Open Letter from Marcus Agius and John Varley:
In view of the events in the banking sector last week, we have decided to communicate now with employees, customers, clients, and shareholders in this open letter in order to address the principal causes of concern which we are hearing. Writing in this way ahead of the release of results is unusual, of course, but the turn of events is also unusual.
筆者註: 巴克萊管理層在業績公佈之前發表類似的公開信非比尋常. 從巴克萊股價在公開信發表之後大幅反彈70%反映管理層對目前市場肆意沽空然後發放假設性或推測性的報告做低股價到了忍無可忍的地步. 事實上, 沽空者在公開信發表之後急速地補倉因而推高股價最高達76%.
Our starting point is that Barclays has £36bn of committed equity capital and reserves; we are well funded, and we are profitable. However, we know that our stakeholders want to see the detailed figures for 2008 as quickly as possible. To enable that, we will bring forward the release of our 2008 financial results, as agreed by our auditors, to Monday, 9th February.
筆者註:巴克萊管理層為了令到飽受市場傳聞困擾的股東早日知道實際的經營狀況, 在可行的情況下提早於2月9日公佈業績, 令人讚賞. 而且, 管理層一開口就給股東定心丸, 巴克萊擁有360億英鎊的股本和準備金, 資本充足而且業務有錢賺.
When we announce our results for 2008, we will report a profit before tax for the year well ahead of the consensus estimate of £5.3bn. This is as reported in our statement to the stock market of 16th January. The profit is struck after all costs, impairment and market valuations. Whilst it includes a number of individually significant items, it mainly reflects strong operating profit generation. The profit includes the gains arising from the acquisition of the Lehman Brothers North American business, and also the gain on the sale of our closed life business.
筆者註: 管理層預計08年稅前盈利將遠高於市場預測的53億英鎊. 雖然該盈利包括因收購雷曼兄弟北美業務而穫得的收益, 以及因出售壽險業務而錄得的特殊收益, 但主要仍然來至強勁的業務經營表現.
Also included in the 2008 results are some £8bn of gross write downs (£5bn net of own credit, hedging and attributable income) relating to credit market exposures in Barclays Capital. This amount is arrived at by applying year end valuations and marks to market. It is derived on a consistent basis with, and includes, the comparable numbers for the first half of 2008 which were £3.3bn gross and £2bn net. In the interests of clarity and transparency, we are reporting these numbers on a gross and net basis. We will provide extensive details as to the level of write downs and marks by asset class when we report our results on 9th February 2009.
筆者註:巴克萊08年總共為信用資產減值80億英鎊, 其中上半年減值33億英鎊, 第3季減值12億英鎊, 第4季減值35億英鎊.
Our ability to absorb this level of write downs is derived from the strong and diversified income performance in Barclays Capital and from the substantial revenue generation of our retail and commercial banking and investment management and wealth businesses in the rest of the Group. In other words, these figures demonstrate that although we have been heavily impacted by the credit crunch, our income generation was at a record level in 2008 and has enabled us to withstand this impact and still produce strong profits.
筆者註:巴克萊無可避免受信貸緊縮影響, 然而強勁的經營表現和盈利能力足以抵禦該等不利因素.
As a result of the capital raising announced on 31st October 2008, our capital base has been substantially strengthened in accordance with the capital plan agreed with the UK Financial Services Authority. In consequence, our year end capital ratios, expressed on a proforma basis to reflect the conversion of the Mandatorily Convertible Notes, are approximately 6.5% for the Equity Tier 1 ratio, and 9.5% for the Tier 1 ratio. These ratios are as we announced in our statement to the market of 16th January, and are computed after including the combined impacts on our risk weighted assets of the weakening of sterling and the pro-cyclical effects of the International Basel Accord.
筆者註:巴克萊的核心一級資本比率為6.5%(匯豐於08年中為7.7%), 一級資本比率為9.5%(匯豐於08年中為8.8%), 根據資料, 英國金融服務管理局對銀行一級資本比率的要求為6%.
On the basis of the above year end capital ratios, we calculate that the Group's Tier 1 capital exceeds the regulatory minimum required by the FSA by an amount equivalent to some £17bn in PBT. This scale of loss absorption capability, when looked at in the context both of the solid and diversified profitability of the Group during the stress test of 2008, and of the substantial write downs that we have taken, gives us confidence that our capital resources are sufficient to manage Barclays safely and prudently even in these difficult markets. For these reasons we confirm in this letter that we are not seeking subscription for further capital - either from the private sector or from the UK Government.
筆者註:巴克萊的一級資本和英國金融服務管理局規定的最低要求比較, 超出了相當於170億英鎊左右的稅前盈利. 因此, 管理層重申不需要尋求進一步的注資, 不論是從私人市場或英國政府, 消除股東對銀行被國有化的憂慮.
Our capital position could benefit further from two other sources, which we describe below.
First, on 19th January the UK Government announced a comprehensive package of measures designed to support the UK economy by helping borrowers and lenders. We welcome that package and, alongside other banks, have started a dialogue with the Tripartite Authorities which will enable us to determine the terms on which, and the extent to which, we would wish to insure certain assets on our balance sheet through the UK Treasury’s asset protection scheme. The procuring of insurance would have the effect of reducing capital consumption (which would allow the writing of new business in the UK).
Second, the FSA has announced a programme of work to reduce significantly the requirement for additional capital resulting from the pro-cyclical effects of the International Basel Accord. That reduction would be a source of further ratio strengthening.
筆者註:巴克萊的資本情況受惠於2方面:
1) 早前英國政府推出的資產保險計劃, 受保資產的風險系數將會下降, 監管規定資本(Regulatory required capital) 也會因此下降, 資本比率也因此而提升.
2)英國金融服務管理局公佈了一項工作計劃，大幅削減新巴塞爾協議對強化週期效應而帶來的額外資本要求．
筆者相信這些對巴克萊資本比率有利的因素同樣適用於匯豐．
Before closing, we should say a word about current trading. Recognising that 2009 is not yet a month old, and that the global economy will remain weak, we can tell you that customer and client activity levels have been high. As a result, we have had a good start to 2009. In particular the operating performance of Barclays Capital, benefitting as it is from the now completed integration of the Lehman business, has been extremely strong. The trends that lie behind the strong operating performance in Global Retail and Commercial Banking in 2008 are again observable in its performance in January.
筆者註:巴克萊受惠於同雷曼兄弟業務的整合，０９年有一個好的開頭．
We take this opportunity to thank the employees of Barclays for staying focused, and also to thank our customers and clients for their business.
Marcus Agius, Chairman
John Varley, Group Chief Executive
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