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揭银行理财的黑幕,伤不起!
多赚归银行 亏损买者扛



隐蔽的投资


  我一朋友做律师一度的工作就是为一家银行发行的银信合作理财产品资金募集阶段的合同签署法律意见书。一段时间之后,张滨觉得有点奇怪,为什么银行从不让他签署为所募集资金的信托投资、交易中的利益主体等出具的法律意见书。


  “让我签,我也不敢签。”朋友说,因为他不清楚资产配套的具体情况,不敢保证这样的投资交易都是公平的,甚至不敢保证是合法的。


  连专业人士都无法弄清投资的情况,普通投资者更加无从知道。对他们而言,能得到年化收益率5%以上的收益,已经谢天谢地了,弄不好还有亏损的可能。


  以某银行发行的一款非保本浮动收益理财产品为例,该产品的募集规模为20亿元,期限60天。投资金额5-30万元的,预期年化收益率为4.8%;30万元以上200万元以下的,预期收益率5%,只有投资金额达到200万元以上,预期收益率才能达到5.2%。产品说明书中甚至明确,理财资产运作超过最高年化收益率的部分作为银行投资管理费用。


  该产品的投资对象包括信托计划、财产权信托计划中的优先级信托单位及其他资产或资产组合、银行承兑汇票、银行间债券市场发行的各类债券、货币市场基金、债券基金及其他货币资金市场投资工具。


  说明书中还强调,产品所涉及的信贷资产五级分类均为正常类。所投资的信托计划的委托人包括3家信托公司。


  但专业投资者不难看出,这样“犹抱琵琶半遮面”的说明书什么都没有说明:如此宽泛的投资范围,怎么配置?不同配置的收益率怎样确定……这款理财产品的投资对象甚至包括财产权信托计划中的优先级信托单位。而结构化信托是私募基金最常采用的、引导理财资金的方法;其中,绝大多数证券投资结构化信托产品都投资于股票二级市场。


  对于其中的风险如何?一般投资者自然是一头“雾水”。对此,评级机构惠誉最新发布的报告指出,不充分的信息披露是一个严重问题,很少有理财产品在发售说明书中详细写出由哪些资产组成,也没有第三方来证明。


  一款募集规模20亿元的理财产品,60天能为投资者带来怎样的收益?年化收益率最高5.2%,而且有损失本金的风险。


  银行通过发行这样的产品能赚多少钱呢?账面上只有0.13%的销售手续费和资产托管费,但超过5.2%以上的收益部分全部归银行,且基本不承担风险。


  和银行合作的信托公司等获得多少收益?不得而知。


  业内人士透露,在上述理财过程中,银行、信托公司获取的收益最高可达10%以上,且承担的风险远小于投资者。


  融孚律师事务所高级合伙人王祚君认为,包括银行、信托公司等在内的上述理财行为,有违反《信托法》精神之嫌。


  神秘的“资金池”


  而且,这种理财资产运作可能达到的最高收益是多少?如果最高收益达到20%,那超过5.2%的部分都归银行是否合理?


  某股份制银行财富管理部负责人告诉中国证券报记者,超过约定收益的部分,该行仍将其归入“资金池”中。但利用客户的资金赚来的钱,为什么被归入与客户无关的“资金池”呢?


  近两年来,各家银行都在滚动发行期限不一、收益率各异的理财产品。而募集到的理财资金往往组成资金池。资金池对接的资产范围非常广泛,包括各类债券、票据、信贷资产和信托产品等,不断有资金流入和流出。


  不愿透露姓名的业内人士指出,很多所谓“资金池”是一些银行掩盖违规投资的重要手段。


  首先,银行把很多不同质的资产放入同一个资金池内,造成各笔理财资金风险、期限、收益无法匹配。例如,前文所述理财产品,投资对象包括财产权信托计划中的优先级信托单位、银行承兑汇票和债券、货币市场基金等。但这些资产的信用等级明显不同,收益也相差很大。


  其次,银行甚至将不同的资产池转移、合并。有些银行甚至把不良资产打包进资金池,用理财资金的部分投资收益来弥补信贷资产的亏损。


  “差价”超额收益


  实际上,银行发行理财产品所取得的收益恐怕远不止合同规定的0.13%的销售手续费和资产托管费。仅以去年畅销的理财资金投资结构化信托为例,银行将此类信托产品拆分、卖给投资者时,给出的固定收益一般是5%左右。而信托产品给予优先级投资人的收益一般在7%以上。这当中的“差价”往往就成了银行的“理财手续费”收入。此外,银行还要从信托公司处获得信托资金托管费、优先级产品销售手续费等。而一旦出现问题,市场主要的风险则落在了理财产品的购买者身上。


  中国人民大学信托与基金研究所所长邢成表示,从银行自身对此的定位来说,银行和投资者之间不是信托关系,因为银行始终认为理财产品是一种委托关系,“但从严格的法律角度来说,我们认为是一种信托关系。”


  邢成同时指出,在我国资产管理市场主体多元、法律依据多元的“乱象”之下,银行将超出约定收益的部分收归银行,投资者只能无可奈何。因为银行依据的是《商业银行理财产品销售管理办法》。在这个部门规章中,并没有对此有限制性规定。而同样的做法如果放在信托理财中,就是严重违规。


  “从学术探讨中可以认为,银行与投资者之间实质上是信托关系。因此,理财收益中除了银行应得的管理费之外,都应该归投资者所有。”邢成说,在实际操作中,银行对这些问题已经考虑到,并且巧妙地规避了,例如已经在合同中做了约定,投资者在这方面的确比较被动。


  王祚君认为,银行的做法实际上有悖《信托法》的精神。银行发行理财产品,从法律上讲,是与投资者之间建立了“受人之托代人理财”的信托关系。我国《信托法》第二十条明确规定,委托人(即理财产品的投资者)有权了解其信托财产的管理运用、处分及收支情况,并有权要求受托人(银行)作出说明。同时,第二十六条规定,受托人(银行)除依照本法规定取得报酬外,不得利用信托财产为自己谋取利益。受托人违反前款规定,利用信托财产为自己谋取利益的,所得利益归入信托财产。


  但王祚君也承认,我国法律对金融机构资产管理业务的规定并不健全。我国首先出现的资产管理业务,是公募的证券投资基金的管理业务。证券投资基金法规定了基金管理人无论基金挣多少,只能收取基金管理费,这表明证券投资基金的管理业务,其实是金融经纪业务。但银行资产管理业务的性质没有具体规定。


  信托公司收获也颇丰


  同样通过信托财产为自己谋取利益的,除了银行还有信托公司。


  在与银行合作发行理财产品的过程中,信托公司这两年的收入也颇为丰厚。某信托公司的人士反映,尤其是去年,开发商为解决资金问题而大量发行的房地产信托,其融资成本有的高达20%以上。但信托公司出售给投资者时,最高收益只在12%左右。通过银行销售的、给投资者的固定收益更是只有5%左右。这当中的巨额差价成了信托公司和银行的收益。


  根据用益信托工作室的统计数据,2012年6月,房地产信托的平均预期收益率为10.04%。而房地产信托收益率在2011年9月创出10.76%的新高,此后半年多时间,房地产信托收益率处于高位盘整的状态。今年以来,全部集合信托的平均收益率已经出现了比较明显的下降,房地产信托和其他信托的收益率出现分化,说明在货币政策放松,资金成本降低,收益率曲线下行的大环境下,房地产企业的融资成本依然维持在高位。
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RE:揭银行理财的黑幕,伤不起!
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RE:揭银行理财的黑幕,伤不起!
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