First of all, we should establish a more "positive" way of thinking. The correct way is to look at their "official names" in the balance sheet and their logical relationship; See the relevant management measures and implementation rules. , understand the matters needing attention in doing business; Finally, look at the real situation in actual operation, that is, actual combat experience.
Interbank lending interbank deposits and interbank deposit certificates are juxtaposed, and interbank lending is a sub-item of interbank lending.
In the balance sheet, the accounts of the above business types belong to:
When we borrow money, it is recorded on the asset side:
Interbank lending is commonly known as "loan trade" and "credit lending" when we borrow money, which belongs to the "lending fund" subject of "investment" and belongs to the first-class subject (juxtaposed with transactional financial assets, available for sale, held to maturity, accounts receivable, repurchase and sales, etc. );
Inter-bank lending belongs to "inter-bank lending" under "lending funds" and belongs to secondary subjects;
Interbank deposits are commonly known as "interbank deposits" when we lend them, and belong to the subject of "interbank deposits";
Interbank certificates of deposit belong to "investment" subjects when we lend them, namely "trading financial assets", "available for sale financial assets" and "held-to-maturity financial assets".
When we integrate funds, bookkeeping is on the debtor's side:
Inter-bank lending We call it "inter-bank lending" and "credit lending", which belong to the subject of "borrowing funds" and belong to the first-class subject;
Inter-bank loans are generally not financed by borrowing in the banking system, but are generally directly indebted by inter-bank loans;
Interbank deposit is popularly called "interbank deposit" when we synthesize it, which belongs to the subject of "interbank and other financial institutions deposits" and belongs to the first-class subject.
Interbank deposit certificates belong to the subject of "bond issuance" when we integrate them.
Interbank lending is an unsecured financing behavior between financial institutions in the national interbank lending market through the national unified interbank lending network, that is, legal persons with redundant positions (or branches authorized by legal persons) borrow funds from financial institutions with short positions. Lenders need to give credit to borrowers, and different institutions have different credit management. Generally, they share the comprehensive credit line with depositors, and some will divide the comprehensive credit into various businesses.
Normative documents: Measures for the Administration of Interbank Lending (2007), Measures for the Administration of Interbank Financing of Commercial Banks (20 14), Notice on Regulating Interbank Business of Financial Institutions (127, 20 14), and Operating Rules of the National Interbank Lending Market (.
Duration: The longest loan period of different financial institutions is different, and the loan period depends on the longest lender. The longest term of policy banks, Chinese-funded commercial banks and their authorized first-tier branches, foreign-funded banks, Sino-foreign joint venture banks, urban credit cooperatives and rural credit cooperatives is 1 year; The longest term for financial asset management companies, leasing companies, auto financing companies and insurance companies is 3 months; The longest term of corporate finance companies, trust companies, securities companies and insurance asset management companies is 7 days.
Quantity: interbank lending of financial institutions is subject to quota management, and the lending limit is approved by the People's Bank of China and its branches according to the following principles: the maximum lending and lending limit of policy banks shall not exceed 8% of the outstanding financial bonds of the institution at the end of last year; Chinese-funded commercial banks, urban credit cooperatives and county-level rural credit cooperatives shall not exceed 8% of the deposit balance of their own institutions; Corporate finance companies, financial asset management companies, leasing companies, auto finance companies and insurance companies shall not exceed100% of the paid-in capital;
Interest calculation: Calculate interest with A360, refer to Shanghai Interbank Offered Rate (Shibor), and add or subtract points on this basis. At present, the release time of Shibor is 1 1:00.
Practical significance: In the past, the credit lending market was divided into on-site and off-site, that is, the two parties agreed on the transaction elements and signed contracts, and the funds were transferred offline to complete liquidation, and then reported to the relevant departments of the People's Bank of China. It is completed in the venue through the national unified interbank lending network, and the loan contract is automatically generated and the transaction is completed without additional filing. Because there are certain operational risks in the contract content and liquidation process, OTC trading has basically stopped now. At present, we believe that OTC lending generally refers to interbank lending business.
As a subclass of interbank lending, it is generally considered that commercial banks borrow funds from non-bank financial institutions outside the unified interbank lending network in China. It is different from lending in the definition of various transaction elements.
Normative document: Interim Measures for the Administration of RMB Interbank Lending (exposure draft, 2002), but many contents in this document are not very clear and comprehensive (such as participating institutions). ), Measures for the Administration of Interbank Financing of Commercial Banks (20 14) and Notice on Regulating Interbank Business of Financial Institutions (127, 206544).
Term: The term of interbank borrowing is 4 months to 3 years (including 3 years). Interbank lending can be extended once, and the longest extension period shall not exceed half of the original interbank lending period (but it shall not be extended according to document No. 127).
Quantity: According to the Interim Measures and the requirements of asset-liability ratio management of commercial banks, the scale of capital borrowing by both interbank borrowers is assessed. The ratio of the end-of-month balance of the borrower's interbank loan to the end-of-month balance of its total RMB liabilities shall not exceed 40%. In fact, because banking institutions lend to non-banks, they are mainly affected by credit granting, and Article 14 of DocumentNo.. 127 stipulates that "the net interbank lending funds of a single commercial bank to a single financial institution without settlement interbank deposits, after deducting assets with zero risk weight, shall not exceed 50% of the bank's Tier 1 capital".
Interest calculation: the interest rate level and interest calculation and settlement method of interbank loans shall be determined by both borrowers and borrowers through consultation. In addition to interest, the lender has the right to charge the borrower a certain percentage of the commitment fee, and the collection method of the commitment fee shall be agreed by both the lender and the borrower.
Practical significance: Because interbank lending is an over-the-counter transaction compared with interbank lending, both parties sign contracts privately, which is relatively more "personalized". In recent years, the most common business is that banking financial institutions lend money to financial leasing companies, auto financing companies and consumer finance companies. The mainstream term is 6 months to 1 year, while borrowers generally invest their money in assets with longer term, even as long as 3 to 5 years.
Inter-bank deposit business refers to the inter-bank deposit and withdrawal business of funds between financial institutions, in which depositors are only financial institutions qualified to absorb deposits. Interbank deposits are divided into settlement interbank deposits and non-settlement interbank deposits (investment and financing). There is a strict division between the two in the definition and use of accounts, and they cannot be used together in principle.
Clearing interbank deposit accounts are generally used for cash settlement, agency payment and other purposes. For example, under normal circumstances, bank branches need to open accounts in local banks and allocate some positions for daily cash deposit and withdrawal (if there are more customers who deposit cash that day, they will pay and send the cash to the People's Bank of China to become account positions; On the contrary, more customers come to withdraw money, so they go to the People's Bank to withdraw money. When some banks have little local business (or other reasons) and have not opened an account with the People's Bank of China, they can open settlement accounts with other banks, which can act as an intermediary agent for cash deposit and withdrawal; Or the head office is not connected to some specific payment and settlement systems (such as CIPS system for RMB cross-border payment), and needs to open settlement accounts on behalf of other banks.
The investment and financing account is used for reinvestment after financing (or to supplement the position gap where the previous investment assets are not due but the liabilities are due). Compared with lending, the "theoretical risk" of depositors in the liquidity crisis is lower. The former directly transfers the position to the account under the name of the counterparty institution, and the "ownership" of the position is transferred during the transaction, and the investor holds the creditor's right to the financial institution before the business deadline; The depository bank transfers the position to its own account with the same name opened in the other institution, and the "ownership" of the position has not been transferred. The financier only obtained the "right to use" of the position during this period. When there is a sudden liquidity situation, if the funds cannot be liquidated at maturity, the former is characterized as a business breach and the latter as a redemption crisis. More extreme, when banks face bankruptcy liquidation, the priority of liquidation is higher deposit priority, followed by debt.
Normative documents: Notice on Trial Insurance Company's Agreement Deposit (No.35 1 No.,1999), Administrative Measures for Interbank Financing of Commercial Banks (No.20 14), Notice on Regulating Interbank Business of Financial Institutions (127, 2009)
Conditions: If credit is needed, the lender needs to open an account with the acquiring institution, which must be a financial institution qualified to absorb deposits.
Interest: A360. Very flexible.
Term: Although there is no regulatory document specifically for interbank deposits, it is in Article 13 of DocumentNo.. 127 stipulates that "the longest term of other interbank financing business shall not exceed 1 year, and it shall not be extended after expiration".
Quantity: it is also limited by the document number 127, and it does not exceed 50% of Tier 1 capital within the credit scope.
Practical significance: Advantages: 1) Interest rate can deviate from the market; 2) More flexible term: Taking fund products as an example, interbank deposits can have an early withdrawal agreement, and deposits can be terminated under special circumstances such as large redemption of products, which is more flexible. 3) Break through the proportion of inter-bank liabilities: According to Article 14 of Document 127, the inter-bank financing balance of a single commercial bank shall not exceed one third of the total liabilities of the bank, which greatly limits the active liabilities of the bank. In the inter-bank deposit business, this restriction can be circumvented through insurance agreement deposit financing. According to the Notice on Trial Implementation of Insurance Company Agreement Deposit (No.35 1 No.,1999), an insurance company agreement deposit refers to a deposit whose interest rate is determined by both parties through negotiation, with a minimum amount of 3kw and a minimum term of 5 years. The deposits of insurance institutions in banking financial institutions are included in "general deposits" instead of "interbank deposits". After the release of document No.387 in 20 15, more options were selected: "From 20 15, the deposits of non-deposit financial institutions will be included in the deposit statistics, and the newly included deposits include securities and transaction settlement deposits, banking non-deposit deposits, SPV deposits, deposits of other financial institutions and deposits of overseas financial institutions".
Risk: Because there is no unified central trading network, there are a lot of peer-to-peer and inter-branch situations in inquiry negotiation, account opening, payment and settlement. Information is opaque and inconsistent, and it is very flexible in pricing and capital use, which also implies many risks. In recent years, in the process of opening an account and using the seal, many operational risks and moral hazard events have been exposed. Take opening an account as an example, according to the document number. 178, when a branch of the same bank opens an account for the first time, the face-to-face signing system is adopted, and two or more staff members of the bank and the legal representative of the bank (the person in charge of the unit) sign the account opening application form and the bank account management agreement, which requires a lot of manpower and material resources to take photos and videos.
Interbank certificates of deposit refer to book-entry time deposit certificates issued by deposit-taking financial institutions in the national interbank market, which is a money market tool.
Normative document: Interim Measures for the Administration of Interbank Deposit Certificates (20 13)
Conditions: Credit granting (especially some financial institutions can grant credit for investment, and the credit line of the other party will not be deducted after investment), the acquirer (issuer) must be a member of the market interest rate pricing self-discipline mechanism, and the lender (investor) is a member of the national interbank lending market, fund management companies and fund products.
Interest: The fixed interest rate (discounted issue) below 1 year is A365, and the floating interest rate for more than one year is A360.
Quantity: The circulation (stock) shall not exceed the annual issuance plan filed with the People's Bank of China.
Practical significance: Advantages: 1 Perfecting the pricing mechanism of money market: Before the development of interbank deposit certificates, Shibor was the main method for pricing interest rates in money market, and the quotation unit was several large banks with relatively high credit ratings. However, in practice, due to the limited number of institutions participating in the quotation, the interest rate guidance for small and medium-sized banks needs to be strengthened, which can not better reflect the real relationship between supply and demand in the market. The development of interbank deposit certificates is conducive to repairing Shibor, especially the pricing mechanism of medium and long-term Shibor, and is also an important help to promote the marketization of interest rates.
2. Increase active financing channels: For small and medium-sized banks, the stability and scale of general deposits are not as good as those of traditional large banks, so active liabilities are particularly important in the process of business development. The traditional active liabilities of commercial banks mainly rely on wholesale financing between banks, including the aforementioned credit lending (interbank lending) and interbank deposits. The development of interbank certificates of deposit broadens the active financing channels of banking institutions and enriches the diversity of liquidity management tools.
3. Reduce operating costs and risks: Due to the highly standardized process, the issuance of interbank certificates of deposit can also operate efficiently in the face of many counterparties in the market. This is a very realistic problem in the real operating environment of position management. For example, during the intensive period of centralized debt collection, a large amount of funds come and go every day, and there is great uncertainty in raising funds by means of deposit. Any accident from account opening to deposit account opening may lead to temporary changes in positions. Another practical problem is that the expenses earned by branches through business may not cover the travel costs.
4. Convenient supervision and statistics: Interbank certificates of deposit are managed in Shanghai Clearing House in a unified way, which is highly standardized in terms of announcement, issuance, payment registration, interest payment, etc., and also helps to improve the data collection, analysis and management capabilities of regulatory agencies on interbank certificates of deposit. Compared with traditional interbank deposits and other businesses, there are a large number of customized terms, such as "early withdrawal" and "abnormal transaction that seriously deviates from the market price", including "discrepancy between accounts and facts" in the bookkeeping process.
5. Do not occupy the scale of generalized credit: Compared with interest rate bonds and corporate credit bonds, banks do not occupy MPA's generalized credit when purchasing interbank deposit certificates. But this is the same as interbank lending and deposit (when the financing party is a banking institution).
6. Proportion of inter-bank liabilities: According to Circular No.387, some banks did not include certificates of deposit purchased by non-deposit financial institutions in the primary market in the proportion of inter-bank liabilities, and sometimes entrusted non-bank institutions to invest on their behalf after intermediary institutions raised bank funds. But the rationality and sustainability of this point are in doubt.
To sum up, interbank lending is the most traditional financial intermediary tool in financial institutions. On the asset side, it belongs to the category of "investment" (cash, deposits with the central bank, deposits with peers, precious metals, various loans, investments, etc.). ), and on the debt side, it belongs to the category of "borrowing funds" (parallel to borrowing from the central bank, depositing funds from peers and other financial institutions, trading financial liabilities, selling repurchased financial assets, and absorbing deposits. ). Interbank lending is a sub-category of interbank lending business, which is generally an investment and financing business signed through the OTC market (offline) and lent by banks to non-banks; Interbank deposits are divided into settlement and investment and financing. The latter is used to finance the reinvestment initiated by it. After OTC trading, the position is transferred to its own account opened in the other institution. There are many "personalized" contents in the contract, such as early withdrawal, which was the basis of "various games" in the interbank market 13 years ago. Interbank certificates of deposit are between interbank deposits and bond investment issuance in terms of debt initiation and investment (calculated from various regulatory indicators). They operate in a standard online way, with low cost, less risk and more stability. At present, various regulatory indicators have some policy dividends (similar to ABS), but there is also the possibility of adjustment in the future.
What does it mean for trust and investment companies to deposit inter-bank and loan trading business?
First of all, what is the same industry? This industry refers to the financial industry. Banks, state-owned enterprises, insurance, trust and financial leasing companies all belong to the same industry.
Let's talk about inherent assets first. Trust issues trust products in an individual or enterprise, and then investors subscribe. Such funds do not belong to the inherent assets of the trust, but the inherent assets are the available assets after the trust is established, reserves at all levels are paid and risk reserves are deposited.
Then, the trust company can use the available assets belonging to its own company to deposit the business scope of interbank, loan trade, loan, lease and investment.
What do you think interbank assets mean?
Inter-bank assets are an asset guarantee for bank financing, which can play a considerable role in the investment and transaction of the same asset. As a good bank, the proportion and share of interbank assets are also relatively large, so interbank assets need to be understood by ordinary people when they go to the bank to handle business, so that asset management can be easily obtained.
Inter-bank assets are not limited to commercial bank wealth management products, trust investment plans and securities investment funds, but the same investment scope also includes but is not limited to these. Of course, the investment style generally tends to be steady and flexible. After all, it is necessary for universities to apply them to customer experience, and so it is. As an independent form of financial management, interbank assets are relatively thin and are welcomed by users.
The understanding of interbank assets can be divided into two parts. The inter-bank business of commercial banks is mainly the business between commercial banks and other financial institutions. Only in this way can interbank assets be generated. Generally speaking, interbank assets can be divided into bond investment, trust management plan, fund management plan, insurance agreement and interbank payment. There are many commercial methods and special selectivity. On the one hand, the definition of non-standardized creditor's rights assets refers to creditor's rights assets that are not traded in the banking market or stock exchange, excluding a series of equity financing such as trust loan acceptance bills and letters of credit.
Inter-bank assets need to be regulated accordingly. After all, the property of bank wealth management products is operated and managed by an independent manager, custodian and own property. All the property obtained must be owned by the wealth management product manager of the commercial bank. Generally, custodian institutions cannot classify bank wealth management products and property as their own assets. In this case, it will be dissolved and revoked according to law. Remember that the property of bank wealth management products does not belong to its liquidation scope.
What is the use of interbank deposit, loan trade, loan, lease and investment for inherent assets?
This is a trust that uses inherent assets through interbank deposits, loan transactions, loans, leases and investments. According to relevant information, the contents of trust include fund trust, chattel trust, real estate trust, securities trust and other property or property rights trust. Trust, as the initiator of investment funds or fund management companies, is engaged in investment fund business, enterprise assets reorganization, merger and reorganization, project financing, enterprise wealth management, financial consultancy and other businesses. It is entrusted to operate securities underwriting business approved by relevant departments in the State Council, and handle intermediary, consulting and credit investigation business. Engaged in the business of custody and safe deposit box, using the inherent property through interbank deposit, loan transaction, loan, lease or investment, providing guarantee for others with the inherent property, engaging in interbank lending, other businesses stipulated by laws and regulations or approved by China Banking Regulatory Commission.
Can trust companies issue loans directly to securities companies? Or through the interbank lending market? What is the basis?
Trust companies can directly issue loans to securities companies, but the loans provided by trust companies to others shall not exceed 30% of the paid-in balance of all trust plans managed by them.
1. Basic functions of trust:
This is a property management function. Reflected in:
① extensiveness of management contents: all property, intangible assets and tangible assets; Natural persons, legal persons, other legally established organizations and countries.
② Specificity of management purpose: for the benefit of beneficiaries.
(3) Responsibility for management behavior: As long as it conforms to the provisions of the trust contract, the trustee will not bear any responsibility for losses; If losses are caused by the gross negligence of the trustee in violation of these regulations, the trustee shall be liable for compensation.
(4) Limitation of management mode: The trustee can only manage and dispose of the trust property according to the purpose of the trust, and cannot use the trust property at will according to his own needs.
2. Derivative functions of trust:
(1) The financial function is financing. Trust property mostly exists in the form of money. At the same time, in order to preserve and increase the value of trust property, trust and investment companies must derive financial functions.
② The function of communicating and coordinating economic relations. Namely, agency and consultation. Trust business has multilateral economic relations, and the trustee, as the intermediary between the principal and the beneficiary, is the natural bridge and link of horizontal economic ties. We can establish interactive relations with all commercial parties, provide reliable economic information and find investment places for customers' property, thus strengthening economic ties and communication. Including: witness, guarantee, agency, consultation and supervision functions.
③ Social investment function. Refers to the trustee's function of participating in social investment activities with the help of trust business, which is embodied in trust investment business and securities investment business.
(4) the function of serving social welfare undertakings. Refers to the trust industry can serve the clients who donate or fund social welfare undertakings to achieve their specific purposes and functions.
3. The role of the trust:
The role of trust is the result of trust, including:
(1) The role of financial management on behalf of customers broadens investors' investment channels.
Its characteristics are: first, economies of scale, scattered funds are cleverly collected by trusts and used by professional investment institutions for various financial instruments or industrial investments to realize asset appreciation; The second is expert management. The management of trust property is managed by experts in related industries. They have rich investment experience in the industry, master advanced financial management technology, and are good at capturing market opportunities, which provides an important guarantee for the appreciation of trust property.
(2) Gathering funds to serve the economy:
Because the trust system can effectively maintain and manage the owner's funds and property, it has strong fund-raising ability, creates a good financing environment for enterprises to raise funds, and more importantly, it can transform savings funds into production funds and effectively support the economy.
(3) the role of avoiding and dispersing risks:
Due to the independence of the trust property, there is no legal flaw in the establishment of the trust property, which can resist the litigation of the third party during the trust period and ensure that the trust property is not infringed, thus making the trust system have the risk avoidance function that other economic systems do not have.
④ Promoting the development and perfection of the financial system;
China's financial market has always been dominated by bank credit, which has institutional and structural defects and cannot meet the needs of society for property management and flexible financial services, while the trust system can meet these needs to the maximum extent with its unique advantages.
⑤ Develop social welfare undertakings and improve the role of social security system;
The establishment of various charitable trusts can support the development of science and technology, education, culture, sports, health and charity in China.
⑥ Trust system is beneficial to the construction of social credit system;
The establishment of credit system is the basis of market rules, and credit is the cornerstone of trust. As an economic system, trust is inseparable from the support of the principle of good faith. The return of the trust system not only promoted the development of the financial industry, but also played a positive role in the construction of the whole social credit system.