was 4 billion yuan, the reverse repurchase amount was 20 billion yuan, and the central bank carried out a reverse repurchase of 8 billion yuan, equivalent to returning 80 from the market. Billion funds, in fact, the central bank has returned funds from the market for three consecutive weeks from the end of May.
“The central bank tried to transfer to the market to maintain the current tight balance of funds, and did not want market liquidity to be too loose.†A bank interviewee admitted that after the bond market inspection storm in mid-April, the regulatory authorities strengthened the bond market. The supervision of the company has led to a sharp increase in the pressure on assets at the end of the quarter due to the excessive use of risky assets, which in turn has increased the market's expectation of tight funding at the end of the month.
From the perspective of peripheral financial markets, the eyes are gathering on the scale of shrinking QE in the United States. The above-mentioned bankers surveyed said frankly, “This also affects the central bank’s liquidity operations, but as the market changes, there are also some positive factors that ease the tightening of liquidity at the end of the quarter.â€
In fact, in the face of bank liquidity pressure at the end of the quarter, the central bank's attitude is that more tools will be used to regulate bank liquidity. "Passwords and other tools that have emerged in the first half of the year are expected to continue to play a major role in the second half of the year." The central bank said so.
“The most direct benefit of securitization of credit assets is to improve the liquidity of commercial banks.†A person in charge of a state-owned bank’s credit line business told reporters that it is possible to broaden the tradable varieties of investors and provide a diversified portfolio of assets. Management tools can simultaneously reduce the risk of bank asset quality and generate profitablely.
According to estimates, by 2020, the scale of China's asset securitization will be 8 trillion yuan to 16 trillion yuan; among them, the credit asset securitization stock is expected to reach 6.56 trillion yuan - 13.12 trillion yuan, accounting for 82% of asset securitization products. .
Niu Ximing, chairman of the Bank of Communications, said in an interview with this reporter that “credit asset securitization can move medium and long-term loans with no liquidity to the off-balance sheet and acquire high-liquidity cash assets to optimize the bank’s balance sheet. Effectively improve the liquidity of bank assets."
On August 28, Premier Li Keqiang presided over the State Council executive meeting and decided to further expand the credit asset securitization pilot. As soon as the news of asset securitization pilot expansion was completed, state-owned banks were ready to participate in the pilot.
In fact, the China Banking Regulatory Commission has started the third round of credit asset securitization pilots, and the quota is initially set at 200 billion yuan. A source close to the China Banking Regulatory Commission said: "Compared to the loan scale of the entire banking industry of about 69 trillion yuan, the amount is not too high, and may only be equivalent to 0.5% of medium and long-term loans."
Even so, the view of the industry insiders in the future is that with the improvement of the trading system and the expansion of institutional investors, the quota can be gradually liberalized, and the credit asset securitization will inevitably be the focus of financial reform for a long time to come. .
Abstract After the “money shortage†in June, “the bank’s tight money at the end of the season†once again provoked people’s fragile nerves, and stopped lending back to the market’s sight. Due to the extremely tight quota, the credit line that was gradually tightened until the end of the year has suddenly slammed from the end of September...
After experiencing the “money shortage†in June, “the bank’s tight money at the end of the season†once again provoked people’s fragile nerves, and stopped lending back to the market’s sight. Due to the extremely tight quota, the credit line that was gradually tightened until the end of the year has suddenly slammed on the brakes since late September.