英国央行下调银行资本要求 警示AI泡沫与地缘风险加剧全球金融脆弱性

Core Viewpoint - The Bank of England's Financial Policy Committee (FPC) has made key decisions regarding capital requirements and has raised concerns about global financial stability risks, particularly related to geopolitical tensions and high valuations in AI-related technology companies [1][2]. Group 1: Capital Requirements - The FPC has lowered the system-wide Tier 1 capital requirement from 14% to 13%, corresponding to a Common Equity Tier 1 (CET1) ratio of approximately 11% [1]. - The overall CET1 capital adequacy ratio of the UK banking sector is currently about 2 percentage points above regulatory requirements, indicating a strong capital position [2]. - The adjustment in capital requirements reflects structural changes in the UK financial system since 2015, including a decrease in average risk weights and optimization of risk measurement methods [2]. Group 2: Countercyclical Capital Buffer (CCyB) - The FPC has decided to maintain the CCyB rate at 2%, citing low household and corporate debt levels and overall easing credit conditions [3]. - This "neutral setting" aims to ensure banks retain sufficient risk absorption capacity to prevent disorderly credit supply contraction during future shocks [3]. Group 3: Financial Stability Risks - The FPC has highlighted significant global financial stability risks, including rising geopolitical tensions, fragmentation in trade and financial markets, and increasing sovereign debt pressures [1][2]. - Concerns have been raised regarding the high valuations of AI-related technology companies, which could amplify financial system risks if asset prices decline [1]. - The FPC noted structural vulnerabilities in financial institutions, such as high leverage and weak underwriting standards, which were exposed by recent corporate defaults in the U.S. [1]. Group 4: Support for Sustainable Economic Growth - The FPC has introduced measures to support sustainable economic growth, including reforms to the Solvency II framework and initiatives to enhance financing for high-growth firms [4]. - The committee supports the launch of exploratory scenario testing for private markets to assess systemic risks under stress conditions [4]. - The FPC has expressed support for the Bank of England's regulatory framework for systemic stablecoins, aiming to balance payment innovation with financial stability [4]. Group 5: Market Reaction and Future Outlook - The market reaction to the FPC's decisions has been generally stable, with analysts suggesting that the capital requirement reduction could enhance banks' lending potential [5]. - The FPC plans to focus on optimizing regulatory buffer designs and reviewing the implementation of leverage ratio standards, with further detailed analysis expected in the Financial Stability Report scheduled for December 2025 [5][6].