昨天即周五，加州一个叫 Silicon Valley Bank 的银行倒闭，被美国联邦储蓄保险公司（FDIC）接管。硅谷银行是全美第16大银行，拥有大约 $200bn的总资产。这是自2008年国际金融危机以来的最大的银行倒闭案。
银行的主要功能及风险在鄙文《2022年度诺贝尔经济学奖》讲过，在这里在简单复习一下，有助于我们理解硅谷银行的问题。
银行的主要功能是吸收存款，吸收的资金可以向企业或个人贷款，也可以用来购买其他金融资产，比如政府发行的长期国债。在银行的资产负债表上，存款是负债，放在右边。而贷款和持有的金融产品是资产，放在左边。两边的利息差额是银行的传统收入来源。
通常，存款的期限较短。例如，checking 及 savings 账户是所谓的活期存款，储户可以随时提取。即使是定期存款，期限也较短。而资产的期限则较长，譬如3年企业贷款，4年汽车贷款，30年房屋贷款，及长期政府债券等。
从这个角度看，银行实际上起到了 maturity transformation 的作用。银行在储户与贷款者之间搭起一座桥梁。这个作用非常重要，这也是银行不可或缺的主要原因。
但这样的 maturity transformation 也会带来问题。最严重的问题是即银行挤兑（bank runs）。或许是听到了什么谣言，或许是出于需要，储户争相去银行提款，生怕去晚了存款泡汤。于是银行门前排起了长队，可银行的钱大都借贷出去了，不可能马上收回来，而柜台里又没有那么多现金或储备来应付挤兑，结果导致银行倒闭。
FDIC是准政府机构，成立于1933年，其主要目的是提供储蓄保险。目前，储蓄保险的上限是25万美元。如果储蓄账户余额低于此上限，不用担心。但如果超出该上限，能拿回多少就不好说了。截至2021年底，美国银行业（ FIDC保险的）储蓄总额为 18.4 万亿美元。
银行倒闭，不外乎两个原因。一个是资产负债表右边出了问题，即储户争相前来提款，造成挤兑，银行应接不暇，只好关门。另一个原因，则是左边出了问题，即贷款或持有的其他金融资产大幅缩水。
这次，Silicon Valley Bank 不幸两边都出了问题，遭受双重打击。
先说右边，即存款。截至2022年底，该银行共有$173.1 bn 存款，其中 87.5% 不受FDIC保险保护范围。该银行的主要客户是风险基金支持的小科技公司。这些公司前些年在几乎零利率的大环境下筹措的资金多的花不完，暂时存在硅谷银行。
现在情况不一样了。 不过，如果只有个别公司因资金压力而去银行取款，银行是能应付的。但问题是，资金压力不限于个别公司，其他公司也出现了类似问题。即使那些没有资金压力的公司储户，当它们听到风声后，也会急着去银行提款，于是造成挤兑。据报道，周四，储户提取了$42 billion，硅谷银行的现金只剩下区区 $1 bn.
同时，资产负债表的左边也出了问题。该银行持有的政府长期债券，由于最近美联储大幅升息，其市场价值跌落不少。为了应付挤兑，银行被迫低价大量出售这些金融资产。据报道，周三，该银行卖出了价值 $21 bn 的政府长期债券，损失了 $1.8 bn。
该银行还试图通过发行股票和债券来融资，但没能成功。
硅谷银行倒闭的主要问题是其储蓄来源比较集中，大都来自这些小科技公司。至于来自左边的问题，其他所有金融机构都没能幸免。由于长期债券的市场价值与利率成反比，美联储每次升息，长期债券的市价就会下跌。
但其他银行的储蓄来源充分分散，没有右边的问题。所以，这家硅谷银行倒闭，不至于导致系统风险。
当然，面临同样存款结构的银行，得小心啦。
教训：分散，分散，再分散。
The wise man saith, ‘Put all your eggs in the one basket and — WATCH THAT BASKET.’
— Mark Twain
2023年3月11日
附：
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
Friday, March 10, 2023
WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959.
The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual.
Silicon Valley Bank is the first FDIC–insured institution to fail this year. The last FDIC–insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020.
FDIC: PR-16-2023
上周末，美联储推出一条新的融资渠道，冠名为 Bank Term Funding Program (BTFP)。
通过该融资渠道，面临流动性危机的银行及其他存款机构可以用其持有的政府或其他债券做抵押，到美联储借钱，期限最长一年。
这样，银行就没必要变卖资产来应对流行性危机。
这类贷款若有闪失，发生的损失将由美国财政部持有的Exchange Stabilization Fund 承担。
不过，美联储认为，出现损失的可能性极低，因为这是抵押贷款，且抵押品是极为安全的金融资产。
下面是美联储关于该融资渠道的公告：
March 12, 2023
Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors
For release at 6:15 p.m. EDT
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
The Federal Reserve is prepared to address any liquidity pressures that may arise.
The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.
With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.
After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.
The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.
Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.
The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.
资产负债表的左边是银行持有的所有资产，包括现金储备，贷款及金融资产。
一个典型的银行，其最大的资产应该是贷款。左边的分散，是指贷款的分散，即贷给不同风险类型的客户，他们不会同时违约赖账。
硅谷银行的最大资产是政府债券及抵押债券。它的硅谷客户存钱的多，需要贷款的少。多余的钱就放在最安全的地方。这个不需要分散，因为国债不存在 default 的问题。虽然不用担心default,这些债券的市价由于美联储升息最近缩水不少。这相当于在最需要钱的时候，被迫变卖资产。
至于股票，银行不应该持有，因为风险太高。
该银行开在硅谷，估计一开始就把硅谷企业尤其是小企业当作潜在客户。
被好年景惯坏，风险意识淡漠了。
你分析的很对。债券的市价随利率上升而下跌。
美国的金融机构持有大量美国国债。尽管美国国债仍然是最安全的投资（从default角度看），但这些国债的市价已缩水不少。每家银行都有损失。
谢谢阅读。是的，犯了银行经营大忌。
谢谢阅读和点赞。
谢谢阅读。
还没来得及一一答复，就传来最新消息。应该是好消息吧。
财政部、美联储、FDIC 周末倾巢出动，加班加点，采取果断措施。硅谷银行的所有储蓄都得到了保障。
银行仍被FDIC接管。归还储户的钱最终还是来自银行持有的资产，即银行贷款和政府债券等。该银行的总资产大于总储蓄。
银行挤兑主要是 liquidity 的问题。关键时刻，央行起到了 lender of last resort 的原始功能。
同时，另一家银行也被FDIC接管。该银行面临同样的问题。储户的待遇同上。
估计是已被通胀、加息、担忧 hard landing 搞得焦头烂额，不想节外生枝，防患于未然，才断然采取如此措施。
从政治角度看，执政党往往倾向支持这类措施，因为不希望出问题，否则会影响选举。
下面摘自 AP News
In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.
In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers would be confident that they could access their accounts whenever needed.
https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01
尽然没有采取措施积极避险。
因此在需要现金流的时候卖出美债没人买，只能贱卖，这就产生亏空，据媒体说是18亿。
这是一个两千多亿的银行，18亿的现金流断裂就导致破产，这是资本经济的特点。
而这个与美债直接有关的问题在所有美国银行都存在的，因为投资美债是历史上比较保险的方式，美债过去四分之三是国内金融机构买，如今也还有60%是国内买，因此对于不同银行，只是规模多大的问题，不是有没有的问题。
因而也就面临硅谷银行一样的问题，如果出现现金流问题，比如挤兑，当试图卖出美债套现时，就会落入一样的结局。
如果说2008年次贷危机是三角债引起的，那么这场事件是面积更广大的美债引起的，而美债目前面临七月份违约的危机，全世界包括美国联储局都在卖出美债避险。
也就是这不是看你是否在三角债链上，而是你直接因为美债不值钱而失去回笼货币能力的问题，程度是比2008年更严重的。
举个例子，假设你存在某种问题需要临时有一笔现金流，而你的方法只有从美债中套现，你就会是硅谷银行的局面。
用一句最简洁的话讲，历史上你认为最保险稳妥的投资，也就是美债，如今不值钱了，而你的钱压在这上面，对银行是直接，对个人大部分是间接。
you think your Ukraine government?