银行必须持有一定数量与表外业务对称的资本。 一般而言对于银行准备金要求活期存款部分因其流动性强而要求存入央行的准备比
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例较高目的是防止银行资产流动性不足或流动性危机的一种预防性措施
因此银行存入央行的准备金好比是一笔 现金资产准备 。
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而所谓 法定准备金的隐性税收 指的是如果银行不存入央行或少存入央行这笔 现金资产准备 银行就可利用这笔资金进行盈利性资
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产业务而获取资产收益由于法定准备不可动用相当于失去了这种盈利机会这种机会的丧失意味着是一种 隐性税收 8.Two common
formulas are: additive and multiplicative. The additive version of the variable-rate loan commitment stipulates a
borrowing rate that is an index rate at the time of takedown plus a fixed add-on. The less frequently used multiplicative
version stipulates a borrowing rate that is an index rate at the time of takedown times a constant. ——两个通用的公式是
附加法和倍乘法。浮动利率贷款承诺的附加法计算公式是以贷款执行时一个指标利率加上某一固定的附加利率得出贷款利率。相对
使 用较 少 的倍 乘 法用 贷 款执 行 时的 一 个指 标 利率 乘 以一 个 常数 得 出贷 款 利率 。 9.Relative to a fixed-rate commitment a
variable-rate commitment does not provide the customer protection against stochastic fluctuations in the index rate.
However as long as there is an element of fixing in the borrowing rate the commitment will have some insurance value
to the customer. In the prime-plus commitment the add-on is held fixed. ——与固定利率贷款承诺相比浮动利率贷款承诺没
有给客户提供防止指标利率随机波动的保护。然而只要存在着借款利率中的固定因素贷款承诺对于客户仍有某种保险价值。在基准
利率加附加利率的承诺中附加利率是固定不变的。 10.In both cases the customer’s commitment borrowing rate at the time
of commitment takedown may be lower than the spot rate it would have faced in the absence of the commitment.
Although a loan commitment obliges a bank to lend at a rate below the borrower’s spot rate the bank usually has some
latitude in determining whether or not to honor a commitment even in the case of the most formal agreement. This
latitude arises from the adoption of a material adverse change” MAC clause as part of the commitment covenants. ——
在上述两种情况下在承诺执行期客户获得的承诺借款利率有可能低于没有贷款承诺情况下可能面临的即期利率。尽管贷款承诺使银
行有义务以低于借款者的即期利率的利率提供贷款但银行通常有决定是否履行承诺的自由即使是在最正式的协议的情况下。这种自
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由源于在贷款承诺条款中采纳了 重大不利变化 条款。 11.What constitutes material deterioration can of course become a
legal issue should the denied customer decide to challenge the bank’s assessment through litigation. This clause does
however introduce an element of discretion into the loan commitment contract. ——当然什么情况构成重大恶化常成为一个
法律争端如果被拒绝的借款者决定通过法律诉讼向银行对其财务能力的评估提出抗辩的话。然而这一条款确实在贷款承诺协议中引
入了自由决策的因素。