BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

PHN 1: TNG QUAN V HIP C BASEL

I/ QU TRNH RA I CA HIP C BASEL: Vo nhng nm 1980, h thng NHTM trn th gii pht trin mnh v c nhng du hiu cnh tranh khng lnh mnh gia cc ngn hng. ng thi, quy nh v vn iu l ca cc NHTM cc nc khc nhau, nn dn n cnh tranh khng cng bng trong cng mt th trng, y l iu cm k trong c ch hi nhp. V vy lnh o cc nc pht trin ngi li vi nhau tm gii php thch hp va khuyn khch cnh tranh nhng m bo cng bng v an ton cho ngi gi tin, l mt trong nhng l do quan trng cho s ra i Hip c Basel. Basel la yu cu v an ton vn do cc ngn hng thuc cc nc nhm G10 khi xng v c y ban Qun l ngn hng thuc ngn hng Thanh ton Quc t (BIS) ban hnh ln u tin vo nm 1988, xut pht t nhng cuc khng hong v tin t quc t v th trng ngn hng, m ng quan tm nht l s sp ca ngn hng Herstatt Ty c vo thi im . Do tnh thit thc ca n nn cng ng cc t chc ti chnh, ngn hng ca hn 100 nc khc cng hng ng. ph hp vi nhng thay i ln ca th trng, Basel c ci tin v sa i ln th hai (Basel II) vo nm 2001 v c hiu lc vo nm 2006. y ban Basel bao gm Thng c Ngn hng Trung ng ca nhm G10 v mt s nc c h thng ngn hng ln mnh hng u th gii bao gm B, Canada, Php, c, Itaia, Nht, Luxembua, H Lan, Ty Ban Nha, Thy S, Anh, M k Hip c Basel (Basel Accord), mt c quan gi l Hi ng Basel v gim st ngn hng quc t cng c chnh thc thnh lp theo di v ch o vic thc thi Hip c. Ngoi ra, h thng ngn hng ca nhiu quc gia khc trn th gii cng biu th ng thun tham gia tun th Hip c. y ban Basel t chc hp thng nin ti tr s Ngn hng thanh ton quc t (BIS) ti Washington hoc ti Thnh ph Basel (cn gi la Basle) Thy S. Ban th k thng trc ca y ban ny cng c tr s lm vic ti Washington DC M. Quan im ca y ban Basel l s yu km trong h thng Ngn hng ca mt quc gia d l pht trin hay ang pht trin, u c th e da khng ch n s n nh v ti chnh ca quc gia m cn c trn phm vi ton th gii. y ban Basel thng xuyn t chc cc cuc tho lun v vn xoay quanh s hp tc quc t gim bt khong cch trong cng tc gim st ngn hng, nng cao cht lng cng tc gim st hot ng ngn hng trn ton th gii. lm c iu ny, y ban Basel c gng tm hiu v thc hin c 3 iu c bn: Trang 1

BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

Trao i thng tin v hot ng gim st cp quc gia. Ci thin hiu qu k thut gim st hot ng ngn hng quc t. t ra nhng tiu chun gim st ti thiu trong nhng lnh vc ma y ban thc s quan tm. II/ NHNG IM C BN CA BASEL I, BASEL II, BASEL III 1) BASEL I: Mc tiu: Ngn hng thanh ton quc t (BIS) xy dng ch tiu nh gi mc an ton v hiu qu trong hot ng ngn hng nhm chun mc ha hot ng ngn hng trong tro lu ton cu ha. Tiu ch u tin nh gi kh nng tham gia vo th trng vn quc t l mc tun th ch tiu an ton vn ti thiu y l ni dung nn tng ca Basel I (1988). Ngoi nhng nh hng ca qu trnh t do ha ti chnh v s tin b trong cng ngh ngn hng cng nh xu hng a dng ha cc sn phm ti chnh din ra rm r vo nhng thp k cui th k 20 th yu cu xy dng mt nn tng so snh hiu qu hot ng ngn hng v m bo hn ch ri ro trong h thng thanh ton lin ngn hng ton cu l ng lc dn n s ra i ca Hip c Basel I v sau hn 10 nm l Basel II (1999). Ni dung: Basel I nhn mnh tm quan trng ca t l vn an ton trong hot ng ngn hng. Khi nim vn trong Basel I chia cc nhn t ca vn thnh 2 cp: Vn cp 1 bao gm vn c phn thng v cc khon d tr cng khai. Vn cp 2 bao gm cc khon d tr khng cng khai, gi tr tng thm ca vic nh gi li ti sn, d phng chung v d phng tn tht tn dng, cc cng c n cho php chuyn i thnh c phiu v cc khon n th cp. Tng vn cp 1 v cp 2 chnh l vn t c hay vn c bn ca t chc tn dng. Da trn cch tnh vn t c ny m Basel 1 a ra ch tiu t l an ton vn ti thiu (CAR). CAR = [(Vn t c hay vn c bn) / (Ti sn iu chnh ri ro)] * 100% Ti sn iu chnh ri ro (RWA) = Tng (Ti c ni bng x H s ri ro) + Tng (Ti sn ngoi bng x H s chuyn i x H s ri ro) Trang 2

BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

T ngy 1.10.2010 theo thng t 13/TT-NHNN ngy 20.5.2010 ca NHNN th t l CAR ny s c iu chnh t 8% ln 9%. Ngoi ra, hip c Basel I cn xc nh cc h s ri ro trong cc loi ri ro tn dng v ri ro hot ng. Hn ch: Th nht, vic phn loi ri ro cha chi tit cho cc khon cho vay. H s ri ro cha chi tit cho ri ro theo i tc (v d nh kh nng ti chnh ca khch hng) hoc theo c im ca khon tn dng (v d nh theo thi hn). iu ny ch ra rng c th cc ngn hng c cng t l an ton vn nhng c th i mt vi cc loi ri ro khc nhau, mc khc nhau. Th hai, Basel I cha tnh n li ch ca a dng ha hot ng. Cc l thuyt v u t ch ra ri ro s gim thng qua a dng ha danh mc u t. Theo Basel I, quy nh v vn ti thiu khng khc bit gia mt ngn hng c hot ng kinh doanh a dng (t ri ro hn) v mt ngn hng kinh doanh tp trung (nhiu ri ro hn). Th ba, Basel I ch cp n nhng ri ro v tn dng ch cha cp n cc ri ro khc nh ri ro quc gia, ri ro ngoi t, ri ro th trng, ri ro hot ng, Th t, mt s quy tc do Basel I a ra ch c th vn dng trong trng hp ngn hng hot ng theo kiu ngn hng n, khng da trn mt s sp nhp hay hot ng theo kiu tp on ngn hng, ngn hng m, ngn hng chi nhnh, Th nm, mt s quy nh trong Basel I khng cn ph hp khi cc ngn hng dn dn sp nhp vi nhau to thnh nhng tp on ln c kh nng cnh tranh cao v c tim lc mnh v ti chnh, cng ngh, cc ngn hng khng cn ch hot ng trong phm vi lnh th quc gia m lun vn ra tm quc t. 2) BASEL II: Mc d c rt nhiu im mi nhng Hip c Basel I vi bn sa i nm 1996 vn c kh nhiu im hn ch. Mt trong nhng im hn ch l Basel I khng cp n mt loi ri ro ang ngy cng tr nn phc tp v vi mc ngy cng tng ln, l ri ro tc nghip. Chnh v vy, t nm 1999, U ban Basel n lc a ra mt Hip c mi thay th cho Basel I, v cho n nm 2004, bn Hip c quc t v vn ca Basel (Basel II) chnh thc c ban hnh. Vi cch tip cn mi da trn 3 ct tr chnh, Basel II buc cc ngn hng quc t phi tun th theo 3 nguyn tc c bn:

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BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

Nguyn tc th nht: Cc ngn hng cn phi duy tr mt lng vn ln trang tri cho cc hot ng chu ri ro ca mnh, bao gm ri ro tn dng, ri ro th trng v ri ro tc nghip (Ct tr 1). Theo , cch tnh chi ph vn i vi ri ro tn dng c s sa i ln, thay i nh vi ri ro th trng nhng hon ton l phin bn mi i vi ri ro tc nghip. Nguyn tc th hai: Cc ngn hng cn phi nh gi mt cch ng n v nhng loi ri ro m h ang phi i mt v m bo rng nhng gim st vin s c th nh gi c tnh y ca nhng bin php nh gi ny (Ct tr 2). Vi ct tr ny, Basel II nhn mnh 4 nguyn tc ca cng tc r sot gim st: Cc ngn hng cn phi c mt quy trnh nh gi c mc y vn ca h theo danh mc ri ro v phi c c mt chin lc ng n nhm duy tr mc vn . Cc gim st vin nn r sot v nh gi li quy trnh nh gi v mc vn ni b cng nh v cc chin lc ca ngn hng. H cng phi c kh nng gim st v m bo tun th t l vn ti thiu. Theo , gim st vin nn thc hin mt s hnh ng gim st ph hp nu h khng hi lng vi kt qu ca quy trnh ny. Gim st vin khuyn ngh cc ngn hng duy tr mc vn cao hn mc ti thiu theo quy nh. Gim st vin nn can thip giai on u m bo mc vn ca ngn hng khng gim di mc ti thiu theo quy nh v c th yu cu sa i ngay lp tc nu mc vn khng c duy tr trn mc ti thiu. Nguyn tc th ba: Cc ngn hng cn phi cng khai thng tin mt cch thch ng theo nguyn tc th trng (Ct tr 3). Vi ct tr ny, Basel II a ra mt danh sch cc yu cu buc cc ngn hng phi cng khai thng tin, t nhng thng tin v c cu vn, mc y vn n nhng thng tin lin quan n mc nhy cm ca ngn hng vi ri ro tn dng, ri ro th trng, ri ro tc nghip v quy trnh nh gi ca ngn hng i vi tng loi ri ro ny. Nh vy, vi qu trnh pht trin ca Basel v nhng Hip c m t chc ny a ra, cc ngn hng thng mi cng ngy cng c yu cu hot ng mt cch minh bch hn, m bo vn phng nga cho nhiu loi ri ro hn v do vy, hy vng s gim thiu c ri ro.

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BASEL v tin trnh hi nhp vo h thng NHTM VN Bng 1. Trng s ri ro theo loi ti sn Trng s ri ro Phn loi ti sn

PGS.TS.Trn Huy Hong

0%

Tin mt v vng nm trong ngn hng. Cc ngha v tr n ca Chnh ph v B Ti chnh. Cc khon tr n ca ngn hng c quy m ln Chng khon pht hnh bi cc c quan Nh nc Cc khon vay th chp nh , Tt c cc khon vay khc nh tri phiu ca doanh nghip, cc khon n t cc nc km pht trin, cc khon vay th cp c phiu, bt ng sn,

20%

50%

100%

Bng 2. Ti sn Yu cu v iu chnh vn ti theo trng thiu s ri ro 0 USD 16 USD 40 USD

Loi ti sn

Trng s ri ro

T l vn

S tin

Tri phiu Chnh ph 0% Tri phiu th Th chp nh Vay khng bo m 20% 50% 100%

8% 8% 8% 8%

1.000 USD 0 USD 1.000 USD 200 USD 1.000 USD 500 USD

1.000 USD 1.000 USD 80 USD

U IM CA BASEL II SO VI BASEL I: - V cu trc v ni dung: Basel I tp trung vo mt gii php qun l ri ro duy nht l yu cu vn ti thiu. Trong khi, Basel II tp trung nhiu hn vo cc phng php ni b ca chnh ngn hng, nh gi hot ng thanh tra, gim st v k lut trn nguyn tc th trng.

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BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

- V tnh linh ng ca ng dng: Basel I quy nh chung mt chn la cho tt c cc ngn hng. Basel II linh hot hn vi mt danh sch cc phng php, cc bin php khuyn khch cc nh qun l quc gia v cc ngn hng chn la. - V tnh nhy cm vi ri ro: Basel I o c ri ro qu s b. Basel II nhy cm hn vi ri ro thng qua nhy cm ca yu cu vn i vi mc ri ro tng ln v s cng khai bt buc mt cch chi tit v nhy cm ri ro v chnh sch ri ro. - V trng s ri ro: Basel I quy nh t 0 100 v u i hn vi cc nc thuc T chc hp tc v pht trin kinh t (OECD- Organisation for Economic Co-operation and Development). Basel II quy nh t 0 150 hoc hn v khng c c quyn no, bao gm c phn cp bn trong v bn ngoi. - V k thut gim ri ro tn dng: Basel I ch h tr v m bo. Basel II tha nhn v k thut gim thiu ri ro tt hn, a ra nhiu k thut hn nh h tr, m bo, phi sinh tn dng, lp mng li v th (position netting). HN CH CA BASEL II: - Vic p dng cc phng php qun tr ri ro tin tin cha c cc tiu chun c th c chp nhn rng ri. - Cc phng php gim st, nh gi ri ro cha tnh n cc hot ng ca chu l kinh doanh. - Cc c quan qun l cha theo kp tc pht trin mnh m nhng sn phm dch v c khoa hc cng ngh cng nh mc ri ro cao. 3) BASEL III: Hip c Base III c pht trin i ph vi nhng thiu st trong cc qui nh v ti chnh b bc l sau cuc khng hong ti chnh ton cu. Basel III tng cng yu cu v vn ca ngn hng v gii thiu cc yu cu mi quy nh v tnh thanh khon ngn hng v n by ngn hng. T chc OECD c tnh rng vic thc hin Basel III s gim tc tng trng GDP hng nm khong 0,05%-0,15% i ph vi cuc khng hong ti chnh gn y, y ban Basel v Gim st Ngn hng (BCBS) a ra cc iu chnh trong hng dn i vi cc quy nh v vn v hot ng cc ngn hng nh sau: Trong ti liu hng dn ny trnh by cc kin ngh ca y ban Basel tng cng vn ton cu v cc quy nh v tnh thanh khon vi mc tiu thc y khu vc ngn hng tr nn linh hot hn. Mc tiu gi ci cch ca y ban Basel l nhm ci thin kh nng ca lnh vc ngn hng hp th nhng c sc pht sinh t s cng Trang 6

BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

thng ti chnh v kinh t, bt k ngun gc, do gim nguy c khng hong trn t khu vc ti chnh cho cc nn kinh t hin ti Basel III vi nhiu xut mi v vn, n by v cc tiu chun v tnh thanh khon cng c cc quy nh, gim st v qun l ri ro ca ngnh ngn hng. Cc tiu chun vn v cc vng m vn mi s i hi cc ngn hng gi vn nhiu hn v cht lng cao hn so vi mc vn theo quy nh hin hnh Basel II. Cc n by mi v t l tnh thanh khon gii thiu mt bin php phi ri ro nhm b sung cc yu cu v vn ti thiu da trn ri ro v cc bin php m bo kinh ph c duy tr trong trng hp xy ra khng hong Ngy 19/12/2009 cc thnh vin BCBS ban hnh mt thng co bo ch trong trnh by hai ch xem xt v bnh lun: Tng cng kh nng phc hi ca nghnh Ngn hng a ra khun kh v o lng ri ro thanh khon, cc chun mc v s gim st y ban Basel v Gim st Ngn hng (BCBS) cho php mt khong thi gian bnh lun i chng (kt thc vo 16/04/2010), nhn kt qu 272 cu tr li theo yu cu ly kin TM TT CC THAY I C XUT: 1) Th nht, cht lng, tnh nht qun, v tnh minh bch ca ngun vn c s s c nng ln: Vn cp 1: Ch yu ca vn cp 1 l phi bao gm vn c phn thng v li nhun gi li Cc cng c vn cp 2 s c cn i hi ha Vn cp 3 s c loi b 2) Th hai, mc vn bo m cc ri ro pht sinh s c tng cng: Tng cng cc yu cu v vn cho cc khon tn dng vi khch hng pht sinh, cc nghip v bo m cho cc khon vay, chng khon phi sinh v cc giao dch ti chnh Nng cao vn d phng cho cc ri ro Gim cc chu k v Cung cp cc u i b sung di chuyn cc hp ng phi sinh trn th trng t do n cc giao dch ngoi hi ti Ngn hng (trung tm thanh ton b tr) Cung cp u i tng cng qun l ri ro tn dng i ng Trang 7

BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

3) Th ba, y ban s a ra mt t l n by l mt bin php b sung cho khung ri ro c thit lp Basel II. Do , y ban ang trnh by mt yu cu t l n by nhm t c cc mc tiu sau: Xy dng thm lp th hai cho n by trong lnh vc Ngn hng xut bin php bo v b sung chng li ri ro m hnh v sai s o bng cch b sung bin php chng ri ro, mt bin php n gin l da trn ri ro tng th. 4) Th t, y ban ang xut mt lot cc bin php thc y xy dng cc vng m vn trong thi im tt v c th c rt ra khi trong thi k cng thng ("Gim chu k v thc y cc b m phn chu k") y ban cng xut hng lot cc gii php gii quyt tnh trng chu k: Lm Gim bt k chu k vt qu yu cu vn ti thiu; Tng cng hn na cc quy nh hng ti tng lai; D tr vn xy dng cc vng m ti cc ngn hng t nhn v khu vc ngn hng gii quyt nhng tnh trng cng thng v vn khi cn

t c mc tiu rng ln hn l chnh sch thn trng v m nhm bo v khu vc ngn hng trong thi k tng trng tn dng qu mc: Yu cu s dng cc khon u t di hn c lng trc xc sut v n, D ton suy thoi do cc khon l tn dng gy nn, c ngh trong Basel II, tr thnh bt buc Ci thin hiu chun cc chc nng ri ro, m chuyn i c tnh thit hi vo vn php quy theo yu cu Ngn hng phi tin hnh cc cuc kim tra bao gm tng trng tn dng lan rng trong cc kch bn suy thoi

Tng mnh m hn na t l trch lp d phng: ng h s thay i trong cc tiu chun k ton i vi mt khon tn tht d kin (EL) phng php tip cn (thng thng, s tin EL: = LGD * PD * EAD. Trong : + EL: L khon tn tht d kin + LGD: L khon tn tht do ri ro tn dng gy ra + PD: Xc sut mc nh Trang 8

BASEL v tin trnh hi nhp vo h thng NHTM VN + EAD: Ri ro mc nh i vi khch hng)

PGS.TS.Trn Huy Hong

5) Th nm, y ban ang trin khai mt tiu chun quc t v tnh thanh khon ti thiu cho hot ng ngn hng quc t bao gm mt yu cu t l thanh khon m bo trong 30 ngy c cng c bng mt t l cu trc thanh khon di hn c gi l T l d phng bnh n. U ban cng ang xem xt li nhu cu vn b sung, thanh khon hoc cc bin php gim st khc lm gim yu t ngoi tc c to ra bi cc t chc quan trng c thnh lp c h thng Vo thng 9/2010, Basel III nh mc yu cu t l l: 7-9,5% (4,5% 2,5% (bo tn vng m) + 0-2,5% (theo thi k m)) cho c phn ph thng v 8,5-11% cho Vn cp 1 v 10,5-13 cho tng s vn

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BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

PHN 2: TIN TRNH P DNG TIU CHUN BASEL VO H THNG NGN HNG THNG MI VIT NAM

I) Giai on trc khi p dng Basel (nhng nm 1990): Nm 1990, nhng quy nh v m bo an ton trong hot ng ca cc ngn hng u tin c th hin trong cc php lnh v ngn hng. Mt s quy nh c bn c nhng cn kh th s nh T chc tn dng khng c huy ng vn qu 20 ln tng s vn t c v qu d tr thay v s dng h s an ton vn theo quy nh ca Basel I c ban hnh nm 1988. II) Giai on p dng Basel vo h thng NHTM Vit Nam: Nhng chun mc quc t v m bo ln u tin c nghin cu v p dng kh chi tit vo Vit Nam k t khi Lut Ngn hng Nh nc v Lut Cc t chc tn dng c ban hnh vo nm 1997 v chng c c th ha hai nm sau bng quy nh v cc t l m bo an ton trong hot ng ca cc t chc tn dng (Quyt nh 297/1999/Q-NHNN), Quy nh v gii hn cho vay i vi mt khch hng (Quyt nh 296/1999/Q-NHNN). Nm 2005, Ngn hng Nh nc ban hnh mt s quy nh mi sa i bt hp l v vn ca Quy nh 1999 v mt s ni dung khc c b sung cho gn vi Basel I hn. im ng ch nht trong Quy nh 2005 l vic tch bch gia hot ng ca ngn hng thng mi (cc hot ng cp tn dng v thanh ton l ch yu) v hot ng ca ngn hng u t (cc nghip v lin quan n kinh doanh chng khon). 2.1. Nm 2005-2006: Giai on ny, nhn chung, cc ngn hng Vit Nam ang nhng bc u tin trong qu trnh p dng nhng chun mc quc t vo vic xy dng mt h thng an ton, gim thiu ri ro trong qu trnh hot ng. Theo kt qu kho st do Cng ty T vn Ernst & Young tin hnh nm 2006 nh gi mc tun th cc nguyn tc c bn v gim st ngn hng hu hiu ca y ban Gim st ngn hng quc t Basel, c ti 19 trong s 25 nguyn tc phn ln khng tun th, 1/25 nguyn tc tun th, 2/25 nguyn tc khng thc hin phn ln v 3/25 nguyn tc khng p dng. Trong , hu ht cc nguyn tc lin quan n iu kin tin quyt bo m gim st ngn hng hu hiu (mc tiu, nhim v, tnh c lp, khung php l, quyn lc, h thng thng tin ca c quan gim st ngn hng), cp php v chp thun thay i cu trc ngn hng, cc quy nh an ton hot ng, phng php gim st ngn hng lin tc c nh gi khng tun th. Vic p dng thng l, chun mc quc t v gim st ngn hng cha Trang 10

BASEL v tin trnh hi nhp vo h thng NHTM VN

PGS.TS.Trn Huy Hong

ng b v khng trit dn n cch nhn nhn, nh gi h thng ngn hng cha phn nh y thc trng tnh hnh. Cc quy nh ca Ngn hng Nh nc cp ti mt s vn lin quan ti cc iu khon trong hip nh Basel I nhng vn mc cn hn ch. C th: Quyt nh 457/2005/Q-NHNN quy nh cc t l bo m an ton trong hot ng ca T chc tn dng phn nh c cc ri ro lin quan n hch ton ni bng v ngoi bng v ph hp vi Hip c Basel v vn mi (Basel Capital Accord I). Cc ni dung quy nh v vic tnh ton mc vn t c v t l vn t c ti thiu so vi tng ti sn C ri ro ti Quyt nh ny tin kh st so vi yu cu tnh ton vn t c theo chun mc Basel, iu ny m bo hot ng kinh doanh ca cc Ngn hng thng mic an ton hn. Tuy nhin, gia chun mc k ton Vit Nam v chun mc k ton quc t vn cn tn ti mt s khong cch, v th cch tnh t l an ton vn theo chun mc k ton Vit Nam cha phn nh hp l ri ro trong hot ng ca cc ngn hng Vit Nam. Hu ht cc Ngn hng thng mic phn u t c h s an ton vn (CAR) trn 8%, song nu so snh vi cch tnh h s an ton ca Basel nh nu trn, tc l mu s phi cng thm c vn dnh cho ri ro th tr ng th rt t Ngn hng thng miVit Nam t c t l an ton vn mc trn 8%. Thm vo , t l an ton vn ti thiu l 8% c p dng thng nht cho tt c cc ngn hng m khng tnh n s khc bit trong phm vi, quy m cng nh ri ro ca cc ngn hng. i vi Quyt nh s 493/2005/Q-NHNN, d n tn dng ti cc Ngn hng thng miphi c phn loi, trch d phng ri ro v c bin php c bit i vi cc khon n xu. Cc khon n c phn loi da trn h thng xp hng tn dng ni b ca mi ngn hng v ch yu da vo kh nng thu n ca mi khon vay. y ng thi cng l cch phn loi n m Hip c Basel a ra. Phng php trch lp nu ti Quyt nh 493 tin kh st vi thng l quc t, c th: (i) C trch lp d phng chung v d phng ring; (ii) C tnh gi tr Ti sn bo m v loi tr khi tnh ton s tin phi trch lp; (iii) Cho php cc Ngn hng thng mic trch lp dn trong 3 nm, ph hp vi tnh hnh ti chnh v kt qu kinh doanh ti cc Ngn hng thng mi. Nhn chung, quy nh ca Ngn hng Nh nc Vit Nam v gii hn tn dng vi mt nhm khch hng c lin quan tng i ph hp vi yu cu ca Basel. Tuy nhin, Quyt nh 457/2005/QNHNN quy nh gii hn tn dng ca T chc tn dng vi mt nhm khch hng c lin quan l 60%, trong khi t l ny theo Basel ch l 25%. Ngoi ra, theo quy nh trn th vic trch lp d phng ca cc ngn hng Vit Nam da trn tnh trng n qu hn ca cc khon n ch khng da trn c s hch ton k ton nhm nh gi kh nng thu hi n d kin. Thanh tra ngn hng cng ch kim tra vic tun th ca ngn hng

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vi quy nh m cha kim tra mc d phng trch lp c phn nh ng kh nng thu hi d kin hay khng. M hnh t chc Thanh tra Ngn hng v h thng php lut v thanh tra, gim st ngn hng cn bt cp so vi cc thng l v chun mc quc t v gim st ngn hng, nht l so vi yu cu thanh tra, gim st da trn c s ri ro. C th, theo Hip c Basel, ri ro tn dng c xc nh ch yu da trn h thng phn loi n ni b vi h thng ch tiu kh phc tp nhm nh gi kh nng thu hi n i vi tng khon vay. Trong khi , vic phn loi n ca cc Ngn hng thng miVit Nam da trn cc thng s c tnh b mt nh cn c ch yu vo s ngy gia hn n v s ngy chuyn sang n qu hn. Cc yu t nh tnh khc phn nh ng cht lng v kh nng thu n ca khon vay nh tnh hnh ti chnh, ri ro trong kinh doanh ca khch hng, ri ro phi ti chnh u cha c a vo H thng cho im tn dng ca cc Ngn hng thng mi. Ri ro th trng cha ng vai tr trng yu trong ri ro hot ng ca cc T chc tn dng, cha c cc quy nh v ri ro th trng v do cha p dng nguyn tc ca Basel v iu chnh t l an ton vn ti thiu i vi ri ro th trng. Ngn hng nh nc c thc hin kim tra vic thit lp cc gii hn c th v ri ro th trng bao gm c ri ro cho hot ng kinh doanh ngoi hi v vic xy dng h thng thng tin v kim sot ni b m bo vic tun th cc gii hn ri ro th trng ca cc T chc tn dng. Tuy nhin, mc kim tra khc nhau ph thuc vo tng loi hnh T chc tn dng v ph thuc vo k nng v kin thc ca cc cn b thanh tra. Cc Ngn hng thng mi Vit Nam hu nh vn cha p dng cc cng c phng nga ri ro th trng mt cch y . Cc sn phm Hedging hu nh cha c trin khai, ngoi tr mt s bin php nh qun l trng thi ngoi hi, qun l danh mc u t thng qua vic a dng ha danh mc u t, trnh u t tp trungCc Ngn hng thng mi Vit Nam cha nhn thc ng v v loi hnh ri ro hot ng nn cng cha c ngun d phng thch ng v ph hp i vi loi hnh ri ro ny. Mc d vy, trong thc t, cc Ngn hng thng mi Vit Nam vn lun phi i mt vi loi ri ro ny vi mc nguy him ngy cng ln ... Mt quy nh cng ng lu l nm 2006, Th tng Chnh ph ban hnh danh mc v vn php nh ca cc t chc tn dng m hiu mt cch n gin, i vi mt ngn hng, n ht nm 2010 phi c vn iu l ti thiu l 3.000 t ng. iu ny cho thy c quan gim st v cc ngn hng trong h thng Ngn hng thng mi Vit Nam bt u thc thm v tm quan trng ca vic iu chnh hot ng theo Hip c quc t Basel.

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BASEL v tin trnh hi nhp vo h thng NHTM VN 2.2. Nm 2007:

PGS.TS.Trn Huy Hong

Bi cnh thay i k t nm 2007, khi h thng ngn hng Vit Nam gp phi hai vn ln gm: (1) ri ro v mt thanh khon v (2) ri ro t cc hot ng lin quan n chng khon v bt ng sn. Ri ro thanh khon ca h thng ngn hng gia tng do cung tin c m rng vi tc cao cng vi s n rng qu nhanh ca mt s ngn hng, nht l cc ngn hng nh m phn ng l mi thnh lp hay c nn cp ln t cc ngn hng nng thn. iu ny to ra s mt cn i trong vic huy ng vn v cho vay ca cc ngn hng. Nhng ngn hng ln c li th v mt huy ng vn do mng li v quan h c sn, khi cung tin c m rng h huy ng c rt nhiu tin, nhng kh nng cho vay ch mt mc no nn cc ngn hng ny d ra mt lng vn kh ln. Ngc li cc ngn hng mi nng cp hay mi thnh lp cn phi m rng hot ng nn cn vn. Cung - cu gp nhau v hot ng vay mn trn th trng lin ngn hng l kh d dng vi li sut rt phi chng. Kt qu l mt s ngn hng i vay cc t chc tn dng khc (vay lin ngn hng) cho vay li khch hng, trong khi v nguyn tc vay lin ngn hng vi li sut rt thp thng ch b p nhng thiu ht tm thi v mt thanh khon hay yu cu d tr ca ngn hng nh nc v ngun vn s dng cp tn dng nn l vn huy ng trc tip. Khi lm pht mc bo ng, chnh sch tht cht tin t c a ra mt qu mnh v c phn t ngt lm l ra nhng vn v qun l cng nh ri ro thanh khon ca h thng ngn hng Vit Nam. Thm vo , vic cc Ngn hng thng mitham gia qu tch cc vo cc hot ng kinh doanh chng khon v bt ng sn nh cho vay kinh doanh c phiu hay mua bn bt ng sn cng nh mt s nghip v khc ca ngn hng u to ra nhng tim n ri ro rt ln cho h thng ti chnh. Mt s chnh sch c tnh cha chy nh Ch th 03 vo thng 5/2007 khng ch d n cho vay kinh doanh chng khon khng vt qu 3% tng d n cho vay khng nhng khng c tc dng, m cn gy ra nhng tc ng tiu cc khc. Hn th, khi Vit Nam gp kh khn do lm pht tng cao cha tng c k t nhng nm u thp nin 1990, cuc khng hong ti chnh ton cu ti t nht k t cuc i khng hong v suy thoi 1929-1933 M xy ra m mt trong nhng nguyn nhn chnh l vic d b quy tch bch gia hot ng ca cc Ngn hng thng miv Trang 13

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PGS.TS.Trn Huy Hong

ngn hng u t, lm cho nhu cu c mt quy nh cht ch v m bo an ton trong hot ng ca cc t chc ti chnh tr nn cp thit hn. n Ci cch t chc v hot ng Thanh tra Ngn hng (Quyt nh s 1976/Q-NHNN) nu ln 7 ni dung c bn trong nhn mnh vic chuyn hng t thanh tra tun th sang thanh tra - gim st da trn c s ri ro v hp nht kt hp vi thanh tra - gim st tun th ph hp vi thng l quc t v cc nguyn tc ca U ban Gim st ngn hng Basel nhm nng cao nng lc cnh bo sm ri ro trong hot ng ngn hng. 2.3. Nm 2010: Thng 5/2010. Ngn hng Nh nc (NGN HNG NH NC) chnh thc ban hnh Thng t 13/2010/TT-NGN HNG NH NC c hiu lc t 01/10/2010 v Quy nh v cc t l m bo an ton trong hot ng ca t chc tn dng. Thng t 13 cp n cc t l bo m an ton chnh yu nh sau: - T l an ton vn ti thiu; - Gii hn tn dng; - T l kh nng chi tr; - Gii hn gp vn, mua c phn; - T l cp tn dng t ngun vn huy ng; (a) T l an ton vn ti thiu: 1. T chc tn dng, tr chi nhnh ngn hng nc ngoi, phi duy tr t l an ton vn ti thiu 9% gia vn t c so vi tng ti sn C ri ro ca t chc tn dng (t l an ton vn ring l) 2. T chc tn dng phi thc hin Bo co ti chnh hp nht theo quy nh ca php lut, ngoi vic duy tr t l an ton vn ring l quy nh ti Khon 1 iu ny, phi ng thi duy tr t l an ton vn ti thiu 9% trn c s hp nht vn, ti sn ca t chc tn dng v cng ty trc thuc (t l an ton vn hp nht) T l an ton vn ring l c xc nh nh sau: T l an ton vn ring l = Vn t c/Tng ti sn C ri ro Trong : - Vn t c l tng vn cp 1 v vn cp 2 tr i cc khon phi tr. 9 Vn t c Cp 1 bao gm cc khon tnh vn cp 1 tr i cc khon phi tr 9 Vn t c Cp 2 bao gm cc khon tnh vn cp 2 Trang 14

BASEL v tin trnh hi nhp vo h thng NHTM VN 9 Cc khon phi tr khi tnh vn t c Tng ti sn C ri ro

PGS.TS.Trn Huy Hong

( iu 5, Mc 1, Thng t 13/2010/TT-NHNN ngy 20/05/2010) T l an ton vn hp nht c xc nh nh sau: T l an ton vn hp nht = Vn t c hp nht/Tng ti sn C ri ro hp nht Trong : - Vn t c hp nht c xc nh bng tng vn cp 1 v vn cp 2 tr i cc khon phi tr. 9 Vn t c Cp 1 bao gm cc khon tnh vn cp 1 (bao gm chnh lch t gi hi oi pht sinh trong qu trnh hp nht Bo co ti chnh) tr i cc khon phi tr 9 Vn t c Cp 2 bao gm cc khon tnh vn cp 2 - Tng Ti sn C ri ro hp nht ( iu 6, Mc 1, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (b) Gii hn tn dng: - T chc tn dng cn c quy ch ni b v qun l cht lng tn dng xy dng, ban hnh quy nh v cc tiu ch xc nh mt khch hng v nhm khch hng c lin quan, chnh sch tn dng i vi khch hng v cc gii hn tn dng p dng i vi mt khch hng v nhm khch hng c lin quan, trong ti thiu phi c cc ni dung sau y: Tiu ch c th xc nh mt khch hng, nhm khch hng c lin quan. Gii hn tn dng i vi mt khch hng, nhm khch hng c lin quan. K hoch a dng ha hot ng tn dng, phng php theo di v qun l i vi cc khon cp tn dng mc t 5% vn t c ca t chc tn dng tr ln. Tng khon cho vay hoc bo lnh, cho thu ti chnh v tng cc khon cho vay hoc tng cc khon bo lnh, tng cc khon cho thu ti chnh vt qu 10% vn t c ca t chc tn dng phi c Hi ng qun tr hoc Ch tch Hi ng qun tr hoc ngi c Hi ng qun tr, Ch tch Hi ng qun tr y quyn thng qua theo phn cp, y quyn quy nh ti chnh sch tn dng ni b ca t chc tn dng i vi khch hng. - Quy nh ni b v cc tiu ch xc nh mt khch hng v nhm khch hng c lin quan, cc gii hn tn dng p dng i vi mt khch hng v nhm khch hng Trang 15

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c lin quan phi c sa i, b sung ph hp vi ni dung sa i, b sung cc quy nh ni b v qun l cht lng tn dng, chnh sch tn dng i vi khch hng khi h thng xp hng tn dng ni b c sa i, b sung hng nm. ( iu 7, Mc 2, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (c) Gii hn cho vay, bo lnh, chit khu giy t c gi: D n cho vay ca t chc tn dng bao gm d n cho vay theo hp ng tn dng; s d n t chc tn dng y thc cho t chc tn dng khc cho vay; s d cc khon t chc tn dng tr thay do thc hin ngha v bo lnh i vi khch hng. 9 Tng d n cho vay ca t chc tn dng i vi mt khch hng khng c vt qu 15% vn t c ca t chc tn dng. 9 Tng d n cho vay v s d bo lnh ca t chc tn dng i vi mt khch hng khng c vt qu 25% vn t c ca t chc tn dng, trong tng d n cho vay i vi mt khch hng khng c vt qu t l quy nh (15% vn t c). 9 Tng d n cho vay ca t chc tn dng i vi mt nhm khch hng c lin quan khng c vt qu 50% vn t c ca t chc tn dng, trong tng d n cho vay i vi mt khch hng khng c vt qu t l quy nh (15% vn t c). 9 Tng d n cho vay v s d bo lnh ca t chc tn dng i vi mt nhm khch hng c lin quan khng c vt qu 60% vn t c ca t chc tn dng, trong tng d n cho vay v s d bo lnh i vi mt khch hng khng c vt qu t l quy nh (25% vn t c). ( iu 8, Mc 2, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (d) Gii hn cho thu ti chnh 9 Tng d n cho thu ti chnh i vi mt khch hng khng c vt qu 30% vn t c ca cng ty cho thu ti chnh. 9 Tng d n cho thu ti chnh i vi mt nhm khch hng c lin quan khng c vt qu 50% vn t c ca cng ty cho thu ti chnh, trong mc cho thu ti chnh i vi mt khch hng khng c vt qu t l quy nh (30% vn t c). ( iu 9, Mc 2, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (e) T l v kh nng chi tr: Cui mi ngy, t chc tn dng phi xc nh v c cc bin php m bo cc t l v kh nng chi tr cho ngy hm sau nh sau: Trang 16

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9 T l ti thiu bng 15% gia tng ti sn C thanh ton ngay v tng N phi tr. - Tng ti sn C thanh ton ngay (Ph lc 5) - Tng N phi tr c xc nh bng s d trn khon mc Tng n phi tr (Ph lc 6). 9 T l ti thiu bng 1 gia tng ti sn C n hn thanh ton trong 7 ngy tip theo k t ngy hm sau v tng ti sn N n hn thanh ton trong 7 ngy tip theo k t ngy hm sau i vi ng Vit Nam, ng Euro, ng Bng Anh v ng la M (bao gm ng la M v cc ngoi t khc cn li c quy i sang la M theo t gi lin ngn hng cui mi ngy). - Ti sn C n hn thanh ton trong 7 ngy tip theo k t ngy hm sau (Ph lc 6). - Ti sn N n hn thanh ton trong 7 ngy tip theo k t ngy hm sau (Ph lc 7). ( iu 12, Mc 3, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (f) Gii hn gp vn, mua c phn: Mc gp vn, mua c phn ca t chc tn dng trong mt doanh nghip, qu u t, d n u t, t chc tn dng khc khng c vt qu 11% vn iu l ca doanh nghip, qu u t, d n u t, t chc tn dng khc , tr trng hp gp vn, mua c phn thnh lp cng ty trc thuc theo quy nh ca php lut. Tng mc gp vn, mua c phn ca t chc tn dng v cc cng ty con, cng ty lin doanh, cng ty lin kt ca t chc tn dng trong cng mt doanh nghip, qu u t, d n u t, t chc tn dng khc khng c vt qu 11% vn iu l ca doanh nghip, qu u t, d n u t, t chc tn dng khc . ( iu 16, Mc 4, Thng t 13/2010/TT-NHNN ngy 20/05/2010) (g) T l cp tn dng so vi ngun vn huy ng: T chc tn dng ch c s dng ngun vn huy ng cp tn dng vi iu kin trc v sau khi cp tn dng u m bo t l v kh nng chi tr v cc t l bo m an ton khc quy nh ti Thng t ny v khng c vt qu t l di y: 9 i vi ngn hng: 80% 9 i vi t chc tn dng phi ngn hng: 85% Trang 17

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9 Tin gi ca c nhn di cc hnh thc tin gi khng k hn, tin gi c k hn; 9 Tin gi c k hn ca t chc (tr Kho bc Nh nc), bao gm c tin gi c k hn ca t chc tn dng khc v chi nhnh ngn hng nc ngoi; 9 Tin vay ca t chc trong nc (tr Kho bc, tin vay ca t chc tn dng khc trong nc) v tin vay ca t chc tn dng nc ngoi; 9 Vn huy ng t t chc, c nhn di hnh thc pht hnh giy t c gi ( iu 18, Mc 5, Thng t 13/2010/TT-NHNN ngy 20/05/2010) THNG T 19 sa i, b sung mt s iu ca Thng t 13 cho st vi thc tin hn: - Cc t l m bo an ton quy nh ti Thng t ny gm: T l an ton vn ti thiu; gii hn tn dng; t l kh nng chi tr; gii hn gp vn, mua c phn; t l cp tn dng t ngun vn huy ng. Ni dung c l t l cp tn dng so vi ngun vn huy ng. - S d tin gi khng k hn, tr gi s sch ca vng gi khng k hn gi ti cc t chc tn dng khc, tr Ngn hng chnh sch X hi; S d tin gi c k hn, tr gi s sch ca vng gi c k hn n hn thnh ton gi ti cc t chc tn dng khc, tr Ngn hng chnh sch X hi. Ni dung trong thng t c l "Phn chnh lch dng gia s d tin gi khng k hn, gi tr s sch ca vng gi khng k hn gi ti cc t chc tn dng khc, tr Ngn hng Chnh sch X hi v s d tin gi khng k hn, gi tr s sch ca vng gi khng k hn ca cc t chc tn dng khc gi ti t chc tn dng. Phn chnh lch dng gia s d tin gi c k hn, gi tr s sch ca vng gi c k hn n hn thanh ton gi ti cc t chc tn dng khc, tr Ngn hng Chnh sch X hi v s d tin gi c k hn, gi tr s sch ca vng c k hn n hn thanh ton ca cc t chc tn dng khc gi ti t chc tn dng" T l cp tn dng t ngun vn huy ng: - T chc tn dng ch c s dng ngun vn huy ng cp tn dng vi iu kin trc v sau khi cp tn dng u m bo t l v kh nng chi tr v cc t l m bo an ton khc quy nh ti Thng tu ny v vic cp tn dng t ngun vn huy ng khng vt qu t l di y: Trang 18

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i vi ngn hng : 80%; i vi t chc tn dng phi ngn hng 85%. - Cp tn dng quy nh ti Khon 1 iu ny bao gm cc hnh thc cho vay, cho thu ti chnh, bao thanh ton, chit khu giy t c gi v cng c chuyn nhng (b cu phn "bo lnh"). - Ngun vn huy ng c b sung mt s iu theo hng ni rng ngun vn huy ng c em cho vay bao gm: 9 Tin gi ca c nhn di cc hnh thc tin gi khng k hn, tin gi c k hn; 9 Tin gi c k hn ca t chc, bao gm c tin gi c k hn ca t chc tn dng khc v chi nhnh ngn hng nc ngoi; (khng loi tr tin gi ca Kho bc Nh nc nh trong Thng t 13 cha sa i). 9 Vn huy ng t t chc, c nhn di hnh thc pht hnh giy t c gi. - Trong khon 3.3 iu 18 mc 5 v T l cp tn dng t ngun vn huy ng, thng t 19 b sung khon ngun vn huy ng c em cho vay bao gm 25% tin gi khng k hn ca t chc kinh t (tr t chc tn dng) v tin vay ca t chc tn dng khc c k hn t 3 thng tr ln(tr tin vay ca t chc tn dng khc trong nc b p thiu ht tm thi i vi cc t l v kh nng chi tr theo quy nh ti Khon 1 iu 14) v tin vay ca t chc tn dng nc ngoi. Ni dung ny khng c trong thng t 13 v c b sung thm. NHN XT: Thm l do p ng CAR l 9%. Ngay khi ban hnh, thng 5/2010, Thng t 13 vp phi s phn ng ca cc T chc tn dng. Phn ng ny cng tr nn mnh m khi Hip hi Ngn hng (VNBA) c vn bn kin ngh chnh thc gi ln Thng c Ngn hng nh nc. Song, cng bng m ni, vic ban hnh mt vn bn nh Thng t 13 l cn thit khi kinh t th gii va tri qua khng hong ti chnh v nhng yu km trong hot ng ca cc T chc tn dng trong nc ngy cng l r. Nhng chic o trnh ma, chng nng ny c v c thit k cha ph hp vi vc dng, thi quen ca cc T chc tn dng. Tuy nhin, i a s cc Ngn hng thng mi p ng c yu cu ca Thng t 13. V vic thc hin cc bin php nng cao cht lng hot ng ca T chc tn dng bao gi cng kh khn, nhng phi kin quyt. C th phi iu chnh Thng t 13, nhng khng th li thi gian thc hin.

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im ng ch u tin trong Thng t 13 l nng t l an ton vn ti thiu (CAR) ca cc T chc tn dng t 8% ln 9%. Mt s Ngn hng thng mi cho rng h khng c kh nng p ng yu cu ny trong vng vi thng (tnh t khi Thng t 13 ban hnh n 1/10/2010). Tuy nhin, Ngn hng nh nc lp lun, thng tin v vic nng CAR c a ra t lu, khi nhiu nc , ang chu hu qu nng n ca cuc khng hong ti chnh, bt ngun t ngnh ngn hng - bo him. Hn na, y ban Gim st Ngn hng Basel - nhm cc c quan gim st ngn ton cu, thng qua Tha thun yu cu cc ngn hng tng gp i t l CAR (t 7% ln 14%). Trong , vn cp hai tng mnh nht, t 2% ln 7% tng ti sn. Vn cp mt cng phi nng t 4% ln 7%. Nh vy, d mun hay khng, cc T chc tn dng Vit Nam phi nng CAR ln dn thu hp khong cch vi th gii, v Vit Nam l thnh vin ca WTO. Quy nh th hai vp phi phn ng mnh ca cc T chc tn dng l t l cp tn dng so vi ngun vn huy ng ch c mc 80%. Theo Ngn hng nh nc, t l ny gim nhm qun l ngun vn huy ng, gp phn m bo an ton v kh nng chi tr, thanh khon ca T chc tn dng. Nhng vi cc Ngn hng thng mi th t l ny s lm chi ph vn ca ngn hng tng, gim tng trng tn dng, dn n gim doanh thu ca ngn hng. Hn na, trong c cu ngun vn huy ng c s dng cho vay, v nh nhng nhnh ca mt ci cy, th Thng t 13 s cht bt hai nhnh ln l tin gi khng k hn ca t chc v tin gi ca kho bc; v mt nhnh nh l ngun tin vay ca cc T chc tn dng khc. Theo Hip hi ngn hng, tin gi khng k hn (ch yu ca t chc) thng chim 15% - 20% tng vn huy ng ca cc Ngn hng thng mi. Trong bi cnh ngun vn huy ng kh khn nh hin nay th vic ct n 20% ngun u vo s nh hng ln n tc tng trng tn dng nm nay. Do Ngn hng nh nc s phi cn nhc, thay v cht hn nhnh ny th s ch ta bt cnh ca nhnh. Nhng gi li nhnh ln, Ngn hng nh nc s phi c mt quy nh km theo nhm khc phc c th ca ngun vn ny l thng bin ng mnh vo nhng ngy cui thng, cui qu thi im cc t chc phi chi tr, thanh ton nhiu hn. Nhnh ln th hai l tin gi ca Kho bc Nh nc. Trn thc t, phn ln lng tin gi ca Kho bc Nh nc ang nm ti cc Ngn hng thng mi Nh nc. Hn na, thc hin ch trng gim s dng tin mt, to thun li hn cho cc doanh nghip trong vic np thu, mt s Ngn hng thng mi k tha thun hp tc tay ba gia ngn hng, kho bc v hi quan trong vic thu cc khon thu vo ngn sch nh nc. M hnh ny mi c trin khai trong khong hai nm tr li y v ang c cc Ngn hng thng mi nhn rng. Nu gi Thng Trang 20

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t 13 cht nhnh ny, cc Ngn hng thng mi chc chn s khng cn thit tha g vi cng vic m, gi tin h hai ngnh Kho bc v Hi quan. Hip hi ngn hng cng ngh Ngn hng nh nc nn tnh ngun tin vay ca cc t chc tn dng trong nc vo ngun vn huy ng, v v bn cht ngun tin ny ging vi ngun tin gi ca cc T chc tn dng trong nc. Thc t, hot ng th trng lin ngn hng t u nm n nay kh si ng. Thm ch ngun vn t th trng ny khng ch b p thiu ht thanh khon tm thi - nh vai tr chnh ca n, m i khi c cc Ngn hng thng mi ln s dng nh ni kim n trn lng nhng ngn hng nh. Li sut v lng giao dch trn th trng ny lin tc tng l minh chng cho thy ngun vn ny khng ch b p thiu ht thanh khon tm thi m c ngn hng nh a vo tn dng, thm ch s dng qu tay - l tim n ri ro ln cho h thng ngn hng. Nh vy, vic Ngn hng nh nc s phi c bin php nhm gim thiu ri ro l l ng nhin, nhng khng th cht pht nhnh nh ny, m thm iu kin cht ch hn hin nay th trng lin ngn hng vn gi c vai tr iu tit vn gia cc T chc tn dng.

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