金融英语学习资料71 中英文对照

Brussels is set to ease flagship financial reforms so that big European banks are not automatically forced to split lending operations from risky trading.欧盟将放宽主要金融改革的要求，使欧洲各大银行不至于自动被迫分割放贷业务与高风险交易。

In a draft European Commission plan, seen by the Financial Times, the separation is no longer mandatory and would be less costly and restrictive than first envisaged. National supervisors are given wide discretion in applying the reforms.根据英国《金融时报》看到的一份欧盟委员会(European Commission)计划草案，这种分割将不再是强制性的，而且与最初的设想相比成本更低，限制更少。各国监督机构在推行改革方面将得到广泛的自由裁量权。

In a further twist, the commission adds its own “narrowly defined” version of the US Volcker rule, which outlaws proprietary trading. The ban applies to about 30 big banks, regardless of whether their deposit-taking part is fenced off.另一个变化是，欧盟委员会将添加禁止自营交易的美国沃尔克规则(Volcker rule)的“狭窄定义”版本。这项禁令将适用于大约30家大银行，无论其吸纳存款的部门是否得到圈护。

The proposals stem from the 2012 Liikanen report on the structure of banking. They are the finale to a welter of EU reform launched since the 2008 financial crisis, which has raised capital standards, introduced common rules to wind up failed lenders and launched a eurozone-based banking union.这些提议源于有关银行业结构的2012年利卡宁(Liikanen)报告。它们是2008年金融危机爆发后欧盟发起的大量改革的压轴戏，这些改革提高了资本金标准、就银行破产处置出台共同规则，还启动了欧元区银行业联盟。

While deliberations on Liikanen are continuing within the commission, early drafts suggest Michel Barnier, the EU commissioner responsible, is opting for a middle way between various international attempts to make bank structures safer and less complex to wind up.尽管欧盟委员会内部仍在继续斟酌利卡宁报告，但初版草案似乎表明，负责此事的欧盟专员米歇尔?巴尼耶(Michel Barnier)正选择在两方面的国际努力——一是使银行架构更安全，二是降低破产清算的复杂性——之间走一条中间道路。

The blueprint has emerged from a difficult 15-month Brussels effort to draw up a law to implement the review led by Finnish central banker Erkki Liikanen, whose most contentious findings were resisted by France, Germany and a host of European banks.为落实由芬兰央行行长埃尔基?利卡宁(Erkki Liikanen)挂帅的评估报告的各项建议，以形成法规，欧盟方面展开了持续15个月的艰苦努力，上述草案就是这一努力的成果。法国和德国方面以及欧洲很多银行均抵制评估报告中一些最具争议的结论。

Like recent reforms pursued in France and Germany, it allows a bank’s supervisor to decide whether certain trading poses a “systemic risk” that should be separated. This judgment would

be based on “metrics” designed by the European Banki ng Authority.就像法国和德国近期推行

的改革一样，草案允许相关银行的监督机构决定某些交易是否构成“系统性风险”，因而需

要分割。这一判断将采用由欧洲银行管理局(European Banking Authority)设计的衡量标准。

Supervisors will be able to force activities such as market making and buying and selling derivatives to be placed in a separately capitalised entity. The potential inclusion of market making is highly contentious and goes further than reforms planned by Paris and Berlin.监督机

构将能够强制银行将某些业务活动——如做市和买卖衍生品——置于一个有独立资本结构

的实体。将做市纳入此类活动的范畴是有高度争议性的，比巴黎和柏林规划的改革走得更远。

Supervisors would have the option to demand tougher standards. Alternative models for separation such as the UK Vickers reforms, which safeguard high-street banking and other “core” banking operations, would be permitted subject to Brussels approval.监督机构将拥有要求银

行遵守更严厉标准的选择权。分割的替代模式，如英国的维克斯(Vickers)改革（保障零售

银行业务和其它“核心”银行业务），在得到布鲁塞尔批准的情况下将是允许的。

The “Barnier rule” on proprietary trading prohibits activities for “the sole purpose of making a profit for own account without actual or anticipated client activity” – a narrow definition that goes beyond existing curbs planned in Europe.针对自营交易的“巴尼耶规则”(Barnier rule)禁

止“在没有实际或预期客户活动的情况下，纯粹以在自营账户上盈利为目的”的活动。这是

一个狭窄的定义，超越欧洲目前规划的限制。

Mr Barnier sees the reforms as necessary but tailored to avoid damage to the financing of the real economy and capital markets. But the revisions to Liikanen will be controversial.巴尼耶认

为这些改革是必要的，但需要经过精心设计，以免损害实体经济和资本市场的融资活动。但是，对利卡宁报告的建议作出修订将是有争议的。

Sven Giegold, a German Green MEP pressing for structural reforms, said the rules “risk having

no real effect on the banking sector apart from a dding bureaucracy”.提倡结构性改革、来自德国绿党的欧洲议会议员斯文?吉古德(Sven Giegold)表示，这些规则“有可能除了徒增官僚程

序之外，对银行业并不能产生实质影响”。