千亿信托资金池上周接到监管部门的窗口指导引发关注。受益于资管新政，券商资金池也正蓄势待发。而银行借助超10万亿元规模的理财产品，早已将自家资金池浇灌满满。金融机构热衷建立资金池可以说是中国金融发行到现阶段的一大特色，它的未来发展值得我们去关注。

Escape the trust capital pool last week received regulatory window guidance cause attention.Benefit from the endowment tube the New Deal,Brokers the pool is gaining momentum.And bank exceeds 10 trillion yuan by the scale of financial products,Have their own funds pool water full.For financial institutions to establish the pool can be said to be China's financial issue at this stage to the one big characteristic of,Its future development is worth us to pay attention to.

　　理财产品以资金池形式运作始于2006年，银行发行理财产品投资于信托计划，信托计划最初大多是用于打新股。此后随着打新收益的下滑，资金池更多的用于企业融资。资金池的运作模式也直接推动了随后融资类银信合作产品的爆发。

Financial management products to the pool form operation began in 2006,The bank issuing financial products in trust investment plan,Trust the original plan is mostly used to play new shares.Since then as dozen new revenue decline,The pool more used in enterprise financing.The pool of the mode of operation of also promoted the then financing kind cooperation carried the outbreak of products.

　　如今，银行理财产品规模已经超过10万亿元，并且绝大多数进入了所谓的资金池。这里需要明晰一个概念，并非所有理财产品募集资金均为资金池。之所以有资金池这一称谓，应当是理财资金与投资资产无法一一对应。银行将多个不同类型和期限的理财产品募集资金，放在一起形成一个资金的池子，进行集合运作。这样造成的结果是投资者无法准确知道自己的资金投向，外界也无法获悉单个理财产品的收益。资金池最大的特点是信息封闭，与其比作水池，倒不如称作资金黑匣子。

now,Bank financing products scale has more than 10 trillion yuan,And the vast majority of into the so-called the pool.Here need to clear a concept,Not all financial products are raising money for the pool.Is the pool this appellation,Should be financial funds and investment assets cannot one-to-one correspondence.The bank will different types and term of the financial products to raise funds,Put together to form a pool of funds,To set operation.This is the result of investors can't be accurately know their own fund input,The outside world cannot learn a single financial products income.The pool the biggest characteristics is a closed information,Compared to pool with,Might as well as capital black box.

　　资金池对于银行的意义是重大的，在这个黑匣子里，银行可以方便资金的内部拆借。假如一项投资出现风险无法按时收回，那么便可以新发行一笔产品进行弥补。资金池还可以补充存款，以应对月末考核。除此之外，利用黑匣子的掩护，银行还可以逃避监管，将资金投向一些被禁止的投资项目。如此多的好处，令黑匣子的规模不断膨胀，并且还引来了其他金融机构的效仿。

The pool for the bank's significance is significant,In this the black box,Banks can convenient funds internal lending.If an investment risk appears unable to recover in time,So can newly issued a product to make.The pool can also supplement deposit,In response to the end of the month assessment.In addition,Use black box cover,The bank also can evade supervision,Put money into some banned investment projects.So many benefits,Make the size of the black box continuous expansion,And also attracted other financial institutions to follow.

　　券商和信托近两年开始纷纷发行一些资金池类理财产品。金融机构建资金池的冲动是显而易见的，但信息披露的不充分、投资收益成本无法核算等所蕴藏的风险也引发了各方的担忧。最新的消息是，监管部门已经开始对信托资金池进行窗口指导，暂停了该类产品的新品发行。市场对于这样一个举措不必太过焦虑，毕竟只是暂停了新品的发行，对现有产品进行检查。完全禁止的可能性并不大，原有产品的运作也不太会出现大的变动。其实银行发行资金池类产品以来，也多次经历了监管部门的窗口指导和检查，主要目的还是规范产品发行，降低蕴藏的风险。

Brokers and trust nearly two years in succession began to issue some money pool kind of financial products.Financial institutions to build the pool of impulse is obvious,But the information disclosure is not sufficient/Investment income cost accounting cannot be contained risk also triggered concerns of all parties.The latest news is,Regulators have began to trust capital pool for window guidance,This kind of products are suspended the new issue.The market for such a move need not too anxious,After all just suspended the issue of new products,The existing product inspection.The possibility of a complete ban is not big,The original product operation also not too will appear big changes.In fact the bank issuing the pool since products,Also many experienced regulatory window guidance and check,Main purpose or specification product release,To reduce the risk of lode.

　　资金池也被指责是“庞氏骗局”，但二者的最大区别在于，是否有真实有效的投资项目。金融机构运作的资金池整体而言，是由专业人士在一定的风险框架内设计的，基本能够保证投资收益的兑付。而“庞氏骗局”则完全是通过新借入资金来偿付前期投资。但这样的观点表达了一种担忧，应当引起警示。银行理财产品超过一半投资于债券市场，债券市场风险较低同时收益也并不高。而愈推愈高的理财产品收益率让人们产生怀疑，理财产品所投资金能否支撑如此高的收益？

The pool was also blamed"Ponzi scheme",But the biggest difference lies in,If there is a real and effective investment projects.Financial institutions operating funds pool on the whole,Is by the professionals in a certain risk within the framework of the design,Basic can ensure that the benefits of investment take cash.and"Ponzi scheme"It is entirely through the new borrowed money to pay the investment.But the view expressed concern,Shall cause warning.Bank financing products more than half investment in the bond market,The bond market risk is low and income is not high.And the more push the higher rate of return on financial products make people suspicions,Financial product gold investment can support such a high income?

　　最近，渤海银行一年期理财品预期收益高达8.35%，引起了媒体的关注。资金池并非不可以建，但发行产品的收益率应建立在合理的水平之上。倘若监管不严，在各金融机构恶性竞争之下，发行收益率不断攀升，缺乏足够的风险控制，资金黑匣子沦为“庞氏骗局”并非危言耸听。

recently,Bohai sea bank annual financial product expected earning as much as 8.35%,Caused the media attention.The pool is not can't build,But the issue product yield shall establish in a reasonable level.If the lax supervision,In all financial institutions under the malignant competition,Issue increasing yields,The lack of adequate risk control,Funds into black box"Ponzi scheme"Not alarmism.

　　资金池不应成为金融机构的吸金利器，而应当做一个产品创新来对待。资金池的好处在于，可以规模化利用资金，达到资金使用效率的最大化。但是若要增加黑匣子的透明性，使资金晾晒于阳光之下，使黑匣子成为真正的资金池。每一金融机构，根据其资本金等综合实力，确定一个池子的最高规模上限。换言之，一只蚂蚁不允许驾驭一只大象，池子蕴藏的风险应当在管理者可承受范围内。并且在这个池子里，可以做到任何一个产品都能查到对应的投资品或投资组合。这种类似于资产管理的模式也将是资金池未来的发展方向。

The pool should not be financial institutions JinLiQi absorption,And ought to make a product innovation to treat.The pool is the benefits of,Can be large-scale use of funds,To achieve the maximization of the service efficiency of funds.But if you want to increase the transparency of the black box,Make money air basks in the sun,That black box become true the pool.Each financial institution,According to the comprehensive strength of capital, etc,Determine a pool of the highest scale upper limit.In other words,An ant are not allowed to drive an elephant,The risk of a pool is ought to be in managers may withstand the range.And in the pool,Can make anything a product is to be found the corresponding investment or portfolio.This is similar to asset management model will be the future direction of the pool.