1 to Dollarize Or Not to Dollarize: the CBA's Point of View Ladies And
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The Costs of Dollarization; a Central Banker’S View
The costs of dollarization; a central banker’s view Speech by Jeanette R. Semeleer, President of the Centrale Bank van Aruba (CBA), at the Symposium on “The advantages and disadvantages of Dollarization”, organized by the Council of Advice of St. Maarten, March 26, 2015. Members of Parliament, Ministers, Members of the Council of Advice and other distinguished guests, good evening. 1. Introduction First of all, allow me to express words of gratitude to the Council of Advice for the invitation to address you on the topic “The advantages and disadvantages of Dollarization”. I am truly honored and privileged to be here on this beautiful island (I should come here more often) and to contribute to the ongoing debate of dollarization in St. Maarten. Page 1 of 21 We all probably agree that dollarization is not an easy topic to debate on, but I hope when we leave the room tonight that some practical tools have been provided to facilitate the discussions. If this debate moves some time in the future towards a political decision that involves a change in the current exchange rate regime, extensive knowledge and practical experience are needed to choose the best policy for managing the exchange rate, which is a key instrument towards achieving macro- economic goals and maintaining financial stability. Tonight my speech will primarily focus on the costs of dollarization within the context of full dollarization. By full dollarization, I refer to a situation in which a country formally adopts a currency of another country—most commonly the U.S. dollar—as its legal tender.1 2. -
List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution. -
Appendix 1 Political Forms of the Caribbean Compiled by Yarimar Bonilla, Rutgers University
Appendix 1 Political Forms of the Caribbean Compiled by Yarimar Bonilla, Rutgers University Jurisdiction Political Status and Important Historical Dates Monetary Unit * = on UN list of non-self- governing territories Constituent country of the Kingdom of the Netherlands. Seceded from the Aruba Netherlands Antilles in 1986 with plans for independence, but independence was Aruban florin (AFL) postponed indefinitely in 1994. Constituent country of the Kingdom of the Netherlands. Former seat of the Antillean guilder N Curacao Netherlands Antilles central government. Became an autonomous country within (ANG) E the kingdom of the Netherlands in 2010. T Constituent Country within the Kingdom of the Netherlands. Part of the Windward H Sint Maarten Islands territory within the Netherland Antilles until 1983. Became an autonomous ANG E country within the Kingdom of the Netherlands in 2010. R L Special municipality of the Kingdom of the Netherlands. Formerly part of the A Bonaire Netherlands Antilles. Became a special municipality within the Kingdom of the US dollar (USD) N Netherlands in 2010. D Special municipality of the Kingdom of the Netherlands. Part of the Windward S Saba Islands territory within the Netherland Antilles until 1983. Became a special USD municipality within the Kingdom of the Netherlands in 2010. Special municipality of the Kingdom of the Netherlands. Part of the Windward Sint Eustatius Islands territory within the Netherland Antilles until 1983. Became a special USD municipality within the Kingdom of the Netherlands in 2010 Overseas territory of the United Kingdom. Formerly part of the British Leeward Island colonial federation as the colony of Saint Cristopher-Nevis-Anguilla. -
Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) 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. -
To Dollarize Or Not to Dollarize – the Central Bank of Aruba’S Point of View
Jeanette R Semeleer: To dollarize or not to dollarize – the Central Bank of Aruba’s point of view Speech by Ms Jeanette R Semeleer, President of the Central Bank of Aruba, at the conference “Opportunities and Risks of Dollarization for the Dutch Caribbean”, organized by the Minister of Finance of the Netherlands Antilles, Curaçao, at the Bank of the Netherlands Antilles, Willemstad, 24 August 2009. * * * Ladies and gentlemen, good morning! 1. Introduction I am truly honored to have been invited to speak to such a distinguished audience on a topic that touches everyone’s wallet, and that is dollarization. With dollarization in this context I refer to as the use of the US dollar as the exclusive legal tender in a country. I must admit that at the Centrale Bank van Aruba (CBA), although we have regular bilateral meetings, we have been quite surprised with the recent consideration of the BNA to replace the Netherlands Antillean guilder for the US dollar as the legal tender for the island of Curaçao on a very short term. In view of the far-reaching consequences of such a change, possibly for Aruba too, I highly applaud Mrs. De Lanooy’s initiative to organize a forum of experts, which could enlighten us further on a rather complicated issue. At the end, it is of crucial importance that the required political decision is based on a thorough assessment of the opportunities and risks associated with dollarization. In the next few minutes I will first clarify my view regarding dollarization in general and, subsequently, I will briefly focus on the special case of small-island economies like Aruba and the Netherlands Antilles. -
OECD International Network on Financial Education
OECD International Network on Financial Education Membership lists as at May 2020 Full members ........................................................................................................................ 1 Regular members ................................................................................................................. 3 Associate (full) member ....................................................................................................... 6 Associate (regular) members ............................................................................................... 6 Affiliate members ................................................................................................................. 6 More information about the OECD/INFE is available online at: www.oecd.org/finance/financial-education.htm │ 1 Full members Angola Capital Market Commission Armenia Office of the Financial System Mediator Central Bank Australia Australian Securities and Investments Commission Austria Central Bank of Austria (OeNB) Bangladesh Microcredit Regulatory Authority, Ministry of Finance Belgium Financial Services and Markets Authority Brazil Central Bank of Brazil Securities and Exchange Commission (CVM) Brunei Darussalam Autoriti Monetari Brunei Darussalam Bulgaria Ministry of Finance Canada Financial Consumer Agency of Canada Chile Comisión para el Mercado Financiero China (People’s Republic of) China Banking and Insurance Regulatory Commission Czech Republic Ministry of Finance Estonia Ministry of Finance Finland Bank -
Download PDF (216.5
KINGDOM OF THE NETHERLANDS—ARUBA STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION March 31, 2021 DISCUSSIONS—INFORMATIONAL ANNEX Prepared by Western Hemisphere Department CONTENTS F UND R EL AT IONS ________________________________ _____________________________________________ 2 ST AT IST ICAL ISSUE S ________________________________________________________________ __________ 5 ©International Monetary Fund. Not for Redistribution KINGDOM OF THE NETHERLANDS—ARUBA FUND RELATIONS (As of January 28, 2021) Membership Status The Kingdom of the Netherlands joined the Fund on December 27, 1945. On February 15, 1961, The Kingdom accepted the obligations of Article VIII, Section 2, 3, and 4 of the Articles of Agreement for all territories. General Resources Account SDR Million Percent of Quota Quota 8,736.50 100.00 Fund Holding of Currency 6902.44 79.01 Reserve Tranche Position 1,835.66 21.01 Percent SDR Department SDR Million Allocation Net cumulative allocation 4,836.63 100.00 Holdings 4,907.40 101.46 Outstanding Purchases and Loans: None Latest Financial Arrangements: None Projected Obligations to Fund (SDR million; based on existing use of resources and present holdings of SDRs): Forthcoming 2021 2022 2023 2024 2025 Principal . Charges/Interest 0.06 0.06 0.06 0.06 0.06 Total 0.06 0.06 0.06 0.06 0.06 Implementation of HIPC Initiative Not Applicable Implementation of Multilateral Debt Relief Initiative (MDRI) Not Applicable Implementation of Post-Catastrophe Debt Relief (CCR) Not Applicable Exchange Rate Arrangements Aruba has a conventional peg; the Aruban florin has been pegged to the U.S. dollar at Afl. 1.79 per U.S. dollar since January 1, 1986. -
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. -
Annex a Italian “White List” Countries and Lists of Supranational
Important Notice The Depository Trust Company B #: 15348‐21 Date: June 29, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief – Country: Italy Intesa Sanpaolo S.p.A. CUSIPs: 46115HBC0, 46115HBD8, 46115HBE6 Subject: Record Date: 06/27/2021 Payable Date: 07/12/2021 CA Web Instruction Deadline: 07/09/2021 8:00 PM (E.T.) 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. -
Sint Maarten Stepping out of the Monetary Union
SER advice nr. 2013 – 001 Philipsburg, February, 28th, 2013 Sint Maarten stepping out of the monetary union The Social Economic Council Sint Maarten (“Sociaal Economische Raad”, referred to below as “SER”) is an independent advisory body to the government of Sint Maarten. The SER advises upon request by one or more Ministers (solicited) or on its own initiative (unsolicited) on all important social economic issues. The SER was established by law (“Landsverordening Sociaal- Economische Raad”) in 2010. The SER consists of representatives of employees’ and employers’ organizations as well as independent experts. The objective of the SER is to achieve a broad concept of wealth in Sint Maarten by offering quality advice and reaching consensus on social economic issues. Table of Contents Introduction ................................................................................................................................ 3 2.1 The Central Bank of Curaçao and Sint Maarten .................................................................. 4 2.2 Dissolving the Central Bank of Curaçao and Sint Maarten .................................................. 6 3. History: Our Current Legal Tender ...................................................................................... 7 4.1 Dollarizing Sint Maarten ...................................................................................................... 9 4.2 A new currency for Sint Maarten ........................................................................................14 4.3 Financial -
Regtech and Suptech: Disruptive Technology in Reporting, Regulation and Supervision 21–24 May 2019, Royal Berkshire Hotel, England
Windsor Training Series 2019 Since 1999, Central Banking Publications has hosted roundtable training for the official sector which has been attended by more than 6,000 senior policy makers from central banks in more than 140 countries. RegTech and SupTech: Disruptive Technology in Reporting, Regulation and Supervision 21–24 May 2019, Royal Berkshire Hotel, England Course Chair Kimmo Soramäki, Founder and CEO, Financial Network Analytics and founding Editor-in- Chief, Journal of Network Theory in Finance Series Advisor Charles Goodhart, Professor Emeritus, London School of Economics http://events.centralbanking.com/windsor RegTech and SupTech: Disruptive Technology in Reporting, Regulation and Supervision Central Banking Publications For over 25 years Central Banking Publications has been a trusted provider of independent, authoritative and relevant information, commentary and analysis to the central banking community. Central Banking’s events division is the leading independent organiser of public policy seminars/training courses for the official sector. Since 1999, Central Banking has hosted roundtable seminars and training courses for over 6,000 senior policymakers from central banks, ministries of finance and financial regulatory agencies around the world. Senior officials from more than 140 countries have attended these meetings over the past decade and a half. RegTech and SupTech: Disruptive Technology in Reporting, Regulation and Supervision Dear Delegate, In 2019, disruptive technological innovation continues to transform financial systems – and the regulatory and supervisory regimes that protect them. Learning outcomes: Cryptocurrencies are forcing regulators and supervisors to take sides, cyber threats bring new dimensions to systemic risk, and digitalisation is generating By the end of the training revolutionary platforms for financial crime and fraud. -
International Narcotics Control Strategy Report
United States Department of State Bureau of International Narcotics and Law Enforcement Affairs International Narcotics Control Strategy Report Volume II Money Laundering March 2021 United States Department of State Bureau of International Narcotics and Law Enforcement Affairs International Narcotics Control Strategy Report Volume II Money Laundering March 2021 INCSR 2021 Volume II Money Laundering Table of Contents Common Abbreviations ............................................................................................................................................... 5 Definitions ..................................................................................................................................................................... 8 Legislative Basis and Methodology for the INCSR ................................................................................................. 13 Overview ...................................................................................................................................................................... 15 Training Activities ...................................................................................................................................................... 18 Board of Governors of the Federal Reserve System (FRB) .................................................................................... 18 Department of Homeland Security ..........................................................................................................................