TAI CHiNH VlMO
( So 03 (80). 2010 )Dieu hanh lai suaft, nhin tuf goc do thanh khoan cua he thong ngan hang
Ths. La Thj L§m m m ui ro thanh khodn Id rui ro Idn nhd't trong cdc rdi ro cua ngdn hdng, bdi nd khong chi de m^T dog sff an todn cua bdn thdn tffng ngdn hdng thffdng mgi, md cdn lien quan de'n sii an todn -M. m. cua cd he thd'ng. Mac du chffa cd ngdn hdng ndo rdi vdo tinh trgng do vd do mat thanh
khodn trong mdt sd ndm trd Igi ddy, nhffng tinh trgng cdng thdng thanh khodn cd tinh he thdng cua cdc ngdn hdng thffdng mgi Viet nam trong vdng 2 ndm lien tiep ( 2008- 2009), khdng khdi Idm cho ngffdi ta e nggi ve vd'n de an todn tgi cdc ngdn hdng. Bieu Men ro net nhdt ciia tinh trgng cdng thdng thanh khodn cua cdc ngdn hdng trong thdi gian gdn ddy Id khd khdn trong viec huy ddng vdn, mdt cdn ddi giffa tdc dp tdng trffdng vdn huy dpng vdi tdng trffdng cho vay.. mac dii ldi sud't huy ddng vdn tgi cdc NHTM deu dd dffdc niem yet d mffc kich trdn; ldi sudt tren thi trffdng lien ngdn hdng tdng cao, thdm chid mffc bdo ddng nhff vdo thdi ky cudi ndm 2007 den giffa 2008 ( Ldi sudt lien ngdn hdng d mffc tren 21%), vd nhffng thdng giffa ndm 2009 trd lai day ldi sudt lien ngdn hdng d mffc 12%, cao hdn so vdi mffc ldi sud't trdn huy dpng vdn tren thi trffdng;
Nhilu nguyen nhan dan de'n tinh trang cang thang tbanb khoan cua cac NHTM da dffdc phan tich va md se, trong gdc dp cua bai vie't nay tdc gia chi mud'n nhin nhan tff viec sff dung cdng cu dilu hdnh lai sua't cda Ngan hang nhd nffdc.
Khi d vao tinh trang cang thang thanh khoan, day Id tinh trang thanh khoan cdng thang cd he thd'ng chff khdng phai diln ra cue bd d mpt ngan hang rieng le nao ca, chffng td cung va cau vd'n khdng the gap nhau bdi thie'u mpt mffc lai sua't can bang cho thj trffdng.
Dffng gdc dp d mot ngan hang, khi thie'u ngudn tiln mat de giai ngan, lai sua't se trd tbanb cdng cu hffu hieu nha't de tang ngudn vd'n huy dpng, bu ddp thie'u hut thanh khoan cho ngan hang. Tang lai sua't la mpt trong nhffng giai phap thffdng dffdc Iffa chpn tai cdc ngan hang, va trong cuoc chie'n
canh tranh, lai sua't thffdng dffdc da'y len cao du mffc ha'p ddn so vdi cdc ngan hang khdc de thu hut ngudn tien dang rat ban che. Tuy nhien, vdi viec quy djnh tran lai sua't tiln gffi cda NHNN va tran lai sua't cd ban (Khdng qud 150% so vdi lai sua't cd ban theo quy djnh cua bd luat dan sff), Idm cho hau he^t cdc ngan hang rdi vao tlnh trang khd khan de thu hut ngudn tiln gffi trong nhffng tinh hud'ng cang thdng.
Nhffng tdn tai dang the hien trong viec sff dung cdng cu lai sua't hien nay la:
Mpt la, Dilu hanh lai .sua't dang bj dp dat bdi nhffng yeu cau chu quan md thie'u di ye'u td' van ddng theo quy luat thj trffdng.
Cdng cu lai sua't dang phai gdnh vdc mdt nhiem vu he't sffc quan trpng dd Id thda man nhu cau vd'n cho cdc nha dau tff, dilu nay cung
d l hieu do nhieu nam trd lai day, tang trffdng kinh te' dffdc coi la mpt trong nhffng muc tieu hang dau trong dilu hanh chinh sach kinh te' vT md ciia nha nffdc. Vdi md hinh ngan hang trffc thupc chinh phu, cdc cdng cu dilu hanh chinh sdch tiln te ndi chung va cdng cu lai sua't ndi rieng cua Ngan hang nha nffdc di nhien cung phai theo dudi muc tieu nay.
Do cd tinh dp dat, nen nhffng mau thudn trong dieu hanh cong cu lai suat thffdng de bpc Id. Nam 2009, de chd'ng suy giam kinh te' thong qua viec giam chi phi sff dung vd'n cho cdc doanh nghiep, lai sua't da dffdc dn djnh d mffc tha'p trong sud't 10 thang. Cung vdi chu trffdng "cdc ngan hang thffdng mai khdng dffdc tff chd'i cho vay ne'u dd'i tffdng du dieu kien" tff gdi kich cau "hd trd lai suat" nen nhu cau vd'n tdng cao. Mac du ngudn vo'n huy dpng cd tdng nhffng van khdng
1 4 / Tap chf nghien cdu Tdi chfnh ke todn
( sd 03 (80) - 2010 ) TAICHINH VI MO
the ddp ffng vd'n cho vay, nha't la lai sua't huy ddng vd'n bi khd'ng che khdng du ha'p dan so vdi nhieu kenh dau tff khdc nhff vang, chffng khoan va bat dpng san.
Hai la, Vl 15' thuye't, khi ngan hang trung ffdng md rdng hay thu hep cung tien se 1dm cho lai sua't thay dd'i. Vi vay, ne'u chu trffdng kiem sodt cung tiln thi lai sua't phai dffdc tha ndi, trong khi hien tai vffa qua NHNN theo dudi mot luc ddng thdi ca 2 muc tieu la cung tiln va lai sua't. He qua ta't ye'u la se dan de'n nhffng mat can dd'i cua nIn kinh te^, trffdc mdt la ma't can dd'i giffa ngudn vd'n huy ddng va cho vay tai cdc NHTM. Ne'u khdng thdo ndt thdt cho ngudn vd'n dau vao, thi budc cdc NHTM phai xie't chdt cho vay vao thdng cud'i ndm, thdi diem md nhu cau vd'n cua cac doanh nghiep de thffc hien dff dn Id rat Idn.
Hffdng nao cho viec sff dung cdng cu ldi sua't, nhdm trdnh tlnh trang cdng thdng thanh khoan cua he thd'ng ngan hdng vdo nhffng thdi diem nhay cam?
- Nen bd tran lai sua't tien gffi, mdt bien phdp mang tinh hanh chinh cua NHNN.
Viec khd'ng che tran lai sua't tiln gffi nhff hien nay la khdng can thie't, bdi le cho du cd khd'ng che tran lai suat de trdnh mdt cuoc chay dua lai sua't giffa cdc ngan hang thffdng mai, nbiTng vl gdi hd trd lai sua't da va dang thffc hien
nen cdc NHTM khd cdt giam dot ngdt ngudn cho vay. Trong trffdng hdp nay, klu ldi the'huy ddng vd'n thupc vl cac ngan hdng Idn se budc cdc NHTM nhd phai tim kiem ngudn tren thj trffdng Hen ngan hang, ndi cd lai sua't vay mffdn cdn cao hdn ca tren thi trffdng. Dilu dd chang khdc gl viec cdc ngan hang phai chay tbeo mdt cuoc dua " khdc liet" hdn ma phan thdng van hien nhien thupc ve cdc ngan hdng Idn.
NHNN can cd nhffng khao sat de danh gid bien ddng cua lai sua't de'n ngudn vd'n huy ddng va cho vay cua toan he thd'ng ngan hang de cd nhffng cd sd thuye't phuc hdn trong viec dilu hanh ldi sua't.
Viec tang lai sua't khi bd tran lai sua't huy ddng hien nay cd the dan de'n viec chuyen djch ngudn vd'n tff ngan hang nay sang ngan hdng khdc. nhffng quan trpng hdn la nd se gdp phan djch chuyen bao nhieu ngudn tff cdc kenh khac sang kenh ngan hang la mot cau hdi bd ngd can dffdc giai ddp?
Vdi sff trd gidp cua cdng nghe tiidng tin va kha ndng ndm bdt vl vdn kha dung cua cac NHTM thi viec giai ddp cau hdi ndy khdng phai qud khd dd'i vdi NHNN.
- Can mIm deo va linh boat hdn nffa trong viec dieu banb lai sua't cua NHNN .
Trffdc mdt viec Iffa chpn phffdng dn tie'p tuc duy tri hay bd tran lai sua't cd ban chffa dffdc nga ngu (do dffng d gdc dp luat trong viec dilu chinh
banb vi xa hdi lien quan de'n viec vay vd'n) , NHNN can dilu hanh lai sua't mot each mIm deo hdn nffa. Khd cd the ly' giai tai sao mffc lai sua't cd ban 7% khdng dffdc dilu chinh sdm bdn, trong khi NHNN vdn than " vu'dng" vl tran lai suat lai cd ban dffdc quy dinh theo bd luat dan sff. De cd the mlm deo bdn trong viec sff dung cdng cu dieu hanh chinh sach tien te ndi chung va cdng cu lai sua't ndi rieng, can chd 5' mdt so'dieu kien sau:
-f- Nang cao vai trd dpc lap trong dilu hanh chinh sdch tiln te cua NHNN Viet Nam.
Vdi md hinh ngan hang trung ffdng trffc thupc chinh phd, NHNNVN dang dddc ddnh gid Id bi chi phd'i nhilu bdi dilu hdnh cua cbinb phu.
Cung nhff nhilu qud'c gia khdc tren the' gidi, tdng trffdng kinh te' ludn Id dp Iffc cua chinh phu vdi dan chdng. Vd khi NHNN khdng dffdc ddc lap trong dieu hanh chinh sdch tiln te thi muc tieu "dn djnh tien te, xff ly hai hda giffa lai sua't vd ty gid" cd the dffdc coi Id thff ye'u so vdi yeu cau tdng trffdng kinh te.
Ta't nhien de cd dffdc dilu ndy can chd nhffng ddng thuan tff phia cbinb phu, nhffng vdi d l dn cai td NHNN vd kha ndng dilu banb chinh sach tiln te
"du sffc thuye't phuc" Id mdt trong nhffng dieu kien tien quyet xay dffng vj the ddc lap cho NHNN trong tffdng lai - dilu ma phu thupc vdo cbinb siT the hien cua NHNN.
(Xem tiep trang 43)
Tap chf nghien cdu Tdi chfnh ke'todn :i5^
( sd 03 (80) . 2010 ) NGHIEN Cl/U-TRAO 0 6 l
thong tin cua cdng ty niem yet va xff 15' dd'i vdi cdng ty vi pham viec cdng bd'thdng tin.
Bo'n la, tang cffdng kiem tra, gidm sdt viec thffc thi phdp luat vl chffng khodn va TTCK do'i vdi cdc chu the, thanh vien tham gia TTCK. Tren TTCK trong nam 2009, da nay sinh ra rat nhilu vu viec vi pham phdp luat nhff sff lach luat cua hau het cac cdng ty CK cho phep nha dau tff giao djch mua ky quy, bdn chffng khodn trffdc ngdy T-H4; sff dung thdng tin npi bp de mua bdn CK; tung tin ddn nham; thao tung gia, ...Do vay, De ban che nhffng hdnh vi ndy ddi hdi chung ta phai tang cffdng hdn nffa viec kiem tra, gidm sdt thffc thi phdp luat ddi vdi cdc chu the, cdc thdnh vien tham gia thj trffdng vd cd
the thffc hien theo cdch thffc:
-I- Rd sodt, sffa ddi, bd sung cdc van ban, cdc quy djnh da ban hanh cho phd hdp vdi diln bie'n cda thj trffdng, ddng thdi nhanh chdng ban hanh cac quy djnh cdn thie'u de tao ra mpt mdi trffdng phdp 15' day du, trdch de cdc nhd dau tff ldn ldi dung.
-I- Tang cffdng thanh tra, kiem tra viec thffc thi phdp luat vl CK va TTCK cua cdc cdng ty CK, cdc quj' dau tff, cdc cong ty niem yet CK,...
-I- Phat hien kjp thdi cdc giao djch cd bieu hien nghi van de lam rd hdnh vi vi pham phdp luat va cd hinh thffc xff phat kjp thdi. Rieng dd'i vdi trffdng hdp vi pham vl thao tdng thj trffdng, giao djch ndi
gidn, ngodi viec bi xff phat vi ham hanh cbinb, cung can cd hlnh thffc xff phat bd sung vdi mffc phat cd the tff 5-7 Ian sd' tiln da thu ldi ba't chinh.
Cd mffc phat nhff vay mdi du manh de ran de ngffdi khac.
-I- Can cd sff phd'i hdp chat che cua cd quan dilu tra bd Cdng an va UBCK Nha nffdc trong dilu tra hdnh vi vi pham trong Unh vffc CK vd TTCK.
Ben canh nhffng giai phdp tren, cdng can thffc hien ddng bd vdi viec nang cao ndng lffc quan 15' rui ro cho cdc cdng ty CK; nang cao dao dffc ngbl nghiep dd'i vdi cdng ty CK va ca nhan vien cda cdc cdng ty CK; Tdng cffdng truyen truyin, phd bie'n phdp luat vl CK va TTCK cho cdng chdng dau tff.
Dieu hanh lai suat...
(Tiep theo trang 15) + Hodn thien dan cdcdilu kien de xay dffng chinh sdch lam phdt muc tieu, the hien sir kien djnh trong viec dilu hdnh chinh sdch tiln te ciia NHNN. Dieu nay cd y nghla he't sffc quan trpng trong viec tao nilm tin cua dan chung cdng nhff cdc nhd dau tff, nhdm trdnh hieu ffng tam 15' xa'u de'n muc tieu theo dudi trong dilu hanh chinh sdch kinh te'vi md.
+ NHNN can 1dm td't hdn
nffa cdng tdc dff bdo tlnh hlnh bie'n ddng cua thj trffdng tiln te trffdc tdc ddng cua nhffng thj trffdng cd dp nhay cam cao trong nIn kinh te', de tff dd cd dffdc nhffng quye't sdch dieu hanh kjp thdi, mang tinh dan ddt thj trffdng chff khdng phai chay theo thj trffdng nhff d nhilu thdi diem vffa qua.
Viec sff dung cdng cu ldi sua't cd ban van Id bffdc dem can thie't, khi ma dilu hdnh bang lai sua't tdi chie't kha'u vd tai
cap vd'n chffa du sffc d l dilu tie't cung tiln nhff hien nay.
Tuy nhien, de lai sua't cd ban cd the phdt di tin hieu td't cho thj trffdng, NHNN can ddnh gid lai cd sd xdc djnh ldi sua't cd ban va kha nang " truyin tai thdng diep" cua cdng cu lai sua't cd ban trong qud trinh hdn 9 ndm van hanh, nhdm cd nhffng bien phdp nang cao hieu qua dilu tie't cua cdng cu nay.