????銀行通過多種手段為其活動(dòng)融資，涉及各種各樣的貨幣。對(duì)銀行來說，最穩(wěn)定的資金來源是普通股本，其次是儲(chǔ)戶通過支票和儲(chǔ)蓄賬戶存放于銀行的款項(xiàng)。但在歐洲，尤其是在法國(guó)，銀行的一大資金來源是貨幣市場(chǎng)基金、貨幣市場(chǎng)投資者和其他銀行提供的短期貸款。有些時(shí)候，這類短期融資每晚都會(huì)滾存，作為資金來源它是非常不穩(wěn)定的，極易引發(fā)動(dòng)蕩。法興銀行之所以成為歐洲最早出現(xiàn)股價(jià)大跌的銀行，原因之一可能就在于該行73%的債務(wù)都將于一年內(nèi)到期，這一比例超過了歐洲其他任何大型銀行。

????雷曼兄弟2008年的崩潰給全世界上了生動(dòng)的一課：依賴短期融資是極為危險(xiǎn)的。有謠言稱該行即將崩潰，交易員們紛紛撤回短期融資，幾天內(nèi)這家百年老店就真的破產(chǎn)了。同樣一出戲碼看起來正在歐洲重演，只不過這次是慢動(dòng)作。舉例來說，據(jù)德意志銀行（Deutsche Bank）的統(tǒng)計(jì)，在8月11日之前的三個(gè)月里，美國(guó)貨幣市場(chǎng)基金已將向法國(guó)銀行提供的資金減少了40%，這迫使法國(guó)銀行從歐洲央行（the European Central Bank）那里尋求美元貸款，以支持其在資本市場(chǎng)和融資方面的活動(dòng)，盡管這意味著必須承擔(dān)更高的利率。

????據(jù)巴克萊銀行（Barclays）統(tǒng)計(jì)，截至2010年底，法興銀行和法國(guó)農(nóng)業(yè)信貸銀行以美元計(jì)價(jià)的資產(chǎn)分別占到其總資產(chǎn)的19%和14%。根據(jù)規(guī)定，銀行一定比例的資產(chǎn)必須以現(xiàn)金和高流動(dòng)性證券形式持有，以在融資來源不足時(shí)保護(hù)自己，缺乏足夠美元正是可能引發(fā)此種資金問題的原因之一。

????周四，歐洲央行與美聯(lián)儲(chǔ)（the U.S. Federal Reserve）和其他幾大央行攜手采取行動(dòng)，宣布將把美元貸款的期限從七天延長(zhǎng)到三個(gè)月，這有助于防止法國(guó)銀行股繼續(xù)暴跌，但只是一種臨時(shí)性措施，以便給這些銀行留出充裕的時(shí)間，供其出售資產(chǎn)或籌集永久性資本。值得一提的是，貝爾斯登（Bear Sterns）公司于2008年春季破產(chǎn)之后，美聯(lián)儲(chǔ)向經(jīng)紀(jì)商和券商大開貼現(xiàn)窗口，投資者普遍認(rèn)為，這一舉措使所有美國(guó)銀行免受流動(dòng)性危機(jī)的困擾，但未能解決引發(fā)此種流動(dòng)性危機(jī)、導(dǎo)致貝爾斯登崩潰的根源：償付能力和信心問題。當(dāng)然，美聯(lián)儲(chǔ)貼現(xiàn)窗沒能拯救雷曼兄弟，歐洲央行的上述臨時(shí)性措施也無法挽救歐洲銀行——除非他們以資本打造一個(gè)強(qiáng)勁的緩沖帶。

????2008年以來，各大銀行已經(jīng)加厚了這一緩沖帶，即所謂的一級(jí)資本（Tier 1 capital），但法國(guó)銀行行動(dòng)緩慢，因此也就更容易受到短期融資波動(dòng)的影響。法國(guó)農(nóng)業(yè)信貸銀行這方面的表現(xiàn)是全歐大型銀行中最差的，2007年上半年其一級(jí)資本率為8.1%，到2011年上半年也只不過提高到了8.9%；同一期間，法興銀行將一級(jí)資本率從6.4%提高至9.3%，但仍徘徊在一級(jí)資本率最低的行列。相比之下，瑞士銀行巨頭瑞銀集團(tuán)（UBS）在同一期間將一級(jí)資本率從10.8%提高到了16.1%的高水平。

??? 一家銀行的一級(jí)資本率到底該有多高？這倒沒有什么通行的標(biāo)準(zhǔn)，關(guān)鍵是要足夠高，使投資者信賴銀行，相信它們能夠抵御未來出現(xiàn)的虧損。

緊急充實(shí)資本

????Banks fund their activities in many ways and through a myriad of currencies. The most reliable source of funding for a bank is common equity capital, followed by the money received from depositors through checking and savings accounts. But in Europe, especially in France, a large chunk of funding comes in the form of short-term loans from prime money funds, money market accounts and other banks. This short-term funding is rolled over nightly in some cases, making it an extremely unreliable and volatile source of funding. One reason Société Générale may be the first bank in Europe hit hard is because 73% of its total debt has maturities of less than one year, the highest ratio of any large bank in Europe.

????The Lehman collapse in 2008 showed the world how dangerous it was to depend on short-term funding. Rumors of the bank's imminent collapse caused dealers to pull their short-term funding and within days the bank was insolvent. A similar situation seems to be taking place in Europe, but in slow motion. For example, U.S. money market funds have cut their funding levels to French banks by 40% in the three months through August 11th, according to Deutsche Bank (DB). This has forced the French banks to take out U.S. dollar loans from the European Central Bank at a higher interest rate in order to have enough U.S. dollars to fund their capital markets and financing activities.

????Société Générale and Credit Agricole's U.S. dollar-denominated assets represent 19% and 14%, respectively, of their total balance sheet at the end of 2010, according to Barclays. Banks are required to hold a certain percentage of their assets in cash and other liquid securities to protect themselves from funding shortfalls that could be caused by not having enough dollars on hand.

????On Thursday the ECB, in coordination with the U.S. Federal Reserve and other central banks, said that it would extend maturities on its dollar loans from seven days to three months. This has helped to quell the violent downswing in French bank stocks, but it is only a temporary measure to give the banks enough time to sell assets and raise permanent capital. It should be noted that the Fed discount window was opened fully to broker dealers after Bear Sterns fell in the spring of 2008. It was widely believed that a liquidity crisis had been taken off the table for all U.S. banks, but it failed to address the root causes of the liquidity crisis that took Bear down to begin with: solvency and confidence. Of course, the Fed discount window was not enough to save Lehman Brothers and this temporary measure by the ECB won't save European banks either if they fail to build a strong capital buffer.

????Since 2008, banks have beefed up this buffer, known as Tier 1 capital, but the French banks have been slow to do so, making them more vulnerable to a short-term funding blip. Credit Agricole is the worst performer of the large banks in Europe in this regard, increasing its Tier 1 capital ratio from 8.1% in the first half of 2007 to just 8.9% in the first half of 2011. Société Générale has increased its Tier 1 ratio from 6.4% to 9.3% over the same period, but it remains at the bottom of the pack. In contrast, Suisse banking giant UBS has increased its Tier 1 ratio from 10.8% to a whopping 16.1% over the same period.

?? There is no magic number when it comes to the amount of Tier 1 capital a bank should hold. It just needs to be high enough in which investors feel confident that the bank can withstand future losses.

Urgent recapitalization