On June 21, the website of the National Audit Office released the State Council’s Audit Report on the Implementation of the Central Budget and Other Fiscal Revenues and Expenditures in 2021 (hereinafter referred to as the “Report”), which disclosed the auditing of financial enterprises’ assets.
The report shows that in 2021, the audit department audited 23 local small and medium-sized banks, 20 local asset management companies and Cinda Asset Management companies. Tracked the flow of credit funds of 5 large banks.
The main problems found in the audit are in three aspects, including the existence of operational risks in small and medium-sized financial institutions; weak internal control and inadequate external supervision; deformation and distortion in the implementation of inclusive finance policies.
23 small and medium-sized banks disclosed less than 170 billion non-performing assets
The report pointed out that small and medium-sized financial institutions have two operational risks. The first is the poor quality of assets. The 23 small and medium-sized banks audited underestimated 170.962 billion yuan in non-performing assets.
Secondly, there is a certain liquidity risk. Among the 23 small and medium-sized banks, 9 have insufficient capital adequacy ratios, 13 fail to conduct comprehensive real-time monitoring of liquidity in accordance with regulatory requirements, 8 have false or artificial liquidity indicators, and 6 have adopted high interest rates after liquidity risks. short-sighted behavior.
The report recommends that we should focus on preventing and resolving risks such as non-performing asset disposal and credit fund approval, and use more market-based and legal methods to resolve potential risks. Improve the financial risk disposal mechanism under the responsibility of the main leaders of the local party and government, strengthen the leadership of the party for small and medium-sized banks, and investigate the responsibility and lifelong accountability of the main leaders of regions and units with serious violations of borrowing.
There are major defects in the internal governance mechanism of small and medium financial institutions
The report disclosed that there are major deficiencies in the internal governance mechanism of small and medium-sized financial institutions. The 23 small and medium-sized banks and 20 local asset management companies audited generally have imperfect governance structures, imperfect governance systems, and ineffective supervision and checks and balances mechanisms. Mainly include: ambiguous responsibilities of the board of directors and managers, vacant or deviated responsibilities of the board of supervisors; ineffective internal control and compliance, lack of or lax implementation of core business systems and internal control procedures such as credit management and loan “three inspections”.
Secondly, external supervision still needs to be strengthened. Since 2018, financial regulators have carried out 176 on-site inspections of 23 banks, but some inspections rely too much on the “water injection” materials submitted by financial institutions, and some risks have not been detected and corrected in advance. Nine of the 20 local asset management companies have never received on-site inspections by local government financial supervision departments, and the remaining 11 have an average of less than once every two years.
Deformation and aliasing exist in the implementation of financial inclusion policies
The report also mentioned the problem of distortion and aliasing in the implementation of financial inclusion policies. On the one hand, the inclusive credit of small and medium-sized banks is not accurate. The main responsibility of small and medium-sized banks is to support small and medium-sized farmers, but the balance of inclusive loans to small and micro enterprises by 23 small and medium-sized banks by March 2021 accounted for 10.33%, only 100 million yuan. The above-mentioned large customer loans accounted for one-fifth of the proportion of the above-mentioned large customer loans, and the balance of 6 agriculture-related loans has also declined for three consecutive years.
On the other hand, large banks were inaccurate in their investment. Four large banks inflated 8.718 billion yuan in inclusive small and micro enterprise loans by artificially adjusting the types of loan companies; 2.496 billion yuan actually flowed to real estate or large groups; 517 small and micro customers were randomly checked. There are 364 households without actual operation.
In addition, the problem of using the loopholes in inclusive credit management to defraud funds has become prominent. 1.366 billion yuan of two large banks was defrauded by some individuals or groups by registering shell companies or fictitious trade backgrounds to purchase commercial housing and repay debts.
The report recommends that it is necessary to give full play to the dual functions of the total amount and structure of monetary policy tools, further unblock the monetary policy transmission mechanism, effectively expand the coverage of inclusive finance, promote reasonable growth of inclusive small and micro loans, guide financial institutions to focus on their main responsibilities and businesses, and increase Support for the real economy.
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