Exposure of the problem of "two no" constraint failure of the State Council's top management in Agricultural Development Bank

Introduction: an audit report submitted to the Standing Committee of the National People's Congress on June 25 by Li Jinhua, auditor general of the National Audit Office, and an audit report submitted to the Standing Committee of the National People's Congress on June 25 by Li Jinhua, auditor general of the National Audit Office, made the agricultural Development Bank famous overnight Before that, the Agricultural Development Bank was unfamiliar to many people C5P "when the Agricultural Development Bank of China (hereinafter referred to as the Agricultural Development Bank) was founded in 1994, a high-level of the State Council put forward" two no's "requirements for the Agricultural Development Bank: no house purchase, no car purchase, completely from the starting point of serving agriculture and rural economy Another senior State Council official said: do not set up branches to avoid risks But later in the specific operation, they have been out of tune, not in accordance with the "two no" requirements at that time Later, we not only bought houses and cars, but also set up a large number of branches What the audit office has found out now may be more of a historical legacy " A person familiar with the matter told our reporter However, the serious event of "810 million yuan has been misappropriated into the stock market, suspected of major economic crimes" disclosed by the audit office made the Agricultural Development Bank in a very sensitive state, and the future direction of the Agricultural Development Bank began to be confused Although C5P, the stock market and the mysterious company behind it, have no website of their own and lack of information output channels, a report of the audit office has uncovered the tip of the iceberg of agricultural development bank According to the report, from 1996 to 1999, in the name of leasing, the head office of agricultural development bank entrusted a company to purchase fixed assets such as electronic equipment and automobiles, with a total amount of 920 million yuan, of which the proceeds from stock trading were unknown and suspected of major economic crimes Of the total funds of 920 million yuan, 810 million yuan was misappropriated into the stock market Which securities company or investment institution has agricultural development bank had an affair with, which listed company has had close contact with, whether it has been in the business or buying stocks separately? It aroused a lot of suspicion C5P in the reporter's investigation and understanding, 1999 is exactly a year since the establishment of Agricultural Development Bank of China, which has invested heavily in electronic equipment During this period, Agricultural Development Bank of China developed accounting statement system and increased network construction More than 8000 sets of PC desktops, PC servers and laptops have been leased for the head office, provincial branches, prefecture (city) branches and county-level branches, as well as laser printers, routers, terminals, ups and other equipment for various institutions The head office is equipped with more than 300 pcs of various kinds, and has basically achieved one set of manpower On the basis of initially realizing the electronization of business outlets in 1998, the electronic construction of business outlets was further expanded, and 97 new electronic business outlets were added By the end of 1999, the number of electronic business outlets of Agricultural Development Bank accounted for about 85% of the total, about 1647 in total C5P but according to the reporter, an IT company in Beijing has a very close relationship with ABC Many of the company's customers are financial institutions, including many branches of Agricultural Development Bank of China, which have a lot of business cooperation When the reporter asked about the background of the company's shareholders, the company's people were more sensitive to this and refused to answer Through multiple understandings, the reporter learned that the largest shareholder of the company is Nanfang XX enterprise, that is to say, Nanfang XX enterprise is the actual controller of the above it company C5P is also sensitive to this issue At the same time, it further states that several other shareholders have very strong background and strength and refuse to answer C5P at the same time, enterprise a in another coastal city also had business relations with ABC before When enterprise a was founded in the 1980s, it was subordinate to Agricultural Bank of China, and the actual control company of enterprise a was exactly a leasing company The staff of the audit office would not disclose any more information about the relationship between the company suspected of major economic crimes and the Agricultural Development Bank and which company it is C5P "two no" verbal restraint failure of the State Council high-rise 30000 square meters office building into the bag, C5P agricultural development bank is relatively low-key, and its location is also very humble It is also a policy bank Compared with the National Development Bank and the Export Import Bank of China, the agricultural development bank is not known to many people either in its office or in its popularity However, there are many unknown stories in this "lonely" agricultural development bank C5P people familiar with the situation said that at the beginning, a high-level official of the State Council was hoping that the agricultural development bank would be more pragmatic, and that it would do things in a down-to-earth manner from the perspective of agriculture and rural areas, not to mention rehearsal, but to purchase luxury cars and high-end office buildings This is only an oral request for the agricultural development bank After the establishment of the Agricultural Development Bank of China, some things slowly deviated from the original intention, and purchased about 30000 square meters of office buildings C5P, the so-called office building, is located in the South Building of Yuetan building, No A2, Yuetan North Street, Xicheng District, Beijing The reporter immediately conducted an investigation Yuetan mansion was completed in 1998, after which the agricultural development bank moved in When the reporter asked whether to rent or buy and how much is the price per square meter, the person thought it was sensitive and declined the reporter's question C5P reporter saw a news that Yuetan building is famous for its whole South Building sold to agricultural development bank It is not difficult to see that the South Building of Yuetan building is not a leasehold right to the agricultural development bank In terms of selling price, the market price in 2001 was about 2300 US dollars per square meter As for the price of Agricultural Development Bank, the above-mentioned people did not answer C5P obviously, the verbal restraint of the senior leaders of the State Council ended when the agricultural development bank moved into Yuetan building In the early stage of C5P, according to the requirements of the notice of the State Council on the establishment of the Agricultural Development Bank of China, the Agricultural Bank of China and the industrial and Commercial Bank of China formally transferred agricultural policy credit business to the Agricultural Development Bank of China on June 30, 1994, which was received by the Agricultural Bank of China on behalf of the agricultural development bank that was not established at that time Agricultural and industrial and commercial banks transferred 259.2 billion yuan of loans to Agricultural Development Bank of China, and transferred the liabilities mainly composed of re loans from the people's Bank of China and deposits from institutions After the transfer of business, the Agricultural Bank of China will act as the agent of the agricultural development bank In August 1994, the establishment of the head office of Agricultural Development Bank of China was basically completed C5P people familiar with the matter said that there were still some problems in that period because some laws and regulations were not perfect Due to the policy banks, these problems were not well solved at that time It should be said that these things have laid the groundwork for the present C5P "against the market" into the expansion of the National Agricultural Development Bank high-level dissent From the original intention of setting up agricultural development bank, the business scope of agricultural development bank includes non acquisition credit business such as poverty alleviation loan and agricultural development loan However, by April 1998, the State Council had made a wide range of adjustments to the business of the agricultural development bank The functions and business scope of C5P Agricultural Development Bank have been narrowed compared with that of the establishment, especially the credit business has become a relatively simple purchase, sale and reserve loan of grain, cotton and oil, but the financial risk does not change or disappear because of the adjustment of business scope and the reduction of business scope, it still exists, which always endangers the healthy development of agricultural development bank To prevent and resolve the financial risks, prevent the loss of policy credit funds, and ensure the stable and closed operation of the acquisition funds are the main tasks facing the agricultural development bank at present, as well as the key and difficult issues to be solved in the audit and supervision work C5P On May 26 of the same year, the document of the Agricultural Bank of China stated that in accordance with the spirit of the document "notice on the allocation of special loan business such as poverty alleviation and development of the Agricultural Development Bank of China to the Agricultural Bank" jointly issued by the people's Bank of China, the Agricultural Bank of China, the Agricultural Development Bank of China and the Ministry of finance, and the implementation plan on receiving and opening the transfer business of the Agricultural Development Bank of China ", all banks at all levels Considering the overall situation and working hard, under the circumstances of tight time, heavy tasks and complex situations, we have well completed the work of receiving special loans for poverty alleviation and development from agricultural development bank and special loans from people's Bank of China according to the scheduled time So far, C5P shows that the special loan business of Agricultural Development Bank for poverty alleviation and development belongs to Agricultural Bank of China According to people familiar with the matter, this is actually that the relevant departments have realized that there may be some problems in the lending and operation of Agricultural Development Bank of China, so part of the business is assigned to Agricultural Bank of China C5P and among them, people familiar with the situation also disclosed that after the establishment of the head office of Agricultural Development Bank, another senior level of the State Council did not want to set up other branches, just to avoid too much risk of non-performing assets However, this proposal was not adopted At that time, the senior management also considered the financial risk, so he hoped to set up branches in different places cautiously The C5P proposal failed again After the expansion of "against the market", the Agricultural Development Bank has got unprecedented development in scale By the end of March 1997, the agricultural development bank had basically completed the addition of the head office business department, the provincial branch business department, the city branch with separate planning, the local (city) secondary branch and the county (city, district) branch with large amount of agricultural policy financial business There are 35 branches in all provinces, autonomous regions, municipalities directly under the central government and cities specifically designated in the state plan, 295 sub branches at prefecture level and city level, and 1613 sub branches at county level (county-level cities and districts) By the end of 1998, the loan balance of Agricultural Development Bank of China was 709.5 billion yuan Since then, the Agricultural Development Bank has formed a relatively complete business operation system with self operation as the main business C5P, but the problem also arises There are some phenomena of disorderly loans in Agricultural Development Bank of China, which are totally divorced from the original idea, and even a large number of loans have become non-performing assets C5P and another bank involved in the incident, the people's Bank of China, also complained People familiar with the situation said that as a policy bank, the Agricultural Development Bank (ABC) operates entirely on loans from the people's Bank of China However, the uncontrolled issuance of ABC, even the increase of bad debts, has also resulted in a further increase in the non-performing assets of PBC But because it is a policy bank, the people's Bank of China is helpless C5P a financial person said that the situation of Agricultural Development Bank of China has a lot to do with the imperfect rules of the game at that time, and that it blindly pursues scale and ignores risk because it did not adopt the suggestions of the senior management Policy banks can't be compared with commercial banks Although the people's Bank of China will give loans to agricultural development bank, in the market economy, they will take the pursuit of profits as their goal, which forms a strange circle After all, the risk is very high, and the interests of IFAD are not willing to give loans to farmers, but to use other commercial loans for profits The final result is that the Agricultural Development Bank has lost its own significance, or violated its service purpose "This is only an investigation report of the audit office, and we can't close the agricultural development bank because of the problems in the agricultural development bank." Qin chijiang, Deputy Secretary General of the China Finance Association, said C5P in the event of Agricultural Development Bank, some people in the industry have different views on the issue of going and staying of agricultural development bank Some insiders believe that the original intention of the establishment of agricultural development bank is to serve the development of agriculture and rural economy, but in fact, it does not really play such a role On the contrary, the Agricultural Development Bank of China will rely on the loans of the people's Bank of China every year and then transfer them to the agricultural and rural counterpart funds