Equity capital markets have really ground to a halt.

股票资本市场陷入了停顿。

Companies are turning their backs on the stockmarket because equity capital is relatively dear.

由于股票资本相对昂贵，许多公司正在放弃股票市场。

Should the firm leave, it will be part of a broader trend in Britain: the shrinking supply of equity capital.

如果公司离开，这将是英国更广泛趋势的一部分：股权资本供应的萎缩。

So bank equity capital is going to be more expensive.

因此，银行股权资本将变得更加昂贵。

If you private equity capital, you know, we can help you.

如果您是私募股权资本，您知道，我们可以帮助您。

When svb collapsed, unrealised losses on its securities amounted to 100% of core equity capital (see chart).

当 svb 倒闭时，其证券的未实现损失达到核心股本的 100%（见图表）。

This is another shot where investors are going to think twice before putting equity capital into banks again.

这是投资者在再次将股本投入银行之前要三思而后行的又一次尝试。

Now, what we call equity capital markets bankers, ECM bankers, the people that bring companies to the stock market for the first time, are just unfailingly positive people.

我们所说的股票资本市场银行家，ECM 银行家，第一次将公司带到股票市场的人，是那些永远保持积极态度的人。

Basically, on the eve of the financial crisis, we discovered — I wasn't aware of it — that banks had almost no equity capital at all.

基本上，在金融危机前夕，我们发现——我当时并不知道——银行几乎没有股本。

In the world of equity capital the pacesetter is a British firm called Crowdcube, which uses the idea of “crowdfunding” to enable lots of investors to buy up small stakes in start-up firms.

在股权融资领域，此类企业的先行者是来自英国的一家名为Crowdcube的公司，该公司用密集融资的方式来让投资者购买初创期公司的小部分股权。

This has spared banks from having to realise losses that, in aggregate, ran to $620bn at the end of 2022—enough to wipe out nearly a third of equity capital in the American banking system.

这使银行不必意识到到 2022 年底总损失达到 6200 亿美元——足以抹去美国银行系统近三分之一的股权资本。