导读
过去十年中，欧洲银行体系在单一监管机制（SSM）的推动下发生了深刻变革。作为全球金融危机后的一项关键措施，SSM自2014年由欧洲中央银行（ECB）主导，旨在提升欧元区银行的稳定性和韧性，以应对不断变化的全球金融环境。2024年是SSM的十周年，这不仅是一个里程碑，也为回顾过去的成就、应对当前挑战和展望未来提供了重要契机。
在这十年里，SSM通过一系列严密的监管措施显著改善了银行体系的健康状况。首先，在减少不良贷款方面，SSM的监管显著降低了金融危机期间积累的不良贷款风险，使银行更具韧性，能够更好地承受经济冲击，并继续向企业和家庭提供贷款支持。其次，SSM通过提升资本充足率，确保银行在面临潜在危机时拥有更强的应对能力。作为衡量银行财务健康的重要指标，普通股权一级资本比率（CET1）从2015年的12.7%提升至2024年的15.74%，体现出监管要求的严格性和银行风险管理实践的改进。同时，SSM在流动性管理上也取得了显著成效，银行的流动性覆盖率（LCR）从2015年的138%上升至2024年的158%，这在当前日益增长的地缘政治和经济不确定性下尤为重要。除了在资本和流动性方面的成就，SSM还有力改善了银行治理结构。有效治理被视为防范金融不稳定首要屏障。过去十年中，SSM发现并纠正了大量治理问题，推动银行体系更加注重长期稳定性，而非短期利益。这些措施使得整个欧洲银行体系在面对复杂金融环境时更加稳健。
然而，尽管取得了诸多成就，SSM在未来仍面临新的挑战。随着银行业的数字化转型和新技术的迅速发展，网络安全风险日益突出，银行需要具备更强的操作弹性，以应对不断增长的网络攻击威胁。SSM也正在调整其监管框架，确保银行在新的数字环境中依然能够有效运行。此外，气候变化带来的金融风险正在加剧，银行不仅需要调整业务模式来减轻环境风险，还需抓住绿色经济转型所带来的新机遇，确保可持续发展。
同时，欧洲银行联盟的整合仍未完成，尤其是欧洲存款保险机制（EDIS）的推迟实施影响了银行体系的整体稳定。SSM需要继续推动银行联盟的深化，以实现全面的金融稳定和对存款人的保护。未来，随着这些挑战的不断演变，SSM必须继续保持灵活性和前瞻性，以确保其在欧洲金融体系中的核心作用。
Margarita Delgado
Acting Governor
24 July 2024
The banking sector shows overall good health, with significant indicators like the Non-Performing Loan (NPL) ratio standing at 2.31%.
While there has been a slight increase, this remains historically low. Notably, NPL ratios differ by country, ranging from 3.26% in Spain to 1.55% in the Netherlands. France and Germany hold the largest volumes of NPLs, reflecting their substantial share in the Eurozone's banking system. Indeed, French banks hold 34.8% of all loans by euro area significant institutions, far ahead of German banks (in second place, with 16.6%) and Spanish banks (in third place, with 15.3%).
The Common Equity Tier 1 (CET1) ratio stood at 15.74% in 2024 Q1, with the total capital ratio at 19.81%, figures similar to those of the previous quarter. Differences across areas and business models are stark, with the CET1 ratio varying between 14.14% among global systemically important institutions and 33.68% among development and promotional banks. The most robust CET1 ratios in the large economies range between 16.52% in Germany and 12.66% in Spain, with the latter having the lowest rate in the euro area. Spanish banks’ lower ratios are largely due to their focus on international activities, which generate recurring revenue but also require higher capital allocations to risk-weighted assets (RWAs).
Despite moderate credit growth, European banks have enjoyed strong net interest income, leading to broad-based growth in return on equity, which reached an average of 9.67% in 2024 Q1 (12.43% in Spain). Net interest income reached 1.62% (2.90% in Spain), and the cost of risk remained low, at 0.50% (1.15% in Spain). These developments occurred despite weak credit growth, with loans to households increasing by just 0.1% in the last quarter and by 0.6% over the past year. Lending to firms rose by 0.3% in the last quarter and remained stable over the past year.
Spanish significant institutions also continued to improve their profitability as the increase in net interest income offset both the growth in operating costs and credit impairments and the outlay of the bank levy. Net fee and commission income grew at an annual rate of 9.6%, driven by international banks. The bank levy increased by 34%, from €1,236 million in 2023 to €1,652 million, due to growth in the base used to calculate the levy (net interest and fee and commission income). Domestic banks were more affected, with overhead costs increasing above inflation (7.7% year-on-year), driven by staff costs (up by 10.9%).
The liquidity coverage ratio (LCR) improved, averaging 158%, ensuring robust liquidity positions for banks even as the European Central Bank (ECB) reduces its balance sheet and repays targeted longer-term refinancing operations. Liquidity levels remain comfortable across countries, with Germany having the lowest ratio at 145.2%. The net stable funding ratio (NSFR) was also above its regulatory minimum, standing at 126.8% in 2024 Q1.
Despite the comfortable level of liquidity, banks have not had to raise retail deposit rates as much as the increase in policy interest rates. Strong net interest income has contributed to broad-based growth in return on equity, as mentioned earlier. However, weak credit growth, alongside rising geopolitical risks and economic uncertainty, suggests liquidity management will remain a priority moving forward.
In addition to solvency and liquidity, another key priority over the past decade has been improving governance and risk management. Supervisors have emphasized the importance of strong governance structures and robust risk management frameworks. Since the creation of the Single Supervisory Mechanism (SSM), 8,735 governance-related findings have been identified, accounting for nearly 14% of the total supervisory findings. Of these, 1,624 remain open. Over the past three years, the focus has shifted to improving organizational structures, management bodies, and risk management functions.
Banks are much better managed today than a decade ago, but governance remains a supervisory priority. Supervisory findings related to governance have been more frequently addressed and closed than those related to other risks, yet shortcomings in areas like data governance continue to exist. Supervisory authorities plan to strengthen the focus on qualitative measures, such as governance and business models, in addition to capital requirements. Supervisory measures will be designed to adapt to the seriousness of any shortcomings, with penalties in place for serious breaches of ECB decisions or regulations.
Supervision will also need to evolve to address the challenges posed by increasing digitalization and technological environments. Banks will be expected to implement strong operational resilience frameworks and manage external providers effectively. The results of recent cyber resilience stress tests, focusing on qualitative aspects, will be released soon, helping to evaluate banks' readiness for digital threats. Emerging risks such as climate change will also remain an important area of focus for future supervision.
Looking ahead, the banking union remains incomplete, with the European Deposit Insurance Scheme (EDIS) still pending political consensus. In the meantime, work on the Bank Crisis Management and Deposit Insurance (CMDI) framework continues, with a joint position agreed upon by the European Parliament and the Council of the EU in June 2024.
In conclusion, while the banking sector has made substantial progress over the past decade, the changing environment necessitates continuous evolution in supervisory processes. Ensuring robust governance, managing emerging risks such as digital threats and climate change, and maintaining liquidity and solvency will be critical in maintaining a stable financial system.
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来源
作者信息：
玛格丽塔·德尔加多，西班牙央行代理行长
来源：
马德里单一监管机制十周年纪念活动
编译：浦榕
监制：崔洁
版面编辑｜王浩
责任编辑｜李锦璇、阎奕舟
主编｜朱霜霜
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