First of all, we should establish a more "positive" way of thinking. The correct way is to look at their "official names" in the balance sheet and their logical relationship; See the relevant management measures and implementation rules. , understand the matters needing attention in doing business; Finally, look at the real situation in actual operation, that is, actual combat experience.
Interbank lending interbank deposits and interbank deposit certificates are juxtaposed, and interbank lending is a sub-item of interbank lending.
In the balance sheet, the accounts of the above business types belong to:
When we borrow money, it is recorded on the asset side:
Interbank lending is commonly known as "loan trade" and "credit lending" when we borrow money, which belongs to the "lending fund" subject of "investment" and belongs to the first-class subject (juxtaposed with transactional financial assets, available for sale, held to maturity, accounts receivable, repurchase and sales, etc. );
Inter-bank lending belongs to "inter-bank lending" under "lending funds" and belongs to secondary subjects;
Interbank deposits are commonly known as "interbank deposits" when we lend them, and belong to the subject of "interbank deposits";
Interbank certificates of deposit belong to "investment" subjects when we lend them, namely "trading financial assets", "available for sale financial assets" and "held-to-maturity financial assets".
When we integrate funds, bookkeeping is on the debtor's side:
Inter-bank lending We call it "inter-bank lending" and "credit lending", which belong to the subject of "borrowing funds" and belong to the first-class subject;
Inter-bank loans are generally not financed by borrowing in the banking system, but are generally directly indebted by inter-bank loans;
Interbank deposit is popularly called "interbank deposit" when we synthesize it, which belongs to the subject of "interbank and other financial institutions deposits" and belongs to the first-class subject.
Interbank deposit certificates belong to the subject of "bond issuance" when we integrate them.
Interbank lending is an unsecured financing behavior between financial institutions in the national interbank lending market through the national unified interbank lending network, that is, legal persons with redundant positions (or branches authorized by legal persons) borrow funds from financial institutions with short positions. Lenders need to give credit to borrowers, and different institutions have different credit management. Generally, they share the comprehensive credit line with the depository industry, and some will divide the comprehensive credit into various businesses.
Normative documents: Measures for the Administration of Interbank Lending (2007), Measures for the Administration of Interbank Financing of Commercial Banks (20 14), Notice on Regulating Interbank Business of Financial Institutions (127, 20 14), and Operating Rules of the National Interbank Lending Market (.
Duration: The longest loan period of different financial institutions is different, and the loan period depends on the longest lender. The longest term of policy banks, Chinese-funded commercial banks and their authorized first-tier branches, foreign-funded banks, Sino-foreign joint venture banks, urban credit cooperatives and rural credit cooperatives is 1 year; The longest term for financial asset management companies, leasing companies, auto financing companies and insurance companies is 3 months; The longest term of corporate finance companies, trust companies, securities companies and insurance asset management companies is 7 days.
Quantity: interbank lending of financial institutions is subject to quota management, and the lending limit is approved by the People's Bank of China and its branches according to the following principles: the maximum lending and lending limit of policy banks shall not exceed 8% of the outstanding financial bonds of the institution at the end of last year; Chinese-funded commercial banks, urban credit cooperatives and county-level rural credit cooperatives shall not exceed 8% of the deposit balance of their own institutions; Corporate finance companies, financial asset management companies, leasing companies, auto finance companies and insurance companies shall not exceed100% of the paid-in capital;
Interest calculation: Calculate interest with A360, refer to Shanghai Interbank Offered Rate (Shibor), and add or subtract points on this basis. At present, the release time of Shibor is 1 1:00.
Practical significance: In the past, the credit lending market was divided into on-site and off-site, that is, the two parties agreed on the transaction elements and signed contracts, and the funds were transferred offline to complete liquidation, and then reported to the relevant departments of the People's Bank of China. It is completed in the venue through the national unified interbank lending network, and the loan contract is automatically generated and the transaction is completed without additional filing. Because there are certain operational risks in the contract content and liquidation process, OTC trading has basically stopped now. At present, we believe that OTC lending generally refers to interbank lending business.
As a subclass of interbank lending, it is generally considered that commercial banks borrow funds from non-bank financial institutions outside the unified interbank lending network in China. It is different from lending in the definition of various transaction elements.
Normative document: Interim Measures for the Administration of RMB Interbank Lending (exposure draft, 2002), but many contents in this document are not very clear and comprehensive (such as participating institutions). ), Measures for the Administration of Interbank Financing of Commercial Banks (20 14) and Notice on Regulating Interbank Business of Financial Institutions (127, 206544).
Term: The term of interbank borrowing is 4 months to 3 years (including 3 years). Interbank lending can be extended once, and the longest extension period shall not exceed half of the original interbank lending period (but it shall not be extended according to document No. 127).
Quantity: According to the Interim Measures and the requirements of asset-liability ratio management of commercial banks, the scale of capital borrowing by both interbank borrowers is assessed. The ratio of the end-of-month balance of the borrower's interbank loan to the end-of-month balance of its total RMB liabilities shall not exceed 40%. In fact, because banking institutions lend to non-banks, they are mainly affected by credit granting, and Article 14 of DocumentNo.. 127 stipulates that "the net interbank lending funds of a single commercial bank to a single financial institution without settlement interbank deposits, after deducting assets with zero risk weight, shall not exceed 50% of the bank's Tier 1 capital".
Interest calculation: the interest rate level and interest calculation and settlement method of interbank loans shall be determined by both borrowers and borrowers through consultation. In addition to interest, the lender has the right to charge the borrower a certain percentage of the commitment fee, and the collection method of the commitment fee shall be agreed by both the lender and the borrower.
Practical significance: Because interbank lending is an over-the-counter transaction compared with interbank lending, both parties sign contracts privately, which is relatively more "personalized". In recent years, the most common business is that banking financial institutions lend money to financial leasing companies, auto financing companies and consumer finance companies. The mainstream term is 6 months to 1 year, while borrowers generally invest their money in assets with longer term, even as long as 3 to 5 years.
Inter-bank deposit business refers to the inter-bank deposit and withdrawal business of funds between financial institutions, in which depositors are only financial institutions qualified to absorb deposits. Interbank deposits are divided into settlement interbank deposits and non-settlement interbank deposits (investment and financing). There is a strict division between the two in the definition and use of accounts, and they cannot be used together in principle.
Clearing interbank deposit accounts are generally used for cash settlement, agency payment and other purposes. For example, under normal circumstances, bank branches need to open accounts in local banks and allocate some positions for daily cash deposit and withdrawal (if there are more customers who deposit cash that day, they will pay and send the cash to the People's Bank of China to become account positions; On the contrary, more customers come to withdraw money, so they go to the People's Bank to withdraw money. When some banks have little local business (or other reasons) and have not opened an account with the People's Bank of China, they can open settlement accounts with other banks, which can act as an intermediary agent for cash deposit and withdrawal; Or the head office is not connected to some specific payment and settlement systems (such as CIPS system for RMB cross-border payment), and needs to open settlement accounts on behalf of other banks.
The investment and financing account is used for reinvestment after financing (or to supplement the position gap where the previous investment assets are not due but the liabilities are due). Compared with lending, the "theoretical risk" of depositors in the liquidity crisis is lower. The former directly transfers the position to the account under the name of the counterparty institution, and the "ownership" of the position is transferred during the transaction, and the investor holds the creditor's right to the financial institution before the business deadline; The depository bank transfers the position to its own account with the same name opened in the other institution, and the "ownership" of the position has not been transferred. The financier only obtained the "right to use" of the position during this period. When there is a sudden liquidity situation, if the funds cannot be liquidated at maturity, the former is characterized as a business breach and the latter as a redemption crisis. More extreme, when banks face bankruptcy liquidation, the priority of liquidation is higher deposit priority, followed by debt.
Normative documents: Notice on Trial Insurance Company's Agreement Deposit (No.35 1 No.,1999), Administrative Measures for Interbank Financing of Commercial Banks (No.20 14), Notice on Regulating Interbank Business of Financial Institutions (127, 2009)
Conditions: If credit is needed, the lender needs to open an account with the acquiring institution, which must be a financial institution qualified to absorb deposits.
Interest: A360. Very flexible.
Term: Although there is no regulatory document specifically for interbank deposits, it is in Article 13 of DocumentNo.. 127 stipulates that "the longest term of other interbank financing business shall not exceed 1 year, and it shall not be extended after expiration".
Quantity: it is also limited by the document number 127, and it does not exceed 50% of Tier 1 capital within the credit scope.
Practical significance: Advantages: 1) Interest rate can deviate from the market; 2) More flexible term: Taking fund products as an example, interbank deposits can have an early withdrawal agreement, and deposits can be terminated under special circumstances such as large redemption of products, which is more flexible. 3) Break through the proportion of inter-bank liabilities: According to Article 14 of Document 127, the inter-bank financing balance of a single commercial bank shall not exceed one third of the total liabilities of the bank, which greatly limits the active liabilities of the bank. In the inter-bank deposit business, this restriction can be circumvented through insurance agreement deposit financing. According to the Notice on Trial Implementation of Insurance Company Agreement Deposit (No.35 1 No.,1999), an insurance company agreement deposit refers to a deposit whose interest rate is determined by both parties through negotiation, with a minimum amount of 3kw and a minimum term of 5 years. The deposits of insurance institutions in banking financial institutions are included in "general deposits" instead of "interbank deposits". After the release of document No.387 in 20 15, more options were selected: "From 20 15, the deposits of non-deposit financial institutions will be included in the deposit statistics, and the newly included deposits include securities and transaction settlement deposits, banking non-deposit deposits, SPV deposits, deposits of other financial institutions and deposits of overseas financial institutions".
Risk: Because there is no unified central trading network, there are a lot of peer-to-peer and inter-branch situations in inquiry negotiation, account opening, payment and settlement. Information is opaque and inconsistent, and it is very flexible in pricing and capital use, which also implies many risks. In recent years, in the process of opening an account and using the seal, many operational risks and moral hazard events have been exposed. Taking account opening as an example, according to document 178, when opening an account for the first time, a branch of the same bank needs to adopt face-to-face signing system. It takes a lot of manpower and material resources for more than two staff members of the bank to watch the application form for opening an account and the bank account management agreement signed by the legal representative of the bank (the person in charge of the unit) and take photos and videos.
Interbank certificates of deposit refer to book-entry time deposit certificates issued by deposit-taking financial institutions in the national interbank market, which is a money market tool.
Normative document: Interim Measures for the Administration of Interbank Deposit Certificates (20 13)
Conditions: Credit granting (especially some financial institutions can grant credit for investment, and the credit line of the other party will not be deducted after investment), the acquirer (issuer) must be a member of the market interest rate pricing self-discipline mechanism, and the lender (investor) is a member of the national interbank lending market, fund management companies and fund products.
Interest: The fixed interest rate (discounted issue) below 1 year is A365, and the floating interest rate for more than one year is A360.
Quantity: The circulation (stock) shall not exceed the annual issuance plan filed with the People's Bank of China.
Practical significance: Advantages: 1 Perfecting the pricing mechanism of money market: Before the development of interbank deposit certificates, Shibor was the main method for pricing interest rates in money market, and the quotation unit was several large banks with relatively high credit ratings. However, in practice, due to the limited number of institutions participating in the quotation, the interest rate guidance for small and medium-sized banks needs to be strengthened, which can not better reflect the real relationship between supply and demand in the market. The development of interbank deposit certificates is conducive to repairing Shibor, especially the pricing mechanism of medium and long-term Shibor, and is also an important help to promote the marketization of interest rates.
2. Increase active financing channels: For small and medium-sized banks, the stability and scale of general deposits are not as good as those of traditional large banks, so active liabilities are particularly important in the process of business development. The traditional active liabilities of commercial banks mainly rely on wholesale financing between banks, including the aforementioned credit lending (interbank lending) and interbank deposits. The development of interbank certificates of deposit broadens the active financing channels of banking institutions and enriches the diversity of liquidity management tools.
3. Reduce operating costs and risks: Due to the highly standardized process, the issuance of interbank certificates of deposit can also operate efficiently in the face of many counterparties in the market. This is a very realistic problem in the real operating environment of position management. For example, during the intensive period of centralized debt collection, a large amount of funds come and go every day, and there is great uncertainty in raising funds by means of deposit. Any accident from account opening to deposit account opening may lead to temporary changes in positions. Another practical problem is that the expenses earned by branches through business may not cover the travel costs.
4. Convenient supervision and statistics: Interbank certificates of deposit are managed in Shanghai Clearing House in a unified way, which is highly standardized in terms of announcement, issuance, payment registration, interest payment, etc., and also helps to improve the data collection, analysis and management capabilities of regulatory agencies on interbank certificates of deposit. Compared with traditional interbank deposits and other businesses, there are a large number of customized terms, such as "early withdrawal" and "abnormal transaction that seriously deviates from the market price", including "discrepancy between accounts and facts" in the bookkeeping process.
5. Do not occupy the scale of generalized credit: Compared with interest rate bonds and corporate credit bonds, banks do not occupy MPA's generalized credit when purchasing interbank deposit certificates. But this is the same as interbank lending and deposit (when the financing party is a banking institution).
6. Proportion of inter-bank liabilities: According to Circular No.387, some banks did not include certificates of deposit purchased by non-deposit financial institutions in the primary market in the proportion of inter-bank liabilities, and sometimes entrusted non-bank institutions to invest on their behalf after intermediary institutions raised bank funds. But the rationality and sustainability of this point are in doubt.
To sum up, interbank lending is the most traditional financial intermediary tool in financial institutions. On the asset side, it belongs to the category of "investment" (cash, deposits with the central bank, deposits with peers, precious metals, various loans, investments, etc.). ), and on the debt side, it belongs to the category of "borrowing funds" (parallel to borrowing from the central bank, depositing funds from peers and other financial institutions, trading financial liabilities, selling repurchased financial assets, and absorbing deposits. ). Interbank lending is a sub-category of interbank lending business, which is generally an investment and financing business signed through the OTC market (offline) and lent by banks to non-banks; Interbank deposits are divided into settlement and investment and financing. The latter is used to finance the reinvestment initiated by it. After OTC trading, the position is transferred to its own account opened in the other institution. There are many "personalized" contents in the contract, such as early withdrawal, which was the basis of "various games" in the interbank market 13 years ago. Interbank certificates of deposit are between interbank deposits and bond investment issuance in terms of debt initiation and investment (calculated from various regulatory indicators). They operate in a standard online way, with low cost, less risk and more stability. At present, various regulatory indicators have some policy dividends (similar to ABS), but there is also the possibility of adjustment in the future.
What's the difference between interbank lending and interbank deposit and loan? What exactly is lending?
Interbank lending and interbank deposit and loan are two concepts. Although they are not exactly the same in definition, there are many similarities between them. Especially in terms of loans, these two terms are also closely related. As far as loans are concerned, interbank lending generally provides borrowers with short-term capital supply, while interbank deposits and loans can alleviate their liquidity pressure by providing funds to other banks. Therefore, for lending institutions, there must be enough flexibility in dealing with these two issues.
As for business rules, due to the different infrastructure of financial markets and the different risk preferences of market participants in business operations, there is usually no real mutual lending relationship and loan contract between financial institutions. However, we can see that when similar interbank lending activities occur, banks or non-bank financial institutions can use their own securities or stocks as collateral for financing.
1. Interbank lending
The essence of interbank lending is credit, which is an integral part of interbank financing and debt business. It is also a kind of lending behavior, which means that borrowers obtain certain liquidity through the source and use of their funds. At the same time, it is also a kind of capital flow, which makes the money market and credit market exist between different money markets. If there is a lending relationship between financial institutions, we can also see that there is a certain relationship between market interest rate and market risk premium.
Because market interest rate has a great influence on the formation of capital market interest rate, market interest rate has become one of the important factors affecting capital market interest rate. If the loan enterprises can't get higher returns or the market liquidity is poor, they need to find other securities that can provide financial support to make up for the unstable cash flow caused by their investment losses, and interbank lending is just to solve this problem.
2. Interbank deposits and loans
For interbank deposits and loans, banks don't really want to lend money to each other, but to avoid the adverse effects of interbank lending. At the same time, interbank lending also helps to ease the liquidity pressure of banks. Although interbank lending usually occurs when the capital chain is tight, in the long run, it will help alleviate the situation of tight capital in the case of tight capital liquidity. However, due to a large number of unlisted enterprises in the market, listed companies often lack stable business partners, so there may be insufficient loan lines to some extent. Once this happens, lending institutions can provide short-term loans to other banks to ease their liquidity pressure.
From this perspective, interbank deposits and loans can be regarded as a problem that lending institutions borrow from other lending institutions to supplement their liquidity. However, in view of the spread income of this business itself and its complicated and direct relationship with the loan interest rate, this business is regarded by some economists as including venture capital income in the spread income. Therefore, in practice, interest rate pricing is usually adopted for interbank deposits and loans, and the interest rate level is adjusted according to the deposit and loan situation.
What is interbank lending? What is the difference between interbank lending and interbank lending?
Interbank lending refers to interbank RMB lending between commercial banks for 4 months to 3 years (including 3 years), which is a common financial tool for foreign financial institutions to raise RMB funds.
Difference:
1. Interbank lending and interbank lending are inclusive: the main form of interbank lending is interbank lending. In addition, there are refinancing and refinancing. Specifically, it includes three forms: interbank lending, refinancing and refinancing.
2. Time limit:
(1) Interbank lending is a short-term loan between banks, which is mainly used for temporary position adjustment and daily use. This kind of borrowing usually lasts for one day, so it is called "today's currency". The interbank lending rate is low, and the financing object, amount and time are flexible.
(2) China's interbank lending is divided into interbank position lending within 7 days (including 7 days) and interbank short-term lending within 7 days to 4 months (including 4 months).
(3) Interbank lending refers to RMB interbank lending between commercial banks for 4 months to 3 years (including 3 years).
Extended data
I. Use of interbank loans
1. In order to make up for the shortage of statutory deposit reserve, most of these loans are daily loans.
2. In order to meet the seasonal capital demand of banks, it is generally necessary to carry out it through the interbank lending market. Interbank lending is more flexible and simpler than borrowing from the central bank.
Second, the history of interbank lending.
1, China's interbank lending market began with the reform of credit fund management system in 1984. 65438-0986 The establishment of local interbank markets and swap centers in some cities was only a pilot at that time, and it was promoted nationwide after success.
2. China unified interbank lending trading system was put into trial operation on June 3rd 1996, and officially opened in June of the same year. The system is divided into two trading networks: the first level and the second level. The trading entities entering the primary network are the head offices of commercial banks with independent legal personality approved by the People's Bank of China, as well as financing centers in various provinces, autonomous regions and municipalities and cities with separate plans, including 20 commercial banks and 35 financing centers.
3. It uses the computer network in China for trading. The secondary network is led by 35 financing centers established by the branches of the People's Bank of China in various provinces and cities, and the transaction subject is the branches authorized by the head office of commercial banks.
4. Financial trust and investment companies, cooperative banks, urban and rural credit cooperatives, financial leasing companies, enterprise group finance companies and insurance companies that have opened accounts in the local people's bank (they can only be dismantled, but not dismantled) continue to receive quotations from financial institutions in the province through the financing center, constantly balancing on the spot.
5. In the case that the local market cannot be balanced, report the balance to the first-level outlets, and report all transaction information such as trading banks, quantity, term and interest rate to the first-level outlets. At the same time, the quotation of the primary network will be transmitted to the provincial institutions, and the loan interest rates of the primary network and the secondary network will be kept roughly the same.
Three, the other two forms of interbank loans are mortgage loans and cash loans.
1. Mortgage loan means that a commercial bank applies for a mortgage loan from its peers when it is in temporary difficulties. As collateral is mostly submitted by industrial and commercial customers of banks to borrow mortgage loans, such loans are called "re-mortgage".
2. The rediscount loan is similar to the former, except that the unexpired bills received by the bank for customers are resold to the peers instead of paying the collateral.
3. In view of the strict control of the latter two types of loans by the financial authorities, and the accumulation of these two types of loans is easily linked with the deterioration of bank operation and self-confidence, banks rarely use these two types of loans.
Four, there are two kinds of interest rates in the interbank lending market, the interest rate refers to the interest rate that financial institutions are willing to lend; The loan interest rate indicates the interest rate you are willing to lend.
1. For direct transactions, the loan interest rate shall be determined by both parties through direct negotiation; In the case of indirect transactions, the loan interest rate is determined by public bidding or intermediary agencies according to the supply and demand relationship of borrowing funds. After the loan interest rate is determined, both parties to the loan transaction can only be the recipients of this established interest rate level.
2. At present, there are four representative interbank lending rates in the international money market: US Federal Funds Rate, London Interbank Offered Rate (LIBOR), Singapore Interbank Offered Rate and Hong Kong Interbank Offered Rate.
3. Interbank Offered Rate is the capital price in the lending market, the core interest rate in the money market and the representative interest rate in the whole financial market. It can timely, sensitively and accurately reflect the short-term capital supply and demand relationship in the money market and even the whole financial market.
4. When the interbank lending rate continues to rise, it reflects that the demand for funds is greater than the supply, which indicates that the market liquidity may decline. When the interbank lending rate drops, the situation is just the opposite.