Bank boss 警告するs of credit danger

By Jane Padgham
Updated: 00:00 BST, 9 March 2001

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THE BANK of England has 警告するd that the 殺到する in the use of credit derivatives 脅すs 本気で to 土台を崩す the 安定 of 財政上の markets. David Clementi, the Bank's 副 知事 in 告発（する），告訴（する）／料金 of 財政上の 安定, said that transparency, understanding of the コンビナート／複合体 製品s and documentation must 改善する to keep pace with the 増加するing number of 処理／取引s.

In a speech in Rome, Clementi said: 'We must recognise that while 革新s in international banking and 財政上の systems have the 可能性のある to 減ずる the cost of 財政上の intermediation 意味ありげに, they can 提起する／ポーズをとる new 危険s too.'

On the 問題／発行する of transparency, he 警告するd that credit derivatives could make it more difficult for creditors, 株主s and regulators to 査定する／（税金などを）課す 危険 because they mean that a bank need no longer remain exposed to its main 顧客s but can 速く take on large （危険などに）さらすs to other credits without any new borrowing by the underlying （独立の）存在s.

He said he was also 関心d that some banks getting 伴う／関わるd in credit derivatives may not fully understand, or may have 異なるing understandings of, the 処理／取引s into which they have entered. 構内／化合物ing this is the fact 不確定s may remain about how the 法廷，裁判所s in some countries would 扱う／治療する these 協定s.

Clementi 結論するs market 関係者s will therefore have to 支払う／賃金 even greater attention to documentation. 'It is not a happy position if 支援する and middle offices are struggling to keep up with their 仲買人s,' he said.

The 拡大 of the use of credit derivatives has been phenomenal. A 調査する by the British 銀行業者s' 協会 last summer 設立する the value of 優れた 契約s had 増加するd more than three times since 1997 to around $600bn(£410bn). Even this, however, is tiny compared with the 全体にわたる size of the 利益／興味 率 derivatives market, 概算の at around $64 一兆.

Credit derivatives work by stripping out the credit 危険 from 貸付金s and 社債s and then repackaging them to create separate 安全s with different 支払う／賃金-offs. The most ありふれた credit derivatives are called credit default 交換（する）s, although they are not 交換（する）s in the normal sense but are more like 保証（人） or 保険 手はず／準備.

They have the 可能性のある to 改善する 財政上の 安定 and efficiency by ensur ing banks' （危険などに）さらすs are spread throughout the 財政上の system with no 選び出す／独身 bank 過度に exposed.