银行只持有很少的贷款，可能只有20%的比例，剩下的很多都由特别信用基金持有。

Fewer loans are held by Banks, perhaps only 20%, with much of the rest held by specialised credit funds.

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特别在信用风险已经被打包并转售时，人们普遍认为对冲基金的增长分散了市场风险。

It is commonly assumed that the growth of hedge funds has dispersed market risk. In particular, credit risk has been packaged up and resold.

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尽管银行呆账总量在上升，特别是信用卡方面的呆账，但整个金融系统运行正常，贷款再次启动——只不过要付一定的代价。

But the financial system is solid, and credit is available again—at a price.

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