╔════╗ ║題目內容╠════════════════════════════════ ╚════╝ 原文題目：AIG's rescue - Size matters 　題目譯文：解救AIG，攸關大小 ┌───┬───────────────────────────────── │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. 譯　文：即使經過了最近華爾街的援助，AIG(美國國際集團)仍舊非常龐大。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(1)^ 該保險公司在事業巔峰時，達市值2390億美元，其資產超過雷曼兄弟，也超過房利美。 然而單單企業大小並不足以說明AIG為何獲得援助， 遠在新加坡的客戶排隊取消他們的保單也並非其因。 AIG因其投資銀行造成了系統性風險，投資銀行在保險契約後大撈一筆， ^^^^^^^^^^^^^^^^^^^^^^^^(2)^ 使得AIG不僅失去財富，如今也失去了自主權。 1.誤譯。 　2.誤譯。 ┌───┬───────────────────────────────── │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. 　譯　文：投資銀行在過去曾締造出超過1/4的利潤。 投資銀行透過信用違約互換，在其中一項最危險的金融遊戲中扮演傻瓜。 ^^^^^^^^(3)^ 信用違約互換是種不會違約的保證，截至六月已暴露4410億美元。 ^^^^^^^^^^(4)^ ^^^^(5) 其中，580億美元暴露於次貸證券，造成巨額損失。 對監管機構來說，最恐怖的可能是由美國及歐洲銀行所有之3070億美元的文書契約， ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(6)^ 該契約用來保障銀行的資產質素，進而協助監管資金水平。 ^(7) ^^^^^^^^(8)^ 3.信用違約交換。 4.違約保證。 5.曝險部位。 6.誤譯。 7.品質。請使用本地慣用語。 8.法定資本額。請使用本地慣用語。 ┌───┬───────────────────────────────── │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. 譯　文：納稅人最終要承受多大的痛仍有待商榷。官方說法是AIG只遭受流動性危機。 隨著次貸損失增加，就必須提供更多抵押品， 進而促使信用評等遭調降，引發更多人贖回保證金。 ^^^^^^^^^^^^^^^^(9)^ 隨著易察覺風險的大客戶停止與保險公司往來，營運現金也可能枯竭。 九月十六日，聯邦儲備延長兩年850億美元的信貸額度。 ^^(10) 政府將換得該公司79.9%的股份。對AIG來說，此時買進是為了有秩序地改善其流動性。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(11)^ 援助案也應避免法律上的破產，若發生將可能造成許多人將信用違約互換解約。 ^^^^(12) 9.誤譯。指被追繳保證金。 10.原無貸款，無從延長。此處指貸與資金。 11.誤譯。指為其爭取改善流動性的時間。 12.誤譯。應可。 ┌───┬───────────────────────────────── │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. 譯　文：但政府有可能接管一家破產且流通性低的公司? ^^^^^(13)^ 據AIG自己推斷，充分調整市值損失，除去商譽與混合資本後， ^^^^^^^^(14)^ 六月底AIG可能約有240億美元，帳面價值比所需的資本額還少。 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(15)^ 而有些股權可能『被困在』保險子公司，其資本狀況受到保險監管機構的保護。 這可能使納稅人支持的控股公司陷入更慘的狀況。 九月十七日，紐約保險局監督Eric Dinallo擔保AIG保險子公司的償付能力， 但整體來說他的態度更加謹慎。 ^^^^(16) 13.誤譯。會不會接管到。 14.誤譯。以其財務測試為基礎。 15.誤譯。帳面價值比所需資本額短少 240 億美金。 16.就該公司整體。 ┌───┬───────────────────────────────── │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. 譯　文：最後，AIG還是可能有價值。 六月時，AIG擁有670億美元的有形資產，比起雷曼或是貝爾斯登更可以緩衝。 奧緯顧問Andrew Rear表示：AIG的保險資產將吸引許多有興趣的人。 這增加了AIG能以高價售出的機會，為控股公司提高現金部位。 如果政府撐得夠久，說不定AIG的信用違約交換還能獲利。 ╔════╗ ║題目結尾╠════════════════════════════════ ╰════╯ 評分： ┌───────┬──┬──┬──────────────────────┐ │錯誤類型及扣分│次數│扣分│　　　相　　　　關　　　　項　　　　目　　　│ ├───────┼──┼──┼──────────────────────┤ │重大錯誤（-5）│ 9 │ 45 │1.2.4.6.9.11.13.14.15. │ ├───────┼──┼──┼──────────────────────┤ │中等錯誤（-3）│ 6 │ 18 │5.7.8.10.12.16. │ ├───────┼──┼──┼──────────────────────┤ │輕微錯誤（-1）│ 1 │ 1 │3. │ ├───────┼──┼──┼──────────────────────┤ │過度解讀（-0）│ │ │ │ ├───────┼──┼──┼──────────────────────┤ │小　　　　　計│ 16 │ 64 │ │ └───────┴──┴──┴──────────────────────┘ 專業審結果：36 分 評分意見項目： 1.誤譯。 2.誤譯。 3.信用違約交換。 4.違約保證。 5.曝險部位。 6.誤譯。 7.品質。請使用本地慣用語。 8.法定資本額。請使用本地慣用語。 9.誤譯。指被追繳保證金。 10.原無貸款，無從延長。此處指貸與資金。 11.誤譯。指為其爭取改善流動性的時間。 12.誤譯。應可。 13.誤譯。會不會接管到。 14.誤譯。以其財務測試為基礎。 15.誤譯。帳面價值比所需資本額短少 240 億美金。 16.就該公司整體。 --

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