Name: 金融危機重演？細說矽谷銀行倒閉緣由（The Silicon Valley Bank Collapse, Explained | WSJ）
Uploaded: 2023-03-22T21:01:10.000Z
Duration: 2 min 54 s

The second biggest bank collapse in US history.

美國史上第二大起銀行倒閉事件。

The Silicon Valley Bank collapsed on March 10th, after a run-on deposit doomed the tech-focused lender's plans to raise fresh capital.

在連續存款使得這間科技為主的貸方籌集新資本計劃失敗後，矽谷銀行於 3 月 10 日倒閉了。

This prompted US regulators to step in with emergency measures, including seizing another bank three days later,

這促使美國監管者以緊急措施介入，包括三天後接手另一間銀行，

in a bid to ease fears that depositors might pull their money from other lenders.

目的在於減緩存戶因為恐慌而從其它貸方手中提取回資金。

WSJ banking reporter Rachel Ensign explains how this crisis unfolded and what could happen next.

WSJ 銀行業記者 Rachel Ensign 說明此次危機如何發生以及接下來可能發生何事。

During the pandemic, Silicon Valley Bank had gotten all of these deposits; their deposits tripled.

在新冠疫情期間，矽谷銀行獲得了這所有的存款，其存款量增長了三倍。

And they did what banks do⏤they took some of their deposits and made loans.

而他們做了所有銀行都會做的事，也就是將部分存款作為貸款之用。

But they also invested a lot of them in securities, which are pretty safe.

但他們也將許多存款投入債券中，一般來說，頗為安全。

Some issues had been bubbling under the surface at Silicon Valley Bank since the Federal Reserve started raising rates.

自從聯邦準備系統開始提升利率後，矽谷銀行暗地裡逐漸有一些議題在醞釀。

When rates rose, the bonds fell in value.

當利率提升，債券的價值就會下跌。

It's not a big problem for you, unless you have to go and sell the bonds.

除非你必須賣出債券，否則對你而言，不會是太大的問題。

But deposits started leaving the bank faster than they anticipated, and they had to sell their bonds and take a very big loss.

但存款以快於預期的速度離開銀行，他們也必須賣出債券並承擔極大損失。

The bank made an announcement on Wednesday night that it needed to raise capital and was planning to do that the next day.

該行於週三晚間宣布其必須募集資本，並計劃於隔天進行。

The investors completely freaked out, sold off the stock, and then, a bank round started,

投資者因此完全嚇壞，所以拋售了股票，然後發生了銀行擠兌，

where people tried to withdraw 42 billion dollars in deposits just in that one day.

人民在當日一天內試圖提取共 420 億美元。

And by Friday morning, it was seized by regulators.

到了週五上午，它就被監管單位接手。

The regulators have responded in a way that they're hoping stems the panic.

監管者採取了希望可以遏止恐慌的因應方式。

The Fed said, "We're going to be offering this lending facility that's a backstop."

美聯準表示：「我們將提供作為保障措施的借款機構。」

"We're gonna be ensuring all of the deposits, effectively, of this bank that failed."

「我們基本上將確保這間失敗銀行中所有存款安全。」

The collapse matters because it could have broader economic effects.

這起倒閉事件意義重大的原因在於它可能出現更廣的經濟影響。

There was the risk that this panic would spread to other parts of the banking system.

其中存在一個風險，也就是此一恐慌會蔓延至銀行體系的其它部分。

We saw some really significant news with some other banks that investors were most concerned about last week.

我們在上週看到了投資者最關心的一些其它銀行的重要消息。

Most notable, Signature Bank, a New York-based bank was also seized on Sunday night.

最值得一提的是 Signature 銀行，這間開在紐約的銀行也在週四晚間被接手。

It is the third largest bank failure in US history.

這是美國史上第三大起銀行失利事件。

And First Republic put out a statement saying they've gotten some extra money from the Federal Reserve and, also, from J.P. Morgan.

而第一信託銀行也釋出聲明，表示他們已經從聯邦準備系統以及摩根大通集團端獲取額外資金。

They're hoping that that reassures their investors and their depositors.

他們希望這足以安撫他們投資者以及存戶。

The key thing to watch for is: Is the panic over?

這起事件需要關注的關鍵是：恐慌過去了嗎？

Do investors and customers, kind of⏤are they reassured in the way that the government would like them to be?

投資者和存戶有以政府所預期的方式被安撫嗎？