Inward Remittance — Quick Reference Guide
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The Public Banks and People's Bank of China: Confronting
Chapter 13 Godfrey Yeung THE PUBLIC BANKS AND PEOPLE’S BANK OF CHINA: CONFRONTING COVID-19 (IF NOT WITHOUT CONTROVERSY) he outbreak of Covid-19 in Wuhan and its subsequent dom- ino effects due to the lock-down in major cities have had a devastating effect on the Chinese economy. China is an Tinteresting case to illustrate what policy instruments the central bank can deploy through state-owned commercial banks (a form of ‘hybrid’ public banks) to buffer the economic shock during times of crisis. In addition to the standardized practice of liquidity injection into the banking system to maintain its financial viability, the Chi- nese central bank issued two top-down and explicit administra- tive directives to state-owned commercial banks: the minimum quota on lending to small- and medium-sized enterprises (MSEs) and non-profitable lending. Notwithstanding its controversy on loopholes related to such lending practices, these pro-active policy directives provide counter-cyclical lending and appear able to pro- vide short-term relief for SMEs from the Covid-19 shock in a timely manner. This has helped to mitigate the devastating impacts of the pandemic on the Chinese economy. 283 Godfrey Yeung INTRODUCTION The outbreak of Covid-19 leading to the lock-down in Wuhan on January 23, 2020 and the subsequent pandemic had significant im- pacts on the Chinese economy. China’s policy response regarding the banking system has helped to mitigate the devastating impacts of pandemic on the Chinese economy. Before we review the measures implemented by the Chinese gov- ernment, it is important for us to give a brief overview of the roles of two major group of actors (institutions) in the banking system. -
China Construction Bank 2018 Reduced U.S. Resolution Plan Public Section
China Construction Bank 2018 Reduced U.S. Resolution Plan Public Section 1 Table of Contents Introduction .................................................................................................................................................. 3 Overview of China Construction Bank Corporation ...................................................................................... 3 1. Material Entities .................................................................................................................................... 4 2. Core Business Lines ............................................................................................................................... 4 3. Financial Information Regarding Assets, Liabilities, Capital and Major Funding Sources .................... 5 3.1 Balance Sheet Information ........................................................................................................... 5 3.2 Major Funding Sources ................................................................................................................. 8 3.3 Capital ........................................................................................................................................... 8 4. Derivatives Activities and Hedging Activities ........................................................................................ 8 5. Memberships in Material Payment, Clearing and Settlement Systems ............................................... 8 6. Description of Foreign Operations ....................................................................................................... -
OTP Morning Brief
22 JUNE 2021 OTP Morning Brief • Western Europe's stock markets picked up, benefiting from Christine Lagarde's words • The sentiment improved in the USA, despite Fed officials' continued hints at monetary tightening • The EUR/HUF sank near 353 yesterday, when the MNB governor's hawkish article was published. • The MNB is expected to raise interest rates today; its size may determine the HUF's exchange rate. • Most of Asia's indices headed higher today; Brent climbed to USD 75 www.otpresearch.com 1 22 JUNE 2021 Western Europe's stock exchanges shifted into higher gear on Christine Lagarde’s words Western Europe's stock markets started the week with gains: Germany's DAX jumped 1.0%, reversing Friday's fall, the UK's FTSE rose by 0.6%, and the Stoxx600 closed 0.7% higher. It was the words of Christine Lagarde, the ECB's President, that set markets in motion. Speaking at a hearing in the European Parliament, she spoke about maintaining loose monetary conditions and dispelled fears about the spill-over effects of US inflation in Europe. Cyclical sectors have risen; the winners of the day in the Stoxx600 were vehicle manufacturers, chemical, and materials stocks. Retail companies also did well: the UK-based Morrisons food chain skyrocketed 35% after rejecting a GBP 5.5bn takeover bid from Clayton, Dubilier & Rice. Their rivals also jumped: Tesco advanced 1.7%, and Sainbury’s surged 3.8%. The Stoxx600 Health Sector Index stagnated, even though CureVac plummeted more than 10% on suspicion of insider trading; last week, the biopharmaceutical's stock price of fell as clinical trials pointed to low efficacy of its covid vaccine. -
Bank of England List of Banks
LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 31 October 2017 (Amendments to the List of Banks since 30 September 2017 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc Access Bank UK Limited, The Duncan Lawrie Limited (Applied to cancel) Adam & Company Plc ADIB (UK) Ltd EFG Private Bank Limited Agricultural Bank of China (UK) Limited Europe Arab Bank plc Ahli United Bank (UK) PLC AIB Group (UK) Plc FBN Bank (UK) Ltd Airdrie Savings Bank FCE Bank Plc Al Rayan Bank PLC FCMB Bank (UK) Limited Aldermore Bank Plc Alliance Trust Savings Limited Gatehouse Bank Plc Alpha Bank London Limited Ghana International Bank Plc ANZ Bank (Europe) Limited Goldman Sachs International Bank Arbuthnot Latham & Co Limited Guaranty Trust Bank (UK) Limited Atom Bank PLC Gulf International Bank (UK) Limited Axis Bank UK Limited Habib Bank Zurich Plc Bank and Clients PLC Habibsons Bank Limited Bank Leumi (UK) plc Hampden & Co Plc Bank Mandiri (Europe) Limited Hampshire Trust Bank Plc Bank Of America Merrill Lynch International Limited Harrods Bank Ltd Bank of Beirut (UK) Ltd Havin Bank Ltd Bank of Ceylon (UK) Ltd HSBC Bank Plc Bank of China (UK) Ltd HSBC Private Bank (UK) Limited Bank of Cyprus UK Limited HSBC Trust Company (UK) Ltd Bank of Ireland (UK) Plc HSBC UK RFB Limited Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P. -
Consent Decree in United States V. Bank of America Corp., Citibank, NA, Jpmorgan Chase and Co., Ally Financial, Inc. and Wells F
Case 1:12-cv-00361-RMC Document 11 Filed 04/04/12 Page 1 of 86 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA F I LED APR - ~ 2012 ) Clerk U S District & BankruptCY UNITED STATES OF AMERICA, ) court~ f~r the District of Columbia et al., ) ) Plaintiffs, ) ) v. ) ) Civil Action No. ---- BANK OF AMERICA CORP. et al., ) ) Defendants. ) ) ) ) ) ) ------------------------------ ) CONSENT JUDGMENT WHEREAS, Plaintiffs, the United States of America and the States of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, Wyoming, the Commonwealths of Kentucky, Massachusetts, Pennsylvania and Virginia, and the District of Columbia filed their complaint on March 12,2012, alleging that Bank of America Corporation, Bank of America, N.A., BAC Home Loans Servicing, LP flk/a Countrywide Home Loans Servicing, LP, Countrywide Home Loans, Inc., Countrywide Financial Corporation, Countrywide Mortgage Ventures, LLC, and Countrywide Bank, FSB (collectively, for the sake Case 1:12-cv-00361-RMC Document 11 Filed 04/04/12 Page 2 of 86 of convenience only, "Defendant") violated, among other laws, the Unfair and Deceptive Acts and Practices laws ofthe Plaintiff -
Innovation Roadmap—Delivering Financial Life Benefits®
Innovation roadmap GET STARTED Delivering Financial Life Benefits® Innovation roadmap Delivering Financial Life Benefits® LEARN MORE Personal Retirement Strategy is an online investment advisory program sponsored by Merrill Lynch, Pierce, Fenner & Smith Inc. (“MLPF&S” or “Merrill”) that uses a probabilistic approach to determine the likelihood that participants in the program will accumulate sufficient total assets to achieve their annual retirement income goal. The recommendations provided by Personal Retirement Strategy may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Personal Retirement Strategy. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, as well as a description of services and related fees which is provided in the Personal Retirement Strategy Brochure (ADV Part 2A). It can be obtained through Benefits OnLine® or through the Retirement Benefits Contact Center. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. IMPORTANT: The projections or other information shown in the Personal Retirement Strategy program regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. -
Challenges and Opportunities Director Chief Investment Office the World Is Deep in a Flood Tide of Debt
Global Institutional Consulting Chief Investment Office Global Debt: MAY 2017 Emmanuel D. Hatzakis Challenges and Opportunities Director Chief Investment Office The world is deep in a flood tide of debt. Do we care, and what can we do about it? Debt is inextricably linked to economic growth. Whether in the form of government, business or household credit, debt can fuel economic growth, and economic growth can increase the propensity to borrow. And when growth is too weak, credit can be used to stimulate it. The cumulative effect of credit use by the various sectors of an economy is a rise in its overall debt. While economic prosperity is often credit-financed, higher levels of debt appear connected to lower future economic growth. Almost all debt accumulations have been hard to reverse, most have involved tough policy choices, and some notable ones have ended badly. In this whitepaper, we discuss the state of global debt, how it came to be, where it may lead, and what we believe portfolio implications to be. The state of global debt More than eight years since the 2008 global financial crisis started, the world seems to be drowning in debt. Global economic growth, meanwhile, remains anemic, after years of sluggishness. Some economists attribute it to high levels of debt1, reasoning that they have been preventing economies from realizing their full potential because governments, businesses and households have been devoting significant resources to debt servicing — resources that otherwise would have been available for productive activities. Global debt was on a steep rise before the crisis, and continued growing after it. -
Chinese Construction Bank
China Construction Bank 2013 Tailored U.S. Resolution Plan Public Section 1 Table of Contents Introduction .................................................................................................................................................. 3 Overview of China Construction Bank Corporation ...................................................................................... 3 1. Material Entities .................................................................................................................................... 4 2. Core Business Lines ............................................................................................................................... 4 3. Financial Information Regarding Assets, Liabilities, Capital and Major Funding Sources .................... 5 3.1 Balance Sheet Information ........................................................................................................... 5 3.2 Major Funding Sources ................................................................................................................. 7 3.3 Capital ........................................................................................................................................... 7 4. Derivatives Activities and Hedging Activities ........................................................................................ 7 5. Memberships in Material Payment, Clearing and Settlement Systems ............................................... 7 6. Description of Foreign Operations ....................................................................................................... -
Pricing Guide from Regulators Version 2013-03
Pricing Guide from Regulators Version 2013-03 RMB Account Service Trade Service Standard Pricing Standard Pricing Z1 Rate Min. Max. Z3 Rate Min. Max. Z1.1 Outward Remittance Z3.1 Draft Issuance of Bank Accepted Draft (BAD) 0.05% Z1.1.1 Via HVPS - Per Transaction Ruled by: Notice of the State Planning Commission and the People's Bank of China on further Rules of Banking - Handling Fee: Amount <= CNY10,000.- CNY5.- Settlement Tariff (No. 184 [1996]) <= CNY100,000.- CNY10.- <= CNY500,000.- CNY15.- Z3.2 Bank Accepted Draft / Commercial Draft <= CNY1,000,000.- CNY20.- Per Batch CNY7.- > CNY1,000,000.- 0.002% CNY200.- Ruled by: Notice of the State Planning Commission and the People's Bank of China on further Rules of Banking Plus additional handling charge CNY0.50.- Settlement Tariff (No. 184 [1996]) Z3.3 Domestic RMB Remittance (Through CNAPS) Note: The bank will use the best approach to process your payment instruction. However, the procedure in different city may vary, which in term affects our price. We encourage you to check with the related branch for the exact price. Handling Charge: Transaction Amount <= RMB10,000.- CNY5.- <= RMB100,000.- CNY10.- Ruled by: <= RMB500,000.- CNY15.- Notice of the State Planning Commission and the People's Bank of China on further Rules of Banking Settlement <= RMB1,000,000.- CNY20.- Tariff (No. 184 [1996]) Notice of the State Planning Commission and the People's Bank of China on Making the Fee Charge Rates for Electronic Remittance and Transfer (No. 791 [2001]). > RMB1,000,000.- 0.002% Flat CNY200.- Notice of the People's Bank of China on Rules of Electronic Remittance and Transfe Tariff (No. -
Bank of China (UK) Limited for Apparent Violations of the Sudan Sanctions Regulations
DEPARTMENT OF THE TREASURY WASHINGTON, D.C. Enforcement Release: August 26, 2021 OFAC Enters Into a $2,329,991 Settlement with Bank of China (UK) Limited for Apparent Violations of the Sudan Sanctions Regulations Bank of China (UK) Limited (“BOC UK”), located in London, the United Kingdom, has agreed to remit $2,329,991 to settle its potential civil liability for processing transactions in apparent violation of OFAC’s now-repealed Sudan sanctions program, which prohibited the exportation, directly or indirectly, to Sudan of any goods, technology, or services from the United States. Specifically, between September 4, 2014 and February 24, 2016, BOC UK exported financial services from the U.S. by processing 111 commercial transactions totaling $40,599,184 through the U.S. financial system on behalf of parties in Sudan. This settlement amount reflects OFAC’s determination that BOC UK’s self-identified apparent violations were voluntarily self-disclosed and constitute a non- egregious case. Description of the Conduct Leading to the Apparent Violations As a result of an internal investigation triggered by a Sudanese customer’s request to process a payment, BOC UK conducted a lookback review to identify potential Sudan-related transactions. That review identified two customers of BOC UK who had engaged in Sudan-related transactions that BOC UK processed through the U.S. financial system. One of the customers was an entity incorporated outside of Sudan that maintained a branch in Sudan that, in 2014, became the instructing party and account signatory to transactions processed by BOC UK on behalf of the entity. Written communications from that customer contained references to the location of the branch in Sudan. -
Understanding Bank of America Interest Checkingtm
Sort_Audit: CC:00-53-5420NSB Bank of America® Clarity StatementTM Bank of America Interest CheckingTM Understanding Bank of America Interest CheckingTM An overview of key policies and fees Your Interest Checking account Monthly Maintenance fee $25.00 Each month, or no Monthly Maintenance fee when you maintain combined balances of $10,000 or more each statement cycle. Combined balances include: Average daily balances for the statement cycle in linked checking, savings and money market savings accounts, AND The current balances, as of the end of the checking statement cycle in linked personal CDs and IRAs, AND The current balance, as of two business days before the end of the checking statement cycle, in your eligible linked Merrill Lynch investment accounts. ATM fees Bank of America® ATMs No ATM fee For deposits, withdrawals, transfers or balance inquiries Non-Bank of America $2.50 In the U.S., plus any fee charged by the ATM's operator ATMs $5.00 Outside the U.S., plus any fee charged by the ATM's operator Overdraft policy • To help you avoid fees, we won't authorize ATM withdrawals or everyday debit card purchases when you don't have enough money in your account • We offer two overdraft setting options for how you want us to process your other transactions, such as checks and scheduled payments Overdraft settings and fees Option 1: Standard $35.00 per We may approve checks or scheduled payments that cause an overdraft. Use this overdraft or setting if you want transactions to be completed, even though you'll pay a fee. -
2020 Annual Report Contents
2020 Annual Report Contents ABOUT US CORPORATE GOVERNANCE i Five-Year Summary 116 Corporate Governance Report 1 Introduction 131 Changes in the Share Capital and ’ 2 Business Performance at a Glance Shareholders Profile Directors, Supervisors, Senior Management 4 Chairman’s Statement 134 and Employees 152 Report of the Board of Directors and MANAGEMENT DISCUSSION AND ANALYSIS Significant Events 170 Report of the Supervisory Committee 8 Customer Development 14 Technology-Powered Business Transformation FINANCIAL STATEMENTS 20 Business Analysis 20 Performance Overview 172 Independent Auditor’s Report 23 Life and Health Insurance Business 179 Consolidated Income Statement 32 Property and Casualty Insurance Business 180 Consolidated Statement of Comprehensive 38 Investment Portfolio of Insurance Funds Income 181 Consolidated Statement of Financial Position 44 Banking Business 183 Consolidated Statement of Changes In Equity 54 Asset Management Business 184 Consolidated Statement of Cash Flows 60 Technology Business 185 Notes to Consolidated Financial Statements 68 Analysis of Embedded Value 79 Liquidity and Capital Resources 85 Risk Management OTHER INFORMATION 100 Sustainability 327 Ping An Milestones 113 Prospects of Future Development 328 Honors and Awards 329 Glossary 332 Corporate Information Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward- looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as “potential”, “estimates”, “expects”, “anticipates”, “objective”, “intends”, “plans”, “believes”, “will”, “may”, “should”, variations of these words and similar expressions are intended to identify forward-looking statements.