Innovation Lending Blocked &Nbsp; High Yield Financial Products Difficult To Continue

6 at the end of the month, the CBRC halted the entrusted loans of bank financial management funds and the lending rights of the investment trusts, and the pressure on the allocation of financial capital assets up to 2 trillion -3 trillion increased sharply.

"The profit has already been put out, if the two or three million dollars have been put out, the asset pool income has not improved, so we can only reduce the yield of financial products across the board."

The head of a joint-stock bank's financial management business said to this newspaper.

If we compare the "pool of funds" financial products to a simulated bank, the bank is already losing money, which means that the myth that the annualized yield of banks will reach 7%-8% can hardly be staged.

The new regulatory policy is actually banning bank financing funds from the credit market and returning to the bond market and money market. In these two markets, it is very difficult to obtain long-term and stable high returns.

"At the end of 6, SHIBOR had been higher than 7%, but now it has been down all the way. Therefore, it is not realistic to rely on the allocation of interbank deposits to get high returns."

A state-owned big bank financial management official said.

Highly preferred lending

After the introduction of the new rules on bank credit cooperation, banks have been thinking about lending in other ways.

Banks can not directly raise funds to finance loans by issuing financial products, so they find a trust. This is the cooperation between banks and letters that have been punitive regulation.

Banks raise funds for issuing financial products, entrust them with trust companies, and trust companies issue trust loans to clients designated by banks or purchase designated credit assets.

After the introduction of the new regulation on bank credit cooperation, the cooperation between banks and financing companies was blocked. The bank innovating along two paths. One is to continue to use the trust platform, to make use of the concept of the right to accept the trust, and the two is to abandon the trust platform and directly make the entrusted loan.

The former is the improvement of the traditional credit cooperation. The paction structure is: the Asset Management Co (or the financial company of the central enterprise) entrusts the funds to the trust company, which is used to issue a trust loan and get a "trust (receive) interest". Then, the bank financing fund buys the "right of acceptance" to the bank.

In this paction structure, the banks that receive loans are all sought out by the banks. The Asset Management Co (or the financial companies of the central enterprises) only earn a little fee. The essence is that the banks lend the loans through the trust companies. However, the banks themselves invest in the "trust" (rather than "credit") rather than the credit assets, and refuse to recognize that this is a cooperative financing letter.

The mode of entrusted loans is even more radical. For example, the financial funds raised by the head office directly entrust branches to lend money. A little covert practice is that the two banks are "down to the reverse", A bank financial funds are entrusted to the B bank to lend loans, the loan customers A banks specify, the B bank's financial capital is entrusted to the A bank to release loans, and the loan customer B Bank specifies.

But these two models have been stopped by the CBRC. The way of bank financing curve lending is temporarily blocked. The new mode has not been innovating. The financial management of banks has felt the pressure of asset allocation sharply.

Another source of pressure is the increasing demand for trust channels. After the implementation of the trust fund's net capital management measures, the bank's credit cooperative business occupies a high proportion of the net capital of the trust company, and the trust company pforms itself to manage the collective fund trust plan, and does not want to charge cheap hand renewal fees as a channel for banks.

High yield is hard to renew

In mid late 6, the annual yield of the super short-term financial products of the joint-stock banks reached seven or eight, partly due to the soaring interest rate.

As the central bank has repeatedly raised the deposit reserve ratio, the bank has a high deposit and loan ratio, and the funds are extremely tight.

Bank financing funds are entrusted to trust companies, and trust companies turn to high interest banks.

Another reason for high returns is that banks pull deposits through financial management. In the operation mode of "pool of assets pool", banks can easily manipulate the earnings of financial products.

Under the "pool of assets pool" mode, each financial product does not correspond to a specific asset portfolio, but is mixed in a large pool of funds. The pool of funds continuously flows into and out of the pool, corresponding to a dynamically adjusted asset pool.

Therefore, as long as the income paid to investors should not exceed the weighted average return of assets in the asset pool, the "pool of pool assets" can continue to operate.

The "pool of assets pool" runs all the year round, and there is a rolling profit, that is, the assets pool income exceeds the portion paid to investors.

With this fund, banks can adjust the earnings of financial products at will.

That is to say, when the market interest rate is high, the yield of bank financial products will be raised, and the income of the asset pool will not increase significantly. Then the bank will subsidize some of its rolling profits.

6 at the end of the month, the CBRC convened a meeting of the major commercial banks, halted the entrusted loans of financial funds and the lending curve of the investment trust benefit curve, narrowing the investment scope of the financial capital, and entering the July, the interbank deposit interest rate all the way down, resulting in the shrinking of the asset pool yield.

On the other hand, with the CPI rising and the market interest rate rising steeply, if the yield of a bank's financial product is lower than that of other banks, the financial capital will move quickly. Most banks have been releasing profits or reducing their management fees since July, and strive to maintain the high returns of financial products.

However, once the profit is released, there will be no room for reduction in management fees. Banks will be forced to reduce the yield of financial products across the board.

"In the current market situation, banks have been powerless, and they are gradually reducing the yield."

The head of the aforementioned state-owned financial management firm said.

Take the Construction Bank's profit bond financial products as an example, the thirty-first phase of its sale in June 28th was 21 days, with an annual yield of 4.50%, while the forty-fifth phase of the sale in August 16th was 14 days, with an annual yield of only 2.70%.