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2009年2月12日 (木)

米新金融安定策 動き出す不良資産買い取り

The Yomiuri Shimbun (Feb. 12, 2009)

Will U.S. 'bad bank' achieve its purpose?

米新金融安定策 動き出す不良資産買い取り(212日付・読売社説)

Amid the expanding global financial crisis, the U.S. government overhauled its planned rescue measures and announced a new bailout package.

 歯止めがかからない金融危機下、米国政府が対策を仕切り直しした。

The U.S. Congress, for its part, should pass a stimulus bill into law immediately. Washington should use all the financial and monetary policy tools at its disposal to prevent the financial crisis from escalating.

 米議会も、景気対策法案の成立を急ぐべきだ。財政と金融政策の両面から、危機の拡大を阻止する必要がある。

The pillar of the new financial stabilization plan U.S. Treasury Secretary Timothy Geithner announced Tuesday is the establishment of a "bad bank" under a partnership between the government and private sector to help financial institutions value their mortgage securities by buying the toxic assets that are weighing down their balance sheets. The program could support up to 1 trillion dollars, or 90 trillion yen, in such bad-debt purchases.

 ガイトナー米財務長官が発表した新たな金融安定化策のポイントは、官民合同で設立する「バッドバンク」だ。最大1兆ドル(約90兆円)まで、金融機関が抱える不良資産を買い取る。

By unyoking ailing financial institutions from their bad assets, the new bailout plan aims to encourage them to increase lending to companies and individuals, thus jump-starting the economy.

 不良資産を切り離すことで、金融機関が企業や個人向け融資を拡大するように促し、景気を下支えする狙いだ。

Under the plan, recapitalization of financial institutions with public funds will continue. The scale of a key U.S. Federal Reserve Board program lending to financial institutions, using securitized products and other financial instruments as collateral, will be expanded to 1 trillion dollars.

 公的資金注入による金融機関の資本増強も継続する。証券化商品などを担保に、米連邦準備制度理事会(FRB)が金融機関に融資する貸し渋り対策を、1兆ドル規模に拡大することも盛り込んだ。

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Real economy affected fast

The financial crisis has undermined the real economy faster than expected, rekindling financial instability. It is clear that measures taken by the administration of former U.S. President George W. Bush could not keep pace with the rapidly expanding crisis, and that the measures themselves were insufficient.

 金融危機は、実体経済を予想以上に急速に悪化させ、金融不安が再燃している。ブッシュ前政権の対策が危機拡大に追いつかず、不十分だったのは明らかだ。

If nothing is done, the damage incurred by financial institutions will snowball, aggravating the global recession.

 この状況を放置すれば、金融機関の損失の拡大が止まらず、世界不況に一段と拍車がかかる。

It was natural for the administration of U.S. President Barack Obama, which has grown increasingly concerned over the implications of the financial crisis, to review its initially planned measures.

 危機感を強めたオバマ政権が対策を見直したのは当然だろう。

The focus of attention now shifts to whether the envisaged bad bank will achieve its purpose. A solid institutional blueprint for its operation is needed.

 今後の課題は、「バッドバンク」をうまく機能させることができるかだ。運用面での確かな制度設計が求められる。

The U.S. government had considered establishing the body to purchase financial institutions' troubled assets using only public funds, but it later sought the cooperation of the private sector in the program.

 米国政府は当初、公的資金による不良資産の買い取り機関の設立案を検討したが、民間資金も活用する今回の案に修正した。

The 350 billion dollars of bailout cash allocated for rescuing ailing financial institutions that was part of a 700 billion dollars financial rescue plan using public funds unveiled in autumn will be insufficient to purchase the institutions' bad assets. The use of private sector money to establish the bad bank is, therefore, a last-ditch measure to lessen the financial burden on the U.S. government.

 金融安定化法の公的資金枠の残りの3500億ドルだけでは、買い取り資金をカバーできない。財政負担を軽くする苦肉の策だ。

But will it be possible to collect a huge sum of private sector money to buy up banks' bad debt? Also, it will be no easy task to appraise the purchasing price for such distressed securities.

 しかし、巨額の民間資金を集めることができるかどうか。不良資産の買い取り価格の算定も簡単ではない。

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More funds may be needed

It will cost more than 1 trillion dollars to purchase banks' bad assets. According to one estimate, U.S. financial institutions could be saddled with as much as 4 trillion dollars worth of toxic debt. The Obama administration inevitably will have to consider increasing the amount of public funds set aside for purchasing it.

 最大1兆ドルの買い取り規模ですら、十分とはいえない。米金融機関が抱える不良資産は、総額で約4兆ドルに上るという深刻な試算もある。公的資金枠の増額の検討が避けられないだろう。

Meanwhile, the U.S. Senate has finally passed an 838 billion dollars economic stimulus bill. The rescue package is bigger than the one that the House of Representatives earlier passed. The chambers should unify the bills immediately.

 一方、米議会上院は、ようやく景気対策法案を可決した。下院が可決済みの法案より、対策規模が膨らんでいる。上下両院は、法案の一本化を急ぐ必要がある。

At a press conference Monday, Obama warned that the economic crisis would turn into a "catastrophe" without immediate action.

 オバマ大統領は9日の記者会見で、「何もしなければ、経済危機は破局に至る」と警告した。

The key to ending the vicious circle that caused the financial crisis that started in the United States to trigger a global recession is an early revitalization of the U.S. economy. The speed with which recovery measures are implemented will now be put to the test.

 金融危機と世界不況の悪循環を食い止めるうえで要となるのは、米国経済の早期再生だ。対策のスピードが問われている。

(From The Yomiuri Shimbun, Feb. 12, 2009)

20092120134  読売新聞)

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