二ＯＯ八年十月英譯中翻譯比賽參賽題目 - 翻譯

公告日期：2008.10.01
公告主旨：公布二ＯＯ八年十月英譯中翻譯比賽題目
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公告內容：本屆翻譯比賽題目及其他相關資訊如下：

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領　　域：財經
主　　題：美國金融風暴相關討論
資料來源：經濟學人
原文字數：約五百～六百字（含標點符號）
原文網址：http://www.economist.com/finance/displaystory.cfm?story_id=12274070

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║題目內容╠════════════════════════════════
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原文題目：AIG's rescue - Size matters

　題目譯文：

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│第一段│
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　原　文：

Even by the recent standards of Wall Street bailouts, that of American
International Group is colossal. At its peak the insurance firm was the
world’s largest with a market value of $239 billion. Its assets are bigger
than those of either Lehman Brothers or Fannie Mae. Yet size alone does not
explain the rescue. Nor do the images of customers queuing to cancel their
policies as far away as Singapore. AIG posed a systemic risk because of its
investment bank, tucked away behind the dull business of writing insurance
contracts, which has lost it both a fortune—and now its independence.

譯　文：


┌───┬─────────────────────────────────
│第二段│
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　原　文：

At one stage, this unit contributed over a quarter of profits. It has
played the role of schmuck in one of finance' s most dangerous games by
writing credit-default swaps (CDSs), a type of guarantee against default,
with a giant notional exposure of $441 billion as of June. Of this, $58
billion is exposed to subprime securities which have already generated
huge mark-to-market losses. For regulators, the real horror story may be
the $307 billion of contracts written on instruments owned by banks in
America and Europe and designed to guarantee the banks' asset quality,
thereby helping their regulatory capital levels.

　譯　文：


┌───┬─────────────────────────────────
│第三段│
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原　文：

How much pain taxpayers will ultimately bear is an open question. The
official line is that AIG only suffered a liquidity crisis. As subprime
losses mounted, it had to put up more collateral with its counterparties,
in turn prompting credit-rating downgrades, which in turn triggered more
margin calls. It is probable that operating cashflow was drying up too as
big risk-sensitive commercial customers stopped doing business with the
insurer. On September 16th the Federal Reserve extended a two-year, $85
billion credit facility at a penal rate. The government will get a 79.9%
stake in the company in return. The idea is that this buys time for AIG
to improve its liquidity in an orderly way. The bail-out's structure
should also avoid a technical bankruptcy, which could force the unwinding
of many of those CDS contracts.

譯　文：


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│第四段│
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原　文：

Yet might the government be taking over a company that is insolvent as well
as illiquid? Extrapolating from AIG's own test, but adjusting fully for
mark-to-market losses and stripping out goodwill and hybrid capital, even
at the end of June AIG might have had about $24 billion less book equity
than it needed to be safely capitalised. And some of its equity may be
“trapped” within its insurance subsidiaries, whose capital positions are
ringfenced by insurance regulators. That might leave the holding company
that taxpayers have backed in a far worse state. On September 17th Eric
Dinallo, New York’s insurance regulator, vouched for the solvency of AIG's
insurance subsidiaries but was more circumspect on the company overall.

譯　文：


┌───┬─────────────────────────────────
│第五段│
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原　文：

Ultimately, though, AIG may turn out be worth something after all: in
June it had $67 billion of tangible equity, a much bigger buffer relative
to assets than existed at Lehman or Bear Stearns. And, says Andrew Rear of
Oliver Wyman, a consultancy, AIG's insurance assets will attract a lot
of interest. That raises the chances of their being sold at a premium,
raising cash for the holding company. If the government holds on long
enough, perhaps even AIG's CDS contracts might make money.

譯　文：


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║題目結尾╠════════════════════════════════
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