瑞银别无选择,只能把负利率的痛苦转嫁给客户

2019年11月23日11:15:12瑞银别无选择,只能把负利率的痛苦转嫁给客户已关闭评论 3683343字阅读11分8秒
摘要

美国的政策利率似乎过高,而且很可能与世界其它地区的情况一致,后者接近于零至负值。这无疑让瑞银首席执行官塞尔吉奥•埃莫蒂(Sergio Ermotti)感到震惊,他表示,银行”别无选择”,只能将负利率带来的痛苦转嫁给客户。

There's been talk that the Federal Reserve will slam interest rates to zero or even negative when the next recession strikes.President Trump's support for negative interest rates has quickly increased in the last several months as the latest tracking estimates for Q4 GDP have tumbled to sub 0.4%.

有传言说,当下一次经济衰退来临时,美联储将把利率降到零甚至是负数。特朗普总统对负利率的支持在过去几个月里迅速增加,因为最新的第四季度 GDP 跟踪估计已经跌至0.4%以下。

It seems that policy rates in the US are too high--and will likely conform to the rest of the world,which is near zero to negative territory.This has undoubtedly alarmed UBS CEO Sergio Ermotti,who said banks have"no choice"but to pass on the negative rate pain to customers.

美国的政策利率似乎过高,而且很可能与世界其它地区的情况一致,后者接近于零至负值。这无疑让瑞银首席执行官塞尔吉奥埃莫蒂(Sergio Ermotti)感到震惊,他表示,银行"别无选择",只能将负利率带来的痛苦转嫁给客户。

Ermotti said UBS"will not pass negative rates to smaller clients,the personal banking clients,"that's because if UBS and other EU banks actually passed along negative rates to poor and middle-class families--that would quickly spark unwanted social unrest that could crash the entire system.

埃莫蒂表示,瑞银"不会将负利率传递给较小的客户,即个人银行客户",因为如果瑞银和其它欧盟银行实际上将负利率传递给贫穷和中产阶级家庭,将很快引发不必要的社会动荡,可能导致整个金融体系崩溃。

"Right now,the threshold is very high still,"Ermotti said."It's difficult to make a prediction right now,but we are quite convinced it's not going to go down to smaller investors."

"现在,门槛仍然很高,"埃莫蒂说。"目前很难做出预测,但我们确信,这种情况不会发生在中小投资者身上。"

And of course,banking elites are smart enough not to pass on negative rates to poor people,but as per the Bloomberg interview,Ermotti will be targeting high-net-worth investors with more than 500,000 euros or 2 million Swiss francs.

当然,银行精英们足够聪明,不会把负利率传递给穷人,但根据彭博社的采访,埃莫蒂将以50万欧元或200万瑞士法郎以上的高净值投资者为目标。

G4 policy rates are near zero,with the exclusion of the US.But with the Federal Reserve embarking on a new interest rate cut cycle in response to collapsing global growth,it seems that policy rates across the world could go deeper into the negative territory through 2020.

G4政策利率接近于零,美国除外。但随着美联储(fed)为应对全球经济增长崩溃而启动新一轮降息周期,全球政策利率似乎可能在2020年前进一步陷入负值区间。

瑞银别无选择,只能把负利率的痛苦转嫁给客户

The ECB and SNB have slammed rates into negative territory in recent years in hopes to stimulate domestic and regional growth by charging banks to deposit funds,rather than lending to consumers or businesses,Bloomberg noted.

彭博社指出,欧洲央行和瑞士央行近年来一直将利率降至负值,希望通过向银行收取存款费用,而不是向消费者或企业放贷,来刺激国内和地区经济增长。

Negative interest rates have been in an absolute disaster in Europe,with Germany teetering on the edge of a recession.

负利率在欧洲已经是一场绝对的灾难,德国正徘徊在经济衰退的边缘。

Though Trump on Twitter has been begging for negative rates for the last several months as the US economy grinds to halt in Q4.Trump could see negative rates,but it will be for all the wrong reasons,and then US banks will have to make the decision that European banks are currently going through,which is how to pass along negative rates to customers.

尽管特朗普在推特上乞求负利率已经有几个月了,因为美国经济在第四季度慢慢停滞。特朗普可能会看到负利率,但原因都是错误的,然后美国银行将不得不做出欧洲银行目前正在经历的决定,即如何将负利率传递给客户。

瑞银别无选择,只能把负利率的痛苦转嫁给客户

译文:美联储应该把我们的利率降到零或更低,然后我们应该开始为我们的债务再融资。

利息成本可能会大幅下降,同时大幅延长期限。我们有强大的货币、权力和资产负债表.....

The failure of monetary policy in Europe has pushed the region to a near recession with EU banking stocks down 13%on the year.

欧洲货币政策的失败已经将该地区推向了接近衰退的境地,欧盟银行股今年下跌了13%

And as UBS's Ermotti said in the interview,he has no other choice to pass through negative rates to clients,but at the moment,his bank will charge only wealthy clients.This means wealthy depositors will have to pay UBS to store their money in the bank.

正如瑞银的埃莫蒂在采访中所说,他别无选择,只能将负利率传递给客户,但目前,他的银行只向富有的客户收费。这意味着富有的储户将不得不向瑞银支付存款费用。

来源:

https://www.zerohedge.com/economics/ubs-has-no-choice-passing-negative-rate-pain-customers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

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  • 本文由 发表于 2019年11月23日11:15:12
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