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.
没有目标如何进行激励？在政府支持银行业的新环境下，全行业基本的业绩基准——从首席执行官至最低级的信贷员均适用——正在制定的过程之中。即使银行家希望从他们特有的年终忙乱中摆脱出来，开始积聚资产，但合适的净资产收益率(ROE)是什么呢？