2020年经济学人印度银行--当是意味着不是(1)（打印版）

India, which has few declared cases of covid-19, has not escaped the turmoil in global markets.

印度几乎没有公布covid-19病例情况，但也未能逃脱全球市场的动荡。

On March 9th its stock-markets suffered their biggest one-day fall in absolute terms ever,

3月9日，尽管低油价会对一个能源进口大国产生积极影响，

notwithstanding the positive impact low oil prices should have on a big energy importer. Its problems go beyond people's health.

但印度股票市场的绝对价值却出现了有史以来最大的单日跌幅。印度的问题远不仅是人民健康的问题。

On March 6th a different crisis came to a head when a government-controlled but publicly listed lender,

3月6日，当一家由政府控制的公开上市银行——印度国家银行（SBI）

State Bank of India (SBI), threw a lifeline to Yes Bank, once a darling of the stock-market,

向曾经的股市宠儿Yes银行抛出了救生索，另一场危机到了紧要关头，

which now faced a scramble to withdraw deposits. It was India's second banking scare in six months.

后者现在正面临挤兑。这是印度6个月来出现的第二次银行业恐慌。

It raises questions about who is safeguarding the financial system.

这引发了有关谁在保护金融体系的问题。

Yes's problems are hardly new. As far back as 2013 concerns were raised by a small group of sceptics at the Reserve Bank of India (RBI),

Yes银行的问题并不新鲜。早在2013年，印度中央银行——印度储备银行（RBI）的一小群怀疑者就提出了这样的担忧：

the central bank, that Yes, then a nine-year-old institution, had grown at an extraordinary rate while reporting only a trivial number of bad loans,

尽管Yes银行（当时一家成立9年的机构）向一些陷入困境的印度公司发放了贷款，但它在公布少量不良贷款的同时，

even though it lent to some of India's most troubled companies.

仍以惊人的速度增长。

Its name was widely understood to contrast it with stodgier operators too willing to say "no". Investors were entranced.

人们普遍认为，它的名字和那些不愿意说“不”的古板运行商形成了鲜明对比。投资者们非常开心。

Yes's share price went on a tear. At its peak in 2017 it was valued at $13.4bn,

Yes银行的股价一路飙升。在2017年的巅峰时期，它的估值为134亿美元，

making its cofounder and chief executive, Rana Kapoor, a billionaire.

这使其共同创始人兼董事长Rana Kapoor成为了一名亿万富翁。

By 2019 reality had set in. The RBI forced Mr Kapoor out of his job and new management reported a pile of bad loans.

到2019年，现实到来。RBI迫使Kapoor下台，新的管理层报告了一堆坏账。

A search for desperately needed new capital failed to satisfy regulators,

对新资本的迫切寻求未能满足监管机构的要求，

prompting the RBI on March 5th to depose Mr Kapoor's successor and the bank's board in favour of its own caretaker regime.

促使RBI于3月5日罢免了Kapoor的继任者，并且银行董事会支持自己的看守政权。

A series of dramatic actions followed. Deposit withdrawals were capped at 50,000 rupees ($670).

后续采取了一系列戏剧性的行动。提款上限设置为为5万卢比（670美元）。

Then SBI stepped in, agreeing to inject $330m as part of a $1.5bn resolution plan in exchange for up to 49% of Yes's shares,

SBI介入，同意注入3.3亿美元作为15亿美元解决方案的一部分，以换取Yes高达49%的股份，

as well as the cancellation of $1.2bn of bonds on Yes's balance-sheet.

并取消Yes资产负债表上12亿美元的债券。