香港金管局公告 20190826 Taimocracy翻譯

Hong Kong Monetary Authority

Our Ref.: B1/15C 26

August 2019

The Chief Executive

All authorized institutions

Dear Sir/Madam,

HKMA Liquidity Facilities Framework  Taimocracy翻譯  20190903

I am writing to update you on the Hong Kong Monetary Authority’s (HKMA) liquidity facilities framework for authorized institutions (AIs).

我寫信是為了向您介紹香港金融管理局（HKMA）認可機構（AIs）的流動資金架構。

The HKMA has completed a review of its framework for the provision of liquidity to AIs.  A new Resolution Facility is introduced to provide for the scenario in which resolution powers under the Financial Institutions (Resolution) Ordinance (FIRO) are exercised by the Monetary Authority as the Resolution Authority.  The HKMA has also taken the opportunity to communicate and restate the framework for provision of liquidity, incorporating certain refinements to the prior arrangements where appropriate, so as to foster a better understanding on the part of the market of the different facilities through which the HKMA makes temporary HKD liquidity (i.e. not in the nature of capital support) available to AIs to maintain integrity and stability of the monetary and financial systems in Hong Kong.

金管局已完成檢討其向「認可機構」提供流動資金的架構。我們引入新的解決方案，以對應〈金融管理機構（決議）條例〉(FIRO)下，由「金融管理當局」行使決議機構之權力的狀況。金管局亦藉此機會傳達及重申提供流動資金的架構，並在適當情況下對先前的安排作出若干改善，以促進金管局在不同設施的市場方面有更好的了解。「認可機構」可持有的臨時港元流動資金（即並非資本支持性質），以維持香港貨幣及金融體系的完整性和穩定性。

The updated Liquidity Facilities Framework comprises the following:

更新的流動性設施框架包括以下內容：

Settlement Facilities (Intraday Repo and Discount Window), the objective of which is to facilitate smooth operation of the interbank payment system and thus preserve systemic stability; 

結算方案（即日回購和貼現窗口），其目的是促進銀行間支付系統的順利運作，從而保持系統穩定性；

Standby Liquidity Facilities (including term repos and FX swaps), the objective of which is to make term liquidity available to AIs to enable them to manage any unexpected liquidity tightness which they may encounter;

備用流動資金融資方案（包括定期回購及換匯），其目的是提供足夠的流動資金給「認可機構」，使其能管理可能遇到的任何意外流動資金緊俏情況；

Contingent Term Facility, which makes reference to the guiding principles of the previous Lender of Last Resort arrangements.  It may be made available, at the discretion of the HKMA, to an AI facing extraordinary liquidity stress that cannot be overcome through other means (for example, market funding) where (i) access to the Settlement Facilities and/or the Standby Liquidity Facilities is not applicable or otherwise not sufficient; and (ii) the HKMA considers that the liquidity stress situation of the AI could of itself, or through the spreading of contagion or through the undermining of public confidence, threaten or damage systemic stability in Hong Kong; and

可能有期限之方案，參考先前〈最後貸款人安排〉的指導原則。金管局可酌情決定，向面臨特殊流動資金壓力的「認可機構」，提供無法透過其他方式（例如市場融資）克服的情況，其中

（i）無法或不適合獲得「結算方案」和/或「備用流動資金方案」；及

（ii）金管局認為，「認可機構」的流動資金緊俏情況本身，或透過蔓延或透過破壞公眾信心，威脅或損害香港的系統穩定；和

Resolution Facility, which is designed to provide for the scenario in which resolution powers under the FIRO are exercised by the Monetary Authority as the Resolution Authority.  The Resolution Facility may be made available, at the discretion of the HKMA, having regard to systemic stability, for the purpose of ensuring that an AI which has (or whose holding company has) gone into resolution in Hong Kong has sufficient liquidity to meet its obligations, until such time as the AI is able to transition back to market-based funding.

決議方案，旨在規定〈金融管理機構（決議）條例〉(FIRO)下，「金融管理專員」作為「決議機關」行使的決議權力的情況。金管局可在考慮到系統穩定性下，酌情決定解決方案，以確保擁有（或其控股公司）在香港解決的「認可機構」有足夠的流動資金來滿足其義務。直到「認可機構」能夠過渡回市場籌資狀態。

Please refer to the enclosures for further details of the Framework and the related operational information.  The updated Liquidity Facilities Framework takes immediate effect and supersedes the “Policy Statement on the Role of the Hong Kong Monetary Authority as Lender of Last Resort” issued in March 2009.

有關框架和相關操作方面的更多詳細訊息，請參閱附件。更新後的流動資金設施框架立即生效，並取代於2009年3月發出的〈香港金融管理局作為最後貸款人角色的政策聲明〉。

Yours faithfully, Encl.

https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2019/20190826c1.pdf