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Sample records for european investment bank

  1. Loans of the European Investment Bank to gaseous plans

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    The European Investment Bank (EIB) has loaned 525 million Ecu (European currency unit) to Portugal to finance in particular the Transgas pipeline construction destined to the natural gas transport. It has also renewed its support to the construction and exploitation of a high pressure pipelines system for the transport and the distribution of natural gas in Greece. At last, it has loaned 180 million Ecu to Poland for the conversion of a worked-out gas deposit into a gas storage. (O.M.)

  2. EUROPEAN INVESTMENT BANK'S ROLE IN ECONOMIC DEVELOPMENT OF ROMANIA AND EUROPE

    Directory of Open Access Journals (Sweden)

    HAGIU ALINA

    2014-10-01

    Full Text Available European Investment Bank is the European Union's financial institution. It finances investment projects to contribute to the balanced development of the Union. At the same time "bank" and "body" of the European Union, it contributes to the achievement of the European Union objectives by funding projects to promote European integration, balanced development, economic and social cohesion and the development of an economy based on innovation. Today, the EIB exists on the capital markets with the best quote, “Triple A”. This quote allows it to mobilize in highly competitive conditions, the most important financial volume required to support investments. As an institution, EIB continuously adapts its working mode to changes in EU policies. As a bank, it works closely with the banking community, both for loans on the capital markets as well as for financing investments.

  3. The European investment bank and financing the installation of urban refuse treatment plants with energy recovery

    International Nuclear Information System (INIS)

    Marty-Gauquie, H.

    1992-01-01

    The European Investment Bank (BEI), the world's leading international financing institution, with an annual loans total of 15.3 billion Ecus in 1991, every year finances a number of projects for the treatment of refuse, with energy recovery from waste and heat distribution. This article describes the missions of the BEI and the parameters taken into account for authorizing investment. (author). 2 figs., 2 tabs

  4. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

    Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

  5. The mediterranean solar plan, the symbol of a Euro-Mediterranean partnership? the european investment bank at the service of a policy for renewable energy

    International Nuclear Information System (INIS)

    Fontaine-Vive, Ph. de

    2009-01-01

    The European Investment Bank (EIB) was created in 1958 following the adoption of the Rome Treaty, this bank has lent support to economic growth and solidarity inside and outside the European Union. The energy sector is exemplary of the bank's ability to adapt and of its concern for a certain idea of Europe. This priority is examined from three complementary angles: the EIB and renewable energy; the EIB and the partnership for energy with our Mediterranean neighbors; and the EIB and the Mediterranean Solar Plan. It is recalled that in 2008, the EIB invested more than 10*10 9 euros in the energy sector including 2.2*10 9 euros for renewable energies

  6. European bank for reconstruction and development

    Directory of Open Access Journals (Sweden)

    Kastratović Radovan

    2015-01-01

    Full Text Available European Bank for Reconstruction and Development - EBRD was established in the year 1991 and commenced operations in 1991. The objective of the Bank was to instigate market oriented approach to business in the countries of Central and Eastern Europe. This comprises support offered to structural reforms, privatisation, and development of entrepreneurship and legal system through financing of project conducive to the achievement of the aimed targets. The Bank approves loans both to the nation states and to the private sector. European Bank for Reconstruction and Development often appears in the role of investor. In addition, the Bank has also its consultative function. Owners of the European Bank for Reconstruction and Development are the developed countries and those that participate in the distribution of the Bank's profit. The Bank invests in the countries of Central, Eastern and South-East Europe, but also in those of Central Asia and Southern Mediterranean. The importance that the European Bank for Reconstruction and Development has for our country is best illustrated by the fact that this Bank is our largest institutional investor, with investments exceeding 3.5 billion EUR. This work begins with presentation of general information on the work of the European Bank for Reconstruction and Development, its objectives, activities, background history, ownership and organisational structure. It proceeds by giving relevant data on the Bank's business operations - the manner of project financing, the Bank's funds distribution per geographic criteria and activities, and the operative and financial results of the Bank's business activities. Brief description is also offered of the cooperation that the European Bank has with other international financial institutions. Finally, data is given bearing witness on the importance that the European Bank for Reconstruction and Development has for Serbia.

  7. Investing in Climate Change. Dutch Banks Compared

    International Nuclear Information System (INIS)

    Buurgaard Nielsen, J.; Pols, D.; Van Gelder, J.W.; Denie, S.; Scheire, C.

    2007-06-01

    This report is the first comparison of the climate change performance of Dutch banks that analyses the actual investments of these banks. It reviews a substantial share of each bank's portfolio, according to three criteria: how much they invest in the main cause of climate change, fossil fuels; how much they invest in the main alternative to fossil fuels, renewable energy; the bank's plans and policies to limit their contribution to climate change

  8. Investment banks in AIC – alternative loan

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2015-03-01

    Full Text Available Determining the status and problems of modern investment in agricultural enterprises, as well as ways to improve their financial security. The article deals with the essence of investments and their varieties. The dynamics of the securities portfolio of domestic banks and investments in agriculture. According to a study submitted proposals to increase investment banking businesses in the agricultural sector, which is necessary to create such conditions are not included in the calculation of the volume of investment regulations investment banking provided by agribusiness companies; availability of specialized banks, which will focus its resources on the development of agricultural enterprises; give banks the opportunity to issue special investment certificates, which received funds will be channeled exclusively on investing in the development of agricultural enterprises; for the above to create an appropriate legal framework.

  9. Sharia Bank Product Development through Mudhrabah Investment

    Directory of Open Access Journals (Sweden)

    Trimulato Trimulato

    2016-12-01

    Full Text Available Sharia banking now has a strong legal framework with the presence of law number 21 of 2008 on sharia banking in Indonesia. This regulation enforces sharia banking to develop products to achieve the targeted market share of 5%. In third-party fund products, more innovation is needed to attract people to entrust their funds in sharia banks. The visible data of mudharabah fund raising deposit products in March 2013 amounted to Rp100.746.000.000 and Rp115.728.000.000 in mudharabah deposits was visible on April 2014, which is an increase of less than 2% each month. This research uses a qualitative descriptive methodology, and is focused on fund raising products in shari'ah banking, particularly in the form of mudharabah investments for a definitive result. The results show that sharia banking requires innovative fund raising for third-party products, such as mudharabah investment products. These investments provide certainty of results despite using mudharabah and are based on the certainty that projector financing has been agreed by the sharia with the creditor banks. This investment product can be offered to both individuals and groups/collectives. Keywords: sharia banking, investment, mudharabah

  10. BANKING SUPERVISION IN EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Lavinia Mihaela GUȚU

    2013-10-01

    Full Text Available The need for prudential supervision imposed to banks by law arises from the action that banking market’s basic factors have. Therefore, it is about banks’ role in economy. The normal functioning of banks in all their important duties maintains the stability of banking system. Further, the stability of the entire economy depends on the stability of the banking system. Under conditions of imbalance regarding treasury or liquidity, banks are faced with unmanageable crisis and the consequences can be fatal. To ensure long-term stability of the banking system, supervisory regulations were constituted in order to prevent banks focusing on achieving rapidly high profits and protect the interests of depositors. Starting from this point, this paper will carry out a study on existing models of supervision in the European Union’s Member States. A comparison between them will support identifying the advantages and disadvantages of each of them.

  11. The European Central Bank

    OpenAIRE

    Binder, Michael; Wieland, Volker

    2006-01-01

    The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history, representing an important experiment in central banking. This note aims to summarize some of the main lessons learned from this experiment and sketch some of the prospects for the ECB. It is written for "The New Palgrave Dictionary of Economics", 2nd edition. JEL Classification: E52, E58

  12. Investment Strategy and Efficiency of Investment Activity of European Insurers

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

    Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

  13. 76 FR 29147 - Federal Home Loan Bank Investments

    Science.gov (United States)

    2011-05-20

    ...-AA32 Federal Home Loan Bank Investments AGENCY: Federal Housing Finance Agency; Federal Housing Finance...-adopting existing investment regulations that apply to the Federal Home Loan Banks (Banks) and that were...' investment in mortgage-backed securities (MBS) and certain asset-backed securities (ABS) that were previously...

  14. 12 CFR 5.37 - Investment in bank premises.

    Science.gov (United States)

    2010-01-01

    ... PROCEDURES FOR CORPORATE ACTIVITIES Expansion of Activities § 5.37 Investment in bank premises. (a) Authority... future expansion; or (5) Parking facilities that are used by customers or employees of the bank, its...) The investment in bank premises that the bank intends to make, and the business reason for making the...

  15. Can the European Central Bank Create a European identity?

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2014-01-01

    In what ways do central banks construct community, and how may the European Central Bank (ECB) contribute to a supranational European identity? In this paper I seek to answer these two questions by developing a conceptual framework for the ways that central banks construct national identities and...

  16. 75 FR 23631 - Federal Home Loan Bank Investments

    Science.gov (United States)

    2010-05-04

    ... 2590-AA32 Federal Home Loan Bank Investments AGENCY: Federal Housing Finance Agency, Federal Housing... Finance Agency (FHFA) is proposing to re- organize and re-adopt existing investment regulations that apply... incorporate into the new part 1267 limits on the Banks' investment in mortgage-backed securities (MBS) and...

  17. Bank Insolvency Procedures and Market Discipline in European Banking

    OpenAIRE

    Angkinand, Apanard; Wihlborg, Clas

    2005-01-01

    Market discipline in banking requires that explicit and implicit insurance schemes for financial sector firms are limited, and that the lack of insurance of important stakeholders is credible. This credibility cannot be achieved without transparent, predictable procedures for distress resolution for banks, including explicit rules for the liquidation of insolvent banks. We find that very few European countries have explicit procedures for dealing with problem banks. The propositions tested in...

  18. Bank Resolution in the European Banking Union

    DEFF Research Database (Denmark)

    Gordon, Jeffrey N.; Ringe, Wolf-Georg

    The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution...... at the discretion of the resolution authority must be available to supply liquidity to a reorganizing bank. On these conditions, a viable and realistic Banking Union would be within reach — and the resolution of global financial institutions would be greatly facilitated, not least in a transatlantic perspective....... framework is weak, underfunded and exhibits some serious flaws. Further, Member States’ disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure...

  19. Bank Resolution in the European Banking Union

    DEFF Research Database (Denmark)

    Gordon, Jeffrey N.; Ringe, Georg

    2015-01-01

    The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution...... mechanism deployable at the discretion of the resolution authority must be available to supply liquidity to a reorganizing bank. On these conditions, a viable and realistic Banking Union would be within reach--and the resolution of global financial institutions would be greatly facilitated, not least...... framework is weak, underfunded and exhibits some serious flaws. Further, Member States' disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure...

  20. To assess the investment policy and investment activity of banks of Russia

    OpenAIRE

    Mandron V.; Buzaeva O.

    2016-01-01

    A priority to increase the profits of banks is investment operations in the stock market. Investment banking includes activities on raising capital using capital market instruments with the objective of capital appreciation. The article describes the investment objectives of the banks to improve their profitability, financial stability and enhance the effectiveness of the whole. The basic tools that enable banks to achieve the relevant objectives: profit, risk diversification, the maintenance...

  1. 12 CFR 225.111 - Limit on investment by bank holding company system in stock of small business investment companies.

    Science.gov (United States)

    2010-01-01

    .... L. 90-104, 81 Stat. 268, 270), a national bank may invest in stock of small business investment... system in stock of small business investment companies. 225.111 Section 225.111 Banks and Banking FEDERAL... Limit on investment by bank holding company system in stock of small business investment companies. (a...

  2. European Banks Straddling Borders: Risky or Rewarding?

    NARCIS (Netherlands)

    P. Duijm (Patty); D. Schoenmaker (Dirk)

    2017-01-01

    textabstractTheory suggests that cross-border banking is beneficial as long as there is a non-perfect correlation across country-specific risks. Using a unique hand-collected dataset with cross-border loans for the 61 largest European banks, we find that cross-border banking in general decreases

  3. The role of the European Bank in the energy sector

    International Nuclear Information System (INIS)

    Coleman, J.

    1993-01-01

    The European Bank for Reconstruction and Development was established in 1991 to assist central and eastern European countries in making the transition from command economies to market economies. The Bank provides loans, equity investments, guarantees, advice, and technical cooperation to qualified applicants through its merchant banking and development banking operations. In the energy sector, the Bank recognizes that the energy resources of eastern Europe are enormous but so are the problems associated with their development. Since its foundation, most of the Bank's energy-related lending has been in the oil and gas sector in Russia and the Baltic countries. The Bank has approved eight projects in that sector with total capital costs of ca US$1.7 billion. Major problem areas to be overcome include uneconomic domestic pricing, high energy intensity and pollution, inadequate legal frameworks, inappropriate tax structures, and institutional complexity. Canadian firms have been actively involed in Bank-financed projects in the Russian oil and gas sector, and two such projects are briefly described. They comprise joint ventures with Russian enterprises or associations and include rehabilitation of Siberian oil fields and drilling new wells in the Komi (Arctic) region. A common feature of these projects is that they were well under way before the Bank got involved, but the Bank brings the benefits of additional financing and providing moral support and expertise which can be useful in overcoming administrative and regulatory difficulties

  4. BANKING SUPERVISION IN EUROPEAN UNION

    OpenAIRE

    Lavinia Mihaela GUȚU; Vasile ILIE

    2013-01-01

    The need for prudential supervision imposed to banks by law arises from the action that banking market’s basic factors have. Therefore, it is about banks’ role in economy. The normal functioning of banks in all their important duties maintains the stability of banking system. Further, the stability of the entire economy depends on the stability of the banking system. Under conditions of imbalance regarding treasury or liquidity, banks are faced with unmanageable crisis and the consequences ca...

  5. The European Central Bank and the Eurosystem

    OpenAIRE

    Carol C. Bertaut

    2002-01-01

    The Eurosystem comprises the European Central Bank at its center as well as the national central banks of the twelve countries currently participating in monetary union. The European Central Bank was established in July 1998, six months before the beginning of Stage Three of economic and monetary union. Although decisions regarding monetary policy are made centrally by the Governing Council of the Eurosystem, the operational aspects of monetary policy-including open market operations, adminis...

  6. The investment strategy of commercial banks on the financial markets

    Directory of Open Access Journals (Sweden)

    Ercegovac Dajana

    2012-01-01

    Full Text Available In contemporary market conditions classical deposit-loan strategy is not enough anymore in order to ensure survival of the commercial banks on the financial market and to reach profit that is high enough. Besides the loan placements strategy, it is necessary to adopt an adequate investment strategy which will contribute to the profitability, liquidity and safety of gross asset portfolio. Commercial banks, unlike investment banks, invest smaller part of their resources into securities of diverse maturity on financial markets. However, with the harsh competition of banks and other non-banking institutions, significance of investment portfolio grows as an alternative that ensures additional sources of revenue, assures liquidity, diversification of placements and decreases risk exposure. Banks have at their disposal vast range of investment strategies that can be combined depending on their investment objectives and risk aversion, such as passive and active strategy, strategy of ladder, weights strategy etc. Therefore, the aim of this paper is to present the significance of investment portfolio in commercial banks and the basic management strategies of investment portfolio that can be used by commercial banks.

  7. 12 CFR 250.200 - Investment in bank premises by holding company banks.

    Science.gov (United States)

    2010-01-01

    ... of the Federal Reserve System, shall (1) invest in bank premises, or in the stock, bonds, debentures... determining under section 24A of the Federal Reserve Act (12 U.S.C. 371d) how much may be invested in bank... or upon the security of the stock of any such corporation, if the aggregate of all such investments...

  8. Investment and Development Banking and Its Development in Turkey

    Directory of Open Access Journals (Sweden)

    İsmail Erkan Çelik

    2013-04-01

    Full Text Available Banks, one of the most significant economic means of the nations and international organizations, have occasionally become one of the institutions mostly affected by the financial crisis in the world. Especially in the economies of the developed countries, one of the most important aspects of the financial sector is measured by the size of the financial resources and assets of the banks. The size and place of the investment banks depends on the investment and existing credit reserves appropriated by its members. From this perspective, scrutinizing the Investment and Developments Banks, which is one of the economic growth criteria, is of high importance. To this end, in addition to the operation of the Investment and Development Banks, financial products of these banks in Turkey are also analyzed in this study.

  9. 12 CFR 1500.5 - What aggregate thresholds apply to merchant banking investments?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false What aggregate thresholds apply to merchant banking investments? 1500.5 Section 1500.5 Banks and Banking DEPARTMENT OF THE TREASURY GENERAL PROVISIONS MERCHANT BANKING INVESTMENTS § 1500.5 What aggregate thresholds apply to merchant banking investments? (a...

  10. Banking Integration in European Context

    Directory of Open Access Journals (Sweden)

    Roxana Bădîrcea

    2016-05-01

    Full Text Available The integration of different states in a already existing union or in a new one represents a long-lasting process involving harmonisations on various fields – political, economic, legislative, social, cultural, technological, informational, etc. Besides the integration of the states and of the different authorities in a common mechanist, the business organizations also have to comply with certain standards and to align to certain procedures. The banking system is not an exception being probably one of the pillars of the economic and financial integration of a state in a union. Banking integration may be considered the process leading to a convergence towards a single market for all products, processes, procedures, standards, transactions from the banking field. All sets of standards, mechanisms and procedures should be observed both by banks, regulation and control bodies, but also by customers. Only in this way one can create the premises for the most favourable banking transactions. The integration of the banking system in a union is determined, conditioned and influenced by a series of factors. Based on the data published by the Bank for International Settlements, the authors carry out a close and pertinent empirical analysis of the banking assets flows between the Eurozone countries in the period 2000-2014. The paper also deals with the commitments that the recent economic-financial crisis created on the banking assets flows. The authors resort to regression equations in order to demonstrate the connection between the effects of banking integration and various factors involved (the relative dimension of the country, the significance of the banks in the financial system, the Herfindhal index, the degree of concentration or dispersion of the property on banks, the degree of independence, the tradition of law. In order to measure the level of banking integration of the national bank systems, the indices we used are the degree of openness

  11. The mediterranean solar plan, the symbol of a Euro-Mediterranean partnership? the european investment bank at the service of a policy for renewable energy;Le plan solaire mediterraneen: un symbole du partenariat euro-mediterraneen? la banque europeenne d'investissements au service d'une politique renouvelee de l'energie

    Energy Technology Data Exchange (ETDEWEB)

    Fontaine-Vive, Ph. de [Banque Europeenne d' investissement (BEI) (Luxembourg)

    2009-11-15

    The European Investment Bank (EIB) was created in 1958 following the adoption of the Rome Treaty, this bank has lent support to economic growth and solidarity inside and outside the European Union. The energy sector is exemplary of the bank's ability to adapt and of its concern for a certain idea of Europe. This priority is examined from three complementary angles: the EIB and renewable energy; the EIB and the partnership for energy with our Mediterranean neighbors; and the EIB and the Mediterranean Solar Plan. It is recalled that in 2008, the EIB invested more than 10*10{sup 9} euros in the energy sector including 2.2*10{sup 9} euros for renewable energies

  12. BANKING ETHICS IN THE FOREIGN DIRECT INVESTMENTS FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    MEDAR LUCIAN-ION

    2011-09-01

    Full Text Available Capital account liberalization created premises and allow Romania for final exit from the financial crisis. Promoting direct investment in Romania can lead to sustainable economic growth, create new jobs and thus, by selling labor set up new forms of saving, which will support investments. Banking ethics elements behind the development of direct investments in Romania are legislation, regulation and behavior of participants. Amid an emerging economy rocked by the global financial crisis, capital account liberalization has allowed entry direct investment, but allowed and the capital flight. Respect for ethics in the business financial banking groups provide, at least, economic development and upgrading the infrastructure of Romania

  13. 12 CFR 225.174 - What aggregate thresholds apply to merchant banking investments?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What aggregate thresholds apply to merchant banking investments? 225.174 Section 225.174 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF...) Regulations Merchant Banking Investments § 225.174 What aggregate thresholds apply to merchant banking...

  14. Motivational drives of employees at an investment bank

    OpenAIRE

    2008-01-01

    The purpose of this study was to determine what the motivational drives are for employees working in an investment bank and whether money plays a roll in motivating employees working for an investment bank. The target group for this study was all the employees who have been in the employment of the target organisation for one year and longer. This group was divided into subgroups of specialist transactors and specialist support personnel. The profile of these two subgroups included a variety ...

  15. Investment in sustainable electricity production by Dutch banks. A case study for the Fair Bank Guide

    International Nuclear Information System (INIS)

    Van Gelder, J.W.; Kouwenhoven, D.

    2010-05-01

    This report contains the results of the second case study commissioned by the Fair Bank Guide on the financing practices of twelve investigated banks in the Netherlands. It has been examined which part of the investments in electricity generation by Dutch banks involves electricity generation from sustainable sources (sustainable electricity generation) [nl

  16. Nigerian banking sector Equity Investment Scheme in small and ...

    African Journals Online (AJOL)

    Whilst these government-led initiatives have been implemented through banking sector intermediation, they have largely failed to achieve their purpose for a number of reasons. In an effort to complement government's initiatives, the Nigerian banking sector introduced the small and medium enterprises equity investment ...

  17. Sharia Bank Product Development through Mudhrabah Investment

    OpenAIRE

    Trimulato Trimulato

    2016-01-01

    Sharia banking now has a strong legal framework with the presence of law number 21 of 2008 on sharia banking in Indonesia. This regulation enforces sharia banking to develop products to achieve the targeted market share of 5%. In third-party fund products, more innovation is needed to attract people to entrust their funds in sharia banks. The visible data of mudharabah fund raising deposit products in March 2013 amounted to Rp100.746.000.000 and Rp115.728.000.000 in mudharabah deposits was vi...

  18. The role of metaphors in the language of investment banking

    Directory of Open Access Journals (Sweden)

    Magdalena Bielenia-Grajewska

    2009-04-01

    Full Text Available The language of economics has been one of the author’s interests for some years. To narrow the scope of the research, the language of investment banking will be discussed in depth. Investment banking is a developing domain within the sphere of banking and finance. Newly-created products and services may be complicated for inexperienced investors, thus their names should sound familiar and explain the purpose of a given entity by referring to some well-known concepts. In this case, metaphors play a crucial role. The aim of this paper is to discuss some metaphorical names in investment banking communication. The area of mergers and acquisitions is studied in great detail because of its metaphorical character. The compiled corpus will be investigated by taking into consideration the following languages: English, German, Spanish and Polish. The aim of this linguistic distinction is to show differences as well as similarities in the investment banking lexicon in the above-mentioned languages. After briefly summarising the results of the research conducted, the article will end with an attempt to predict the future situation of metaphors and their role in investment banking communication.

  19. 12 CFR Appendix 1 to Part 24 - CD-1-National Bank Community Development (Part 24) Investments

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false CD-1-National Bank Community Development (Part 24) Investments 1 Appendix 1 To Part 24 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF... PUBLIC WELFARE INVESTMENTS Pt. 24, App. 1 Appendix 1 To Part 24—CD-1—National Bank Community Development...

  20. The euro and the European Central Bank

    OpenAIRE

    Jeffrey M. Wrase

    1999-01-01

    The formation of a monetary union by 11 European countries has received a lot of notice from the press since January 1, 1999, when the union's common currency, the euro, was officially introduced. To facilitate adoption of a single currency, these same countries have established a central bank that sets a common monetary policy for the members of the monetary union. In this article, Jeff Wrase gives some background on the European monetary union, outlines the procedure for introduction of the...

  1. European Banking with a Single Currency

    OpenAIRE

    Jean Dermine

    1996-01-01

    At the Madrid summit in December 1995, the EU heads of state or government endorsed a three-phase plan for the introduction of the single currency. The purpose of the paper is to identify how, besides an obvious fall in revenue from intra-European currencies trading, a single currency will alter fundamentally and permanently European banking markets. A common currency will likely change the sources of competitive advantage in various markets such as those of government bonds and their fast gr...

  2. REPUTATIONAL AND OPERATIONAL RISKS IN EUROPEAN BANKS

    Directory of Open Access Journals (Sweden)

    Roxana HERGHILIGIU

    2014-06-01

    Full Text Available In the past 20 years operational and reputational risk has become more intriguing due to the public scandals of rogue tranding in banks like Barings Bank, Allied Irish Banks, Enron. The purpose of this study is to find the connections between operational risk and reputational risk. Our research shows that there may be a loss of reputation due to operational loss events. Moreover, every type of operational risk, from internal fraud, external fraud, legal and liability losses, processing errors, information security breaches, inappropriate business practice, physical security breaches conduct to a loss of reputation. The limitations of this paper are represented by the fact that do not have enough data to show the real impact of the reputation risk to the financial results of the European Banks.

  3. The European Central Bank: The Bank that rules Europe?

    OpenAIRE

    Howarth, D.

    2009-01-01

    The power of the European Central Bank (ECB) is rooted in its independence established in the Maastricht Treaty of 1992. This power is reinforced though the bank’s monetary policy credibility—achieved through meeting its price stability mandate, whilst resisting political pressures to manipulate monetary policy to other ends. This credibility contributes to the ideational power of the ECB which is rooted in widespread support for price stability, one of the core objectives of Economic and Mon...

  4. Do global banks facilitate foreign direct investment?

    NARCIS (Netherlands)

    Poelhekke, S.

    2015-01-01

    The wave of globalization in finance during the last decades led to the rise of global banks. Are these merely costly liabilities to the countries that supervise them, or is their global reach also beneficial for the real economy and for FDI in particular? Recent literature has focused on the risks,

  5. BANKS IN TRANSITION COUNTRIES AS ONE OF MOST ATTRACTIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Lidija Dedi

    2011-06-01

    Full Text Available The primary goal of this paper is to analyze the banking sector in transition countries in Central and Eastern Europe, and identify bank’s potential as an investment in the globalized environment. The primary hypothesis is that banking sector is one of the most attractive investment areas in transition countries. In the comparison with financial systems of G7 and other growth countries, the financial industry in transition countries shows significant potential for future growth and development. Operating as universal bank with acquired position in financial supervisory bodies banks can easy control and slows down growth and development of nonbanking financial institutions. They are not overly involved in risky operations of securitization and were not so much exposed to the recent crisis. Analysis of the banking sector in transition countries has been made on available sources of secondary data and comparable quantities. Comparable quantities are analyzed with descriptive statistics, starting from the general characteristics of the region and individual countries, through macroeconomic indicator analysis to analysis of assorted indicators of banking sector which have dominant influence on prospective cash flows and risk, i.e key components of bank’s value as an investment.

  6. The Consolidation on Banking Supervision in the Context of a Pan European Banking System

    OpenAIRE

    Teodora Barbu; Georgeta Vintila

    2007-01-01

    The diversity of national banking systems in the European banking system and the absence of consolidated supervision creates the premises for a series of interrogations whose essence is the same: Is it possible to discuss about a Pan European Banking System? The starting point in answering this question was the efforts to create a single banking market, which took place in 1973-1999, and the impact of integration on the European Banking Industry. Among the most representative aspects, it must...

  7. Local investment in renewable energies - European experiences

    International Nuclear Information System (INIS)

    Quantin, J.; Grepmeier, K.; Larsen, J.; Manolakaki, E.; Smith, M.

    2004-01-01

    This booklet is realized within the framework of the european commission called PREDAC. This document have been conceived by a working group specialized on the local investment into renewable energies thematic. The objectives of this project are: to promote citizen participation in the financing of renewable energies projects in Europe; to make organizations, investor clubs and local government to be aware of this way of implication into renewable energies development; to examine more especially three renewable energy sources: biomass, photovoltaic and wind in Denmark, France, Germany, Greece and United Kingdom. (author)

  8. Investment Appraisal Process in the Banking & Finance Industry

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractWe have studied how the banking and finance industry performs investment appraisal, measures subsequent follow-up and designates project success or failure. Furthermore, the authors looked into the extent of use of the new generation value management models. The result shows that firms

  9. Financial Integration Through Benchmarks: The European Banking Sector

    NARCIS (Netherlands)

    G.A. Moerman (Gerard); R.J. Mahieu (Ronald); C.G. Koedijk (Kees)

    2004-01-01

    textabstractEuropean banking regulation has been harmonized to a high degree over the last few decades. Nevertheless, the European banking industry remains fragmented as shown by the relatively high market shares of banks in their home countries. In this paper we concentrate on the integration

  10. The Consolidation on Banking Supervision in the Context of a Pan European Banking System

    Directory of Open Access Journals (Sweden)

    Teodora Barbu

    2007-03-01

    Full Text Available The diversity of national banking systems in the European banking system and the absence of consolidated supervision creates the premises for a series of interrogations whose essence is the same: Is it possible to discuss about a Pan European Banking System? The starting point in answering this question was the efforts to create a single banking market, which took place in 1973-1999, and the impact of integration on the European Banking Industry. Among the most representative aspects, it must be emphasized the necessity of consolidating banking supervision at an European level, considering that the International Banking Community studies the problematic of banking regulations at a global level. The two dimensions of the prudential and European bank supervision device – the geographic and the institutional – demand the creation of a structural reform in order to ensure the functioning of a Pan European system of banking supervision and regulations. The considerations on the Consolidation of European Banking Supervision draws into discussion the Financial Supervision Authority which has generalized as an applicable model in numerous European countries and has been mentioned as an alternative of Pan European banking supervision. In the process of the integration of the banking sector, the Basel II Accord represents an opportunity in reaching a convergence of national regulations and practices in matters of risk management, considering that these actions are in line with the preoccupations of realizing a Pan European banking system. Thus, the creation of Pan European banking system involves actions in more directions: legal, institutional, operational meant to ensure the consolidation of banking supervision.

  11. Investing in European market real property through reits

    Science.gov (United States)

    Adamuscin, A.

    2010-03-01

    For institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.

  12. Stimulating Investment Development through Transformation of State Banks Activity

    Directory of Open Access Journals (Sweden)

    Kulpinska Lidiya K.

    2013-12-01

    Full Text Available The article considers significance of state corporations and state financial institutions in stimulation of investments into the fixed capital of the country and considers problems of increase of efficiency of activity of these institutions in the world and Ukraine. It considers the state sector of the developing countries through the prism of activity of state financial and non-financial corporations. It analyses theories of positive and negative features of carrying out state investing through state-owned banks. It analyses the role of state financial corporations in Ukraine, in particular, in crediting and expansion of the portfolio of acquired governmental bonds and offers ways of its increase in the context of necessity of directing funds into investment development.

  13. European quality system for tissue banking.

    Science.gov (United States)

    Manyalich, M; Navarro, A; Koller, J; Loty, B; de Guerra, A; Cornu, O; Vabels, G; Fornasari, P M; Costa, A N; Siska, I; Hirn, M; Franz, N; Miranda, B; Kaminski, A; Uhrynowska, I; Van Baare, J; Trias, E; Fernández, C; de By, T; Poniatowski, S; Carbonell, R

    2009-01-01

    The aims of this project were to analyze the factors that influence quality and safety of tissues for transplantation and to develop the method to ensure standards of quality and safety in relation to tissue banking as demanded by European Directive 2004/23/EC and its technical annexes. It is organized in 4 Working Groups, the objectives of each one being focused in a specific area. The Guide of Recommendations for Tissue Banking is structured into 4 parts: (1) quality systems that apply to tissue banking and general quality system requirements, (2) regulatory framework in Europe, (3) standards available, and (4) recommendations of the fundamental quality and safety keypoints. This Working Group handled design of a multinational musculoskeletal tissue registry prototype. This Working Group handled design and validation of a specialized training model structured into online and face-to-face courses. The model was improved with suggestions from students, and 100% certification was obtained. The Guide for Auditing Tissue Establishments provides guidance for auditors, a self-assessment questionnaire, and an audit report form. The effectiveness and sustainability of the outputs were assessed. Both guides are useful for experienced tissue establishments and auditors and also for professionals that are starting in the field. The registry prototype proves it is possible to exchange tissues between establishments throughout Europe. The training model has been effective in educating staff and means having professionals with excellent expertise. Member states could adapt/adopt it. The guides should be updated periodically and perhaps a European organization should take responsibility for this and even create a body of auditors.

  14. THE ROLE OF THE COMMERCIAL BANKS' CAPITAL IN REALIZATION OF INVESTMENT POTENTIAL OF BANKING SYSTEM OF UKRAINE

    Directory of Open Access Journals (Sweden)

    I. Lyutiy

    2015-03-01

    Full Text Available The article studies modern trends in investment corporate lending in Ukraine and the ultimate role of banking system in context of capital investments funding in Ukraine. The impact of structure and dynamics of commercial banks’ financial resources on realization of investment potential of Ukrainian banking system is analyzed. The role of banks’ capital adequacy as a precondition for expansion of investment corporate lending is determined.

  15. Multilateral Development Banks and Their Role in Supporting European SMEs during the Current Financial Crisis

    Directory of Open Access Journals (Sweden)

    Sorin Gabriel Anton

    2013-12-01

    Full Text Available The impact of the ongoing financial crisis on the availability of finance to small and medium-sized enterprises (SMEs represents an important topic nowadays. The access to finance for SMEs is a major barrier for their growth, especially during severe conditions such as the global financial crisis. Financing the SMEs represents a priority for the most of the multilateral development banks. The aim of the paper is to analyze the activity of European multilateral development banks - European Investment Bank Group and European Bank for Reconstruction and Development - in the support of SMEs. We found that SMEs financing increased during the period 2008-2011 and the international financial institutions took several measures in order to improve the SMEs access to finance.

  16. The Consolidation on Banking Supervision in the Context of a Pan European Banking System

    Directory of Open Access Journals (Sweden)

    Teodora Barbu

    2007-03-01

    In the process of the integration of the banking sector, the Basel II Accord represents an opportunity in reaching a convergence of national regulations and practices in matters of risk management, considering that these actions are in line with the preoccupations of realizing a Pan European banking system. Thus, the creation of Pan European banking system involves actions in more directions: legal, institutional, operational meant to ensure the consolidation of banking supervision.

  17. The European Central Bank : Independence, accountability and strategy: A review

    NARCIS (Netherlands)

    De Haan, J

    1997-01-01

    This paper reviews research on central banking and monetary policy, with special emphasis on the position of the future European Central Bank. Nowadays, it is often thought that an independent central bank with an explicit mandate to aim for price stability constitutes an important institutional

  18. Financing energy projects at the European Bank for reconstruction

    International Nuclear Information System (INIS)

    Unterwurzacher, E.

    1992-01-01

    Investments in the energy sectors of Central and Eastern European countries and in the republics of the former USSR have a pivotal role to play in the economic and political restructuring of the centrally planned economies. The amount of capital required for energy sector investments in the countries of operation clearly exceed the financial possibilities of economies in transition, but they are necessary to underpin economic reform. Moreover they contribute to sector development, help alleviate energy shortages, increase energy securities, realize increased foreign exchange earnings and can reduce the environmental impact of energy production and use. Energy supply of several countries of operation is highly dependent on coal. In general throughout the region, coal is produced and used in a way which pays less attention to the potential negative environmental consequences. Current mining practice often leads to groundwater contamination, power plants are only poorly equipped with abatement technologies, the quality of the coal is often poor, or the efficiency of coal conversion is low, which is primarily a result of the use of outdated technology. Bank operations try to address these issues and to combine in its activities improved economic efficiency of the energy sector with the amelioration of environmental conditions. This paper briefly summarizes the main features of the energy sector of countries of operation and highlights the significant role of the coal industry with regard to energy sector and the environment. The Bank's energy sector strategy is introduced and the instruments that the Bank has chosen for its financial operations are presented. Examples for operations in the energy sector as they are relevant for the coal industries are introduced

  19. REFORMING THE EUROPEAN FINANCIAL AND BANKING ARCHITECTURE IN THE CRISIS CONTEXT. THE BANKING UNION CONCEPT

    Directory of Open Access Journals (Sweden)

    Magdalena, RADULESCU

    2014-11-01

    Full Text Available Deep financial crisis which started in 2007 proved to be extremely contagious affecting the financial and banking EU system. Achieving an integrated banking market is the main component of the European policy in the financial-banking services area. The latest developments underlined that the difficulties faced by the banks can negatively impact on the entire financial stability of the member states. That's why, the European Central Bank will be entitled to supervise any bank of the euro area, especially the ones that benefit of public support. Reforming the financial and banking system must be shaped in the frame of insuring some durable national finances, of an urgent recapitalizing of the banks that need that and of elaborating some common fiscal and financial and banking regulations effective in the eurozone.

  20. Bank Insolvency Procedures and Market Discipline in European Banking

    DEFF Research Database (Denmark)

    Angkinand, Apanard; Wihlborg, Clas

    2005-01-01

    for pre-determined bank insolvency procedures that could enable banks to expand cross-border in branches. In the empirical part we show that credibility of non-insurance is maximized with a partial deposit insurance scheme, and that the coverage can be decreased if effective rule-based distress resolution......Predetermined, operational procedures for dealing with banks in distress are conspicuously absent across the world with very few exceptions. Instead governments and regulatory authorities intervene when banks approach failure. Bail-outs of important creditors, sometimes including shareholders......, and blanket guarantees for creditors become the norm. We argue that efficient incentives of banks' creditors, as well as of shareholders and managers, require predetermined rules for dealing with banks in distress, and a group of creditors that are credibly non-insured. Cross-border banking increases the need...

  1. Analysis of Lithuanian Direct Investment into European Union Countries

    Directory of Open Access Journals (Sweden)

    Evelina Zigmantavičiūtė

    2015-05-01

    Full Text Available In this paper the valuation of macroeconomic factors influencing the Lithuanian direct investment into European Union was conducted. The problem of this paper is the different chosen macroeconomic factors influencing foreign direct investment. The object of this paper is Lithuanian direct investment. The methods of this paper include: comparative literature analysis, correlation regression analysis, paired regression analysis. After conducting a research of dependency of Lithuanian direct investment to EU countries from price changes, government sector income, gross domestic product, inflation, jobless rate results, it is found that gross domestic product and government sector income have the most influence on the changes of Lithuanian direct investment.

  2. IMPORTANCE OF THE EUROPEAN BANKING UNION NEW DIRECTIVES

    OpenAIRE

    MEDAR LUCIAN-ION; Irina-Elena Chirtoc

    2014-01-01

    European Banking Union has set new rules on monetary market especially for credit institutions and for financial banking groups in general. Economic and monetary union requires accomplishment of political and monetary union and democratic control of the European institutions on a single financial market. In this respect through its management organisms, EU has designed a series of unique mechanisms of financial union and called for a fiscal union. Union of European financial marke...

  3. European Bank Efficiency and Performance : The effects of supranational versus national bank supervision

    NARCIS (Netherlands)

    Galema, R.J.; Koetter, M.

    2016-01-01

    This chapter explores European bank efficiency and performance. First, the authors provide an overview of the key estimation methods for efficiency and discuss selected applications to the European banking sector. Second, they apply stochastic frontier analysis to investigate the extent to which the

  4. Risk Management, Corporate Governance and Investment Banking: The Role of Chief Risk Officer

    OpenAIRE

    Afanasyeva, Olga; Lapina, Yulia; Scherbina, Tetiana

    2013-01-01

    This paper focuses on the defining the role of CRO in corporate governance and to show the interrelation between the way of CRO subordination and performance of investment bank. The sample consists of observations over a period of 2011 for 29 biggest investment banks (by amount of assets) implementing world-wide investment activity. The banks are originated in the USA (8), Eastern Europe (14), China (2), Japan (2), Canada (2), and Australia (1). With the aim to evaluate and compare financial ...

  5. Estimation of influence of banks' recourse potential upon their credit and investment portfolio

    OpenAIRE

    Petro Karas'; Nataliya Prykhod'ko

    2015-01-01

    In the article the negative trends of the Ukrainian banking system functioning caused by the crisis phenomena are considered. The analysis of credit and investment portfolio and resource potential of Ukrainian banks is carried out. Main problems of this process are identified. Influence of the banks' resource potential upon credit and investment portfolio is estimated by constructing multivariate correlation-regression models. The proposals for the government regulation of the bank's credit a...

  6. European banks in Ukraine: Modelling risks, rewards and making forecasts

    Directory of Open Access Journals (Sweden)

    Helen Kostyuk

    2014-12-01

    Full Text Available The new model for banking control and regulation, suggested by Basel III, together with high dividend expectations of shareholders have fostered the transformation of the business model in European banking. The scale of market shares no longer plays an important role in banking business. The emphasis is now laid on its efficiency. It is determined by ROE indicators, the positive dynamics of which serves as: a good indicator for ensuring a proper level of capital adequacy of the bank and reducing systemic risks; a precondition for meeting the dividend expectations of shareholders; evidence of effective management of capital assets and bank costs. Thus, assessing and preventing the outflow of foreign capital from the national banking sector, the national market regulators should clearly understand the motivation behind it and take into account the business strategies of parent European banks, which include the following points: low liquidity of the stock market of the Eurozone, which significantly complicates the process of capitalization of European banking institutions, and inability to attract capital in sufficient amounts; potential opportunity for capitalization of banks (to meet the requirements of Basel III in the context of bank management and shareholders relations (improvement of profit management policy and dividend policy; optimization of asset management policy in order to reduce RWA assets in the assets of both parent and subsidiary banks

  7. CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT PROJECTS

    OpenAIRE

    TRENCA Ioan; PETRIA Nicolae; DROJ Laurentiu

    2012-01-01

    European funding is considered to be one of the hot topics in Romania and all over Eastern Europe since its novelty and its expected capacity to improve the life of the newly integrated European citizens. The linkages between the European Financial Support Programmes, the private financing performed by the banking sector and the private companies which are intending to use the structural funds to finance their investments is obvious. The present paper analyzed these linkages, creates a case s...

  8. Can European socio-economic governance be social investment proof

    NARCIS (Netherlands)

    Bekker, Sonja

    2017-01-01

    Chapter on the European Semester in the a book "The Uses of Social Investment", which provides the first study of the welfare state, under the new post-crisis austerity context and associated crisis management politics, to take stock of the limits and potential of social investment. It surveys the

  9. Three Target Sectors for a European Investment Strategy

    International Nuclear Information System (INIS)

    Janin, Lionel; Douillard, Pierre

    2014-11-01

    While the president of the European Commission is getting ready to present the 'Juncker package' announced in July 2014, to revive activity in Europe through investment, what are the sectors in which these investments may be concentrated? The overall analysis of investment gaps in the euro zone has confirmed the requirement for a European macro-economic revival effort that involves investment, public or private, undertaken very quickly, even though this diagnosis varies depending on the country. The drivers of a European investment strategy are fiscal, regulatory and financial and are based on the selection of projects for the future. This third 'Note d'analyse' addresses the topic of investment potential in three key sectors: transport, energy and the digital sector, for which the amount of additional investment could reach euro 120 billion per year and thus, over three years, be higher than the forecasts in the Juncker plan. This maximalist amount mainly corresponds to the implementation of an ambitious energy-climate policy. Given current budgetary constraints, carefully selecting the desired investments, for which their social utility must be validated, is imperative: socioeconomic evaluation is the appropriate approach, particularly for taking into account the environmental externalities that now justify significant investments in the ecological transition. (authors)

  10. Bank regulatory Capital Buffer and Liquidity: Evidence from US and European Publicly Traded Banks

    OpenAIRE

    Distinguin , Isabelle; Roulet , Caroline; Tarazi , Amine

    2012-01-01

    The theory of financial intermediation highlights various channels through which capital and liquidity are interrelated. Using a simultaneous equations framework, we investigate the relationship between bank regulatory capital buffer and liquidity for European and U.S. publicly traded commercial banks. Previous research studying the determinants of bank capital buffer has neglected the role of liquidity. On the whole, we find that banks do not strengthen their regulatory capital buffer when t...

  11. THE IMPACT OF THE FINANCIAL CRISIS ON THE EUROPEAN BANKS

    Directory of Open Access Journals (Sweden)

    DAVID DELIA

    2012-07-01

    Full Text Available The fast innovations existent on financial markets and the internationalization of cash-flows in the last decade led to changes within the banking industry making it unrecognized. The financial innovation within the banking industry, especially the one regarding the off-balance-sheet instruments has effects as the risk focus and the increase of volatility within the entire banking industry. As it is proved by the economic crisis, the financial stability plays an important role within the financial system as well as within the economy as a whole. At the moment, as the number of active financial institutions is getting higher and higher in one or more countries or on one or more continents, the financial stability at a worldwide level became even more important. The objective of this work is to emphasize the way in which the European banks were affected once with the global financial crisis. The economic crisis was triggered by the bankruptcy of the Lehman Brothers ‘ Investment Bank, in the autumn of 2008 and its effects were felt at the level of the European financial markets, a series of cross-border groups claiming interventions of the state in order for them to be saved. The intensity of the crisis was felt and it affected many states, the impact of these ones being influenced by a series of specific factors which outlined the situation of their financial system, at the moment of the crisis release. At the level of the European Union, a series of measures have been established in order to extinguish the identified dysfunctions at a financial field level, among which we mention: the improvement of the surveillance framework of those financial institutions having cross-border activity, the expansion of the communication and cooperation among the EU surveillance authorities and the ones outside the Union, etc. The conclusions of the study of this paper work in regards to the activity of the main European banks, especially to the ones from

  12. The dynamics of business investment following banking crises and normal recessions

    OpenAIRE

    Jannsen, Nils

    2015-01-01

    I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not associated with banking crises) and banking crises. Using a panel of 16 advanced economies, I find evidence for significant non-linear trend reversion or bounce-back effects on the level of business investment following normal recessions, i.e., the deeper the previous recession was, the higher the growth rate of business investment will be. The trend reversion ef...

  13. IMPLEMENTATION OF BASEL III IN THE EUROPEAN BANKING SECTOR

    Directory of Open Access Journals (Sweden)

    Ioana Sbarcea

    2015-06-01

    Full Text Available In this work, which is part of a larger research project aimed at the expected impact of Basel III on commercial banks in Romania, I decided to analyse the implementation and transposition of the new international prudential requirements into European regulations, which are of particular interest for the Romanian banking sector. I started this analysis by highlighting the peculiarities of the European banking sector at aggregate level, but also as a cross-country survey, to later highlight the views of European regulations on prudential supervision and differences to international regulations.

  14. Comparative Prospects of the New Development Bank and Asian Infrastructure Investment Bank

    Directory of Open Access Journals (Sweden)

    Andrei Shelepov

    2016-11-01

    Full Text Available In this article the author focuses on the recently established New Development Bank (NDB and Asian Infrastructure Investment Bank (AIIB. It identifies two factors of demand for this new model of multilateral development banks (MDBs, namely a lack of infrastructure financing and the aspirations of developing countries for a greater role in the global financial system. The author also compares the NDB and AIIB according to membership, management structure, distribution of capital and votes, and options for attracting capital in the financial market. Based on this comparison, he forecasts the banks’ credit portfolios growth until 2025. The author concludes that both institutions should accumulate and use the best practices of existing MDBs, improve their image to attract investors and actively engage in sharing expertise and co-financing projects with development institutions as well as commercial banks. By doing so, the volume of their operations could reach $40 billion per year in 10 years, which is close to the volume of infrastructure financing provided by major traditional banks, and could contribute substantially to addressing the financing needs of developing countries.

  15. European investment projects in third countries: Legally green?

    NARCIS (Netherlands)

    D.N. Ratsiborinskaya (Daria)

    2012-01-01

    textabstractThis article provides an overview of the corporate self-regulation by five European-based multilateral financial institutions where European environmental acquis is applied in investment projects in the third countries. Academic research on environmental standards suffers from a certain

  16. The democratic accountability of the European Central Bank

    Directory of Open Access Journals (Sweden)

    L. BINI-SMAGHI

    1998-06-01

    Full Text Available The European Central Bank (ECB is considered to be an institution with a high level of accountability compared with other central banks. However, the matter has yet to be investigated in practice. Accountability of the ECB will have to be checked by governing bodies both within and outside the ECB as well as the public. A survey is undertaken of the main reasons for central bank accountability, especially for the ECB.

  17. Some Considerations Regarding the European Banking Union

    Directory of Open Access Journals (Sweden)

    Marius Eugen Radu

    2016-09-01

    Full Text Available Union Bank is a surveillance system and an EU bank resolution, which operates on the basis of EU wide rules. It aims to ensure that the banking sector in the euro area and the EU in general is safe and reliable and viable banks benefiting from resolution without recourse to taxpayer funds and with minimal impact on the real economy. Banking union members are all euro-zone countries and EU Member States that have chosen to participate. All countries will adopt the euro in the future will automatically become members of the banking union. Countries that are not part of the euro area can join by establishing a close cooperation agreement.

  18. 75 FR 3251 - JP Morgan Chase and Company; JP Morgan Investment Banking, Global Corporate Financial Operations...

    Science.gov (United States)

    2010-01-20

    ... Company; JP Morgan Investment Banking, Global Corporate Financial Operations, New York, NY; Notice of... Company, JP Morgan Investment Banking, Global Corporate Financial Operations, New York, New York. The... support operations to/from a foreign country. The subject firm did not import services like or directly...

  19. Collection of european experiences in local investment

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2003-07-01

    This booklet is realized within the framework of the european project called PREDAC. This objective of this project are to promote citizen participation in the financing of renewable energies projects in Europe, to make organizations, investor clubs and local government to be aware of this way of implication into renewable energies development. The first part presents a collection of european experiences, as discussions and perspectives are proposed in the second part. The last part gives a comparative table between Germany and Denmark in term of renewable energies development. (A.L.B.)

  20. Comparing Between Commercial and Investment Banking: A Case Study from Iraq

    Directory of Open Access Journals (Sweden)

    Dr. Majeed Mohsen

    2016-11-01

    Full Text Available The research aim is to evaluating investment and commercial banking to led the investor who want to be shareholder in equity to the suitable banking in Iraqi environment, which banking is suitable for risk averse and which is suitable for risk seeker, by comparing between depending on market attractiveness and business strength by comparing between Iraqi’s investment and commercial banking for the period (2010-2014, it is evaluate market attractiveness by using banking return, banking risk, banking size, and banking stability and business strength by using market share (competition, and banking development. The data were from financial report used for statistical testing of difference between two means for comparing instead of comparing between variables directly by using t-test between means. The result explained there wasn’t difference between the two banking marketing, but commercial banking was more total risk than investment banking and systematic risk was the most in both banking. Research conclusion the risky environment, is resulting the conservative depositors decreasing the project, and weak effect of globalization on banking, that is resulting nearly same strategies to avoid internal risk by trying to create safely internal environment depending on strategy of less risk through minimizing unsystematic risks which reduce the ability on diversification which led to weak globalization’s effect.

  1. Contrarian Investment Strategies in a European Context

    NARCIS (Netherlands)

    Brouwer, I.; van der Put, J.; Veld, C.H.

    1996-01-01

    In this paper we study value strategies for four European countries (France, Germany, the Netherlands and the United Kingdom).We find an outperformance for all four value variables which are investigated: the earnings-to-price (E/P) ratio, the cash-flow-to-price (CF/P) ratio, the book-to-market

  2. TOWARDS THE EUROPEAN BANKING UNION-Literature review

    Directory of Open Access Journals (Sweden)

    Dragos G. TURLIUC

    2013-06-01

    Full Text Available The financial crisis has made the need for a more integrated regulatory and supervisory framework for the financial services sector evident. An important step towards this aim is the establishment of the Single Supervisory Mechanism. European leaders have committed to moving toward a banking union, in which bank regulation and supervision, deposit guarantees, and the handling of troubled banks will be integrated across at least the euro area and possibly across the wider European Union. This paper provides an overview of research on this topic. We also identify important future research questions that emerge from both the literature and the current debate.

  3. The Impact of Basel III on European Banks

    OpenAIRE

    Šútorová, Barbora

    2013-01-01

    The aim of this thesis is to take a closer look on how the stricter capital requirements defined in the Basel III framework will influence European banks from a complex point of view - lending rates and volumes of provided loans, profitability, risk taking and market value of banks. Our analysis employing simultaneous equations and panel data models on exp post data on almost 600 banks operating in the EU in the 2005-2011 period reports following results: (1) Those banks that will be forced t...

  4. House price responsiveness of housing investments across major European economies

    OpenAIRE

    Gattini, Luca; Ganoulis, Ioannis

    2012-01-01

    In comparison with the large literature on house prices, housing investments have been studied far less. This paper investigates the behaviour of private residential investments for the six largest European economies, namely: Germany, France, Italy, Spain, the Netherlands and the United Kingdom. It employs a common modelling structure based on an error correction approach and country specific models. First, co-integration among the parsimoniously specified set of fundamental variables is dete...

  5. The End of Investment Bank Capitalism? An Economic Geography of Financial Jobs and Power

    Directory of Open Access Journals (Sweden)

    Dariusz Wójcik

    2017-10-01

    Full Text Available This article investigates employment patterns, remuneration, and power relations in the U.S. financial sector between 1978 and 2008. It demonstrates that investment banking has played a central part in the securities industry, which has been by far the most expansive segment of the U.S. financial sector and a significant contributor to growing income inequality. The power of investment banking has risen over the past 30 years under the conditions of the growing demand for investment services, technological changes, deregulation, and globalization. Investment banks were at the heart of the shadow banking system, inventing many of the products used by it and often disguising its operation, thus contributing decisively to the outbreak of the global financial crisis of 2007–9. With leading U.S. investment banks converted into bank holding companies and the threat of reregulation, the future of investment banking is uncertain. One area of uncertainty is the banks’ relationship with sovereign wealth funds, which involves both opportunities and challenges. The article identifies the economic geography of investment banking as one of the keys to understanding the dynamics of the contemporary world economy and promotes a mesolevel approach to geographies of finance.

  6. Investments of Banks in Securities: the Essence and Development Trends under Current Conditions

    Directory of Open Access Journals (Sweden)

    Ekaterina Vladimirovna Mazikova

    2015-12-01

    Full Text Available The implementation of modern banking activities involves the realization of investments. Investment is a complex discussion economic category, characterized by a number of features. The types and forms of investment are manifold and can be transformed with account of the state of the economy and the level of development of industrial relations. The faster growth of the financial sector in the economy has stipulated the development of financial investment. Banks as financial and lending institutions actively make financial investments in securities. Banks’ investment in securities pursues a number of purposes which determine the selection of securities for investment and their quality. The article identified the targets of bank investments in securities and their development trends under current conditions on the basis of the analysis of the actual data for 2010–2014. Negative revaluation and the actual decrease in the value of corporate securities of Russian issuers reduce their commercial appeal. Banks refuse to speculate on the stock market in favor of the securities that ensure liquidity. Banks’ investments aim to purchasing securities from the Lombard List of the Bank of Russia in order to obtain loans and participate in the repo transactions. Thus, during the analyzed period, banks’ investments in securities transformed from systemically important assets that generate substantial profit into the mechanism that provides liquidity. It should be noted that a significant part of investment resources of Russian banks services the debt obligations of Russia’s Government. The article also identified a trend of banks’ increasing investment in the participation portfolios of subsidiaries and associated joint stock companies. The official data of the Central Bank of the Russian Federation (Bank of Russia [15], and the Federal State Statistics Service [14] were used as the information base for the study

  7. Foreign bank entry, bank efficiency and market power in Central and Eastern European Countries

    NARCIS (Netherlands)

    Poghosyan, Tigran; Poghosyan, Arsen

    2010-01-01

    This article analyses the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries (CEECs) as measured by equity ownership. We show that the mode of foreign entry has a pivotal impact on the post-entry performance of banks in CEECs. Foreign

  8. Investment and Employment - Drivers of European Economic Development

    Directory of Open Access Journals (Sweden)

    Cristina BURGHELEA

    2017-04-01

    Full Text Available The economic literature and related specialty practice, the development of the European Economic Community along with the factors determining them (such investments and staff represents a topic that is of great notoriety. This paper shows the role and influence that direct investment in the economy and employment ratio can propagate in the growth of gross domestic product per capita to ensure increased economic sustainability of countries in the European Community. The most important economic effects of FDI on the host economy can be represented by labor productivity growth through knowledge transfer (know-how technology, management skills and marketing term in countries emerging favor progress technological and economic growth. To determine this goal, in the context of economic logic, this research shows the importance of gross domestic product, total and per capita, as a macroeconomic indicator synthetic, and encouraging and using the action of factors that can also provide political steps, organizational and financial, achieving levels attesting social progress and prosperity. The study highlights a Custom Analysis on gross domestic product per capita, direct investment and the proportion of people employed in total for 24 European Union countries in 2014 and also develop an econometric model multifactorial based on system statistics. Research shows utility in making decisions about investment growth in the European Community by attracting a workforce that is in full compliance with state investment policies and by providing a high living standard.

  9. Ownership Concentration and Market Value of European Banks

    DEFF Research Database (Denmark)

    Busta, Ildura; Sinani, Evis; Thomsen, Steen

    2014-01-01

    This paper investigates the relationship between ownership concentration and market value of European banks, and the role of the institutional environment in shaping this relationship. Using GMM dynamic estimator on a sample of European banks over a 13-year period (1993–2005) we find on average...... concentration is positive in Scandinavia. We propose that, besides the legal protection of small investors, the differences in the impact of ownership concentration across the countries could be due to the identity of the predominant owners, i.e. financial institutions in Germany and trusts and foundations...... a negative effect of ownership concentration on bank value, measured by Tobin's Q. However, this effect varies across different institutional settings; while higher ownership concentration results in a lower bank value particularly in the countries belonging to German legal family, the impact of ownership...

  10. Political participation in European welfare states: Does social investment matter?

    DEFF Research Database (Denmark)

    Marx, Paul; Nguyen, Christoph

    2018-01-01

    The role of the welfare state has expanded beyond passive assistance and decommodificaton. In many countries, social investment policies now actively encourage (re)integration into the labour market. While the effectiveness of these policies is debated, we know even less about their broader social...... and political effects. In this contribution, we explore the impact of social investment policies on one key aspect of social life: political participation. Combining insights from social psychology with institutional analysis, we investigate the impact of three social investment policies (early childhood...... education, secondary education, active labour market policies) on two disadvantaged groups: young individuals from low-skill backgrounds; and single parents. Combining the European Social Survey with data on social investment, we find that these risk groups have reduced political efficacy and political...

  11. IMPORTANCE OF THE EUROPEAN BANKING UNION NEW DIRECTIVES

    Directory of Open Access Journals (Sweden)

    MEDAR LUCIAN-ION

    2014-10-01

    Full Text Available European Banking Union has set new rules on monetary market especially for credit institutions and for financial banking groups in general. Economic and monetary union requires accomplishment of political and monetary union and democratic control of the European institutions on a single financial market. In this respect through its management organisms, EU has designed a series of unique mechanisms of financial union and called for a fiscal union. Union of European financial market is possible through a new regulation of the markets. In this project, monetary union of the EU member countries is possible by implementing single mechanism of supervision (Single Supervisory Mechanism and single mechanism of resolution (Single Resolution Mechanism. European Banking Union may be made by monitoring of a single banking supervisor based on a common system for managing and resolving banking crises and a uniform system of protecting people's savings. Romania opted for these unique mechanisms of macro-prudential supervision of the financial system. And by performing the real convergence criteria of integration, Romania will have all conditions of integration in the ,,euro area,,.

  12. Integration of European Banking and Financial Markets

    OpenAIRE

    Marques Ibanez, David; Molyneux, Philip

    2002-01-01

    This paper investigates banking and capital market developments in Europe and the moves towards the creation of a single financial services market. A critical element in the integration process is the success of the EU's Financial Services Action Plan (FSAP). This seeks to introduce a wide range of legislation aimed at reducing barriers and promoting cross-border trade in financial services - especially for capital markets and retail / SME financial service areas. As was the case in 1992, it ...

  13. TAX COMPETITION REGARDING FOREIGN DIRECT INVESTMENT BETWEEN TRANSITION EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Ramona DUMITRIU

    2005-01-01

    Full Text Available This paper explores the fiscal measures adopted in the transition European countries in order toencourage the foreign direct investment. There were analysed six countries: Albania, Macedonia,Moldova, Russian Federation, Union of Serbia and Muntenegro, Ukraine, based on the four criteria:corporate and capital gains tax rates, withholding taxes, tax incentives, foreign tax relief andtransfer pricing rules. Finally, the conclusion is that all the analysed countries offer favourable fiscalconditions for the foreign direct investment. Serbia, Muntenegro, Macedonia and Moldova haveattractive fiscal regimes, showing that the authorities from these countries count on the foreign directinvestment as a solution of solving the social and economic problems.

  14. Computational content analysis of European Central Bank statements

    NARCIS (Netherlands)

    Milea, D.V.; Almeida, R.J.; Sharef, N.M.; Kaymak, U.; Frasincar, F.

    2012-01-01

    In this paper we present a framework for the computational content analysis of European Central Bank (ECB) statements. Based on this framework, we provide two approaches that can be used in a practical context. Both approaches use the content of ECB statements to predict upward and downward movement

  15. Financial Stability in European Banking: The Role of Common Factors

    NARCIS (Netherlands)

    Kool, C.J.M.

    In this paper, I investigate the development and determinants of CDS spreads for 18 major European banks between December 2001 and January 2004 applying factor analysis to daily data. Two clear-cut conclusions can be drawn. First, the dominating first common factor that explains 88 percent of all

  16. Expert advice and political choice in constructing European banking union

    NARCIS (Netherlands)

    Donnelly, Shawn

    2016-01-01

    International actors promoted the transfer of regulatory authority and financial resources from national governments to the European Union (EU) in the context of establishing the prerequisites for financial stability in Europe through banking union. It was supplied, however, by a political process

  17. THE EUROPEAN CENTRAL BANK AND THE EUROZONE CRISIS MANAGEMENT

    Directory of Open Access Journals (Sweden)

    MONICA ŞAGUNA

    2013-05-01

    Full Text Available The Euro is the single currency shared by 17 of the European Union's Member States, which together make up the Euro area. Since its introduction, in January 2002, it became the second most traded currency in the world after the United States dollar. With the launch of the Euro, the monetary policy became the responsibility of the independent European Central Bank, which was created for that purpose, and of the national central banks of the Member States, having adopted the Euro. However, the accumulation of massive and unsustainable deficits and public debt levels in a number of peripheral economies threatened the Eurozone's viability by the end of its first decade, triggering a Eurozone sovereign debt crisis. The institutional mechanisms surrounding the Euro have also been an integral part of the crisis. On this line, the European Monetary Union is supported on one side by treaties and multilateral agreements including the Maastricht Treaty, the Stability and Growth Pact and the Lisbon Strategy and, on the other side, by the European Central Bank. The combination of these institutions has produced a mix of monetary, fiscal and labour market policies with powerful social implications. And, what started as a debt crisis in Greece in late 2009 has evolved into a broader economic and political crisis in the Eurozone and European Union. In this framework, the purpose of my paper is to analyze the roots of the Eurozone crisis, as the biggest challenge since the Euro adoption and the European Central Bank’s response to it. Therefore the objectives are: identification of the reasons that stand behind the crisis, then observing how the crisis has affected the functioning of the European Central Bank and the Euro, and how it was forced to respond and, finally, focusing on the future and the challenges that lie ahead.

  18. Product Diversification in the European Banking Industry: Risk and Loan Pricing Implications

    OpenAIRE

    Lepetit , Laetitia; Nys , Emmanuelle; Rous , Philippe; Tarazi , Amine

    2005-01-01

    The purpose of this paper is to investigate the relationship between bank risk and product diversification in the changing structure of the European banking industry. Based on a broad set of European banks for the period 1996-2002, our study shows that banks expanding into non-interest income activities present higher risk than banks which mainly supply loans. Whereas previous studies (mainly on U.S. banks) focused on portfolio diversification effects we explore risk implications of cross-sel...

  19. THE ROLE OF EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT IN PROMOTING ENVIRONMENTALLY SOUND AND SUSTAINABLE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    CONSTANTIN BRĂGARU

    2013-05-01

    Full Text Available One of the most important development banks which finances private initiatives in the Central and Eastern Europe countries is the European Bank for Reconstruction and Development (EBRD. EBRD as international financial institution plays a very important role in the development of many sectors such as agribusiness, energy efficiency, financial institutions, manufacturing, municipal and environmental infrastructure, natural resources, power and energy, property and tourism, telecommunications, information technology and media, transport. Its objectives aim to promote transition to market economies by investing mainly in the private sector, to mobilize significant foreign direct investment, to support privatization, restructuring and better municipal services to improve people’s lives and to encourage environmentally sound and sustainable development. The present scientific article focuses on the last objective respectively the bank commitment to promote environmentally sound and sustainable development and shortly presents EBRD environmental policy because EBRD, unlike other development banks, has strong and imperative regulations regarding this issue. This is why all the EBRD potential beneficiaries must prove that their projects are environmentally sound.

  20. 29 CFR 2550.408b-4 - Statutory exemption for investments in deposits of banks or similar financial institutions.

    Science.gov (United States)

    2010-07-01

    ....408b-4 Statutory exemption for investments in deposits of banks or similar financial institutions. (a... financial institution may make investments in deposits which bear a reasonable rate of interest in itself... 29 Labor 9 2010-07-01 2010-07-01 false Statutory exemption for investments in deposits of banks or...

  1. Practitioners’ Views Promoting Infrastructure Investment: The G20 and the Multilateral Development Banks

    Directory of Open Access Journals (Sweden)

    Hannah Wurf

    2017-12-01

    Full Text Available The G20 is committed to promoting infrastructure investment and has called on multilateral development banks (MDBs to increase their infrastructure lending to help boost global growth. Alongside long-standing MDBs such as the World Bank and Asian Development Bank (ADB, new MDBs such as the Asian Infrastructure and Investment Bank (AIIB and the New Development Bank have been established, and G20 members would like both old and new multilateral banks to scale up their infrastructure investment by developing a pipeline of bankable projects. Even with all the MDBs investing more, they will not be able to satisfy the global need for infrastructure. What they can do, however, is start to fill the infrastructure gap by catalyzing private investment and cooperating on standards and regional infrastructure. Concerns have been raised about the geo-political implications of the new MDBs which underscore the need for MDB cooperation. There are challenges to and opportunities for this cooperation. The G20 needs to be clear about the role it can play in encouraging MDB cooperation and infrastructure investment, and must also be aware of the limitations on its role given that each MDB has its own mandate. Specifically, the G20 can downplay the perceived trade-off between efficiency and standards in the MDBs, encourage cooperation on new standards for sustainable or green infrastructure, invest in the Global Connectivity Alliance as a coordinating body for the MDBs and help align the G20 work on infrastructure with the United Nations Sustainable Development Agenda

  2. Incentive Problems in Banking Supervision: The European Case

    OpenAIRE

    Schüler, Martin

    2003-01-01

    This paper discusses the incentive conflicts that arise in banking supervision in the EU in a principal-agent framework, where the regulator is the agent and the taxpayers is the principal. The regulatory agent in addition to maintaining financial stability (the objective of the principal) may pursue private interests. Incomplete information, insufficient accountability of the agent and lack of enforceability of compliance result in an incentive problem. A reform of the European supervisory s...

  3. Inflation, investment and growth: a money and banking approach

    Czech Academy of Sciences Publication Activity Database

    Gillman, M.; Kejak, Michal

    2011-01-01

    Roč. 78, č. 310 (2011), s. 260-282 ISSN 0013-0427 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : inflation * investments * economic development Subject RIV: AH - Economics Impact factor: 1.152, year: 2011

  4. Inflation, investment and growth: a money and banking approach

    Czech Academy of Sciences Publication Activity Database

    Gillman, M.; Kejak, Michal

    -, 2009/11 (2009), s. 1-33. ISBN 978-963-9796-21-8. ISSN 1785-377X Institutional research plan: CEZ:AV0Z70850503 Keywords : inflation * investment * Tobin Subject RIV: AH - Economics http://econ.core.hu/file/download/mtdp/MTDP0911.pdf

  5. A Comparison of Two Types of Bank Investments

    Science.gov (United States)

    Nillsen, Rodney

    2017-01-01

    In this paper, an investment problem is investigated in terms of elementary algebra, recurrence relations, functions, and calculus at high school level. The problem comes down to understanding the behaviour of a function associated with the problem and, in particular, to finding the zero of the function. A wider purpose is not only to formulate…

  6. INVESTMENT DEPOSITS DECISION-MAKING IN BANK: A BEHAVIORAL FINANCE PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Hanopia B.L.

    2018-02-01

    Full Text Available This research was conducted using behavioral finance theories. The objectives of this research was to analyze influencing factors of investment deposits decision-making for the depositor, and to analyze the most dominant factor of investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. The instrument of this research was questionnaire with the total sample of 90 respondents who were the deposit customers. The research results show that deposits’ interest, gain and cost, feelings of disappointment and satisfaction, worries, reluctances, good companies, budget allocation, self-control, net interest income, belief in net interest income, overestimate and underestimate are factors influencing investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. Dominant factors determining investment deposits decision-making are deposits cost, interest and feelings of satisfaction, budget allocation, overestimate and self-control. Those factors are included in the factor group of deposits cost.

  7. Financial Investments in Romania. A Comparative Analysis between Open-end Mutual Funds and Bank Deposits

    Directory of Open Access Journals (Sweden)

    Pop Izabela Luiza

    2017-01-01

    Full Text Available Despite the failures that investment funds have registered in Romania by the year 2000, they are a financial instrument chosen by more and more people to capitalize on their savings. Therefore, open-end investment funds have had a steady growth trend in Romania over the past 10 years; their net asset value increased by 24 times and the number of investors tripled. In this context, the purpose of our paper is to present possible factors that have caused this increase. Particularly, the empirical research focuses on studying the links that might exist between open-end investment funds, bank deposits and interest rates on bank deposits. The correlations between these variables were analysed by computing the Pearson's correlation coefficient. The results highlight a high negative relationship that exist between net asset value of investment funds and bank interest. Nevertheless, it has been found that bank deposits are related neither to the interest rate nor to the open-end investment funds.

  8. INVESTMENT DEPOSITS DECISION-MAKING IN BANK: A BEHAVIORAL FINANCE PERSPECTIVE

    OpenAIRE

    Hanopia B.L.; Surasni N.K.; Hidayati S.A.

    2018-01-01

    This research was conducted using behavioral finance theories. The objectives of this research was to analyze influencing factors of investment deposits decision-making for the depositor, and to analyze the most dominant factor of investment deposits decision-making in Bank NTB of Pejanggik Principle Branches. The instrument of this research was questionnaire with the total sample of 90 respondents who were the deposit customers. The research results show that deposits’ interest, gain and cos...

  9. When good investments go bad: the contraction in community bank lending after the 2008 GSE takeover

    OpenAIRE

    Tara Rice; Jonathan D. Rose

    2012-01-01

    In September 2008, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were placed into conservatorship and dividend payments on common and preferred shares were suspended. As a result, share prices fell to nearly zero and many banks across the country lost the value of their investments in the preferred shares. We estimate more than 600 depository institutions in the United States were exposed to at least $8 billion in investment losses from these securities. In addition, ...

  10. THE EUROPEAN BANKING UNION AND ROMANIA. THE IMPACT OF THE NEW EUROPEANLEGAL FRAME ON THE ROMANIAN FINANCIAL AND BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Dan-Adrian Cărămidariu

    2014-11-01

    Full Text Available The paper studies from a legal and economical perspective the European Banking Union, the latest set of measures adopted by the European Union in order to assure the stability of Europe’s financial and banking system and to prevent future crises. At the same time, the paper analyzes the influence this new institutional and legal mechanism could have on the Romanian financial and banking system, if our country is to take part in the European Banking Union. The paper will discuss the four European legal texts, namely the EU Regulation No 575/2013 and the three directives concerning the capital requirements for the banking system, the recovery and resolution of credit institutions and the deposit guarantee schemes, which, together, set up the European Banking Union’s legal frame. Further, the paper will study the implementation and the transposition of these European provisions into national law. The study’s conclusions will take into consideration the advantages and disadvantages connected to Romania’s participation to the European Banking Union, by showing that, in the context of the introduction of the single currency, the participation to the Banking Union is a necessary exercise.

  11. THE EUROPEAN BANKING SYSTEM. TRACK RECORD AND ACHIEVEMENT

    Directory of Open Access Journals (Sweden)

    ADELA IONESCU

    2014-11-01

    Full Text Available The banking system of Europe has experienced two decades of turbulence. Through the 1990’s a wave of mergers, liquidations and bankruptcies has swept the sector. This wave was at its peak the last years of the 1990’s and the 2000-2004 period. Since then the number of exits from the sector has been relatively stable. It is notable that the cooperative banks suffered more than the commercials. This fact can be attributed to their smaller size, ownership structure, management efficiency etc.During the last decade a great number of events have forced the banking system in Europe to transform, to adapt to a new financial, economic, political and social environment. Two financial crisis (2001-2002 and 2008-2009, two voluntary attempts to regulate the financial system (Basel II and III, the introduction of the Euro and the establishment of the European Central Bank, several regulation attempts to create an isomorphic legal environment, financial scandals of 2001-2002, 2008 and the globalization of the financial sector are some of the events that created a new environment for the financial sector.

  12. The role of the European Bank in the energy sector

    International Nuclear Information System (INIS)

    Coleman, John

    1994-01-01

    The European Bank for Reconstruction and Development was established in 1991 and is owned by the western industrialized countries, including Canada, and the former communist countries of Europe and Central Asia. Its purpose is to assist the latter to make the transition from command to market economies in a democratic framework. In the energy sector, most of the EBRD's lending has been in the oil and gas sector in Russia, but it is open for business in other sectors and in all countries of operation. Unlike other development banks, the EBRD is prepared to finance nuclear power projects. The bank is also prepared to finance conventional power plants where these would permit the closure of obsolete or unsafe nuclear plants. In the oil and gas sector, most of the EBRD's lending has related to private sector, joint venture projects aimed at oil field rehabilitation and development. The private sector ventures supported by the Bank normally involve joint stock companies owned 50 per cent by western partners and 50 per cent by Russian state oil companies, which are being privatized or are operating according to private sector principles. (author)

  13. 17 CFR 240.17i-4 - Internal risk management control system requirements for supervised investment bank holding...

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Internal risk management... Supervised Investment Bank Holding Company Rules § 240.17i-4 Internal risk management control system...) As part of its internal risk management control system, a supervised investment bank holding company...

  14. 12 CFR 225.143 - Policy statement on nonvoting equity investments by bank holding companies.

    Science.gov (United States)

    2010-01-01

    ... CONTROL (REGULATION Y) Regulations Financial Holding Companies Interpretations § 225.143 Policy statement on nonvoting equity investments by bank holding companies. (a) Introduction. (1) In recent months, a... company has the power, directly or indirectly, to exercise a controlling influence over the management or...

  15. Loyalty, Investment Model and New Media - A Correlation Study in Banking Services in Montenegro

    Directory of Open Access Journals (Sweden)

    Femić-Radosavović Bojana

    2017-01-01

    Full Text Available In this paper we perceived causal relationship between loyalty, satisfaction, quality of the alternatives, investment size, and new media through online word of mouth in banking services in Montenegro. Obtained empirical results substantiated validity of the set hypothetical frame, i.e. meaningfulness of the conceptual model that is set.

  16. Measurement of cost efficiency in the European banking industry

    Directory of Open Access Journals (Sweden)

    Branka Tuškan

    2016-04-01

    Full Text Available In this paper we analysed and compared efficiency results in the banking industry using two different approaches: financial indicators and the Data Envelopment Analysis (DEA methodology. In the indicator-based approach, we used chosen accounting ratios (Return on Assets - ROA, Return on Equity – ROE and Cost to Income Ratio - CIR and the descriptive statistics methodology to conduct analysis. In the case of DEA, a nonparametric linear programming methodology approach, expenses as input data and income as output data are used for measuring efficiency using the CCR DEA model, BCC DEA model and window analysis DEA technique. The objective of this research is ascertain whether a correlation exists between the results of the different ways of measuring efficiency. In that sense, the main purpose of this research is to draw a more precise conclusion about the efficiency of the banking industry, as tested for the period 2008–2012 on a sample of 28 European banking systems. The main difference in the obtained results is a lag of values of average accounting ratios in comparison to the results of the DEA methodology. Such a finding suggests that the DEA methodology can be useful in detecting early signs of inadequate business strategies, which can lead to the slowdown of business activity or poorer efficiency results. This can be especially important in times of an unstable financial or macroeconomic environment, as it can assist in detecting early signs of a crisis. In general, the results of both approaches suggest that banking systems in post-transition countries have a higher cost efficiency. Such systems continue to be dominantly financed through long-term deposits and are also exposed to a specific risk. They do business in a specific competitive, financial and macroeconomic environment that significantly influences the prices of financial services (i.e. higher margins, and as a consequence, leads to potentially higher banking sector earnings.

  17. Sovereign Credit Risk, Liquidity, and European Central Bank Intervention

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    2016-01-01

    We examine the dynamic relation between credit risk and liquidity in the Italian sovereign bond market during the eurozone crisis and the subsequent European Central Bank (ECB) interventions. Credit risk drives the liquidity of the market. A 10% change in the credit default swap (CDS) spread leads...... to a 13% change in the bid-ask spread, the relation being stronger when the CDS spread exceeds 500 basis points. The Long-Term Refinancing Operations of the ECB weakened the sensitivity of market makers’ liquidity provision to credit risk, highlighting the importance of funding liquidity measures...

  18. Green financing - Are European banks and insurers contributing?

    International Nuclear Information System (INIS)

    Kamelgarn, Yona; Blanc, Dominique

    2015-02-01

    The analysis of the public communication of the 32 largest banking and insurance groups led to the following observations. Awareness of the role of the financial sector in the transition to a low-carbon economy has grown since 2012, and companies are increasingly conducting environmental risk analysis. But these practices are more akin to risk management policies - initiated to limit exposure to the most controversial projects - than to real reallocation strategies contributing to the transition to a low-carbon economy. Information on green financing is developing but focuses more on image than on business activities. The companies in the sample are communicating more on their green financing, and in particular on their contribution to renewable energy projects. But the indicators are very heterogeneous, are not monitored over time and cannot be compared between companies. Generally speaking, banks and insurers have not committed to increase their allocations to green financing and fail to discuss the financing of fossil fuels. Information on environmental and social risk management policies is becoming more structured. Process consists in introducing sector-based policies, setting forth minimum standards below which companies do not invest, notably in the energy sector, as well as developing environmental and social (ES) risk analysis tools for transactions. Analyses theoretically encompass the environmental impact of financed activities, but little information exists on the type of criteria used. These practices, developed initially for project finance, have since been extended to other banking activities and, more recently, to insurance activities. Reporting on the environmental impact of financed products remains rudimentary. Over three-quarters of the companies in the sample acknowledge the environmental responsibility stemming from their business activities, but measures continue to focus on the impact of premises and business travel. While almost all the

  19. Multilateral development banks and socially responsible investments--the case of tobacco.

    Science.gov (United States)

    Lal, Pranay

    2012-12-01

    Globally, tobacco kills more people than HIV-related conditions or AIDS, tuberculosis and malaria combined. In 1991, The World Bank, the world's largest lender, pledged that it would no longer support tobacco-related projects. It was expected that other financial investors would follow, but most did not respond to this call. As a result, several financial institutions continue to invest in tobacco and fuel an epidemic to an unprecedented scale. Using tobacco as a case in point, this review highlights the continuing investments among financial institutions which do not conform to 'socially responsible investments' and calls for monitoring and reporting such unethical practices. The paper also underscores the need to harmonise the numerous criteria, principles and voluntary codes that govern socially responsible investing and ensure that financial institutions comply with them.

  20. SPECIFIC ASPECTS OF THE PROCESS OF BANKING CONCENTRATION AND CONSOLIDATION IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2015-04-01

    Full Text Available In this paper I proposed to anaylze the main aspect that characterized the process of bank concentration and consolidation in the European union, knowing their evolutions and particularities on the European and world bank sector and the effects that they have on the banks and the economy altogether. I presented the evolution of the number of banks, evolution that reflects the degree of consolidation of the bank system. Based on the financial crisis begun in 2008 the number of credit institutions decreased continuously as a consequence of the processes of bank mergers and acquisitions generated by the uncertainties of the economic perspectives. Also I analyzed the evolution of the degree of bank concentration in the European countries, process that underlines the degree of domination of the banking market accomplished by some great banks. We consider essential the knowing of this process because the increase of the bank concentration leads to the creating of some bank entities with very large dimensions, that in the periods of crisis can generate macro economic imbalances by involving the state in their subventioning. The research is based mainly on compiled statistic data offered by the European Central Bank (BCE, data that are published annualy and that were processed to be able to offer an overview on the most important modifications that took place in the European union and in its representative countries.

  1. Non-Formal Education in International Comparison: Patterns of Participation and Investment in Selected European Countries

    Science.gov (United States)

    Kaufmann, Katrin

    2015-01-01

    This investigation focuses on participation and related investment patterns in job related non-formal education (NFE) in selected European countries. Broadening previous research formats of NFE are distinguished by investment including financial and time investments by employers, employees and public authorities. By this, company-sponsored and…

  2. Selection of the Bank Investment Strategy on the Basis of the Hierarchy Analysis Method

    Directory of Open Access Journals (Sweden)

    Zhytar Maksym O.

    2014-02-01

    Full Text Available The goal of the article lies in identification of a methodical approach to selection of the investment strategy of banks on the basis of factors of its formation with the use of the hierarchy analysis method. Factors of formation of the bank’s investment strategy were identified in the result of the study. The article demonstrates that selection of the investment strategy of the bank could be efficiently realised on the basis of the hierarchy analysis method, which is the most popular under conditions of a multi-criteria assessment of the search for optimal solution of the set task. The article offers a hierarchical structure of decision making, which could be a basis of selection of the bank’s investment strategy with consideration of the institutional flexibility. The prospect of further study in this direction is development of an optimisation model of the bank’s investment portfolio with consideration of not only institutional, but also market flexibility of decision making.

  3. BUILDING A BANKING UNION IN THE EUROPEAN UNION – A SOLUTION TO THE FINANCIAL CRISIS?

    Directory of Open Access Journals (Sweden)

    Monica (ŞAGUNA FIGHIROAE

    2015-07-01

    Full Text Available The financial crisis of 2008 highlighted the need for a deeper integration of the banking system, as a warranty to support long-term financial stability. It was argued that the grounds of the crisis lie also in an uncoordinated national response to the failure of banks, in a fragmentation of the Single Market in lending and funding and, therefore, a better regulation and supervision of the financial sector can ensure financial stability and growth in the European Union. In order to restore the proper functioning of the internal market and to avoid future crisis, the European Commission launched a set of initiatives, in order to assure a safer and sounder financial sector for the single market; are included here: stronger prudential requirements for banks, improved depositor protection and rules for managing failing banks and a single rulebook for all the 28 Member States of the European Union. The single rule book is the step towards the Banking Union sits. The banking union consists of three pillars: a Single Supervisory Mechanism, a Single Resolution Mechanism and a joint deposit-insurance scheme. As on 4 November 2014 the European Central Bank assumed responsibility for euro area banking supervision, the Banking Union is still under construction. In this framework, the purpose of my paper is to analyse the process of building a Banking Union in Europe. Therefore, the objectives of my paper are to explore the steps to fulfilling a real integration of the European banking system, as a solution to the financial crisis.

  4. Does the European financial stability bail out sovereigns or banks : An event study

    NARCIS (Netherlands)

    Horváth, Bálint; Huizinga, Harry

    2015-01-01

    On May 9, 2010 euro zone countries announced the creation of the European Financial Stability Facility. This paper investigates the impact of this announcement on bank share prices, bank credit default swap (CDS) spreads, and sovereign CDS spreads. The main private beneficiaries were bank creditors.

  5. Profitability of Western European banking systems: panel evidence on structural and cyclical determinants

    OpenAIRE

    Beckmann, Rainer

    2007-01-01

    This paper analyses structural and cyclical determinants of banking profitability in 16 Western European countries. We find that financial structure matters, particularly through the beneficial effect of the capital market orientation in the respective national financial system. Furthermore, higher diversification regarding banks' income sources shows a positive effect. The industry concentration of national banking systems, though, does not significantly affect aggregate profitability. Busin...

  6. Compliance Function in Banks, Investment and Insurance Companies after MiFID

    OpenAIRE

    Musile Tanzi, Paola; Gabbi, Giampaolo; Previati, Daniele; Schwizer, Paola

    2010-01-01

    The risk of compliance comes from the failure to comply with laws, regulations, rules, self-regulatory standards, and codes of conduct. This article focuses on the evolving scenario of the compliance function within banks, investment and insurance companies operating in Italy. We developed four areas of research questions: (i) Does the positioning of the compliance function in the organizational structure start “at the top”? (ii) Are roles attributed to the compliance ...

  7. The foreign exchange market interventions of the European Central Bank

    Directory of Open Access Journals (Sweden)

    M. Frenkel

    2001-09-01

    Full Text Available We analyze the effectiveness of the foreign exchange market interventionsconducted by the European Central Bank (ECB in the fall of 2000 to support the external stability of the euro. To this end, we discuss different channels through whichinterventions may influence exchange rate dynamics. We use the insights provided by the theoretical and empirical literature to evaluate the effectiveness of theintervention policy of the ECB. In addition, we present an empirical analysis in which we use intra-daily exchange rate data to examine in detail the effects of theinterventions. We find that the interventions only had a rather short-term impact on the exchange rate path and had no effects beyond the short term. Therefore, our results suggest that the intervention policy of the ECB was not effective.

  8. The Provision of Services, Interest Margins and Loan Pricing in European Banking

    OpenAIRE

    Lepetit , Laetitia; Nys , Emmanuelle; Rous , Philippe; Tarazi , Amine

    2006-01-01

    This paper assesses the implications on bank interest margins of the expansion into non- traditional fee-based activities in European banking. We use a sample of 602 European commercial and cooperative banks from 1996 to 2002 and consider the total income shares of trading income and commission and fee income as measures of product diversification to explore loan pricing. Our results show that a higher income share from commission and fee activities is associated with lower margins and lower ...

  9. Concentration in corporate bank loans. What do we learn from European comparisons?

    OpenAIRE

    Christophe J. Godlewski; Ydriss Ziane

    2009-01-01

    The aim of this paper is to empirically investigate the determinants of creditor concentration in the use of bank loans by firms in a European cross-country framework. We analyze the influence of loan and borrower characteristics but also banking market structure and legal enforcement country-specific variables that are expected to influence the financial and strategic decision relative to the number of bank lenders. We find that firms tend to diversify sources of financing by reducing bank c...

  10. A New Perspective of Investment Modelling at the European Union Level

    Directory of Open Access Journals (Sweden)

    Alin OPREANA

    2015-08-01

    Full Text Available The study that represents the subject of this paper follows the analysis of the investment function and the influencing factors at the European Union level. The research has, as a starting point, the hypothesis that there is a negative relationship between the European Union investments and tax rates. For verifying this hypothesis, the structural equation modeling is used (SEM, and the same technique is applied in the second part of the research, which will track the development of the investments’ model at the European Union level. The results will highlight the relationships that are established between specific variables that characterize the volume of investments.

  11. Adaptation funding and the World Bank investment framework initiative. Background Report prepared for the Gleneagles Dialogue Government Working Groups

    International Nuclear Information System (INIS)

    Mueller, B.

    2006-06-01

    The recent World Bank Report on 'Clean Energy and Development: Towards an Investment Framework' estimates that 'climateproofing' investments in developing countries - excluding additional investment needed to reduce the exposure to current climate risks and unavoided climate related damages - would cost between $9 and $41 billions annually. This raises two key questions that the government working groups in Mexico might wish to consider: The first question is How are the costs of climate-proofing investments in particular, and adaptation in general to be covered and managed? Depending on the types of costs related to adaptation and impacts, different forms of disbursement will have to be used to achieve the desired results. A number of financial tools are already in place or are being introduced which could be used for this purpose. Apart from the traditional instruments used in climate change funding to-date - such as the hitherto sole operating entity of the financial mechanism of the UNFCCC, i.e. the GEF - there are the following: The World Bank concept of an Investment Framework - this is probably most suited to deal with the transfer of adaptation technologies; Climate impact risks could be addressed through insurance-related instruments - these might be strictly climate related, or more general, such as the proposed European Commission / World Bank Global Index Insurance Framework; The funding of relief efforts connected with climate/weather related disasters is probably best dealt with through the proposed reform of existing disaster relief fund, administered by the UN Office for the Coordination of Humanitarian Affairs (OCHA); and Economic shocks due to whether related disasters could be dealt with through the Exogenous Shock Facility of the IMF. The instruments for disbursement of adaptation funding thus need not deal solely with climate change aspects, nor is necessary that they should be governed exclusively by the UNFCCC (COP) or the Kyoto Protocol (COP

  12. Foreign direct investment vs domestic investment across the European Union. Case study: Romania

    Directory of Open Access Journals (Sweden)

    Romeo Victor IONESCU

    2015-11-01

    Full Text Available The paper deals with the idea that investment process is important not only for the economic growth, but for the global integration. There is a powerful connection between FDI and domestic investments. As a result, the analysis is focused on FDI flows in EU28 and Euro area. The comparative analysis is followed by regression, in order to point out the disparities between Member States and their trend. The average value of inward and outward FDI flows is analysed using FDI intensity. A distinct part of the paper is focused on domestic investment process and analyses total investment, investment in construction and investment in equipment. The analysis is supported by the latest official statistical data, pertinent diagrams and tables. The main conclusion of the paper is that the economic crisis in Europe led to a decrease in FDI and domestic investment flows.

  13. Implications of the Transatlantic Trade and Investment Partnership (TTIP for Investment Flows Between the European Union and the USA

    Directory of Open Access Journals (Sweden)

    Witkowska Janina

    2017-09-01

    Full Text Available The Transatlantic Trade and Investment Partnership (TTIP is a controversial subject, but at the same time it is perceived to be the most comprehensive international agreement on free trade and investment protection. Among the topics that evoke criticism on the part of different social groups is the investor‑state dispute‑settlement (ISDS, as well as its legal consequences for the EU Member states. A less discussed issue is the potential implications of the agreement on the state of economic co‑operation between the European Union and the USA in the field of investment flows, with special reference to foreign direct investment (FDI. The aim of this paper is to present the discussion related to the ISDS and examine some of the economic, political and legal implications of TTIP provisions for FDI flows between the EU and the USA. The proposals of the European Commission to change the investment protection system might be treated as an attempt to make the system of arbitrage more transparent and convincing to societies, and safer for states. The effects of the TTIP agreement for FDI between both partners might be dependent on the scale of trade creation and diversion effects, and the mirror effects of investment creation and diversion under a free trade area.

  14. East-West European farm investment behaviour - The role of financial constraints and public support

    International Nuclear Information System (INIS)

    Fertő, I.; Bakucs, Z.; Bojnec, S.; Latruffe, L.

    2017-01-01

    The article investigated farm investment behaviour among East (Hungarian and Slovenian) and West (French) European Union farms using individual farm accountancy panel data for the 2003-2008 period. Despite differences in farm structures, except for the presence of capital market imperfections evidenced in the East, farms’ investment behaviour was not substantially different. Farm gross investment was positively associated with real sales’ growth. In addition, it was positively associated with public investment subsidies which can mitigate capital market imperfections in the short-term. On the long run, the farm’s ability to successfully compete in the output market by selling produce and securing a sufficient cash flow for investment is crucial.

  15. East-West European farm investment behaviour - The role of financial constraints and public support

    Energy Technology Data Exchange (ETDEWEB)

    Fertő, I.; Bakucs, Z.; Bojnec, S.; Latruffe, L.

    2017-09-01

    The article investigated farm investment behaviour among East (Hungarian and Slovenian) and West (French) European Union farms using individual farm accountancy panel data for the 2003-2008 period. Despite differences in farm structures, except for the presence of capital market imperfections evidenced in the East, farms’ investment behaviour was not substantially different. Farm gross investment was positively associated with real sales’ growth. In addition, it was positively associated with public investment subsidies which can mitigate capital market imperfections in the short-term. On the long run, the farm’s ability to successfully compete in the output market by selling produce and securing a sufficient cash flow for investment is crucial.

  16. IMPLICATIONS OF BANKING SUPERVISION ACROSS THE EUROPEAN MONETARY UNION, A SOVEREIGN DEBT CRISIS UPDATE

    Directory of Open Access Journals (Sweden)

    Simona Elena IAGAR

    2015-09-01

    Full Text Available The current paper analyses the latest measures taken by the main European governing bodies with regard to the banking supervision across the European Monetary Union (EMU following the ‘sovereign debt crisis’ phenomenon and its continuing effects throughout the Euro zone for the last five years. Officially preaching financial integration in order to ensure stability of the European banking system, most often the European governing bodies amplify the exact phenomena they expect to reduce doing more harm to both creditors and depositors and ultimately leading to a more fragile business banking environment. The importance of banks is acknowledged at European institutional level as main channel through which the monetary policy is triggered across EMU, therefore active measures have been taken in this regard. Questioning the extent to which these measures are legitimate and meet the purposes that they claim, constitutes the aim of the present paper. Another close linked purpose is a better understanding of what stability means, why it is important and what makes stability occur in a banking system. Having understood and set the theoretical grounds, it therefore follows easily to analyse through this glance the latest actions pursued by the European financial governing bodies focusing on the ones addressing supervision of the banking sector within EMU. The paper concludes and provides a set of recommendations by reminding the nature and role of banks for the real economy, the same objective the European financial governing bodies’ target, but which they consistently fail to meet.

  17. INVESTMENT FOR ENVIRONMENTAL PROTECTION IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    POPEANGĂ VASILE

    2014-08-01

    Full Text Available Investment decision can be regarded as one of the most important decisions taken by the management company. By the correct foundation of investment decisions depend the market position of the company, increasing its market share and gain a competitive advantage over competitors. Investments for environmental protection brings together all available money-makers, private and mixed distribute to finance activities and actions aimed at the prevention, reduction and elimination of pollution and other forms of environmental degradation resulting from production processes or consumption of goods and services.

  18. Bank/sovereign Risk Spillovers in the European Debt Crisis

    NARCIS (Netherlands)

    De Bruyckere, V.; Gerhardt, M.; Schepens, G.

    2012-01-01

    Abstract: This paper investigates contagion between bank risk and sovereign risk in Europe over the period 2006-2011. Since this period covers various stages of the banking and sovereign crisis, it offers a fertile ground to analyze bank/sovereign risk spillovers. We define contagion as excess

  19. An Optimal Investment Strategy and Multiperiod Deposit Insurance Pricing Model for Commercial Banks

    Directory of Open Access Journals (Sweden)

    Grant E. Muller

    2018-01-01

    Full Text Available We employ the method of stochastic optimal control to derive the optimal investment strategy for maximizing an expected exponential utility of a commercial bank’s capital at some future date T>0. In addition, we derive a multiperiod deposit insurance (DI pricing model that incorporates the explicit solution of the optimal control problem and an asset value reset rule comparable to the typical practice of insolvency resolution by insuring agencies. By way of numerical simulations, we study the effects of changes in the DI coverage horizon, the risk associated with the asset portfolio of the bank, and the bank’s initial leverage level (deposit-to-asset ratio on the DI premium while the optimal investment strategy is followed.

  20. THE NEED OF DEVELOPING THE INVESTMENT OF WINE-MAKING IN THE REPUBLIC OF MOLDOVA IN ORDER TO ENTER THE EUROPEAN MARKET

    Directory of Open Access Journals (Sweden)

    Angela ŞESTACOVSCAIA

    2013-01-01

    Full Text Available Wine-making in the Republic of Moldova is an industrial sector with high growth potential. But in recent years the sector has undergone drastic changes. In order to harness the potential of the wine-making we need to invest in improving the quality of wine products, to develop new products, to enter new markets. In order to achieve these objectives in the country it is developed the restructuring program of the wine sector with financial support of the European Investment Bank.

  1. The importance and role of the Central Bank in the creation of a healthy monetary and investment policy

    Directory of Open Access Journals (Sweden)

    Šmigić-Miladinović Jasmina

    2016-01-01

    Full Text Available The paper's starting point is finding an answer to the question: What kind of monetary policy should be followed by the Central bank in new market circumstances? As a major monetary institution, the Central bank should provide credibility for its monetary policy, which is particularly important during a macroeconomic stabilisation. In order to choose the most appropriate monetary policy, its creators should be familiar with the monetary policy's effects on economic activities, first of all on investment activities and the period in which they may occur. The Central bank uses its special status and authorisations to control monetary trends, to keep and handle foreign exchange reserves, to keep banks' required reserves, to manage the country's debt, to be the final creditor of the banking system, to take care of the banking system's liquidity. That is why the Central bank has become important for the functioning of the whole financial market, and especially the monetary market. The Central bank has both direct and indirect influence on the most important events on financial markets, financial system, as well as a wider influence - on a country's whole economy. In order to envisage the financial market's impact on monetary and investment policies, one should begin with the Central bank's role on the financial market, and at the same time analyse the financial market's instruments and institutions.

  2. From supervision to resolution: next steps on the road to European banking union

    OpenAIRE

    Nicolas Véron; Guntram B. Wolff

    2013-01-01

    Listen to the press conference call. The European Council has outlined the creation of a Single Resolution Mechanism (SRM), complementing the Single Supervisory Mechanism. The thinking on the SRM’s legal basis, design and mission is still preliminary and depends on other major initiatives, including the European Stability Mechanism’s involvement in bank recapitalisations and the Bank Recovery and Resolution (BRR) Directive. The SRM should also not be seen as the final step creating Europe’s f...

  3. How does fair value measurement under IAS 39 affect disclosure choices of European banks?

    OpenAIRE

    Bischof, Jannis; Wüstemann, Jens

    2007-01-01

    There is a considerable degree of heterogeneity in the way how European banks present their financial instruments in IFRS financial statements. In a sample of 109 European banks, we identify three major presentation formats that are currently applied: a presentation by measurement category, by product, and by purpose. We find the use of the measurement categories, which were originally designed by IAS 39 for measurement purposes, as line items to be the prevalent choice across countries. We a...

  4. Legal analysis of systemic investment protection regulation in the European Union’s financial sector

    Directory of Open Access Journals (Sweden)

    Bocs L.

    2018-01-01

    Full Text Available After the Treaty of Lisbon the European Union has an exclusive and uniform competence regarding investment agreements within its common commercial policy. Yet the political events in 2016 showed that there are still many regional differences politically and economically, especially after the so-called Brexit and negotiations with the United States of America in relation to transatlantic trade and investment. Therefore, the aim of the research is to determine the legal framework and related problems for unified investment protection within the European Union. Using descriptive, logical and deductive methodology the paper establishes a juristic base consensus for trade and investment policies, concludes that so far those policies have been systemically neglected due to regional differences in economic development and accordingly suggests to unify and protect the common investment policies by using already existing regional judicial mechanisms of member states within a unified code of conduct.

  5. Actual versus Perceived Central Bank Transparency : The Case of the European Central Bank

    NARCIS (Netherlands)

    van der Cruijsen, C.A.B.; Eijffinger, S.C.W.

    2007-01-01

    Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency lit- erature the distinction between actual and perceived central bank trans- parency is often lacking. However, as perceptions are crucial for the ac- tions of economic

  6. Revealed Competition for Greenfield Investments between European Regions

    NARCIS (Netherlands)

    M.J. Burger (Martijn); G.A. van der Knaap (Bert); R.S. Wall (Ronald)

    2012-01-01

    textabstractIn the modern economy, cities are assumed to be in fierce competition over attracting foreign investments in leading sectors of the world economy. Despite the rich theoretical discourse on these 'wars', it remains unclear which territories are competing with each other over which types

  7. Main determinants of efficiency and implications on banking concentration in the European Union

    Directory of Open Access Journals (Sweden)

    Rafael Bautista Mesa

    2014-01-01

    Full Text Available This study aims to measure the main determinants influencing bank efficiency. We suggest that the bank efficiency ratio, obtained from the income statement, is positively related to the size of a bank in terms of total assets. However, we believe that such a relationship cannot be maintained for banks over a certain size. By the use of the regression analysis method, we analyze the link between bank efficiency and bank size, using a sample of 3952 banks in the European Union. Our results show that the efficiency ratio stops improving for banks with total assets over $25 billion. Previous literature, using different analysis techniques, does not reach an agreement on this point. Furthermore, our study identifies further variables which negatively affect the efficiency of banks, such as competition and lending diversification, or affect them positively, such as the wholesale funding ratio and income diversification. Our findings imply the need for different bank policies depending on total assets, in order to limit the size and activities of banks.

  8. Does business regulation matter for banks in the European Union?

    OpenAIRE

    Kalyvas, Nikolaos Antonios; Mamatzakis, Emmanuel

    2014-01-01

    This paper provides a comprehensive analysis of the impact of business and financial specific regulations on banks in the EU-27 over the 2004–2010 period. We employ a dataset of a wide range of business regulation indices from the “Doing Business” project of the World Bank. Results for the credit regulation indices show that the strength of creditor rights is negatively related to bank performance as measured by cost efficiency, although this effect subdues during the recent crisis period (20...

  9. THE BANKING UNION – THE SOLUTION TO REDUCE THE EUROPEAN BANKING SYSTEM RISKS?

    Directory of Open Access Journals (Sweden)

    ALINA LIGIA DUMITRESCU

    2014-11-01

    Full Text Available The banking union has been seen as "a panacea" for solving the system risks of the EU banking system. This paper objectives are to find out if is the banking union, with is strong and week sides, will be right answer to solve the actual issues that EU banking system has as: the fragmentation in the EU single market, the deterioration in asset quality, the need for recapitalization and the quality of banks’ loan portfolios. According with most of the experts the banking union will strength the process of economic integration. On the other side, the non-euro area member states are questioning about "equal rights and obligations for all Member States" inside the banking union. But, with all pros and cons of the banking union, the ECB's making decisions and tasks can be questioned, although its role of supervisor can not be disputed. The most important thing is that the banking union breaks the vicious circle between banks and sovereign debts, and ends "to big to fail"

  10. Bank guarantee in Serbian and European legal systems

    Directory of Open Access Journals (Sweden)

    Pajtić Bojan L.

    2015-01-01

    Full Text Available The paper analyses a bank guarantee as an institute derived from a surety contract. By issuing a bank guarantee the bank commits to the creditor that it will fulfill valid and due liabilities of a debtor, in the event of default by the debtor. This collateral demonstrates significant advantages as compared to other personal assets, particularly with regards to a higher level of protection to creditors in contractual relations. Due to the aforementioned benefit the institute has been increasingly applied in legal dealings, both in our and other legal systems. In the paper, I will point out normative solutions in terms of regulation of a bank guarantee as a specific legal activity in which there is no accessoriness, which is not the case with security. This research particularly focuses on the comparative legal analysis of this collateral.

  11. The New Intergovernmentalism in Financial Regulation and European Banking Union

    OpenAIRE

    Howarth, David; Quaglia, Lucia

    2015-01-01

    This contribution asks whether a new type of intergovernmentalism has emerged in financial services regulation and Banking Union. Since financial services are a key area of the single market, the chapter concludes by reflecting on whether the governance trends in the financial sector can be generalised to other areas of the single market. It is argued that the single market for financial services, which encompasses financial regulation and the plan for Banking Union, provides an interesting m...

  12. Determinants of Foreign Direct Investment in South East European Countries and New Member States of European Union Countries

    Directory of Open Access Journals (Sweden)

    Bardhyl Dauti

    2015-03-01

    Full Text Available This paper accounts for the main determinants of Foreign Direct Investment flows to 5-SEEC and the 10-New Member States of the EU countries by using an augmented Gravity Model. The study takes into account country specific institutional factors that determine foreign investors’ decisions from 14 core European Union countries to invest into SEE-5 and EU-NMS-10 countries. From the results of the study we find that gravity factors and institutional related determinants like control of corruption, political stability, bilateral FDI agreement, WTO membership and transition progress appear to significantly determine inward FDI flows from core EU countries to host economies of South East European region and new European Union member states.

  13. Basel III Global Liquidity Standards: Critical Discussion and Impact onto the European Banking Sector

    Directory of Open Access Journals (Sweden)

    Veronika Bučková

    2011-09-01

    Full Text Available Together with the Basel III regulatory equity rules, two liquidity ratios have been published. Resulting from the illiquidity of some banks during the financial crisis in 2008, these ratios shall help to prevent further crisis in the European banking sector. But do they really fulfill their aim? This article presents the new liquidity ratios, the actual liquidity situation in banks and describes the consequences for banks at a simplified example. It has to be stated that implementing more detailed liquidity frameworks into the banking supervision process is necessary. The financial crisis in 2008 showed that several banks did not have adequate liquidity risk models and processes to prevent illiquidity. But the LCR and the NSFR seem to be wrong methods. Both ratios will increase. The implementation of both ratios has to be done very carefully in order to prevent this.

  14. Foreign bank entry, bank efficiency and market power in Central and Eastern European Countries

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, T.; Poghosyan, Arsen

    2010-01-01

    Roč. 18, č. 3 (2010), s. 571-598 ISSN 0967-0750 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign bank entry * bank efficiency * market power Subject RIV: AH - Economics Impact factor: 0.536, year: 2010

  15. Actual versus perceived central bank transparency: the case of the European Central Bank

    NARCIS (Netherlands)

    van der Cruijsen, C.; Eijffinger, S.

    2008-01-01

    Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency literature the distinction between actual and perceived transparency is often lacking. However, as perceptions are crucial for the actions of economic agents this

  16. RISK MITIGATION IN THE BANKING SYSTEM IN THE CONTEXT OF INTEGRATION IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Laura – Maria POPESCU

    2013-06-01

    Full Text Available The article aims to highlight the measures adopted in the financial-banking system in the context of the European integration, according to risk analysis perspectives. The first part provides details on the vulnerability sources in terms of banking risks and their approach from various perspectives. Subsequently, based on the identified risks, a series of measures are proposed to limit them within the banking system. In terms of the work hypotheses, they are confirmed, thus increasing the harmonization level of theories throughout the European Union. Research was based on methods such as analysis, synthesis and induction, used to select the opinion of specialists in the field on the studied matter, and deduction, through the cross-section method, thus following the evolution and measures adopted in time. Following the analysis, a need was noticed for the implementation of an efficient banking risk management system, together with drafting additional regulations, so that the banking system is better prepared to handle new challenges generated by the crisis. The term afferent to the accession and integration in the European Union implied a stage requiring a radical change of the Romanian banking system, considering issues such as Romania’s economic development, leading to an increase of the banking mediation process.

  17. CORRUPTION AND FOREIGN DIRECT INVESTMENT. EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN STATES

    Directory of Open Access Journals (Sweden)

    Cristina Mihaela Amarandei

    2013-09-01

    Full Text Available This paper examines the impact of corruption on foreign direct investment inflows for ten Central and Eastern European states. The paper attempts to answer the question: what is the role of corruption in attracting foreign direct investments? Using the data from UNCTAD for foreign direct investment and Corruption Perception Index from Transparency International, for a period of 12 years, 2000-2012, we evaluate the specific impact of corruptions on FDI using GDP as control variable. Our results confirm the majority of literature and show a negative significant relation between the variables analyzed, but at a lower intensity than expected.

  18. Non-Formal Education in International Comparison: Patterns of Participation and Investment in Selected European Countries

    Directory of Open Access Journals (Sweden)

    Katrin Kaufmann

    2015-12-01

    Full Text Available This investigation focuses on participation and related investment patterns in job related non-formal education (NFE in selected European countries. Broadening previous research formats of NFE are distinguished by investment including financial and time investments by employers, employees and public authorities. By this, company-sponsored and individual-financed NFE are distinguished sharply and cases with shared investment between employers and employees (co-financed NFE and between employers, employees and public funding (co-financed pooled NFE are accounted for, additionally. For explaining participation in NFE supply and demand models are referred to. Hypotheses on cross-country differences for investment in NFE refer to the Varieties-of-Capitalism approach and countries are selected representing different varieties of capitalism (Norway, Sweden, Germany, Lithuania, Latvia, Spain, France, UK. Analyses are based on data of the Adult Education Survey (AES 2011/12.

  19. Investment Cost Model in Business Process Intelligence in Banking And Electricity Company

    Directory of Open Access Journals (Sweden)

    Arta Moro Sundjaja

    2016-06-01

    Full Text Available Higher demand from the top management in measuring business process performance causes the incremental implementation of BPM and BI in the enterprise. The problem faced by top managements is how to integrate their data from all system used to support the business and process the data become information that able to support the decision-making processes. Our literature review elaborates several implementations of BPI on companies in Australia and Germany, challenges faced by organizations in developing BPI solution in their organizations and some cost model to calculate the investment of BPI solutions. This paper shows the success in BPI application of banks and assurance companies in German and electricity work in Australia aims to give a vision about the importance of BPI application. Many challenges in BPI application of companies in German and Australia, BPI solution, and data warehouse design development have been discussed to add insight in future BPI development. And the last is an explanation about how to analyze cost associated with BPI solution investment.

  20. Banking reform and the financing of firm investment : An empirical analysis of the Chilean experience, 1983-92

    NARCIS (Netherlands)

    Hermes, N; Lensink, R

    This article investigates whether the Chilean banking reforms of the 1980s have contributed to reducing market imperfections in Chilean financial markets in the late 1980 and early 1990s. To analyse this issue, patterns of investment and its finance for different types of firms are studied, based on

  1. A sliding windows approach to analyse the evolution of bank shares in the European Union

    Science.gov (United States)

    Ferreira, Paulo; Dionísio, Andreia; Guedes, Everaldo Freitas; Zebende, Gilney Figueira

    2018-01-01

    Both sub-prime and Eurozone debt crisis problems caused severe financial crisis, which affected European markets in general, but particularly the banking sector. The continuous devaluation of bank shares in the financial sector caused a great decrease in market capitalization, and in citizen and investor confidence. Panic among investors led them to sell shares, while other agents took the opportunity to buy them. Therefore, the study of bank shares is important, particularly of their efficiency. In this paper, adopting a sliding windows detrended fluctuation approach, we analyse the efficiency concept dynamically with 63 European banks (both in and outside the Eurozone). The main results show that the crisis had an effect on changing the efficiency pattern.

  2. The Asymmetric Implementation of the European Banking Union (EBU: Consequences for Financial Stability

    Directory of Open Access Journals (Sweden)

    Vollmer Uwe

    2016-06-01

    Full Text Available EU Member States outside the Eurozone are hesitating to enter the European Banking Union (EBU and to establish “close cooperation” in bank supervision with the ECB. This paper analyzes the consequences of such asymmetric integration for financial stability in Europe. It argues that the main obstacles against establishing close cooperation are a lack of voting rights and insufficient access to the fiscal backstop provided by the European Stability Mechanism (ESM. The paper presents arguments as to why international cooperation in bank supervision could be welfare improving, if multinational banks are dominant. It also discusses suitable reform options for making it more attractive for EU Member States to begin a close cooperation with the ECB.

  3. European CO2 prices and carbon capture investments

    International Nuclear Information System (INIS)

    Abadie, Luis M.; Chamorro, Jose M.

    2008-01-01

    We assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant operating in a carbon-constrained environment. We consider two sources of risk, namely the price of emission allowance and the price of the electricity output. First we analyse the performance of the EU market for CO 2 emission allowances. Specifically, we focus on the contracts maturing in the Kyoto Protocol's first commitment period (2008 to 2012) and calibrate the underlying parameters of the allowance price process. Then we refer to the Spanish wholesale electricity market and calibrate the parameters of the electricity price process. We use a two-dimensional binomial lattice to derive the optimal investment rule. In particular, we obtain the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the effect of changes in several variables on these critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, immediate installation does not seem justified from a financial point of view. This need not be the case, though, if carbon market parameters change dramatically, carbon capture technology undergoes significant improvements, and/or a specific governmental policy to promote these units is adopted. (author)

  4. On the roles of different foreign currencies in European bank lending

    OpenAIRE

    Krogstrup, Signe; Tille, Cedric

    2015-01-01

    We draw on a new data set on the use of Swiss francs and other currencies by European banks to assess the patterns of foreign currency bank lending. We show that the patterns differ sharply across foreign currencies. The Swiss franc is used predominantly for lending to residents, especially households. It is sensitive to the interest rate differential, exchange rate developments, funding availability, and to some extent international trade. Lending in other currencies is more used in lending ...

  5. The Drivers of Responsible Investment : The Case of European Pension Funds

    NARCIS (Netherlands)

    Sievanen, Riikka; Rita, Hannu; Scholtens, Bert

    We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their

  6. Promoting investments in combined heat and power production in East-European countries

    International Nuclear Information System (INIS)

    Van Oostvoom, F.; Van Harmelen, T.

    1992-01-01

    The study concerns the evaluation of the potential of Combined Heat and Power (CHP) locations, both in industry and district heating with a heat demand of at least 20 GJ/h or ca. 1 MWe capacity. In fact 58 Hungarian locations were analyzed on scope and profitability for investment in CHP, using financial accounting models and criteria such as Internal Rate of Return and Pay-back Period. Due to the already existing favourable infrastructure in East European countries the present expectations in Hungary about the CHP capacity to be developed in the future are very optimistic (1300 up till 2000 MWe in the year 2000). Clearly there exist an overoptimism concerning the possibilities of increasing the energy efficiency in former East-European countries by investment in cogeneration. A more financially and economic attractive way for efficiency improvements is promoting energy saving in these countries and thus avoiding investments in supply technologies. 6 refs

  7. Cooperation Agreement between the European Central Bank and Europol for Combating Euro Counterfeiting. Some Critical Opinions

    Directory of Open Access Journals (Sweden)

    Bogdan Birzu

    2016-08-01

    Full Text Available Within this paper there has been examined the Agreement between the European Police Office (Europol and the European Central Bank (ECB for preventing and combating euro counterfeiting, focusing on certain provisions which take into account the aim and the exchange of information between the two European institutions. The novelty of this paper relates to the achieved examination, where it is highlighted the importance of European legal instrument and the critical opinions and proposals for improving the agreement. The paper can be useful to academics and practitioners who conduct their activity within this area.

  8. Deregulation of the European Banking Industry (1980-1991)

    OpenAIRE

    Gual, Jordi; Neven, Damien J

    1992-01-01

    In this paper the experience of deregulation in the banking sector of seven EC countries (Belgium, France, Germany, Italy, the Netherlands, Spain and the UK) is analysed. Lessons are drawn for assessment of how the EC directives affecting this sector could further affect the industry. Our findings broadly confirm intuition: there is some evidence that firms in protected markets earn large rents, which are partly dissipated in excessive costs and captured by workers. Conduct deregulation seems...

  9. The Single Supervisory Mechanism: the Building Pillar of the European Banking Union

    Directory of Open Access Journals (Sweden)

    Luigi Chiarella

    2016-07-01

    Full Text Available One of the lessons learned from the 2008 financial crisis is that when a bank in Europe goes into trouble the ensuing effects can reach far beyond the immediate threat to its depositors and shareholders. In particular, the crisis has revealed the extent to which irresponsible behavior in the banking sector could undermine the foundations of the financial system and threaten the real economy, turning a banking crisis into a sovereign debt crisis as occurred in the eurozone in 2011. In response to this lesson, Member States first tried to address the systemic fragility of their banking systems through national policy tools, but countries that share a common currency and are more interdependent required more integrated responses. Therefore, at the euro area summit in June 2012, the European Council agreed to break the vicious circle between banks and sovereign debt and decided to create a banking union that would allow a centralized supervision for banks in the euro area through a newly established Single Supervisory Mechanism (SSM and a centralized resolution scheme. The SSM became operational in November 2014 and represents the building pillar of the banking union. The purpose of this paper is then to provide, after a brief description of the background (Par. 1, an analysis of the Single Supervisory Mechanism, illustrating its functioning (Par. 2, then focusing on the position and the powers of the ECB within it (Par. 3 and finally pointing out some remarks on the potential weaknesses of the new regime (Par. 4.

  10. Foreign direct investment in the western Balkans: Privatization, institutional change, and banking sector dominance

    Directory of Open Access Journals (Sweden)

    Botrić Valerija

    2010-01-01

    Full Text Available The paper provides analysis of foreign direct investment (FDI dynamics and its determinants for the group of countries lately referred to as Western Balkans (non- EU ex-Yugoslavia countries plus Albania. Due to vulnerable external positions and enhanced funding requirements related to the EU accession and catching-up, FDI is often highly welcomed by government officials in the South East European (SEE countries. The notion that FDI is frequently accompanied by knowledge and know-how transfer makes this source of capital growth even more desirable than simple capital accumulation from frequently inadequate domestic savings. The analysis of the FDI determinants on the overall economy level conducted within the panel data framework aims to provide the answer whether the same factors as in Central and Eastern European countries, now new EU member states, are relevant for the sampled countries. Due to data limitations and the frequent emergence of new countries in the region, the analysis does not extend to the early transition period. Since it entails the beginning of the financial crisis, the comparison of the results obtained with those of previous studies will enable the discussion of internal versus external factors of FDI attraction in the region.

  11. The establishment of a network of European human research tissue banks.

    Science.gov (United States)

    Orr, Samantha; Alexandre, Eliane; Clark, Brain; Combes, Robert; Fels, Lueder M; Gray, Neil; Jönsson-Rylander, Ann-Cathrine; Helin, Heikki; Koistinen, Jukka; Oinonen, Teija; Richert, Lysiane; Ravid, Rivka; Salonen, Jarmo; Teesalu, Tambet; Thasler, Wolfgang; Trafford, Jacki; Van Der Valk, Jan; Von Versen, Rudiger; Weiss, Thomas; Womack, Chris; Ylikomi, Timo

    2002-01-01

    This is a report of a workshop held on the establishment of human research tissue banking which was held in Levi, Finland 21-24 March 2002. There were 21 participants from 7 European countries. This meeting was attended by representatives from academia, research tissue banks and from the Biotech and Pharmaceutical Industries. The principal aim of the workshop was to find a way to progress the recommendations from ECVAM workshop 44 (ATLA 29, 125-134, 2001) and ECVAM workshop 32 (ATLA 26, 763-777, 1998). The workshop represented the first unofficial meeting of the European Network of Research Tissue Banks (ENRTB) steering group. It is expected that in the period preceding the next workshop the ENRTB steering group will co-ordinate the ethical, legislative and organisational aspects of research tissue banking. Key issues dealt with by the Levi workshop included the practical aspects of sharing expertise and experiences across the different European members. Such collaboration between research tissue banks and end users of such material seeks to ultimately enable shared access to human tissue for medical and pharmaco-toxicological research while maintaining strict adherence to differences in legal and ethical aspects related to the use of human tissue in individual countries.

  12. An Australian Brain Bank: a critical investment with a high return!

    Science.gov (United States)

    Garrick, T.; Dedova, I.; Hunt, C.; Miller, R.; Sundqvist, N.; Harper, C.

    2012-01-01

    Research into neuropsychiatric disorders, including alcohol-related problems, is limited in part by the lack of appropriate animal models. However, the development of new technologies in pathology and molecular biology means that many more questions can be addressed using appropriately stored human brain tissues. The New South Wales Tissue Resource Centre (TRC) in the University of Sydney (Australia) is a human brain bank that can provide tissues to the neuroscience research community studying alcohol-related brain disorders, schizophrenia, depression and bipolar disorders. Carefully standardised operational protocols and integrated information systems means that the TRC can provide high quality, accurately characterised, tissues for research. A recent initiative, the pre-mortem donor program called “Using our Brains”, encourages individuals without neuropsychiatric illness to register as control donors, a critical group for all research. Community support for this program is strong with over 2,000 people registering their interest. Discussed herein are the protocols pertaining to this multifaceted facility and the benefits of investment, both scientific and financial, to neuroscience researchers and the community at large. PMID:18543078

  13. An Australian Brain Bank: a critical investment with a high return!

    Science.gov (United States)

    Sheedy, D; Garrick, T; Dedova, I; Hunt, C; Miller, R; Sundqvist, N; Harper, C

    2008-09-01

    Research into neuropsychiatric disorders, including alcohol-related problems, is limited in part by the lack of appropriate animal models. However, the development of new technologies in pathology and molecular biology means that many more questions can be addressed using appropriately stored human brain tissues. The New South Wales Tissue Resource Centre (TRC) in the University of Sydney (Australia) is a human brain bank that can provide tissues to the neuroscience research community studying alcohol-related brain disorders, schizophrenia, depression and bipolar disorders. Carefully standardised operational protocols and integrated information systems means that the TRC can provide high quality, accurately characterised, tissues for research. A recent initiative, the pre-mortem donor program called "Using our Brains", encourages individuals without neuropsychiatric illness to register as control donors, a critical group for all research. Community support for this program is strong with over 2,000 people registering their interest. Discussed herein are the protocols pertaining to this multifaceted facility and the benefits of investment, both scientific and financial, to neuroscience researchers and the community at large.

  14. 'The formula that killed Wall Street': the Gaussian copula and modelling practices in investment banking.

    Science.gov (United States)

    MacKenzie, Donald; Spears, Taylor

    2014-06-01

    Drawing on documentary sources and 114 interviews with market participants, this and a companion article discuss the development and use in finance of the Gaussian copula family of models, which are employed to estimate the probability distribution of losses on a pool of loans or bonds, and which were centrally involved in the credit crisis. This article, which explores how and why the Gaussian copula family developed in the way it did, employs the concept of 'evaluation culture', a set of practices, preferences and beliefs concerning how to determine the economic value of financial instruments that is shared by members of multiple organizations. We identify an evaluation culture, dominant within the derivatives departments of investment banks, which we call the 'culture of no-arbitrage modelling', and explore its relation to the development of Gaussian copula models. The article suggests that two themes from the science and technology studies literature on models (modelling as 'impure' bricolage, and modelling as articulating with heterogeneous objectives and constraints) help elucidate the history of Gaussian copula models in finance.

  15. Government Effectiveness and Value Creation: The Case of Emerging European Listed Banks

    Directory of Open Access Journals (Sweden)

    Anca MUNTEANU

    2014-06-01

    Full Text Available This study adds to the field of public administration by focusing on the nexus between government decision and bank performance scores highlighting the administrative regulatory dimensions of improvements. To this end, this research paper covers a unique database comprising all listed banks that operate on emerging European markets in the period 2005-2011. Country specific characteristics are presented in the light of public administration quality which includes the dimension of governance quality on the one side, andthe quality and administrative burden on business environment on the other.Bank performance is defined under two different approaches (accounting vs. market based taking into account different stakeholders interest (state and central bank authority vs. investors.We account for profit persistency by using a Prais-Winsten regression that allows for both autocorrelation and heteroskedasticity in data. The results call attention to the fact that in emerging European markets regulatory glitches have a positive impact upon bank performance. Market imperfections are a source of profitability as they generate a reliable supply of market share appropriation and thus monopoly power. Also, administrative commitment towards increasing the quality of public services and policies endorsed by diminishing the level of corruption will accelerate private development and thus banking profitability.

  16. The democratic accountability of the European Central Bank : A comment on two fairy-tales

    NARCIS (Netherlands)

    De Haan, J; Eijffinger, SCW

    The European Central Bank (ECB) is widely considered to be (legally) independent. Buiter (1999) critizes the ECB for its lack of democratic accountability, which he does not define in a very precise way. Issing (1999) replies to some of the points raised by Buiter and argues that the ECB is both

  17. The European Banking Union: Will It Be a True Union without Risk Sharing?

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2013-06-01

    Full Text Available The recent developments of the Euro crisis reveal the lack of clear or coherent thinking on the part of both the Eurozone finance ministers and the European Commission. The crisis in Cyprus is partly the consequence of decisions made on private sector involvement in the previous Greek bailout, and other such examples may be made. It is time, therefore, to look reality in the face and strengthen the structures of the EMU. The article is devoted to what has been done and what must still be done to make the European banking system more robust and less permeable to crises, and to preserve the single financial market. It looks at the initiatives of both the European Commission and the European Council to complete the EMU by creating a banking union, the doubts on the wisdom of entrusting banking oversight to the ECB, the organization of the ECB’s new tasks, the continuing absence of facilities for the recovery or liquidation of banks, as well as for a Euro-wide deposit insurance, the need for some form of risk-sharing in order to stabilise the economy, and thus the recourse to a common budget and the possibility of joint debt for the Eurozone.

  18. Institutionalisation without internalisation. The cultural dimension of French-German conflicts on European Central Bank independence

    NARCIS (Netherlands)

    Esch, F.A.W.J. van; Jong, E. de

    2013-01-01

    When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of their

  19. Institutionalisation without Internalisation. The Cultural Dimension of French-German Conflicts on European Central Bank

    NARCIS (Netherlands)

    van Esch, F.A.W.J.; Jong, Eelke, De

    2013-01-01

    When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of their

  20. Financial Supervision and Banking Competition in European Union

    OpenAIRE

    Ovidiu Stoica; Roxana Scantee

    2012-01-01

    An increasing number of countries are reviewing their financial supervisory structures and show a trend of consolidation in financial supervision. Using a sample of 27 countries from European Union, we find that the dependent variables taken into consideration (Herfindahl-Hirschman index and share of the five largest credit institutions in total assets) have no significant effects on different types of supervisory integration. In addition, there aren’t any differences in the impact of distinc...

  1. A model for predicting Inactivity in the European Banking Sector

    Directory of Open Access Journals (Sweden)

    Themistokles Lazarides

    2015-08-01

    Full Text Available Purpose – The paper will addresses the issue of inactivity and will try to detect its causes using econometric models. The Banking sector of Europe has been under transformation or restructuring for almost half a century. Design/methodology/approach – Probit models and descriptive statistics have been used to create a system that predicts inactivity. The data was collected from Bankscope. Findings – The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance. These findings are consistent with the theory. Research limitations/implications – The limitation is that Bankscope does not provide any longitudinal data regarding ownership, management structure and there are some many missing values before 2007 for some of the financial ratios and data. Originality/value – The paper's value and innovation is that it has given a systemic approach to find indicators of inactivity.

  2. Managing Diversity in the Workplace: Analysing the investment banking sector on promoting equal opportunities regarding sexual orientation in the UK

    OpenAIRE

    Yamahaki, Camila

    2007-01-01

    Although there are 3.6 million gay people in Britain and 1.7 million lesbian, gay and bisexual people in Britain's workforce (Stonewall 2006a), dealing explicitly with issues of sexual orientation is still a taboo topic (Stonewall 2004b). Research has shown that LGB people who are out at work are vulnerable to harassment, bullying and discrimination in their careers (Stonewall 2004b). According to 2007 Stonewall Workplace Equality Index, the investment banks are the leaders in promoting e...

  3. The shadow economy: a relevant factor for investment decisions in selected European Union countries

    Directory of Open Access Journals (Sweden)

    Miroslava Kostova Karaboytcheva

    2015-09-01

    Full Text Available The estimation of sovereign risk indicators has a key role for the investment decisions. We were witnesses of inaccurate ratings before the last economic crisis, which altered significantly the results expected by many investors. Thus, we propose an improved rating estimation justifying the insertion of new variables, specifically, the shadow economy as a percentage of the GDP. We find that by taking it into account, the credit rating estimation improves. Our estimation assigns a higher sovereign risk to the new European Union member states, whereas the old European Union member states see their sovereign risk decreased.

  4. Central European attitudes towards Chinese energy investments: The cases of Poland, Slovakia, and the Czech Republic

    International Nuclear Information System (INIS)

    Turcsanyi, Richard Q.

    2017-01-01

    This article builds on Europe-wide knowledge of EU-China energy investment relations and discusses the cases of three Central European countries’ attitudes towards Chinese energy investments. It focuses on how Chinese investments are perceived compared to investments from other countries, and how the energy sector is perceived compared to other sectors. Media analysis, interviews with experts, and semi-structured questionnaires were used as data sources. It was discovered that these three countries dislike foreign control over strategic assets and Chinese energy investments are seen as falling into this category. The discourse frames on the general level fluctuate between beneficial and threatening at both the political and economic levels, yet the benefits are seen as greater than any potential threats in all three countries. Energy security frames are only just beginning to be discussed within national discourses about Chinese energy investments. In Poland, the Chinese presence in the energy sector is framed as an issue of availability, affordability, and efficiency, and is related to Polish plans for maximizing efficient use of local coal resources. In the Czech Republic and Slovakia, China is often perceived ideologically and only the energy frame of environmental stewardship is present in a minor way. - Highlights: • Chinese investments in energy are perceived more negatively than investments in other sectors due to their strategic nature. • Availability, affordability, and efficiency appear in Poland as a result of the special position of coal. • Environmental stewardship appears as an issue in Slovakia and the Czech Republic. • The Polish discourse is most similar to Europe-wide discourse.

  5. PARTNERSHIP ROLE IN THE MANAGEMENT OF EUROPEAN STRUCTURAL AND INVESTMENT FUNDS

    Directory of Open Access Journals (Sweden)

    APOSTOLACHE Mihaela Adina

    2014-06-01

    Full Text Available This paper highlights the importance of the Code of Conduct on the Partnership, as partnership is a basic principle in the programming of European structural and investment funds, from conception, management and implementation to their monitoring and evaluation, a principle that adapts the actions to be taken to regional and local needs and priorities. Partnership encourages close cooperation between public authorities in the member states, at national, regional and local level, with the private sector and other stakeholders.

  6. Financial Supervision and Banking Competition in European Union

    Directory of Open Access Journals (Sweden)

    Ovidiu Stoica

    2012-12-01

    Full Text Available An increasing number of countries are reviewing their financial supervisory structures and show a trend of consolidation in financial supervision. Using a sample of 27 countries from European Union, we find that the dependent variables taken into consideration (Herfindahl-Hirschman index and share of the five largest credit institutions in total assets have no significant effects on different types of supervisory integration. In addition, there aren’t any differences in the impact of distinct types of financial supervision even if the country is already an EU member or a candidate.

  7. Matches and mismatches between conservation investments and biodiversity values in the European Union.

    Science.gov (United States)

    Sánchez-Fernández, David; Abellán, Pedro; Aragón, Pedro; Varela, Sara; Cabeza, Mar

    2018-02-01

    Recently, the European Commission adopted a new strategy to halt the loss of biodiversity. Member states are expected to favor a more effective collection and redistribution of European Union (EU) funds under the current Multiannual Financial Framework for 2014-2020. Because of the large spatial variation in the distribution of biodiversity and conservation needs at the continental scale, EU instruments should ensure that countries with higher biodiversity values get more funds and resources for the conservation than other countries. Using linear regressions, we assessed the association between conservation investments and biodiversity values across member states, accounting for a variety of conservation investment indicators, taxonomic groups (including groups of plants, vertebrates, and invertebrates), and indicators of biodiversity value. In general, we found clear overall associations between conservation investments and biodiversity variables. However, some countries received more or less investment than would be expected based on biodiversity values in those countries. We also found that the extensive use of birds as unique indicators of conservation effectiveness may lead to biased decisions. Our results can inform future decisions regarding funding allocation and thus improve distribution of EU conservation funds. © 2017 Society for Conservation Biology.

  8. European regulations and their impact on tissue banking.

    Science.gov (United States)

    Tatarenko, Alina

    2006-01-01

    Extensive CoE-EU cooperation ensures coherence and complementarities between the principles of the CoE guides which can be regarded as recommendations on best practice, and the technical requirements of the EU directives which set out legally binding requirements. This means that the same standards now exist throughout European continent. Having a common set of standards facilitates cooperation between different healthcare systems, especially in cases of emergencies, and the export-import issues. Adoption of the same quality management and traceability systems helps to minimise the risks and prevent disease transmissions. It reassures patients who undergo treatments outside of their countries. The tissue establishments need to introduce technical and structural changes to adhere to the new regulations which ultimately results in saving and improving of lives of many patients.

  9. Investments

    CERN Document Server

    Bodie, Zvi; Marcus, Alan J.

    2017-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

  10. THE IMPACT OF NEW REGULATION ON FOUR EUROPEAN BANKING SYSTEMS. A BASEL III APPROACH

    Directory of Open Access Journals (Sweden)

    Anamaria AVADANEI

    2013-12-01

    Full Text Available One of the solutions designed to rebuild the banking system is the reconfiguration of the regulatory framework. Still active, the episodes of liquidity shortage and bank failure ask for solid measures in order to increase the solidity of individual institutions, to protect the financial stability of the banking systems and to maintain confidence on the markets. The aim of this paper is to analyze the situation of four European banking systems (Czech Republic, Poland, Romania and Croatia in terms of Basel III standards. Structured on three parts, the study points out the real concerns regarding Basel III effectiveness; analyzes the evolutions of capital, leverage and liquidity indicators and highlights the future possible scenarios/actions for aligning to the new regulation. To conclude, we determine the white and the black spots of the selected banking systems related to Basel III implementation. The results show good levels of capital in Poland, Czech Republic, Croatia and Romania, and some liquidity issues in Poland. The Czech and the Croatian banking systems are the best prepared for shocks.

  11. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  12. 12 CFR 303.183 - Investment by insured state nonmember banks in foreign organization.

    Science.gov (United States)

    2010-01-01

    ... seeking to make direct or indirect investments in a foreign organization will be acknowledged in writing... form of a letter from an eligible depository institution making direct or indirect investments in a... to make a foreign investment other than under § 347.117(b) of this chapter shall submit an...

  13. Investing for a better environment

    International Nuclear Information System (INIS)

    1993-01-01

    To address the broad range of environmental issues in central and eastern Europe, including the former Soviet Union, the European Bank for Reconstruction and Development has adopted a twofold operational strategy: a regional programme approach and a project-based approach. The Bank is undertaking studies of environmental legislation and standards, and of training, liability and public participation requirements in the countries where it operates. It has also initiated environmental assessments in sectors where future investment projects are anticipated. The principal objectives of this work are to assist the countries of central and eastern Europe, those who wish to invest in these countries and Bank staff in their environmental appraisal work

  14. The European central bank and the us federal reserve as lender of last resort

    Directory of Open Access Journals (Sweden)

    Herr Hansjörg

    2014-01-01

    Full Text Available Without a lender of last resort financial stability is not possible and systemic financial crises get out of control. During and after the Great Recession the US Federal Reserve System (Fed and the European Central Bank (ECB took on the role of lender of last resort in a comprehensive way. The Fed stabilised the financial system, including the shadow banking system. However, the chance to fundamentally restructure the financial system was not used. The ECB was confronted with sovereign debt crises and an incomplete integration of the European Monetary Union (EMU. It followed a kind of “muddling through” to keep the Euro area together. In the EMU not only a fundamental restructuring of the financial system is needed but also a deeper economic and political integration. The Fed and the ECB both were the most important institutions to avoid repetition of the 1930s.

  15. The monetary policy of the European Central Bank in modern conditions

    Directory of Open Access Journals (Sweden)

    Kavitskaya Irina, L.

    2015-12-01

    Full Text Available The paper presents the monetary policy analysis of the European Central Bank (ECB under the present crisis conditions. The paper systematizes the ECB monetary policy in today's crisis and researches it at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve. Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.

  16. A Standing Investment Court under TTIP from the Perspective of the Court of Justice of the European Union

    NARCIS (Netherlands)

    Gáspár-Szilágyi, S.

    2016-01-01

    This article critically assesses the feasibility of the recently proposed Investment Court System (ICS) under the envisaged Transatlantic Trade and Investment Partnership (TTIP), from the perspective of the Court of Justice of the European Union (CJEU). It is argued that an ex ante assessment of the

  17. Investing in amnesia, or fantasy and forgetfulness in the World Bank's approach to healthcare reform in sub-Saharan Africa.

    Science.gov (United States)

    Epprecht, M

    1997-01-01

    "Investing in Health," the World Bank's 1993 World Development Report, and a follow-up report, "Better Health in Africa," advocate investments in Third World health sectors as a means of increasing individual productivity and strengthening economic growth. Both reports maintain that structural adjustment policies have enhanced the physical health of low-income populations by improving the fiscal health of business elites. This essay critiques the World Bank's approach through a historical analysis of health care problems in sub-Saharan Africa with an emphasis on the devastating effects of colonialism, patriarchy, and imperialism. Although these documents contain many useful recommendations for Western donors (e.g., recognition of the destructive potential of alcohol and tobacco, the need for state regulation over key parts of the health sector, and the effects of gender on health status), they reflect an "investment in amnesia" regarding historical evidence on health care reform in Africa and an erroneous assumption that Western biomedicine is politically neutral. Foreign aid has tended to serve the needs of multinational corporations rather than African populations. Recommended, in place of structural adjustment policies, are measures such as a massive rebuilding of Africa's urban infrastructure, the enforcement of minimum wage laws, the preservation of ecosystems that supply traditional medicines, attention to the ecologic and health consequences of economic growth, and a feminist-led reproductive rights movement.

  18. Lodhi 5 Properties Investments CC v FirstRand Bank Limited [2015 ...

    African Journals Online (AJOL)

    SCA) and the enforcement of Islamic Banking Law in South Africa. ... It also looks at the SCA's approach (as a common law court) with regard to the enforcement of the principles of Islamic banking law. The judgment raises important issues ...

  19. The Trans-Atlantic Trade and Investment Partnership – A Challenge for the European Union?

    Directory of Open Access Journals (Sweden)

    Oana–Antonia Colibășanu

    2015-06-01

    Full Text Available Since the early 2000s, the United States and European Union have discussed the development of bilateral and regional trade agreements. The TTIP – Trans-Atlantic Trade and Investment Partnership was announced in February 2013 and is currently under negotiation. The initiative aims at establishing a trade agreement between the two blocs, removing all trade barriers, including the non-tariff ones, in a wide range of economic sectors. The paper looks at several key elements that the bilateral negotiations are set to challenge from the European Union perspective. We focus on the main causes for resistance within the EU towards establishing the agreement, seeking to understand the future framework for international trade for the European states. While the EU continues integration to establish a functioning internal market, still continuing the process of diminishing and eliminating non-tariff barriers among the member states, we examine whether liberalisation of trade and investment between the US and the EU will benefit the EU as a whole, considering the current socio-economic trends at the Union’s level.

  20. FDIs and investment policy in some European countries after their EU accession. Challenges during the crisis

    Directory of Open Access Journals (Sweden)

    Magdalena RADULESCU

    2011-12-01

    Full Text Available The aim of this paper is to find out to what extent the accession countries will be able to benefit from an increase in the quality of foreign direct investments (FDIs that they receive due to EU membership. Although there will be some investment in new affiliates resulting in greenfield subsidiaries, transnational companies (TNCs may divest their operations in response to better location advantages elsewhere in the EU (as Spain and Portugal are experiencing because their low-cost advantages are eroded. In many Central and Eastern European (CEE countries, the share of foreign ownership in total capital stock is already typically much higher than in older EU member states, but we can already observe a trend of relocating TNCs’ subsidiaries to other emerging countries in order to diminish the costs, in the context of the present crisis and we believe that this trend will continue in the future, especially in the crisis context when the inceptive burden is heavy for governments. The conclusion of this paper is that the CEE countries haven’t faced quite similar conditions as the Southern European countries that acceded to the EU in the ‘80s. So, their benefits have considerably diminished and the present crisis didn’t help them at all to reduce their economic gaps comparing to the developed European countries.

  1. European Banking Recovery and Resolution Directive: Potential Impacts on European Systemic Important Financial Institutions

    Directory of Open Access Journals (Sweden)

    Clements Akinsoyinu

    2015-09-01

    Full Text Available The great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis resolution and recovery measures that could rein in systemic risks associated with SIFIs, prevent future crises and reduce the concomitant moral hazards in the current resolution measures. This paper assesses ex ante the potential impact of implementing the new Banking recovery and resolution directives on Europe’s TBTF banksThe great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis

  2. Lodhi 5 Properties Investments CC v FirstRand Bank Limited [2015] 3 All SA 32 (SCA and the Enforcement of Islamic Banking Law in South Africa

    Directory of Open Access Journals (Sweden)

    Maphuti David Tuba

    2017-03-01

    Full Text Available On 22 May 2015, the Supreme Court of Appeal (SCA handed down a judgment in the matter of Lodhi 5 Properties Investments CC v FirstRand Bank Limited [2015] 3 All SA 32 (SCA. This judgement considered whether the prohibition against the charging of interest on a loan in terms of Islamic law (Sharia law may be a defence for a claim for mora interest in terms of a loan agreement. This note critically discusses the judgment in the light of the approach adopted by the SCA with regard to addressing a dispute arising from a contract that has Islamic law as a governing law. As this is the first case to come before the SCA in South Africa, this note critically analyses how the court discussed the principles of Islamic law as applicable to the dispute between the parties. In particular, it questions the court's assertion that a claim for mora interest has nothing to do with and is not affected by the Sharia law's prohibition against payment of interest on a loan debt. It also looks at the SCA's approach (as a common law court with regard to the enforcement of the principles of Islamic banking law. The judgment raises important issues regarding the enforceability of Islamic finance law and therefore merits discussion in the context of the continuing growth and expansion of Islamic banking and finance law in South Africa.

  3. European Union Funds as a Source of Financing the Companies Investments

    Directory of Open Access Journals (Sweden)

    Katarzyna Kornet

    2008-12-01

    Full Text Available Entrepreneurs are main beneficiaries of the funds from European Union. The process of financial support from EU for entrepreneurs conducting business activities in Poland is an important issue, which should be taken up by entrepreneurs, government and other offices and institutions, which participate in the process of absorption of the financial support. Introduction of the possibilities of financing and realization of the investment originating from various EU programs in new the 2007–2013 programming perspective, understanding of the stages of preparation of the project and application form, knowled - ge about financing principles of the investments from granted support are essential. Co-financing of project realized from EU financial resources is connected with a lot of advantages. First of all, the donations present an additional source of financial sup - port for enterprises which allow to accomplish the investment bear considerably with lo - wer costs than by using other sources (for example credit. Secondly, the donation allows accomplishing the investment faster, to create new additional job positions and utilize modern technology, which company couldn’t afford to by using its own funds. Moreover, the resources from various European Funds have a favorable effect (impact on enterprise develop ment and on improvement its competitiveness in the market. The company and all technologies, which could be implemented, can become more innovative. If the firm has an access to such sources of financing, it would have an opportunity for considera - bly faster development in comparison with other forms of financing its activity. Thirdly, the range of support for enterprises is very wide. Company can request for funding of project from various areas, from purchasing fixed as sets and buying land or from purcha - sing intangible as sets to take advantage of an advisory service.

  4. The impact of grandparental investment on mothers' fertility intentions in four European countries

    Directory of Open Access Journals (Sweden)

    Antti Tanskanen

    2014-07-01

    Full Text Available Background: Evolutionary theory predicts that grandparental investment should support the childbearing of adult children, but evidence from contemporary developed countries is mixed or relatively weak. One possible reason for this lack of clarity is that grandparental support for fertility may vary by country, the economic situation of the adult child's household, and the lineage and the sex of the grandparent. Objective: We investigate the associations between grandparental investments and the intentions of mothers to have a second or third child in four European countries - Bulgaria, France, Lithuania, and Norway - while paying special attention to effect of the country, the financial security of the household, and the different grandparent types. Methods: Using the first wave data (2004-08 of the Generations and Gender Surveys, we measured grandparental investment by the amount of child care help and emotional support mothers reported receiving from their parents. We studied these factors with binary logistic regression analysis. Results: Both emotional support and child care help from grandparents were associated with increased fertility intentions in France and Norway. Emotional support was also associated with increased fertility intentions in Bulgaria, while grandparental child care help was associated with decreased intentions in Lithuania. Emotional support was more strongly associated with fertility intentions in financially secure households. Emotional support received from a maternal grandmother, a maternal grandfather, and a paternal grandmother; and child care help received from a maternal grandfather; were associated with an increased probability that a mother would report the intention to have another child. Conclusions: Grandparental investment, especially emotional support, appears to be most influential in wealthier European countries and among more financially secure families. When a family's socioeconomic situation and the

  5. FinTech in Taiwan: a case study of a Bank's strategic planning for an investment in a FinTech company

    OpenAIRE

    Hung, Jui-long; Luo, Binjie

    2016-01-01

    Introduction: Since 2015 is the year of FinTech in Taiwan, it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration. This study aims to identify the strategic considerations in the process of searching for FinTech investment targets. Case description: This study used a case study investigation of a top-5 bank in Taiwan. The major data sources include the meeting notes of the FinTech investment task force and interviews w...

  6. Analysis prediction of Indonesian banks (BCA, BNI, MANDIRI) using adaptive neuro-fuzzy inference system (ANFIS) and investment strategies

    Science.gov (United States)

    Trianto, Andriantama Budi; Hadi, I. M.; Liong, The Houw; Purqon, Acep

    2015-09-01

    Indonesian economical development is growing well. It has effect for their invesment in Banks and the stock market. In this study, we perform prediction for the three blue chips of Indonesian bank i.e. BCA, BNI, and MANDIRI by using the method of Adaptive Neuro-Fuzzy Inference System (ANFIS) with Takagi-Sugeno rules and Generalized bell (Gbell) as the membership function. Our results show that ANFIS perform good prediction with RMSE for BCA of 27, BNI of 5.29, and MANDIRI of 13.41, respectively. Furthermore, we develop an active strategy to gain more benefit. We compare between passive strategy versus active strategy. Our results shows that for the passive strategy gains 13 million rupiah, while for the active strategy gains 47 million rupiah in one year. The active investment strategy significantly shows gaining multiple benefit than the passive one.

  7. The integration of Chinese and European renewable energy markets: The role of Chinese foreign direct investments

    International Nuclear Information System (INIS)

    Lv, Ping; Spigarelli, Francesca

    2015-01-01

    In the renewable energy (RE) sectors, foreign direct investments are becoming an important mean of regional integration between China and Europe, as a result of the combined effect of Europe–China dialog on energy issues; Chinese energy policy; and Chinese Go Global policy. Using a firm level data set from the Chinese Ministry of Commerce, we perform an analysis on location choice by Chinese RE firms from 2004 to 2013, within Europe. We depict a map of “where to where” (home province vs. host country) and “who to where” (firm level characteristics vs. host country), to find out how characteristics of home and host regions affecting the integration of Chinese and European RE markets. Main results are the following. Investment pairs in RE sectors reflect a duality: firms tend to seek countries with similar institutional environment, compared with their origin regions. Countries with weak and immature institutions are attractive for immature and inexperienced Chinese firms. Main features of Chinese investors are the following: private, non-listed firms, entering through greenfield, focusing on sales. Market-seeking investors tend to enter countries with both well-developed institutional environment and industry development base. R&D-oriented investments are more likely to flow to countries with well-developed institutional environment. -- Highlights: •A map of Where to Where of Chinese investments in Europe is depicted. •Characteristics of home and host regions affect Chinese integration in Europe. •Investment pairs in renewable energy sectors reflect a duality. •Chinese firms localize in EU countries with similar institutional environment. •Through a Who to Where analysis, key features of Chinese investors are outlined

  8. THE SPECIFIC OF THE CONSUMER’S EUROPEAN RIGHT OF BANK CREDIT

    Directory of Open Access Journals (Sweden)

    Mariana Rodica ȚÎRLEA

    2015-04-01

    Full Text Available According to Directive 93/13 / EEC on unfair terms in consumer contracts, "legislation of Member States on unfair terms in contracts concluded with consumers show significant divergences” (Official Journal of the European Union 31993L0013 - L 095/29. Therefore, the solution to eliminate these differences of balance in bank lending contracts requires promptly a consumer protection against unfair terms by adopting uniform rules of European law concerning unfair clauses. With this protection is desired that this would be subject to all contracts concluded between sellers or suppliers and consumers, to be harmonized at Community level or adopted directly at Community level, to be provided both in the laws, regulations and administrative nature acts, because to the Member States of the European community falls the responsibility to ensure that in contracts concluded with consumers there are not provided unfair clauses.

  9. Islamic banks and finance and the possibility of agricultural investments in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Kačar Bahrija

    2017-01-01

    Full Text Available Financing the economy and agriculture as well in the Republic of Serbia in recent past present was realized and has been implemented with the financial and credit support of the state, as well as through expensive commercial bank loans and financial leasing. Bearing in mind the productive resources, the importance of agriculture to the national economy and employment of the population, and that the financing of agriculture in the Republic of Serbia, at its current level of development, should be implemented with the support of the state. States should work towards the establishment of specialized agricultural banks and by legislation facilitate the arrival of financial institutions which will place funds at favorable conditions such as the Islamic financial institutions do. Islamic financial institutions in the placement of funds-loans do not use the loan interest rate which is according to the Islamic beliefs unfair and unacceptable. The theoreticians of Islamic economy see an alternative in the fundamental values and teachings of Islam, the Quran and the Sunnah, which strictly prohibit interest. Islamic bank can make certain comparative advantages in respect to the other domestic banks. It is in a position to establish a sound business relationship with clients from Muslim countries for the local companies to perform in their markets, as well as with the performance of companies from Muslim countries on the Serbian market. A further advantage of this bank we see in the fact that one of its founders would be the IDB - Islamic Development Bank - the leading development bank of the Muslim world, whose experience in the implementation of development projects in Serbia can be of great benefit. However, the largest Islamic bank has potential in the establishment and development of business relationships and cooperation with a growing number of financial and other institutions whose operations are based on the principles of Shariah.

  10. Banking for health: the role of financial sector actors in investing in global health.

    Science.gov (United States)

    Krech, Rüdiger; Kickbusch, Ilona; Franz, Christian; Wells, Nadya

    2018-01-01

    The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors' business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm's employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products.

  11. Transparency in European banking system – a technical and economic approach

    Directory of Open Access Journals (Sweden)

    Ștefănescu Cristina Alexandrina

    2014-03-01

    Full Text Available The objective of our paper is to provide a comprehensive analysis of possible relationships between two different approaches of “transparency” – the technical vs. the economic one. Thus, irrespective of prior literature, our paper goes beyond a “solo” analysis of either of two above-mentioned “facets”, by providing a combined study. So, we focused on both (1 XBRL’s role in enhancing the quality of disclosure, by assessing its benefices and consequences and (2 corporate governance mechanism’s power to improve efficiency and effectiveness of banking supervision by encouraging transparency. The results of the performed analysis generally reveal that there is a strong and positive relationship between the level of disclosure promoted by corporate governance codes enforced in European Union countries and the degree of implementation of both XBRL-based projects designed for banking environment (FINREP and COREP. Consequently, we can assert that there is a consensus between the economic and technical approach of transparency in European banking system

  12. THE QUANTIFICATION OF THE EUROPEAN INTEGRATION DEGREE OF ROMANIA’S BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Mădălina RĂDOI

    2014-05-01

    Full Text Available There are many methodologies described in the literature for approaching the integration process of financial markets in a given area (a comprehensive study of this subject can be found in Adam K, Jappelli T, Menichini A, Padula M, Pagano M (2002. Financists Emiris (1, Stulz (2, Ferson and Harvey (3 focus their work on the integration of capital markets. Other works look at financial integration from the angle of benefit and cost (4, from a legislative perspective (5, 6, or studying various segments of financial markets (7. In this paper, the subject of convergence is approached first of all by analysing interest rates in the Romanian interbank market, which are on a converging trend to similar values in the EU. In the second part, we propose a model for testing both the mobility of Romanian banking capitals and the European integration process of Romania’s banking sector. The model is based on the idea of maximising the Sharpe index in the portfolio theory. Furthermore, knowing that the Romanian economy and its macroeconomic variables have been a function of the American currency more than the European one, we deemed it useful to study whether and to which extent the Romanian banking sector has any converging trend to the American currency market.

  13. New Global Financial Order and Promotion of Asian Infrastructural Investment Bank (AIIB: Opportunities and Challenges for Africa

    Directory of Open Access Journals (Sweden)

    Jacob Olufemi Fatile

    2016-03-01

    Full Text Available The main objective of this paper is to examine the effect of Asian Infrastructure Investment Bank (AIIB on infrastructural development in developing countries with specific reference to Africa. The paper argues that availability of infrastructure has become one of the major problems in the process of economic development generally in the Global South. Given the need for hugecapital infrastructure in the region and thepresence of the financing gap in infrastructure financing, China initiated the establishment of the AIIB, therefore, heralding a new chapter in the international finance system. The study uses the “New Model Development Finance” lens to discuss Global Governance of Finance with a historical overview of GlobalFinancial Institutions such as the International Monetary Fund (IMF and World Bank that have been in existence for close to seven decades. It identifies the majorchallenges which emerging economies have with existing international financial institutions as well as some opportunities and challenges for African countries. It observes that the establishment of AIIB is a major diplomatic victory for China and a foreign policy fiasco for the United States. It argues further that the new bank is a parallel project to the existing international financial institutions and may accidentally lead to a reform of the Bretton Woods system. The paper recommends among others that AIIB should find a way to work hand-in-hand with other existing Multilateral Development Banks (MDBs since cooperation with such development agencies can engender positive image and goodwill for the new bank. It concludes that the establishment and development of AIIB need support from all over the world because AIIB is designed to provide financing methods for infrastructure in developing countries across the globe including African nations.

  14. THE EUROPEAN CENTRAL BANK AND THE FEDERAL RESERVE: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Dorina Clichici

    2017-06-01

    Full Text Available The purpose of this article is to identify the main differences and similarities between the European Central Bank (ECB and US Federal Reserve (FED in terms of their functional framework and monetary policy. The research is based on a comparative analysis of the history of establishing the Eurosystem and the Federal Reserve System, which has influenced the way these central banks operate today. It also analyzes the policy responses of the two institutions to the 2007 global financial crisis, since both their non-conventional policy measures and the effects thereof on growth, inflation and unemployment rates were slightly different. The paper finds that there are differences between the ECB and FED rather regarding the organization and functioning of the Committees for monetary policy and monetary policy objectives than the institutional structure and policy framework

  15. Attractiveness of Central and Eastern European Countries for Foreign Direct Investment in the Context of European Integration: The Case of Estonia

    OpenAIRE

    Andresson, Kairi; Reiljan, Janno; Reiljan, Ele

    2001-01-01

    Foreign direct investment (FDI) flows in the world have increased rapidly during the last decade. Most of the FDI inflows are targeted to developed countries (78% in 1999, about fifth of the flows are going to developing countries and Central and Eastern European transition countries are the host countries for only 2% of the world FDI. The necessity of foreign investments in the transition countries is the result of industrial restructuring in post-socialist Eastern Europe and the Baltic coun...

  16. The European carbon market (2005-2007): banking, pricing and risk hedging strategies

    International Nuclear Information System (INIS)

    Chevallier, J.

    2008-11-01

    This thesis investigates the market rules of the European carbon market (EU ETS) during 2005-2007. We provide theoretical and empirical analyses of banking and borrowing provisions, price drivers and risk hedging strategies attached to tradable quotas, which were introduced to cover the CO 2 emissions of around 10,600 installations in Europe. In Chapter 1, we outline the economic and environmental effects of banking and borrowing on tradable permits markets. More specifically, we examine the banking and borrowing provisions adopted in the EU ETS, and the effects of banning banking between Phases I and II on CO 2 price changes. We show statistically that the low levels of CO 2 prices recorded until the end of Phase I may be explained by the restriction on the inter-period transfer of allowances, besides the main explanations that were identified by market observers. In Chapter 2, we identify the carbon price drivers since the launch of the EU ETS on January 1, 2005. We emphasize the central role played by the 2005 yearly compliance event imposed by the European Commission in revealing the net short/long position at the installation level in terms of allowances allocated with respect to verified emissions. The main result of this study features that price drivers of CO 2 allowances linked to energy market prices and unanticipated weather events vary around institutional events. Moreover, we show the influence of the variation of industrial production in three sectors covered by the EU ETS on CO 2 price changes by applying a disentangling analysis, that has also been extended at the country-level. In Chapter 3, we focus on the risk hedging strategies linked to holding CO 2 allowances. By using a methodology applied on stock markets, we recover the changes in investors' average risk aversion. This study shows that, during the time period considered, risk aversion has been higher on the carbon market than on the stock market, and that the risk is linked to an increasing

  17. Banking for health: the role of financial sector actors in investing in global health

    Science.gov (United States)

    Kickbusch, Ilona; Franz, Christian; Wells, Nadya

    2018-01-01

    The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors’ business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm’s employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products. PMID:29736278

  18. MODELING THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENTS AND ECONOMIC GROWTH – EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Florin Cornel Dumiter

    2014-10-01

    Full Text Available The internationalization and globalization of economical problems, industrial manufacturing, and the movement of financial capital, determine the investment activities to become a global one, with implications for all the national and world wide economies. As a result, the foreign direct investments, throughout their economical constitution and substance, form a part of the economical relationships and international cooperation, which bring an essential contribution to the economical growth, creating work places, optimize the allocation of resources, enabling technology transfer and stimulate trading. Foreign Direct Investments have presently become the most important source of external funding for all the countries, regardless of their level of development. This kind of investments proved to be a more stable and used source of funding than the portfolio investments or the bank loans, as they are less affected by the financial crisis. Against this background, global direct financial investments flows remain one of the main manifestations of globalization, which is easily demonstrated if we reflect on the fact that currently over 50% of everything that happens in the world, be it product or services, is carried out by subsidiaries of transnational corporations, namely companies resulting from direct financial investments. It is estimated that the volume, structure and geographical distribution of foreign direct investments will be "patterned" in the proportion of 50% by the international economic situation, the implications of the crisis on the global financial system.

  19. Fundamental determinants of credit default risk for European and American banks

    Directory of Open Access Journals (Sweden)

    Patrycja Chodnicka-Jaworska

    2017-10-01

    Full Text Available The aim of the paper is to identify the fundamental variables driving banks’ credit default swaps. Quarterly data from 2004 to 2015 for European and American banks have been used. The analysis has been prepared through static panel data models. The following hypothesis has been put forward: the earnings potential, and economic uncertainty significantly influence credit risk. The independent variables used are CAMELS factors – Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. The CDS spreads are most sensitive to the market risk factors whereas capital adequacy, earnings and liquidity indicators have weaker impact.

  20. Analysis of the Voting Method used in the European Central Bank

    Directory of Open Access Journals (Sweden)

    Honorata Sosnowska

    2013-01-01

    Full Text Available Game theoreticians usually deal with standard voting methods such as plurality voting or approval voting. In reality however, some complicated non-standard voting methods are used. In this paper the voting method and rotation scheme have been presented used by the Governing Council of the European Central Bank (ECB, as it enlarges to accommodate new members of the economic and monetary union. We present game theoretical approaches for analyzing this method and different methods of computing the Shapley value for games connected with voting under such rotation schemes. (original abstract

  1. The Da Vinci European BioBank: A Metabolomics-Driven Infrastructure

    Directory of Open Access Journals (Sweden)

    Dario Carotenuto

    2015-04-01

    Full Text Available We present here the organization of the recently-constituted da Vinci European BioBank (daVEB, https://www.davincieuropeanbiobank.org/it. The biobank was created as an infrastructure to support the activities of the Fiorgen Foundation (http://www.fiorgen.net/, a nonprofit organization that promotes research in the field of pharmacogenomics and personalized medicine. The way operating procedures concerning samples and data have been developed at daVEB largely stems from the strong metabolomics connotation of Fiorgen and from the involvement of the scientific collaborators of the foundation in international/European projects aimed to tackle the standardization of pre-analytical procedures and the promotion of data standards in metabolomics.

  2. The Da Vinci European BioBank: A Metabolomics-Driven Infrastructure

    Science.gov (United States)

    Carotenuto, Dario; Luchinat, Claudio; Marcon, Giordana; Rosato, Antonio; Turano, Paola

    2015-01-01

    We present here the organization of the recently-constituted da Vinci European BioBank (daVEB, https://www.davincieuropeanbiobank.org/it). The biobank was created as an infrastructure to support the activities of the Fiorgen Foundation (http://www.fiorgen.net/), a nonprofit organization that promotes research in the field of pharmacogenomics and personalized medicine. The way operating procedures concerning samples and data have been developed at daVEB largely stems from the strong metabolomics connotation of Fiorgen and from the involvement of the scientific collaborators of the foundation in international/European projects aimed to tackle the standardization of pre-analytical procedures and the promotion of data standards in metabolomics. PMID:25913579

  3. IMPROVING DEPOSIT POLICY BANK ON THE BASIS OF ANALYSIS OF THE INFLUENCE OF DEPOSIT PORTFOLIO STRUCTURE ON FORMATION OF INVESTMENT RESOURCE

    OpenAIRE

    Viadrova I.; Gertsl I.

    2018-01-01

    Introduction. The banking system as a part of the national economy contributes to the development of various branches of economy and trade, enabling the realization of economic interests of economic entities. One of the important tasks of the monetary system is the accumulation of financial resources necessary for the implementation of credit and investment projects and their further distribution. This task is performed by banking institutions by attracting funds from individuals and legal en...

  4. 12 CFR 225.172 - What are the holding periods permitted for merchant banking investments?

    Science.gov (United States)

    2010-01-01

    ... institution controlled by the financial holding company and any subsidiary of such a depository institution... company to the company and the risks that disposing of the investment may pose to the financial holding... history of involvement by the financial holding company in the management and operations of the company...

  5. Investment in Indian Education. Uneconomic? World Bank Staff Working Paper No. 327.

    Science.gov (United States)

    Heyneman, Stephen P.

    Noting that is often assumed that there is a surplus of education in India, where the literacy rate is three in ten, this paper questions the assumption that the economic returns to investment in Indian education are negative. The case of India is reviewed: a circumstance in which the existance of unemployment has led to the unjustified assumption…

  6. 17 CFR 240.17i-6 - Reporting requirements for supervised investment bank holding companies.

    Science.gov (United States)

    2010-04-01

    ...) Consolidated financial statements (including notes to the financial statements) for the supervised investment... monthly report shall include: (i) A consolidated balance sheet and income statement (including notes to the financial statements) and statements of allowable capital and allowances for market, credit, and...

  7. European methodology of analysis vertical restraints under rule of reason in context of cooperative relation specific investments

    Directory of Open Access Journals (Sweden)

    Agamirova Maria, Е.

    2015-06-01

    Full Text Available The problem of underinvestment in specific assets is a key issue in new institutional economics, especially in case of cooperative relation specific investments. It can be solved due to vertical restraints, as an alternative way of vertical integration to transfer control to partner, who makes relation specific investments. The type of relationspecific investments called «cooperative» investments (or cross investments was nearly absent in economic analysis up to the very end of the twentieth century despite of the fact that such investments are widespread. It led to the absence of analysis relation specific investments in official regulation documents. At the same time, different types of relation specific investments can be characterized by different degree of riskiness and need special regulations of vertical agreements. In the paper author makes an attempt to analyze the European methodology of assessment vertical restraints under rule of reason focusing on the type of relation specific investments. It makes possible to improve analysis of vertical restraint in Russian antitrust.

  8. Short communication: East-West European farm investment behaviour - The role of financial constraints and public support

    Directory of Open Access Journals (Sweden)

    Imre Fertő

    2017-04-01

    Full Text Available The article investigated farm investment behaviour among East (Hungarian and Slovenian and West (French European Union farms using individual farm accountancy panel data for the 2003-2008 period. Despite differences in farm structures, except for the presence of capital market imperfections evidenced in the East, farms’ investment behaviour was not substantially different. Farm gross investment was positively associated with real sales’ growth. In addition, it was positively associated with public investment subsidies which can mitigate capital market imperfections in the short-term. On the long run, the farm’s ability to successfully compete in the output market by selling produce and securing a sufficient cash flow for investment is crucial.

  9. TuBaFrost 5: multifunctional central database application for a European tumor bank.

    Science.gov (United States)

    Isabelle, M; Teodorovic, I; Morente, M M; Jaminé, D; Passioukov, A; Lejeune, S; Therasse, P; Dinjens, W N M; Oosterhuis, J W; Lam, K H; Oomen, M H A; Spatz, A; Ratcliffe, C; Knox, K; Mager, R; Kerr, D; Pezzella, F; van de Vijver, M; van Boven, H; Alonso, S; Kerjaschki, D; Pammer, J; Lopez-Guerrero, J A; Llombart Bosch, A; Carbone, A; Gloghini, A; van Veen, E-B; van Damme, B; Riegman, P H J

    2006-12-01

    Developing a tissue bank database has become more than just logically arranging data in tables combined with a search engine. Current demand for high quality samples and data, and the ever-changing legal and ethical regulations mean that the application must reflect TuBaFrost rules and protocols for the collection, exchange and use of tissue. To ensure continuation and extension of the TuBaFrost European tissue bank, the custodianship of the samples, and hence the decision over whether to issue samples to requestors, remains with the local collecting centre. The database application described in this article has been developed to facilitate this open structure virtual tissue bank model serving a large group. It encompasses many key tasks, without the requirement for personnel, hence minimising operational costs. The Internet-accessible database application enables search, selection and request submission for requestors, whereas collectors can upload and edit their collection. Communication between requestor and involved collectors is started with automatically generated e-mails.

  10. About Banking.

    Science.gov (United States)

    Pieslak, Raymond F.

    The student manual for high school level special needs students was prepared to provide deaf students with the basic fundamentals of banking. Five units are presented covering the topics of banks and banking services, checking accounts, other services of banks, savings accounts, and other investments. Each lesson was carefully written for easy…

  11. IMPROVING DEPOSIT POLICY BANK ON THE BASIS OF ANALYSIS OF THE INFLUENCE OF DEPOSIT PORTFOLIO STRUCTURE ON FORMATION OF INVESTMENT RESOURCE

    Directory of Open Access Journals (Sweden)

    Viadrova I.

    2018-01-01

    Full Text Available Introduction. The banking system as a part of the national economy contributes to the development of various branches of economy and trade, enabling the realization of economic interests of economic entities. One of the important tasks of the monetary system is the accumulation of financial resources necessary for the implementation of credit and investment projects and their further distribution. This task is performed by banking institutions by attracting funds from individuals and legal entities. The size of the bank’s resource base and the scale of its operations depend on the operations of attraction of funds. The priority task of the banking institution is the predominance of attracting long-term investments over short-term ones. That is why the problem that exists in the disproportion of the maturity of borrowed funds, the prevalence of short-term deposits over long-term and the minimum amount of long-term resources in the bank’s deposit portfolio is particularly relevant. Purpose. The purpose of the work is to generalize the theoretical aspects of bank deposit activity and to determine the optimal structure of the deposit portfolio for carrying out of credit and investment activity. Results. The article summarizes the essence of the concept of “deposit policy”, identifies the peculiarities of its formation and analyzes the main external and internal factors that have an impact on the deposit policy of domestic banks. The analysis of the dynamics and structure of deposit operations of banks at the state level was carried out and the analysis of deposit policy of a bank of foreign bank groups – PJSC “Ukrsotsbank” for 2010-2017 was provided. In this work, the factors of influence are investigated: external and internal, which determine the ways of formation of deposit policy by banks of Ukraine. The influence of the structure of the deposit portfolio of Ukrainian banks on the formation of the investment resource is analyzed

  12. Investment in sustainable electricity production by Dutch banks. A case study for the Fair Bank Guide; Investeringen in duurzame elektriciteitsopwekking door Nederlandse banken. Een onderzoeksrapport voor de Eerlijke Bankwijzer

    Energy Technology Data Exchange (ETDEWEB)

    Van Gelder, J.W.; Kouwenhoven, D.

    2010-05-15

    This report contains the results of the second case study commissioned by the Fair Bank Guide on the financing practices of twelve investigated banks in the Netherlands. It has been examined which part of the investments in electricity generation by Dutch banks involves electricity generation from sustainable sources (sustainable electricity generation) [Dutch] Dit rapport bevat de resultaten van het tweede onderzoek in opdracht van de Eerlijke Bankwijzer naar de financieringspraktijk van twaalf onderzochte banken in Nederland. Hiermee is in kaart gebracht welk deel van de investeringen in elektriciteitsopwekking door de Nederlandse banken, betrekking heeft op elektriciteitsopwekking met behulp van duurzame energiebronnen ('duurzame elektriciteitsopwekking')

  13. Coping with poverty in international assistance policy: an evaluation of spatially integrated investment strategies. [World Bank, USAID, and UN

    Energy Technology Data Exchange (ETDEWEB)

    Rondinelli, D A [Syracuse Univ., NY; Ruddle, K

    1978-04-01

    International assistance agencies have turned increasingly to integrated rural development policies in an attempt to ameliorate the inequitable distribution of economic growth plaguing Third World nations since World War II. This paper reviews the functionally and spatially integrated investment strategies of the World Bank, US Agency for International Development, and the United Nations, outlines their objectives, perceptions of the problem, basic assumptions and programs, and evaluates them in terms of potential difficulties for implementation. Those factors crucial to making integrated development policies operational--knowledge of human ecosystems in rural areas, analytical ability, operational procedures, arrangements for local participation, subsistence systems indicators and administrative capacity of local and national governments--are discussed and assessed.

  14. ASSETS AND LIABILITIES DEPENDENCE: EVIDENCE FROM AN EUROPEAN SAMPLE OF BANKS

    Directory of Open Access Journals (Sweden)

    Cociuba Mihail Ioan

    2014-12-01

    Full Text Available In this paper we analyzed the correlation between asset and liabilities using the canonical correlation method, in the case of correlation we analyze the interdependence between two variables, by using canonical correlation analyses we study the interdependence between two groups of variables, X consisting of p variables and Y with q variables from which the best linear combination can be constructed to maximize the correlation between X and Y. While on the financial markets the relation between variables may be linear or non-linear and although canonical correlation analyses only the linear combination of variables it is a more efficient tool than then simple correlation.The asset group which we analyze is composed of different types of loans, derivatives and other earning assets, while in the group of liabilities we have deposits (short and long term, interest bearing liabilities and trading liabilities. We find that the assets and liabilities in the banking sector are directly linked. In the context of the global financial crisis (2007-2008 and the afterwards financial recession this direct correlation between assets and liabilities created a vicious cycle in which the losses from assets had a direct impact on the liabilities which also influenced the levels of assets.The behavior of different variables is important, especially in the financial markets, mainly due to the structure of financial markets. The banking sector and the systemic risk associated with it can affect the financial system and even the whole economy so the study of the correlation of assets and liabilities may give us insights on the causes of the financial crises. We use a panel of fifty-nine European banks for the 2004-2011 period and we analyses the correlation between assets and liabilities. We find that there exists a direct and strong connection between different classes of assets held by banks and the structure of liabilities. The impact of the economic crisis on

  15. EUROPEAN UNION PARTICIPATION IN NEGOTIATIONS ON TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

    Directory of Open Access Journals (Sweden)

    D. E. Rudenkova

    2016-01-01

    Full Text Available This article contributes to the discussion surrounding involvement of interest groups in the political process on the European and global level. My purpose here is to examine how groups of interest can affect EU’s role as a global actor and find out which mode of lobbying regulation could strengthen Europe’s position in global governance. In this article, I am trying to bind concepts which at first glance might seem quite remote: groups of interests and global governance. By analyzing Europe’s position on the Transatlantic Trade and Investment Partnership (TTIP and the Trans-Pacifi c Partnership (TPP, I argue that European ambitions on international arena are undermined by innertensions. These tensions are mainly caused by discrepancy in positions of different groups of interest who try to infl uence the outcome of the political process and, thus, make it less stable and predictable. At the same time, adequate lobbying regulation could increase accountability and transparency and, therefore, help to overcome inconsistencies in EU’s position in global governance system. The results suggest that without proper backing from inside actors like business groups and civil society associations the EU will constantly wobble and will not be able to fully achieve its global goals.

  16. Public Investment and Economic Growth in The European Union Member States

    Directory of Open Access Journals (Sweden)

    Liliana DONATH

    2009-06-01

    Full Text Available The issue of public investments becamea very challenging subject for public decisionmakerssince it incorporates the question of stateperformance, the quality of public finance and theireffects on growth. The quality of public finance is amultidimensional concept. It may be regarded asrepresenting all the arrangements and operationsregarding the financial politics that sustain themacroeconomic objectives, particularly the longtermeconomic growth. Financial policies atEuropean level highlight the fact that a concentrationof the public expenses in areas that stimulate theeconomic growth and a more efficient use of thepublic resources are key methods for sustainingthe economic growth. The empirical proofs seem tosupport the assumption according to which certaintypes of public expenses can supply incentivesand other can negatively influence the economicgrowth. The paper tries to reveal the effects ofcapital spending on economic growth (GDP percapita for the European Union member states.The GDP per capita and the capital expenses(functional classification of public expenses -“COFOG” have been obtained by consideringthe Eurostat statistics, the measurement unit forboth variables is Euro, while the period of analysisis of 7 years (2000-2006.

  17. Evaluating the application of different pricing regimes and low carbon investments in the European electricity market

    International Nuclear Information System (INIS)

    Oggioni, Giorgia; Smeers, Yves

    2012-01-01

    The EU-ETS is the first measure initiated by the EU to contribute to the decarbonization of the European energy sector. It is a cap and trade system that requires industries participating to the program to procure allowances to cover their emissions. Electricity Intensive Industries (EIIs) have complained that the system put their European plants at disadvantage compared to facilities located outside the EU. They have asked for actions to mitigate this effect; one of them is to have access to long term contracts with electricity suppliers, ideally with those operating carbon free plants. This paper presents and illustrates a method for assessing the impact of this measure on EIIs participating to the EU cap and trade system. We model a power market segmented in two consumer groups EIIs and the rest of the market (N-EIIs). These two groups are subject to different price regimes: EIIs purchase electricity from dedicated base-load power plants at average cost price, while N-EIIs are supplied at marginal cost. The French Exeltium and the Belgian Blue Sky consortia are existing examples of this market organization. The expanse of the territories that can be covered by these systems depends on the organization of transmission organization and on national energy position relative to carbon free generation. We examine two different types of long term average cost based contracts that differ by the organization of transmission and study their impact under different national energy policies. We formulate the problem of operations and investment in this market as a spatial equilibrium model where generators can invest in new capacity subject to different regional constraints. Transmission is organized according to a “flow based” approach as foreseen by Regulatory Authorities and Transmission System Operators in Europe. We also examine the impact of nuclear policies. CO 2 emission allowances are auctioned and tradable. We describe the models and discuss their policy

  18. Experience with the Distance Learning Bachelor Study in the Field of Finance, Banking and Investment

    Directory of Open Access Journals (Sweden)

    Dana Palova

    2010-03-01

    Full Text Available Three years ago Faculty of Economics started the internal faculty project named “Preparation and realization of the distance learning bachelor study in the field of Finance, Banking and Investment”. Last year we reached the most important milestone – we got the first Bachelor graduates in August 2008. Based on the students’ feedback we extended the project objectives by preparation, implementation and realization of distance learning in engineer study program. One aim of the paper is to present current state of the mentioned project, to show the improved timetable of the particular phases of the mentioned project.

  19. A Study Of Barriers To Career Advancment For Professional Women In Investment Banking

    Directory of Open Access Journals (Sweden)

    Tracey Rowe

    2003-11-01

    ’n Kwalitatiewe studie was onlangs uitgevoer met die oog op hindernisse vir professionele vroue in die beleggings bank-sektor. Semi-gestruktueerde onderhoude was uitgevoer met beide manlike en vroulike deelnemers ten einde die persepsies en oortuigings van hierdie hindernisse te ondersoek. Die verhaal van Aspoestertjie was gebruik as ’n raamwerk waarin die bevindings bespreek is. Die sleutel temas wat geidentifiseer was sluit in gemeenskapstruktuur, beliggaming, manlike-dominasie, ondersteuningsraamwerk en die bou van netwerke. ’n Addisionele tema, getitel ‘As die skoen pas’ is die onderliggende draad wat die ander temas saambind en die samevatting van die studie vorm.

  20. Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

    Directory of Open Access Journals (Sweden)

    Meryem Filiz Baştürk

    2017-07-01

    Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

  1. Rates of Return on Open-End Debt Investment Funds and Bank Deposits in Poland in the Years 1995–2015 – A Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Dittmann Iwona

    2016-12-01

    Full Text Available This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds, and by the boom in the bond market in the years 2011–2012 (for the youngest funds. The investment horizon turned out to be significant. The best and worst funds were identified.

  2. New Developing Methodologies for Strategic and Operational Limits in the European and Romanian Banking System

    Directory of Open Access Journals (Sweden)

    Stratulat Angelica

    2016-07-01

    Full Text Available The most important recommendations of the de Larosiere report and subsequently implemented in the Union were to create a single regulatory framework and a European framework for macro-prudential supervision, both elements conjugated are designed to ensure financial stability. The single regulatory framework ensures a uniform and robust regulatory framework that facilitates the functioning of the single market and prevents regulatory arbitrage opportunities. However, in the internal market for financial services, macro-prudential risks can exhibit several types of differences, with a number of national peculiarities that lead to variations that can be seen, for example, in terms of structure and size of the banking sector compared to economy and credit cycle in a wider sense.

  3. banks

    Directory of Open Access Journals (Sweden)

    Elena Grigoryeva

    2016-11-01

    The thaw period was a kind of bank from which our country set sail towards unexplored horizons. The series on the Moscow Palace of Young Pioneers is continued by the article by Felix Novikov (144-151, who writes about the history of the design of this wonderful building, today’s monument of architecture of Soviet modernism.

  4. Financing investment in the European electricity transmission network: Consequences on long-term sustainability of the TSOs financial structure

    International Nuclear Information System (INIS)

    Henriot, Arthur

    2013-01-01

    This article focuses on the ability of European TSOs to meet the demand for substantial investments in the electricity transmission grid over the next two decades. We employ quantitative analysis to assess the impact of the required capital expenditures under a set of alternative financing strategies. We consider a best-case scenario of full cooperation between the European TSOs. It appears that under current trends in the evolution of transmission tariffs, only half the volumes of investment currently planned could be funded. A highly significant increase in transmission tariffs will be required to ensure the whole-scale investments can be delivered. Finally, alternative strategies can dampen the impact on tariffs but they can only partially substitute for this increase in charges paid by network users. -- Highlights: •We applied balance-sheet modelling to a single European Electricity TSO. •Investments planned will not be achievable under current tariffs evolution. •A three-fold higher growth of transmission network tariffs would be necessary. •New financing strategies can dampen the impact on tariffs, to a minor extent

  5. Implementing transparency in an Eastern European office market: preparing Warsaw for global investments

    Directory of Open Access Journals (Sweden)

    Nadine Bitterer

    2012-11-01

    Full Text Available In the aftermath of an increasing integration of property and financial markets, the real estate industry is subject to soaring internationalization processes. Since international institutional investors appeared, transnational real estate investments have increased tremendously. In recent years, Central and Eastern European countries have been becoming more attractive to institutional investors and are therefore being integrated into international market structures. Within these countries, Warsaw emerged as the most dynamic and important real estate market. But what are the mechanisms and practices through which the real estate market of Warsaw becomes international? Which networks, intermediaries and frames are necessary to constitute a mature real estate market? The article argues that international real estate consultants are playing a crucial role in the underlying internationalization process. They are acting at the interface between investors, developers, construction companies and tenants and are therefore becoming a crucial hinge between real estate actors. With the example of the Warsaw real estate market we argue that international real estate consultancies are key drivers of the transformation process from a local to a global market. They transfer global knowledge, competence and practices and implement transparent and professional structures in the emerging Warsaw real estate market.

  6. Recent Japanese and Chinese investments in U.S. and European financial institutions

    OpenAIRE

    Cindy Marks

    2009-01-01

    This Asia Focus report compares some of the more significant investments by Japanese and Chinese financial institutions in both the U.S. and Europe, highlighting trends and offering thoughts on the direction of future investments.

  7. Implementation of investment and working capital financing allocated by banks towards the added GDP, labors, and welfare in four regencies in Madura

    Directory of Open Access Journals (Sweden)

    Didin Fatihudin

    2015-06-01

    Full Text Available This study investigates the implementation of investment financing absorption and private bank sectors working capital to increase GDP, employment, and welfare of the four counties in Madura island (Bangkalan, Sampang, Pamekasan, Sumenep. This is the development of a previous study. This explanatory study is based on the model devel-opment concept or theory with Path Analysis through the data normality, multicolli-nearity, and heteroscedasticity test as well as causality. The data were taken from Bank Indonesia, Investment Coordinating Board, and the Central Bureau of Statistics. This is a time series data of 2002 to 2006. It shows that the financing of investment to GDP has significant and negative effect, financing of investment to labor absorption has signifi-cant and negative effect; financing working capital to GDP has significant and positive effect; financing of working capital to labor absorption has significant and negative effect; GDP in the labor market has no significant nor positive effect; GDP for the welfare effect, it has positive but not significant effect; employment in the welfare has a significant and positive effect. The direct effect or indirect implementation of financing from banks to finance investments and working capital to the entrepreneurs has increasingly a significant and positive effect. Absorption has dominated world finance working capital financing, following the least consumption and investment. Thus, it was natural that the implementa-tion of the investment credit and working capital has a significant and positive effect on economic growth, absorption of labor, and welfare in all four counties in Madura.

  8. Comparative study of the efficiency of public supports to investments in energy management in the European Union

    International Nuclear Information System (INIS)

    Scheuer, Stefan; Ballu, Matthieu; Di Stefano, Paolo

    2013-01-01

    This study proposes a detailed overview of public budgets invested by the different member States of the European Union via subsidy systems, loans or tax arrangements in order to support investments in energy efficiency in buildings. The author also studied results published for these public instruments in terms of energy savings, and proposed a comparison which takes the lifetime of these savings into account. The study is based on available official information. Thus, before presenting the obtained results, the author describes how data have been collected and harmonised, presents the comparative analysis and discusses the lifetime measurement issue

  9. 12 CFR 1.8 - Nonconforming investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Nonconforming investments. 1.8 Section 1.8 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY INVESTMENT SECURITIES § 1.8 Nonconforming investments. (a) A national bank's investment in securities that no longer conform to this part...

  10. 12 CFR 24.4 - Investment limits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment limits. 24.4 Section 24.4 Banks and... ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.4 Investment limits. (a) Limits on aggregate outstanding investments. A national bank's aggregate outstanding investments under...

  11. Carbon prices and CCS investment: A comparative study between the European Union and China

    International Nuclear Information System (INIS)

    Renner, Marie

    2014-01-01

    Carbon Capture and Storage is considered as a key option for climate change mitigation; policy makers and investors need to know when CCS becomes economically attractive. Integrating CCS in a power plant adds significant costs which can be offset by a sufficient CO 2 price. However, most markets have failed: currently, the weak carbon price threatens CCS deployment in the European Union (EU). In China, a carbon regulation is appearing and CCS encounters a rising interest. This study investigates two questions: how much is the extra-cost of a CCS plant in the EU in comparison with China? Second, what is the CO 2 price beyond which CCS plants become more profitable than reference plants in the EU and in China? To address these issues, I conducted a literature review on public studies about CCS costs. To objectively assess the profitability of CCS plants, I constructed a net present value model to calculate the Levelised Cost of Electricity and the breakeven CO 2 price. CCS plants become the most profitable plant type beyond 115 €/tCO 2 in the EU vs. 45 €/tCO 2 in China (offshore transport and storage costs). I advise on the optimal plant type choice depending on the CO 2 price in both countries. - Highlights: • I develop a method to objectively update and compare CCS costs in the EU and China. • To represent investment choices, intra and inter CO 2 switching prices are required. • EU CCS plants are profitable for a CO 2 price higher than 115 €/t (offshore storage). • Chinese CCS plants are profitable beyond 45 €/tCO 2 (35 €/tCO 2 with onshore storage). • With 2030 projections, CCS (coal) plants are profitable in China but not in the EU

  12. STIMULATING THE ATTRACTION OF INVESTMENTS IN THE PROCESSING SECTOR – A NECESSITY IN THE CONTEXT OF EUROPEAN MILK MARKET LIBERALIZATION

    Directory of Open Access Journals (Sweden)

    Mariana GRODEA

    2014-12-01

    Full Text Available A main challenge for the players on the world dairy market is to efficiently respond to the changes of the local markets characteristics, in the context of an increasingly fierce competition for the raw milk obtained on the farms. From the analysis, it results that the performance of the Romanian milk sector is seriously affected by the excessive fragmentation of supply, which reveals the subsistence and semi-subsistence phenomenon that persists in the milk sector, as the main factor that constrains competitiveness growth. In reference to the volume of investments in the dairy processing sector, it results that this had a slow growth rate in the investigated period, the share in total investments in the food sector ranging from 7.8% (2000 to 16.9% (2011. The investments in agriculture in total investments accounted for 4.9% in the year 2012. In order to adapt to the competition on the European Single Market, the Romanian sector has to receive support through investments, in the conditions in which there is a favourable global conjuncture for the consumption of dairy products, in which their prices are expected to raise on the basis of the increasing demand of the development regions.

  13. Union banking a step towards achieving fiscal Union in the European Union

    Directory of Open Access Journals (Sweden)

    Ionuţ Marius Croitoru

    2015-05-01

    Full Text Available Introduction: Union policy needs in addition to the official language of four major components: a monetary union, a fiscal union, a union diplomatic and military union A stage in the Union is the Union banking tax. Materials and Methods: Union Bank has three pillars: a single banking supervisor (single supervisory mechanism, the only mechanism of bank resolution and a single scheme of bank guarantees. Results and conclusions: Union Bank, strengthen supervision is an inevitable process, and Romania will have to enroll in it. Option Romania is to be part of Romania deaorece bank Union can not remain outside the structures of decision as long as banks operating in Romania are predominantly Eurozone.

  14. Money supply growth and inflation – the monetary policy strategy of the European Central Bank

    Directory of Open Access Journals (Sweden)

    Svatopluk Kapounek

    2007-01-01

    Full Text Available The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB‘s monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value, and a broadly based assessment of the outlook for price developments. Nevertheless, since May 2003 M3 or any other monetary aggregate has lost its prominent role in the ECB‘s strategy. Therefore the nowadays ECB‘s monetary policy strategy consists of a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars – economic analysis and monetary analysis. These two pillars are used by the ECB‘s Governing Council in the overall assessment of risks to price stability and in monetary policy decisions.The empirical part of this article is based on time series correlation between money supply growth and inflation in selected member countries of the Economic and Monetary Union (EMU - Eurozone during the period 1995–2005. The time series are divided into two parts. The first part covers data for selected member countries of the European Union from 1995 till 1998, i.e. before the establishment of the EMU. Whereas the second part includes data for the whole Eurozone since its official start in 1999 to 2005. The time series are adjusted by SARIMA models.

  15. Have European Banks Actually Changed Since the Start of the Crisis?

    NARCIS (Netherlands)

    Bertay, A.C.; Huizinga, Harry

    This paper documents trends in key bank variables over the 2003-2013 period for the set of banks that the ECB directly supervises as of January 30, 2015. This time period enables us to see how the crisis has affected the banks, and also how they have changed since the crisis. A range of variables is

  16. European Accounting Harmonisation: Consequences of IFRS Adoption on Trade in Goods and Foreign Direct Investments

    OpenAIRE

    Laura Márquez-Ramos

    2011-01-01

    This paper focuses on the importance of accounting harmonisation in foreign activities at country level. The adoption of International Financial Reporting Standards (IFRS) is considered to reduce information costs among countries and, therefore, encourage international trade in goods and investment. The results provide evidence that benefits exist in terms of trade in goods and foreign direct investments (FDI) when IFRS are adopted.

  17. The Impact of the Public Authorities’ Messages – the European Central Bank Case

    Directory of Open Access Journals (Sweden)

    Ioan Talpos

    2007-03-01

    Full Text Available The public authorities (the agency messages could play a key role in the social subjects’ decisions. How and when the agency communicates the path of its future policies influences the present social and economic architecture. The aim of this paper is to advance an explanatory framework for the connections between the transparency and credibility of the public authorities and the volatility of the social output. In order to provide some empirical evidences, the paper will consider the case of the European Central Bank as a representative monetary authority. The main output of the paper resides in the thesis that, with a certain consistency, there are some connections between the agency’s mandates, the types of the messages transmitted by the agency and the volatility of the obtained results, and also in the idea that an agency entrusted with a “strong” mandate could transmit “mixed” type messages (i.e. “informative-persuasive” ones which, in special conditions, could influence the decisions of certain categories of clients and/ or non-members. Of course, the following core question still remains: “How sustainable could be the effects induced by the impact of different agency messages received by the various beneficiaries?” And this, because in the end “The one who knows does not speak and the one who speaks does not know” (LAO ZI - DAO DE JING.

  18. [Reproduction of European bank vole (Myodes glareolus, Rodentia) under conditions of natural geochemical anomalies].

    Science.gov (United States)

    Baĭtimirova, E A; Mamina, V P; Zhigal'skiĭ, O A

    2010-01-01

    Estimates of abundance, morpho-functional state of ovaries, potential and actual fecundity of European bank vole, Myodes glareolus, inhabiting the territories of natural geochemical anomalies that are situated over ultra-basic rock and have an excess content of chrome, nickel, and cobaltare obtained. The population adaptive response to extreme geochemical conditions that facilitates the species survival under unfavorable environmental conditions and is manifested through an increase in potential and actual fecundity, decline of pre-implantation mortality, and decrease in proportion of females with pre-implantation losses is revealed. It is shown that in anomalous areas the intensity of folliculogenesis in mature voles is independent of the population cycle phase. As for immature animals residing within geochemical anomalies, an increase in size and numbers of follicles in ovaries is observed which is indicative of maturation fastening. An increase in potential and actual fecundity, as well as changes in morpho-functional state of ovaries, can be interpreted as means of birth rate accelerating which is supposed to compensate high postnatal mortality and maintain population abundance.

  19. Massive financing of the energy transition - SFTE feasibility study: synthesis report, Energy renovation of public buildings. A euros 120 bn investment programme for the European Union's three-year Juncker Plan, Massive financing of the energy transition in schools, hospitals and other public buildings. A euros 420 bn investment programme for the European Union, Massive financing of the energy transition in schools, hospitals, etc. for a competitive EU

    International Nuclear Information System (INIS)

    2014-11-01

    The SFTE project aims to establish a broad partnership between public and private entities to stimulate the economy and deliver between euros 180 bn and euros 420 bn of investment in Europe over 10 years for the benefit of medium-sized projects (in the order of euros 1 m) that are necessary for the energy transition. It will enable EU banks to finance the energy renovation of public buildings under excellent - cheap and long-term - conditions. A feasibility study has been conducted by the AFTER association with an exemplary consortium of public and private stakeholders in France: local authorities, industry players, banks/financial institutions, NGOs, Plan Batiment Durable. Many European institutions have expressed their interest in the initiative. Now the implementation of the SFTE project requires a commitment from European and national public authorities. Such a proactive real-estate policy would significantly contribute to economic recovery, cut costs, CO_2 emissions and the external deficit and improve energy independence, and could quickly create jobs. This document is the English version of the synthesis report of the SFTE project feasibility study. Two notes are attached to the document: one is a note to decision makers on the adaptation of the project to the euro 315 bn investment plan proposed by Jean-Claude Juncker, and the other is a technical note to decision makers

  20. The Impact of International Financial Crisis on Bank Performance in Eastern and Central European Countries

    Directory of Open Access Journals (Sweden)

    Alin-Marius Andrieș

    2016-05-01

    Full Text Available In this paper we investigate the determinants of bank profitability in 10 countries from Central and Eastern Europe, in the period between 2004 and 2013. We proxy the profitability of banks with more commonly used ratio: the return on assets (ROA, computed as a ratio of the net profit to the total bank assets. We used multiple regression with bank specific variables, banking industry variables and macroeconomic variables. Moreover, we added a global financial crisis dummy to highlight the crisis impact on asset return. OLS is the main estimation method, but we also used difference-in-difference in order to test if the crisis impact was amplified or diminished by the bank specific characteristics. The evidence shows significant differences between the profit levels of the CEEC banks. Our results are in line with the empirical literature. The impact of the international financial crisis on ROA was negative and statistically significant, as expected. The second part of the analysis we separate the banks sample in three categories: banks with high capital adequacy, large banks by total assets and foreign-owned banks. Our findings show that the three selected variables both amplified and decreased the crisis effect.

  1. Impact of financial liberalization on banking sectors performance from central and eastern European countries.

    Directory of Open Access Journals (Sweden)

    Alin Marius Andries

    Full Text Available In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004-2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity.

  2. Impact of Financial Liberalization on Banking Sectors Performance from Central and Eastern European Countries

    Science.gov (United States)

    Andries, Alin Marius; Capraru, Bogdan

    2013-01-01

    In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004–2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity. PMID:23555745

  3. BASEL III IMPACT ON ROMANIAN BANKING SYSTEM PERFORMANCE

    OpenAIRE

    Mariana G. NEDELCU (BUNEA)

    2014-01-01

    In the context of economic and financial crisis triggered in EU by autumn 2008, Romania's banking system like that in the other European countries, faced with the consequences of decreasing the standard of living the worsening of purchasing power (in terms of retail) and with gaps and Delay occurred in the payment of corporate clients. However the deteriorating the quality of bank investments, increasing non-performing loans in bank portfolios totate ultimately causing the accumulation of...

  4. Banking cord blood stem cells: attitude and knowledge of pregnant women in five European countries.

    Science.gov (United States)

    Katz, Gregory; Mills, Antonia; Garcia, Joan; Hooper, Karen; McGuckin, Colin; Platz, Alexander; Rebulla, Paolo; Salvaterra, Elena; Schmidt, Alexander H; Torrabadella, Marta

    2011-03-01

    This study explores pregnant women's awareness of cord blood stem cells and their attitude regarding banking options in France, Germany, Italy, Spain, and the UK. Questionnaires were distributed in six maternities. This anonymous and self-completed questionnaire included 29 multiple-choice questions based on: 1) sociodemographic factors, 2) awareness and access to information about cord blood banking, 3) banking option preferences, and 4) donating cord blood units (CBUs) to research. A total of 79% of pregnant women had little awareness of cord blood banking (n = 1620). A total of 58% of women had heard of the therapeutic benefits of cord blood, of which 21% received information from midwives and obstetricians. A total of 89% of respondents would opt to store CBUs. Among them, 76% would choose to donate CBUs to a public bank to benefit any patient in need of a cord blood transplant. Twelve percent would choose a mixed bank, and 12%, a private bank. A total of 92% would donate their child's CBU to research when it is not suitable for transplantation. The study reveals a strong preference for public banking in all five countries, based on converging values such as solidarity. Attitudes of pregnant women are not an obstacle to the rapid expansion of allogeneic banking in these EU countries. Banking choices do not appear to be correlated with household income. The extent of commercial marketing of cord blood banks in mass media highlights the importance for obstetric providers to play a central role in raising women's awareness early during their pregnancy with evidence-based medical information about banking options. © 2010 American Association of Blood Banks.

  5. Comparison between the European Central Bank as a New Monetary Experiment and other Major - Central Banks - US Federal Reserve and Bank of Japan

    Directory of Open Access Journals (Sweden)

    Tache I.

    2014-12-01

    Full Text Available Our goal is to make a survey of three major central banks practices and to emphasize both the different national characteristics and the similarities derived from the global changes of financial environment. Using a descriptive methodology, the comparison will concern the central banks’ goals, the institutional and organizational structures, strategies and tools of monetary policy

  6. Legal and tax issues of Eastern European oil and gas investment

    International Nuclear Information System (INIS)

    Doeh, D.

    1994-01-01

    In considering petroleum investment in Eastern Europe, the broad issues of the rule of law, the national constitutions of the various states and their court systems, which affect business generally, are presented. Some specific problems are then discussed. These include ownership of property and privatisation, foreign investment, taking of security, insolvency and taxation. Russia is included as part of Eastern Europe and receives special emphasis because of its importance in the petroleum scene and the particularly acute problems it faces. (UK)

  7. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  8. 12 CFR 703.14 - Permissible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Permissible investments. 703.14 Section 703.14 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.14 Permissible investments. (a) Variable rate investment. A Federal...

  9. The Quality of Private Monitoring in European Banking: Completing the Picture

    OpenAIRE

    Pop , Adrian; Pop , Diana

    2012-01-01

    The philosophy behind the debt market discipline approach to banking regulation presumes that the pricing of bank debt securities, if accurate, conveys reliable signals to supervisors. In this paper, we take a critical look at the feasibility of such an approach by exploring empirically the possibility that markets may price differently the risk profile of bank issuers along the empirical distribution of credit spread. The paper proposes a quantile regression framework to draw novel inference...

  10. Local investment in renewable energies - European experiences; Investissement local dans les energies renouvelables - recueil d'experiences europeennes

    Energy Technology Data Exchange (ETDEWEB)

    Quantin, J; Grepmeier, K; Larsen, J; Manolakaki, E; Smith, M

    2004-01-01

    This booklet is realized within the framework of the european commission called PREDAC. This document have been conceived by a working group specialized on the local investment into renewable energies thematic. The objectives of this project are: to promote citizen participation in the financing of renewable energies projects in Europe; to make organizations, investor clubs and local government to be aware of this way of implication into renewable energies development; to examine more especially three renewable energy sources: biomass, photovoltaic and wind in Denmark, France, Germany, Greece and United Kingdom. (author)

  11. Trade agreements with side-effects? : European Union and United States to negotiate Transatlantic Trade and Investment Partnership

    OpenAIRE

    Mildner, Stormy-Annika; Schmucker, Claudia

    2013-01-01

    "At the G8 summit in Northern Ireland on June 17, the European Union and the United States kicked off the negotiations for a comprehensive Transatlantic Trade and Investment Partnership (TTIP) to reduce tariffs and non-tariff trade barriers. While the expected economic benefits for both sides would be more than welcome in an era of gloomy growth forecasts, a TTIP is not entirely without risks for global trade and the multilateral trading system. The talks could tie up a considerable portion o...

  12. Local investment in renewable energies - European experiences; Investissement local dans les energies renouvelables - recueil d'experiences europeennes

    Energy Technology Data Exchange (ETDEWEB)

    Quantin, J.; Grepmeier, K.; Larsen, J.; Manolakaki, E.; Smith, M

    2004-01-01

    This booklet is realized within the framework of the european commission called PREDAC. This document have been conceived by a working group specialized on the local investment into renewable energies thematic. The objectives of this project are: to promote citizen participation in the financing of renewable energies projects in Europe; to make organizations, investor clubs and local government to be aware of this way of implication into renewable energies development; to examine more especially three renewable energy sources: biomass, photovoltaic and wind in Denmark, France, Germany, Greece and United Kingdom. (author)

  13. A MACROPRUDENTIAL SUPERVISION MODEL. EMPIRICAL EVIDENCE FROM THE CENTRAL AND EASTERN EUROPEAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Trenca Ioan

    2013-07-01

    Full Text Available One of the positive effects of the financial crises is the increasing concern of the supervisors regarding the financial system’s stability. There is a need to strengthen the links between different financial components of the financial system and the macroeconomic environment. Banking systems that have an adequate capitalization and liquidity level may face easier economic and financial shocks. The purpose of this empirical study is to identify the main determinants of the banking system’s stability and soundness in the Central and Eastern Europe countries. We asses the impact of different macroeconomic variables on the quality of capital and liquidity conditions and examine the behaviour of these financial stability indicators, by analyzing a sample of 10 banking systems during 2000-2011. The availability of banking capital signals the banking system’s resiliency to shocks. Capital adequacy ratio is the main indicator used to assess the banking fragility. One of the causes of the 2008-2009 financial crisis was the lack of liquidity in the banking system which led to the collapse of several banking institutions and macroeconomic imbalances. Given the importance of liquidity for the banking system, we propose several models in order to determine the macroeconomic variables that have a significant influence on the liquid reserves to total assets ratio. We found evidence that GDP growth, inflation, domestic credit to private sector, as well as the money and quasi money aggregate indicator have significant impact on the banking stability. The empirical regression confirms the high level of interdependence of the real sector with the financial-banking sector. Also, they prove the necessity for an effective macro prudential supervision at country level which enables the supervisory authorities to have an adequate control over the macro prudential indicators and to take appropriate decisions at the right time.

  14. Causes of the outbreak of the eurozone crises: the role of the USA and the European Central Bank monetary polic

    Directory of Open Access Journals (Sweden)

    Nalia Białek

    2015-10-01

    Full Text Available This paper argues that the loose monetary policy of two of the world’s most important financial institutions—the U.S. Federal Reserve Board and the European Central Bank—were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.

  15. Fundamental Flaws in the Architecture of the European Central Bank: The Possible End of the Euro Zone and its Effects to East African Community (EAC Countries

    Directory of Open Access Journals (Sweden)

    Nothando Moyo

    2014-09-01

    Full Text Available European countries embarked on a European integration programme that saw the formation of the Euro, which has emerged as a major currency (Blair, 1999 that was introduced in 1998. With the Euro, came the establishment of the European Central Bank. Thus this study seeks to investigate the flaws in the formation of the European Central Bank that surfaced during the major economic crisis in Europe. The crisis revealing the gaps in the formation and structure of the European central bank have created major challenges for the Economic and Monetary Union (EMU. Through an extant review of literature the study will examine the East African Community Countries, investigating the ties they have to the euro zone to analyse how the crisis has affected them. Furthermore, the study will analyse what would happen to the growth patterns of the East African Countries and the various prospects they may have should the Eurozone come to an end.

  16. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  17. L’Unione Bancaria Europea. Di nuovo un disegno istituzionale incompleto (The European banking union. An incomplete institutional design, again

    Directory of Open Access Journals (Sweden)

    Mario Tonveronachi

    2013-12-01

    Full Text Available The proposal for a European banking union represents the more recent effort to drive the Eurozone countries towards the effective adoption of a single rulebook and a single supervisory handbook, at the same time endowing them with a centralised mechanism for the resolution of bank crises. The new institutional framework should help to disconnect banking operations from the vicissitudes of sovereign debts, to reverse the recent re-nationalisation of finance and to restore the effectiveness of ECB monetary policy. Although the new framework would mark a significant advancement with respect to the present situation, its predictable incomplete adoption, restricted to the single supervisory mechanism, coupled with the unwillingness to burden it with legacy problems, will most likely produce opposite results from its inception. Although the full implementation of the proposal would not constitute a departure from the political de-centralised design that has so far dominated the European construction, the potential fiscal implications of a centralised resolution mechanism have raised the same barriers that have so far impeded to complete the design initiated with the Maastricht Treaty.

  18. L’Unione Bancaria Europea. Di nuovo un disegno istituzionale incompleto (The European banking union. An incomplete institutional design, again

    Directory of Open Access Journals (Sweden)

    Mario Tonveronachi

    2013-12-01

    Full Text Available The proposal for a European banking union represents the more recent effort to drive the Eurozone countries towards the effective adoption of a single rulebook and a single supervisory handbook, at the same time endowing them with a centralised mechanism for the resolution of bank crises. The new institutional framework should help to disconnect banking operations from the vicissitudes of sovereign debts, to reverse the recent re-nationalisation of finance and to restore the effectiveness of ECB monetary policy. Although the new framework would mark a significant advancement with respect to the present situation, its predictable incomplete adoption, restricted to the single supervisory mechanism, coupled with the unwillingness to burden it with legacy problems, will most likely produce opposite results from its inception. Although the full implementation of the proposal would not constitute a departure from the political de-centralised design that has so far dominated the European construction, the potential fiscal implications of a centralised resolution mechanism have raised the same barriers that have so far impeded to complete the design initiated with the Maastricht Treaty.  JEL Codes: E02, F33, G18 

  19. [Gene expression analyses of kidney biopsies: the European renal cDNA bank--Kröner-Fresenius biopsy bank].

    Science.gov (United States)

    Cohen, C D; Kretzler, M

    2009-03-01

    Histological analysis of kidney biopsies is an essential part of our current diagnostic workup of patients with renal disease. Besides the already established diagnostic tools, new methods allow extensive analysis of the sample tissue's gene expression. Using results from a European multicenter study on gene expression analysis of renal biopsies, in this review we demonstrate that this novel approach not only expands the scope of so-called basic research but also might supplement future biopsy diagnostics. The goals are improved diagnosis and more specific therapy choice and prognosis estimates.

  20. Impact of electricity prices on foreign direct investment: Evidence from the European Union

    NARCIS (Netherlands)

    Bartekova, E.; Ziesemer, T.H.W.

    2015-01-01

    In the course of recent years growing concerns over increasing energy prices have emerged in the context of maintaining Europe’s international competitiveness. In particular, rising electricity price differentials adversely affect firms’ total production costs and ultimately impact their investment

  1. 76 XBRL-Based Projects for Financial and Prudential Reporting – an Empirical Analysis in European Banking System

    Directory of Open Access Journals (Sweden)

    Cristina Stefanescu

    2014-04-01

    Full Text Available Our paper approaches the extensible economic reporting language for collecting information on business processes, namely XBRL by analyzing its implementation in the European banking environment, closely related to the adoption of International Accounting Standards and Financial Reporting (IAS/IFRS. Our research problem mainly came from the accounting development issue, which is an evolutionary process dependent upon several factors. On the other hand, improving banking supervision on information reporting is a problem that needed special attention in order to increase its efficiency and effectiveness, especially in the latest period sprinkled with various banking failures. The results of the performed analysis using various statistical tools (descriptive statistic and correlation tests reveal that the implementation of both XBRL-based projects (FINREP and COREP is independent of a fully or partially adoption of IAS/IFRS, while the financial and prudential reporting frameworks are mainly inter-related. Thus, our paper came to point out XBRL‘s major role in facilitating information communication in a homogeneous way that will allow the interchange of data between software applications, as well as the automatic analysis of financial information in a particular business field, the banking one.

  2. The European Bank for Reconstruction and Development and Lithuania in Partnership are Targeting Ignalina NPP Decommissioning Support and Energy Sector Development

    International Nuclear Information System (INIS)

    Novak, V.; Grabia, G.

    2003-01-01

    The Republic of Lithuania and the EBRD have developed very effective working relations since the establishment of the Bank in 1991. The Bank is a major investor in Lithuania and has committed 400.4 million Euro in loans and equity investments for a large number of private and public sector projects. In addition, the EBRD supports Lithuania as manager of special international grant funds

  3. Development Of The Technique Of Assessment Of Banking Risks Of Long-Term Crediting Of Investments (On The Example Of Banks Of Sevastopol

    Directory of Open Access Journals (Sweden)

    Ulyana Viktorovna Dremova

    2015-03-01

    Full Text Available The external destabilizing factor — financial crisis — has significantly influenced on the level increase of riskiness of the banking credit operations. Taking into account that the increased level of risk follows long-term credits, these operations has been influenced the most, that can be as one of the constraining conditions for the provision of bank long-term credit resources. It, in turn, causes the need to develop the risk assessment technique of long-term credits in regulation of banks’ long-term credit operations. As the risk assessment of credit operations in banking practice is generally limited to the calculation of credit risk, it is efficient to consider the scientifically reasonable approach to a risks assessment of long-term crediting including influence of private risks for the purpose of carrying out the generalized assessment of riskiness both separate types of long-term credits, and a long-term credit portfolio in general. The offered method is based on the calculation of aggregate risk coefficient of the long-term credits, calculated by means of mathematical method of principal component. In the work, it is offered to perform an assessment of private risks by means of statistics: the expectation value, mean square deviation, and the coefficient of a variation. The use of the principal components’ method at the risk assessment of longterm crediting meets such requirements as a lack of value judgment, accounting of specific features of private risks of long-term credits, mathematical validity. It gives the chance to apply the offered risk assessment method of long-term credits in banking. The conclusion is made that the application of an aggregative risk indicator of a long-term crediting will allow banks to trace more accurately the level of riskiness of a long-term credit portfolio and separate types of long-term credits that will strengthen the bank information and analytical base on risk regulation in the field and

  4. Energy management in the patrimonial buildings of European territorial organizations in the framework of markets liberalization. Economic study of financial incentive mechanisms in favor of energy efficiency investment

    International Nuclear Information System (INIS)

    Gayral, L.

    2005-12-01

    The territorial and patrimonial components of energy savings are not well developed because many barriers - political, organisational and financial - prevent investments in energy efficiency. Although investing in the improvement of the energy efficiency of their public buildings is a rational process, the local authorities are far from systematically carrying out this type of investment. Their limited investment capacity, associated to the lack of spare capital to finance their projects leads them to a 'vicious circle of energy wasting'. Our thesis analyzes the economic and financial tools a local authority can use to invest and enter a 'virtuous circle of energy efficiency'. Our topic deals with the financing of energy efficiency investments at a local level. We describe with details the functioning of each financial mechanism indexed. We illustrate their implementation within European municipalities through many case studies. Finally, we suggest recommendations for their broad reproducibility within French local authorities. (author)

  5. 12 CFR 703.5 - Discretionary control over investments and investment advisers.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Discretionary control over investments and investment advisers. 703.5 Section 703.5 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.5 Discretionary control over investments and...

  6. Determinants Of European Banks' Capital Adequacy / Determinanty Adekwatności Kapitałowej Banków Europejskich

    Directory of Open Access Journals (Sweden)

    Klepczarek Emilia

    2015-12-01

    Full Text Available W artykule przedstawiono analizę czynników wpływających na poziom wskaźnika CET 1 ratio, będącego miarą relacji pomiędzy kapitałem podstawowym banku a aktywami ważonymi ryzykiem. Badaniu poddano próbę losowo wybraną z grupy banków uczestniczących w tzw. stress-testach przeprowadzonych przez władze Europejskiego Banku Centralnego. EBC przeprowadził testy warunków skrajnych oceniając m.in. poziom współczynnika CET1 obliczanego według regulacji wynikających z III Reżimu Bazylejskiego. Wyniki potwierdzają hipotezę o wpływie wielkości banku i wskaźników ryzyka (aktywa ważone ryzykiem do aktywów ogółem; udział pożyczek w aktywach ogółem na poziom adekwatności kapitałowej. Potwierdzono również silny wpływ konkurencji, a także ujemną korelację między wskaźnikiem CET1 i udziałem depozytów w zobowiązaniach kapitałowych, którą można uzasadnić istnieniem systemu gwarantowania depozytów. W końcowej części artykułu przedstawiono możliwe słabości przeprowadzonych badań, wynikające z nich ograniczenia wnioskowania oraz koncepcje ewentualnych dalszych analiz przedmiotowego obszaru tematycznego.

  7. IS THE ROMANIAN BANKING SYSTEM INTEGRATED INTO THE EUROPEAN ONE? A MONEY MARKET PERSPECTIVE

    OpenAIRE

    LOVIN Horatiu

    2012-01-01

    The study aims to analyze contagion risk from euro area money market to the Romanian one since the onset of global financial crisis (October 2008). Most banks in Romania are owned by financial institutions located into euro area, resulting in a strong connection between the two banking systems. The empirical results reveal linkages between the euro area money market and the Romanian one, but also partial decoupling during the sovereign debt crisis within euro area, when volatility jumped on e...

  8. FINANCIAL REPORTING: PERFORMANCE AND FAIR VALUE THE CASE OF THE EUROPEAN BANKING SECTOR

    OpenAIRE

    Elisabeth Combes-Thuelin; Lionel Escaffre

    2003-01-01

    International audience; Regarding financial reporting, information about performances is one of the preferred items banking institutions are referring to. Therefore, quantitative and qualitative performance indicators are a significant part of annual reports. Reporting about performances raises some other issues: valuation at cost or at fair value, registration versus disclosure. In the case of the banking industry, the accounting information disclosed is all the more important as this sector...

  9. Reconsidering the European regulation of merchant transmission investment in light of the third energy package: The role of dominant generators

    International Nuclear Information System (INIS)

    Hauteclocque, Adrien de; Rious, Vincent

    2011-01-01

    The regulation of merchant transmission investment (MTI) has become an important issue in the EU electricity sector, subsequent to the granting of authorizations by European authorities to five merchant projects: BritNed, Estlink, the East West Cables, NorGer and recently a merchant line connecting Italy and Austria. The creation of a new Agency for the Cooperation of Energy Regulators (ACER) at the EU level, which has decision-making powers on MTI, therefore presents a unique opportunity to question and re-design the current European policy. This paper shows that the recent decisions concerning MTI may suffer a strong bias against dominant electricity generators while incumbent Transmission System Operators (TSOs) or new entrant TSOs are generally favored by national regulators and the European Commission (EC). This strategy is misguided as it fails to recognize both the new incentives of generators to develop MTI and the conflict of interest between the regulated and non-regulated activities of incumbent TSOs. Letting dominant generators undertake MTI is indeed generally beneficial as long as potential abuses of dominance are mitigated. To deter possible anti-competitive effects, we propose a new and feasible allocation of regulatory powers based on a clear demarcation between the market monitoring powers of ACER and the antitrust powers of the EC. - Highlights: → We compare TSOs and generators as merchant transmission investors in Europe. → We find a bias among regulators against the involvement of generators. → The conflict of interest with the regulated activities of TSOs is under-estimated. → Investment by generators is preferable provided market manipulation is deterred. → We propose a new allocation of regulatory powers to make it possible.

  10. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2000-09-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.

  11. Absence of a market in the Dutch balancing mechanism: European rules versus specific investments

    NARCIS (Netherlands)

    Niesten, E.M.M.I.; Jolink, A.

    2013-01-01

    The European directives for the electricity industry prescribe the creation of a market for balancing electricity supply and demand. In this paper, we demonstrate that a market for balancing has not emerged in the Dutch electricity industry, and that, instead, the balancing transactions are

  12. 12 CFR 9.11 - Investment of fiduciary funds.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment of fiduciary funds. 9.11 Section 9.11 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FIDUCIARY ACTIVITIES OF NATIONAL BANKS Regulations § 9.11 Investment of fiduciary funds. A national bank shall invest funds of a...

  13. THE INFLUENCE OF THE SIZE OF THE ECONOMY AND EUROPEAN INTEGRATION ON FOREIGN DIRECT INVESTMENTS IN THE CENTRAL, SOUTHEASTERN AND EASTERN EUROPEAN STATES 1994-2013

    Directory of Open Access Journals (Sweden)

    Petar Kurecic

    2016-03-01

    Full Text Available The paper studies the interdependence of the economy size and foreign direct investments (FDI in the transitional economies of Central, Southeastern and Eastern Europe. In the global capitalist economy, foreign direct investments (FDI represent one of the key determinants of economic growth. Among some transitional economies, in the last 20 years, FDI represented one of factors that increased the economic growth, and in other transitional economies, the influence of FDI was minor or even negligible. In the literature devoted to the influence of FDI on economies, the research about the determinants of geographical pattern of FDI distribution usually focuses on the factors that determine why some states manage to draw FDI in higher levels than some other states. Our research focused on the transitional economies of Central, Southeastern and Eastern Europe, which were for the most part of the last 20 years net receivers of the FDI. Only a couple of these countries in the years of the current economic crisis have experienced FDI net outflow. Among the states studied, we have equally studied the EU members, as well as the non-EU members. We have tried to find similarities and differences between these two groups of states in order to determine the influence of EU membership on FDI per capita and how it correlates with the size of the state’s economy. We have also tried to answer the question of how much the GDP growth rate correlates to the FDI net inflow share in GDP for EU and non-EU members. The methodology is based on the statistical correlation between FDI in current US dollars and GDP per capita in current US dollars (World Bank data for each represented state, through the surveyed period from 1994 until 2013. The statistical correlation matrix (Pearson method determined whether any correlation between the average GDP growth rate (chain index and the average share of FDI in GDP per each state exists for each state surveyed.

  14. The European platform for financial education as incentive for the national efforts in implementing financial literacy programs: The case of the Association of Serbian Banks

    Directory of Open Access Journals (Sweden)

    Sredojević Slađana

    2017-01-01

    Full Text Available A sustainable financial system relies on two pillars: the functional and healthy financial institutions, as well as the financially competent customers-investors-entrepreneurs. The responsibility for the implementation of training programs and preparation for the well-informed choice does not lie only with the natural persons and legal entities. This is a shared responsibility of different stakeholders: individuals, families, small and medium enterprises, public administration, the Ministry of Education, the financial services sector, employers and representatives of trade unions and consumer protection organizations as well as other civil society initiatives. A prime example of such an integrated approach towards the same goal is the European Platform for Financial Education, an initiative launched by the European Banking Federation, the European Banking Training Network and other institutions (professional associations, in February 2017 in Brussels as an incentive for the national level efforts in implementing the respective financial literacy programs. In this paper we analyzed the importance and role of the European Platform for Financial Education in the case of the Serbian banking sector through the activities of the Association of Serbian Banks. These activities will be implemented by the Association of Banks of Serbia continuously throughout the year, and after the celebration of the European Money Week on 27-31 March 2017.

  15. The Role of Tax Depreciation for Investment Decisions: A Comparison of European Transition Countries

    OpenAIRE

    Chang Woon Nam; Doina Radulescu

    2003-01-01

    This study compares incentive effects of various tax depreciation methods currently adopted in European transition economies. In these countries straight-line, geometric-degressive and accelerated depreciation measures are quite popular in combination with different corporate tax rates. Their generosity is determined on the basis of Samuelson’s true economic depreciation. For this purpose, the present value model is applied under the particular consideration of different financial structure...

  16. 12 CFR 228.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Investment test. 228.23 Section 228.23 Banks... COMMUNITY REINVESTMENT (REGULATION BB) Standards for Assessing Performance § 228.23 Investment test. (a) Scope of test. The investment test evaluates a bank's record of helping to meet the credit needs of its...

  17. 12 CFR 703.16 - Prohibited investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Prohibited investments. 703.16 Section 703.16 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.16 Prohibited investments. (a) Derivatives. A Federal credit union may...

  18. The importance of foreign direct investment for South East European countries' agriculture

    Directory of Open Access Journals (Sweden)

    Stojadinović-Jovanović Sandra

    2015-01-01

    Full Text Available As agriculture is strategically important sector for economic development and growth, it is also important every mode of foreign participation in agriculture, including foreign direct investments (FDI. The aim of the paper is to consider whether there are opportunities and potentials for improvements in SEE countries' agriculture through FDI and in which segments. Therefore, the paper analyses agricultural characteristics within other macroeconomic characteristics of SEE countries' economies and also possible FDI impacts on agriculture aiming to determine if there are opportunities for improvements in SEE agriculture through FDI. Research results, presented in the paper, suggest that FDI has significant potential for support and improvement of SEE countries' agricultural performances. However, there is a need for higher level of FDI in order to use potential positive effect as well as recognition of these potential benefits from FDI inflow in agriculture by the governments and policy makers.

  19. The impact of macro news and central bank communication on emerging European forex markets

    Czech Academy of Sciences Publication Activity Database

    Égert, B.; Kočenda, Evžen

    2014-01-01

    Roč. 38, č. 1 (2014), s. 73-88 ISSN 0939-3625 R&D Projects: GA ČR(CZ) GAP403/11/0020 Institutional support: PRVOUK-P23 Keywords : exchange rate * macroeconomic news * central bank communication Subject RIV: AH - Economics Impact factor: 0.649, year: 2014

  20. Triodos Bank - mission-driven success pays off : from Dutch enfant terrible to European business leader

    NARCIS (Netherlands)

    de Graaf, Frank Jan

    2012-01-01

    The story of Triodos Bank over the last 20 years reads as a success story. It is also a story about how principles are guiding business. However, principles need a pragmatic approach in order to be successful. Over the past 30 years the bank’s management has succeeded in balancing a clear focus to

  1. CLO-PLA: the database of clonal and bud bank traits of Central European flora

    Czech Academy of Sciences Publication Activity Database

    Klimešová, Jitka; de Bello, F.

    2009-01-01

    Roč. 20, č. 3 (2009), s. 511-516 ISSN 1100-9233 R&D Projects: GA ČR(CZ) GA526/06/0723 Institutional research plan: CEZ:AV0Z60050516 Keywords : bud bank * clonal traits * database Subject RIV: EF - Botanics Impact factor: 2.376, year: 2009

  2. The importance of reallocation for productivity growth: Evidence from European and US banking

    NARCIS (Netherlands)

    Bos, J.W.B.; van Santen, P.C.; Schilp, P.

    2013-01-01

    This paper quantifies the effect of reallocation dynamics on aggregate productivity developments in the banking sectors of Europe and the United States. We document an increase in productivity over the period 1995-2009, on the order of 11% in the US and 19% in Europe. At an annual frequency,

  3. Supervisory arrangements, LOLR and crisis management in a single European banking market

    NARCIS (Netherlands)

    Boot, A.W.A.

    2006-01-01

    In this paper I discuss some key issues related to supervisory arrangements in the EMU countries, and particularly those relating to the LOLR structure and crisis management. The focus will be on the responsibilities and powers of individual countries (and national central banks) vis-à-vis those at

  4. 12 CFR 704.5 - Investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investments. 704.5 Section 704.5 Banks and... § 704.5 Investments. (a) Policies. A corporate credit union must operate according to an investment... must address, at a minimum: (1) Appropriate tests and criteria for evaluating investments and...

  5. 12 CFR 956.2 - Authorized investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Authorized investments. 956.2 Section 956.2... ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.2 Authorized investments. In addition to assets... securities of any small business investment company formed pursuant to 15 U.S.C. 681(d), to the extent such...

  6. European Union; Publication of Financial Sector Assessment Program Documentation—Technical Note on Progress with Bank Restructuring and Resolution in Europe

    OpenAIRE

    International Monetary Fund

    2013-01-01

    This article is an analysis on the restructuring banking system of the European Union. The global financial crisis created the need to restructure by immensely reflecting weaknesses in the public, households, corporate, and other financial sectors. The restructuring includes the strengthening of bank resolution tools, the activation of nonperforming loans, the maintenance of macrofinancial framework, recovery of market access, and so on. The Executive Board recommends this transition of the E...

  7. Implementing business continuity management systems and sharing best practices at a European bank.

    Science.gov (United States)

    Aronis, Stelios; Stratopoulos, Georgios

    2016-01-01

    This paper provides an overview of the methodology applied by the Alpha Bank Group in order to implement a business continuity management (BCM) programme to its parent company (Alpha Bank SA), as well as to its subsidiaries in Albania, Bulgaria, Cyprus, Former Yugoslav Republic of Macedonia, Greece, Romania, Serbia, UK and Ukraine. It also reviews the problems faced, how they were overcome and the lessons learned. When implementing a BCM programme in a large organisation, it is very important to follow the methodology described by BCM standard ISO 22301, otherwise the business continuity plan is unlikely to work efficiently or comply with the business recovery requirements, as well as with the requirements of other interested parties, such as customers, regulatory authorities, vendors, service providers, critical associates, etc.

  8. THE FINANCIAL SECTOR OF THE STATE - THE STRUCTURE OF THE BANKING SYSTEM WITH A BANKING SECTOR IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2017-10-01

    Full Text Available The financial sector of each country in the world has its own specificities that depend on many factors. In this paper we will talk about the structure of the financial system in our country from the aspect of the banking sector. Banks are specialized institutions that have a special role in the development of the country's economic system, as their basic function is to supply the economy with the necessary amount of loans and money. Banking business is a special economic activity. It is determined by the type and content of banking operations. In general terms, banking transactions are divided into two groups: active and passive. The Bank is established as a joint-stock company, which is regulated by the laws on banks and international regulatory frameworks.

  9. 12 CFR 615.5140 - Eligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible investments. 615.5140 Section 615.5140... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5140 Eligible investments. (a) You may hold only the following types of investments listed in the Investment Eligibility Criteria...

  10. UNO contribution to attract energy investments in transition economy countries in cooperation with international organizations, banks, and the business community

    International Nuclear Information System (INIS)

    Groza, L.

    1996-01-01

    Limited financial resources hamper the ability of transition economy countries to take advantage of recent technological progress in energy production, distribution, and consumption. Increased cooperation within and outside the UN system imposed new approaches and action programs to identify financing channels in view of implementing the economic development projects. Since the CNE'94 round table discussions on the role of the UN Economic Commission for Europe in energy cooperation for sustainable development and assistance for transition economy countries, new actions initiated by UN are supported by international organizations, banks, and the business community. The paper is based on recent UN documents, data, and information after six years of reforms. (author). 14 refs

  11. FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME – CASE STUDY OF A ROMANIAN SME

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2010-07-01

    Full Text Available The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme “Increase of Economic Competitiveness”- SOP IEC. This paper will analyze the area of intervention “D1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEs” are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.

  12. 12 CFR 560.32 - Pass-through investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Pass-through investments. 560.32 Section 560.32 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.32 Pass-through investments. (a) A...

  13. 12 CFR 560.36 - De minimis investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false De minimis investments. 560.36 Section 560.36 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY LENDING AND INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.36 De minimis investments. A Federal...

  14. 12 CFR 24.3 - Public welfare investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Public welfare investments. 24.3 Section 24.3... DEVELOPMENT ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.3 Public welfare investments. A national bank or national bank subsidiary may make an investment directly or...

  15. 12 CFR 931.3 - Minimum investment in capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Minimum investment in capital stock. 931.3... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.3 Minimum investment in capital stock. (a) A Bank shall require each member to maintain a minimum investment in the capital stock of the Bank, both...

  16. European Banking Union D: Cross-Border Resolution—Dexia Group

    OpenAIRE

    Rosalind Z. Wiggins; Natalia Tente; Andrew Metrick

    2014-01-01

    In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program bef...

  17. Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System

    Directory of Open Access Journals (Sweden)

    Marcin Roman Czubala

    2016-06-01

    Full Text Available The European Central Bank (ECB has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (FED have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union’s economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period.

  18. BASEL III IMPACT ON ROMANIAN BANKING SYSTEM PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Mariana G. NEDELCU (BUNEA

    2014-04-01

    Full Text Available In the context of economic and financial crisis triggered in EU by autumn 2008, Romania's banking system like that in the other European countries, faced with the consequences of decreasing the standard of living the worsening of purchasing power (in terms of retail and with gaps and Delay occurred in the payment of corporate clients. However the deteriorating the quality of bank investments, increasing non-performing loans in bank portfolios totate ultimately causing the accumulation of excessive risks that banks were exposed. On the background of the crisis, the impact of Basel III is not only a financial regulation that is applicable to the banking industry and will fundamentally determine the profitability of the banking system. Through this study, we propose a series of measures applicable to the credit institutions to mitigate the impact of alignment with the new capital requirements.

  19. Public financial institutions and the low carbon transition: five case studies on low-carbon infrastructure and project investment. Environment working paper No. 72:

    International Nuclear Information System (INIS)

    Cochran, Ian; Hubert, Romain; Marchal, Virginie; Youngman, Robert; Rus, Katerina; Baker, Jade; Kynaston, Jane

    2014-01-01

    Public financial institutions (PFIs) are well-positioned to act as a key leverage point for governments' efforts to mobilise private investment in low-carbon projects and infrastructure. The study identifies the tools, instruments and approaches used by five PFIs to directly support and scale-up domestic private sector investment in sustainable transport, energy-efficiency and renewable energy in OECD countries. Between 2010-2012, these five institutions - Group Caisse des Depots in France, KfW Bankengruppe in Germany, the UK Green Investment Bank, the European Investment Bank, and the European Bank for Reconstruction and Development - have provided over 100 billion euros of equity investment and financing for energy efficiency, renewable energy and sustainable transport projects. They use both traditional and innovative approaches to link low-carbon projects with finance through enhancing access to capital; facilitating risk reduction and sharing; improving the capacity of market actors; and shaping broader market practices and conditions. (authors)

  20. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2012-04-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.       JEL Codes: E58, F31Keywords: Devaluation, Exchange Rates, Monetary

  1. 12 CFR 615.5133 - Investment management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management. 615.5133 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5133 Investment management. (a... management information systems that are appropriate for the level and complexity of your investment...

  2. 12 CFR 211.9 - Investment procedures.

    Science.gov (United States)

    2010-01-01

    ... Investment procedures. (a) General provisions. 5 Direct and indirect investments shall be made in accordance... for general consent. An investment in a foreign bank may not be made under authority of paragraphs (b) or (c) of this section if: (1) After the investment, the foreign bank would be an affiliate of a...

  3. 12 CFR 703.18 - Grandfathered investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Grandfathered investments. 703.18 Section 703... INVESTMENT AND DEPOSIT ACTIVITIES § 703.18 Grandfathered investments. (a) Subject to safety and soundness... zero coupon security with a maturity greater than 10 years, if it purchased the investment: (1) Before...

  4. 12 CFR 615.5142 - Association investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Association investments. 615.5142 Section 615... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5142 Association investments. An association may hold eligible investments listed in § 615.5140, with the approval of its funding...

  5. CLO-PLA: a database of clonal and bud-bank traits of the Central European flora.

    Science.gov (United States)

    Klimešová, Jitka; Danihelka, Jiří; Chrtek, Jindřich; de Bello, Francesco; Herben, Tomáš

    2017-04-01

    This dataset presents comprehensive and easy-to-use information on 29 functional traits of clonal growth, bud banks, and lifespan of members of the Central European flora. The source data were compiled from a number of published sources (see the reference file) and the authors' own observations or studies. In total, 2,909 species are included (2,745 herbs and 164 woody species), out of which 1,532 (i.e., 52.7% of total) are classified as possessing clonal growth organs (1,480, i.e., 53.9%, if woody plants are excluded). This provides a unique, and largely unexplored, set of traits of clonal growth that can be used in studies on comparative plant ecology, plant evolution, community assembly, and ecosystem functioning across the large flora of Central Europe. It can be directly imported into a number of programs and packages that perform trait-based and phylogenetic analyses aimed to answer a variety of open and pressing ecological questions. © 2017 by the Ecological Society of America.

  6. 12 CFR 550.330 - Are there investments in which I may not invest funds of a fiduciary account?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Are there investments in which I may not invest... on Self Dealing § 550.330 Are there investments in which I may not invest funds of a fiduciary account? You may not invest funds of a fiduciary account for which you have investment discretion in the...

  7. PRIVATE BANKING AND WEALTH MANAGEMENT SERVICES OFFERED BY BANKS

    OpenAIRE

    IMOLA DRIGĂ; DORINA NIŢĂ; IOAN CUCU

    2009-01-01

    The paper examines the features of private banking business focusing on the substantial growth in private banking over the last decade as commercial banks have targeted upmarket high net worth individuals. The accumulation of wealth has prompted the development of private banking services for high net worth individuals, offering special relationships and investment services. Private banking is about much more than traditional banking services of deposits and loans. It's about providing a one-...

  8. 12 CFR 956.3 - Prohibited investments and prudential rules.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Prohibited investments and prudential rules... prudential rules. (a) Prohibited investments. A Bank may not invest in: (1) Instruments that provide an... the Bank provides to the issuer the customized terms, necessary liquidity, or favorable pricing...

  9. 12 CFR 703.9 - Safekeeping of investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Safekeeping of investments. 703.9 Section 703.9 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT AND DEPOSIT ACTIVITIES § 703.9 Safekeeping of investments. (a) A Federal credit union's purchased...

  10. Bank and sovereign debt risk

    OpenAIRE

    Darracq Paries, Matthieu; Faia, Ester; Rodriguez-Palenzuela, Diego

    2013-01-01

    Euro area data show a positive connection between sovereign and bank risk, which increases with banks' and sovereign long run fragility. We build a macro model with banks subject to incentive problems and liquidity risk (in the form of liquidity based banks' runs) which provides a link between endogenous bank capital and macro and policy risk. Our banks also invest in risky government bonds used as capital buffer to self-insure against liquidity risk. The model can replicate the positive conn...

  11. 12 CFR 347.120 - Computation of investment amounts.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Computation of investment amounts. 347.120... GENERAL POLICY INTERNATIONAL BANKING § 347.120 Computation of investment amounts. In computing the amount that may be invested in any foreign organization under §§ 347.117 through 347.119, any investments held...

  12. 12 CFR 211.8 - Investments and activities abroad.

    Science.gov (United States)

    2010-01-01

    ... of a member bank is deemed to be an investor. (b) Direct investments by member banks. A member bank's direct investments under section 25 of the FRA (12 U.S.C. 601 et seq.) shall be limited to: (1) Foreign... investments in an organization, provided that: (i) Individual investment limits. The total direct and indirect...

  13. Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study

    OpenAIRE

    van de Wiel, Wimjan; Kristopher Bock, Felix

    2017-01-01

    Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-calle...

  14. Factors influencing bank geomorphology and erosion of the Haw River, a high order river in North Carolina, since European settlement.

    Science.gov (United States)

    Macfall, Janet; Robinette, Paul; Welch, David

    2014-01-01

    The Haw River, a high order river in the southeastern United States, is characterized by severe bank erosion and geomorphic change from historical conditions of clear waters and connected floodplains. In 2014 it was named one of the 10 most threatened rivers in the United States by American Rivers. Like many developed areas, the region has a history of disturbance including extensive upland soil loss from agriculture, dams, and upstream urbanization. The primary objective of this study was to identify the mechanisms controlling channel form and erosion of the Haw River. Field measurements including bank height, bankfull height, bank angle, root depth and density, riparian land cover and slope, surface protection, river width, and bank retreat were collected at 87 sites along 43.5 km of river. A Bank Erosion Hazard Index (BEHI) was calculated for each study site. Mean bank height was 11.8 m, mean width was 84.3 m, and bank retreat for 2005/2007-2011/2013 was 2.3 m. The greatest bank heights, BEHI values, and bank retreat were adjacent to riparian areas with low slope (<2). This is in contrast to previous studies which identify high slope as a risk factor for erosion. Most of the soils in low slope riparian areas were alluvial, suggesting sediment deposition from upland row crop agriculture and/or flooding. Bank retreat was not correlated to bank heights or BEHI values. Historical dams (1.2-3 m height) were not a significant factor. Erosion of the Haw River in the study section of the river (25% of the river length) contributed 205,320 m3 of sediment and 3759 kg of P annually. Concentration of suspended solids in the river increased with discharge. In conclusion, the Haw River is an unstable system, with river bank erosion and geomodification potential influenced by riparian slope and varied flows.

  15. The influence of cultural differences upon cooperation in a European Banking group : results from a study on mutual perception of bank employees across seven countries

    NARCIS (Netherlands)

    Ulijn, J.M.; Heijden, van der B.I.J.M.; Festen, R.

    2009-01-01

    This contribution is aimed to understand how knowledge of cultural differences might be used to enhance cooperation on implementation of ICT in the banking industry. A survey (N = 200 employees) was used to test whether Assertiveness, Responsiveness, Uncertainty Avoidance and Power Distance are

  16. Credit risk determinants in Sub-Saharan banking systems: Evidence from five countries and lessons learnt from Central East and South East European countries

    Directory of Open Access Journals (Sweden)

    Eftychia Nikolaidou

    2017-06-01

    Full Text Available Banking systems in Sub-Saharan Africa (SSA have grown notably over the past decades due to benign macroeconomic, regulatory and financial trends. Nonetheless, downside risks remain elevated by structural issues, commodity price fluctuations, reversal of capital flows and spill-over effects from external shocks in a manner similar to the Central East and South East European (CESEE countries. In the light of the 2008–2009 Global Financial Crisis, great attention has been given to understanding the causes of banking instability with most of the research focusing on advanced economies and, to a lesser extent, large emerging markets while little attention has been paid to the bank-based financial sectors of Sub-Saharan Africa. Furthermore, there is scarcity of studies aiming at knowledge-sharing among different emerging economies. This paper aims to identify the determinants of bank credit risk by focusing on five SSA countries: Kenya, Namibia, South Africa, Zambia and Uganda. Using the ARDL approach to cointegration, findings indicate that increased money supply conditions have a decreasing effect on NPLs in all counties, banking industry-specific variables play a significant role in the case of South Africa and Uganda while NPLs are driven by country-specific variables in the case of Kenya, South Africa and Zambia. The effect of the Global Financial Crisis is evidenced indirectly. Drawing on evidence from CESEE countries with long experience in banking crises, reforms and financial deepening process, the paper provides lessons for SSA countries and offers policy recommendations in the direction of strengthening banks’ balance sheets to ensure financial stability.

  17. Beyond the Mediterranean peninsulas: evidence of central European glacial refugia for a temperate forest mammal species, the bank vole (Clethrionomys glareolus).

    Science.gov (United States)

    Deffontaine, V; Libois, R; Kotlík, P; Sommer, R; Nieberding, C; Paradis, E; Searle, J B; Michaux, J R

    2005-05-01

    This study details the phylogeographic pattern of the bank vole, Clethrionomys glareolus, a European rodent species strongly associated with forest habitat. We used sequences of 1011 base pairs of the mitochondrial DNA cytochrome b gene from 207 bank voles collected in 62 localities spread throughout its distribution area. Our results reveal the presence of three Mediterranean (Spanish, Italian and Balkan) and three continental (western, eastern and 'Ural') phylogroups. The endemic Mediterranean phylogroups did not contribute to the post-glacial recolonization of much of the Palaearctic range of species. Instead, the major part of this region was apparently recolonized by bank voles that survived in glacial refugia in central Europe. Moreover, our phylogeographic analyses also reveal differentiated populations of bank voles in the Ural mountains and elsewhere, which carry the mitochondrial DNA of another related vole species, the ruddy vole (Clethrionomys rutilus). In conclusion, this study demonstrates a complex phylogeographic history for a forest species in Europe which is sufficiently adaptable that, facing climate change, survives in relict southern and northern habitats. The high level of genetic diversity characterizing vole populations from parts of central Europe also highlights the importance of such regions as a source of intraspecific genetic biodiversity.

  18. Pengelolaan Likuiditas Bank Syariah

    Directory of Open Access Journals (Sweden)

    Nurul Ichsan

    2014-01-01

    Full Text Available Islamic Banking Liquidity Management. This article is about management of liquidity which discuss about the position of cash money in the company and its ability to fulfill the obligation (pay the debt on time. Management of liquidity is one of the essential function which is done by banking institution and inside its efficient management, is needed instrument and finance market which is taking not only short term but also long term, and not only conventional banking but also syariat. Through that natural necessity (placement and fulfillment of short term need, for Islamic banking in Indonesia has been availabled some instruments such as (IMA certificate of Mudhorobah Investment between bank, (PUAS market banking regulations between syariat bank, (SWBI Bank of Indonesia Wadiah certificate, (FPJPS provision about short term cost facility for Islamic banks  DOI:10.15408/aiq.v6i1.1371

  19. Análise de eficiência dos Bancos Brasileiros: um enfoque nos investimentos realizados em Tecnologia de Informação (TI Measuring the efficiency of Brazilian Banks: assessing the value of Information Technology (IT investments

    Directory of Open Access Journals (Sweden)

    João Luiz Becker

    2003-01-01

    Full Text Available O setor bancário tem investido bilhões de dólares em Tecnologia de Informação (TI, sendo a concorrência e a rivalidade os principais fatores que têm justificado esta prática. Entretanto, ainda é tema de discussão no meio acadêmico se estes investimentos trazem benefícios reais às organizações.Neste estudo, avalia-se a eficiência de 74 bancos brasileiros, destacando-se os investimentos realizados em TI. O modelo proposto é baseado na técnica não-paramétrica Data Envelopment Analysis (DEA, que analisa a conversão dos investimentos realizados em TI (inputs em valores que possam trazer retornos (outputs para as organizações analisadas - apontando indicadores de sucesso e insucesso. Os resultados indicam que: (a os bancos que mais investem em TI apresentam melhores índices de eficiência; (b os bancos "Estrangeiros" e com capital "Privado Nacional e Participação Estrangeira" apresentam os melhores índices médios de eficiência global; e (c nenhum banco "Público Estadual" é classificado como eficiente.Banking sector has spent billions of dollars in Information Technology (IT. Competition and rivalry have been considered the main reasons to justify them. However, whether the investments done in IT actually bring real benefits to the organizations is still a matter of debate in the academy. This study evaluates the efficiency of 74 Brazilian banks, regarding their investments on IT. The proposed model is based on the non-parametric technique of Data Envelopment Analysis (DEA, which analyze the conversion of the IT investments (inputs to specific outcomes (outputs - pointing out both successful and unsuccessful indicators. We found that (a banks which most invested in IT show better efficiency rates; (b banks classified by capital as "Private and National with foreign share" and "Foreign" show the highest efficiency rates in the global stage; and (c No "State Public" bank is classified as efficient.

  20. COINTEGRATION ANALYSIS OF EUROPEAN STOCK MARKETS (ROMANIA, GERMANY, FRANCE AND POLAND FROM THE PERSPECTIVE OF THE NET ASSETS INVESTMENT OF THE ROMANIAN MANDATORY PRIVATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Andreea-Cristina PETRICA

    2016-12-01

    Full Text Available The goal of this paper is to investigate cointegration between Bucharest Stock Exchange and three European Stock Markets: Germany,France and Poland, respectively. The choice of the European markets is based on the net assets investment of the Romanian mandatory private pension funds. On June 30, 2016, according to the Romanian Financial Supervisory Authority 91.28% of all investments in shares of private pension funds have been performed in Romanian shares, while the rest of 8.72% (0.44 billion lei have been performed in shares issued by Germany (2.34%, France (2.23%, Poland (0.89% and other countries. Having the intention of achieving maximizing returns by managing risk, and also to capture the co-movements in the above markets,we perform the cointegration analysis to examine portfolio diversification of the Romanian mandatory private pension funds. The empirical analysis is based on daily closing prices of the BET Index, DAX 30 Index, CAC 40 Index and WIG 20 Index and covers the period from 30 January 2006 to 27 September 2016 (2713 observations.

  1. The liberalization of the European electric and gas industries through the firms' M and A and investment strategies: propositions for a better energy security

    International Nuclear Information System (INIS)

    Benhassine, W.

    2009-04-01

    The electric and gas industries have been traditionally managed by public monopolies. The post World War II context was supportive to such an industrial organization. In fact, Europe was getting engaged in a long period of economic growth and was benefiting a favorable energetic context. At the end of the 90's, Europe decides to liberalize the national energy industries in order to create a unique European energy market. This liberalization has occurred in a context that as dramatically changed from the economic and energetic perspective. Indeed, the globalization phenomenon has strengthened the competitiveness of the emerging economies. The strong growth of the energy demand and the stagnation of the supply on the offer side have created tensions which have been increasingly frequent and important on the energy markets. Besides, facing greater budget restrictions and financial difficulties, the states have wished to get financially disengaged from these industries. Many factors show that the economic and energetic context will not get better in the next decades. Hence, in this new context, the liberalization of the energy industries should respond to two major stakes for the energy security of the European countries: the sustainability of the investments and the control of the energy demand. After having studied the merger and investment strategies of the energy firms, operating within a freshly liberalized sector, we make some propositions to draw up a new industrial organization which would allow a more efficient response to these two stakes. (author)

  2. Supervision in banking industry

    OpenAIRE

    Šmída, David

    2012-01-01

    The aim of submitted thesis Supervision in banking is to define the nature and the importance of banking supervision, to justify its existence and to analyze the applicable mechanisms while the system of banking regulation and supervision in this thesis is primarily examined in the European context, with a focus on the Czech Republic. The thesis is divided into five main chapters. The first chapter is devoted to the financial system and the importance of banks in this system, it defines the c...

  3. The European Bank for Reconstruction and Development in partnership with Lithuania targeting full technical and industrial participation in the development of the energy sector

    International Nuclear Information System (INIS)

    Jahnke, J.

    2000-01-01

    Policy of the European Bank for Reconstruction and Development (EBRD) in Lithuanian energy sector is described. Since 1994 EBRD take active part in financing of safety upgrades of Ignalina NPP. When in 1999 political decision was made to shut down unit 1 of Ignalina NPP EBRD is prepared to take part in co-financing of decommissioning of unit 1. A special fund - International Ignalina decommissioning support fund - was established under the auspice of EBRD recently. Developed countries, international organisation will be contributors to this fund and EBRD will be managing this fund

  4. Government chartered banks step up oil and gas lending

    International Nuclear Information System (INIS)

    Crow, P.

    1994-01-01

    International government chartered banks are playing an increasingly prominent role in lending for world oil and gas development projects. The main players are the World Bank's International Finance Corp. (IFC), European Bank for Reconstruction and Development (EBRD), US Export-Import Bank, and Overseas Private Investment Corp. (OPIC). Those institutions and similar ones are the catalysts for a large number of projects in the former Soviet Union (FSU) and in other nations that are seeking to develop oil and gas resources and build processing plants, pipelines, and distribution networks. Banks also are taking a greater degree of interest in the environmental aspects of projects. In country after country, especially in the developing world, barriers to foreign investment in domestic petroleum sectors are falling. Oil and gas law reforms are under way on each continent. The paper discusses the major players, the World Bank grouped, the Romanian example, the Ex-Im Bank, OPIC, the emphasis on FSU, environmental issues, and new sources of capital in developing countries

  5. Outsourcing central banking

    DEFF Research Database (Denmark)

    Khoury, Sarkis Joseph; Wihlborg, Clas

    2005-01-01

    The literature on Currency Boards (CB) stops at the water edge in terms of dealing with the totality of the functions of a central bank. Monetary policy, and banking supervisioncan be "outsourced" in an open economy with substantial foreign direct investment (FDI)in the banking sector if political...... nationalism does not trump economic rationality. An orthodox CB renders the central banking function redundant in terms of interest rate and exchange rate determination. FDI in banking could perform the same role for the supervisory function of central banks. We use the case of Estonia to illustrate...... the feasibility of, and constraints on, outsourcing of central bank functions. A brief discussion of the Argentinian experience is used for contrast.Key words: Currency Board, Foreign Banks, Supervision, Regional Integration,outsourcing....

  6. The Economic Impact of the European Integration on the Netherlands. A Quantitative Analysis of Foreign Trade and Foreign Direct Investments

    NARCIS (Netherlands)

    Földvári, P.

    2006-01-01

    The main objective and motivation of this thesis is to provide the reader with a quantitative analysis focusing on the impact of the European Integration on the Netherlands exclusively. To this end, two major and one minor research questions are addressed. The first main question focuses on the

  7. 12 CFR 563e.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Investment test. 563e.23 Section 563e.23 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY COMMUNITY REINVESTMENT Standards... that is located in a predominantly minority neighborhood to a minority depository institution or women...

  8. 12 CFR 25.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment test. 25.23 Section 25.23 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY COMMUNITY REINVESTMENT ACT AND INTERSTATE... minority neighborhood to a minority depository institution or women's depository institution (as these...

  9. 12 CFR 345.23 - Investment test.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Investment test. 345.23 Section 345.23 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY... minority depository institution or women's depository institution (as these terms are defined in 12 U.S.C...

  10. 12 CFR 615.5208 - Allotment of allocated investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Allotment of allocated investments. 615.5208... allocated investments. (a) The following conditions apply to agreements that a Farm Credit Bank or... investments held by those associations with which there is no agreement (nonagreeing associations), and does...

  11. Getting ready for the marriage market? The association between divorce risks and investments in attractive body mass among married Europeans.

    Science.gov (United States)

    Lundborg, Petter; Nystedt, Paul; Lindgren, Björn

    2007-07-01

    This article explores to what extent married middle-aged individuals in Europe are governed by the risk of experiencing divorce, when shaping their physical appearance. The main result is that divorce risks, proxied by national divorce rates, are negatively connected to body mass index (BMI) among married individuals but unrelated to BMI among singles. Hence, it seems that married people in societies where divorce risks are high are more inclined to invest in their outer appearance. One interpretation is that high divorce rates make married people prepare for a potential divorce and future return to the marriage market.

  12. Challenges for investment in renewable electricity in the European Union. Background report in the ADMIRE REBUS project

    International Nuclear Information System (INIS)

    Uyterlinde, M.A.; Skytte, K.; Meibom, P.; Lescot, D.; Hoffmann, T.; Del Rio, P.

    2003-11-01

    This report serves as a background report of the final main report of the ADMIRE REBUS project. The report focuses on challenges that arise from changes in political support systems, lead time and risk with respect to investment in RES-E technologies. It discusses which tools and strategies that can be used in order to overcome these challenges. The objective of this report is to elaborate further on the above-mentioned discussions compared to the main report. This is mainly done based on illustrative case studies with data taken from questionnaire analyses and data surveys

  13. Digital Banking 2025

    OpenAIRE

    Gasser, Urs; Gassmann, Oliver; Hens, Thorsten; Leifer, Larry; Puschmann, Thomas; Zhao, Leon

    2017-01-01

    As time-to-market for digital banking products becomes shorter and shorter, thousands of Financial Technology (FinTech) startups and other non-banks are rising to the occasion by developing new products, services, and business models for all areas of banking in payments,investments, and financing along the entire value chain, touching all areas from front to back office, as client adoption of these new services accelerates. The lighting Company Osram, for example, recently had to reduce its w...

  14. Economic and Banking Environment in Romania and E.U.

    Directory of Open Access Journals (Sweden)

    NICOLETA GEORGETA PANAIT

    2016-06-01

    Full Text Available The study presents the overall picture of Europe's economic prospects, strained relations within the European area. Also presents the evolution of the banking system in Romania in the context of situations in Europe, which returned to profit and record high levels of solvency and liquidity, while the NPL ratio continued to decline. Due to the difficulty of forecasting medium business, and to the macroeconomic context, banks avoid risk taking associated finance investment projects in the long term, preferring financing in the medium term, so that more than half of home loans granted in Romania are for term funding short and medium.

  15. IAS 40 : The effects of the implementation of IAS 40 for listed investment property companies within the European Union

    OpenAIRE

    Aronsson, Robert; Högberg, Martin

    2009-01-01

    Background: The increased globalization and trade over domestic borders within the European Union (EU) has lead to the implementation of new international accounting standards. This is necessary to create an effective capital market, where comparisons between companies located in different countries can be made, due to a more harmonized accounting. Obstacles to overcome when establish a more harmonized accounting in the EU is for example different accounting backgrounds and valuation methods....

  16. The local investment in renewable energies

    International Nuclear Information System (INIS)

    Poussard, E.; Quantin, J.; Grepmeier, K.; Larsen, J.; Manolakaki, E.; Twele, J.

    2003-01-01

    These proceedings present some European testimonies about the advantage of local investment, illustrated with concrete cases taken in Germany, Denmark and Switzerland. They demonstrate that local investment in renewable energy sources is a reality and that this practice has indisputably contributed to their significant development in some countries of the European Union. The sustain of foreign banks to the financing of renewable energy sources is at the evidence an example to follow up in countries like France, Greece or Spain. Important efforts have to be made to simplify and encourage the implementation of projects, in particular from the administrative point of view. Beyond the financial aspects, the colloquium has shown that these practices of citizenship involvement represent an important factor of social adaptation and acceptation. The projects, gathering local actors but also the overall citizens through common investment funds, ensure a better territorial anchoring and a sustain to local and sustainable development. This document has been published with the support of the European Commission and ADEME (French Agency for Environment and Energy Management). (J.S.)

  17. The Process towards the Centralisation of the European Financial Supervisory Architecture: The Case of the Banking Union

    Directory of Open Access Journals (Sweden)

    Elisabetta Montanaro

    2016-06-01

    Full Text Available The evolution of the EU supervisory architecture has demonstrated that it took the risk of a euro break-up to barely overcome the Member States and their supervisors’ political resistances to centralisation. In the two-tier Europe that is emerging after the euro crisis, the integrity of the single market seems today crucially interlinked with the success of the banking union and its attractiveness for non-euro countries. The banking union’s design, without a credible common fiscal backstop, remains however a partial solution to the financial stability issues arising from the fragmentation of the EU financial market in the event of banking crises. Against this background, this work performs an analysis on non-euro countries’ own assessments of the pros and cons of joining the banking union. The analysis aims at showing that until fiscal responsibility for financial stability remains at the national level, regulatory centralisation cannot sever the traditional divide between home and host supervisors. JEL: F35; F65; G01; G28

  18. Rapid establishment of the European Bank for induced Pluripotent Stem Cells (EBiSC - the Hot Start experience

    Directory of Open Access Journals (Sweden)

    Paul A. De Sousa

    2017-04-01

    eTOC: The report focuses on the EBiSC experience of rapidly establishing an operational capacity to procure, bank and distribute a foundational collection of established hiPSC lines. It validates the feasibility and defines the challenges of harnessing and integrating the capability and productivity of centres across Europe using commonly available resources currently in the field.

  19. CLO-PLA: a database of clonal and bud-bank traits of the Central European flora

    Czech Academy of Sciences Publication Activity Database

    Klimešová, Jitka; Danihelka, J.; Chrtek, Jindřich; de Bello, Francesco; Herben, Tomáš

    2017-01-01

    Roč. 98, č. 4 (2017), s. 1179 ISSN 0012-9658 R&D Projects: GA ČR GB14-36079G Institutional support: RVO:67985939 Keywords : Clonal traits * Central Europe * CLO-PLA database * bud-bank traits Subject RIV: EH - Ecology, Behaviour OBOR OECD: Ecology Impact factor: 4.809, year: 2016

  20. BANKING UNION - ROMANIAN PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Coroiu Sorina Ioana

    2015-07-01

    Full Text Available The financial crisis showed that banks were not able to face the loss, because there is no framework for a resolution, so that it intervened with money from taxpayers. So, it has been highlighted the need to update the regulations applicable to the banking sector. Creating a single supervisory mechanism in the fall of 2014 was a time reference point to achieve a banking union in Europe. Banking Union is one of the four foundations for a genuine Economic and Monetary Union. The paper’s purpose is to analyze the Banking Union structure, based on three pillars: (i The Single Supervisory Mechanism - the transfer of the main responsibility regarding banking supervision from national to European level, (ii The Single Resolution Mechanism - introduction of common provisions to ensure legal support required to manage bank failures problem, (iii The Deposit Guarantee Schemes - harmonization of deposit guarantee rules. These measures were adopted at European Union level to ensure the stability of the European banking system and to prevent future crises. Because countries that are not part of the euro area are not required to join the Banking Union, the dilemma of these countries lies in the decision to join the Banking Union quickly or to wait. It is the case of Romania, also, so, this paper analyze the opportunity of Romania's accession to the Banking Union before adopting the euro. There are analyzed the advantages and disadvantages of Romania's participation in the Banking Union, showing that, in the context of single currency introduction, Romania's participation is required. So far, there are reduced debates regarding the need, advantages and disadvantages of Romania's participation in the European Banking Union, the top representatives of the National Bank of Romania being among the few who expressed their views in public and published papers on the subject.

  1. The role of the European Structural and Investment Funds in Financing Health System in Lithuania: Experience from 2007 to 2013 funding period and implications for the future.

    Science.gov (United States)

    Murauskiene, Liubove; Karanikolos, Marina

    2017-07-01

    European Structural and Investment Funds (ESIF) are a major source of investments in the newer EU member states. In Lithuania's health sector, the amount for the 2007-2013 funding period reached more than €400 million. In this paper we aim to (i) identify the key areas in the health sector which were supported by ESIF, (ii) determine the extent to which ESIF assisted the implementation of the ongoing health system reform; and (iii) assess whether the use of funds has led to expected improvements in healthcare. We review the national strategic documents and legislation, and perform calculations to determine funding allocations by specific area, based on the available data. We analyse changes according to a set of selected indicators. We find that implementation of programmes funded by the ESIF lacks formal evaluation. Existing evidence suggests that some improvement has been achieved by 2013. However, there are persisting challenges, including failure to reach a broad agreement on selection of health and healthcare indicators, lack of transparency in allocations, and absence of coherent assessment measures of healthcare quality and accessibility. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

  2. Regulations on investment breaks and exemptions from capital gains tax of natural persons in some European jurisdictions

    Directory of Open Access Journals (Sweden)

    Anna Maria Panasiuk

    2011-12-01

    Full Text Available In European countries diverse mechanisms of taxing profits on capital gains of private persons are applicable. Among other things, they consist in diversified politics of concessions and tax exemptions, which then translates itself into the level of the effective fiscal burden of these incomes. In the article, the author describes tax breaks and other kinds of subsidies in some countries, facilitating the development of newly-established companies. They are aimed at stimulating the development of local economy and entrepreneurship, and, on a long-term basis, they are connected with expectations of the increase of the treasury budget incomes.

  3. Banking behaviour after the lifecycle event of “moving in together”: An exploratory study of the role of marketing investments

    OpenAIRE

    B. LARIVIÈRE; D. VAN DEN POEL

    2007-01-01

    This study addresses an important issue for both managers and researchers: whether it is advantageous for financial services providers to invest in youth marketing. More specifically, the effectiveness of these investments is evaluated in terms of retention proneness once youngsters enter the lifecycle event of “moving in together”. The study identifies eight constructs of youth marketing and contrasts their impact against the best deal when youngsters decide to move in together and consequen...

  4. 12 CFR 652.10 - Investment management and requirements.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Investment management and requirements. 652.10... MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Investment Management § 652.10 Investment management and... policies for managing your non-program investment activities. Your board must also ensure that management...

  5. 12 CFR 652.35 - Eligible non-program investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible non-program investments. 652.35... MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Investment Management § 652.35 Eligible non-program investments. (a) You may hold only the types, quantities, and qualities of non-program investments listed in...

  6. 12 CFR 5.36 - Other equity investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Other equity investments. 5.36 Section 5.36... PROCEDURES FOR CORPORATE ACTIVITIES Expansion of Activities § 5.36 Other equity investments. (a) Authority... types of equity investments pursuant to 12 U.S.C. 24(Seventh) and other statutes. These investments are...

  7. 12 CFR 615.5143 - Disposal of ineligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Disposal of ineligible investments. 615.5143... AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5143 Disposal of ineligible investments. You must dispose of an ineligible investment within 6 months unless we approve, in...

  8. 12 CFR 703.10 - Monitoring non-security investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Monitoring non-security investments. 703.10... INVESTMENT AND DEPOSIT ACTIVITIES § 703.10 Monitoring non-security investments. (a) At least quarterly, a... credit union does not have an investment-related committee, then each member of its board of directors...

  9. 12 CFR 560.43 - Foreign assistance investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Foreign assistance investments. 560.43 Section... INVESTMENT Lending and Investment Powers for Federal Savings Associations § 560.43 Foreign assistance investments. Pursuant to HOLA section 5(c)(4)(C), a Federal savings association may make foreign assistance...

  10. Government Strategic Support for Investment Activity

    Science.gov (United States)

    Turekulova, Assiya N.; Mukhambetova, Lyazzat K.; Doshan, Almagul S.; Issabekov, Baurzhan N.; Chimgentbayeva, Gulbakyt K.; Turegeldinova, Aliya Zh.

    2016-01-01

    When system risks are high most investors choose to exit the market; however, there are some contrarian investors who opt to make investments. The authors analyzed the main goals of the investment process and measures that should be provided by the government to stimulate investments and innovation especially by means of investment banking. The…

  11. Should the 'Outs' Join the Banking Union?

    NARCIS (Netherlands)

    P. Hüttl (Pia); D. Schoenmaker (Dirk)

    2016-01-01

    textabstractThe Single Market stimulates cross-border banking throughout the European Union. This paper documents the banking linkages between the 9 ‘outs’ and 19 ‘ins’ of the Banking Union. We find that some of the major banks, based in Sweden and Denmark, have substantial banking claims across the

  12. Recent trends in cross-border banking

    NARCIS (Netherlands)

    De Haas, Ralph; van Horen, Neeltje; Beck, Thorsten; Casu, Barbara

    2017-01-01

    This chapter identifies a number of recent trends in European cross-border banking. The authors first distinguish between two main modes of international banking: cross-border versus multinational banking. Cross-border banking occurs when a bank in country A lends directly to a borrower in country

  13. INSTITUTIONAL DETERMINANTS OF INVESTMENT INFLOWS INTO TRANSITION ECONOMIES

    Directory of Open Access Journals (Sweden)

    Donu Victoria

    2015-12-01

    Full Text Available This article investigates the relationship between institutional quality and the level of investment inflows into post-communist countries. We attempt to empirically verify the argument that institutional determinants are essential in explaining the variation in investment inflows into transition economies after the demise of socialism in the early 1990s. The role of institutions is assessed using Economic Freedom indices provided by the Heritage Foundation. Consequently, to investigate the progress of institutional quality in transition economies, we further employ indicators developed by the European Bank for Reconstruction and Development. Using a panel data set for 11 transition countries from 1993 to 2013, we conclude that the impact of institutional quality on investment inflows is not negligible, yet much weaker than suggested by the existing theoretical literature. Using a  fixed-effects model framework in both regression benchmarks with metrics from the Heritage Foundation and the European Bank for Reconstruction and Development, respectively, we observe that the impact of institutional variables on the level of investment was less significant than expected. Moreover, macroeconomic fundamentals appear to always play a more substantial role than institutional factors.

  14. Business Strategy and Perceived Benefits of Internet Banking: Their Impact on Banks' Strategic Responses to China's Entry to WTO

    Institute of Scientific and Technical Information of China (English)

    刘春红; 江静; 李杰

    2003-01-01

    With the entry to WRO and development of IT, banks in China are adjusting their competitive strategies to meet the competition. Internet banking has become a kind of strategic choice to response to the entry to WTO. Based on relevantly selective reviews of literature of strategy theory and research, a model is developed to study banks' strategic response to entry to WTO. According to a survey of 192 sets of questionnaires, this study finds that external pressure, business strategy and perceived benefits of Internet banking would influence banks' perceived increase in Internet banking investment. And banks'perceived increase in Internet banking investment has no difference between big banks and small banks.

  15. 12 CFR 9.10 - Fiduciary funds awaiting investment or distribution.

    Science.gov (United States)

    2010-01-01

    ... distribution. 9.10 Section 9.10 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY... has investment discretion, the bank shall obtain for funds awaiting investment or distribution a rate... principal and interest; (ii) Securities that qualify as eligible for investment by national banks pursuant...

  16. 12 CFR 956.4 - Risk-based capital requirement for investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk-based capital requirement for investments... OFF-BALANCE SHEET ITEMS FEDERAL HOME LOAN BANK INVESTMENTS § 956.4 Risk-based capital requirement for investments. Each Bank shall hold retained earnings plus general allowance for losses as support for the...

  17. GenBank

    OpenAIRE

    Benson, Dennis A.; Karsch-Mizrachi, Ilene; Lipman, David J.; Ostell, James; Sayers, Eric W.

    2008-01-01

    GenBank? is a comprehensive database that contains publicly available nucleotide sequences for more than 300 000 organisms named at the genus level or lower, obtained primarily through submissions from individual laboratories and batch submissions from large-scale sequencing projects. Most submissions are made using the web-based BankIt or standalone Sequin programs, and accession numbers are assigned by GenBank? staff upon receipt. Daily data exchange with the European Molecular Biology Labo...

  18. Dynamic Portfolio Strategies in the European Corporate Bond Market : 30th Australasian Finance and Banking Conference 2017

    NARCIS (Netherlands)

    M. Pieterse-Bloem (Mary); W.F.C. Verschoor (Willem); Z. Qian (Zhaowen); R.C.J. Zwinkels (Remco)

    2017-01-01

    textabstractIn this paper, we propose a dynamic portfolio strategy for European corporate bonds based on a two-factor pricing model. We introduce a strategy in which we forecast both future factors as well as bonds' future exposure to these factor. Using a unique dataset that is representative for

  19. 12 CFR 615.5144 - Banks for cooperatives and agricultural credit banks.

    Science.gov (United States)

    2010-01-01

    ... such activities constitute a materially important line of business to its members. Also, investments... banks. 615.5144 Section 615.5144 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615...

  20. Eine neue Rolle für die Europäische Zentralbank? Anmerkungen zu einem spezifisch Deutschen Konflikt. A new role for the European Central Bank? Remarks on a special German conflict

    Directory of Open Access Journals (Sweden)

    Detlev Ehrig

    2016-08-01

    Full Text Available The recent European debt crisis has generated a growing importance of the ECB. The central bank was forced to take measures far beyond its traditional role to stabilize monetary markets and inflation. The European central bank has adopted a new function as lender of last resort, providing banks and governments with almost unlimited liquidity. The new and unconventional monetary policy has been hotly debated. In Germany the debate even reached the Constitutional Court. The article will give a survey of the debate referring to the arguments of the ECB versus Deutsche Bundesbank. It is indeed questionable whether the ECB has a mandate for its new role in monetary and by the way also fiscal policy. Whatever the arguments are convincing, new steps towards fiscal arrangements and a deeper political cooperation are needed to stabilize the euro area.

  1. Empirical Studies of Contemporaneous Banking Research

    OpenAIRE

    Reeg, Johannes

    2017-01-01

    Banks perform important functions for the economy. Besides financial intermediation, banks provide information, liquidity, maturity- and risk-transformation (Fama, 1985). Banks ensure the transfer of liquidity from depositors to the most profitable investment projects. In addition, they perform important screening and monitoring services over investments hence contributing steadily to the efficient allocation of resources across the economy (Pathan and Faff, 2013). Since banks provide financi...

  2. Chinese investments in the EU

    NARCIS (Netherlands)

    Ebbers, H.A.; Zhang, J.

    2010-01-01

    China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional

  3. BANKING BUSINESS MODELS IN UKRAINIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Yuliya Onyshchenko

    2015-11-01

    main differences which are between European and Ukrainian bank business models are marked out. Recommendations concerning improving of bank business models in Ukraine are given.

  4. Financial and economic approach: Financial & banking sector development pact from the perspective of the euro area European economic policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2004-01-01

    Full Text Available Powerful obstacles to the further integration of repot, bond and equity markets remain the still fragmented securities settlement industry in Europe, which charges much higher fees for cross border transactions than for domestic transactions, and differences in legal systems. This paper describes the main developments in the euro area financial markets before and after the introduction of the single currency. It looks at the evolution of the euro area financial structure in the last few years. Interestingly in various dimensions the financial structure of euro area countries seems to become more diverse over time. We assess the progress towards financial integration in the most important euro-area financial segments, namely money and equity markets, as well as banking. The available data suggest that the unsecured money market strongly integrated with the introduction of the euro, as the single currency and related euro-area-wide large-value payment systems link the different countries well. Also, some progress occurred in the integration of euro-area equity markets, as stock exchanges in a few countries merged to form Euronext and professional asset managers replaced country allocation by sector allocation strategies. Overall, while asset holdings have become more international in the euro area since the introduction of the single currency, securities markets are still much less integrated than in the US. In the area of retail banking the increased homogeneity of interest rates seems to be driven more by macroeconomic convergence than by market integration. In addition we consider a wide range of other determinants, such as foreign debt or net foreign assets, terms of trade, government debt and regulated prices.

  5. Bank Resolution in Europe

    DEFF Research Database (Denmark)

    N. Gordon, Jeffery; Ringe, Georg

    2015-01-01

    Bank resolution is a key pillar of the European Banking Union. This column argues that the current structure of large EU banks is not conducive to an effective and unbiased resolution procedure. The authors would require systemically important banks to reorganise into a ‘holding company’ structure......, where the parent company holds unsecured term debt sufficient to cover losses at its operating financial subsidiaries. This would facilitate a ‘single point of entry’ resolution procedure, minimising the risk of creditor runs and destructive ring-fencing by national regulators....

  6. European Retail Payments Market: New Opportunities to Mergers and Acquisition Transactions

    Directory of Open Access Journals (Sweden)

    Lina Novickytė

    2011-04-01

    Full Text Available Most of European banks will not be able to allocate funds successfully participating in the SEPA. Some of them have to look for opportunities to reduce the cost in collaboration with other institutions in the execution of the payment or provision of services to carry out transmission of the third party. The other part will have to find a merger partner. In future there can be more active participants in the market lead to acquisitions. In order to assess possible changes in the payment market, noted that its participants – service providers – consolidation will be inevitable. The assessment of the Lithuanian bank sector shows that banks with the parent banks that invest and develop the activities of subsidiaries of banks, are likely to remain in the market. However, banks that are not ready to participate and get involved in a single market, will be taken over or disappear.Article in Lithuanian

  7. 12 CFR 208.73 - What additional provisions are applicable to state member banks with financial subsidiaries?

    Science.gov (United States)

    2010-01-01

    ... aggregate amount of its outstanding equity investment (including retained earnings) in all financial... bank's outstanding equity investment (including retained earnings) in all financial subsidiaries from... outstanding equity investment (including retained earnings) in all financial subsidiaries from the bank's Tier...

  8. The risk level of Vietnam non-banking investment and financial services industry under financial leverage during and after the global crisis 2007-2011

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2013-09-01

    Full Text Available This paper estimates the impacts of external financing on market risk for the listed firms in the Viet nam non-banking financial services industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Vietnam non-banking financial services industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable. Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down, we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var if the leverage decreases down to 20%. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

  9. European offshore wind power in 2015: record €13bn investment, 3 GW new capacity; La eólica marina europea en 2015: record de inversión 13.000 M€, 3 GW de nueva potencia

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2016-07-01

    Offshore wind investments in Europe doubled in 2015 to €13.3bn in a record year for financing and gridconnected installations. A total of 3,019 MW in new offshore wind capacity came online in European waters in 2015, more than double the capacity connected to the grid in 2014. Europe’s total offshore wind capacity now stands at 11,027 MW. A further 3,034 MW of capacity, spread across ten projects, reached final investment decision last year, a twofold increase on 2014. These are some of the main figures contained in “The European offshore wind industry - key trends and statistics 2015”, a report published by EWEA. (Author)

  10. FRACTIONAL BANKING

    OpenAIRE

    Maria Klimikova

    2010-01-01

    Understanding the reasons of the present financial problems lies In understanding the substance of fractional reserve banking. The substance of fractional banking is in lending more money than the bankers have. Banking of partial reserves is an alternative form which links deposit banking and credit banking. Fractional banking is causing many unfavorable economic impacts in the worldwide system, specifically an inflation.

  11. Green banking

    Directory of Open Access Journals (Sweden)

    Maja Drobnjaković

    2013-06-01

    Full Text Available There is an urgent need to march towards “low - carbon economy”. Global challenges of diminishing fossil fuel reserves, climate change, environmental management and finite natural resources serving an expanding world population - these reasons mean that urgent action is required to transition to solutions which minimize environmental impact and are sustainable. We are at the start of the low - carbon revolution and those that have started on their low - carbon journey already are seeing benefits such as new markets and customers, improved economic, social and environmental performance, and reduced bills and risks. Green investment banks offer alternative financial services: green car loans, energy efficiency mortgages, alternative energy venture capital, eco - savings deposits and green credit cards. These items represent innovative financial products.

  12. [Ethical aspects of human embryonic stem cell use and commercial umbilical cord blood stem cell banking. Ethical reflections on the occasion of the regulation of the European Council and Parliament on advanced therapy medicinal products].

    Science.gov (United States)

    Virt, G

    2010-01-01

    The regulation of the European Council and Parliament on advanced therapy medicinal products also includes therapies with human embryonic stem cells. The use of these stem cells is controversially and heavily discussed. Contrary to the use of adult stem cells, medical and ethical problems concerning the use of human embryonic stem cells persists, because this use is based on the destruction of human life at the very beginning. The regulation foresees, therefore, subsidiarity within the European Member States. Although there are no ethical problems in principle with the use of stem cells from the umbilical cord blood, there are social ethical doubts with the banking of these stem cells for autologous use without any currently foreseeable medical advantage by commercial blood banks. Also in this case subsidiarity is valid.

  13. 12 CFR 24.5 - Public welfare investment after-the-fact notice and prior approval procedures.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Public welfare investment after-the-fact notice and prior approval procedures. 24.5 Section 24.5 Banks and Banking COMPTROLLER OF THE CURRENCY... capital and surplus represented by the proposed investment and by the bank's aggregate outstanding public...

  14. BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

    Directory of Open Access Journals (Sweden)

    Copil Crina Angela

    2014-07-01

    Full Text Available In this paper I proposed to myself to analyse the main bank acquisitions and mergers from Romania after 1989, causes that led to their appearance, their effects on the bank system and their future perspectives on the Romanian bank market. In the context of adherence to the European bank system a solution for the Romanian banks is the concentration of the bank system by mergers and acquisitions or the increase of the bank capitals because in the period of transition the smaller banks are vulnerable, don’t dispose of an infrastructure that would alow them to offer financial services comparable to those offered by the great bank groups, can’t offer large credits and is addressing to the smaller and average enterprise, which in their turn are exposed to all the shocks that are felt in the economy. The strategies of concentration and consolidation applied by the banks in this period implemented by the transactions with mergers and acquisitions are essential because of their success depends the existence of the bank, the rank it will have on the market, the profit of the bank, the efficiency, the increase of the satisfaction degree of the clients and the increase of the shares’ value. The increase of the interest of the investor in mergers and acquisitions determined the creating of the great financial conglomerates that offer a large range of services, operates simultaneously on many markets and include beside the bank activity insurance, leasing subsidiaries, investment funds, pension funds, subsidiaries specialized in credit saving. In the last decades the Romanian bank financial system suffered significant changes, registering an ample consolidation process, the number of bank institutions decreased and in the context of the present financial crisis, the continuing of the process of restructuring is anticipated.The main reason for choosing this subject if the fact that in the evolution of the concentration the bank mergers and acquisitions

  15. PATHWAYS TO SUSTAINABLE BANKING MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Dragan (Santamarian Oana Raluca

    2012-12-01

    Full Text Available This paper describes one of the major challenges of the future: the sustainable development of the society. Sustainability is now increasingly recognized as central to the growth of emerging market economies. For the banking sector, this represents both a demand for greater social and environmental responsibility as well as a new landscape of business opportunity. Several years ago, the main part of the banks did not consider the social and environmental problems relevant for their operations. Recently, the banks began to realize the major impact of the sustainable development over the way of ulterior development of the society and, implicitly over the way of creating of the banking value in the future. In this context, the development of a banking management system, based on sustainable principles represents one of the provocations of these days.Starting from literature in the sustainable banking management field in this paper are presented several relevant issues related to risk management in the context of sustainable banking financing: the need to implement the sustainable management principles in financial and banking industry; the role of banks in sustainable development of society; social and environmental risk management policies, events that have shaped the role of the banking sector in sustainable development; international standards regarding sustainable banking management such us: Equator Principles for sustainable investment projects’ financing or GRI principles for sustainable reporting. Furthermore, we developed a practical case study related to the implementation of sustainable banking management at Bank of America.

  16. Impacto de las inversiones en TI en la eficiencia de los bancos argentinos Impacto dos investimentos em TI na eficiência dos bancos argentinos Impact of IT investments on efficiency in Argentinean banks

    Directory of Open Access Journals (Sweden)

    Ángel Agustín Argañaraz

    2013-03-01

    advantages within a highly dynamic context. It is important to understand the impact it has on the development of organizations, especially in sectors like banking, which make extensive use of information. The present work presents a model to evaluate the impact of investment in IT on bank efficiency. Data Envelopment Analysis (DEA was selected as our efficiency meas-urement tool, with our model built upon financial statement information from Argentine banks. The results showed that the banks presented a high level of global efficiency. Local branches of foreign financial institutions and local banks with foreign capital proved to be the most efficient.

  17. Islamic banking

    OpenAIRE

    Pak, Viktoriya

    2010-01-01

    The thesis is focused on introduction of Islamic banking system. Morover part of the work is devoted to a detailed description of the history of Islamic banking, on explanation of the principles on which the banking system is based. Also are analyzed in detail the basic Islamic banking products. And at the end are presented the advantages and disadvantages of the Islamic banking system.

  18. Optimal bank portfolio choice under fixed-rate deposit insurance

    OpenAIRE

    Anlong Li

    1991-01-01

    An analysis of the investment decisions of a bank whose deposits are fully insured under fixed-rate insurance, showing how banks dynamically adjust their investment portfolios in response to market information and how this flexibility affects both investment decisions and the fair cost of deposit insurance.

  19. Banking contracts

    OpenAIRE

    Durčáková, Klára

    2010-01-01

    Resumé - Bank Contracts Bank Contracts are an integral part of our everyday lives. Citizen and bussines entities used bank contracts very often. Despite this fact we can't find legal definition in the Czech law. Banking contracts understand contracts that are signed by banks in their business activities and obligations under these contracts arise. While the banking contracts have been widely used, in Czech law there is not too much literature and judgements abou this issue. Lack of legislatio...

  20. 12 CFR 1500.6 - What risk management, record keeping and reporting policies are required to make merchant banking...

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false What risk management, record keeping and... Banking DEPARTMENT OF THE TREASURY GENERAL PROVISIONS MERCHANT BANKING INVESTMENTS § 1500.6 What risk management, record keeping and reporting policies are required to make merchant banking investments? (a) What...

  1. Private investments in new infrastructures

    NARCIS (Netherlands)

    Baarsma, B.; Poort, J.P.; Teulings, C.N.; de Nooij, M.

    2004-01-01

    The Lisbon Strategy demands large investments in transport projects, broadband networks and energy infrastructure. Despite the widely-acknowledged need for investments in new infrastructures, European and national public funds are scarce in the current economic climate. Moreover, both policy-makers

  2. The Determinants of European Union (EU Foreign Direct Investments in the EU Countries from Central and Eastern Europe During 1994–2012

    Directory of Open Access Journals (Sweden)

    Tang Donny

    2017-03-01

    Full Text Available This study examines whether the CEECs’ financial market development can explain the EU FDI in the CEECs during 1994–2012. The higher bank credit flows had a positive effect on the FDI in 2005–2012. This can be attributed to the major banking sector reforms undertaken before the CEECs’ EU accession. Second, the stock market size had a positive effect in 1997–2004. This is due to the fact that the EU membership announcement facilitated deeper stock market integration. Third, the higher country income, in interaction with a higher bank credit flow, had only a small positive effect in 2005–2012. The higher income CEECs have pursued much deeper bank liberalization through large-scale privatization of state-owned banks. Finally, the higher country income, in interaction with a larger stock market size, had a negative effect in 2005–2012. A possible reason for this is that the EU countries have started to divert their new FDI to the non-EU countries.

  3. Bank Organizational Structure Choice Dilemma. Case of PKO BP

    Directory of Open Access Journals (Sweden)

    Adam Szafarczyk

    2008-06-01

    Full Text Available Organizational structures are differing for different banks. They depend on individual bank economic situation, its technology, strategy and form of competition struggle. Usually the biggest EU banks are consists from formally or really independent divisions. The most common divisions are Retail Banking, Corporate Banking, Treasury and Investment, sometimes Insurance. PKO BP, the biggest Polish Bank, ought to change its structure due to implementation new IT system.

  4. Investment Climate and Manufacturing Performance in Ethiopia

    African Journals Online (AJOL)

    User

    value collaterals. Taxes and tax administrations are macropolicy ... is one indicator of size advantage. .... Cost – benefit analysis whether to invest or not works only in ..... haven't taken any credit from state owned banks and 77% of them.

  5. Avrupa Merkez Bankası'nın (AMB Euro Yönetimindeki Etkinlik Sorununun Analizi ( Efficiency Management Problem Of European Central Bank (ECB About The Euro

    Directory of Open Access Journals (Sweden)

    Hüseyin ÖZDEŞER

    2015-12-01

    Full Text Available The necessity of a monetary integration process in the European Union is inarguable. Monetary Union has a corner stone role for letting Economy in the EU to act as a whole. Only 19 members of the EU take place in the Euro Zone. In this case; there is a long time needed for completion the monetary integration process. European Central Bank (ECB which is responsible for the monetary policy application in Euro Zone, will have serious weakness and desperation and having them is inevitable; because the economic and political integration of the EU is not completed yet. All kinds of conflicts in political and economic integration process of the EU and economic crises, will have negative impacts on the EU and also on Euro. ECB is helpless about any negative developments that take place or may take place in European Monetary Union (EMU Area and it does not have an efficient intervention chance for preventing the negative impacts occurring on the Euro. The aim of the study is to present the weakness and desperation of the ECB about applying policies for a stable Euro. Avrupa Birliği'nde (AB Parasal Birlik sürecinin gerekliliği tartışılmazdır. Parasal Birlik; ekonominin AB içerisinde bir bütünsel olarak hareketliliğinin sağlanabilmesi açısından köşe taşı niteliğindedir. AB'nde şu an için toplam 28 olan AB üyesi ülkeden yalnızca 19 üye euro bölgesinde yer almaktadır. Bu durum parasal entegrasyonun tamamlanabilmesi için uzun süreye ihtiyaç olduğunun göstergesidir. Euro bölgesinde para politikalarının uygylanmasından sorumlu olan Avrupa Merkez Bankası (AMB, AB'nin ekonomik ve siyasi entegrasyonunun tamamlanmamasından dolayı ciddi zaaflar ve çaresizlikler yaşamaktadır; ve yaşaması da kaçınılmazdır. AB ve euro bölgesinde yaşanan her türlü sayasi ve ekonomik entegrasyon süreçlerindeki çatışmalar ve aynı zamanda ekonomik krizler; AB'ni ve euroyu olumsuz etkilemektedir. Yalnızca euronun y

  6. Promotional activities of banks in Serbia

    Directory of Open Access Journals (Sweden)

    Zelenović Vera

    2008-01-01

    Full Text Available The paper is focused on banking sector in Serbia, particulary on promotional activities of banks in public and on media. The authors of paper tried to find cause and effect relationship between business success and working quality on the one hand and investment in promotion activities of bank on the other hand, like important instrument of bank's business policy realization. Promotional activities appear like successful instrument in order to increase satisfaction of the bank's clients, which effect the increase of successfulness of banks' business.

  7. The Effect of Service Quality to Customer Satisfaction by Using Internet Banking Service in Jambi

    OpenAIRE

    Assegaff, Setiawan

    2016-01-01

    . Internet banking service has become an important part of the current banking products. It could be said almost all bank, which is operating in Indonesia, have to equip their products by providing internet-banking services for its customers. Despite the fact that the investment to build the internet banking service has been carried out by almost all banks in Indonesia, but in fact the use of internet banking adoption is still not significant. Banking in Indonesia still filled with questions ...

  8. VALUES OF THE EUROPEAN FINANCIAL SPACE

    Directory of Open Access Journals (Sweden)

    NICU DURET

    2011-04-01

    Full Text Available This paper aims to analyze the perspective of the European financial space which should allow the professional intermediaries – the credit establishments, the insurance companies or investment services, to propose their services to the entire community of customers. Actually, here are considered the traditional banking services, such as those that provide insurance, especially those relating to life insurance.The access to regulated markets, it takes place in the perspective of this financial space, especially after coming into circulation of Euro coin. It should be insight, that the access to these markets, often requires the using of intermediaries. We can not speak about the existence of the financial space, without the freedom of action of these professional intermediaries. Concerning the freedom of these services, we can say that they depend on the movement of capital, and the movement capital is engaged since the directive of May 11, 1966, and subsequently is required after the June 24, 1988 and was confirmed by the Maastricht Treaty. Thus, we can discuss about the liberty of movement of capital, through angle the coordination of national legislation in matters of banks, the insurance and the investment services through a significant number of directives adopted. Nowadays, the European financial space is overtake, the EU borders and the internationalization of operations is require the extensive possible legal framework of application, also all the directives issued in matters of banks and insurance are covered by Annex VIII of the Agreement on the European Financial Space. The agreement also provides the interdictions of restrictions or discrimination concerning the movements of capital. As a consequence, the study is approach both to aspects concerning the European financial space and the interdictictions of restrictions or discrimination concerning the movements of capital.

  9. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  10. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    2012-01-01

    of the article is to provide possible explanations for the puzzle of why small retail investors hold structured bonds. The investment universe consists of a stock index, a risk-free bank account, and a structured bond containing an option written on another index. We apply expected utility maximization...

  11. JURIDICAL AND ECONOMIC ANALYSIS OF THE CORPORATE SOCIAL RESPONSIBILITY IN THE BANKING MANAGEMENT FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Muresan (Potincu Laura

    2015-07-01

    Full Text Available At present, the corporate social responsibility must be regarded from a complex perspective. We consider that the social responsibility of the banks is what the community expects from a bank ecologically, economically, juridically, ethically, and philanthropically. Thus, the banking corporate social responsibility includes all these types of responsibilities: the ecological responsibility, the economic responsibility, the juridical responsibility, the ethical responsibility, and the philanthropic responsibility. Combining the juridical analysis with the marketing research, this work aims at the actual compliance with the corporate social responsibility by the banks from Romania, an European Union member state. The juridical regulations adopted mid 2013 at the European Union level bring a new approach to the relation between the most important categories of stakeholders – consumers and employees – and the bank by means of actual juridical specifications regarding the banking management. Presenting the most important provisions of Directive 2013/36/UE of the European Parliament and Council regarding the access to the activity of the credit institutions and prudential supervision of the credit institutions and investment companies, and of Regulation no. 575/2013 of the European Parliament and Council regarding the prudential requirements for the credit institutions and investment companies, in relation to the corporate social responsibility aspects offers an interesting image of the evolution of the legislative aspects regulating the banking management. One can note, in practice, the assimilation by the banks of the corporate social responsibility only with its philanthropic component, ignoring the most important elements of the social responsibility: the juridical responsibility, the ethical responsibility, or the economic responsibility. This work shows results of a quantitative marketing research which has been performed in Bra

  12. 12 CFR 704.10 - Investment action plan.

    Science.gov (United States)

    2010-01-01

    ... market pricing, cash flows, and risk; (3) How the investment fits into the credit union's asset and... Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS CORPORATE CREDIT UNIONS § 704.10 Investment action plan. (a) Any corporate credit union in possession of an...

  13. Making the Case for Early Childhood Investments: Three Arguments

    Science.gov (United States)

    Neugebauer, Roger

    2011-01-01

    Tamar Manuelyan Atinc, vice president of The World Bank, introduces a World Bank report, "Investing in Young Children: An Early Childhood Development Guide for Policy Dialogue and Project Preparation". This report, which is a must for inclusion in every advocate's make the case for investing in early childhood services. It defines three arguments…

  14. National investment programs and sustainable development

    OpenAIRE

    Szyja, Paulina

    2014-01-01

    In situation of economic crisis many countries, for example the United States, members of European Union prepared anti-crisis programs to conduct investments. In most cases, they concentrated on modernization of transport or energy infrastructure. In Poland it would have been presented program "Polish Investments". The main purposes of the article is presentation of public investments programs and their role in sustainable development.

  15. Reliability data banks

    International Nuclear Information System (INIS)

    Cannon, A.G.; Bendell, A.

    1991-01-01

    Following an introductory chapter on Reliability, what is it, why it is needed, how it is achieved and measured, the principles of reliability data bases and analysis methodologies are the subject of the next two chapters. Achievements due to the development of data banks are mentioned for different industries in the next chapter, FACTS, a comprehensive information system for industrial safety and reliability data collection in process plants are covered next. CREDO, the Central Reliability Data Organization is described in the next chapter and is indexed separately, as is the chapter on DANTE, the fabrication reliability Data analysis system. Reliability data banks at Electricite de France and IAEA's experience in compiling a generic component reliability data base are also separately indexed. The European reliability data system, ERDS, and the development of a large data bank come next. The last three chapters look at 'Reliability data banks, - friend foe or a waste of time'? and future developments. (UK)

  16. Accountability of Central Banks : Aspects and Quantification

    NARCIS (Netherlands)

    de Haan, J.; Amtenbrink, F.; Eijffinger, S.C.W.

    1998-01-01

    This paper starts with a discussion of the various aspects of accountability of central banks. On the basis of this discussion we construct an indicator for accountability for 16 central banks, including the European Central Bank. It is shown that the degree of accountability differs considerably

  17. Socially responsible investments in mutual funds

    Directory of Open Access Journals (Sweden)

    Funaru, M.

    2011-01-01

    Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

  18. Relationship Banking in Labor Bank

    OpenAIRE

    三村, 聡

    2012-01-01

    As Labor bank is seemed as business partner of labor union, it contributes each community activities. For example, Labor bank helps retired employee, laborer and inhabitants. In addition, after the amendment of Money Lending Business Act of 2010, labor bank became clearly community based bank by consulting for heavily-indebted people and their education. This paper analyzes the new role of labor bank such as community contribution and enhancing financing service by collecting of the opinion o...

  19. Green investment in sustainable housing. SEV recommendation

    International Nuclear Information System (INIS)

    Fokkema, J.

    1996-07-01

    In cooperation with the Triodos Bank, SEV carried out a study on the possibility to invest money from green investment funds at low interest in houses which are designed and built in a sustainable and energy efficient way. By order of the Triodos Bank and SEV others drafted a guideline to assess dwellings and calculated the financial and economical consequences of green investments in sustainable housing. The results of those studies formed the basis of the SEV recommendation to the Dutch State Secretary of Housing and Planning and the Dutch State Secretary of Economic Affairs, April 1996, to expand the planned Green Investment Regulation to the possibility to invest money in sustainable houses. It is expected that the Green Investment Regulation will come into effect September 1996. 2 appendices

  20. Federal Investment

    Science.gov (United States)

    Campbell, Sheila; Tawil, Natalie

    2013-01-01

    The federal government pays for a wide range of goods and services that are expected to be useful some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R&D), and education and training. There are several economic rationales for federal investment. It can provide…

  1. 12 CFR 23.4 - Investment in personal property.

    Science.gov (United States)

    2010-01-01

    ... this section, if: (1) The acquisition of the property is consistent with the leasing business then conducted by the bank or is consistent with a business plan for expansion of the bank's existing leasing business or for entry into the leasing business; and (2) The bank's aggregate investment in property held...

  2. 12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

    Science.gov (United States)

    2010-01-01

    ... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION... Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital markets... defense crisis could impede the normal access of Farm Credit banks to the capital markets. Whenever the...

  3. 12 CFR 1500.7 - How do the statutory cross marketing and sections 23A and B limitations apply to merchant banking...

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false How do the statutory cross marketing and sections 23A and B limitations apply to merchant banking investments? 1500.7 Section 1500.7 Banks and... statutory cross marketing and sections 23A and B limitations apply to merchant banking investments? Certain...

  4. Renewable Energy Policy Fact sheet - European Union

    International Nuclear Information System (INIS)

    2017-09-01

    The EurObserv'ER policy profiles give a snapshot of the renewable energy policy in the EU Member States. The European Union aims to achieve a 20% share (with legally binding national targets) of its final energy consumption from RES by 2020, and at least a 27% share (not broken down into nationally binding targets) by 2030. Key instruments at EU level to promote RES include directives, such as the 2009 Renewable Energy Directive. The EU Emission Trading Scheme (ETS) is also intended to support RES. The European Commission has also adopted state aid guidelines to ensure that support schemes to promote RES at national level are compatible with EU competition law and internal market rules. Further instruments are research, development and innovation funding programmes, such as Horizon2020, the Innovation Fund, and the NER300 programme. RES are also supported through regional development funds as well as through grants and loans for RES projects and related infrastructure from the European Investment Bank (EIB) and the European Fund for Strategic Investments (EFSI). A recast directive on the promotion of RES in the period 2020- 2030 is to be adopted along with governance rules to ensure that the EU-wide RES target for 2030 is met

  5. Chinese investments in the EU

    Directory of Open Access Journals (Sweden)

    Haico EBBERS

    2010-12-01

    Full Text Available China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional pattern is heavily influenced by the need to solve the resource shortage in the medium and long term. The investments in Europe and the United States are mostly market seeking investments. Research specifically focused on Chinese M&A abroad comes to the same conclusion. The success rate of Chinese M&A abroad is much lower than what we see with respect to American or European investments abroad. In this paper, we examine why Chinese firms are facing more difficulties in the European Union than in other regions. The paper focuses on Chinese M&A as proxy for total foreign direct investments abroad. By looking at the factors that have been documented as influencing the level of M&A abroad, it becomes clear that Chinese firms in Europe are hindered by many factors. For example, the trade between China and the EU is relatively low, the institutional quality is lower compared to the United States, there is less experience with respect to Europe and relatively many deals relate to State Owned Enterprises (SOE which makes the deal sensitive. So it is logical that Chinese investments are not very high in Europe. However, the research makes clear that the obstacles for Chinese investments in Europe are disappearing step by step. In that sense, we expect a strong increase of Chinese investments in Europe in the future.

  6. Bank Liquidity and Financial Performance: Evidence from Moroccan Banking Industry

    Directory of Open Access Journals (Sweden)

    El Mehdi Ferrouhi

    2014-12-01

    Full Text Available This paper aims to analyze the relationship between liquidity risk and financial performance of Moroccan banks and to define the determinants of bank’s performance in Morocco during the period 2001–2012. We first evaluate Moroccan banks’ liquidity positions through different liquidity and performance ratios then we apply a panel date regression to identify determinants of Moroccan banks performance. We use 4 bank’s performance ratios, 6 liquidity ratios and we analyze 5 specific determinants and 5 macroeconomic determinants of bank performance. Results show that Moroccan bank’s performance is mainly determined by 7 determinants: liquidity ratio, size of banks, logarithm of the total assets squared, external funding to total liabilities, share of own bank’s capital of the bank’s total assets, foreign direct investments, unemployment rate and the realization of the financial crisis variable. Banks’ performance depends positively on size of banks, on foreign direct investments and on the realization of the financial crisis and negatively on external funding to total liabilities, on share of own bank’s capital of the bank’s total assets and on unemployment rate while the dependence between bank performance and liquidity ratios and bank performance and logarithm of the total assets squared depend on the model used.

  7. E-BANKING SERVICES – FEATURES, CHALLENGES AND BENEFITS

    Directory of Open Access Journals (Sweden)

    IMOLA DRIGĂ

    2014-10-01

    Full Text Available Today traditional banking services, based on lending and deposittaking operations, are only part of banking activities. Due to the emergence of a knowledgebased economy and society as information and communication technology advanced, banking services have undergone profound changes during the past decades. In order to improve the quality of customer service delivery and reduce transaction cost, banks have invested to a great extent in ICT and have adopted ICT networks for delivering a wide range of banking products and services. Banks all over the world have embraced innovative banking technologies and e-banking services in recent years. In this context, the paper aims to provide an overview of the electronic banking service highlighting various aspects of e-banking. Although e-banking offers many advantages both to corporate and individual clients, electronic banking is not without certain challenges and issues in terms of security and interest of customers.

  8. Signing of CERN's 300 million EUR loan from the EIB in December 2002. From left to right : Philippe Busquin, European Research Commissioner, Philippe Maystadt, EIB President and Luciano Maiani, Director General of CERN

    CERN Document Server

    2003-01-01

    The European Investment Bank (EIB) is lending EUR 300 million to finance the final phase of construction of the Large Hadron Collider (LHC) at CERN , the European Organization for Nuclear Research. The EIB loan will also help to finance the instrumentation to record and analyse the high-energy particle collisions at the LHC. A loan to enable construction of this major project was foreseen by CERN's governing Council when it approved the LHC in 1996.

  9. The Banking Union: An Overview and Open Issues

    NARCIS (Netherlands)

    D. Schoenmaker (Dirk)

    2016-01-01

    markdownabstractThe move to European Banking Union involving the supervision and resolution of banks at euro-area level was stimulated by the sovereign debt crisis in the euro area in 2012. However, the long-term objective of Banking Union is dealing with intensified cross-border banking. The

  10. 12 CFR 218.760 - Exemption from definition of “broker” for banks accepting orders to effect transactions in...

    Science.gov (United States)

    2010-01-01

    ... 218.760 Banks and Banking FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM... services provided by the bank to the account; and (6) Investment advice and recommendations. The bank does not provide investment advice or research concerning securities to the account, make recommendations...

  11. European financial support and succesful road PPP Projects

    Energy Technology Data Exchange (ETDEWEB)

    Garrido Maza, G.

    2016-07-01

    The EU has been promoting the use of PPPs in order to accelerate the development of the Trans-European Transport Network (TEN-T) for ensuring economic, social and territorial cohesion and increasing accessibility throughout the Union. To encourage the use of PPPs, the European Commission has put several financing mechanisms at the disposal of the Member States, including a series of innovative financial instruments developed along with the European Investment Bank. The Bank has in turn played a major role in the promotion and financing of PPPs across the EU. The paper undertakes a review of the main financial instruments developed by the EU that are available to PPPs so as to determinate to what extent the European financial support has been channelled to road projects under that scheme in Spain. On the basis of the results obtained, a multiple regression model has been developed to analyse whether the PPP projects which enjoyed the financial support of the European Union tend to be significantly more successful from an economic point of view. The paper concludes that there is a positive correlation between receiving European financial support and the success of the PPP road projects. (Author)

  12. Is shadow banking really banking?

    OpenAIRE

    Bryan J. Noeth; Rajdeep Sengupta

    2011-01-01

    To those who don't know, the term "shadow banking" probably has a negative connotation. This primer draws parallels between what has been termed the shadow banking sector and the traditional banking sector—showing that they are similar in many ways.

  13. Options for Low Income Countries Effective and Efficient Use of Tax Incentives for Investment : A Report to the G-20 Development Working Group by the IMF, OECD, UN and World Bank

    OpenAIRE

    International Monetary Fund; OECD; United Nations; World Bank

    2015-01-01

    Experience shows that there is often ample room for more effective and efficient use of investment tax incentives in low-income countries. Tax incentives generally rank low in investment climate surveys in low-income countries, and there are many examples in which they are reported to be redundant, that is, investment will have been undertaken even without them. And their fiscal cost can b...

  14. THE ALLOCATION OF EUROPEAN FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Ana Monica POP

    2014-04-01

    Full Text Available In this paper we try to analyze the extent to which economic and social cohesion of the enlarged European Union in order to develop a harmonious, balanced and sustainable community has been achieved with the Funds, the European Investment Bank (EIB and other financial instruments and how Romania attracts or not such funds. We analyzed using the statistical data, the absorption and implementation of funds in Romania. Consequently, we present only the results. Conclusions outlined the reducing of the economic, social and territorial disparities which have arisen particularly in regions with developmental delays and in relation to economic and social reorganization. The most important benefits of funding (in general are the growth, the competitive advantage, the employment and improvement of the environment.

  15. Private banking : an international and local perspective

    OpenAIRE

    2012-01-01

    M.Comm. Since the creation of private banking in the 16th century, it has evolved from a discreet service for the wealthy few to a broader base of services provided for high net worth individuals. Private banking today offers a complex, highly diverse array of personalised wealth preservation, -creation and —management services for a growing population of sophisticated and affluent individuals. Such people have multiple needs that range from banking services to investment and estate planni...

  16. 12 CFR 208.71 - What are the requirements to invest in or control a financial subsidiary?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false What are the requirements to invest in or control a financial subsidiary? 208.71 Section 208.71 Banks and Banking FEDERAL RESERVE SYSTEM BOARD OF... SYSTEM (REGULATION H) Financial Subsidiaries of State Member Banks § 208.71 What are the requirements to...

  17. Comparison of Turkey's electrical energy consumption and production with some European countries and optimization of future electrical power supply investments in Turkey

    International Nuclear Information System (INIS)

    Tunc, Murat; Camdali, Uenal; Parmaksizoglu, Cem

    2006-01-01

    Energy issues are directly related to the development of a country and the living standards of its people. Turkey is currently in a rapid industrialization process with a young and dynamic population of over 65 million. Due to relatively high growth rate of the population, increasing consumer oriented attitudes and as a result of rising levels of affluence, the primary energy demand is rising rapidly at an annual rate of 6.7 percent. In this study Turkey's energy resources, installed electric power capacity, electric energy production and consumption rates are investigated and compared with that of France, Germany and Switzerland. Turkey's electric energy consumption rates are predicted with regression analysis for the years of 2010 and 2020 and finally linear mathematical optimization model is developed to predict the distribution of future electrical power supply investments in Turkey

  18. The Situation of Investment Projects for Modernization of Agricultural Holdings in Moldova Before and After Romania’s Accession to the European Union

    Directory of Open Access Journals (Sweden)

    Alina-Mirela Marcu

    2013-08-01

    Full Text Available The purpose of this article is to present the situation of EU funds absorption for modernization the agricultural holdings in Moldova, geographical region considered to be among the poorest in Romania. After 1989, the essential changes in the land structures ownership on the replacement the old structures land ownership of socialist economy with private property, have profoundly marked the Romanian rural space and the food trade balance of Romania suffered a continuing deterioration. The funding based on projects implemented once the SAPARD pre-accession funds, has provided many perspectives Romanian farmers, especially by increasing the budget for investments in the field. This approach shows that the economic performance of representative agricultural holdings in Moldova has evolved positively, but differently across the region.

  19. The capital structure of banks and practice of bank restructuring

    OpenAIRE

    Dübel, Achim

    2013-01-01

    This study presents an empirical analysis of capital and liability management in eight cases of bank restructurings and resolutions from eight different European countries. It can be read as a companion piece to an earlier study by the author covering the specific bank restructuring programs of Greece, Spain and Cyprus during 2012/13. The study portrays for each case the timelines between the initial credit event and the (last) restructuring. It proceeds to discuss the capital and liability m...

  20. Bank Resolution in Europe

    DEFF Research Database (Denmark)

    N. Gordon, Jeffery; Ringe, Georg

    2015-01-01

    This chapter argues that the work of the European Banking Union remains incomplete in one important respect, the structural re-organization of large European financial firms that would make “resolution” of a systemically important financial firm a credible alternative to bail-out or some other sort...... of taxpayer assistance. A holding company structure in which the public parent holds unsecured term debt sufficient to cover losses at an operating financial subsidiary would facilitate a “Single Point of Entry” resolution procedure that would minimize knock-on effects from the failure of a systemically...

  1. Bank Resolution in Europe

    DEFF Research Database (Denmark)

    Gordon, Jeffrey N.; Ringe, Georg

    This chapter argues that the work of the European Banking Union remains incomplete in one important respect, the structural re-organization of large European financial firms that would make “resolution” of a systemically important financial firm a credible alternative to bail-out or some other sort...... of taxpayer assistance. A holding company structure in which the public parent holds unsecured term debt sufficient to cover losses at an operating financial subsidiary would facilitate a “Single Point of Entry” resolution procedure that would minimize knock-on effects from the failure of a systemically...

  2. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  3. 12 CFR 24.6 - Examples of qualifying public welfare investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Examples of qualifying public welfare investments. 24.6 Section 24.6 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY... finance small businesses or small farms, including minority- and women-owned small businesses or small...

  4. GenBank.

    OpenAIRE

    Benson, D; Lipman, D J; Ostell, J

    1993-01-01

    The GenBank sequence database has undergone an expansion in data coverage, annotation content and the development of new services for the scientific community. In addition to nucleotide sequences, data from the major protein sequence and structural databases, and from U.S. and European patents is now included in an integrated system. MEDLINE abstracts from published articles describing the sequences provide an important new source of biological annotation for sequence entries. In addition to ...

  5. Transformation of the Polish Banking Sector

    Directory of Open Access Journals (Sweden)

    Marek Stefański

    2009-07-01

    Full Text Available In the post-war period the banking system in Poland underwent two important system transitions: after 1946 and after 1989. The third transformation began after May 1, 2004, but it did not have a systemic character. The Polish banking sector started to operate on the Single European Market. The first part of the paper is devoted to the problems of the banks transformations after 1989 with a special focus on the quantitative development of banks in 19892008, and on subsequent privatisation and consolidation processes. The former intensified in 19891999, and the latter in 19992002. The consolidation process was very noticeable in the sector of cooperative banks after 1994. The second part of the paper includes an economic and financial analysis of the banks. A lot of attention was paid to the liquidity of the banking sector. It was assessed as good, which was confirmed by a short-term rating of Moodys and by the Financial Stability Report 2009, published by the National Bank of Poland in June 2009. The comparison of the net profit of the banking sector in 19972008 shows its dependence on the economic situation and policy. The number of banks with capital adequacy ratio well above the minimum required by the banking supervision is rising. The financial power ratings are not favorable for the domestic banks. The third part of the paper focuses on the development directions of the Polish banking sector. It may be concluded on the basis of the analysis that privatisation and consolidation processes will be continued. They will concentrate on the capital of foreign banks already operating in Poland. As compared with individual foreign banks, the potential of the Polish banking sector is week. The fourth part of the paper focuses on the presentation Polish banking sector in the context of European Union banking sector. The paper finishes with conclusions. Generally, Polish banks have to implement a strategy to enable them to compete on the Single

  6. ONLINE BANKING IN THE ROMANIAN BANKING SYSTEM

    OpenAIRE

    IMOLA DRIGĂ

    2014-01-01

    In the world of banking, the development of IT has a huge effect on development of more flexible payments methods and more user-friendly banking services. Recently, modern electronic banking services, internet and mobile banking, have rejuvenated banking transactions. Electronic banking over the Internet is one of the newest e-banking services with several benefits both for banks and for customers. The paper aims to provide an overview of online banking services highlighting various aspect...

  7. Determinants of profitability according to groups of banks in Albania

    Directory of Open Access Journals (Sweden)

    Dr.Sc. Arjeta Hallunovi

    2017-06-01

    positive relation with profitability (ROA/ROE but statistically insignificant for the model. [1] According to the Bank of Albania, in December 2014, banks in the Albanian sector are divided by size of activity: 1 The bank group 1 (0-2% of total banking sector assets include United Bank of Albania, Veneto Bank, International Commercial Bank, First Investment Bank, Credit Bank of Albania; 2 The bank group 2 (2-7% of total banking sector assets include Procredit Bank, Credit Agricole Bank, National Bank of Greece, Societe Generale Bank - Albania, Alpha Bank - Albania, Union Bank; and 3 The banks group 3 (about 7% of total banking sector assets include Raiffeisen Bank, Credins Bank, National Commercial Bank, Intesa Sanpaolo Bank-Albania, Tirana Bank.

  8. 77 FR 21100 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-04-09

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-7210) published on page 17478 of the issue for Monday, March 26, 2012. Under the Federal Reserve Bank of Richmond heading, the entry for U.S. Immigration Investment...

  9. The local investment in renewable energies; L'investissement local dans les energies renouvelables

    Energy Technology Data Exchange (ETDEWEB)

    Poussard, E.; Quantin, J.; Grepmeier, K.; Larsen, J.; Manolakaki, E.; Twele, J

    2003-07-01

    These proceedings present some European testimonies about the advantage of local investment, illustrated with concrete cases taken in Germany, Denmark and Switzerland. They demonstrate that local investment in renewable energy sources is a reality and that this practice has indisputably contributed to their significant development in some countries of the European Union. The sustain of foreign banks to the financing of renewable energy sources is at the evidence an example to follow up in countries like France, Greece or Spain. Important efforts have to be made to simplify and encourage the implementation of projects, in particular from the administrative point of view. Beyond the financial aspects, the colloquium has shown that these practices of citizenship involvement represent an important factor of social adaptation and acceptation. The projects, gathering local actors but also the overall citizens through common investment funds, ensure a better territorial anchoring and a sustain to local and sustainable development. This document has been published with the support of the European Commission and ADEME (French Agency for Environment and Energy Management). (J.S.)

  10. From Subsidiary to Branch Organization of International Banks

    DEFF Research Database (Denmark)

    Goldberg, Lawrence; Sweeney, Richard J.; Wihlborg, Clas

    2005-01-01

    Nordea is the first major international bank planning to operate important host country activities in branches as the Second European banking directive envisions rather than as subsidiaries. Nordea is the result of mergers of roughly equal-size universal banks in four Nordic countries...... institutional foundations for substantial market discipline in banking. In particular, distress resolution and insolvency procedures for banks must be made rule based and credible for host country authorities to accept home country control....

  11. How does the European Regional Development Fund finance energy efficiency and renewable investments in housing sector in Bulgaria, Poland and Romania?

    International Nuclear Information System (INIS)

    2009-11-01

    The European Union (EU) is leading the global fight against climate change, and has made it a top priority. Its ambitious targets are spelt out in the EU Climate Action and Renewable Energy Package which commits Member States to curb their CO_2 emissions by at least 20% by 2020 through improved energy efficiency and use of renewable energy sources. The housing sector, responsible for 40% of the EU CO_2 emissions, represents a huge potential for energy and emissions savings. The policy at EU level is adopted and the facts are clear - we know in which sectors and how to act to achieve the common objectives. The EU even allocates some funds for EE/RES actions in housing sector, e.g. through the Cohesion policy. Since May 2009, all EU Member States can allocate 4% of their total ERDF allocations to energy efficiency measures in housing, in particular social housing. It would seem that all the conditions are favorable but the reality is different - EE/RES actions are still not the priority of the EU Member States and/or the European funds are rarely used for this type of actions. The case of three EU-12 countries - Bulgaria, Poland and Romania - proves that the Structural Funds available for improvement of housing and particularly social housing sector, are not fully used also for the following reasons: Housing and social housing are not the priorities or national budgets allocated to these sectors are not sufficient to co-finance projects supported by the Structural Funds: - In Romanian operational programs, (social) housing is mentioned very vaguely - eligible measures are not specified in details. - In Bulgaria, the priorities in the operational programs are well identified, however municipalities have difficulties to find even 5% co-financing for their EE/RES projects as national budget is not allocated to this type of measures. Administration of the Structural Funds and criteria of their use are complicated; national governments are lacking human capacities to

  12. On financial losses, prospectuses, liability, jurisdiction (clauses) and applicable law : European Court of Justice 28 January 2015, Case C-375/13 (Kolassa/Barclays Bank)

    NARCIS (Netherlands)

    Arons, T.M.C.

    The difficult question of where financial losses are directly sustained has been (partly) solved by the European Court of Justice on 28 January 2015. In Kolassa the ECJ ruled that an investor suffers direct financial losses as a result of corporate misinformation (i.e. misleading information

  13. Gas trade and investments

    International Nuclear Information System (INIS)

    Chabrelie, M.F.

    2000-01-01

    The WOC 9 workshop of the CMG 2000 world gas congress was devoted to gas projects and economics. One round table chaired by G. Bouchard (Gaz de France) and T.H. Thorn (Enron) was devoted to the commercial and financial challenges the gas industry will have to face in the context of inter-region markets and investments. This article summarizes the discussion that took place during this round table: towards a progressive un-partitioning of regional markets, the strategic changes in the European gas market, the LNG industry: new actors and new markets, the gas producers at the crossroads. (J.S.)

  14. Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

    Directory of Open Access Journals (Sweden)

    Hilmar Þór Hilmarsson

    2008-12-01

    Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

  15. Primary Sources of Corporate Investment in Hungary

    Directory of Open Access Journals (Sweden)

    Katona Klára

    2017-06-01

    Full Text Available This research aims to reveal how Hungarian companies have financed investments over the last two decades. Which financing strategy characterized them: was internal capital accumulation or external resources, such as bank loans or foreign capital the primary source of corporate investments? The study gives an overview of the conditions typical in the Hungarian financing and capital market over the last 25 years through an empirical analysis. Using a linear regression model, the paper examines the main investments sources among the top 5000 Hungarian firms according to revenues between 1996 and 2014. The model proved that the effect of loans in financing investments was significant and positive in all examined firms, independently from their ownership in the whole period. The rate of indebtedness of foreign companies was mainly attributable to local bank credits and not loans granted by mother companies.

  16. Interest Rate Fluctuation Effect on Commercial Bank's Fixed Fund Deposit in Nigeria

    OpenAIRE

    Okolo Chimaobi Valentine

    2015-01-01

    Commercial banks in Nigeria adopted many strategies to attract fresh deposits including the use of high deposit rate. However, pricing of banking services moved in favor of the banks at the expense of customers, resulting in their seeking other investment alternatives rather than saving their money in the bank. Both deposit and lending rates were greatly influenced by the Central Bank of Nigeria (CBN) decision on interest rate. Therefore, commercial bank effort to attract...

  17. ONLINE BANKING IN THE ROMANIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    IMOLA DRIGĂ

    2014-12-01

    Full Text Available In the world of banking, the development of IT has a huge effect on development of more flexible payments methods and more user-friendly banking services. Recently, modern electronic banking services, internet and mobile banking, have rejuvenated banking transactions. Electronic banking over the Internet is one of the newest e-banking services with several benefits both for banks and for customers. The paper aims to provide an overview of online banking services highlighting various aspects globally as well as in the Romanian banking system. Even if there already are several studies on web banking, this topic still remains a resourceful area for academic research in the next decade.

  18. SYNERGY OF INFORMATION COMMUNICATION TECHNOLOGIES AND THE BANKING SYSTEM IN THE FUNCTIONING OF SUCCESSFUL BANKING OPERATIONS

    Directory of Open Access Journals (Sweden)

    Dario Kovačević

    2017-01-01

    Full Text Available Nowadays, modern banking cannot function without information and communications technology; hence banks heavily invest in the implementation of technology currently present on the market. Every aspect of the banking business includes information and communications technology, which points to the necessity of building an infrastructure for modern banking. Investing in development and implementation of new technologies simplifies everyday business activities and security, in addition to creating a competitive edge over rival businesses. It ensures fast and efficient customer service delivery by providing support to the distribution channels, as well as supporting bankers with making crucial decisions. The aim of this paper is to analyse trends in the use of information and communications technologies in the banking system, using publicly available business data, documentation and online bank information, as well as previously published findings of other researchers. Using the example of one of the largest banks in the Republic of Croatia, the possibilities provided by information and communications technology in the banking business sector are illustrated. Additionally, better economic efficiency and effectiveness, as well as the means of contemporary bank functioning are presented. Special attention is devoted to the security of ICT systems used in Internet Banking and the protection of banking service users’ data.

  19. Tobacco and transition: an overview of industry investments, impact and influence in the former Soviet Union.

    Science.gov (United States)

    Gilmore, A B; McKee, M

    2004-06-01

    To quantify the contribution the tobacco industry has made to foreign direct investment (FDI) in the former Soviet Union (FSU) as an indicator of its political and economic leverage; to explore the impact this has had on production capacity and tobacco control in the region. Data on industry investment and its impact on cigarette production capacity were collated from industry journals, reports, and websites. Data on total FDI were obtained from the European Bank of Reconstruction and Development. By the end of 2000, transnational tobacco companies (TTCs) had invested over 2.7 billion US dollars in 10 countries of the FSU. Tobacco money as a proportion of FDI varies from 1% to over 30% in Uzbekistan. Cigarette production capacity in the factories receiving investments tripled from 146 to 416 billion cigarettes per annum and the TTCs' market share has increased from nothing to between 50-100% in the markets in which they invested. Findings suggest that the effectiveness of national tobacco control measures corresponds broadly to the nature of the political and economic transition in each country and the size of industry investment, which is determined in part by the political context. Thus more effective measures tend to be seen in democratic states with smaller or no industry investments while the least effective measures are seen in highly centralised, one party states with high levels of industry investment or those with limited governmental capacity. The entry of the TTCs at a time of major political and economic change left the FSU particularly vulnerable to industry influence. This influence was enhanced by the industry's significant contribution to FDI, their ability to take over existing state monopolies in all but the largest countries, and the lack of democratic opposition.

  20. Tobacco and transition: an overview of industry investments, impact and influence in the former Soviet Union

    Science.gov (United States)

    Gilmore, A; McKee, M

    2004-01-01

    Objectives: To quantify the contribution the tobacco industry has made to foreign direct investment (FDI) in the former Soviet Union (FSU) as an indicator of its political and economic leverage; to explore the impact this has had on production capacity and tobacco control in the region. Design: Data on industry investment and its impact on cigarette production capacity were collated from industry journals, reports, and websites. Data on total FDI were obtained from the European Bank of Reconstruction and Development. Results: By the end of 2000, transnational tobacco companies (TTCs) had invested over US$2.7 billion in 10 countries of the FSU. Tobacco money as a proportion of FDI varies from 1% to over 30% in Uzbekistan. Cigarette production capacity in the factories receiving investments tripled from 146 to 416 billion cigarettes per annum and the TTCs' market share has increased from nothing to between 50–100% in the markets in which they invested. Findings suggest that the effectiveness of national tobacco control measures corresponds broadly to the nature of the political and economic transition in each country and the size of industry investment, which is determined in part by the political context. Thus more effective measures tend to be seen in democratic states with smaller or no industry investments while the least effective measures are seen in highly centralised, one party states with high levels of industry investment or those with limited governmental capacity. Conclusions: The entry of the TTCs at a time of major political and economic change left the FSU particularly vulnerable to industry influence. This influence was enhanced by the industry's significant contribution to FDI, their ability to take over existing state monopolies in all but the largest countries, and the lack of democratic opposition. PMID:15175530

  1. On the welfare properties of fractional reserve banking

    OpenAIRE

    Sanches, Daniel R.

    2015-01-01

    Supersedes Working Paper 13-32/R. Monetary economists have long recognized a tension between the benefits of fractional reserve banking, such as the ability to undertake more profitable (long-term) investment opportunities, and the difficulties associated with it, such as the risk of in-solvency for each bank and the associated losses to bank liability holders. I show that a specific banking arrangement (a joint-liability scheme) provides an effective mechanism for ensuring the ex-post transf...

  2. Financial Service of Wealth Management Banking: Balanced Scorecard Approach

    OpenAIRE

    Cheng-Ru Wu; Chin-Tsai Lin; Pei-Hsuan Tsai

    2008-01-01

    Problem Statement: There are four main banking business sectors in Taiwan, involving the areas of consumer, corporate, wealth management, and investment banking. The wealth management banking sector is actively promoted for reaping a risk-free premium. In the proposed model, the dimensions of financial services for wealth management banks have been taken from four perspectives derived from balanced scorecard approach, viz. finance, customer, internal business, learning and growth. Approach: T...

  3. THE STRATEGIC IMPORTANCE OF CORPORATE RESPONSIBILITY AND SUSTAINABILITY IN BANKING

    Directory of Open Access Journals (Sweden)

    DRĂGAN (SÂNTĂMARIAN OANA RALUCA

    2013-02-01

    Full Text Available The paper aims to highlight the strategic implication of corporate social responsibility (CSR and sustainable development for the banking sector. A few years ago, banks did not give much importance to the social and environmental problems. Recently, the banks began to realize the major impact of the sustainable development over the way of ulterior development of the society and, implicitly over the banking system. In this context, the development of a bank management system based on sustainable principles is one of the current challenges. For this purpose this paper focuses on issues such as the importance and advantages of implementing sustainability bank management, international standards regarding sustainable banking management such as: Equator Principles for sustainable investment projects’ financing or GRI principles for sustainable reporting. In addition, we have developed a practical case study about the implementation of sustainable banking management; the case study presents Romanian Commercial Bank as an example of good practice in the Romanian banking sector.

  4. The impact of the recent banking crisis on customer loyalty in the banking sector

    DEFF Research Database (Denmark)

    Skowron, Lukasz; Kristensen, Kai

    2012-01-01

    . The second part of the paper demonstrates statistical analysis of the obtained data from the Polish and European banking sector. The authors also present socio-demographic characteristic of the research samples and the character of the bank-client relations, comparative analysis of customer satisfaction...... and loyalty levels than clients of banks in Western Europe. Second, the recent banking crisis has affected the level of customer satisfaction much more strongly in developing European countries than in developed ones. Third, the recent banking crisis has changed the character of the process of building...... customer satisfaction and loyalty in Poland by strengthening the influence of the image area. Originality/value – Hardly anyone has tried to measure the influence of the banking crises at the level of customers’ satisfaction and the structure of the process of building long-term relations between banks...

  5. BANK GUARANTEES

    OpenAIRE

    Vasile NEME

    2012-01-01

    The present study propose the analyse of the irrevocable commitment of a bank entity towards a determined person, through which guarantees a certain legal conduct of its client, and, in case of breach, assumes the payment obligation of a determined amount of money. This kind of legal technique it is called bank guarantee and in the usual business language it is called “Letter of Bank Guarantee”. The determined reason to choose this scientific initiative it is the frequency of this kind of fin...

  6. 12 CFR 225.171 - What are the limitations on managing or operating a portfolio company held as a merchant banking...

    Science.gov (United States)

    2010-01-01

    ... of the portfolio company. Examples of the types of actions that may be subject to these types of... operating a portfolio company held as a merchant banking investment? 225.171 Section 225.171 Banks and... COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y) Regulations Merchant Banking Investments § 225.171 What...

  7. 12 CFR 1500.2 - What are the limitations on managing or operating a portfolio company held as a merchant banking...

    Science.gov (United States)

    2010-01-01

    ... of the portfolio company. Examples of the types of actions that may be subject to these types of... operating a portfolio company held as a merchant banking investment? 1500.2 Section 1500.2 Banks and Banking... on managing or operating a portfolio company held as a merchant banking investment? (a) May a...

  8. Control of Bank Consolidated Financial Statements Quality

    OpenAIRE

    Margarita S. Ambarchyan

    2013-01-01

    The author presents the multiple linear regression model of bank consolidated financial statements quality. The article considers six characteristics that can be used to estimate the level of bank consolidated financial statements quality. The multiple linear regression model was developed, using the results of point-based system of consolidated financial statements of thirty European bank and financial groups on the basis of the developed characteristics. The author offers to use the charact...

  9. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

    Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

  10. Crisis will impact investments

    International Nuclear Information System (INIS)

    Anon.

    2008-01-01

    This paper summarizes the content of Capgemini's 10. European Energy Markets Observatory (EEMO) report. The EEMO is an annual report that tracks the progress in establishing an open and competitive electricity and gas market in the 27 European countries, including Norway and Switzerland. This tenth edition is based on 2007 and winter 2007-2008 data sets. A 1 trillion euros infrastructure investment is required to build the plants, electrical lines and gas pipelines needed in Europe over the next 25 years. Although today's credit crunch could severely hurt the investment cycle, analysts also anticipate a difficult period for the European energy markets once the recession is over. The report said that Europe has yet to solve the related issues of responding to its energy demand, while curbing its carbon dioxide (CO 2 ) emissions. In 2007, even at a slower pace than previous years, analysts said European electricity consumption still increased by 0.9% and CO 2 emissions stabilized, instead of decreasing. Despite the mild weather, the electricity security of supply deteriorated, analysts said. The Union for the Coordination of Transmission of Electricity (UCTE) real margin - which takes into account non-usable and unavailable generation capacities - dropped from 7.6% in 2006 to 5.3% in 2007. Analysts said without a significant and vigorous investment program in electricity and gas infrastructures, Europe's energy supply security will be threatened. Since the low point in 2005, utilities started to invest again, but have made energy mix choices that are not moving toward a reduction in CO 2 emissions as the majority (58%) of the planned generation capacities will be fossil-fueled. In 2007, investments in renewable capacities grew fast, wind being the industry's preference, with an addition of 8.3 gigawatt (GW) renewables in Europe. However, analysts said this type of 'non-scheduable' source is not always available during peak hours. This partially explains the security

  11. Coral reefs and the World Bank.

    Science.gov (United States)

    Hatziolos, M

    1997-01-01

    The World Bank¿s involvement in coral reef conservation is part of a larger effort to promote the sound management of coastal and marine resources. This involves three major thrusts: partnerships, investments, networks and knowledge. As an initial partner and early supporter of the International Coral Reef Initiative (ICRI), the Bank serves as the executive planning committee of ICRI. In partnership with the World Conservation Union and the Great Barrier Reef Marine Park Authority, the Bank promotes the efforts towards the establishment and maintenance of a globally representative system of marine protected areas. In addition, the Bank invested over $120 million in coral reef rehabilitation and protection programs in several countries. Furthermore, the Bank developed a ¿Knowledge Bank¿ that would market ideas and knowledge to its clients along with investment projects. This aimed to put the best global knowledge on environmentally sustainable development in the hands of its staff and clients. During the celebration of 1997, as the International Year of the Reef, the Bank planned to cosponsor an associated event that would highlight the significance of coral reefs and encourage immediate action to halt their degradation to conserve this unique ecosystem.

  12. RELATION BETWEEN ISLAMIC BANK AND CENTRAL BANK

    OpenAIRE

    PAKSOY, H. Mustafa; ABAROSS, Nour

    2015-01-01

    This study deals with the nature of Islamic banks and their features, and requirements of these features in terms of control tools and methods appropriate with the particularity of their business and their relation with the traditional central bank. At the same time aims to view the relationship between Islamic bank and central bank. To explain this relation the researcher started to explain what is the central bank, objectives of central bank, and characteristics, what is Islamic bank and ob...

  13. 12 CFR 703.19 - Investment pilot program.

    Science.gov (United States)

    2010-01-01

    ... credit union's financial performance, risk profile, and asset-liability management strategies; (5... benefit a Federal credit union; (2) A description of any risks to a Federal credit union from... Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS INVESTMENT...

  14. Process of Internationalization in Islamic Banking: The Case of Serbia

    Directory of Open Access Journals (Sweden)

    Aida Hanić

    2017-12-01

    Full Text Available Islamic banks are financial institutions operating in accordance with religious Islamic law (Sharia. Although it is familiar as non interest banking, because the interest is forbidden, Islamic banking represents a complete set of moral and ethical activities that must be taken into account when making investment decisions and financing business activities. Share of Islamic banking in Islamic finance is around 80% with the value of approximately $ 1.57 trillion by the end of 2015 (IFSI Stability Report 2016. Islamic banking in Western Balkan is present only in Bosnia and Herzegovina (B&H that has one Islamic bank, Bosna Bank International (BBI established in 2000. Serbia, as a country that has attracted many Arab investors, doesn’t have any Islamic bank operating in the country. The aim of this research is to explore is there a public interest in Islamic banking, especially among the commercial banks in Serbia and are there possibilities for development of Islamic banking in this country. To explore these two main questions, author conducted a research by using a questionnaire among the chairmen and members of the administrative Board of 12 commercial banks in Serbia. The result of the research show that commercial banks in Serbia are not interested in this type of a banking activity. On the other hand they are also not sufficiently familiar with the concept of Islamic banking. The research showed that process of internationalization of Islamic banking is not present in Serbia.

  15. Cross-Border Banking in Europe : What's Next?

    NARCIS (Netherlands)

    Allen, F.; Beck, T.H.L.; Carletti, E.; Lane, P.; Schoenmaker, D.; Wagner, W.B.

    2011-01-01

    Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly large exposure to the US securitised asset markets, which arose to a

  16. ESSENCE OF ACTIVE OPERATIONS OF COMMERCIAL BANKS

    Directory of Open Access Journals (Sweden)

    Malinovskaya Irina

    2018-01-01

    Full Text Available Introduction. Constant changes in the economic situation in the country and in the world give rise to new problems in asset management of commercial banks. This, in turn, requires the timely development and introduction of new and improved mechanisms for active operations of banking institutions. Only the implementation of such adequate mechanisms will allow, on the one hand, to satisfy the needs of consumers of banking services, and on the other – for banking institutions, to obtain the necessary level of profit for the acceptable risk to them. Purpose. Substantiation of theoretical foundations of organization and management of assets of banking institutions and determination of perspective directions of development of active operations in commercial banks. Results. The article provides a list of operations carried out by commercial banks of Ukraine. The essence of the concept of active operations of a banking institution as an important element of its activity for profit is considered. Possible variants of classification of active operations are analyzed, depending on the criterion underlying (risk level, liquidity and term of putting. The definition of a bank loan and its basic principles are given. The purposes and advantages of investment activity of banking institutions are specified, the classification of such activity is carried out. Proposed directions of development of active operations of banking institutions through the use of intermediary operations and unconventional banking services are offered. Conclusions. Currently, banking institutions carry out a large number of different banking operations. Mobilized by carrying out passive operations cash funds of the banking institution are placed through active operations in different directions. The basis of active operations of a commercial bank is its credit and investment operations. A commercial bank’s profits in the future are dependent on their effective conduct. The conduct of

  17. 12 CFR 225.175 - What risk management, record keeping and reporting policies are required to make merchant banking...

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What risk management, record keeping and... risk management, record keeping and reporting policies are required to make merchant banking... conduct, monitor and manage such investment activities and the risks associated with such investment...

  18. The Single Market and Synchronized Mechanisms for the Exercise of Administrative Functions: Converging Pathways or New Pathways for Integration? The Case of the European Banking Union

    Directory of Open Access Journals (Sweden)

    Giglioni Fabio

    2017-11-01

    Full Text Available The EBU represents a clear investment in administrative integration with clear implications for the constitutional features of the EU. This paper aims to give an analysis of the administrative arrangements, through which the functions of supervision and resolution are affecting the single financial market. This case study is very interesting because these functions represent a genuine novelty in the history of financial integration since they are pre-ordained to a specific public interest: financial stability. Particularly, they cause a shift in the decision gradient from the technical to the political, as market integrity is less and less the key interest compared to financial stability. However, this wider discretionary power is not adequately counteracted by checks and balances in favour of accountability. As a result, the EBU makes a new contribution to the well-known ‘fragmentation of the executive power’ of the EU by introducing a new governance tool positioned between the Communitarian and Intergovernmental Method, but its development is still full of uncertainties given that constitutional equilibrium is far from being definitively reached.

  19. Performance Based Islamic Performance Index (Study on the Bank Muamalat Indonesia and Bank Syariah Mandiri

    Directory of Open Access Journals (Sweden)

    Siti Aisjah

    2015-09-01

    Full Text Available The development of Islamic base banks in Indonesia in recent years show rapid growth. The main challenge for Islamic base banks is how to raise belief from the stakeholders. Stakeholder expectations of the Islamic banks is different from a conventional bank. Since, Islamic banks are built on basic principles of Islamic economics. Therefore, we need a tool to evaluate and measure the performance of Islamic base banks. Islamicity Performance Index is a method which can evaluate the performance of Islamic base banks not only their financial but also justice principles, halal (lawfulness, and tazkiyah (sanctification. There are six financial ratios which are measured from Islamicity Performance Index:profit sharing ratio, zakat performance ratio, equitable distribution ratio, directors-employees welfare ratio, Islamic investment versus non-Islamic investment ratio, Islamic income versus non-Islamic income. This research is intended to figure out the performance of Islamic base Bank in Indonesia based on Islamicity Performance Index. The samples are the Bank Muamalat Indonesia and Bank Syariah Mandiri. Sources of data are the financial reports of Bank Muamalat Indonesia and Bank Syariah Mandiri in 2009–2010 period.The results show that the financial performance of Islamic Base Bank in Indonesia during 2009-2010 period have ”quite satisfactory level of  valuation. However, there are two unsatisfactory ratios. They are zakat performance ratio and director-employee welfare contrast ratio. It shows that zakat issued by the Islamic base bank in Indonesia is still low and the contrast of the director-employee welfare is still huge.

  20. Social Investment in Times of Crisis

    DEFF Research Database (Denmark)

    Prandini, Riccardo; Orlandini, Matteo; Guerra, Alice

    The purpose of this report is to analyse and understand whether and how, in the last twenty years, the EU member countries have adopted welfare systems which incorporate aspects of social investment. The quantitative and comparative study is focused on social investment strategies across 28...... European member states. The aim is to map out and explore the effectiveness of different social investment strategies. An overview of macro-level welfare performance indicators consist of a review of available macro-indicators to assess welfare performance in the light of social investment decisions....

  1. Does Islamic Banking Contribute to Economic Development? Evidence from Malaysia

    Directory of Open Access Journals (Sweden)

    Hafas Furqani

    2008-08-01

    Full Text Available Does Islamic banking contribute to the economic development of a country? In what way Islamic banking contribute to the economic development? Are the main question might be asked to examine the viability of Islamic banking to the economic development. This paper attempts to answer those questions by examining the dynamic interactions between Islamic banking and economic development of Malaysia by employing the Cointegration test and Vector Error Model (VECM to see whether the Islamic financial system contributes to the economic development and economic development that contribute to the transformation of the operation of the Islamic financial system in the longrun. We use time series data of total Islamic bank financing (IB financing and real GDP per capita (RGDP, fixed investment (GFCF, and trade activities (TRADE to represent real economic sectors. We found that in the short-run only fixed investment that granger cause Islamic bank to develop for 1997:1-2005:4. Where as in the long-run, there is evidence of a bidirectional relationship between Islamic bank and fixed investment and there is evidence to support ‘demand following’ hypothesis of GDP and Islamic bank, where increase in GDP causes Islamic banking to develop and not vice versa. Islamic banking is also found to have less contribution to the international trade in the form of export and import of goods and services.Keywords: Islamic banking, economic growth, Malaysia, VECM

  2. 12 CFR 619.9140 - Farm Credit bank(s).

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit bank(s). 619.9140 Section 619.9140 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9140 Farm Credit bank(s). Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks...

  3. Comparison of the Performance of SOEs Banks and Private Banks and its Influece to the Stock Prices

    Directory of Open Access Journals (Sweden)

    Husnul Insan

    2017-09-01

    Full Text Available Banking industry is one of the industries which show the presence of tight competition. The competition itself can be seen from the number of banks which operates in Indonesia in 2014, that is 119 banks. The aim of doing this research is to analyze the different financial performances between Significant effect on the level of 5% and Private banks, and also to analyze the variable influence of bank finance performances to the stock price. The analyzing method which will be used on this research is radar and regression analyzing graphic illustration techniques. The result of this research shows that financial performances of SEOs Banks is better than Private Banks according to the profitability, productivity, and growth potential aspect, while on the aspect of liquidity, private banks has a better performance than SOEs banks. In terms of solvability, both banks have the same financial performances. According to the regression analysis, it is known that the bank financial performance on CAS and NIM variable has a positive and significant influence to the stock prices, while on LDR, CRR, CAR, DRR, and ROA variables they have a negative and significant influence to the stock prices. This shows that the investors have made those variables as a benchmark in their investing policies and they tend to pursue the stocks from SOEs banks rather than private banks, because generally SOEs banks have a better financial performance than private banks.Keywords: regression analysis, bank, stock prices, financial performances, radar method

  4. 12 CFR 221.109 - Loan to open-end investment company.

    Science.gov (United States)

    2010-01-01

    ... CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.109 Loan to open-end investment company. In... customarily purchases stocks registered on a national securities exchange, the Board stated that in view of... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Loan to open-end investment company. 221.109...

  5. 17 CFR 270.17f-5 - Custody of investment company assets outside the United States.

    Science.gov (United States)

    2010-04-01

    ...-owned direct or indirect subsidiary of a U.S. Bank or bank-holding company. (2) Foreign Assets means any investments (including foreign currencies) for which the primary market is outside the United States, and any... investments. (3) Foreign Custody Manager means a Fund's or a Registered Canadian Fund's board of directors or...

  6. RISKS ASSOCIATED WITH INVESTMENTS IN STRUCTURED INVESTMENT PRODUCTS, SELECTION CRITERIA OF SIP`S

    Directory of Open Access Journals (Sweden)

    Ignatyuk Aleksandr Sergeevich

    2013-05-01

    Full Text Available Purpose To identify and classify the major risks affecting on the structured investment products, to submit proposals to limit their impact. Methodology The work is based on a studying of the practice of investments in structured investment products, detection and investigation of sources of market risk of structured investment products. Results Structured investment products, as any other investment product, has a significant set of risks that could affect to a large extent on its evaluation and determine the behavior of the investor. Financial engineers have the ability to control most of these risks, as well as to limit their impact. Thus, the structured investment product, unlike most classic investment instruments can provide investors with highly transparent mechanism to determining the ratio of investment risk and potential income. Practical implications The results can be used in a scientific investigation of the phenomenon of structured investment products, as well as practical work on the formation of the structured products by investment banks and brokerage firms.

  7. Unanswered Quibbles with Fractional Reserve Free Banking

    OpenAIRE

    Bagus, Philipp; Howden, David

    2011-01-01

    In this article we reply to George Selgin’s counterarguments to our article “Fractional Reserve Free Banking: Some Quibbles”. Selgin regards holding cash as saving while we focus on the real savings necessary to maintain investment projects. Real savings are unconsumed real income. Variations in real savings are not necessarily equal to variations in cash holdings. We show that a coordinated credit expansion in a fractional reserve free banking (FRFB) system is possible and that precautionary...

  8. Information problems and deposit constraints at banks

    OpenAIRE

    Jith Jayaratne; Donald Morgan

    1997-01-01

    Following the investment-cash flow literature, we test whether bank lending is constrained by the availability of insured deposits--a necessary condition for the existence of bank lending channel of monetary policy. We treat insured deposits as a type of "internal fund," similar to cash flows. We use a simple model to sort out the possible identification issues in interpreting a lending-deposit correlation, including reverse causality and omitted variable bias. To minimize the latter, we spli...

  9. The Challenges of Basel III for Romanian Banking System

    OpenAIRE

    Anca Elena NUCU

    2011-01-01

    Basel III represents a fundamental review of the regulatory and supervision framework of the banking industry in the future, the aim being to strengthen the stability of the financial system. The purpose of this paper is to analyze the impact of Basel III introduction upon the banking system at European level, respectively, upon the Romanian banking system. If at European level it is estimated a substantial deficit in capital and liquidity, with major impact on profitability indicators, the i...

  10. Critical analysis of realibility of the model of investment credit approval in agriculture and food processing industry

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2016-01-01

    Full Text Available Investments are funds which are invested in certain manufacturing goods, revenue on investments, the process of investment, subject in which it is invested, and which is obtained as a result of the assessment of investment. Every rational investor entering into an investment expects some benefits. Entry decision into a particular investment project carries a business risk, both for investors and for the bank as co-financier of the project. Accordingly, the subject of this paper-research is a critical analysis of the reliability of the model of investment credit approval in agriculture and food processing industry (MICA used by local banks when considering whether to financially support investment needs of large corporate customers in the segment of secondary agriculture production and food processing industry. Applying the model of the correlation analysis, the degree of interconnectedness of indicators of the quality of assets and business performances of Serbian banking sector are quantified.

  11. Trends in Business Investment

    OpenAIRE

    Lydon, Reamonn; Scally, John

    2014-01-01

    This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP. Changes in business investment broadly coincide with the overall business cycle, although swings in investment tend to be far greater, with extended periods of both over- and under-investment relative to GDP. The sharp fall in business investment si...

  12. Sources of Investment Finance in Firms in Slovakia

    Directory of Open Access Journals (Sweden)

    Mikócziová Jana

    2010-06-01

    Full Text Available Based on results of the EBRD-World Bank “Business Environment and Enterprise Performance Survey” (BEEPS, the paper provides an explanation of why firms in Slovakia finance the most of their new investments with retained earnings, followed by bank debt, trade credit and external equity, as well as why small firms tend to use more retained earnings and less bank debt than medium and large firms. The financing patterns of firms in Slovakia are compared to the average financing patterns of firms in selected OECD-countries. Furthermore, measures to stimulate corporate investments and their financing are proposed.

  13. Energy investment in developing countries

    International Nuclear Information System (INIS)

    Rovani, Y.

    1982-01-01

    The developing countries are likely to represent the fastest growing component of the global energy demand over the next two decades. The paper presents considerations based on the World Bank's approach to the energy sector in these countries. It is considered that an accelerated development of conventional indigenous sources of energy is absolutely vital if developing countries are to attain a satisfactory rate of economic growth. The cost of the energy investment, the power sector issues, the optimal use of the resources, the role of the external financing and the need of technical assistance are reviewed. One emphasizes the role of the World Bank in analyzing and preparing projects, and in mobilizing financing from other official and commercial sources

  14. THE MANIFESTATION OF THE EUROPEAN CENTRAL BANK’S LEGAL PERSONALITY AT NATIONAL, EUROPEAN AND INTERNATIONAL LEVEL

    Directory of Open Access Journals (Sweden)

    MONICA ŞAGUNA

    2012-05-01

    Full Text Available The European Central Bank is one of the world’ s most important central banks, responsible for the monetary policy covering the 17 member States of the Eurozone. Established by the European Union in 1998, it was given the exclusive right to authorize the issue of banknotes within the European Union. The European Central Bank has legal personality under public international law. As article 282, paragraph 3 of the Treaty on functioning of the European Union and article 9, paragraph 1 of the Statute of the European System of Central Banks and of the European Central Bank states, the European Central Bank and the National Central Banks enjoy their own legal personality. The European Central Bank, given its important role in the economic integration, is the single institution of the European Union which has legal personality. This is a premise for it to fulfill its objectives. In this framework, the purpose of my paper is to analyze the effects of the European Central Bank’s legal personality from a complete perspective: at national, European and international level. Therefore the objectives of my study are: an introspection in the concept of legal personality, the identification of the reason why it was entrusted to a single institution of the European Union and a detailed analyze of the effects of the European Central Bank’ s legal personality.

  15. Electronic Banking And Bank Performance In Nigeria

    African Journals Online (AJOL)

    2013-03-01

    Mar 1, 2013 ... deploying information Technology in banks therefore can ... profitability indices and other control of financial ..... impact of e-banking on bank profitability ..... [13] Nikolai L. and Bazlay J.D (1997) Intermediate Accounting, South-.

  16. DEVELOPMENT OF ISLAMIC BANKING IN TURKEY

    Directory of Open Access Journals (Sweden)

    ISTVÁN EGRESI

    2015-12-01

    Full Text Available While the financial world is still dominated by conventional banks, based on western economic principles, the number of Islamic banks is on the rise. Islamic banks have originated from colonial India as a response of the Muslims to the British who attempted to westernize their society. Other similar financial operations based on Islamic Law (Shari’a were established in Pakistan, Malaysia and Egypt to facilitate access of rural poor to interest-free loans. However, being unprofitable, these operations did not survive for very long. Islamic banks, unlike conventional banks, are not based on interest and conduct their business in accordance with a wide array of ethical and moral issues. The modern phase of Islamic banking started in the 1970s when the Islamic Development Bank was founded in Saudi Arabia. Soon after, a number of commercial banks were established in the neighboring countries. From this core, over the last four decades, Islamic finance and banking has spread across the entire Muslim world and beyond to become a global phenomenon. This study examines the development of Islamic banking in Turkey in the wider context of global expansion. Turkey is an interesting case study because, although its population is nearly 100% Muslim, it is a secular state built on the model of Western European countries. However, lately, the moderate Islamic party in power since 2002 has shown some signs of openness towards a parallel banking system based on Islamic principles.

  17. ECONOMIC CRISIS AND ECONOMIC DISPARITIES IN EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Rodica CRUDU

    2015-09-01

    Full Text Available The impact of the economic and financial crisis is still being felt. It started as an acute crisis of the banking system, but then quickly affected the real economy, causing a substantial slump in business investment, household demand and output. The current economic crisis has affected almost all European countries but the countries of the European south and the former eastern socialist republics have suffered the most. The objective in this paper is to quantify economic disparities as expressed by several growth indicators, such as GDP per capita, employment/unemployment rates, labour productivity rates and use them to compare the economic performances before and after the crisis. EU took several measures to recover from the economic crisis. Nevertheless, its ability to adjust to widely diverse national and local contexts that have been impacted differently by the effects of the crisis, and to support the different patterns of economic growth that will result from it, is yet to be seen.

  18. East European energy. Romania's energy needs persist

    International Nuclear Information System (INIS)

    Smith, Elliott C.; Denman, Sara B.; Kutnick, Bruce; Schultz, John R.; Foley Hinnen, Patricia; Bylsma, Peter J.

    1992-08-01

    Romania's economic growth and development have been hampered by declining domestic energy production and disrupted fuel imports, creating an energy shortage. Consequently, homes and businesses lack sufficient light and heat, and industrial output has fallen. In order to ensure sufficient energy supplies in the future, Romania is taking steps to decentralize its state-owned energy industries, modernize its outdated facilities and equipment, diversify its fuel sources, and eliminate its inefficient production practices. To accomplish these objectives, Romania needs substantial foreign trade and investment, according to Romanian officials. However, despite government efforts to reform the energy sector and improve the business climate, impediments to U.S. trade with and investment in Romania persist. These barriers include lack of a comprehensive energy strategy, underdeveloped legal and business infrastructures, uncertain economic and political conditions, and the absence of U.S. most-favored-nation trade status. Recent efforts by the Romanian and U.S. governments to overcome the barriers to most-favored-nation status have led to progress in this area. U.S. government and international agencies have initiated a variety of efforts to assist Romania's energy sector. For example, the Agency for International Development (AID) funded an Emergency Energy Program; the U.S. Trade and Development Program is evaluating requests to fund several feasibility studies in the power generation sector; and the Department of Commerce offers energy-related information exchanges and trade missions to Romania. International organizations such as the World Bank and the European Investment Bank have also granted loans for energy sector development projects in Romania

  19. BAGI HASIL DAN BANK SYARI’AH (Solusi terhadap Bunga Bank

    Directory of Open Access Journals (Sweden)

    Rudy Haryanto Rudy Haryanto

    2012-07-01

    Full Text Available Abstract: To save money in terms of investation is one of bank’s functions. Interest and production sharing are kinds of investation in banking system. Interest is a marketable entry in conventional banking, however production sharing is known in syari’ah banking system. Some people argue that interest cannot be seperated from the banking activity, in fact Islam recommends the followers to avoid it; hence it could be substituted with term of production sharing. It matches the priciple of musyarakah and mudharabah as being taught by Rasûlullâh SAW. Bank interest is considered ribâ (excessive interest and it is forbidden in Islam. Moreover, production sharing is more useful and beneficial for people. Unfortunately, the value of production sharing (syarî’ah banking product is lower than the value of banking interest (conventional banking product due to the fact that the ralationship established by syari’ah banking and its customer is based on the principle of gotong royong (mutual coorporation and production sharing partnership. Key Words: ribâ, musyarakah, mudharabah, dan bagi-hasil  

  20. Forecasting Business Investment Using the Capital Expenditure Survey

    OpenAIRE

    Natasha Cassidy; Emma Doherty; Troy Gill

    2012-01-01

    Business investment is a key driver of economic growth and is currently around record highs in Australia as a share of GDP. In compiling forecasts for business investment, the Reserve Bank uses a variety of different indicators, including information from liaison as well as survey measures of firms’ investment intentions. The most comprehensive survey is the Australian Bureau of Statistics’ (ABS) quarterly survey of Private New Capital Expenditure and Expected Expenditure (Capex survey). Whil...