美国系统重要性银行TLAC达标经验及启示

Experience and Enlightenment on U.S G-SIBs TLAC Compliance

2019年1月1日,针对全球系统重要性银行(G-SIBs)的《全球系统重要性银行总损失吸收能力原则及条款》(TLAC要求)在美国正式开始实施。通过对摩根大通和美国银行两家典型机构的研究发现,美国G-SIBs主要采取了发行合格TLAC债券、降低资产风险密度和压降系统重要性得分等达标措施,而美国监管部门也配合推出“祖父条款”、单点处置框架等政策,促进本国G-SIBs在成本可控条件下实现达标。根据“中国版”TLAC要求,我国G-SIBs将从2025年1月1日起分阶段满足TLAC要求。建议我国G-SIBs应充分利用低利率环境尽早发行TLAC债券,扩大内评法覆盖范围,优化资产配置,降低资产风险密度,并采取措施控制系统重要性得分的上涨。

On January 1st,2019,the United States formally implemented the Total Loss-Absorbing Capacity(TLAC)requirement for Global Systemically Important Banks(G-SIBs).Based on the research on JP Morgan Chase and Bank of America,this paper finds that U.S G-SIBs manage to meet the requirements mainly by issuing qualified TLAC bonds,reducing assets’risk density and lowering the G-SIBs scores;US regulatory authorities also introduce“grandfather clause”as well as the single-point resolution framework.In accordance with the newly enacted“Chinese version”TLAC requirements,Chinese major banks will meet the requirements by January 1st,2025.G-SIBs in China should take full advantage of the low-interest rate environment to issue TLAC bonds,expand the coverage of internal rating method,reduce the assets’risk density as well as to lower the G-SIBs scores.