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International Regulation and Treatment of Trade Finance: What Are the Issues?
Staff Working Paper ERSD-2010-09 February 2010 World Trade Organization Economic Research and Statistics Division INTERNATIONAL REGULATION AND TREATMENT OF TRADE FINANCE: WHAT ARE THE ISSUES? Marc Auboin: WTO Manuscript date: February 2010 Disclaimer: This is a working paper, and hence it represents research in progress. This paper represents the opinions of the author, and is the product of professional research. It is not meant to represent the position or opinions of the WTO or its Members, nor the official position of any staff members. Any errors are the fault of the author. Copies of working papers can be requested from the divisional secretariat by writing to: Economic Research and Statistics Division, World Trade Organization, Rue de Lausanne 154, CH 1211 Geneva 21, Switzerland. Please request papers by number and title. INTERNATIONAL REGULATION AND TREATMENT OF TRADE FINANCE: WHAT ARE THE ISSUES? Marc Auboin 1 Abstract The paper discusses a number of issues related to the treatment of trade credit internationally, a priori (treatment by banking regulators) and a posteriori (treatment by debtors and creditors in the case of default), which are currently of interest to the trade finance community, in particular the traditional providers of trade credit and guarantees, such as banks, export credit agencies, regional development banks, and multilateral agencies. The paper does not deal with the specific issue of regulation of official insured-export credit, under the OECD Arrangement, which is a specific matter left out of this analysis. Traditionally, trade finance has received preferred treatment on the part of national and international regulators, as well as by international financial agencies in the treatment of trade finance claims, on grounds that trade finance was one of the safest, most collateralized, and self- liquidating forms of trade finance. -
Massnahmenkatalog LQ-Oberthurgau
Landschaftsqualitätsprojekt Oberthurgau Massnahmenbroschüre Ausgabe vom 16. Januar 2018 Weiterführende Informationen zum Landschaftsqualitätsprojekt und den einzelnen Massnahmen sowie die aktuell gültige Massnahmenbroschüre sind auf der Webseite des Vereins Landschaftsqualität Thurgau zu finden:www.landschaftsqualitaet-tg.ch Impressum Projektleitung, Herausgeber: Verband Thurgauer Landwirtschaft Industriestrasse 9 8570 Weinfelden Tel. 071 626 28 80 www.vtgl.ch Projektbegleitung, Redaktion, Layout: Naturkonzept AG, Steckborn www.naturkonzept.ch Titelbild: Kulturlandschaft bei Altnau (Foto: Naturkonzept AG) Landschaftsqualitätsprojekt Oberthurgau Massnahmenbroschüre Inhaltsverzeichnis Landschaftsqualitätsprojekt Oberthurgau......................................................................................................2 Grundsätze zur Teilnahme ............................................................................................................................4 Aufbau Beitragskonzept ................................................................................................................................5 1 Hofbeitrag ..............................................................................................................................................6 2 Beiträge für Einzelelemente ...................................................................................................................8 101 Ehemalige Ackerterrassen .....................................................................................................................8 -
Quantifying Operational Risk: Possibilities and Limitations
Quantifying Operational Risk: Possibilities and Limitations Hansj¨org Furrer ETH Z¨urich [email protected]/∼hjfurrer (Based on joint work with Paul Embrechts and Roger Kaufmann) Deutsche Bundesbank Training Centre, Eltville 19-20 March 2004 Managing OpRisk Contents A. The New Accord (Basel II) B. Risk measurement methods for OpRisks C. Advanced Measurement Approaches (AMA) D. Conclusions E. References Managing OpRisk 1 A. The New Accord (Basel II) • 1988: Basel Accord (Basel I): minimum capital requirements against credit risk. One standardised approach • 1996: Amendment to Basel I: market risk. • 1999: First Consultative Paper on the New Accord (Basel II). • 2003: CP3: Third Consultative Paper on the New Basel Capital Accord. (www.bis.org/bcbs/bcbscp3.htmcp3) • mid 2004: Revision of CP3 • end of 2006: full implementation of Basel II ([9]) Managing OpRisk 2 What’s new? • Rationale for the New Accord: More flexibility and risk sensitivity • Structure of the New Accord: Three-pillar framework: Pillar 1: minimal capital requirements (risk measurement) Pillar 2: supervisory review of capital adequacy Pillar 3: public disclosure Managing OpRisk 3 What’s new? (cont’d) • Two options for the measurement of credit risk: Standard approach Internal rating based approach (IRB) • Pillar 1 sets out the minimum capital requirements: total amount of capital ≥ 8% risk-weighted assets • MRC (minimum regulatory capital)def= 8% of risk-weighted assets • New regulatory capital approach for operational risk (the risk of losses resulting from inadequate or failed internal processes, people and systems, or external events) Managing OpRisk 4 What’s new? (cont’d) • Notation: COP: capital charge for operational risk • Target: COP ≈ 12% of MRC • Estimated total losses in the US (2001): $50b • Some examples 1977: Credit Suisse Chiasso-affair 1995: Nick Leeson/Barings Bank, £1.3b 2001: Enron (largest US bankruptcy so far) 2003: Banque Cantonale de Vaudoise, KBV Winterthur Managing OpRisk 5 B. -
Impact of Basel I, Basel II, and Basel III on Letters of Credit and Trade Finance
Impact of Basel I, Basel II, and Basel III on Letters of Credit and Trade Finance Requirement Basel I Basel II Basel III 2013 2015 2019 Common Equity 2.0% of 3.5% of RWA 4.5% of RWA 4.5% of RWA RWA Tier 1 Capital 4.0% of 4.0% of 4.5% of RWA 6.0% of RWA 6.0% of RWA RWA RWA Total Capital 8.0% of 8.0% of 8.0% of RWA 8.0% of RWA 8.0% of RWA RWA RWA Capital Conversion -0- -0- +2.5% of RWA Buffer Leverage Ratio Observation Observation (4% of direct assets) (based on Total Capital) 3% of total direct and contingent assets Counter Cyclical Buffer +Up to 2.5% of RWA Liquidity Coverage Observation 30 days 30 days Net Stable Funding Observation Observation 1 year Additional Loss +1% to 2.5% of RWA Absorbency Color Code Key (US Applicability): (Applies only in the US) In the US, applies only to “Large, Internationally-Active Banks” Not yet implemented in the US Depending on the bank and the point in the economic cycle, under Basel III, the total capital requirement for a bank in 2019 may be as much as 15.5% of Risk-Weighted Assets (“RWA”), compared with 8% under Basel I and Basel II. The amount of Risk-Weighted Assets (“RWA”) is computed by multiplying the amount of each asset and contingent asset by a risk weighting and a Credit Conversion Factor (“CCF”) Under Basel I, risk weightings are set: 0% for sovereign obligors, 20% for banks where tenors ≤ one year, 50% for municipalities and residential mortgages, 100% for all corporate obligors Under Basel II, risk weightings are based on internal or external (rating agency) risk ratings with no special distinction for banks; capital requirements for exposures to banks are increased by as much as 650% (from 20% to as much as 150%) The Credit Conversion Factor for Letters of Credit varies under Basel I vs. -
A Tale of Minorities: Evidence on Religious Ethics and Entrepreneurship from Swiss Census Data
IZA DP No. 7976 A Tale of Minorities: Evidence on Religious Ethics and Entrepreneurship from Swiss Census Data Luca Nunziata Lorenzo Rocco February 2014 DISCUSSION PAPER SERIES Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor A Tale of Minorities: Evidence on Religious Ethics and Entrepreneurship from Swiss Census Data Luca Nunziata University of Padua and IZA Lorenzo Rocco University of Padua Discussion Paper No. 7976 February 2014 IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: [email protected] Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. -
Selected Information
Selected information SNB 120 Selected information 2002 1 Supervisory and executive bodies (as of 1 January 2003) Hansueli Raggenbass, Kesswil, National Councillor, Attorney-at-law, President Bank Council Philippe Pidoux, Lausanne, Attorney-at-law, Vice President (Term of office 1999–2003) Kurt Amsler, Neuhausen am Rheinfall, President of the Verband Schweizerischer Kantonalbanken (association of Swiss cantonal banks) The members elected by Käthi Bangerter, Aarberg, National Councillor, Chairwoman of the Board of Bangerter- the Annual General Meeting of Shareholders are marked Microtechnik AG with an asterisk (*). * Fritz Blaser, Reinach, Chairman of Schweizerischer Arbeitgeberverband (Swiss employers’ association) Pierre Darier, Cologny, partner of Lombard Odier Darier Hentsch & Cie, Banquiers Privés * Hugo Fasel, St Ursen, National Councillor, Chairman of Travail.Suisse Laurent Favarger, Develier, Director of Four électrique Delémont SA Ueli Forster, St Gallen, Chairman of the Swiss Business Federation (economiesuisse), Chairman of the Board of Forster Rohner Ltd * Hansjörg Frei, Mönchaltorf, Chairman of the Swiss Insurance Association (SIA), member of the extended Executive Board of Credit Suisse Financial Services * Brigitta M. Gadient, Chur, National Councillor, partner in a consulting firm for legal, organisational and strategy issues Serge Gaillard, Bolligen, Executive Secretary of the Swiss federation of trade unions Peter Galliker, Altishofen, entrepreneur, President of the Luzerner Kantonalbank Marion Gétaz, Cully, Member of the -
Tickets & Tarife
www.rvl-online.de gültig ab 01.08.2021 Tickets & Tarife Unser Fahrscheinangebot RVL Tickets & Tarife Inhaltsverzeichnis S. 4 Herzlich willkommen S. 5 Ihr Weg zum Ticket S. 6 Orte im RVL-Gebiet RVL Fahrscheine (Landkreis Lörrach) S. 9 Einzelfahrschein / Gruppenfahrschein S. 11 Handyticket-Angebote für RVL-Fahrscheine Handyticket-Angebote für triregio-Fahrscheine S. 12 ViererCard / PunkteCard / Ticket4Lörrach S. 13 SoloCard24 / TeamCard24 / badisch24 S. 14 RegioCard / SchülerRegioCard S. 15 Grenzenlose Freiheit (1) RVL Abo S. 16 mein S. 17 Grenzenlose Freiheit (2) S. 18 Freizeitverkehr S. 19 Anrufsammeltaxi (AST) Verbund überschreitende Fahrscheine (RVF/WTV) S. 21 Ergänzungsbereich im RVF S. 22 Ergänzungsbereich im WTV S. 23 Nachbarkarte RVL-WTV Landesgrenzen überschreitende Fahrscheine (D/CH/F) S. 21 Tageskarten: Ticket triregio / Ticket triregio mini S. 22 Einzelfahrscheine / Mehrfahrtenkarte S. 23 Monatskarten: RegioCard Plus / RegioCard Plus light Service und Information S. 31 Ergänzende Tarifhinweise: Mitnahme von Fahrrädern oder Tieren / Gruppenfahrten / Anschlussfahrscheine S. 33 DB-Angebote S. 34 Fahrplanauskunft / Automaten / Fundsachen S. 35 Verkaufsstellen S. 41 Verkehrsunternehmen Weitere Informationen unter rvl-online.de 3 RVL Tickets & Tarife RVL Tickets & Tarife Herzlich willkommen! Ihr Weg zum Ticket. Der Regio Verkehrsverbund Lörrach (RVL) und die Verkehrsunter- Mit dieser Tickets & Tarife Broschüre unterstützen wir Sie nehmen bieten Ihnen modernen Nahverkehr in einem einheitlichen dabei, Ihren passenden Fahrschein zu finden. Diesen können Sie Tarifsystem, das über die Grenzen des Landkreises Lörrach hinaus- auf verschiedenen Wegen erwerben, sei es am Automaten, beim geht und unsere besondere Region im Dreiländereck verbindet. Busfahrer, per Handy, am Schalter oder via Abonnement. Auf den folgenden Seiten finden Sie ausführliche Informationen zu allen Ticket- und Tarifangeboten vom Einzelfahrschein bis zum Jahresabo. -
Swiss Economy Cantonal Competitiveness Indicator 2019: Update Following the Swiss Tax Reform (STAF)
Swiss economy Cantonal Competitiveness Indicator 2019: Update following the Swiss tax reform (STAF) Chief Investment Office GWM | 23 May 2019 3:12 pm BST | Translation: 23 May 2019 Katharina Hofer, Economist, [email protected]; Matthias Holzhey, Economist, [email protected]; Maciej Skoczek, CFA, CAIA, Economist, [email protected] Cantonal Competitiveness Indicator 2019 Following the adoption of the tax reform (STAF) on 19 • 1 ZG 0 = rank change versus previous year 100.0 May 2019, the canton of Zug remains the most competitive 2 BS +1 90.6 canton, as in 2018. Basel-Stadt has overtaken the canton of 3 ZH - 1 90.1 Zurich. 4 VD +3 75.2 5 AG - 1 74.3 • The cantons of Appenzell Innerrhoden and Glarus boast the 6 NW +2 72.4 most attractive cost environments. The canton of Bern has 7 SZ - 2 71.3 lost some of its tax appeal. 8 LU - 2 71.2 9 BL 0 71.1 • The tax reform burdens cantons' finances to different 10 GE +1 69.8 extents. In the near term, the cantons of Geneva and Basel- 11 TG - 1 66.7 Stadt are likely to lose revenue from profit tax. 12 SH 0 66.1 13 FR +1 62.9 14 SG - 1 62.8 Following the approval of tax reforms (STAF) in a recent referendum, 15 OW +3 58.6 cantons now need to make changes to their profits taxes. Although 16 AR +1 57.3 some cantons announced considerable cuts to profit taxes prior to 17 SO - 1 55.8 18 GL +4 55.5 the voting, others were more reluctant. -
Zuzgen Abfall-Info 2021
Entsorgungs- und Recyclingkalender «Mit der Abfall-App der GAF-Region 2021 verpasse ich keine Entsorgungen mehr» PS: QR-Code einlesen, Entsorgungskalender Zuzgen wählen, Sammlung aktivieren – fertig! GAF Gemeindeverband Abfallbewirtschaftung unteres Fricktal Schulstrasse19 4315 Zuzgen Tel. 061 843 94 66 [email protected] www.abfall-gaf.ch Alle Informationen fi nden Sie auf Gemeindekanzlei Zuzgen unserer Website Tel. 061 875 95 75 Fax 061 875 95 70 www.abfall-gaf.ch gemeindeverwaltung@ zuzgen.ch Entsorgungs- und Recyclingkalender 2021 Zuzgen Tourenplan Jan. Feb. März April Mai Juni Juli Aug. Sep. Okt. Nov. Dez. Weihnachts- Mi. 06. bäume 13. Papier Mo. 22. 03. 06. 06. Karton Di. 23. 04. 07. 07. Häckseldienst Mo. 25. 15. 03. 25. 22. Kunststoff in Do. 14. 11. 11. 08. 06. 03. 01. 12. 09. 07. 04. 02. Gebühren- 28. 25. 25. 22. 20. 17. 15. 26. 23. 21. 18. 16. säcken 29. 30. Werkhof- Elektroschrott, Leuchtmittel, Bausperrgut, Altmetall und Altöl: Sa. entsorgung 06.02., 15.05., 04.09. und 06.11.von 10.00 – 11.00 Uhr Sammelstelle Alte Säge Grüngut- Jeweils Mittwochs container Jeweils Freitags, ausser Mi. 30.12.2020 für Neujahr 01.01.2021 / Haushaltkehricht Mi. 31.03. für Karfreitag 02.04. Wir holen… Bereitstellung Hauskehricht, Sperrgut und Container Frühestens am Abfuhrtagmorgen, bis spätestens Hauskehricht in Abfallsäcken 07.00 h. Gebührenpflichtig mit GAF-Abfall-Vignette. 17-Liter-Sack = 1⁄2 Vignette (Wert: CHF 0.90) An allgemeinen Feiertagen findet keine Abfall-Entsor- 35-Liter-Sack = 1 Vignette (Wert: CHF 1.80) gungs-Tour statt. Die Ersatztouren werden zusätzlich 60-Liter-Sack = 2 Vignetten (Wert: CHF 3.60) im fricktal.info publiziert. -
Language Contact at the Romance-Germanic Language Border
Language Contact at the Romance–Germanic Language Border Other Books of Interest from Multilingual Matters Beyond Bilingualism: Multilingualism and Multilingual Education Jasone Cenoz and Fred Genesee (eds) Beyond Boundaries: Language and Identity in Contemporary Europe Paul Gubbins and Mike Holt (eds) Bilingualism: Beyond Basic Principles Jean-Marc Dewaele, Alex Housen and Li wei (eds) Can Threatened Languages be Saved? Joshua Fishman (ed.) Chtimi: The Urban Vernaculars of Northern France Timothy Pooley Community and Communication Sue Wright A Dynamic Model of Multilingualism Philip Herdina and Ulrike Jessner Encyclopedia of Bilingual Education and Bilingualism Colin Baker and Sylvia Prys Jones Identity, Insecurity and Image: France and Language Dennis Ager Language, Culture and Communication in Contemporary Europe Charlotte Hoffman (ed.) Language and Society in a Changing Italy Arturo Tosi Language Planning in Malawi, Mozambique and the Philippines Robert B. Kaplan and Richard B. Baldauf, Jr. (eds) Language Planning in Nepal, Taiwan and Sweden Richard B. Baldauf, Jr. and Robert B. Kaplan (eds) Language Planning: From Practice to Theory Robert B. Kaplan and Richard B. Baldauf, Jr. (eds) Language Reclamation Hubisi Nwenmely Linguistic Minorities in Central and Eastern Europe Christina Bratt Paulston and Donald Peckham (eds) Motivation in Language Planning and Language Policy Dennis Ager Multilingualism in Spain M. Teresa Turell (ed.) The Other Languages of Europe Guus Extra and Durk Gorter (eds) A Reader in French Sociolinguistics Malcolm Offord (ed.) Please contact us for the latest book information: Multilingual Matters, Frankfurt Lodge, Clevedon Hall, Victoria Road, Clevedon, BS21 7HH, England http://www.multilingual-matters.com Language Contact at the Romance–Germanic Language Border Edited by Jeanine Treffers-Daller and Roland Willemyns MULTILINGUAL MATTERS LTD Clevedon • Buffalo • Toronto • Sydney Library of Congress Cataloging in Publication Data Language Contact at Romance-Germanic Language Border/Edited by Jeanine Treffers-Daller and Roland Willemyns. -
RANGLISTE Fricktal Games 2019
FRICKTAL GAMES Samstag, 31. August 2019 Sportanlangen Bustelbach Stein RANGLISTE Fricktal Games 2019 Junior Strong Man Run Kat. U11 Girls Kat. U11 Boys Rang Team Zeit Rang Team Zeit 1 Stein 1 01:44:97 1 Sulz 1 01:29:18 2 Schupfart 01:53:81 2 Herznach 01:34:54 3 Herznach 02:02:06 3 Stein 1 01:45:67 4 Kaisten 02:07:93 4 Kaisten 01:45:96 5 Stein 2 02:18:33 5 Sulz 3 01:51:18 6 Stein 4 02:18:86 6 Wittnau 2 01:55:56 7 Eiken 02:23:78 7 Wölflinswil 01:58:15 8 Sulz 2 02:23:95 8 Gipf-Oberfrick 01:59:72 9 Mettauertal 02:24:96 9 Stein 2 02:01:12 10 Wölflinswil 02:25:09 10 Hellikon 02:02:62 11 Stein 3 02:25:30 11 Stein 4 02:02:82 12 Sulz 1 02:25:89 12 Münchwilen 02:07:81 13 Zuzgen 02:28:63 13 Stein 3 02:09:09 14 Sulz 3 02:32:28 14 Mettauertal 1 02:10:87 15 Hellikon 1 02:58:59 15 Zuzgen 02:13:28 16 Wittnau 1 02:15:76 17 Sulz 2 02:48:74 Kat. U14 Girls Kat. U14 Boys Rang Team Zeit Rang Team Zeit 1 Gipf-Oberfrick 01:53:33 1 Herznach 01:31:53 2 Stein 01:57:09 2 Stein 01:42:14 3 Mettauertal 01:57:19 3 Sulz 1 01:46:12 4 Sulz 01:57:56 4 Mettauertal 01:49:28 5 Schupfart 02:00:18 5 Wölflinswil 1 01:51:43 6 Kaisten 02:02:60 6 Sulz 2 01:51:85 7 Eiken 1 02:02:78 7 Wölflinswil 2 02:00:09 8 Hellikon 02:04:15 8 Zeiningen 02:10:02 9 Eiken 2 02:30:15 9 Schupfart 2 02:10:71 10 Schupfart 1 02:14:13 11 Eiken 02:14:73 12 Zuzgen 02:39:03 Fricktal Games 2019 Junior Strong Man Run Kat. -
World Council of Churches
World Council of Churches Financial Report 2018 World Council of Churches 150 Route de Ferney P.O. Box 2100 1211 Geneva 2 Switzerland Contents page Report to the Member Churches on the 2018 Financial Report 5 Report of the Statutory Auditor to the Executive Committee 8 and to the Member Churches Schedule I: Consolidated Balance Sheet 10 Schedule II: Consolidated Income & Expenditure Account 11 Schedule III: Consolidated Statement of Movements in Funds & Reserves 12 Schedule IV: Consolidated Cash Flow Statement 14 Notes to the Consolidated Financial Statements 15 Schedule V: Restricted Funds 34 Schedule VI (a) and (b): Restricted Funds Programmes 35 Schedule VII: Unrestricted and Designated Funds 37 Schedule VIII: Unrestricted Operating Funds 38 Annual Summary of Contributions 39 Non-financial Contributions 48 Note on Membership Contributions 52 Financial Report 2018 5 REPORT TO MEMBER CHURCHES ON THE 2018 FINANCIAL REPORT We present with pleasure the financial report of the World Council of Churches for 2018. The year marked the start of the second four-year planning period since the 10th Assembly, with work shaped by the WCC Strategic Plan 2018-2021, and the accompanying financial strategy, approved by the central committee in June 2018. The 10th Assembly, Busan 2013, called the churches and ecumenical partners to join in a “Pilgrimage of Justice and Peace.” In 2018, the regional focus of the pilgrimage turned to Latin America and the Caribbean, and the WCC celebrated its 70th anniversary, with meetings with church leaders from around the world, including Pope Francis. In the year’s Annual Review, the general secretary affirmed that “our fellowship has taken concrete steps in the ecumenical quest for unity, precisely by walking, working and praying together.” Financial results 2018 In 2018, the WCC reported total income of CHF 24.8 million, total expenditure and transfers of CHF 29.3 million and a resultant net decrease in funds and reserves of CHF 4.5 million.