DOCSLIB.ORG

Polar Capital Funds Plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Polar Capital Funds Plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Polar Capital Funds plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Interim Report and Unaudited Financial Statements For the six months ended 30 June 2012 Polar Capital Funds plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Interim Report and Unaudited Financial Statements For the six months ended 30 June 2012 Contents Contents Pages Management and Administration ............................................................................................................................. 2 Investment Manager's Reports ................................................................................................................................. 3 Portfolio Statements............................................................................................................................................... 29 Unaudited Balance Sheet ....................................................................................................................................... 73 Unaudited Profit and Loss Account ....................................................................................................................... 79 Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares ..... 82 Notes to the Financial Statements .......................................................................................................................... 85 Statement of Significant Portfolio Movements ...................................................................................................... 96 Information for Investors in the Federal Republic of Germany ........................................................................... 103 Information for Investors in Switzerland ............................................................................................................. 104 1 Polar Capital Funds plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Management and Administration Directors: Registered Office: David Astor* (appointed 28 May 2012) George’s Court Robert Bovet* 54-62 Townsend Street James Cayzer-Colvin Dublin 2 Ronan Daly* Ireland David Hammond* Jonathan Quigley* (resigned 11 April 2012) Company Registration Number: Charles Scott* 348391 *Directors independent of the Investment Manager. All directors are non-executive Investment Manager, Global Distributor and UK Facilities Agents: Custodian: Polar Capital LLP Northern Trust Fiduciary Services (Ireland) Limited 4 Matthew Parker Street George’s Court London SW1H 9NP 54-62 Townsend Street United Kingdom Dublin 2 Ireland Administrator, Registrar, Transfer Agent and Secretary: Independent Auditor: Northern Trust Fund Administration Services KPMG (Ireland) Limited Chartered Accountants George’s Court 1 Harbourmaster Place 54-62 Townsend Street International Financial Services Centre Dublin 2 Dublin 1 Ireland Ireland Legal Advisers: Swedish Paying Agent: as to Irish law SEB Merchant Banking Dillon Eustace Sergels Tog 2, ST H1 33 Sir John Rogerson’s Quay 10640 Stockholm Dublin 2 Sweden Ireland Sponsoring Broker: German Paying and Information Davy Stockbroker Agents: Davy House Deutsche Bank AG 49 Dawson Street Taunusanlage 12, Dublin 2 60325 Ireland Frankfurt am Main Germany Swiss Paying Agent/Representative: Austrian Paying Agent: BNP Paribas Securities Services Meinl Bank AG Paris Bauernmarkt 2 Zurich Branch, Selnaustrasse 16, 8022 Zurich 1014 Vienna Switzerland Austria French Centralising and Paying Agent: Governance and Monitoring Services: BNP Paribas Securities Services Bridge Consulting Limited 66 Rue de la Victoire 33 Sir John Rogerson’s Quay 75009 Paris Dublin 2 France Ireland 2 Polar Capital Funds plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Asian Financials Fund Investment Manager’s Report For the six months ended 30 June 2012 Fund Performance Following a strong January and February, Asian financials faced a more volatile period in which they gave back some of their gains on the back of concerns about the state of the Chinese economy (and consequent uncertainty surrounding the Chinese banking sector) and growing fears in the second quarter related to the European sovereign crisis. The Fund rose 6.6% in the period, underperforming the benchmark index by 70bps reflecting its lower exposure to the real estate sector (particularly to Chinese real estate which saw a strong recovery) and weighting to more defensive sectors (non- life insurance was a particular laggard). Market Review Chinese financials saw a sharp recovery at the start of the year after authorities announced an easing in reserve requirements in 2011. However, concerns related to the growth outlook in China with pressure from a weakening external environment and on the domestic front following the government’s efforts to tighten the housing market and curb overcapacity in the steel and auto industry, led to pressure on Chinese banks (and those markets with direct links such as Hong Kong, Taiwan and to a lesser extent Korea) which underperformed in the period. Indian financials have been one of the strongest sectors in the first half of 2012, with the state-owned banks seeing a particularly strong start to the year (in keeping with the trends seen globally within the sector, banks with weaker balance sheets were the prime beneficiaries of the rally). We remain cautious of state-owned banks in India since we do not believe that the non-performing loan cycle has peaked (and arguably such issues are hardly reflected in published figures) and some banks are still reporting large additions to their restructured loans. Equally the macro outlook remains difficult to assess, although on balance a continuation of the monetary easing measures already seen should be expected. Financial sectors within ASEAN countries were also strong performers during the period with the Philippines, Thailand and Singapore relative winners. The Philippines was until relatively recently regarded as on the periphery of the “investible” Asian universe. The transformation in terms of sentiment has been nothing short of extraordinary in recent years and this is beginning to translate into the reality of economic performance and a sharp fall in the cost of capital (although infrastructure weaknesses remain a potential stumbling block for the future). Thai banks (and the property companies) have recovered strongly from the severe flooding seen last year and more importantly, since we were becoming concerned about funding in this market, recent moves to put government owned specialised financial institutions on the same regulatory framework as the commercial banks, is already providing a boost to their ability to generate deposits. As in many countries in Asia, the level of non-performing loans has been better than expected. Fund Activity In terms of movements in our portfolio, we reduced our exposure to various Korean bank stocks (Shinhan Financial Group, KB Financial Group) on the back of an increasingly lacklustre earnings growth outlook (although we remain positive on the non-life insurance sector in that country). We also reduced our position in Security Bank in the Philippines. We have been investors in the Philippines for many years and our positions in Security Bank and the property sector (Ayala Land and SM Prime) have been strong drivers of the Fund’s performance. It is clear that the banking sector is seeing good loan demand and benefits from strong capital and funding positions, however, valuations were beginning to look full and we trimmed our position in Security Bank (although this remains the largest holding in the Fund and was offset by additions to our property holdings). In Indonesia, we sold our holding in Bank Danamon after it became the subject of a take-over offer from DBS in Singapore and rather than wait for the completion of the deal (since there were possible political concerns surrounding this deal in view of DBS’s ownership by the Singapore Government), we decided to sell our holding and so book most of the gain up front. 3 Polar Capital Funds plc (Investment Company with Variable Capital and Segregated Liability Between Sub Funds) Asian Financials Fund Investment Manager’s Report (continued) For the six months ended 30 June 2012 Fund Activity (continued) Offsetting these sales, we raised our exposure to Thailand (Supalai, Kasikorn Bank), Indonesia (BRI, Clipan Finance, Ciputra Development), and India (Bajaj Finance, Oberoi Realty), all offering better underlying growth prospects (albeit with higher risk) than many markets in northern Asia (such as Korea, Taiwan and Hong Kong). This has been a long- term trend in the Fund’s portfolio with the proportion invested in more developed markets in northern Asia and Singapore, having fallen from close to 73% at the end of 2006, to the current level of 28%. Though many northern Asian financial sectors offer attractive value prospects, it remains difficult to see what the catalyst will be to see a return to the higher valuations enjoyed in the past (in the context of weaker underlying growth and, in a number of cases, fall in underlying profitability as margins have compressed). Market Outlook Within a global financials context, the recent performance of Asian financials have been somewhat surprising. They have lagged US financials and have only marginally outperformed European financials. The latter are in the depth of a severe asset quality,
Load more

Recommended publications
  • Citigroup Inc. (Exact Name of Registrant As Specified in Its Charter) Delaware 52-1568099 (State Or Other Jurisdiction of (I.R.S
    SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2007 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _______ Commission file number 1-9924 Citigroup Inc. (Exact name of registrant as specified in its charter) Delaware 52-1568099 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 399 Park Avenue, New York, New York 10043 (Address of principal executive offices) (Zip Code) (212) 559-1000 (Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer X Accelerated filer Non-accelerated filer Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No X Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: Common stock outstanding as of June 30, 2007: 4,974,552,734 Available on the Web at www.citigroup.com Citigroup Inc.
    [Show full text]
  • Banks List (May 2011)
    LIST OF BANKS AS COMPILED BY THE FSA ON 31 MAY 2011 This list of banks is intended to be used solely as a guide. The FSA does not warrant, nor accept any responsibility for the accuracy or completeness of the list or for any loss which may arise from reliance by any person on information in the list. (Amendments to the List of Banks since 30 April 2011 can be found on page 6) Banks incorporated in the United Kingdom Abbey National Treasury Services plc DB UK Bank Limited ABC International Bank plc Dunbar Bank plc Access Bank UK Limited, The Duncan Lawrie Ltd Adam & Company plc Ahli United Bank (UK) plc EFG Private Bank Ltd Airdrie Savings Bank Egg Banking plc Aldermore Bank Plc European Islamic Investment Bank Plc Alliance & Leicester plc Europe Arab Bank Plc Alliance Trust Savings Ltd Allied Bank Philippines (UK) plc FBN Bank (UK) Ltd Allied Irish Bank (GB)/First Trust Bank - (AIB Group (UK) plc) FCE Bank plc Alpha Bank London Ltd FIBI Bank (UK) plc AMC Bank Ltd Anglo-Romanian Bank Ltd Gatehouse Bank plc Ansbacher & Co Ltd Ghana International Bank plc ANZ Bank (Europe) Ltd Goldman Sachs International Bank Arbuthnot Latham & Co, Ltd Guaranty Trust Bank (UK) Limited Gulf International Bank (UK) Ltd Banc of America Securities Ltd Bank Leumi (UK) plc Habib Allied International Bank plc Bank Mandiri (Europe) Ltd Habibsons Bank Ltd Bank of Beirut (UK) Ltd Hampshire Trust plc Bank of Ceylon (UK) Ltd Harrods Bank Ltd Bank of China (UK) Limited Havin Bank Ltd Bank of Ireland (UK) Plc HFC Bank Ltd Bank of London and The Middle East plc HSBC Bank
    [Show full text]
  • International Equities International Bonds
    marketwatch BONDS | EQUITIES international bonds THESE ARE A SELECTION OF BONDS ANNOUNCED RECENTLY. THE DETAILS, UPDATED TO THE MIDDLE OF LAST MONTH, WERE SUPPLIED BY THOMSON FINANCIAL SECURITIES DATA AND OTHER SOURCES. BORROWER LAUNCH AMOUNT COUPON PRICE MATURITY LAUNCH FEES BOOKRUNNER RATING (%) SPREAD (%) (BP) M S&P EGG BANKING A3 -* £250m 7.5 99.639 Perpetual§ 305# 0.625 Lehman Brothers, UBS Warburg Internet Bank. *A (Fitch). §Callable in 2013. #Over the 5% March 2012 Gilt. FORTIS A2 A €1.19bn 4.5 €15.30* May/06 - 2.5 UBS Warburg Financial Services company. Convertible. Conversion premium: 24% (over Wednesday close). Conversion price: €20. Conversion ratio: 0.85-10. Commission: 2.5%. Call option: callable at any time subject to 120% trigger. Put option: exchangeable at any time. GENERAL ELECTRIC Aaa AAA £600m 5.25 99.167 Dec/13 85* 0.35 HSBC, JPMorgan CAPITAL CORPORATION £250m § 10.011 May/05 n/a 0.05 HSBC *Over the March 2012 Gilt. §Three-month Libor plus 10bp. LVMH HOLDING SA - BBB+ €750m 5 99.986 Apr/10 105* 0.35 CAI, Citigroup, NBP (Louis Vuitton Moet Hennessey) Luxury goods retailer. *Over Mid-swaps; January 2010 Bund plus 119.51bp. SOCIETE NATIONALE Aa1 AA+ £225m 5 99.386 Apr/18 42* 0.30 UBS Warburg DES CHEMINS DE FER BELGES (SNCB) Railway transportation company.*Over 8% December 2015 Gilt. TCNZ FINANCE A2 A £125m 5.625 99.257 May/18 117* - Goldman Sachs, UBS Warburg Telecom Corporation of New Zealand. *Over the 8.00% 2015 Gilt. WALT DISNEY Baa1 BBB+ $1.15bn* 2.125 100 Apr/23 2.25 Citigroup, JPMorgan COMPANY Convertible.
    [Show full text]
  • Case No COMP/M.6164 - BARCLAYS BANK/ EGG CREDIT CARD ASSETS
    EN Case No COMP/M.6164 - BARCLAYS BANK/ EGG CREDIT CARD ASSETS Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 18/04/2011 In electronic form on the EUR-Lex website under document number 32011M6164 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION Brussels, 18.4.2011 In the published version of this decision, some C(2011) 2872 final information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and MERGER PROCEDURE other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a PUBLIC VERSION general description. To the notifying party: Dear Sir/Madam, Subject: Case No COMP/M.6164 - BARCLAYS BANK/ EGG CREDIT CARD ASSETS Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 1. On 14 March 2011, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertaking Barclays Bank PLC ("Barclays", UK) acquires, within the meaning of Article 3(1)(b) of the Merger Regulation, control of parts of the undertaking Egg Banking plc ("Target", UK), ultimately controlled by Citigroup Inc. ("Citigroup"), by way of purchase of assets2. I. THE PARTIES 2. Barclays is the operating company of the Barclays Group, a global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services.
    [Show full text]
  • Report & Accounts 2011
    CONTENTS 3 Chairman’s Report 6 Chief Executive’s Report 12 Business Review 32 Corporate Responsibility 36 Directors and Senior Management 40 Directors’ Report 43 Corporate Governance Report 52 Audit Committee Report 55 Risk Management Report 64 Directors’ Remuneration Report 71 Directors’ Responsibilities Statement 72 Independent Auditor’s Report 73 Income Statements 74 Statements of Comprehensive Income 75 Statements of Financial Position 76 Statements of Changes in Members’ Interest 77 Statements of Cash Flows 78 Notes to the Accounts 134 Annual Business Statement 138 Glossary CHAIRMAN’S REPORT Ed Anderson ANOTHER LANDMARK YEAR In my sixth annual review as Chairman of Yorkshire Building Society I am pleased to report that the Society has achieved an excellent overall performance, improving profits and increasing mortgage assets in very difficult market conditions and strengthening our position as the UK’s second-largest independent mutual building society. Demanding market conditions and regulatory change The Board’s focus presented the Society with significant challenges as well as fresh opportunities over the course of the The Board maintained its focus on the following critical year. In 2011 the resilience of the Yorkshire’s balance areas in 2011 as well as addressing important discrete sheet enabled us to pursue and successfully conclude issues such as the appointment of the Society’s next two major transactions: a merger with Norwich & Chief Executive: Peterborough Building Society (N&P) and the acquisition • Core business performance of the mortgage and savings business of Egg Banking The Board continued to give close attention to plc, both of which serve to strengthen the Yorkshire’s overseeing the Society’s delivery of a consistent level position.
    [Show full text]
  • G Eneral Insurance Financial Support Services Investm Ent Lending
    UK Financial Services Industry Annual Review Ownership, Value and M&A Developments January 2012 General Lending Financial insurance Investment support services support The UK financial services industry UK financial services: international appeal This report highlights the size and structure of the UK financial services industry and the increasing overseas interest in the sector. Over 1,000 international firms own businesses in UK financial services, which demonstrates the openness of the sector. This number is growing, given the UK’s importance in the global financial services market which reflects its experience, concentration of expertise, favourable time zone and language. The UK openness to investment is matched and facilitated by transparency of information. Every company has to file financial returns annually and the majority of firms that are active in UK financial services are regulated by the Financial Services Authority. These two sources form the basis of the detailed analysis behind this report. 英国金融服务业：国际吸引力 本报告突出了英国金融服务业的规模和结构以及海外对于这一领域日益增长的兴趣。1000多家国际公司 在英国金融服务业拥有企业，展示出这一领域的开放度，而英国在全球金融服务市场的重要地位反映出 英国拥有经验、专长集聚、时区和语言有利，有鉴于此，这一数字正在增长。英国对投资的开放度由信 息的透明度所推动，并且与之匹配。每家公司每年都必须申报财务收益，而且活跃在英国金融服务业的 大多数公司都由金融服务署监管。来源于财务收益和金融服务署的信息组成了本报告背后详细分析的基础。 Сектор финансовых услуг Великобритании: международная привлекательность Данный отчет освещает размер и структуру сектора финансовых услуг Великобритании и растущий международный интерес к деятельности этого сектора. Более 1000 международных фирм владеют британскими компаниями в сфере финансовых услуг,
    [Show full text]
  • [email protected] [email protected]
    Current Counterparty Report for Lancaster City Council (06-07) Report run on: 01/08/2006 05:51:14 BUTLERS List of Approved Counterparties for Lending Fitch Ratings Moody's Ratings S&P Ratings Limits S. Term L. Term Indiv. Support S. Term L. Term Fin.Stgth S. Term L. Term Time Money UK BANKS United Kingdom Abbey National Group Abbey National Plc F1+ AA- B 2 P-1 Aa3 B A-1+ AA- 364 DAYS 6 Alliance & Leicester Group Alliance & Leicester F1+ AA- B 3 P-1 Aa3 B A-1 A+ 364 DAYS 6 Bank America Corporation MBNA Europe Bank Ltd F1+ AA- A/B 1 364 DAYS 6 Bank of Ireland Bristol and West Plc F1+ AA- B 1 P-1 Aa3 C+ A-1 364 DAYS 6 Citigroup Citibank International Bank F1+ AA+ NR 1 P-1 Aa1 B- A-1+ AA 364 DAYS 6 HBOS Group Bank of Scotland Plc F1+ AA+ A/B 1 P-1 Aa2 B+ A-1+ AA 364 DAYS 6 Halifax Plc F1+ AA+ A/B 1 P-1 Aa2 B+ A-1+ AA 364 DAYS 6 HSBC Group HSBC Bank plc F1+ AA A/B 1 P-1 Aa2 B+ A-1+ AA 364 DAYS 6 Landsbanki Islands Group Heritable Bank Limited F1 A C 1 364 DAYS 4 Lloyds TSB Group Lloyds TSB Bank F1+ AA+ A 1 P-1 Aaa A A-1+ AA 364 DAYS 6 National Australia Bank Group Clydesdale Bank F1+ AA- B/C 1 P-1 A1 B- A-1 A+ 364 DAYS 6 Page 1 of 9 Current Counterparty Report for Lancaster City Council (06-07) Report run on: 01/08/2006 05:51:14 BUTLERS List of Approved Counterparties for Lending Fitch Ratings Moody's Ratings S&P Ratings Limits S.
    [Show full text]
  • Rpt MFI-EU Hard Copy Annual Publication
    MFI ID NAME ADDRESS POSTAL CITY HEAD OFFICE RES* UNITED KINGDOM Central Banks GB0425 Bank of England Threadneedle Street EC2R 8AH London No Total number of Central Banks : 1 Credit Institutions GB0005 3i Group plc 91 Waterloo Road SE1 8XP London No GB0015 Abbey National plc Abbey National House, 2 Triton NW1 3AN London No Square, Regents Place GB0020 Abbey National Treasury Services plc Abbey National House, 2 Triton NW1 3AN London No Square, Regents Place GB0025 ABC International Bank 1-5 Moorgate EC2R 6AB London No GB0030 ABN Amro Bank NV 10th Floor, 250 Bishopsgate EC2M 4AA London NL ABN AMRO Bank N.V. No GB0032 ABN AMRO Mellon Global Securities Services Princess House, 1 Suffolk Lane EC4R 0AN London No BV GB0035 ABSA Bank Ltd 75 King William Street EC4N 7AB London No GB0040 Adam & Company plc 22 Charlotte Square EH2 4DF Edinburgh No GB2620 Ahli United Bank (UK) Ltd 7 Baker Street W1M 1AB London No GB0050 Airdrie Savings Bank 56 Stirling Street ML6 OAW Airdrie No GB1260 Alliance & Leicester Commercial Bank plc Building One, Narborough LE9 5XX Leicester No GB0060 Alliance and Leicester plc Building One, Floor 2, Carlton Park, LE10 0AL Leicester No Narborough GB0065 Alliance Trust Savings Ltd Meadow House, 64 Reform Street DD1 1TJ Dundee No GB0075 Allied Bank Philippines (UK) plc 114 Rochester Row SW1P 1JQ London No GB0087 Allied Irish Bank (GB) / First Trust Bank - AIB 51 Belmont Road, Uxbridge UB8 1SA Middlesex No Group (UK) plc GB0080 Allied Irish Banks plc 12 Old Jewry EC2R 8DP London IE Allied Irish Banks plc No GB0095 Alpha Bank AE 66 Cannon Street EC4N 6AE London GR Alpha Bank, S.A.
    [Show full text]
  • Final Notice: Egg Banking
    Financial Services Authority _______________________________________________________________ FINAL NOTICE _______________________________________________________________ To: Egg Banking plc Of: Citigroup Centre Canada Square London E14 5LB Date: 9 December 2008 TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS (“the FSA”) gives you final notice about a requirement to pay a financial penalty. 1. ACTION 1.1. The FSA gave Egg Banking plc (Egg) a Decision Notice on 5 December 2008, which notified the firm that pursuant to section 206 of the Financial Services and Markets Act 2000 (the Act), the FSA had decided to impose a financial penalty of £721,000 on Egg. This penalty is in respect of breaches of Principles 3 and 6 of the FSA’s Principles for Businesses and a related rule between 14 January 2005 and 17 December 2007 (the Relevant Period) in relation to non-advised telephone sales of credit card payment protection insurance (PPI). 1.2. Egg has confirmed that it will not be referring the matter to the Financial Services and Markets Tribunal. 1.3. Accordingly, for the reasons set out below and having agreed with Egg the facts and matters relied on, the FSA imposes a financial penalty on Egg in the amount of £721,000. 1.4. Egg agreed to settle at an early stage of the FSA's investigation. It therefore qualified for a 30% (stage 1) reduction in penalty, pursuant to the FSA's executive settlement procedures. Were it not for this discount, the FSA would have imposed a financial penalty of £1,030,000 on Egg.
    [Show full text]
  • Pay, Or We (Might) Go How Citigroup Games the States and Cities
    JUNE 2007 Pay, Or We (Might) Go How Citigroup Games the States and Cities By Sarah Stecker, NEW JERSEY POLICY PERSPECTIVE and Dan Steinberg, GOOD JOBS NEW YORK EXECUTIVE SUMMARY Given that Citigroup operates in many states in the US and more than 100 other countries, these findings are in all likeli- An analysis of Citigroup’s practices in four states—New York, hood just the tip of the iceberg. New Jersey, Kentucky and Texas—suggests that the world’s largest financial institution rarely makes a move without In some cases, Citigroup sought special tax deals even though getting taxpayers to help foot the bill. it was not pledging to create any new jobs. Worse, despite the company’s claims at the time that the job subsidies were Using the threat of moving facilities and jobs elsewhere, Citi- necessary or that they determined where the company ulti- group has repeatedly played state against state and locality mately decided to expand or relocate, our findings also suggest against locality to attract at least $285.9 million in subsidies in that business basics—such as a skilled work force, affordable just the four states. housing, good transportation infrastructure and a modern telecommunications system—mattered far more in deter- STATE AND LOCAL ECONOMIC DEVELOPMENT mining where Citigroup jobs went.1 SUBSIDIES TO CITIGROUP 1989-2007 Giving Citigroup such large subsidies is no guarantee the company will stay or that it will avoid layoffs. The latest proof STATE AMOUNT of that came in April 2007 when the firm announced it will New York* $125.5 million eliminate 17,000 positions worldwide.
    [Show full text]
  • Independent Commission on Banking Final Report
    House of Commons Treasury Committee Independent Commission on Banking Final Report Oral and Written Evidence Ordered by the House of Commons to be printed 10, 18 and 26 October 2011, 2 and 23 November 2011, 14 December 2011, 11 January 2012, and 30 October 2012 HC 680 [Incorporating HC 1534, Session 2010–12] Published on 12 November 2012 by authority of the House of Commons London: The Stationery Office Limited £18.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Andrea Leadsom MP (Conservative, South Northamptonshire) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Rt Hon Pat McFadden MP (Labour, Wolverhampton South West) Mr George Mudie MP (Labour, Leeds East) Mr Brooks Newmark (Conservative, Braintree) Jesse Norman MP (Conservative, Hereford and South Herefordshire) Teresa Pearce MP (Labour, Erith and Thamesmead) David Ruffley MP, (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Michael Fallon MP (Conservative, Sevenoaks) was also a member of the Committee during the inquiry. Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House.
    [Show full text]
  • Current Report 7/2008
    Fortis Bank Polska SA Current Report 7/2008 Changes in the composition of the Bank’s Supervisory Board Pursuant to §5, item 1, point 21 of the Council of Ministers Ordinance dated March 21, 2005 regarding the current and periodical information disclosed by issuers of securities (Journal of Laws No. 49, item 463), the Board of Executives of Fortis Bank Polska SA informs that the Extraordinary General Shareholders Meeting held on February 21, 2008 resolved to appoint the following persons as members of the Bank’s Supervisory Board effective February 21, 2008: 1. Mr. Marc Luet Marc Luet , he has a BSc in Economics from the Panthéon Sorbonne university (Paris-I) and is a graduate from IEP Paris (Institut d’Etudes Politiques de Paris). He also holds an MBA (1991) from the Tuck School of Business Administration at Dartmouth College. He joined Midland Bank (now HSBC) in 1988. From 1996 to 2001, he headed various departments of Citibank, mostly in retail banking, in Belgium, France, Canada and Hungary. In the years 2001-2002 he was the CEO of Citibank SA/NV. In 2003, after he left Citibank, he became the CEO of the largest European pure online bank, Egg Banking PLC. He has been with Fortis since 2005, as Fortis Retail International Director supervising Consumer Finance operations in eight countries. He is a member of the Fortis Business Executive Committee. 2. Mr. Lucas Willemyns Lucas Willemyns , graduate in sociology at the Catholic University of Leuven. His professional career started in 1974. He has been working in the banking sector since 1982, when he joined Fortis.
    [Show full text]