So, it really is -it really ought to be on the bank's balance sheet and it ought to be regulated by the bank regulators, but there was a failure to do that and that is the problem that we are in currently.

所以说,它确实该...,它应该反映在银行的资产负债表上,同时接受银行监管体系的管理,但这却没能实现,这就是我们目前面临的问题

耶鲁公开课 - 金融市场课程节选

So, the bank has an SIV on its books, but the SIV is not part of the bank, so it's not subject to the bank capital requirements.

所以SIV会在银行账面上反映,但SIV却不是银行,所以它无需满足银行的资本要求

耶鲁公开课 - 金融市场课程节选