从瑞士信贷危机中全方位审视恢复处置计划

A Comprehensive Review of the Recovery Plan and Resolution Plan from the Credit Suisse Crisis

恢复处置计划是防范“大而不能倒”机构风险的重要改革成果之一,多年来一直未经受实践的检验,瑞士信贷危机则成为检验恢复处置计划是否有效的“试金石”。本文结合金融稳定理事会(FSB)等国际金融组织和瑞士金融市场监管局(FINMA)等瑞士处置当局对瑞士信贷处置的事后审视,回顾了瑞士政府恢复处置基本框架,总结了瑞士信贷危机中恢复处置计划执行中存在的缺陷,并结合我国实际提出了可借鉴的经验,为我国持续完善国内系统重要性银行恢复处置机制建设提供了有益参考。

The recovery plan and resolution plan is one of the important reforms to prevent the risks of"too big to fail"institutions,but it has not been tested in practice for many years.The Credit Suisse crisis has become a"touchstone"to test whether the recovery plan and resolution plan is effective.This article combines the ex-post review of Credit Suisse’s resolution by international financial organizations such as the Financial Stability Board(FSB)and Swiss resolution authorities such as the Swiss Financial Market Supervisory Authority(FINMA),reviews the basic framework of the Swiss's recovery plan and resolution plan framework,and summarizes the defects.At the same time,some experience is introduced,and provides a useful reference to improve the recovery and resolution mechanism of domestic systemically important banks.