從中央銀行貨幣政策執行觀點看基本放款利率制度改革

Abstract

中央銀行執行貨幣政策，運用各項政策工具調節金融，其中政策利率工具(重貼現率調整)一直扮演重要角色。為提振景氣，央行自民國89年底至92年6月底，持續15次調降重貼現率，由年息4.75%降為1.375%，降幅達3.375%。 國內銀行自74年起實施之基本放款利率制度，一直存在利率向下調整僵固性問題，因應上述重貼現率降幅，以本國五大銀行而言，其基本放款利率平均僅微幅調降0.782個百分點。受害最深的是經濟弱勢族群--多數中小企業及房貸消費者，並削弱央行貨幣政策的傳遞效果。 鑒於基本放款利率已喪失原先建立的精神與用意，並影響央行貨幣政策傳遞效果及廣大中小企業與消費者權益，有必要改善。央行經深入研究美、英先進國家放款利率訂價制度，並與銀行業者充分溝通後，推動建立基準利率與指數型房貸利率，以導正舊房貸利率偏高及基本放款利率僵化問題。 基準利率及指數型房貸利率的特色，在於其指標利率（例如：央行重貼現率、貨幣市場商業本票利率、金融同業拆款利率、主要銀行一年期存款利率平均值，郵儲一年期利率等）透明化、彈性化及市場化，與銀行資金成本變動密切連結；指標利率以外之加碼部分，放款契約訂定後，銀行即不得片面任意更動，借款人權益可獲確保，並兼顧借貸雙方權利義務對等；遇央行貨幣政策操作，牽動銀行存款、金融市場利率變化時，指標利率會如影隨形作合理反應，使貨幣政策的傳遞機制更加順暢，有助提升央行貨幣政策效果。 目前本國銀行及信用合作社已全部實施基準利率及指數型房貸。截至93年底止，本國銀行基準利率平均約3.69%，指數型房貸利率平均約3.74%，遠低於同一時間當時三商銀基本放款利率之7.165%，已有效改善基本放款利率僵化問題；為解決舊貸戶(尤其是舊房貸戶)利率居高不下問題，央行亦督促銀行加速辦理舊貸案件轉換，截至93年底止，以基本放款利率計價之舊貸案件僅佔新台幣放款總餘額之5.77%(其中房屋貸款僅佔1.88%)，舊貸利率偏高問題亦獲解決。 央行為提振國內景氣，並舒緩通貨緊縮壓力，自89年底起積極採行寬鬆貨幣政策，由於成功改革基本放款利率制度，並輔以非傳統性貨幣政策，陸續推動辦理優惠房貸專案及傳統產業優惠貸款，充分運用貨幣政策傳遞機能的利率管道、財富管道、資產價格管道，達成強化貨幣政策效果，有效化解通貨緊縮的壓力，並促成國內景氣在93年得以遠離困局，邁向復甦。

Central Bank of China (hereinafter is referred to as CBC ) conducts monetary policy, implementing various policy instruments. Among them, the discount rate adjustment has been the key role player. To revitalize the nation’s economy and to alleviate economic depression, CBC consecutively lowered the discount rate by 15 times during the period from the end of 1990 to the end of June 2003, bringing the discount rate from 4.75% p.a. down to 1.375% p.a.,i.e, declining by as much as 3.375% p.a.. During the same period, despite domestic banks adopted the prime rate pricing system in 1985, their average prime rate declined only by as little as 0.782% p.a. The medium and small businesses as well as the housing loan consumers became major victims, thus significantly weakening the effectiveness of the transmission mechanism of the CBC’s monetary policy. To readdress the problem, CBC, in consultation with the Banks Association pushes forward the “ Base Rate “ and “ housing loan indicator rate “ pricing system and urges banks to accelerately transfer the existing over charged loans to the newly established rate-based loans. As shown by the related statistics, the reform works out well, which certainly enhances the effectiveness of transmission mechanism of CBC’s monetary policy.