新华财经北京12月3日电（王晓伟）英国央行于近日发布金融政策委员会（Financial Policy Committee, FPC）2025年11月25日至12月1日会议纪要。会议作出三项核心决策：将全系统一级资本要求基准由 14%下调1个百分点至13%（对应普通股一级资本CET1比率约11%）；维持2%的逆周期资本缓冲 （Countercyclical Capital Buffer, CCyB）率不变；同时明确警示2025年全球金融稳定风险显著上升。 FPC指出，当前全球金融体系面临多重压力，主要风险来源包括：地缘政治紧张局势加剧、贸易与金融 市场碎片化趋势加深、多国主权债务压力上升，以及发达经济体公共债务占GDP比率持续攀升，削弱了 政府应对未来冲击的政策空间。 此外，FPC特别关注AI相关科技公司资产估值过高问题。会议纪要显示，此类企业债务融资规模快速扩 张，与信贷市场关联度加深，若资产价格出现回调，可能放大金融体系风险。同时，尽管近期美国两起 知名企业违约事件的直接影响有限，但暴露出高杠杆、承销标准薄弱、透明度不足及对评级机构过度依 赖等结构性隐患，各类金融机构普遍存在交叉风险敞口。 作为高度开放的金 ...

Core Viewpoint - The UK Finance Association urges the Bank of England to adopt a bold and strategic approach in its upcoming comprehensive review of bank capital, as concerns grow that a proposed package may not meet investor expectations [1][2]. Group 1: Capital Requirements - The UK Finance Association highlights that current capital requirements are misaligned with international banking peers, resulting in the highest nominal capital requirements among G7 countries [1]. - The association recommends reducing the "rainy day" buffer capital from 2% to 1% or even 0%, and revisiting capital buffer requirements for banks not classified as globally systemically important [2][3]. Group 2: Economic Impact - The proposed adjustments to capital requirements are expected to free up more funds within the banking system to support UK businesses and households, aligning with the government's Modern Industrial Strategy [3]. - The UK Finance Association emphasizes that a thinner buffer during normal economic conditions would allow banks to allocate more capital to the real economy rather than holding it in reserve for potential downturns [3]. Group 3: Market Reactions - Analysts from Jefferies note that the UK financial system may soon recalibrate its view on the necessary Tier 1 capital levels, which could significantly boost shareholder distributions and lower equity costs for banks [2]. - The FTSE 350 Banks Index has risen by 45% this year, driven by optimistic expectations of regulatory easing from the Bank of England [5][6]. Group 4: Cautionary Notes - Despite calls for capital level adjustments, the UK Finance Association stresses that it does not seek to lower capital levels to a point that would threaten financial stability, akin to the 2008 financial crisis [4]. - Some banking executives caution that investors with overly high expectations for the review may face disappointment, as the Bank of England remains committed to high capital standards [6].

Core Viewpoint - The Deputy Governor of the Bank of England, Andrew Bailey, stated that the support provided by the countercyclical capital buffer exceeds the federal buffer under the Basel framework [1] Group 1 - The countercyclical capital buffer is designed to enhance the resilience of the banking sector during economic downturns [1] - The current support measures are more robust than those outlined in the Basel Agreement, indicating a proactive approach by the Bank of England [1] - This strategy aims to ensure that banks maintain sufficient capital to absorb losses and continue lending during periods of financial stress [1]