案例库 · 财务与会计 · 财务决策 · 2008–2012
这条还没译成中文，下面是英文原文。
The Bank of England lent liquidity without creating new money
In 2008 the BoE swapped banks' illiquid mortgage assets for Treasury bills, peaking at £185bn, with credit risk left on banks.
Bank of England
那一手
In early 2008 British banks were funding themselves with assets nobody would accept as collateral. Markets for mortgage-backed securities had closed, and banks hoarded cash instead of lending to each other.
The Bank of England's answer was a collateral swap, not a loan of new money. Banks placed eligible legacy assets — those existing before 31 December 2007 — into the Scheme and received UK Treasury bills in exchange, for a fee, for up to three years.
Because the bills could be used in the money markets, funding resumed; because the banks kept the credit risk on the swapped assets and faced haircuts, the taxpayer did not take on mortgage losses. HM Treasury indemnified the Bank against residual loss.
Usage peaked at £185bn of bills outstanding when the drawdown window closed on 30 January 2009, with 32 banks participating — over 80% of the eligible banking system's sterling balance sheet. The Scheme's transactions expired in January 2012, with costs covered by fee income.
为什么管用
- A collateral swap rather than a cash loan restores liquidity without expanding the money supply.
- Restricting eligibility to legacy assets stops the facility from funding new risky lending.
- Haircuts and fee income mean the facility breaks even instead of subsidizing banks.
可以搬走什么
Separate liquidity risk from credit risk: lend only against legacy collateral, charge a fee, keep losses on banks — and liquidity returns without new money or taxpayer losses.
后来呢
The SLS ran until early 2012 and wound down without losses; the same swap-collateral logic reappeared in later crises and is studied as a template for liquidity support that keeps credit risk in the private sector.
资料来源
- Special Liquidity Scheme (news release, April 2008)
- The Bank of England's Special Liquidity Scheme (Quarterly Bulletin 2012 Q1)
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