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What is the relationship between trust protection funds and rigid payment

2020/01/02 08:50:38 Source: Yimeng 2020/01/02 08:50:38

What exactly is a trust protection fund?


What is the relationship between trust guarantee funds and "rigid redemption"?



The focus of the trust protection fund is to resolve risk events in the trust industry. Since its inception, the fund has been accompanied by doubts-whether it is to build a safety net for the industry's self-rescue or in fact is a disguised rigid payment.



Trust products are products that buyers can bear at their own risk and may lose their capital gains, and investors need to bear their own risks. However, in the past, when China's trust plans encountered difficulties in payment, various methods would always be used to protect investors. This phenomenon is called rigidity. Redeem. In the past few years, there has been a redemption crisis in Chengzhi Jinkai No. 1 under the trust of China Chengxin Trust, and other trust product redemption risk incidents that have emerged in the end have been unquestioned. Including the recent news that Cedar Group took over Jiangjiang International Trust, it also hinted that Cedar Holdings will carry out risk mitigation on the trust plan under which Zhongjiang Trust has redemption risks.



In fact, this kind of rigid payment is not conducive to the healthy development of the market, so the sound of breaking the rigid payment is endless. However, once the risk of breaking the rigid payment trust product greatly increases the market, will it lose confidence in the trust industry? This is a dilemma.



The emergence of trust protection funds is to solve this dilemma. Experts said that the trust protection fund ’s capital was 11.5 billion yuan without a penny from the state finance. Without refinancing by the central bank, the market ’s confidence in the trust industry was built through the strength of the industry itself.



Even if it can alleviate short-term liquidity, the trust protection fund is the last line of defense for risk disposal. Dr. Chen Chi, deputy general manager of China Railway Trust, said that when a risk occurs, the trust company must first find ways to resolve the risk by itself. If the trust is based on moral and brand considerations, The company can first redeem the investor through self-raised funds; if it cannot be resolved, it can implement a recovery and disposal plan (ie, a living will) with the support of shareholders; if these cannot be resolved, the fund will be used.



The trust protection fund is different from the insurance protection fund, the futures investor fund protection fund, and the securities investor protection fund. The latter three are to directly protect the legitimate rights and interests of investors and policyholders and reduce their losses. The trust protection fund is not directly linked to the trust investors. Its main purpose is to prevent the spread of industry risks and spillovers. It is believed that the establishment of the protection fund can play a role in the smooth and orderly breaking of the exchange rate in the future.



Will the 13 trust companies ignore the 13 trust companies funded by public opinion, such as Zhongrong Trust and CITIC Trust, which are strong and large-scale companies in the industry? All trust projects need to pay for the subscription protection fund, questioning whether these 13 large companies will deprive the small trust companies of the right to speak.



Among the published trust protection fund council list are expert directors of the trust industry association, and former officials from the CBRC who have been transferred to senior management of the protection fund company. This has an important role in paying attention to the interests of small trust companies and protecting the overall development of the trust industry. Chen Chi said . Insiders revealed that among the protection fund companies responsible for the actual operation of the protection fund, although the trust industry association only invested 10 million yuan, it enjoyed a series of special shareholder rights. He has one veto right for the company's major strategic decisions, and the chairman of the trust industry association also serves as the company's supervisor.



When the fund was raised, many trust companies were very enthusiastic. The single family intends to invest 4 billion to 5 billion. The originally planned subscription amount of 10 billion shares has exceeded 22 billion. However, after repeated calculations of the guarantee fund company's capital amplification leverage, if it is needed (up to 8 times the upper limit), it will have a scale of nearly 100 billion assets, plus the size of the guarantee fund itself is expected to reach 100 billion in the next three years, which can relatively easily deal with the industry Risk insiders are building a safety mat for the trust industry, the insider said.



Will the emergence of trust protection funds impact the channel business? In order to bypass the central bank's loan size restrictions, some banks used the trust companies to package and process the related loan-required items into wealth management products, which were then sold by banks to investors. The cooperation channel business has been criticized.



According to the protection fund management method, the fund trust is subscribed by the trust company or the financier at 1% of the newly issued amount, which means that whether the product is actively managed by the trust company or the channel business product must be subscribed according to the 1% standard, but the channel As a channel business trust company, the channel profit is not high but faces the same subscription standards. This may accelerate the transfer of channel business to fund subsidiaries and securities companies' asset management.



This also reflects from the side that the regulators do not encourage trust companies to develop channel business. Chen Chi said that in the channel business, trust companies do not have much profit margin, and once problems occur, trust companies may not be able to completely cut risks. People in the industry said that taking the products that had been in two redemption crises before CITIC Trust as an example, the business was the income introduced by the bank and the bank took the lead. Row.



In summary, the trust guarantee fund is a more secure fund protection measure than rigid redemption and the industry is more optimistic about its development, which is conducive to breaking the original rigid redemption and truly playing its role. In any case, the trust guarantee fund is for investor funds There is a protection mechanism for security. I hope that it can play a good role to prevent investors' interests from being damaged.


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