DOCSLIB.ORG

Understanding Loan Portfolio

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Understanding Loan Portfolio Bank of Cyprus Group1 Bank of Cyprus Group Bank of America Merrill Lynch Financial Conference September 2017 The financial information included in this presentation is neither reviewed nor audited by the Group’s external auditors. The Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2017 have not been audited by the Group’s external auditors. The Group’s external auditors have conducted a review of the interim Condensed Consolidated Financial Statements for the six months ended 30 June 2017 in accordance with the International Standard on Review Engagements 2410 ‘Review of Interim Financial Information performed by the Independent Auditor of the Entity’. They are presented in Euro (€) and all amounts are rounded as indicated. A comma is used to separate thousands and a dot is used to separate decimals. (1) The Group Financial Results referred to in this Presentation relate to the consolidated financial results of Bank of Cyprus Holdings Public Limited Company (BOC Holdings), together with its subsidiary the Bank of Cyprus Public Company Limited, the “Bank”, and the Bank’s subsidiaries. On 18 January 2017, BOC Holdings was introduced in the Group structure as the new holding company. On 19 January 2017, the total issued share capital of BOC Holdings was admitted to listing and trading on the London Stock Exchange and the Cyprus Stock Exchange. Investment highlights 1 • Leading position in a strengthening Cypriot economy 2 • Proven track record of delivery against strategic objectives 3 • Steady improvement in financial indicators 4 • Clear strategy with focus on Cypriot bank and managing legacy portfolio 5 • EPS guidance of c.€0.40 provided for 2018; on course to deliver medium terms targets 2 Cypriot economy on a sustainable growth path GDP growth of 3.5% in 2Q2017 Falling unemployment rate Real GDP growth (%) Unemployment rate 18.0% 15.9% 16.1% 16.0% 14.9% 2010 2011 2012 2013 2014 2015 2016 1Q2017 2Q2017 2017E 3.7% 3.5% 2.8% 2.9% 14.0% 13.0% 1.3% 1.7% 0.3% 11.8% 11.7% 12.0% (1.5%) (6.0%) 10.0% (3.2%) 8.0% 6.0% Real GDP growth – Actual CySTAT Real GDP growth – forecast (MOF) 2012 2013 2014 2015 2016 2017E Unemployment rate (% of labour force) Credit ratings improving faster than peers… …reflected in reduced government bond yields Moody’s credit ratings Spreads (%) 1.2 A3 A3 Baa2 Baa2 Baa2 1 Ba1 Ba1 0.8 Ba3 Ba3 0.6 B2 0.4 Caa1 Caa2 Caa3 0.2 C 0 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jul 2016 Jul 2017 Apr 2016 Oct2016 Apr 2017 Jan 2016 Jun 2016 Jan 2017 Jun 2017 Mar 2016 Mar 2017 Feb 2016 Feb 2017 Dec 2015 Aug 2016 Sep 2016 Nov 2016 Dec 2016 Aug 2017 Sep 2017 May 2017 Cyprus Portgual Italy May 2016 Spain Greece Ireland Cyprus Portugal Spain Italy Greece SOURCE: Statistical Service of Republic of Cyprus; Bloomberg; European Commission Winter Forecasts 2017; Ministry of Finance; Calculations by BOC Economic Research 3 Strong delivery against objectives… Phase 1 Phase 2 Phase 3 Recapitalisation, shrink to Normalisation of funding and Growth, capital build up and core strength balance sheet derisking shareholder returns 2013 2014 2015 2016 2017 2018 • Well positioned to capitalise on • Bail-in and acquisition of certain assets Real Estate Management Unit (REMU) set up in 2016 Cyprus growth and liabilities of Laiki Full ELA repayment • Continued proactive management of €1bn share capital increase NPE reduction Moved listing from ATHEX to LSE • New lending focused on core Sale of non-core assets sectors of economy Integration of Laiki T2 issuance in Jan-17 – return to capital markets • Provision coverage in line with EU peer Relisting in Cyprus and Greece €5.2 bn NPE reduction since Dec 14, accounting for 29% of Cyprus' GDP • Normalised CoR in 2018 to drive shareholders return Restructuring and Recoveries Division (RRD) set up • Step-up to Premium LSE listing 4 …resulting in steady improvement on KPIs c.€5 bn balance sheet deleveraging > €5 bn reduction in RWAs Improving funding structure Customer deposits Total assets (€ bn) RWAs (€ bn) Loans to deposits ratio (%) as % total assets 49% 75% (€4.7bn) (€5.3bn) (51%) EBA average L/D1: 118% 90%- 110% 141% 26.8 22.7 loans to 22.1 >25.0 90% deposits ratio 17.4 Dec Jun Medium Term Dec Jun Dec Jun Medium Term 2014 2017 Target 2014 2017 2014 2017 Target Adequate capital post additional €5.2 bn reduction in NPEs NPEs coverage approaching 50% provisions NPEs ratio NPEs (€ bn) CET1 (fully loaded) (%) CET1 (transitional) (%) ` NPEs provision coverage 63% 50% 13.4% 11.8% (€5.2bn) 50% 48% <30% 14.0% >13% 12.3% 15.0 41% 42% 39% 9.8 34% Dec Jun Medium Term Dec Jun Medium Term 2014 2017 Target Dec Dec Dec Mar Jun Medium 2014 2017 Target 2014 2015 2016 2017 2017 Term Target (1) Based on EBA Risk Dashboard Report, data as at 31 March 2017. 5 RESTRICTED Clear strategy with focus on core Cypriot bank and managing legacy portfolio 0 New lending 1H2017 €mn 97 • Redeployment of B/S to core sectors of Cypriot economy and targeted lending in the UK Cyprus 845 114 UK 298 49 Fee income / Total income 133 1 2 156 • Revenue diversification via increasing focus on IBS and WM fee income and insurance 15% 17% 19% 4 255 2015 2016 1H17 192 • Distribution channel cost optimisation 0 bank Core • Tangible cost savings initiatives through a targeted cost reduction program • HR policies aimed at productivity 0 enhancement 153 204 • Comprehensive digital transformation • Roll out of digital strategy programme in collaboration with IBM 203 224 230 • Further refining NPE management framework to maintain momentum in deleveraging plan • 76% of restructured loans have no arrears 127 127 127 • Pre-approved restructuring solutions 191 • Focus shifting towards SME and Retail portfolio workouts – DFAs3, write offs & foreclosures 191 • Low value high volume tickets 191 234 portfolio NPE Legacy • Manages c.€1.5bn of property stock • Specialist real estate unit - REMU 234 • >€300mn sales at above book value 234 (1) International business service. (2) Wealth management. (3) Debt for Asset swaps. 6 (4) Excluding non recurring fees of approximately €7 mn Leading position in the Cypriot market… xx% Market share Hellenic Bank 38.7%4 23%4 8%4 Gross loans € bn 19.5 12.0 5.2 4.3 1.9 31.3%4 27%4 12%4 Deposits 16.6 12.6 € bn 6.0 2.2 3.8 246 Branch network 121 52 # branches 22 8 Life Non-life 18.8%3 17.0%3 12.3%3 13.4%3 Insurance 21 1 19 premiums 15 16 € mn 2 2 & & 2 Source: CBC, company disclosure as of 1H2017 for BOC, Alpha Bank and Eurobank, 1Q2017 for Hellenic Bank and FY2016 for Cooperative Central Bank (1) 1Q2017 (provisional results). (2) 49,9% owned by BOC. (3) Market shares for insurance premiums as at 31 March 2017 (on provisional results). 7 (4) As of June 2017 for BOC, March 2017 for Hellenic Bank and June 2016 for Cooperative Central Bank. … with robust new lending supporting the Cypriot economy Cyprus projected to grow faster than most countries in the region Tourism & professional services core sectors Real GDP growth (%) – 2017E Contribution to 2016 Real GDP growth in p.p. (total 2,8%) Tourism & trade 1.2 Professional & admin 0.6 Public, education & health 0.4 Industry 0.4 Construction 0.4 3.5% 2.9% Other 0.3 2.6% 2.4% 2.2% 1.7% Agriculture 0.0 0.8% Information (0.0) Ireland Cyprus Spain Euro area Greece Portugal Italy Financial (0.5) average New lending largely to corporates New lending maps core sectors driving GDP growth New lending Cyprus (€ mn) Composition of 1H2017 New lending Cyprus (€ mn) – 1H2017 lending: €845 mn Trade 219 FY16: c. €1 bn 1H17: €845 mn 2% Private individuals 190 14% Professional and other services 94 Construction 94 23% Hotels and restaurants 88 502 61% Real estate 340 343 68 265 240 163 Corporate Consumer Other Sectors 53 Manufacturing 39 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 SME Other SOURCE: Statistical Service of Republic of Cyprus; Ministry of Finance; IMF World Economic Outlook Database, April 2017 8 Focus remains on asset quality improvement • 9 consecutive quarters of NPE reduction €5.2bn NPE reduction • €5.2 bn or 35% reduction in NPEs since Dec 14; 29% of Cyprus GDP • Multi-pronged strategy through curing, collections, write-offs and consensual foreclosures • Brings provisioning assumptions in line with regulatory expectations Additional • Concludes regulatory dialogue on coverage €500mn provisions in 1H2017 • Helps Bank to return to a normal impairment path • No recourse to shareholders • To exceed 50% by year end Improved 48% 1 coverage ratio • Coverage now above EU average • Paves way for a potential 3rd party solution to address NPE stock • Elevated CoR of 4.2%2 in 1H2017 driven by modifications to provisioning assumptions 4.2% Cost of Risk (CoR) • CoR expected to normalise going forward to ~100 bps • Accelerates pathway to delivering returns to shareholders • Post implementation coverage expected to improve to mid 50% IFRS 9 Effective from Jan 2018 • Currently assessing and calibrating detailed impact • Capital impact expected to be phased in over a 5 year period3 (1) Based on EBA Risk Dashboard as at 31 March 2017. (2) Provisions for impairment of customer loans and gains/(losses) on derecognition of loans and changes in expected cash flows on acquired loans over average gross loans. Additional provisions of c.€500 mn are included in the calculation of Cost of Risk but are not annualised.
Load more

Recommended publications
  • 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.
    [Show full text]
  • Inward Remittance — Quick Reference Guide
    Inward Remittance — Quick Reference Guide How to instruct a Remitting Bank to remit funds to your account with BOCHK Please instruct the Remitting Bank to send a detailed payment instruction in SWIFT MT103 format to us using the below SWIFT BIC of BOCHK. To designate BOCHK as the Beneficiary’s bank, please provide below details. SWIFT BIC: BKCHHKHHXXX Bank Name: BANK OF CHINA (HONG KONG) LIMITED, HONG KONG Main Address: BANK OF CHINA TOWER, 1 GARDEN ROAD, CENTRAL, HONG KONG Bank Code: 012 (for local bank transfer CHATS / RTGS only) Please provide details of your account for depositing the remittance proceeds. Beneficiary’s Account Number: Please provide the 14-digit account number to deposit the incoming funds. (Please refer to Part 3 for further explanation.) Beneficiary’s Name: Please provide the name of the above account number as in our record. Major Clearing Arrangement and Correspondent Banks of BOCHK CCY SWIFT BIC Name of Bank Details Bank of China (Hong Kong) Ltd - RMB BKCHHKHH838 BOCHK’s CNAPS No.: 9895 8400 1207 Clearing Centre CNY BKCHCNBJXXX Bank of China Head Office, Beijing Direct Participant of CIPS (Payment through CIPS) BKCHCNBJS00 Bank of China, Shanghai Correspondent Bank of BOCHK in the mainland CCY SWIFT BIC Name of Bank CCY SWIFT BIC Name of Bank AUD BKCHAU2SXXX Bank of China, Sydney NOK DNBANOKKXXX DNB Bank ASA, Oslo Bank Islam Brunei Darussalam NZD BND BIBDBNBBXXX ANZBNZ22XXX ANZ National Bank Ltd, Wellington Berhad CAD BKCHCATTXXX Bank of China (Canada), Toronto SEK NDEASESSXXX Nordea Bank AB (Publ), Stockholm CHF UBSWCHZH80A UBS Switzerland AG, Zurich SGD BKCHSGSGXXX Bank of China, Singapore DKK DABADKKKXXX Danske Bank A/S, Copenhagen THB BKKBTHBKXXX Bangkok Bank Public Co Ltd, Bangkok Commerzbank AG, Frankfurt AM COBADEFFXXX CHASUS33XXX JPMorgan Chase Bank NA, New York EUR Main BKCHDEFFXXX Bank of China, Frankfurt USD CITIUS33XXX Citibank New York GBP BKCHGB2LXXX Bank of China, London BOFAUS3NXXX Bank of America, N.A.
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 1 SECRET LAIKI POPULAR BANK How a Bank's Mismanagement
    SECRET LAIKI POPULAR BANK How a bank’s mismanagement toppled an economy Introduction This study has been carried out following the instructions by the President of the Republic of Cyprus, Nicos Anastasiades with the aim of tracking down the causes which led the Cypriot economy to the brink of collapse. The objective is to draw lessons from the past and take corrective measures so that the country will never find itself in a similar, critical position. The documentation used is based on material from the archives of the Presidential Palace. Moreover, important confidential material of the Central Bank of Cyprus (CBC) has been utilized, which was submitted to the Investigation Committee appointed by the Ministerial Council with the task of looking into the causes which led to the financial crisis. This material has not been adequately utilized by the Committee - for reasons already explained by the Committee itself- and has been delivered to the State archive. The framework of the study’s findings is as follows: Since 2011, when the Cypriot economy was initially downgraded by international rating agencies, the problems were spotted at the banks, as a result of the Greek crisis, and to the Government’s weakness to support them financially should the need arose. Briefly, these problems can be summarized as follows: - The size of the banks was about seven times that of the economy’s GDP. - Private indebtedness (companies and households) without sufficient collateral. 1 - Cypriot banks were exposed to Greece which found itself in a protracted crisis and with a visible risk of exiting the euro area.
    [Show full text]
  • Members of the Contact Group on Euro Payments Strategy (Cogeps)
    MEMBERS OF THE CONTACT GROUP ON EURO PAYMENTS STRATEGY (COGEPS) LARGE VALUE AND RETAIL PAYMENTS ISSUES Co-chairs European Central Bank RUSSO, Daniela Chair of the EPC HARTSINK, Gerard Banking industry Chair of FBE Payments Committee GAGGI, Pierfrancesco ACCB (Association of Cyprus Banks) NICOLAOU, Marios Banco Santander and EPC Chair SPS WG SANTAMARIA, Francisco Javier Bank of Valletta, Malta SANT, Peter Banque et Caisse d’Épargne de l’État / State and Savings Bank Luxembourg ERNST, Gilbert BNP Paribas KRAFT, Thomas Chair of ESBG Payment Committee DENÈLE, Fabrice Citi Bank and EPC Chair of Information Security SG WANDHÖFER, Ruth Bundesverband deutscher Banken (Association of German Banks) KARASU, Ibrahim Caixa Geral de Depositos and EPC Chair Cash WG MACHADO, Leonor CECA HUERTAS, Francisco Deutscher Sparkassen- und Giroverband (DSGV) WEISS, Axel DnB NOR and EPC Chair of Mobile Channel WG FLATRAAKER, Dag-Inge EPC Secretary General MUSTO, Marco EPC Vice Chair and Crédit Mutuel BRUN, Claude Erste Bank MATTES, Klaus Euro Banking Association LICHTER, Gilbert European Association of Co-operative Banks (EACB) GUIDER, Hervé European Banking Federation (FBE) RAVOET, Guido European Savings Banks Group (ESBG) DE NOOSE, Chris FBF DUTREUIL, Bernard Hellenic Banking Association TAVLARIDIS, Kostas INTESA SANPAOLO SpA FERRERO, Giorgio Irish Payment Services Organisation Ltd MCLOUGHLIN, Pat Page 1 KBC Bank GUNS, Bart Millenium BCP Bank FONTES, Alirio Payments Council Ltd SMEE, Paul Pohjola Bank Plc and EPC Chair of Standards SG AALTO, Petri Rabobank Nederland
    [Show full text]
  • 14879-21Tax Relief
    Important Notice The Depository Trust Company B #: 14879‐21 Date: May 19, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief – Country: Italy UniCredit S.p.A. CUSIP(s): 904678AG4 Subject: Record Date: 05/28/2021 Payable Date: 06/04/2021 CA Web Instruction Deadline: 06/03/2021 8:00 PM ET Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self‐certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212‐422‐1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • P. Demetriades, Minsky 2019
    Hyman P Minsky Conference Levy Instutute, Bard College 17 April 2019 Session on Outlook for reform of the euro system Central bank independence Panicos Demetriades and the future of the euro !1 Outlook for reform • Much of the discussion has focussed on gaps in the euro’s architecture • A European Deposit Insurance Scheme (EDIS) to complete the banking union - Germany demanding risk reduction (including reducing NPLs) before agreeing to Commission proposals • Disagreements between France and Germany centering around risk sharing vs risk reduction have meant that moves towards more risk sharing have stalled • Franco-German economists proposal aims to break the deadlock by recommending measures to both reduce risk and improve risk sharing • Little discussion on whether the current architecture is working, instead Eurozone is congratulating itself for getting through the crisis with the euro intact !2 The euro has survived the crisis…but at what cost? • Major setbacks to central bank independence (CBI) • Since 2014, four Eurosytem central bank governors have resigned or were removed from office (Cyprus, Slovenia, Latvia, Slovakia) • Others have come under political pressure to resign (e.g. Greece, Portugal) • Appointments of cronies and unqualified sympathisers on central bank boards • Money laundering scandals have embarassed the ECB (Latvia, Estonia, Malta, Cyprus) and have exposed new financial stability risks (e.g. bank run on ABLV) • They have exposed the incompleteness of the first pillar of the banking union - banking supervision - as
    [Show full text]
  • Renewal of Collective Agreement
    Announcement Renewal of collective agreement Nicosia, 23 July 2021 Group Profile The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Bank of Cyprus Group operates through a total of 91 branches in Cyprus, of which 11 operate as cash offices. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 3,557 staff worldwide. At 31 March 2021, the Group’s Total Assets amounted to €23.0 bn and Total Equity was €2.1 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries. Bank of Cyprus Holdings Public Limited Company (“BOC Holdings” and, together with its subsidiary, Bank of Cyprus Public Company Limited (the “Bank”), and the Bank’s subsidiaries, the “Group”) announces today that the Bank has reached agreement with the Cyprus Union of Bank Employees for the renewal of the collective agreement in respect of 2021 and 2022. The Group is making good progress on implementing a number of initiatives to improve the efficiency of its operating model, enabled by digital transformation. In this context, the Bank has agreed upon certain changes to the collective agreement, including the introduction of a new pay grading structure linked to the value of each position of employment, and of a performance-related pay component as part of the annual salary increase, both of which have been long-standing objectives of the Bank and are in line with market best-practice.
    [Show full text]
  • 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.
    [Show full text]