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Steadily promote securitization of credit assets

actively explores asset securitization, accelerate the joining and fusion of the credit and capital markets, to promote the development of capital markets, expand macro-financial control space, improve the pricing mechanism of the market, improve the efficiency of the allocation of financial resources, and divert an excessive concentration in the banking system of financial risk, maintaining financial security is of great significance. The past two years, to counter the international financial crisis, supporting the economic recovery picked up assets of China's banking industry risk increasing scale, longer-term loans surge pressure of capital adequacy ratio significantly increased, pose serious challenges to long-term stable operation of commercial banks. Through securitization of credit assets will not only benefit commercial banks to adjust credit structure, resolve the contradiction of rapid expansion of risky assets, enhancing the liquidity of bank credit and ability to resist risks, and reduce the capital tie-up, raising capital adequacy ratios, to banks to keep credit growth, and promote the steady growth of the national economy. In order to further promote sustainable development of commercial banks, the members of foreign asset securitization experience and business development of asset securitization in China made steady progress related to asset securitization observations and recommendations.

background and problem

actively explores asset securitization, accelerate the joining and fusion of the credit and capital markets, to promote the development of capital markets, expand macro-financial control space, improve the pricing mechanism of the market, improve the efficiency of the allocation of financial resources, and divert an excessive concentration in the banking system of the financial risks, maintain financial security is of great significance. The past two years, to counter the international financial crisis, supporting the economic recovery picked up assets of China's banking industry risk increasing scale, longer-term loans surge pressure of capital adequacy ratio significantly increased, pose serious challenges to long-term stable operation of commercial banks. And through credit assets securities of not only conducive to commercial banks regulation credit scale and structure, resolve risk assets fast expansion brings of contradictions, and conducive to solution take short loan long of term wrong distribution, enhanced bank credit of liquidity and anti-risk capacity; while, will credit assets for securities of, can reduced capital occupied, and improve capital sufficient rate, conducive to Bank keep must of credit growth, then promote economy smooth growth.

throughout the United States finance the evolution of development, asset securitisation as a tool, especially primary securitization products to United States financial markets and played an important role in economic development, and asset securitization of the excess and it triggered the international financial crisis. In this regard, we should learn a lesson. Meanwhile we should also see, compared with Western developed countries, asset securitization in China has just started, is still in the initial pilot phase, relative to the United States, "excessive development", but the Chinese "development". From December 2005 to November 2008, asset-backed securities were issued in 19 single, released only 66.8 billion yuan, and since 2009 due to the financial crisis, credit securitization market has yet to release a single product. Members considered that, in the area of asset securitization, never again, not choking, and should follow the "risk control, cost calculation, full disclosure of information," principles of financial product innovation, actively be promoted.

Second, the proposed and justification

for further promoting the development of asset-backed securitization business, promote sustainable development, makes the following recommendations:

first, the lessons learned and improve the system on the basis of the security transition to normal business. After a number of pilots of commercial banks, at present, securitization of credit assets in China has basically formed a more standard deal structuring and legal text system, regulators, risk control, accumulated some experience credit approval, with the normal development of. Recommended on the basis of summing up experience and improve the system of promoting securitisation operations from the pilot phase gradually into the development stage, steadily expanding the allowed type of asset securitization and asset size. In particular try to accelerate the pace of consumer credit and securitisation of SME loans to further boost domestic consumption growth and the development of SMEs.

Second, efforts to improve credit asset securitization market liquidity. Timely launched competitive do city business system, increased Bank between of do city business quotes mechanism, for assets securities of products provides liquidity; exploration established and perfect managed settlement platform, sound credit assets securities of products circulation transfer mechanism; efforts promote securities exchange bonds market and Bank between bonds market of interconnected Exchange, will assets securities of products through exchange market or bank counter issued, and allowed as mortgage financing; gradually exploration including repo, and financing thaw coupons, and option, and futures, variety trading way, Formation of multiple layers of securitisation markets.

Thirdly, the expansion of securitization market participants and improve its code of conduct. A is in on sponsors qualification for seriously audit of based Shang, allows those business specification, and has business operation capacity of financial institutions more full, and in-depth to participation assets securities of; II is further expanded investors groups, allows more of insurance funds, and social security fund market, and support encourages currently in trust financial products in the defined of qualified investors and the directed financial products customer purchase assets support securities; three is effective specification credit rating institutions behavior, reference international success experience, Requirements two home above assessment institutions respectively participation rating assessment work, to improve transparency, while active introduced abroad advanced of structure financing rating technology, gradually established adapted China assets securities of operation of credit rating rules and system; four is respect parties participation subject reached of various self-discipline agreed and behavior guidelines, and has selective to timely will its rose for official of legal regulations, to constantly perfect assets securities of system system.

Finally, explore building a market-oriented mechanism. Approve system to explore the current product qualification and approval system and product registration system. Sponsors asset securitization business innovation programme submitted to regulators when products, initiated by the regulatory agency audit qualifications, approved, sponsored institutions such as carrying out similar operations, simply register to issue, in order to improve efficiency, reduce the cost of distribution is difficult and.

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