The dilemma is particularly pressing for Hong Kong. Governing bodies have tied themselves in knots to keep cash flowing. And yet credit continues to tighten, while the signals from banks are ominous. Last week Bank of China Hong Kong, the biggest local bank by assets, warned on profits while revealing a whopping loan from its parent, China's third-largest bank. At US$2.5bn, the fundraising is almost four times the investment losses BoC HK has recorded so far this year, implying that the bank is fattening up for an exceptionally impaired 2009. The details of BoC's handout – a 10-year term, at a not especially punitive 200 basis points over Libor – suggest that this is no quick fix.
沒有目標如何進行激勵？在政府支持銀行業的新環境下，全行業基本的業績基準——從執行長至最低級的信貸員均適用——正在制定的過程之中。即使銀行家希望從他們特有的年終忙亂中擺脫出來，開始積聚資產，但合適的淨資產收益率(ROE)是什麼呢？