BANKS AND RATES

　　Easy money does not mean easy banking profits. Even so，last week‘s decision by the Federal Reserve to increase the ①discount rate②at which it lends to banks was hailed as the beginning of the end for bank profitability. In fact，the move is something of a technicality – borrowing under the main discount facility is now about $14bn，down from a crisis-time peak of more than $110bn. Use of the term auction facility，which the Fed has been winding down for some time and will end in March，has also declined.
　　True，the Fed’s zero interest rate policy has kept the ③yield curve steep.With US banks‘average net interest margin at a four-year high，some banks laden with bad assets last year benefited as cheaper funding helped to balance continuing high rates of provisions and credit costs.
　　But this cannot last. Yields in banks’ loan books are already shrinking，notes Institutional Risk Analytics.That worsens the longer rates remain low as assets reprice，and ④redemptions and charge-offs shrink outstanding loans.
　　Rising rates，by contrast， should make it easier for banks to deploy money profitably. Sharp rises increase the chances that some banks fall flat over their interest rate risk. But，argues Credit Suisse，banks have been converting loan books to variable pricing，which means greater earnings uplift from rising rates.
　　With $1，100bn of excess bank reserves at the Fed，this presents another problem：that banks lend out those reserves，⑤delivering a boost to the economy at just the wrong time. This explains the renewed emphasis on payment of interest on reserves，a tool to prevent that happening. That，however，is a headache for the central bank. Banks should welcome ⑥tighter money，even if those borrowing from them do not.

　　译文梗概:

　　如何看美联储提高贴现率

　　容易获得资金并不意味着银行业能轻松获取利润。即便如此，美联储(Fed)决定提高贷款给银行的贴现率，还是被当作终结银行盈利能力的开端。实际上，此举带有某种技术性质——目前通过主要贴现工具借出的款项约为140亿美元，远低于危机时期逾1100亿美元的峰值。对定期拍卖安排这一特殊工具的使用次数也在减少。一段时间以来，美联储一直在削减此类安排，并将在3月份最终取消。
　　的确，美联储的零利率政策使收益率曲线保持陡峭。鉴于美国各银行的平均净利差处于4年高位，一些拥有大量不良资产的银行去年受益匪浅，因为更廉价的资金助其平衡了坏账拨备与信贷成本之间持续高企的比率。
　　但这种情况不可能持续。《机构风险分析》指出，银行贷款账户的收益率已在不断下降。这使长期利率保持低位的形势变得更为严峻，因为资产重新定价、赎回和冲销缩减了贷款余额的规模。
　　相比之下，利率上升应该会让银行更容易以有利可图的方式配置资金。利率大幅上升加大了某些银行因利率风险而倒闭的可能性。但瑞信(Credit Suisse)辩称，银行一直在将贷款的账面价值转为弹性定价，意味着利率上升会带来更多利润。
　　存放在美联储的1.1万亿美元银行超额准备金产生了另一个问题：如果银行借出这些准备金，就正好在错误的时间提振了经济。这解释了美联储为何会重新强调准备金的利息支付(阻止这一切发生的工具)。然而，这对美联储来说是一个难题。银行应该欢迎收紧货币政策，即便那些向它们借款的人并不乐意。

　　(文章来源：FT中文网)

　　点评:

　　①discount rate，金融术语，意为贴现率。1.指商业银行以政府债务如国库券为抵押，向中央银行借入资金的利率。2.泛指将未来现金流折算为现值的利率。在文中取第一个意思。
　　②at which it lends to banks，定语从句，结构是“先行词(discount rate)+介词(at)+关系代词(which)”
　　③yield curve，收益率曲线，债券术语，是显示一组货币和信贷风险均相同，但期限不同的债券或其他金融工具收益率的图表。纵轴代表收益率。
　　④redemption，赎回，指债券发行人在债券到期时赎回债券。
　　⑤delivering …在此为现在分词短语作结果状语，是“借出这些准备金”所带来的结果。
　　⑥tighter money在此相当于tight currency policy (made by the Fed.)“紧缩的货币政策”。