Montag, 15. Februar 2016

Höhere Kapitalquoten für Banken

... diesmal gefordert von John Vickers.

Auf der VOX-Seite schreibt er:
"Much stronger capital buffers are therefore fundamental to banking reform.  But how much stronger? [...]

This column lacks space for a wider discussion of the economics of bank capital, which would go into the Modigliani-Miller theorem, debt overhang, ratchet effects, and so on (for a strong and challenging book on the subject see Admati and Hellwig 2013).  But two general points can be made at the outset. 
  • First, systemic bank failures produce enormous negative externalities. 
Making banks more resilient therefore has massive positive externalities – i.e. benefits to society not internalised by the banks themselves.  Only when banks are very safe indeed does the wedge between private and social interests become small. 
  • Second, the main argument that banks deploy against higher equity requirements – that equity is a costly form of funding for them – gives a reason to favour higher equity requirements. 
Equity is costly to the extent that banks are risky.  It is in the public interest to contain risks from banks – especially those providing core services such as current accounts – which is best done by more capital, not less."
Er fährt fort, indem er die aktuelle Politik der Bankenregulierung in Großbritannien zusammenfasst und bewertet. Sein Fazit:
"In sum, there are reasons to query the justification for the Bank of England’s apparent policy softening on bank equity requirements.  Perhaps the Bank is perfectly correct, but its policy on a matter of this importance should be questioned.  No-one can confidently know the answer, but that in itself is a reason for caution – i.e. not risking equity requirements that are too low.  The downside risks are much larger than the costs of having an equity/debt mix in bank funding that is a bit higher than optimal.

Meanwhile the markets have something to say.  In the early weeks of 2016 bank stocks and related instruments have dropped sharply.  This is a timely market reminder that the resilience of the banking system cannot be taken for granted.  Policy in this area really matters, and calls for vigorous economic debate."

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