昨天即周五，加州一個叫 Silicon Valley Bank 的銀行倒閉，被美國聯邦儲蓄保險公司（FDIC）接管。矽穀銀行是全美第16大銀行，擁有大約 $200bn的總資產。這是自2008年國際金融危機以來的最大的銀行倒閉案。
銀行的主要功能及風險在鄙文《2022年度諾貝爾經濟學獎》講過，在這裏在簡單複習一下，有助於我們理解矽穀銀行的問題。
銀行的主要功能是吸收存款，吸收的資金可以向企業或個人貸款，也可以用來購買其他金融資產，比如政府發行的長期國債。在銀行的資產負債表上，存款是負債，放在右邊。而貸款和持有的金融產品是資產，放在左邊。兩邊的利息差額是銀行的傳統收入來源。
通常，存款的期限較短。例如，checking 及 savings 賬戶是所謂的活期存款，儲戶可以隨時提取。即使是定期存款，期限也較短。而資產的期限則較長，譬如3年企業貸款，4年汽車貸款，30年房屋貸款，及長期政府債券等。
從這個角度看，銀行實際上起到了 maturity transformation 的作用。銀行在儲戶與貸款者之間搭起一座橋梁。這個作用非常重要，這也是銀行不可或缺的主要原因。
但這樣的 maturity transformation 也會帶來問題。最嚴重的問題是即銀行擠兌（bank runs）。或許是聽到了什麽謠言，或許是出於需要，儲戶爭相去銀行提款，生怕去晚了存款泡湯。於是銀行門前排起了長隊，可銀行的錢大都借貸出去了，不可能馬上收回來，而櫃台裏又沒有那麽多現金或儲備來應付擠兌，結果導致銀行倒閉。
FDIC是準政府機構，成立於1933年，其主要目的是提供儲蓄保險。目前，儲蓄保險的上限是25萬美元。如果儲蓄賬戶餘額低於此上限，不用擔心。但如果超出該上限，能拿回多少就不好說了。截至2021年底，美國銀行業（ FIDC保險的）儲蓄總額為 18.4 萬億美元。
銀行倒閉，不外乎兩個原因。一個是資產負債表右邊出了問題，即儲戶爭相前來提款，造成擠兌，銀行應接不暇，隻好關門。另一個原因，則是左邊出了問題，即貸款或持有的其他金融資產大幅縮水。
這次，Silicon Valley Bank 不幸兩邊都出了問題，遭受雙重打擊。
先說右邊，即存款。截至2022年底，該銀行共有$173.1 bn 存款，其中 87.5% 不受FDIC保險保護範圍。該銀行的主要客戶是風險基金支持的小科技公司。這些公司前些年在幾乎零利率的大環境下籌措的資金多的花不完，暫時存在矽穀銀行。
現在情況不一樣了。 不過，如果隻有個別公司因資金壓力而去銀行取款，銀行是能應付的。但問題是，資金壓力不限於個別公司，其他公司也出現了類似問題。即使那些沒有資金壓力的公司儲戶，當它們聽到風聲後，也會急著去銀行提款，於是造成擠兌。據報道，周四，儲戶提取了$42 billion，矽穀銀行的現金隻剩下區區 $1 bn.
同時，資產負債表的左邊也出了問題。該銀行持有的政府長期債券，由於最近美聯儲大幅升息，其市場價值跌落不少。為了應付擠兌，銀行被迫低價大量出售這些金融資產。據報道，周三，該銀行賣出了價值 $21 bn 的政府長期債券，損失了 $1.8 bn。
該銀行還試圖通過發行股票和債券來融資，但沒能成功。
矽穀銀行倒閉的主要問題是其儲蓄來源比較集中，大都來自這些小科技公司。至於來自左邊的問題，其他所有金融機構都沒能幸免。由於長期債券的市場價值與利率成反比，美聯儲每次升息，長期債券的市價就會下跌。
但其他銀行的儲蓄來源充分分散，沒有右邊的問題。所以，這家矽穀銀行倒閉，不至於導致係統風險。
當然，麵臨同樣存款結構的銀行，得小心啦。
教訓：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，美聯儲推出一條新的融資渠道，冠名為 Bank Term Funding Program (BTFP)。
通過該融資渠道，麵臨流動性危機的銀行及其他存款機構可以用其持有的政府或其他債券做抵押，到美聯儲借錢，期限最長一年。
這樣，銀行就沒必要變賣資產來應對流行性危機。
這類貸款若有閃失，發生的損失將由美國財政部持有的Exchange Stabilization Fund 承擔。
不過，美聯儲認為，出現損失的可能性極低，因為這是抵押貸款，且抵押品是極為安全的金融資產。
下麵是美聯儲關於該融資渠道的公告：
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.
資產負債表的左邊是銀行持有的所有資產，包括現金儲備，貸款及金融資產。
一個典型的銀行，其最大的資產應該是貸款。左邊的分散，是指貸款的分散，即貸給不同風險類型的客戶，他們不會同時違約賴賬。
矽穀銀行的最大資產是政府債券及抵押債券。它的矽穀客戶存錢的多，需要貸款的少。多餘的錢就放在最安全的地方。這個不需要分散，因為國債不存在 default 的問題。雖然不用擔心default,這些債券的市價由於美聯儲升息最近縮水不少。這相當於在最需要錢的時候，被迫變賣資產。
至於股票，銀行不應該持有，因為風險太高。
該銀行開在矽穀，估計一開始就把矽穀企業尤其是小企業當作潛在客戶。
被好年景慣壞，風險意識淡漠了。
你分析的很對。債券的市價隨利率上升而下跌。
美國的金融機構持有大量美國國債。盡管美國國債仍然是最安全的投資（從default角度看），但這些國債的市價已縮水不少。每家銀行都有損失。
謝謝閱讀。是的，犯了銀行經營大忌。
謝謝閱讀和點讚。
謝謝閱讀。
還沒來得及一一答複，就傳來最新消息。應該是好消息吧。
財政部、美聯儲、FDIC 周末傾巢出動，加班加點，采取果斷措施。矽穀銀行的所有儲蓄都得到了保障。
銀行仍被FDIC接管。歸還儲戶的錢最終還是來自銀行持有的資產，即銀行貸款和政府債券等。該銀行的總資產大於總儲蓄。
銀行擠兌主要是 liquidity 的問題。關鍵時刻，央行起到了 lender of last resort 的原始功能。
同時，另一家銀行也被FDIC接管。該銀行麵臨同樣的問題。儲戶的待遇同上。
估計是已被通脹、加息、擔憂 hard landing 搞得焦頭爛額，不想節外生枝，防患於未然，才斷然采取如此措施。
從政治角度看，執政黨往往傾向支持這類措施，因為不希望出問題，否則會影響選舉。
下麵摘自 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
盡然沒有采取措施積極避險。
因此在需要現金流的時候賣出美債沒人買，隻能賤賣，這就產生虧空，據媒體說是18億。
這是一個兩千多億的銀行，18億的現金流斷裂就導致破產，這是資本經濟的特點。
而這個與美債直接有關的問題在所有美國銀行都存在的，因為投資美債是曆史上比較保險的方式，美債過去四分之三是國內金融機構買，如今也還有60%是國內買，因此對於不同銀行，隻是規模多大的問題，不是有沒有的問題。
因而也就麵臨矽穀銀行一樣的問題，如果出現現金流問題，比如擠兌，當試圖賣出美債套現時，就會落入一樣的結局。
如果說2008年次貸危機是三角債引起的，那麽這場事件是麵積更廣大的美債引起的，而美債目前麵臨七月份違約的危機，全世界包括美國聯儲局都在賣出美債避險。
也就是這不是看你是否在三角債鏈上，而是你直接因為美債不值錢而失去回籠貨幣能力的問題，程度是比2008年更嚴重的。
舉個例子，假設你存在某種問題需要臨時有一筆現金流，而你的方法隻有從美債中套現，你就會是矽穀銀行的局麵。
用一句最簡潔的話講，曆史上你認為最保險穩妥的投資，也就是美債，如今不值錢了，而你的錢壓在這上麵，對銀行是直接，對個人大部分是間接。
you think your Ukraine government?