The SIV really was a liability but it wasn't visible to investors investing in the bank.

结构投资公司本身就是债务,但银行的投资者们并不了解这点

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In the SIV contract, there was some language that implied that if the SIV ever went bankrupt, the bank would come back and rescue them.

结构投资公司的合同中包含着这样的条款,如果结构投资公司破产,银行会拯救他们

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They'd borrow to buy them, so if the value of the subprime loans went down just a little bit the SIV would be in trouble.

结构投资公司还借钱购买次级债,所以只要次级债贬值一点点,他们就麻烦了

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It was doing it through an SIV on it's -called the Rhineland Investment Vehicle.

工业银行当初是通过成立一家SIV来运作的,这家SIV叫莱茵兰投资公司

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Then you know, you might say, who would buy the paper of an SIV?

这样你们就了解了,你们可能会说,谁会购买SIV发行的票据呢

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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

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Banks have been creating something called Structured Investment Vehicles in recent years.

银行近年来设立了一类,从事结构化投资的机构,即SIV

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Well,the only people who would buy it are people who trust the bank that supports it, so in effect, the bank is promising to bail out the SIV if it should get in trouble.

只有人们相信设立SIV的银行的时候,他们才会去买SIV发行的票据,所以实际上,银行已经作出承诺,如果SIV陷入麻烦,银行会出面解决

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An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.

IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织

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