Page 66 - 銀行家雜誌第99期

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€ڌ 3ᅃ਷ვБ᜗ӻ༟ପഐ࿴ڌ ೵ॹϾڢೌᎵᒔঐɢึኬߧვБΚዚdΪϾᔟ
ഹ༟ږװ࠾e౤Զዄڭʿᄣ༟˙ό՘пږፄዚ
ږᕘ
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€䓁 ᄂ ࿴༆Ӕݴਗ׌ᅲࣛ೵ॹٙਪᕚd༈तйਿږί
࿁ږፄዚ࿴€.'*T൲ಛ 2010ϋֵഐҼfϣ൲ΚዚԨ͊ˏ೯ვБ᜗ӻɽ
షٙஹᕁላᏘd༈ਿږٙ൲ಛεᅰᐏ੻Ꮅᒔf
࿁ڢږፄዚ࿴€OPO .'*T൲ಛ
2010ϋᆄවΚዚᖑ೯ܝdᅃ਷ɽۨვБʿԞ
ࢫπତږʿ̯Бڦ͜ቱᕘ
ვБܵϞᆄව਷࢕ɽඎවᛆdԴɽۨვБʿԞ
ਞၾᛆू€QBSUJDJQBUJOH JOUFSFTUT ვБٙ༟ପɽషಯˇdಯˇ࿁Άุʿࡈɛٙ൲

Չ˼༟ପ ಛঐɢdცආБᄣ༟ʿ዆཭f޴࿁ɪd̕εᅰ
༟ࣘԸ๕jDeutsche Bundesbank, Monthly Report, December 2017, 24* ٙᎷႅვБeਜਹვБʿΥЪვБഃਖ਼ءෂ୕
€ڌ 4ᅃ਷ვБ᜗ӻࠋවഐ࿴ڌ ვБุਕd͊ଉɝ਷ყ༟͉̹ఙʿՉ᜗ӻ̮ვ

ږᕘ Бග̹ఙʹ׸d఻˷͊աՑᆄවΚዚʿვБุ
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€䓁 ᄂ ΚዚٙላᏘdΪϾՉ༟ପᄣ̋f̤ΥЪვБٙ
ږፄዚ࿴€.'*Tπಛ
஝ᅼһʃdΥЪვБ̯Бዄࠋݴਗ׌ሜືٙ̌
ڢږፄዚ࿴€OPO .'*Tπಛ ঐd̥ί᜗ӻʫ̕͜ݴஷ༟ږd͊աՑᆄවΚ
ʔাΤව䁜€#FBSFS EFCU TFDVSJUJFT ዚٙላᏘdԴՉ༟ପᎇഹุਕᓒੵϾଢ଼ጐf
PVUTUBOEJOH
ᅃ਷ვБ᜗ӻྒྷ༊ᔷۨd຾ዝږፄΚዚላ
༟͉ Ꮨٙ઺৅d2013ϋ8˜ஷཀვБཞᕎج€ᔊ

Չ˼ࠋව ၈Trennbankgesetzdᔊʷږፄ૶ၑʿॎପ೻
༟ࣘԸ๕jDeutsche Bundesbank, Monthly Report, December 2017, 24* ҏdՓ֛ᕾၮዚՓdࠅӋვБί2016ϋ7˜1
˚ʘۃdІᐄุਕ൴ཀ€1,000ᄂ٫dאʔˇ׵
˸ᐏ੻஝ᅼ຾᏶fᅃ਷ج˿ʔʪ஢͏ගვБ՟ €900ᄂ˲൴ཀ༈ږፄዚ࿴ᐼ༟ପٙ20Ĉ٫d
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Бf2008ϋ਷ყږፄΚዚ೯͛ܝdᅃ਷ਠุვ ၾࠬᎈ৷ٙҳ༟ვБุਕཞᕎdᆽڭਠุვБٙ
БᒅԻᅃਔ౶೮ვБdᅃจқვБᒅԻඉ݁ვ ਿ͉̌ঐʔաՑږፄ̹ఙتਗٙላᏘfᎷႅვБ
Бdɰ೯̮͛਷ვБᒅԻᅃ਷ږፄዚ࿴f ʿΥЪვБᘱᚃᔟΥԻʿ൒࿞ᐄุኽᓃ˸౤৷
ᎷႅვБ༰τΌܓཀ2008ϋ਷ყږፄΚዚٙ ᐄุᐶࣖdɰΪᏐᅰЗၣ༩ʹ׸ٙ೯࢝f
͂ᏘdШɽۨვБeԞვБeΥЪ̯Бʿ௅ʱ ᅃ਷ვБุٙᐏл༰Эd஬࿆ږፄዚ࿴ᅰͦ
ਖ਼ุვБഃΪɽඎᒅ൯ϣॴ൲ಛዄڭවਕኯᗇ εdШვБ᜗ӻٙɧ˕ݒ೯౨ՉΪᏐږፄΚዚ

€CDOsʿ༟ପתץᗇՎdቊ༾Ցམᕘฦ̰f ٙᖢ֛̌ঐdϞՉतЍfɽۨვБʿԞვБɰί
2008ϋ10˜ᅃ਷ᑌԞִ݁ϓͭږፄ̹ఙᖢ֛ ᔷۨʕd஼နಯˇࠃ͛׌ږፄପุۜٙਕfЇ׵
तйਿږ€Sonderfonds Finanzstabiliosierung, ᅃ਷ვБ݊щᅰͦཀεd˸ߧᅂᚤᘩنɢdۆ݊
SoFFind௰৷ᕘܓ€4,800ᄂԶڭᗇʿࠠ዆༟ ̙˸ᘱᚃઞীٙਪᕚf€͉˖Ъ٫މၽᝄɽኪ຾
͉d͟อϓͭٙFMSAੂБdкᓙݴਗ׌ᅲࣛ ᏶ኪӻਓ઺બeᅃ਷ଭਔ౵ɽኪ௹ɻ

66 ̨ᝄვБ࢕2018.3˜໮

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