2020年经济学人 印度银行--当是意味着不是(1)

（单词翻译）

India, which has few declared cases of covid-19, has not escaped the turmoil¹ in global markets.

印度几乎没有公布covid-19病例情况，但也未能逃脱全球市场的动荡。

On March 9th its stock-markets suffered their biggest one-day fall in absolute terms ever,

3月9日，尽管低油价会对一个能源进口大国产生积极影响，

notwithstanding the positive impact low oil prices should have on a big energy importer. Its problems go beyond people's health.

但印度股票市场的绝对价值却出现了有史以来最大的单日跌幅。印度的问题远不仅是人民健康的问题。

On March 6th a different crisis came to a head when a government-controlled but publicly listed lender,

3月6日，当一家由政府控制的公开上市银行——印度国家银行（SBI）

State Bank of India (SBI), threw a lifeline to Yes Bank, once a darling of the stock-market,

向曾经的股市宠儿Yes银行抛出了救生索，另一场危机到了紧要关头，

which now faced a scramble² to withdraw deposits. It was India's second banking³ scare in six months.

后者现在正面临挤兑。这是印度6个月来出现的第二次银行业恐慌。

It raises questions about who is safeguarding the financial system.

这引发了有关谁在保护金融体系的问题。

Yes's problems are hardly new. As far back as 2013 concerns were raised by a small group of sceptics at the Reserve Bank of India (RBI),

Yes银行的问题并不新鲜。早在2013年，印度中央银行——印度储备银行（RBI）的一小群怀疑者就提出了这样的担忧：

the central bank, that Yes, then a nine-year-old institution, had grown at an extraordinary rate while reporting only a trivial number of bad loans,

尽管Yes银行（当时一家成立9年的机构）向一些陷入困境的印度公司发放了贷款，但它在公布少量不良贷款的同时，

even though it lent to some of India's most troubled companies.

仍以惊人的速度增长。

Its name was widely understood to contrast it with stodgier⁴ operators too willing to say "no". Investors⁵ were entranced.

人们普遍认为，它的名字和那些不愿意说“不”的古板运行商形成了鲜明对比。投资者们非常开心。

Yes's share price went on a tear. At its peak in 2017 it was valued at $13.4bn,

Yes银行的股价一路飙升。在2017年的巅峰时期，它的估值为134亿美元，

making its cofounder and chief executive, Rana Kapoor, a billionaire.

这使其共同创始人兼董事长Rana Kapoor成为了一名亿万富翁。

By 2019 reality had set in. The RBI forced Mr Kapoor out of his job and new management reported a pile of bad loans.

到2019年，现实到来。RBI迫使Kapoor下台，新的管理层报告了一堆坏账。

A search for desperately⁶ needed new capital failed to satisfy regulators,

对新资本的迫切寻求未能满足监管机构的要求，

prompting the RBI on March 5th to depose⁷ Mr Kapoor's successor and the bank's board in favour of its own caretaker regime.

促使RBI于3月5日罢免了Kapoor的继任者，并且银行董事会支持自己的看守政权。

A series of dramatic actions followed. Deposit withdrawals⁸ were capped at 50,000 rupees ($670).

后续采取了一系列戏剧性的行动。提款上限设置为为5万卢比（670美元）。

Then SBI stepped in, agreeing to inject $330m as part of a $1.5bn resolution plan in exchange for up to 49% of Yes's shares,

SBI介入，同意注入3.3亿美元作为15亿美元解决方案的一部分，以换取Yes高达49%的股份，

as well as the cancellation⁹ of $1.2bn of bonds on Yes's balance-sheet.

并取消Yes资产负债表上12亿美元的债券。