The scale of structured deposit products has been compressed since the beginning of the year. At present, our banks structured deposit financing products have been reduced too much compared with last year, the financial manager of a joint-stock bank told the Securities Daily In addition, the financial manager of a city commercial bank also said: our bank only issued a structured deposit financing product in the second half of the year, and we can only buy it by grabbing.
The regulation of structural deposits has always been the focus of regulatory attention. On October 28, 2019, in view of the problems in the rapid development of structural deposit business of some commercial banks, such as nonstandard product operation management, misleading sales and illegal business development, the China Banking and Insurance Regulatory Commission issued the notice on further standardizing the structural deposit business of commercial banks.
Since this year, under the strict supervision policy, the scale of structural deposits of Chinese banks has decreased month by month since May, and dropped to 9420.258 billion yuan at the end of August for the first time, which has achieved the goal of reducing the scale of structural deposits to the scale of the beginning of the year before September 30. According to the data collected by the reporter of Securities Daily, from May to September this year, the banks structural deposit scale dropped by 300.961 billion yuan, 1010.92 billion yuan, 654.719 billion yuan, 75.2393 billion yuan and 440.258 billion yuan per month.
According to the latest statistics of Puyi standard, as of November 18, 2020, there are 8666 bank structured deposit products in the market. There are 1664 products in China, 4159 in joint-stock banks, 1525 in city commercial banks, 438 in agricultural commercial banks and 880 in foreign banks. According to the investment currency, there are 8355 products in RMB and 311 products in foreign currency.
On the whole, if the pressure is to be reduced to two-thirds of the size at the beginning of the year before the end of the year, the pressure on the structural deposit scale of Chinese banks in the fourth quarter is greater than that in the earlier period.
Wang Qing, chief Macro Analyst of Dongfang Jincheng, told the Securities Daily that the central bank is replenishing medium-term and long-term liquidity to the banking system, avoiding excessive deviation of medium-term market interest rate from the policy interest rate center. The main reason behind this is that banks still have a heavy task of reducing structural deposits in the fourth quarter, so we need to find alternative and stable sources of funds.
The reporter noted that in the past October, the volume and price of inter-bank certificates of deposit market rose at the same time. According to wind data, the coupon rate of interbank certificates of deposit issued in October reached 3.0627%, a new high in the year; meanwhile, the actual issuance scale of interbank certificates of deposit in October reached 1905.08 billion yuan, second only to the issuance scale in August, which was at a higher level in the year.
Lou Feipeng, a researcher at the postal savings bank of China, told the Securities Daily that the scale of interbank certificates of deposit continued to grow because of the pressure drop of structural deposits, the scale of fund issuance decreased compared with the first half of the year, and banks were faced with greater pressure to solicit deposits. Therefore, the debt side gap was solved by issuing interbank certificates of deposit.
As for whether the continuous reduction of the scale of structural deposits will have an impact on small and medium-sized banks, Yuan Dongyang, general manager of the investment research department of the Federal Reserve, told the Securities Daily that the pressure drop in structural deposits will indeed have a certain impact on small and medium-sized banks, but the impact can be controlled.
Source of this article: Chen Hequn, editor in charge of Securities Daily_ NB12679