{"id":6322,"date":"2023-03-29T17:49:28","date_gmt":"2023-03-29T09:49:28","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=6322"},"modified":"2026-10-20T18:50:29","modified_gmt":"2026-10-20T10:50:29","slug":"%e7%91%9e%e5%a3%ab%e4%bf%a1%e8%b2%b8%e7%82%ba%e4%bb%80%e9%ba%bc%e6%9c%83%e5%80%92%e9%96%89%ef%bc%9f%e7%91%9e%e5%a3%ab%e4%bf%a1%e8%b2%b8%e7%9a%84%e5%9e%ae%e5%8f%b0%e6%9c%83%e9%80%a0%e6%88%90%e4%bb%80","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=6322","title":{"rendered":"\u745e\u58eb\u4fe1\u8cb8\u5012\u9589\u539f\u56e0\uff1a\u4fe1\u5fc3\u5d29\u6f70\u5f15\u767c\u64e0\u514c\uff0c\u745e\u58eb\u9280\u884c30\u5104\u745e\u90ce\u4f75\u8cfc"},"content":{"rendered":"<p class=\"wp-block-paragraph\">2023 \u5e74 3 \u6708 19 \u65e5\u9031\u65e5\u665a\u9593\uff0c\u4e00\u5bb6 1856 \u5e74\u6210\u7acb\u7684\u9280\u884c\u8d70\u5230\u4e86\u7d42\u9ede\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u745e\u58eb\u4fe1\u8cb8\u5012\u9589\u539f\u56e0\u662f\u4fe1\u5fc3\u5d29\u6f70\u5f15\u767c\u64e0\u514c\uff0c2023 \u5e74 3 \u6708\u745e\u58eb\u9280\u884c\u4ee5 30 \u5104\u745e\u90ce\u4f75\u8cfc\uff0c160 \u5104\u745e\u90ce AT1 \u50b5\u8a3b\u92b7<sup>[1][2]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u90a3\u4e00\u5929\uff0c\u745e\u58eb\u9280\u884c\uff08UBS\uff09\u5728\u745e\u58eb\u653f\u5e9c\u4e3b\u5c0e\u4e0b\uff0c\u4ee5\u7e3d\u50f9 30 \u5104\u745e\u90ce\u6536\u8cfc\u745e\u58eb\u4fe1\u8cb8\uff08Credit Suisse\uff0c\u7c21\u7a31\u745e\u4fe1\uff09\uff0c\u6bcf 22.48 \u80a1\u745e\u4fe1\u63db 1 \u80a1\u745e\u9280<sup>[2]<\/sup>\uff0c\u540c\u4e00\u5929\uff0c\u745e\u58eb\u91d1\u878d\u5e02\u5834\u76e3\u7406\u5c40\uff08FINMA\uff09\u4e0b\u4ee4\u745e\u4fe1\u7684\u984d\u5916\u7b2c\u4e00\u985e\u8cc7\u672c\u50b5\u5238\uff08AT1 \u50b5\uff09\u5168\u6578\u8a3b\u92b7<sup>[1][7]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u745e\u4fe1\u5012\u9589\u7684\u6839\u672c\u539f\u56e0\u662f\u4fe1\u5fc3\u5d29\u6f70\u3002<\/strong> FINMA \u7684\u6aa2\u8a0e\u5831\u544a\u6307\u51fa\uff0c\u745e\u4fe1\u591a\u5e74\u7b56\u7565\u57f7\u884c\u4e0d\u4f73\u3001\u919c\u805e\u4e0d\u65b7\uff0c\u5ba2\u6236\u5931\u53bb\u4fe1\u4efb\u5f8c\u5927\u91cf\u63d0\u9818\u8cc7\u91d1\uff0c2023 \u5e74 3 \u6708\u4e2d\u5df2\u9762\u81e8\u7acb\u5373\u7121\u529b\u6e05\u511f\u7684\u98a8\u96aa\uff0c\u800c\u745e\u4fe1\u7576\u6642\u7684\u8cc7\u672c\u8207\u6d41\u52d5\u6027\u5728\u5e33\u9762\u4e0a\u4ecd\u7b26\u5408\u6cd5\u898f\u8981\u6c42<sup>[5]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7528\u98db\u6a5f\u4f86\u6bd4\u55bb\uff0c\u9019\u5f88\u50cf\u5931\u901f\uff08stall\uff09\uff0c\u5100\u8868\u4e0a\u5f15\u64ce\u3001\u6cb9\u91cf\u90fd\u6b63\u5e38\uff0c\u53ef\u662f\u901f\u5ea6\u4e00\u6389\u5230\u67d0\u500b\u7a0b\u5ea6\uff0c\u6a5f\u7ffc\u5c31\u5931\u53bb\u5347\u529b\uff0c\u9280\u884c\u7684\u5347\u529b\u662f\u4fe1\u5fc3\uff0c\u5e33\u9762\u6578\u5b57\u5408\u683c\uff0c\u4fe1\u5fc3\u6c92\u4e86\u4e00\u6a23\u6703\u5f80\u4e0b\u6389\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u4ef6\u4e8b\u5230 2026 \u5e74\u9084\u6c92\u7d50\u675f\uff0c\u745e\u58eb\u806f\u90a6\u884c\u653f\u6cd5\u9662 2025 \u5e74\u5224\u5b9a AT1 \u50b5\u8a3b\u92b7\u6b20\u7f3a\u6cd5\u5f8b\u4f9d\u64da\uff0cFINMA \u8207\u745e\u9280\u5df2\u4e0a\u8a34\uff0c\u6848\u5b50\u5728\u806f\u90a6\u6700\u9ad8\u6cd5\u9662\u5be9\u7406\u4e2d\uff0c\u5224\u6c7a\u78ba\u5b9a\u524d\u50b5\u5238\u4ecd\u7dad\u6301\u8a3b\u92b7<sup>[7][9]<\/sup>\uff1b\u745e\u58eb\u570b\u6703\u4e5f\u9084\u5728\u5be9\u300c\u5927\u5230\u4e0d\u80fd\u5012\u300d\u7684\u4fee\u6cd5<sup>[11][12]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u745e\u58eb\u4fe1\u8cb8\u662f\u4ec0\u9ebc\u9280\u884c\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u745e\u58eb\u4fe1\u8cb8\u662f 1856 \u5e74\u6210\u7acb\u7684\u745e\u58eb\u9280\u884c\u96c6\u5718\uff0c\u8d77\u5bb6\u6642\u70ba\u745e\u58eb\u9435\u8def\u5efa\u8a2d\u878d\u8cc7\uff0c\u5f8c\u4f86\u767c\u5c55\u6210\u6a6b\u8de8\u79c1\u4eba\u9280\u884c\u3001\u6295\u8cc7\u9280\u884c\u8207\u8cc7\u7522\u7ba1\u7406\u7684\u570b\u969b\u91d1\u878d\u6a5f\u69cb\uff0c\u5b83\u5728\u8607\u9ece\u4e16\u8207\u7d10\u7d04\u639b\u724c\uff0c\u5c6c\u65bc\u5168\u7403\u7cfb\u7d71\u6027\u91cd\u8981\u9280\u884c\uff08G-SIB\uff0cGlobal Systemically Important Bank\uff09\uff0c\u5012\u4e0b\u6703\u727d\u52d5\u5168\u7403\u91d1\u878d\u9ad4\u7cfb\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e38\u807d\u5230\u7684\u300c\u745e\u58eb\u9280\u884c\u5012\u9589\u300d\uff0c\u591a\u534a\u6307\u7684\u662f\u745e\u58eb\u4fe1\u8cb8\uff08\u540d\u5b57\u592a\u50cf\uff0c\u5e38\u88ab\u641e\u6df7\uff09\uff0c\u745e\u58eb\u9280\u884c\uff08UBS\uff09\u662f\u745e\u58eb\u6700\u5927\u7684\u9280\u884c\uff0c\u4e5f\u662f\u6536\u8cfc\u745e\u4fe1\u7684\u4e00\u65b9\uff0c\u6c92\u6709\u5012\u9589\uff0c\u4f75\u8cfc\u5f8c\u898f\u6a21\u66f4\u5927\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u745e\u58eb\u4fe1\u8cb8\u70ba\u4ec0\u9ebc\u6703\u5012\u9589\uff1f\u4fe1\u4efb\u4e00\u9ede\u4e00\u6ef4\u6d41\u5931<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4e00\u5bb6\u767e\u5e74\u9280\u884c\u4e0d\u6703\u5728\u5e7e\u5929\u5167\u5012\u9589\uff0c\u745e\u4fe1\u7684\u554f\u984c\u7d2f\u7a4d\u4e86\u597d\u5e7e\u5e74\uff0c2023 \u5e74 3 \u6708\u7684\u64e0\u514c\u53ea\u662f\u6700\u5f8c\u4e00\u6b65\uff0c\u5c31\u50cf\u5931\u901f\u524d\uff0c\u901f\u5ea6\u901a\u5e38\u5df2\u7d93\u6389\u4e86\u597d\u4e00\u9663\u5b50\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2023\/03\/image-6.png\" alt=\"\u745e\u58eb\u4fe1\u8cb8\u80a1\u50f9 2020 \u5e74 1 \u6708\u81f3 2023 \u5e74 3 \u6708\u8d70\u52e2\uff0c\u6a19\u8a3b\u9593\u8adc\u919c\u805e\u3001Greensill\u3001Archegos\u3001\u6d17\u9322\u6848\u5224\u6c7a\u8207\u77fd\u8c37\u9280\u884c\u5012\u9589\u7b49\u4e8b\u4ef6\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aRefinitiv Datastream\uff1bReuters\uff0c2023 \u5e74 3 \u6708 15 \u65e5<\/figcaption><\/figure>\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001\u98a8\u96aa\u63a7\u7ba1\u5931\u9748\uff1aArchegos \u8207 Greensill<\/h3>\n\n<p class=\"wp-block-paragraph\">2021 \u5e74 3 \u6708\uff0c\u745e\u4fe1\u63a5\u9023\u51fa\u4e8b\uff0c\u5148\u662f\u8207\u82f1\u570b\u4f9b\u61c9\u93c8\u91d1\u878d\u516c\u53f8 Greensill Capital \u5408\u4f5c\u7684\u57fa\u91d1\u51cd\u7d50\uff0c\u6d89\u53ca\u540d\u76ee\u91d1\u984d\u7d04 100 \u5104\u7f8e\u5143\uff0c\u5e7e\u9031\u5f8c\uff0c\u7f8e\u570b\u5bb6\u65cf\u8fa6\u516c\u5ba4 Archegos Capital Management \u9055\u7d04\uff0c\u745e\u4fe1\u5728 2021 \u5e74\u7b2c\u4e00\u5b63\u8a8d\u5217\u7d04 44 \u5104\u745e\u90ce\u640d\u5931<sup>[15]<\/sup>\uff0c\u5169\u4ef6\u4e8b\u90fd\u6307\u5411\u98a8\u96aa\u63a7\u7ba1\u8ddf\u4e0d\u4e0a\u696d\u52d9\u64f4\u5f35\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001\u919c\u805e\u8207\u7ba1\u7406\u5c64\u66f4\u66ff<\/h3>\n\n<p class=\"wp-block-paragraph\">\u540c\u4e00\u6642\u671f\uff0c\u745e\u4fe1\u9084\u6709\u76e3\u63a7\u524d\u9ad8\u968e\u4e3b\u7ba1\u7684\u9593\u8adc\u4e8b\u4ef6\u3001\u6d17\u9322\u6848\u5224\u6c7a\uff0c\u57f7\u884c\u9577\u8207\u8463\u4e8b\u9577\u5148\u5f8c\u4e0b\u53f0\uff08\u99d5\u99db\u8259\u4e00\u76f4\u63db\u4eba\uff09\uff0cFINMA \u7684\u5831\u544a\u8a8d\u70ba\uff0c\u5373\u4f7f\u5728\u5927\u984d\u8667\u640d\u7684\u5e74\u5ea6\uff0c\u745e\u4fe1\u7684\u8b8a\u52d5\u85aa\u916c\u4ecd\u7dad\u6301\u9ad8\u6a94\uff0c\u6cbb\u7406\u554f\u984c\u9577\u671f\u5b58\u5728<sup>[5]<\/sup>\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001\u5ba2\u6236\u958b\u59cb\u642c\u9322\uff1a2022 \u5e74\u7b2c\u56db\u5b63\u6d41\u51fa 1,105 \u5104\u745e\u90ce<\/h3>\n\n<p class=\"wp-block-paragraph\">2022 \u5e74 10 \u6708\uff0c\u5e02\u5834\u6d41\u50b3\u745e\u4fe1\u8ca1\u52d9\u4e0d\u7a69\uff0c\u5ba2\u6236\u8cc7\u91d1\u5feb\u901f\u6d41\u51fa\uff0c\u5168\u5e74\u6de8\u8667\u640d\u7d04 73 \u5104\u745e\u90ce\uff0c\u5ba2\u6236\u8cc7\u7522\u5168\u5e74\u6de8\u6d41\u51fa 1,232 \u5104\u745e\u90ce\uff0c\u7b2c\u56db\u5b63\u5c31\u5360 1,105 \u5104\u745e\u90ce<sup>[14]<\/sup>\uff0c\u63db\u7b97\u4e0b\u4f86\uff0c1,105 \u00f7 1,232 \u2248 90%\uff0c\u4e00\u6574\u5e74\u7684\u6d41\u51fa\u6709\u4e5d\u6210\u96c6\u4e2d\u5728\u6700\u5f8c\u4e00\u5b63\uff0c\u5df4\u585e\u723e\u9280\u884c\u76e3\u7406\u59d4\u54e1\u6703\u7684\u5831\u544a\u6307\u51fa\uff0c\u745e\u4fe1 2022 \u5e74 10 \u6708\u6642\u7684\u6d41\u52d5\u6027\u7de9\u885d\u9084\u6490\u5f97\u4f4f\uff0c\u4f46 2023 \u5e74 3 \u6708\u7684\u6d41\u51fa\u9060\u8d85\u904e\u6d41\u52d5\u6027\u8986\u84cb\u7387\uff08LCR\uff0cLiquidity Coverage Ratio\uff09\u7684\u5047\u8a2d<sup>[6]<\/sup>\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u56db\u30012023 \u5e74 3 \u6708\uff1a\u7f8e\u570b\u9280\u884c\u5371\u6a5f\u8207\u5927\u80a1\u6771\u8868\u614b<\/h3>\n\n<p class=\"wp-block-paragraph\">2023 \u5e74 3 \u6708\uff0c\u77fd\u8c37\u9280\u884c\u8207\u7c3d\u540d\u9280\u884c\u5728\u806f\u6e96\u6703\u5feb\u901f\u5347\u606f\u5f8c\u76f8\u7e7c\u5012\u9589\uff0c\u5e02\u5834\u958b\u59cb\u6aa2\u67e5\u6bcf\u4e00\u5bb6\u9ad4\u8cea\u8f03\u5f31\u7684\u9280\u884c\uff0c3 \u6708 14 \u65e5\uff0c\u745e\u4fe1\u5728\u5ef6\u5f8c\u767c\u5e03\u7684 2022 \u5e74\u5e74\u5831\u4e2d\u627f\u8a8d\u8ca1\u52d9\u5831\u5c0e\u5167\u90e8\u63a7\u5236\u6709\u91cd\u5927\u7f3a\u5931\uff0c\u9694\u5929\uff0c\u6301\u80a1 9.8% \u7684\u6700\u5927\u80a1\u6771\u6c99\u70cf\u5730\u570b\u5bb6\u9280\u884c\u8868\u793a\uff0c\u53d7\u6301\u80a1\u4e0d\u5f97\u8d85\u904e 10% \u7684\u6cd5\u898f\u9650\u5236\uff0c\u4e0d\u6703\u518d\u63d0\u4f9b\u8cc7\u91d1\uff0c\u745e\u4fe1\u80a1\u50f9\u76e4\u4e2d\u4e00\u5ea6\u8dcc\u903e 24%<sup>[19]<\/sup>\uff0c3 \u6708 16 \u65e5\uff0c\u745e\u4fe1\u5411\u745e\u58eb\u592e\u884c\u501f\u5165\u6700\u9ad8 500 \u5104\u745e\u90ce\u7684\u7dca\u6025\u6d41\u52d5\u6027<sup>[1]<\/sup>\uff0c\u4ecd\u6b62\u4e0d\u4f4f\u63d0\u6b3e\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>FINMA \u7684\u7d50\u8ad6\u662f\uff1a\u745e\u4fe1\u7684\u6d41\u52d5\u6027\u554f\u984c\u4f86\u81ea\u4fe1\u5fc3\u5d29\u6f70\uff0c\u7db2\u8def\u9280\u884c\u8207\u6578\u4f4d\u901a\u8def\u8b93\u63d0\u6b3e\u901f\u5ea6\u9060\u5feb\u65bc\u904e\u53bb<sup>[5]<\/sup>\u3002<\/strong><\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/6322_\u4fe1\u4efb\u6d41\u5931\u6642\u9593\u8ef8.png\" alt=\"\u745e\u4fe1\u4fe1\u4efb\u6d41\u5931\u6642\u9593\u8ef8\uff1a2021 \u5e74 Greensill \u8207 Archegos \u640d\u5931\u3001\u919c\u805e\u8207\u7ba1\u7406\u5c64\u66f4\u66ff\u30012022 \u5e74\u6de8\u8667\u640d 73 \u5104\u745e\u90ce\u8207\u7b2c\u56db\u5b63\u8cc7\u7522\u6d41\u51fa 1,105 \u5104\u745e\u90ce\uff0c\u5230 2023 \u5e74 3 \u6708 14 \u65e5\u81f3 19 \u65e5\u4e94\u5929\u5167\u5f9e\u5e74\u5831\u7f3a\u5931\u3001\u5927\u80a1\u6771\u505c\u6b62\u6ce8\u8cc7\u3001\u592e\u884c\u7dca\u6025\u6d41\u52d5\u6027\u5230\u88ab\u745e\u9280\u6536\u8cfc\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aFINMA\uff1bFortune\uff1bCNBC\uff1b\u745e\u58eb\u806f\u90a6\u8ca1\u653f\u90e8\uff1b\u745e\u9280\u3002\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u5728\u9055\u7d04\u767c\u751f\u524d\u5c31\u6703\u66ff\u9280\u884c\u7684\u98a8\u96aa\u5b9a\u50f9\uff0c\u6700\u5e38\u7528\u7684\u5de5\u5177\u662f\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff0c\u9019\u500b\u300c\u9055\u7d04\u4fdd\u96aa\u300d\u600e\u9ebc\u5831\u50f9\u3001\u70ba\u4ec0\u9ebc\u5e38\u88ab\u7576\u4f5c\u5371\u6a5f\u524d\u7684\u8a0a\u865f\uff0c\u53ef\u4ee5\u63a5\u8457\u8b80<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13762\">\u300a\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\u662f\u4ec0\u9ebc\uff1f\u300b<\/a>\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-mid alpha-cta-news has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:#006ece;border-left-width:4px;background-color:#f3f7fb;padding:16px 20px\">\n<p class=\"wp-block-paragraph\"><strong>\u5e02\u5834\u8b8a\u5316\u5c0d\u8cc7\u7522\u914d\u7f6e\u7684\u5f71\u97ff\uff0c\u6211\u5011\u6574\u7406\u5728\u300a\u963f\u723e\u767c\u89c0\u9ede\u300b\u96fb\u5b50\u5831<\/strong><\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-7b4500cd wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/blog.roboadvisor.com.tw\/?page_id=18852#sib-form\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noopener\"><strong>\u8a02\u95b1\u963f\u723e\u767c\u89c0\u9ede\u96fb\u5b50\u5831<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u745e\u58eb\u9280\u884c\u600e\u9ebc\u5728\u4e00\u500b\u9031\u672b\u5b8c\u6210\u4f75\u8cfc\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">3 \u6708 19 \u65e5\u9031\u65e5\u665a\u9593\uff0c\u8d95\u5728\u4e9e\u6d32\u80a1\u5e02\u958b\u76e4\u524d\uff0c\u745e\u58eb\u806f\u90a6\u59d4\u54e1\u6703\u3001\u745e\u58eb\u570b\u5bb6\u9280\u884c\u8207 FINMA \u5ba3\u5e03\u7531\u745e\u9280\u6536\u8cfc\u745e\u4fe1<sup>[1][2]<\/sup>\uff0c\u6574\u500b\u65b9\u6848\u4f9d\u7dca\u6025\u6cd5\u4ee4\uff08\u806f\u90a6\u61b2\u6cd5\u7b2c 184\u3001185 \u689d\uff09\u63a8\u52d5\uff0c\u6c92\u6709\u7d93\u904e\u80a1\u6771\u6703\u8868\u6c7a<sup>[1]<\/sup>\uff0c\u9019\u6bd4\u8f03\u50cf\u7dca\u6025\u8feb\u964d\uff0c\u627e\u6700\u8fd1\u7684\u8dd1\u9053\u5148\u843d\u5730\uff0c\u4e58\u5ba2\u7684\u610f\u898b\u53ea\u80fd\u4e8b\u5f8c\u518d\u8aaa\u3002<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u63aa\u65bd<\/th>\n<th>\u5167\u5bb9<\/th>\n<th>\u7d50\u679c<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u6536\u8cfc\u50f9<\/td>\n<td>30 \u5104\u745e\u90ce\uff0c\u63db\u80a1\u65b9\u5f0f\u652f\u4ed8<\/td>\n<td>\u745e\u4fe1\u80a1\u6771\u6bcf\u80a1\u7d04 0.76 \u745e\u90ce\uff0c\u524d\u4e00\u4ea4\u6613\u65e5\u6536\u76e4\u7d04 1.86 \u745e\u90ce<sup>[2]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u745e\u58eb\u592e\u884c\u6d41\u52d5\u6027\u63f4\u52a9\uff08ELA+\uff09<\/td>\n<td>\u6700\u9ad8 1,000 \u5104\u745e\u90ce\uff0c\u7121\u806f\u90a6\u64d4\u4fdd<\/td>\n<td>\u4f9d\u9700\u8981\u52d5\u7528<sup>[1]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u806f\u90a6\u64d4\u4fdd\u6d41\u52d5\u6027\u5f8c\u76fe\uff08PLB\uff09<\/td>\n<td>\u6700\u9ad8 1,000 \u5104\u745e\u90ce\uff0c\u806f\u90a6\u63d0\u4f9b\u9055\u7d04\u64d4\u4fdd<\/td>\n<td>\u5168\u6578\u511f\u9084\u5f8c\u65bc 2023-08-11 \u7d42\u6b62\uff0c\u806f\u90a6\u672a\u53d7\u640d<sup>[4]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u745e\u9280\u640d\u5931\u64d4\u4fdd<\/td>\n<td>\u7279\u5b9a\u8cc7\u7522\u640d\u5931\u8d85\u904e 50 \u5104\u745e\u90ce\u5f8c\uff0c\u806f\u90a6\u6700\u9ad8\u627f\u64d4 90 \u5104\u745e\u90ce<\/td>\n<td>2023-08-11 \u745e\u9280\u653e\u68c4\uff0c\u672a\u52d5\u7528<sup>[4]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>AT1 \u50b5<\/td>\n<td>\u7d04 160 \u5104\u745e\u90ce\u5168\u6578\u8a3b\u92b7\uff08\u6cd5\u9662\u8a18\u8f09\u540d\u76ee\u7d04 165 \u5104\u745e\u90ce\uff09<\/td>\n<td>\u8a34\u8a1f\u4e2d<sup>[7]<\/sup><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u4f75\u8cfc\u5728 2023 \u5e74 6 \u6708 12 \u65e5\u5b8c\u6210\uff0c\u745e\u4fe1\u96c6\u5718\u4f75\u5165\u745e\u9280\u96c6\u5718<sup>[3]<\/sup>\uff0c\u745e\u58eb\u806f\u90a6\u653f\u5e9c\u5f9e\u5404\u9805\u64d4\u4fdd\u6536\u53d6\u7d04 2 \u5104\u745e\u90ce\u8cbb\u7528\uff0c\u6c92\u6709\u627f\u64d4\u4efb\u4f55\u640d\u5931<sup>[4]<\/sup>\uff0c\u745e\u9280\u5728 2026 \u5e74 3 \u6708\u5b8c\u6210\u745e\u58eb\u5ba2\u6236\u7684\u5e73\u53f0\u9077\u79fb\uff0c\u622a\u81f3 2026 \u5e74 6 \u6708\u5e95\uff0c\u8d85\u904e\u4e5d\u6210\u5f85\u95dc\u9589\u7684\u745e\u4fe1\u820a\u7cfb\u7d71\u5df2\u505c\u7528\uff0c\u745e\u9280\u9810\u8a08 2026 \u5e74\u5e95\u5927\u81f4\u5b8c\u6210\u6574\u5408<sup>[13]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/6322_\u6551\u63f4\u984d\u5ea6\u5c0d\u7167.png\" alt=\"\u745e\u4fe1\u6551\u63f4\u65b9\u6848\u91d1\u984d\u5c0d\u7167\uff1a\u745e\u58eb\u592e\u884c\u6d41\u52d5\u6027\u63f4\u52a9\u8207\u806f\u90a6\u64d4\u4fdd\u6d41\u52d5\u6027\u5404\u6700\u9ad8 1,000 \u5104\u745e\u90ce\u30013 \u6708 16 \u65e5\u7dca\u6025\u6d41\u52d5\u6027 500 \u5104\u3001AT1 \u8a3b\u92b7 160 \u5104\u3001\u806f\u90a6\u640d\u5931\u64d4\u4fdd 90 \u5104\uff0c\u745e\u9280\u6536\u8cfc\u50f9 30 \u5104\u745e\u90ce\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1a\u745e\u58eb\u806f\u90a6\u8ca1\u653f\u90e8\uff1b\u745e\u9280<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u5728\u53f0\u7063\u7684\u64da\u9ede\u4e5f\u8ddf\u8457\u6536\u6389\uff0c\u91d1\u7ba1\u6703 2024 \u5e74 4 \u6708 25 \u65e5\u540c\u610f\u745e\u4fe1\u53f0\u5317\u8b49\u5238\u5206\u516c\u53f8\u89e3\u6563\uff0c\u6700\u5f8c\u71df\u696d\u65e5\u70ba 2024 \u5e74 5 \u6708 31 \u65e5\uff0c\u539f\u745e\u4fe1\u5883\u5916\u7d50\u69cb\u578b\u5546\u54c1\u7684\u6295\u8cc7\u4eba\u6b0a\u76ca\u7531\u745e\u58eb\u9280\u884c\u627f\u64d4<sup>[17]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">AT1 \u50b5\u662f\u4ec0\u9ebc\uff1f\u70ba\u4ec0\u9ebc\u745e\u4fe1 AT1 \u50b5\u6b78\u96f6\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">AT1 \u50b5\uff08Additional Tier 1\uff0c\u984d\u5916\u7b2c\u4e00\u985e\u8cc7\u672c\u50b5\u5238\uff09\u662f\u9280\u884c\u767c\u884c\u3001\u53ef\u8a08\u5165\u8cc7\u672c\u7684\u6c38\u7e8c\u50b5\uff0c\u5e38\u88ab\u7a31\u70ba CoCo \u50b5\uff08Contingent Convertible\uff0c\u61c9\u6025\u53ef\u8f49\u63db\u50b5\u5238\uff09\uff0c\u689d\u6b3e\u5beb\u660e\uff0c\u7576\u9280\u884c\u8cc7\u672c\u8dcc\u7834\u9580\u6abb\uff0c\u6216\u4e3b\u7ba1\u6a5f\u95dc\u8a8d\u5b9a\u9280\u884c\u9700\u8981\u516c\u90e8\u9580\u7279\u5225\u652f\u6301\u624d\u80fd\u5b58\u7e8c\u6642\uff0c\u50b5\u5238\u53ef\u4ee5\u8f49\u63db\u6210\u80a1\u7968\u6216\u76f4\u63a5\u6e1b\u8a18\uff0c\u9019\u500b\u8a2d\u8a08\u8b93\u50b5\u5238\u5728\u5371\u6a5f\u6642\u66ff\u9280\u884c\u5438\u6536\u640d\u5931\uff0c\u6240\u4ee5\u7968\u606f\u6bd4\u4e00\u822c\u516c\u53f8\u50b5\u9ad8\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u70ba\u4ec0\u9ebc\u722d\u8b70\u9019\u9ebc\u5927\uff1f\u80a1\u6771\u62ff\u5230\u9322\uff0c\u50b5\u6b0a\u4eba\u6b78\u96f6<\/h3>\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u7406\u89e3\u7684\u53d7\u511f\u9806\u5e8f\uff0c\u662f\u80a1\u6771\u5148\u627f\u64d4\u640d\u5931\uff0c\u50b5\u6b0a\u4eba\u5728\u5f8c\uff0c\u745e\u4fe1\u7684\u6848\u5b50\u525b\u597d\u53cd\u904e\u4f86\uff0c\u80a1\u6771\u62ff\u5230 30 \u5104\u745e\u90ce\u7684\u745e\u9280\u80a1\u7968\uff0cAT1 \u50b5\u6b0a\u4eba\u5168\u6578\u6b78\u96f6\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6b50\u6d32\u592e\u884c\u9280\u884c\u76e3\u7406\u3001\u55ae\u4e00\u6e05\u7406\u59d4\u54e1\u6703\u8207\u6b50\u6d32\u9280\u884c\u7ba1\u7406\u5c40\u5728 3 \u6708 20 \u65e5\u767c\u8868\u806f\u5408\u8072\u660e\uff0c\u5f37\u8abf\u6b50\u76df\u67b6\u69cb\u4e0b\u666e\u901a\u80a1\u5148\u5438\u6536\u640d\u5931\uff0cAT1 \u5728\u666e\u901a\u80a1\u7528\u76e1\u5f8c\u624d\u6e1b\u8a18<sup>[10]<\/sup>\uff0c\u5df4\u585e\u723e\u9280\u884c\u76e3\u7406\u59d4\u54e1\u6703\u7684\u5831\u544a\u4e5f\u6307\u51fa\uff0c\u9019\u6b21\u4e8b\u4ef6\u8b93\u6295\u8cc7\u4eba\u5c0d AT1 \u7684\u640d\u5931\u5438\u6536\u9806\u5e8f\u7522\u751f\u7591\u616e<sup>[6]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/6322_\u53d7\u511f\u9806\u5e8f\u5c0d\u7167.png\" alt=\"\u53d7\u511f\u9806\u5e8f\u5c0d\u7167\uff1a\u4e00\u822c\u7531\u666e\u901a\u80a1\u5148\u5438\u6536\u640d\u5931\u3001AT1 \u5176\u6b21\u3001\u6b21\u9806\u4f4d\u50b5\u8207\u512a\u5148\u50b5\u5728\u5f8c\uff1b\u745e\u4fe1\u6848\u666e\u901a\u80a1\u80a1\u6771\u63db\u5230\u7d04 30 \u5104\u745e\u90ce\u745e\u9280\u80a1\u7968\uff0cAT1 \u50b5\u6b0a\u4eba\u7d04 160 \u5104\u745e\u90ce\u5168\u6578\u8a3b\u92b7\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aECB\u3001SRB\u3001EBA \u806f\u5408\u8072\u660e\uff1b\u745e\u58eb\u806f\u90a6\u8ca1\u653f\u90e8\uff1b\u745e\u9280\uff1b\u806f\u90a6\u884c\u653f\u6cd5\u9662\u3002\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406<\/figcaption><\/figure>\n\n<h3 class=\"wp-block-heading\">AT1 \u8a34\u8a1f\u6700\u65b0\u9032\u5ea6\uff082026 \u5e74 10 \u6708\uff09<\/h3>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u65e5\u671f<\/th>\n<th>\u4e8b\u4ef6<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023-03 \u8d77<\/td>\n<td>\u7d04 3,000 \u540d\u50b5\u6b0a\u4eba\u5728\u7d04 360 \u4ef6\u6848\u4ef6\u4e2d\u5411\u806f\u90a6\u884c\u653f\u6cd5\u9662\u63d0\u8d77\u8a34\u8a1f<sup>[7]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2025-10-01<\/td>\n<td>\u806f\u90a6\u884c\u653f\u6cd5\u9662\u5728\u9996\u4ef6\u6848\u4ef6\uff08B-2334\/2023\uff09\u4f5c\u51fa\u90e8\u5206\u5224\u6c7a\uff1a\u64a4\u92b7 FINMA \u8a3b\u92b7\u547d\u4ee4\uff0c\u8a8d\u5b9a\u745e\u4fe1\u7576\u6642\u8cc7\u672c\u5145\u8db3\u3001\u5951\u7d04\u4e2d\u7684\u300c\u5b58\u7e8c\u4e8b\u4ef6\u300d\u4e26\u672a\u767c\u751f\uff0c\u7dca\u6025\u6cd5\u4ee4\u7b2c 5a \u689d\u4e5f\u6709\u9055\u61b2\u7591\u616e<sup>[7]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2025-10-15<\/td>\n<td>FINMA \u5ba3\u5e03\u4e0a\u8a34\u806f\u90a6\u6700\u9ad8\u6cd5\u9662\uff0c\u745e\u9280\u96a8\u5f8c\u4e5f\u4e0a\u8a34<sup>[8]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2025-12<\/td>\n<td>\u806f\u90a6\u6700\u9ad8\u6cd5\u9662\u7d66\u4e88\u4e0a\u8a34\u505c\u6b62\u57f7\u884c\u6548\u529b\uff1a\u5224\u6c7a\u78ba\u5b9a\u524d\uff0cAT1 \u50b5\u7dad\u6301\u8a3b\u92b7\u72c0\u614b<sup>[9]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2026-10<\/td>\n<td>\u806f\u90a6\u6700\u9ad8\u6cd5\u9662\u5c1a\u672a\u5c31 AT1 \u4f5c\u51fa\u5224\u6c7a\uff1b\u540c\u4e00\u6cd5\u9662\u5728 2026 \u5e74 9 \u6708\u5224\u6c7a\u745e\u4fe1\u4e3b\u7ba1\u88ab\u53d6\u6d88\u7684\u734e\u91d1\u4e0d\u5f97\u8ffd\u56de<sup>[18]<\/sup><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u806f\u90a6\u884c\u653f\u6cd5\u9662\u7684\u5224\u6c7a\u50c5\u64a4\u92b7\u547d\u4ee4\uff0c\u9084\u6c92\u6c7a\u5b9a\u50b5\u5238\u662f\u5426\u6062\u5fa9\u3001\u5982\u4f55\u8ce0\u511f<sup>[7]<\/sup>\uff0c\u5c0d\u6301\u6709\u4eba\u4f86\u8aaa\uff0c\u7d50\u679c\u8981\u7b49\u6700\u9ad8\u6cd5\u9662\u5224\u6c7a\u78ba\u5b9a\u624d\u77e5\u9053\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">AT1 \u662f\u50b5\u5238\u7684\u4e00\u7a2e\uff0c\u4f46\u98a8\u96aa\u7d50\u69cb\u8ddf\u5b58\u6b3e\u3001\u516c\u50b5\u5f88\u4e0d\u4e00\u6a23\uff0c\u60f3\u5f9e\u982d\u5f04\u61c2\u50b5\u5238\u7684\u5229\u7387\u3001\u4fe1\u7528\u8207\u6d41\u52d5\u6027\u98a8\u96aa\uff0c\u53ef\u4ee5\u8b80<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6933\">\u300a\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f\u50b5\u5238\u8a72\u600e\u9ebc\u8cb7\uff1f\u300b<\/a>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u745e\u4fe1\u5012\u9589\u4e4b\u5f8c\uff0c\u76e3\u7ba1\u6539\u4e86\u4ec0\u9ebc\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u8aaa\u5b8c\u4e86\u58de\u6d88\u606f\uff0c\u4f86\u8aaa\u8aaa\u597d\u6d88\u606f\uff0c\u745e\u58eb\u806f\u90a6\u653f\u5e9c\u5f9e\u5404\u9805\u64d4\u4fdd\u6536\u53d6\u7d04 2 \u5104\u745e\u90ce\u8cbb\u7528\uff0c\u6c92\u6709\u627f\u64d4\u4efb\u4f55\u640d\u5931\uff0c\u4e8b\u4ef6\u4e5f\u6c92\u6709\u6f14\u8b8a\u6210 2008 \u5e74\u90a3\u6a23\u7684\u7cfb\u7d71\u6027\u5371\u6a5f\uff0c\u63a5\u4e0b\u4f86\u5c31\u662f\u98db\u5b89\u8abf\u67e5\u7684\u6642\u9593\uff0c\u76e3\u7406\u6a5f\u95dc\u958b\u59cb\u4e00\u689d\u4e00\u689d\u88dc\u6d1e\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u745e\u58eb\uff1a\u5927\u5230\u4e0d\u80fd\u5012\u7684\u4fee\u6cd5<\/h3>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u65e5\u671f<\/th>\n<th>\u9032\u5ea6<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023-12-19<\/td>\n<td>FINMA \u767c\u5e03\u745e\u4fe1\u5371\u6a5f\u6aa2\u8a0e\u5831\u544a\uff0c\u8981\u6c42\u9ad8\u968e\u4e3b\u7ba1\u554f\u8cac\u5236\u5ea6\u3001\u7f70\u6b3e\u6b0a\u8207\u66f4\u56b4\u683c\u7684\u8cc7\u672c\u898f\u5b9a<sup>[5]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2024-04-10<\/td>\n<td>\u745e\u58eb\u806f\u90a6\u59d4\u54e1\u6703\u767c\u5e03\u9280\u884c\u7a69\u5b9a\u5831\u544a<sup>[20]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2024-12-20<\/td>\n<td>\u570b\u6703\u8abf\u67e5\u59d4\u54e1\u6703\uff08PUK\uff09\u767c\u5e03\u745e\u4fe1\u5371\u6a5f\u8abf\u67e5\u5831\u544a<sup>[21]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2026-04-22<\/td>\n<td>\u806f\u90a6\u59d4\u54e1\u6703\u9001\u51fa\u9280\u884c\u6cd5\u4fee\u6b63\u8349\u6848\uff1a\u7cfb\u7d71\u6027\u91cd\u8981\u9280\u884c\u6301\u6709\u7684\u6d77\u5916\u5b50\u516c\u53f8\uff0c\u5e33\u9762\u50f9\u503c\u8981\u5168\u984d\u4ee5\u666e\u901a\u80a1\u6b0a\u76ca\u7b2c\u4e00\u985e\u8cc7\u672c\uff08CET1\uff09\u652f\u61c9\uff1b\u4ee5\u745e\u9280\u8a08\u7d04\u9700\u88dc\u5f37 200 \u5104\u7f8e\u5143\u3002AT1 \u689d\u6b3e\u8abf\u6574\u66ab\u7de9\uff0c\u7b49\u570b\u969b\u898f\u7bc4<sup>[11]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2026-08-12<\/td>\n<td>\u9ad8\u968e\u4e3b\u7ba1\u554f\u8cac\u3001\u85aa\u916c\u3001FINMA \u6b0a\u9650\u7b49\u914d\u5957\u958b\u59cb\u5fb5\u8a62\uff0c\u81f3 2026-11-19<sup>[20]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>2026-09<\/td>\n<td>\u806f\u90a6\u9662\uff08\u4e0a\u8b70\u9662\uff09\u4ee5 90% CET1 \u652f\u61c9\u6d77\u5916\u5b50\u516c\u53f8\u7684\u7248\u672c\u901a\u904e\uff0c\u745e\u9280\u4f30\u8a08\u9700\u589e\u52a0\u7d04 160 \u5104\u7f8e\u5143\uff1b\u63a5\u8457\u4ea4\u570b\u6c11\u9662\u5be9\u8b70<sup>[12]<\/sup><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<h3 class=\"wp-block-heading\">\u570b\u969b\uff1a\u5df4\u585e\u723e\u8207\u91d1\u878d\u7a69\u5b9a\u59d4\u54e1\u6703\u7684\u6aa2\u8a0e<\/h3>\n\n<p class=\"wp-block-paragraph\">\u5df4\u585e\u723e\u9280\u884c\u76e3\u7406\u59d4\u54e1\u6703 2023 \u5e74 10 \u6708 5 \u65e5\u767c\u5e03\u5831\u544a\uff0c\u7a31 2023 \u5e74 3 \u6708\u662f\u5168\u7403\u91d1\u878d\u6d77\u562f\u4ee5\u4f86\u898f\u6a21\u6700\u5927\u7684\u9280\u884c\u696d\u58d3\u529b\u4e8b\u4ef6\uff0c\u4e26\u6aa2\u8a0e\u4e09\u4ef6\u4e8b\uff1a\u76e3\u7406\u6a5f\u95dc\u8981\u66f4\u65e9\u770b\u51fa\u5546\u696d\u6a21\u5f0f\u6709\u554f\u984c\u7684\u9280\u884c\u3001\u6d41\u52d5\u6027\u898f\u5247\u4f4e\u4f30\u4e86\u6578\u4f4d\u6642\u4ee3\u7684\u63d0\u6b3e\u901f\u5ea6\u3001AT1 \u7684\u640d\u5931\u5438\u6536\u9806\u5e8f\u9700\u8981\u66f4\u6e05\u695a<sup>[6]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u4e00\u822c\u6295\u8cc7\u4eba\u80fd\u5b78\u5230\u54ea\u56db\u4ef6\u4e8b\uff1f<\/h2>\n\n<h3 class=\"wp-block-heading\">\u4e00\u3001\u5927\u5230\u4e0d\u80fd\u5012\u7684\u9280\u884c\uff0c\u80a1\u6771\u4ecd\u53ef\u80fd\u640d\u5931\u4e5d\u6210\u4ee5\u4e0a<\/h3>\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u80a1\u50f9\u5f9e\u91d1\u878d\u6d77\u562f\u524d\u8d85\u904e 80 \u745e\u90ce\u7684\u9ad8\u9ede\uff0c\u5230\u88ab\u6536\u8cfc\u6642\u63db\u7b97\u7d04 0.76 \u745e\u90ce\uff0c\u8dcc\u5e45\u7d04 99%<sup>[2]<\/sup>\uff0c\u5927\u578b\u9280\u884c\u5012\u9589\u6642\uff0c\u653f\u5e9c\u6551\u7684\u662f\u91d1\u878d\u9ad4\u7cfb\u8207\u5b58\u6b3e\u4eba\uff0c\u80a1\u6771\u8207\u90e8\u5206\u50b5\u6b0a\u4eba\u8981\u5148\u627f\u64d4\u640d\u5931\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2023\/03\/image-4.png\" alt=\"\u745e\u58eb\u4fe1\u8cb8\u80a1\u50f9\u9577\u671f\u8d70\u52e2\uff0c\u88ab\u6536\u8cfc\u524d\u80a1\u50f9\u8f03\u9ad8\u9ede\u4e0b\u8dcc\u7d04 99%\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aTradingView\uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/figcaption><\/figure>\n\n<h3 class=\"wp-block-heading\">\u4e8c\u3001\u91d1\u878d\u696d\u7684\u672c\u8cea\u662f\u4fe1\u4efb<\/h3>\n\n<p class=\"wp-block-paragraph\">\u9280\u884c\u7528\u5b58\u6b3e\u4eba\u7684\u9322\u653e\u6b3e\u8207\u6295\u8cc7\uff0c\u8cc7\u7522\u8207\u8ca0\u50b5\u7684\u671f\u9650\u4e0d\u4e00\u81f4\uff0c\u4fe1\u4efb\u4e00\u65e6\u52d5\u6416\uff0c\u5e33\u9762\u4e0a\u5408\u683c\u7684\u8cc7\u672c\u8207\u6d41\u52d5\u6027\u4e5f\u6490\u4e0d\u4e86\u5e7e\u5929\uff0c\u745e\u4fe1\u3001\u77fd\u8c37\u9280\u884c\u90fd\u662f\u5728\u6578\u65e5\u5167\u5931\u53bb\u8cc7\u91d1\u4f86\u6e90\uff0c\u559c\u6b61\u5b58\u91d1\u878d\u80a1\u7684\u6295\u8cc7\u4eba\uff0c\u8981\u77e5\u9053\u9019\u500b\u7522\u696d\u7684\u98a8\u96aa\u6703\u5728\u5f88\u77ed\u7684\u6642\u9593\u5167\u96c6\u4e2d\u7206\u767c\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u4e09\u3001\u7968\u606f\u8d8a\u9ad8\uff0c\u8d8a\u8981\u8b80\u61c2\u689d\u6b3e<\/h3>\n\n<p class=\"wp-block-paragraph\">\u53f0\u7063\u4e5f\u6709\u6295\u8cc7\u4eba\u53d7\u5f71\u97ff\uff0c\u91d1\u7ba1\u6703 2023 \u5e74 3 \u6708\u6e05\u67e5\uff0c5 \u5bb6\u672c\u570b\u9280\u884c\u7684 77 \u540d\u8ca1\u5bcc\u7ba1\u7406\u5ba2\u6236\u6301\u6709\u745e\u4fe1 AT1 \u7d04\u65b0\u53f0\u5e63 16 \u5104\u5143\uff0c\u53e6\u6709 6 \u5bb6\u5238\u5546\u7684 103 \u540d\u8907\u59d4\u8a17\u5ba2\u6236\u6301\u6709\u7d04 2.1 \u5104\u5143\uff0c\u570b\u5167\u91d1\u878d\u6a5f\u69cb\u672c\u8eab\u6c92\u6709\u76f4\u63a5\u6301\u6709<sup>[16]<\/sup>\uff0c\u9019\u4e9b\u6295\u8cc7\u4eba\u8cb7\u7684\u662f\u300c\u50b5\u5238\u300d\uff0c\u640d\u5931\u537b\u6392\u5728\u80a1\u6771\u524d\u9762\uff0c\u8cb7\u9032\u9ad8\u7968\u606f\u5546\u54c1\u524d\uff0c\u5148\u770b\u6e05\u695a\u5b83\u5728\u4ec0\u9ebc\u689d\u4ef6\u4e0b\u6703\u6e1b\u8a18\u3001\u8f49\u80a1\uff0c\u4ee5\u53ca\u5728\u53d7\u511f\u9806\u5e8f\u4e2d\u6392\u7b2c\u5e7e\uff08\u7968\u606f\u9ad8\uff0c\u901a\u5e38\u662f\u6709\u539f\u56e0\u7684\uff09\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u56db\u3001\u628a\u98a8\u96aa\u5206\u6563\u5230\u55ae\u4e00\u6a5f\u69cb\u4e4b\u5916<\/h3>\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u4e8b\u4ef6\u5c6c\u65bc\u500b\u5225\u516c\u53f8\u7684\u98a8\u96aa\uff0c\u6c92\u6709\u6f14\u8b8a\u6210 2008 \u5e74\u90a3\u6a23\u7684\u7cfb\u7d71\u6027\u5371\u6a5f\uff0c\u9019\u985e\u98a8\u96aa\u7121\u6cd5\u9810\u6e2c\uff0c\u4f46\u53ef\u4ee5\u5206\u6563\uff0c\u4e0d\u628a\u8cc7\u7522\u96c6\u4e2d\u5728\u55ae\u4e00\u9280\u884c\u3001\u55ae\u4e00\u7522\u696d\u6216\u55ae\u4e00\u767c\u884c\u4eba\uff0c\u5206\u6563\u6295\u8cc7\u70ba\u4ec0\u9ebc\u80fd\u964d\u4f4e\u9019\u985e\u610f\u5916\u4e8b\u4ef6\u7684\u50b7\u5bb3\uff0c<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1482\">\u300a\u5c0f\u9f8d\u8766\u7684\u6f14\u5316\u555f\u793a\uff1a\u8cc7\u7522\u914d\u7f6e\u7684\u91cd\u8981\u6027\u300b<\/a>\u7528\u6f14\u5316\u7684\u4f8b\u5b50\u8aaa\u660e\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u6211\u7684\u60f3\u6cd5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97\u745e\u4fe1\u6700\u503c\u5f97\u8a18\u4f4f\u7684\u4e00\u53e5\u8a71\uff0c\u662f FINMA \u5831\u544a\u88e1\u90a3\u500b\u770b\u4f3c\u77db\u76fe\u7684\u4e8b\u5be6\uff0c\u5012\u4e0b\u7684\u90a3\u4e00\u523b\uff0c\u5b83\u7684\u8cc7\u672c\u8207\u6d41\u52d5\u6027\u5728\u5e33\u9762\u4e0a\u4ecd\u7136\u5408\u683c\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u5c31\u662f\u5931\u901f\u53ef\u6015\u7684\u5730\u65b9\uff0c\u5100\u8868\u90fd\u9084\u5728\u7da0\u8272\u5340\u9593\uff0c\u98db\u6a5f\u5df2\u7d93\u958b\u59cb\u5f80\u4e0b\u6389\uff0c2022 \u5e74\u7b2c\u56db\u5b63\u6d41\u51fa 1,105 \u5104\u745e\u90ce\u30012023 \u5e74 3 \u6708\u77ed\u77ed\u4e94\u5929\u5f9e\u5e74\u5831\u7f3a\u5931\u8d70\u5230\u88ab\u6536\u8cfc\uff0c\u4fe1\u5fc3\u4e00\u65e6\u958b\u59cb\u6d41\u5931\uff0c\u901f\u5ea6\u6bd4\u4efb\u4f55\u6cd5\u898f\u5047\u8a2d\u90fd\u5feb\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6211\u4e0d\u592a\u76f8\u4fe1\u300c\u9019\u5bb6\u9280\u884c\u592a\u5927\u4e86\uff0c\u4e0d\u6703\u5012\u300d\u9019\u7a2e\u8aaa\u6cd5\uff0c\u745e\u4fe1\u662f\u5168\u7403\u7cfb\u7d71\u6027\u91cd\u8981\u9280\u884c\uff0c\u80a1\u6771\u6700\u5f8c\u4ecd\u7136\u640d\u5931\u7d04 99%\uff0c\u653f\u5e9c\u6551\u7684\u662f\u91d1\u878d\u9ad4\u7cfb\uff0c\u4e0d\u662f\u54ea\u4e00\u4f4d\u80a1\u6771\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">AT1 \u7684\u6848\u5b50\u5230 2026 \u5e74 10 \u6708\u9084\u5728\u6700\u9ad8\u6cd5\u9662\uff0c\u5224\u6c7a\u6703\u600e\u9ebc\u8d70\uff0c\u6211\u4e0d\u77e5\u9053\uff0c\u6c92\u6709\u4eba\u77e5\u9053\uff0c\u4e0d\u904e\u53f0\u7063\u90a3\u7d04 180 \u4f4d\u6295\u8cc7\u4eba\u7684\u7d93\u9a57\u5df2\u7d93\u5f88\u6e05\u695a\uff0c\u7968\u606f\u6bd4\u4e00\u822c\u516c\u53f8\u50b5\u9ad8\u7684\u90a3\u5e7e\u500b\u767e\u5206\u9ede\uff0c\u662f\u62ff\u53d7\u511f\u9806\u5e8f\u63db\u4f86\u7684\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u7528\u4e09\u5929\u5012\u4e0b\uff0c\u539f\u56e0\u537b\u7d2f\u7a4d\u4e86\u5341\u5e74\uff0c\u6211\u80fd\u505a\u7684\uff0c\u662f\u8b93\u4efb\u4f55\u4e00\u5bb6\u6a5f\u69cb\u7684\u5931\u6557\uff0c\u90fd\u4e0d\u81f3\u65bc\u6c7a\u5b9a\u6574\u500b\u8cc7\u7522\u7684\u7d50\u679c\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-end alpha-cta-news has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f3f7fb;padding:32px 20px\">\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:clamp(16.834px, 1.052rem + ((1vw - 3.2px) * 0.716), 26px);font-weight:700\">\u5e02\u5834\u8b8a\u52d5\uff0c\u4e0d\u7528\u6bcf\u5929\u8ffd<\/p>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u8a02\u95b1\u300a\u963f\u723e\u767c\u89c0\u9ede\u300b\u96fb\u5b50\u5831\uff0c\u6536\u5230\u5c08\u5bb6\u89c0\u9ede\u8207\u6d3b\u52d5\u63d0\u9192<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe0a7de2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/blog.roboadvisor.com.tw\/?page_id=18852#sib-form\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noopener\"><strong>\u8a02\u95b1\u963f\u723e\u767c\u89c0\u9ede\u96fb\u5b50\u5831<\/strong><\/a><\/div>\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#00b900;background-color:#ffffff;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE \u554f\u9867\u554f<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u5e38\u898b\u554f\u984c<\/h2>\n\n<h3 class=\"wp-block-heading\">\u745e\u58eb\u4fe1\u8cb8\u5012\u9589\u4e86\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u745e\u4fe1\u6c92\u6709\u9032\u5165\u7834\u7522\u6e05\u7b97\uff0c2023 \u5e74 3 \u6708 19 \u65e5\u745e\u58eb\u9280\u884c\u4ee5 30 \u5104\u745e\u90ce\u6536\u8cfc\u745e\u4fe1\uff0c6 \u6708 12 \u65e5\u4f75\u5165\u745e\u9280\u96c6\u5718<sup>[2][3]<\/sup>\uff0c\u4f5c\u70ba\u7368\u7acb\u9280\u884c\u5df2\u4e0d\u5b58\u5728\uff0c\u4e00\u822c\u7a31\u70ba\u300c\u5012\u9589\u300d\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u745e\u58eb\u9280\u884c\uff08UBS\uff09\u6703\u5012\u9589\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u745e\u9280\u662f\u6536\u8cfc\u65b9\uff0c\u76ee\u524d\u6b63\u5e38\u71df\u904b\uff0c\u745e\u58eb\u653f\u5e9c\u6b63\u4fee\u6cd5\u8981\u6c42\u745e\u9280\u70ba\u6d77\u5916\u5b50\u516c\u53f8\u589e\u52a0\u8cc7\u672c\uff0c2026 \u5e74 9 \u6708\u806f\u90a6\u9662\u901a\u904e\u7684\u7248\u672c\u4f30\u8a08\u9700\u589e\u52a0\u7d04 160 \u5104\u7f8e\u5143 CET1 \u8cc7\u672c\uff0c\u76ee\u7684\u5c31\u662f\u964d\u4f4e\u518d\u6b21\u767c\u751f\u745e\u4fe1\u4e8b\u4ef6\u7684\u6a5f\u7387<sup>[12]<\/sup>\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u745e\u4fe1 AT1 \u50b5\u5238\u9084\u62ff\u5f97\u56de\u4f86\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u9084\u4e0d\u78ba\u5b9a\uff0c\u806f\u90a6\u884c\u653f\u6cd5\u9662 2025 \u5e74\u5224\u6c7a\u8a3b\u92b7\u9055\u6cd5\uff0c\u4f46 FINMA \u8207\u745e\u9280\u5df2\u4e0a\u8a34\uff0c\u806f\u90a6\u6700\u9ad8\u6cd5\u9662\u5224\u6c7a\u524d\u50b5\u5238\u4ecd\u7dad\u6301\u8a3b\u92b7<sup>[7][9]<\/sup>\uff1b\u5373\u4f7f\u6700\u7d42\u52dd\u8a34\uff0c\u5982\u4f55\u6062\u5fa9\u6216\u8ce0\u511f\u4e5f\u9084\u8981\u53e6\u5916\u5224\u6c7a\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u745e\u4fe1\u5012\u9589\u8ddf 2008 \u5e74\u96f7\u66fc\u5144\u5f1f\u4e00\u6a23\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u4e00\u6a23\uff0c2008 \u5e74\u662f\u6b21\u7d1a\u623f\u8cb8\u8207\u7d50\u69cb\u6027\u5546\u54c1\u5f15\u767c\u7684\u7cfb\u7d71\u6027\u5371\u6a5f\uff0c\u745e\u4fe1\u662f\u500b\u5225\u9280\u884c\u9577\u671f\u6cbb\u7406\u5931\u9748\uff0c\u5728 2023 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class=\"wp-block-heading\">\u5ef6\u4f38\u95b1\u8b80<\/h2>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13762\">\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\u662f\u4ec0\u9ebc\uff1f<\/a>\uff1a\u9069\u5408\u60f3\u77e5\u9053\u5e02\u5834\u600e\u9ebc\u66ff\u9280\u884c\u9055\u7d04\u98a8\u96aa\u5b9a\u50f9\u7684\u4eba<\/li>\n<li><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6933\">\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f\u50b5\u5238\u8a72\u600e\u9ebc\u8cb7\uff1f<\/a>\uff1a\u9069\u5408\u60f3\u5206\u6e05\u695a AT1\u3001\u516c\u53f8\u50b5\u8207\u516c\u50b5\u98a8\u96aa\u5dee\u7570\u7684\u4eba<\/li>\n<li><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1482\">\u300a\u5c0f\u9f8d\u8766\u7684\u6f14\u5316\u555f\u793a\u300b\u8cc7\u7522\u914d\u7f6e\u7684\u91cd\u8981\u6027<\/a>\uff1a\u9069\u5408\u60f3\u77e5\u9053\u5982\u4f55\u907f\u514d\u55ae\u4e00\u516c\u53f8\u98a8\u96aa\u6c7a\u5b9a\u6295\u8cc7\u6210\u679c\u7684\u4eba<\/li>\n<\/ul>\n\n<script 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class=\"wp-block-heading\">\u53c3\u8003\u6587\u737b<\/h2>\n\n<ul class=\"wp-block-list\">\n<li>[1] Swiss Federal Department of Finance. (n.d.). <em>UBS takeover of Credit Suisse<\/em>. Retrieved October 19, 2026, from https:\/\/www.efd.admin.ch\/en\/credit-suisse-en<\/li>\n<li>[2] UBS Group AG. (2023, March 19). <em>UBS to acquire Credit Suisse<\/em> [Press release]. https:\/\/links.sgx.com\/1.0.0\/corporate-announcements\/ZIT5YNUYNULZB457\/750337_Appendix_UBS%20to%20acquire%20Credit%20Suisse.pdf<\/li>\n<li>[3] UBS Group AG. (2023, June 12). <em>UBS completes Credit Suisse acquisition<\/em> [Press release]. https:\/\/www.ubs.com\/global\/en\/media\/display-page-ndp\/en-20230612-ubs-credit-suisse-acquisition.html<\/li>\n<li>[4] Swiss Federal Department of Finance. (n.d.). <em>Financial implications for the Confederation<\/em>. Retrieved October 19, 2026, from https:\/\/www.efd.admin.ch\/en\/cs-ubs-financial-implications<\/li>\n<li>[5] Swiss Financial Market Supervisory Authority. (2023, December 19). <em>FINMA publishes report and lessons learned from the Credit Suisse crisis<\/em> [Press release]. https:\/\/www.finma.ch\/en\/news\/2023\/12\/20231219-mm-cs-bericht\/<\/li>\n<li>[6] Basel Committee on Banking Supervision. (2023). <em>Report on the 2023 banking turmoil<\/em>. Bank for International Settlements. https:\/\/www.bis.org\/bcbs\/publ\/d555.pdf<\/li>\n<li>[7] Federal Administrative Court. (2025, October 14). <em>Unlawful write-off of AT1 capital instruments<\/em> [Media release]. https:\/\/www.bvger.ch\/en\/newsroom\/media-releases\/unlawful-write-off-of-at1-capital-instruments-2385<\/li>\n<li>[8] Swiss Financial Market Supervisory Authority. (2025, October 15). <em>FINMA to appeal partial decision of the Federal Administrative Court concerning AT1<\/em>. https:\/\/www.finma.ch\/en\/news\/2025\/10\/20251015-meldung-bvger-at1\/<\/li>\n<li>[9] Bondolfi, S. (2025, December 10). AT1-Anleihen der Credit Suisse: Bundesgericht gew\u00e4hrt UBS aufschiebende Wirkung. <em>SRF News<\/em>. https:\/\/www.srf.ch\/news\/wirtschaft\/aufschiebende-wirkung-at1-abschreibung-der-credit-suisse-anleihen-bleiben-wertlos<\/li>\n<li>[10] ECB Banking Supervision, Single Resolution Board, &amp; European Banking Authority. (2023, March 20). <em>ECB Banking Supervision, SRB and EBA statement on the announcement on 19 March 2023 by Swiss authorities<\/em> [Press release]. https:\/\/www.bankingsupervision.europa.eu\/press\/pr\/date\/2023\/html\/ssm.pr230320~9f0ae34dc5.en.html<\/li>\n<li>[11] Swiss Federal Council. (2026, April 22). <em>Too-big-to-fail regulations: Federal Council adopts dispatch and Capital Adequacy Ordinance<\/em> [Press release]. https:\/\/www.efd.admin.ch\/en\/newnsb\/_9e8qd5sXEzLww7dK3H_9<\/li>\n<li>[12] blue News. (2026, September 23). <em>The Council of States wants 90 percent equity for UBS&#8217;s foreign holdings<\/em>. https:\/\/www.bluewin.ch\/en\/news\/the-council-of-states-wants-90-percent-equity-for-ubs-s-foreign-holdings-li.3610060<\/li>\n<li>[13] UBS Group AG. (2026). <em>Second quarter 2026 report<\/em> (Form 6-K). U.S. Securities and Exchange Commission. https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001610520\/000161052026000082\/ubs-20260630.htm<\/li>\n<li>[14] Kimball, S. (2023, February 9). Credit Suisse posts massive annual loss as radical restructure gets underway. <em>CNBC<\/em>. https:\/\/www.cnbc.com\/2023\/02\/09\/credit-suisse-posts-massive-annual-loss-as-radical-restructure-gets-underway.html<\/li>\n<li>[15] Fortune. (2021, April 6). <em>Archegos collapse plunges Credit Suisse into crisis<\/em>. https:\/\/fortune.com\/2021\/04\/06\/archegos-collapse-plunges-credit-suisse-into-crisis<\/li>\n<li>[16] \u79d1\u6280\u65b0\u5831\uff082023\u5e743\u670824\u65e5\uff09\u3002\u91d1\u7ba1\u6703\uff1a180 \u540d\u8ca1\u7ba1\u53ca\u8907\u59d4\u8a17\u5ba2\u6236\uff0c\u8e29\u96f7\u745e\u4fe1 AT1 \u903e 18 \u5104\u3002https:\/\/finance.technews.tw\/2023\/03\/24\/at1-buyer\/<\/li>\n<li>[17] \u91d1\u878d\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703\uff082024\u5e744\u670825\u65e5\uff09\u3002\u540c\u610f\u745e\u58eb\u5546\u745e\u58eb\u4fe1\u8cb8\u9280\u884c\u80a1\u4efd\u6709\u9650\u516c\u53f8\u53f0\u5317\u8b49\u5238\u5206\u516c\u53f8\u7533\u8acb\u89e3\u6563\u53ca\u7d42\u6b62\u71df\u696d\u6848\u3002https:\/\/www.fsc.gov.tw\/ch\/home.jsp?id=96&amp;parentpath=0&amp;mcustomize=news_view.jsp&amp;dataserno=202404250002&amp;dtable=News<\/li>\n<li>[18] swissinfo.ch. (2026, October 15). <em>Credit Suisse bankers lose final bid to win back bonuses at Swiss top court<\/em>. https:\/\/swissinfo.ch\/eng\/credit-suisse-bankers-lose-final-bid-to-win-back-bonuses-at-swiss-top-court\/92221182<\/li>\n<li>[19] Ellyatt, H. (2023, March 15). Credit Suisse shares slide after Saudi backer rules out further assistance. <em>CNBC<\/em>. https:\/\/www.cnbc.com\/2023\/03\/15\/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html<\/li>\n<li>[20] Swiss Federal Department of Finance. (n.d.). <em>Too big to fail<\/em>. Retrieved October 19, 2026, from https:\/\/www.efd.admin.ch\/en\/tbtf-en<\/li>\n<li>[21] Swiss Federal Council. (2024, December 20). <em>Bericht der Parlamentarischen Untersuchungskommission zur Credit Suisse: Der Bundesrat nimmt Stellung<\/em> [Press release]. https:\/\/www.admin.ch\/gov\/de\/start\/dokumentation\/medienmitteilungen.msg-id-103689.html<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">\u91cd\u8981\u8072\u660e<\/h2>\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u7531\u963f\u723e\u767c\u8b49\u5238\u6295\u8cc7\u9867\u554f\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7de8\u88fd\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u69cb\u6210\u4efb\u4f55\u91d1\u878d\u5546\u54c1\u4e4b\u8981\u7d04\u3001\u62db\u652c\u6216\u63a8\u4ecb\uff0c\u4ea6\u975e\u91dd\u5c0d\u7279\u5b9a\u6295\u8cc7\u4eba\u4e4b\u500b\u5225\u6295\u8cc7\u5efa\u8b70\uff1b\u6295\u8cc7\u4eba\u61c9\u4f9d\u81ea\u8eab\u8ca1\u52d9\u72c0\u6cc1\u3001\u6295\u8cc7\u76ee\u6a19\u8207\u98a8\u96aa\u627f\u53d7\u5ea6\u5be9\u614e\u8a55\u4f30\uff0c\u4e26\u81ea\u884c\u627f\u64d4\u6295\u8cc7\u98a8\u96aa\u3002\u6587\u4e2d\u6240\u8ff0\u4e8b\u4ef6\u8207\u6578\u64da\u4fc2\u4f9d\u516c\u958b\u8cc7\u6599\u6574\u7406\uff0c\u8a34\u8a1f\u8207\u4fee\u6cd5\u9032\u5ea6\u4ee5\u4e3b\u7ba1\u6a5f\u95dc\u53ca\u6cd5\u9662\u6700\u65b0\u516c\u544a\u70ba\u6e96\u3002\u904e\u53bb\u7e3e\u6548\u4e0d\u4ee3\u8868\u672a\u4f86\u8868\u73fe\u3002\u50b5\u5238\u6295\u8cc7\u6d89\u53ca\u5229\u7387\u3001\u4fe1\u7528\u3001\u6d41\u52d5\u6027\u8207\u532f\u7387\u98a8\u96aa\u3002\u963f\u723e\u767c\u8b49\u5238\u6295\u8cc7\u9867\u554f\u80a1\u4efd\u6709\u9650\u516c\u53f8\u3000115\u91d1\u7ba1\u6295\u9867\u65b0\u5b57\u7b2c019\u865f<\/p>","protected":false},"excerpt":{"rendered":"<p>\u745e\u58eb\u4fe1\u8cb8\u5012\u9589\u539f\u56e0\u662f\u4fe1\u5fc3\u5d29\u6f70\u5f15\u767c\u64e0\u514c\uff0cUBS\u4ee530\u5104\u745e\u90ce\u4f75\u8cfc\u3001AT1\u50b5\u8a3b\u92b7\uff1b\u9644\u5f8c\u7e8c\u767c\u5c55\u3002<\/p>\n","protected":false},"author":2,"featured_media":17244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_llm_markdown_disabled":false},"categories":[6],"tags":[1109,1108,1106,322,1103,1104,1105,1107,1110],"class_list":["post-6322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-at1-","tag-credit-suisse-","tag-1106","tag-322","tag-1103","tag-1104","tag-1105","tag-1107","tag-1110"],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/00-cover-51.png","_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/6322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6322"}],"version-history":[{"count":5,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/6322\/revisions"}],"predecessor-version":[{"id":18352,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/6322\/revisions\/18352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/17244"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}