NETHERLANDS Executive Summary
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The Historical Origins of the Safe Haven Status of the Swiss Franc1
Aussenwirtschaft 67.2 The historical origins of the safe haven status of the Swiss franc1 Ernst Baltensperger and Peter Kugler University of Berne; University of Basel An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a weakness of the Swiss currency against the pound, the guilder and French franc (from 1881 to 1913) that is shared with the German mark. Thereafter, we see the pattern of the Swiss interest rate island develop and become especially pronounced during the Bretton Woods years. Deviations from metallic parities confirm these findings. For the period after World War I, we establish a strong and stable real and nominal trend appreciation against the pound and the dollar that reflects, to a sizeable extent, inflation differentials. JEL codes: N23 Key words: Swiss franc, safe haven, Swiss interest island, deviation from metallic parity, real and nominal appreciation 1 Introduction The Swiss franc is commonly considered a “strong” currency that serves as a “safe haven” in crisis periods. This raises the question of when the Swiss franc took on this property. Is it associated with the flexible exchange rate regime in place since 1973, or was it already in existence before then? Was the Swiss franc a “weak” currency even in the first decades after its creation in 1850? In order to analyze these questions, we need a definition of a strong currency and its properties. -
Optimal Currency Shares in International Reserves: the Impact of the Euro and the Prospects for the Dollar
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios Working Paper Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar ECB Working Paper, No. 694 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios (2006) : Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar, ECB Working Paper, No. 694, European Central Bank (ECB), Frankfurt a. M. This Version is available at: http://hdl.handle.net/10419/153128 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an -
Ideal Merchant Integration Guide
iDEAL Merchant Integration Guide Version 3.3.1 (november 2012) November 2012 Currence Copyright © Currence iDEAL B.V. All rights reserved. iDEAL Merchant Integration Guide v3.3.1 1.1 CONFIDENTIAL Terms and conditions Terms and conditions for provision of the iDEAL Merchant Integration Guide: 1 Scheme Owner Currence iDEAL B.V. provides the iDEAL Merchant Integration Guide to Acquiring banks which distribute it to (potential) Merchants and Payment Service Providers to enable them to form a good idea of what the implementation of the iDEAL product would involve and assess how any future use of iDEAL could affect their business operations. 2 Currence iDEAL B.V. reserves the right to deny access to the iDEAL Merchant Integration Guide to (potential) Merchants and Payment Service Providers on reasonable grounds, in consultation with the Acquiring bank with which the Merchant/PSP has a contract. 3 The iDEAL Merchant Integration Guide is explicitly and exclusively provided for the purpose mentioned above, and no other use is permitted. No rights can be derived from the information provided in this document or the accompanying notes. Currence iDEAL B.V. is in no way liable for the consequences of later changes to the iDEAL Standards or the iDEAL Merchant Integration Guide. If banks or other interested parties take decisions and/or make investments on the basis of the information that they obtain via the iDEAL Merchant Integration Guide, Currence iDEAL B.V. accepts no liability for this whatsoever. 4 The iDEAL Merchant Integration Guide is based on the information in the iDEAL Standards documents. In the event of any discrepancy between the iDEAL Merchant Integration Guide and the iDEAL Standards documents, the text in the iDEAL Standards documents shall prevail. -
Going Dutch: the Management of Monetary Policy in the Netherlands During the Interwar Gold Standard
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Colvin, Christopher L.; Fliers, Philip Working Paper Going Dutch: The management of monetary policy in the Netherlands during the interwar gold standard QUCEH Working Paper Series, No. 2019-03 Provided in Cooperation with: Queen's University Centre for Economic History (QUCEH), Queen's University Belfast Suggested Citation: Colvin, Christopher L.; Fliers, Philip (2019) : Going Dutch: The management of monetary policy in the Netherlands during the interwar gold standard, QUCEH Working Paper Series, No. 2019-03, Queen's University Centre for Economic History (QUCEH), Belfast This Version is available at: http://hdl.handle.net/10419/200505 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu QUCEH WORKING PAPER SERIES http://www.quceh.org.uk/working-papers GOING DUTCH: THE MANAGEMENT OF MONETARY POLICY IN THE NETHERLANDS DURING THE INTERWAR GOLD STANDARD Christopher L. -
Annual Report 2020
ANNUAL REPORT 2020 Content Profile 3 Statement from the board 5 Developments in the payment system 8 Activities Activities: Point-of-sale payment system 11 Activities: Online payments 14 Activities: Giro-based payments 18 Activities: Stability of Payment Chains 23 Activities: Security in the payment system 25 Appendices Appendix: Board and management 30 Appendix: Governance 31 Appendix: List of members 33 2 Annual Report 2016 Profile The payment system is the bloodstream of our economy, has many stakeholders and is of great social importance. Therefore it has the characteristics of a utility. The many parties involved, the many relevant laws and regulations, the requirements for high quality, new technological possibilities and the high number of transactions make the payment system complex and dynamic. Transparency, openness, accessibility and dialogue with all stakeholders are important prerequisites in the payment system. The Dutch Payments Association organizes the collective tasks in the Dutch payment system for its members. Our members provide payment services on the Dutch market: banks, payment institutions and electronic money institutions. The shared tasks for infrastructure, standards and common product features are assigned to the Payments Association. We aim for a socially efficient, secure, reliable and accessible payment system. To this end, we deploy activities that are of common interest to our members. We are committed, meaningful and interconnecting in everything we do, to unburden our members where and when possible. We engage representatives of end users in the payment system, including businesses and consumers. On behalf of our members, we are visibly involved and accessible and we are socially responsible. -
SWEDEN Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT SWEDEN Executive Summary Banking The Swedish central bank is the Sveriges Riksbank. Bank and other credit institution supervision is performed by the Swedish Financial Supervisory Authority (Finansinspektionen — FI). The Riksbank has commissioned Statistics Sweden (SCB) to compile balance of payment statistics on its behalf since September 1, 2007. The SCB uses a survey-based system to collate balance of payments statistics. The SCB selects companies to complete forms to record their cross- border transactions. Cross-border current account transactions are recorded by the use of sample surveys. Financial account items are recorded by the use of both cut-off and sample surveys measuring, for example, direct investment level. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside Sweden. Residents are also permitted to hold fully-convertible domestic currency (SEK) bank accounts outside Sweden. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Sweden. Sweden has 89 registered banks. Of these, there are 40 limited liability banks, 47 savings banks and two co-operative banks. There is a significant foreign banking presence in Sweden – 38 foreign banks have a branch and 12 foreign banks have a representative office in Sweden. In addition, 538 foreign banks are authorized to offer cross-border banking services. Payments Sweden’s three main payment clearing systems are RIX, Bankgiro and Data Clearing. The most important cashless payment instruments in Sweden in terms of value are electronic credit transfers. In terms of volume, the use of cards, especially debit cards, has increased rapidly over recent years. -
SEPA Direct Debit Core Creditor
SEPA Direct Debit Core Creditor The SEPA Direct Debit (SDD) is the Pan European Direct Debit Contact HSBC scheme that has replaced domestic Euro Direct Debits (DD) HSBC understands the opportunities and challenges that your throughout the SEPA zone. It enables individuals and businesses business is facing with the advance of SEPA. This factsheet to pay or collect Euro DDs across the Single Euro Payments Area has been prepared for general guidance to business customers (SEPA), potentially from one bank account. It is based on an on our SEPA proposition. As ever, we would be very happy to agreement between the company collecting funds (Creditor) and answer any questions you may have or discuss any aspect in the consumer paying the direct debit (Debtor). This agreement greater depth. (SEPA mandate) is a standardised document and valid direct debit mandates obtained by the Creditor before migration to the Please contact your HSBC Representative or visit our website: SDD Core scheme will remain in force for SDD Core collections. www.hsbcnet.com/sepa for more information. About SEPA SEPA represents a major step towards a true single European 36 SEPA countries: market. An initiative of the European Commission (EC), SEPA Eurozone members of EU has replaced all domestic (legacy) Euro schemes throughout Austria Belgium Cyprus Europe. For businesses, SEPA creates a borderless system Estonia Finland France of payments that adds clarity, consistency and efficiency as transactions are subject to a uniform set of standards, rules Germany Greece Ireland and conditions and can circulate as easily, quickly, securely and efficiently as in national markets. -
Monetary Policy Transmission in Poland: a Study of the Importance of Interest Rate and Credit Channels
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Łyziak, Tomasz; Przystupa, Jan; Wróbel, Ewa Research Report Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels SUERF Studies, No. 2008/1 Provided in Cooperation with: SUERF – The European Money and Finance Forum, Vienna Suggested Citation: Łyziak, Tomasz; Przystupa, Jan; Wróbel, Ewa (2008) : Monetary Policy Transmission in Poland: A Study of the Importance of Interest Rate and Credit Channels, SUERF Studies, No. 2008/1, ISBN 978-3-902109-41-5, SUERF - The European Money and Finance Forum, Vienna This Version is available at: http://hdl.handle.net/10419/163480 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. -
ITALY Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT ITALY Executive Summary Banking The Italian central bank is the Banca d’Italia. As Italy is a participant in the eurozone, some central bank functions are shared with the other members of the European System of Central Banks (ESCB). Bank supervision is performed by the Banca d’Italia. Italy applies central bank reporting requirements. A representative sample of around 7,000 companies are required to submit periodic reports directly to the Banca d’Italia. These resident companies must report all transactions with non-residents. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside Italy. Residents are also permitted to hold fully convertible domestic currency (EUR) bank accounts outside Italy. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Italy. Italy has a large number of credit institutions (641), most of which are small, Italian-owned banks, such as the 359 mutual savings and 31 cooperative banks. There is a significant foreign banking presence in Italy, with 84 branches of foreign banks and 23 subsidiaries of foreign banks. Payments The two main payment systems used in Italy are the pan-European TARGET2 RTGS system and a multilateral net settlement system, BI-COMP. The most important cashless payment instruments in Italy are payment cards in terms of volume and credit transfers in terms of value. Card payments have increased steadily, especially in the retail sector. The increased use of electronic and internet banking has led to a growth in the use of electronic payments. -
Jaarverslag Currence 2018 Inhoudsopgave Inhoudsopgave Kerncijfers Jaarverslag
Jaarverslag 2018 Inhoudsopgave Kerncijfers Jaarverslag Hoe werkt dit bestand? Het Currence jaarverslag is een interactieve PDF. Bovenaan elke pagina ziet u de navigatiebalk. Deze navigatiebalk bestaat uit een drietal icoontjes en daarnaast drie gekleurde kaders. De 3 kaders zijn directe links (verwijzingen) naar de hoofdonderdelen van dit jaarverslag. De Inhoudsopgave, de Kerncijfers en het Jaarverslag zijn zo snel bereikbaar, en u kunt zo ook snel terug navigeren naar het begin van een van deze onderdelen. Tevens zijn de hoofdstukken van de inhoudsopgave interactief. Hiermee kunt u ook naar de verschillende onderdelen van het jaarverslag navigeren. Klikt u op dit icoontje dan opent de webbrowser en gaat u automatisch naar de homepage van Currence. Heeft u een vraag of opmerking voor ons? Klikt u dan op dit icoontje. U opent hiermee automatisch uw e-mailprogramma en er wordt direct een nieuw e-mailbericht aangemaakt met ons e-mailadres. Klikt u op dit icoontje dan kunt u het jaarverslag printen. Let op: Als u dit bestand hebt geopend met Adobe Reader dan zal de navigatiebalk bij het printen van het bestand niet afgedrukt worden. Andere software voor het lezen van een PDF-bestand ondersteunt deze functionaliteit wellicht niet. Inhoudsopgave Kerncijfers Jaarverslag Inhoudsopgave 2 Profiel Currence 3 Organisatie en kerncijfers 2018 10 Bericht van de Raad van Commissarissen 12 Verslag van de Directie 16 De producten van Currence 16 iDEAL 30 iDIN 36 Incassomachtigen 38 Acceptgiro 40 Toelichting op de structuur, organisatie en governance van de onderneming Currence is geen bestaand woord, maar heeft wel associaties met ‘currency’ (valuta; betaalmiddel) en ‘current’ (actueel; stroom). -
TERMS & CONDITIONS for PERSONAL CUSTOMERS
TERMS & CONDITIONS for PERSONAL CUSTOMERS APPLICABLE FROM JUNE 2017 This pamphlet contains the general terms and conditions that apply to our personal bank accounts and some related services for personal customers. Please read this pamphlet carefully and keep a copy for future reference. 1 Introduction 1.1 The terms and conditions set out in this pamphlet are the general terms and conditions for our bank accounts and related services for personal customers. They apply, unless otherwise specified, to all Personal bank account relationships. 1.2 Your agreement with us for personal bank accounts and related banking services is made up of the general terms and conditions set out below, your Personal Account application form and any “additional terms and conditions” (together, “the Terms”) we give you for any specific accounts and services. 1.3 Additional terms and conditions are the specific terms and conditions that apply to a particular service, for example, our interest rates and charges, notice periods on savings accounts and any minimum or maximum balances that may apply. 1.4 If there is any conflict between these general terms and conditions and any additional terms and conditions, then the additional terms and conditions will prevail. 1.5 This agreement only covers banking services that we provide for your personal use. We have different agreements for banking services that are provided for business use. 1.6 Some useful definitions: “we, us, our” means Turkish Bank (UK) Limited. “you, your” means the account holder or if the account is in joint names, all account holders. “account” means the account(s) in your name operated by us and may include additional services we may provide to you from time to time. -
'Foreign Exchange Markets Welcome the Start of the EMS' from Le Monde (14 March 1979)
'Foreign exchange markets welcome the start of the EMS' from Le Monde (14 March 1979) Caption: On 14 March 1979, the day after the implementation of the European Monetary System (EMS), the French daily newspaper Le Monde describes the operation of the EMS and highlights its impact on the European currency exchange market. Source: Le Monde. dir. de publ. Fauvet, Jacques. 14.03.1979, n° 10 612; 36e année. Paris: Le Monde. "Le marché des changes a bien accueilli l'entrée en vigueur du S.M.E.", auteur:Fabra, Paul , p. 37. Copyright: (c) Translation CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/foreign_exchange_markets_welcome_the_start_of_the_ems _from_le_monde_14_march_1979-en-c5cf1c8f-90b4-4a6e-b8e8-adeb58ce5d64.html Last updated: 05/07/2016 1/3 Foreign exchange markets welcome the start of the EMS With a little more than three months’ delay, the European Monetary System (EMS) came into force on Tuesday 13 March. The only definite decision taken by the European Council, it was announced in an official communiqué published separately at the end of Monday afternoon. In the official text, the European Council stated that ‘all the conditions had now been met for the implementation of the exchange mechanism of the European Monetary System.’ As a result, the eight full members of the exchange rate mechanism, i.e. all the EEC Member States except for the United Kingdom, which signed the agreement but whose currency will continue to float, have released their official exchange rates.