╔════╗ ║题目内容╠════════════════════════════════ ╚════╝ 原文题目：AIG's rescue - Size matters 　题目译文：解救AIG，攸关大小 ┌───┬───────────────────────────────── │第一段│ └───┘ 　原　文： Even by the recent standards of Wall Street bailouts, that of American International Group is colossal. At its peak the insurance firm was the world’s largest with a market value of $239 billion. Its assets are bigger than those of either Lehman Brothers or Fannie Mae. Yet size alone does not explain the rescue. Nor do the images of customers queuing to cancel their policies as far away as Singapore. AIG posed a systemic risk because of its investment bank, tucked away behind the dull business of writing insurance contracts, which has lost it both a fortune—and now its independence. 译　文：即使经过了最近华尔街的援助，AIG(美国国际集团)仍旧非常庞大。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(1)^ 该保险公司在事业巅峰时，达市值2390亿美元，其资产超过雷曼兄弟，也超过房利美。 然而单单企业大小并不足以说明AIG为何获得援助， 远在新加坡的客户排队取消他们的保单也并非其因。 AIG因其投资银行造成了系统性风险，投资银行在保险契约後大捞一笔， ^^^^^^^^^^^^^^^^^^^^^^^^(2)^ 使得AIG不仅失去财富，如今也失去了自主权。 1.误译。 　2.误译。 ┌───┬───────────────────────────────── │第二段│ └───┘ 　原　文： At one stage, this unit contributed over a quarter of profits. It has played the role of schmuck in one of finance' s most dangerous games by writing credit-default swaps (CDSs), a type of guarantee against default, with a giant notional exposure of $441 billion as of June. Of this, $58 billion is exposed to subprime securities which have already generated huge mark-to-market losses. For regulators, the real horror story may be the $307 billion of contracts written on instruments owned by banks in America and Europe and designed to guarantee the banks' asset quality, thereby helping their regulatory capital levels. 　译　文：投资银行在过去曾缔造出超过1/4的利润。 投资银行透过信用违约互换，在其中一项最危险的金融游戏中扮演傻瓜。 ^^^^^^^^(3)^ 信用违约互换是种不会违约的保证，截至六月已暴露4410亿美元。 ^^^^^^^^^^(4)^ ^^^^(5) 其中，580亿美元暴露於次贷证券，造成巨额损失。 对监管机构来说，最恐怖的可能是由美国及欧洲银行所有之3070亿美元的文书契约， ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(6)^ 该契约用来保障银行的资产质素，进而协助监管资金水平。 ^(7) ^^^^^^^^(8)^ 3.信用违约交换。 4.违约保证。 5.曝险部位。 6.误译。 7.品质。请使用本地惯用语。 8.法定资本额。请使用本地惯用语。 ┌───┬───────────────────────────────── │第三段│ └───┘ 原　文： How much pain taxpayers will ultimately bear is an open question. The official line is that AIG only suffered a liquidity crisis. As subprime losses mounted, it had to put up more collateral with its counterparties, in turn prompting credit-rating downgrades, which in turn triggered more margin calls. It is probable that operating cashflow was drying up too as big risk-sensitive commercial customers stopped doing business with the insurer. On September 16th the Federal Reserve extended a two-year, $85 billion credit facility at a penal rate. The government will get a 79.9% stake in the company in return. The idea is that this buys time for AIG to improve its liquidity in an orderly way. The bail-out's structure should also avoid a technical bankruptcy, which could force the unwinding of many of those CDS contracts. 译　文：纳税人最终要承受多大的痛仍有待商榷。官方说法是AIG只遭受流动性危机。 随着次贷损失增加，就必须提供更多抵押品， 进而促使信用评等遭调降，引发更多人赎回保证金。 ^^^^^^^^^^^^^^^^(9)^ 随着易察觉风险的大客户停止与保险公司往来，营运现金也可能枯竭。 九月十六日，联邦储备延长两年850亿美元的信贷额度。 ^^(10) 政府将换得该公司79.9%的股份。对AIG来说，此时买进是为了有秩序地改善其流动性。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(11)^ 援助案也应避免法律上的破产，若发生将可能造成许多人将信用违约互换解约。 ^^^^(12) 9.误译。指被追缴保证金。 10.原无贷款，无从延长。此处指贷与资金。 11.误译。指为其争取改善流动性的时间。 12.误译。应可。 ┌───┬───────────────────────────────── │第四段│ └───┘ 原　文： Yet might the government be taking over a company that is insolvent as well as illiquid? Extrapolating from AIG's own test, but adjusting fully for mark-to-market losses and stripping out goodwill and hybrid capital, even at the end of June AIG might have had about $24 billion less book equity than it needed to be safely capitalised. And some of its equity may be “trapped” within its insurance subsidiaries, whose capital positions are ringfenced by insurance regulators. That might leave the holding company that taxpayers have backed in a far worse state. On September 17th Eric Dinallo, New York’s insurance regulator, vouched for the solvency of AIG's insurance subsidiaries but was more circumspect on the company overall. 译　文：但政府有可能接管一家破产且流通性低的公司? ^^^^^(13)^ 据AIG自己推断，充分调整市值损失，除去商誉与混合资本後， ^^^^^^^^(14)^ 六月底AIG可能约有240亿美元，帐面价值比所需的资本额还少。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(15)^ 而有些股权可能『被困在』保险子公司，其资本状况受到保险监管机构的保护。 这可能使纳税人支持的控股公司陷入更惨的状况。 九月十七日，纽约保险局监督Eric Dinallo担保AIG保险子公司的偿付能力， 但整体来说他的态度更加谨慎。 ^^^^(16) 13.误译。会不会接管到。 14.误译。以其财务测试为基础。 15.误译。帐面价值比所需资本额短少 240 亿美金。 16.就该公司整体。 ┌───┬───────────────────────────────── │第五段│ └───┘ 原　文： Ultimately, though, AIG may turn out be worth something after all: in June it had $67 billion of tangible equity, a much bigger buffer relative to assets than existed at Lehman or Bear Stearns. And, says Andrew Rear of Oliver Wyman, a consultancy, AIG's insurance assets will attract a lot of interest. That raises the chances of their being sold at a premium, raising cash for the holding company. If the government holds on long enough, perhaps even AIG's CDS contracts might make money. 译　文：最後，AIG还是可能有价值。 六月时，AIG拥有670亿美元的有形资产，比起雷曼或是贝尔斯登更可以缓冲。 奥纬顾问Andrew Rear表示：AIG的保险资产将吸引许多有兴趣的人。 这增加了AIG能以高价售出的机会，为控股公司提高现金部位。 如果政府撑得够久，说不定AIG的信用违约交换还能获利。 ╔════╗ ║题目结尾╠════════════════════════════════ ╰════╯ 评分： ┌───────┬──┬──┬──────────────────────┐ │错误类型及扣分│次数│扣分│　　　相　　　　关　　　　项　　　　目　　　│ ├───────┼──┼──┼──────────────────────┤ │重大错误（-5）│ 9 │ 45 │1.2.4.6.9.11.13.14.15. │ ├───────┼──┼──┼──────────────────────┤ │中等错误（-3）│ 6 │ 18 │5.7.8.10.12.16. │ ├───────┼──┼──┼──────────────────────┤ │轻微错误（-1）│ 1 │ 1 │3. │ ├───────┼──┼──┼──────────────────────┤ │过度解读（-0）│ │ │ │ ├───────┼──┼──┼──────────────────────┤ │小　　　　　计│ 16 │ 64 │ │ └───────┴──┴──┴──────────────────────┘ 专业审结果：36 分 评分意见项目： 1.误译。 2.误译。 3.信用违约交换。 4.违约保证。 5.曝险部位。 6.误译。 7.品质。请使用本地惯用语。 8.法定资本额。请使用本地惯用语。 9.误译。指被追缴保证金。 10.原无贷款，无从延长。此处指贷与资金。 11.误译。指为其争取改善流动性的时间。 12.误译。应可。 13.误译。会不会接管到。 14.误译。以其财务测试为基础。 15.误译。帐面价值比所需资本额短少 240 亿美金。 16.就该公司整体。 --

※ 发信站: 批踢踢实业坊(ptt.cc) ◆ From: 122.117.24.165