Lending intensity in February or flat in January, government financing into the final Carnival-3u8547

In February and January were flat or lending strength of government financing to the last time in February credit or government financing volume "the last Carnival" Yang Xiaoyan Yang Xiaoyan told reporters in Shanghai following the January 2 trillion and 500 billion new credit data released, the market began to focus on credit growth can be sustained. The evening of February 19th, the central bank said the public response, because the Spring Festival is not fixed, China in February 1, the data always fluctuates, the Spring Festival holiday this year as early as last year, credit demand more focused on January, 1-2 months will need a quarter as a whole. However, the twenty-first Century economic report reporter found that some banks in February is still full of horsepower lending. Among them, in addition to personal mortgage housing loans, the public sector, the government financing platform is still one of the main investment. It is worth mentioning that the notice of the Ministry of finance, Ministry of land and resources, the people’s Bank of China and CBRC in February 2nd jointly issued "on the issues related to regulate land reserves and fund management" (caizong 2016 No. 4), clearly various types of city investment companies and other institutions are not engaged in new land reserves, and since January 1, 2016, all are not allowed to borrow Bank loans for land reserves. This means that the city investment company will be less one land reserve credit endorsement proof, and the land reserve institutions financing will lose commercial property. With the continuous promotion of local debt replacement, the bank side of the "final Carnival", while also had to bear the throes of economic restructuring and adjustment. February lending strength or unchanged from January the central bank said on the evening of February 19th response, from 2016 onwards, the differential reserve dynamic adjustment of the desired loan management mechanism "upgrade" for macro Prudential assessment, the assessment to quarterly, the first assessment in the first quarter of this year after the implementation of. At the same time, the central bank will encourage and restrain the operation of the financial institutions according to the macro Prudential evaluation level of the financial institutions and the use of positive incentive mechanism. In this regard, the bank researcher Ma Kunpeng explained that the central bank overwhelmed by the new 2 trillion and 500 billion yuan loan in January did not mention any punitive measures, confirms its "central bank to 2 trillion and 500 billion at least acquiescence" judgment. With regard to bank credit in February, Ping An Securities believes that the strong growth of January may continue to some extent. CRE securities even said that most of the commercial banks in February of the new credit in January compared to the same period to speed up the process, and even some banks said in the survey, the current new RMB loans has more than half of the incremental new year 2015. According to the twenty-first Century economic report reporter micro survey, a number of bank branches to the twenty-first Century economic report reporter said, "and January is not very different."". "Enterprises are now in parity, because too many banks to find," there are East China joint-stock banks Branch Branch said, "the head office now encourage lending, and the past two years of policy is not the same, first of all, the price of internal funds obviously down."." And who is in the heavy volume, there are southwest city commercial personage said, according to what they know, theory

2月放贷强度或与1月持平 政府类融资步入最后狂欢   2月信贷或仍放量 政府类融资“最后的狂欢”   杨晓宴   本报记者 杨晓宴 上海报道   继1月新增2.5万亿天量信贷数据发布后,市场开始关注信贷增速能否持续。   2月19日晚间,央行公开回应称,因为春节假期不固定,我国1、2月份数据历来波动较大,今年春节假期早于去年,信贷需求更集中体现于1月份,需要将1-2月份乃至一季度作为一个整体来考察。   不过,21世纪经济报道记者调研发现,部分银行2月确实还在加足马力放贷。其中,除了个人按揭住房贷款,对公部分中,政府融资类平台仍是主要投向之一。   值得一提的是,财政部、国土资源部、中国人民银行和银监会于2月2日联合下发《关于规范土地储备和资金管理等相关问题的通知》(财综[2016]4号),明确各类城投公司等其他机构一律不再从事新增土地储备工作,且自2016年1月1日起,各地不得再向银行举借土地储备贷款。   这也就意味着,城投公司将再少一张土地储备的信用背书证明,而土地储备机构融资也将失去商业属性。随着地方债置换的不断推进,银行一边进行“最后的狂欢”,一边也不得不承受经济结构转型和调整的阵痛。   2月放贷强度或与1月持平   央行在2月19日晚间的回应中提到,从2016年起,将差别准备金动态调整 合意贷款管理机制“升级”为宏观审慎评估,该评估为按季进行,第一次评估将在今年一季度结束后实施。届时央行会根据各金融机构宏观审慎评估等级,运用正向激励机制对金融机构的经营行为加以激励和约束。   对此,银行研究员马鲲鹏解读称,央行此番对1月新增2.5万亿元贷款并未提到任何惩罚措施,印证了其“央行对2.5万亿至少是默许的”的判断。   对于银行2月的信贷投放,平安证券认为可能一定程度上延续1月的强劲增长。华创证券甚至表示,大部分商业银行在2月的新增信贷进程较1月同期加快,甚至有部分银行在调研中表示,目前新增人民币信贷量已超过2015年全年新增量的一半。   而根据21世纪经济报道记者的微观调研,多家银行的支行人士向21世纪经济报道记者表示“和1月差别不大”。   “企业现在都在比价,因为太多银行找了,”有华东地区股份制银行支行人士称,“总行现在鼓励放贷,和过去两年的政策不一样,首先就是内部资金的价格明显下来了。”   而对于究竟是谁在放量,有西南城商行人士表示,据其所知,小银行和往年相比并没有突然加大信贷投放量。“对小行来说,不会有太大作为,流动性摆在那,使用宏观审慎评估监管体系,资产全部计到表里之后,我们很难马上就放量,”该人士分析称,“最主要应该还是股份制银行和上规模的区域性银行,他们有一个很大的动力,就是通过提高信贷规模,降低不良率。”该说法也得到某风格较为激进的股份行人士认可。   有华东城商行人士则表示:“还是1月老套路的延续。经济没有好转,实体经济缺钱但风险确实高,去产能任重道远,银行为了用量补价,投个人住房相对稳健,投平台短期效益明显,反之投实体难以承受风险,也是不得已而为之。”   央行此次回应也公开表示,央行宏观审慎评估不单纯考察某一个月的数据。尤其是因为春节假期不固定,我国1、2月份数据历来波动较大,今年春节假期早于去年,信贷需求更集中体现于1月份,需要将1-2月份乃至一季度作为一个整体来考察。   央行表示,宏观审慎评估也不是单纯关注狭义贷款,还要看广义信贷,并从资本和杠杆、资产负债、流动性、定价行为、资产质量、跨境融资风险、信贷政策执行情况等多维度考察并引导金融机构的行为。   有华东城商行对公业务人士即预判,银行3月放贷会有所收敛。该人士表示:“宏观审慎管理(MPA)今年第一次施行,一季度后将会出考核结果,对各银行将会给出差别化的准备金率,这可是真枪实弹的。”   地方债置换下的政府类融资   多名银行受访者亦表示,2016年开年的资产争夺中,政府类融资项目仍然是“香饽饽”。   西部省份一位县级城投公司负责人曾对21世纪经济报道表示:“和去年1月份完全不一样,银行现在是追着我们贷款。”另有西南城商行人士表示,“现在银行圈内基本共识,还是政府项目安全。”   “政府平台普遍都是几个亿放在账上,重庆的政府平台借款成本基本都在7%以下”,另有重庆融资平台公司人士透露,“钱多得用不了,不仅是市级政府,区县级也一样。”   西南地区融资平台项目的资金,还有部分来自资金洼地上海。   据央行上海总部公开的数据报告,1月上海地区新增贷款中,融资租赁是主要投向之一。而其中有一部分,融资租赁公司是银行资金流向异地政府平台项目的通道。有上海银行业人士告诉21世纪经济报道记者,上海资金较多对接东北三省,云南、贵州等西南地区的平台类项目。   前述西南城商行人士向21世纪经济报道记者表示,由于一些评级不太高的地方政府较难发债,又无法全部以银行贷款融资,会配合一些其他的表外融资,比如信托计划和资管计划等,融资利率比贷款利率稍高。   该人士还介绍道,目前出现一种现象,政府平台对融资规模的要求高于利率。“比如,如果他们有上百亿的融资需求,那一家银行利率可以下浮基准10%-20%,但不能提供全额;一家上浮基准10%,但可以覆盖所有规模,政府平台往往会选择后者。”   地方债置换持续推进,或也可理解为银行疯狂抢夺最后机会的原因。   根据2月初刚刚下发的财综[2016]4号文,对清理甄别后认定为地方政府债务的截至2014年12月31日的存量土地储备贷款,应纳入政府性基金预算管理,偿债资金通过政府性基金预算统筹安排,并逐步发行地方政府债券予以置换。   另外,该通知还明确各类城投公司等其他机构一律不再从事新增土地储备工作。这也就意味着,城投公司将再少一张土地储备的信用背书证明。   一名不愿具名的银行分析师指出,目前,地方债置换已经传递出一个明显信号,即只要是国家债务肯定还,而且资质越差的要越早。也正是因此,地方政府债务不论现金流如何,信用评级在AAA+的,出现了银行求着城投贷款的现象。   伴随着最后的狂欢的,也有银行在整个经济结构转型和调整过程中必须承受的痛。   某小型银行高层向21世纪经济报道记者透露,去年总计十几、二十亿元的利润,因为一笔50亿元的地方债置换,损失了近1亿元。   其向21世纪经济报道记者列了这样一些数字。本来平台贷款的利率在5%左右,置换成债以后,地方政府发债利率低至3.4%左右。而从同业拆借市场拆借的资金成本就在4%以上。   “就这样一置换,我损失了大概200BP。而这样的置换,要经历五到十年。”该人士表示。   (本报记者谢水旺、闫沁波对本文亦有贡献) 进入【新浪财经股吧】讨论相关的主题文章: