The Swedish approach to capital requirements in CRD IV
|
|
- Marilynn Small
- 6 years ago
- Views:
Transcription
1 The Swedish approach to capital requirements in CRD IV State Secretary Johanna Lybeck Lilja
2 The aim of capital requirements Enhancing growth creating potential of a integrated, stable financial system Boosting investor confidence Internationally competitive and robust while containing the destabilizing powers embedded in the system Financial systems are subject to instability, crises will re-emerge
3 The directive Powers and responsibilities of national authorities Authorization Supervision Capital buffers Sanctions Internal risk management Corporate governance provisions
4 The regulation Requirements of Capital Liquidity Leverage Counterparty credit risk
5 Important improvements 14,0% 12,0% 2,5% 10,0% 8,0% 2,0% 1,5% Countercyclical buffer Tier 2 Remaining Tier 1 6,0% 4,0% 2,5% Conservation buffer Core Tier 1 4,0% 2,0% 2,0% 4,5% 2,0% 0,0% Basel II Basel III
6 The Swedish view Strongly supports the Basel III agreement Welcomes further harmonisation of the rules and legislation governing credit institutions Advocates national flexibility More capital than the minimum pillar I requirements of Basel III
7 Why does Sweden propose stricter capital requirements? One of the largest banking sectors in Europe in relation to GDP Multinational reach Intertwined and highly concentrated Basel III sets minimum standards
8 Challenges varies across countries Bank assets in relation to GDP 800% 700% 600% 500% 400% 300% 200% 100% 0% Switzerland* Great Britain Sweden Netherlands Spain Germany France Ireland Austria Denmark Portugal Luxembourg Mean Belgium Greece Italy Slovenia Finland Hungary Latvia Poland Bulgaria Lithuania Czech Republic Slovakia Estonia Source: ECB, SNB, Riksbanken
9 Why does Sweden propose stricter capital requirements? One of the largest banking sectors in Europe in relation to GDP Multinational reach Intertwined and highly concentrated Basel III sets minimum standards
10 Effective financial markets Externalities that lead to systemic risks SIFIs are subject to subsidies Competitive advantage => Higher capital requirements leads to a more level playing field
11 Public finances at risk (1) Too low capital requirement levels put public finances and the economy as a whole at risk The cost of a financial crisis is borne by each country s taxpayers The challenges varies between countries => Capital requirement levels is an important fiscal policy parameter.
12 Public finances at risk (2) Empirical effects of financial crises over the past one hundred years, in developed economies and emerging economies. Average. The financial crisis of 2007 and 2008 is not included. Increase of unemployment (percentage points) Decrease in production Decrease in housing prices Stock market downturn Real increase of national debt* 0% 20% 40% 60% 80% 100% * The statistics for the increase of national debt is based on financial crises after World War II. Source: Reinhart & Rogoff, 2010
13 Public finances at risk (3) The Public Sector gross debt as part of GDP Iceland Ireland Source: OECD
14 What is an optimal level? Varies across countries Basel committee proposes a 7 % global minimum At the moment, the market require a higher ratio Studies from BIS finds the optimal level to be around % The optimal level for Sweden is yet to be determined
15 Is the Swedish approach a disadvantage to Swedish banks? The case of Switzerland and Singapore The risk of instability is costly to investors and shareholders too
16 Comparison of Basel II, Basel III and the current Swiss proposal 20,0% 18,0% 16,0% 6,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% 2,5% 3,0% 2,0% 1,5% 4,0% 2,5% 10,0% 2,0% 4,5% 2,0% Basel II Basel III Switzerland Countercyclical buffer Tier 2 Remaining Tier 1 Conservation buffer Cocos with trigger 5 % Cocos with trigger 7 % Core Tier 1
17 Is the Swedish view detrimental to a single financial market? Differences across countries will still prevail Risk weights will still be set by each national financial supervision authority Pillar II regulations will affect financial institutions differently SIFIs and non-sifis will have different capital requirements
18 Are there other solutions to Sweden s concerns? Countercyclical buffer Affects all banks Additional capital requirement imposed by supervisory authorities (pillar II) Less predictable Less transparent Time dependent
19 Conclusion Sweden welcomes the implementation of Basel III which will strengthen the financial single market in the EU SIFIs have an unfair competitive advantage Taxpayers in individual countries will have to pay for a future crisis Higher pillar I capital requirement is the most effective way to achieve this protection The need for protection varies across countries Flexibility in pillar I capital requirements is thus necessary
EU-28 RECOVERED PAPER STATISTICS. Mr. Giampiero MAGNAGHI On behalf of EuRIC
EU-28 RECOVERED PAPER STATISTICS Mr. Giampiero MAGNAGHI On behalf of EuRIC CONTENTS EU-28 Paper and Board: Consumption and Production EU-28 Recovered Paper: Effective Consumption and Collection EU-28 -
More informationLive Long and Prosper? Demographic Change and Europe s Pensions Crisis. Dr. Jochen Pimpertz Brussels, 10 November 2015
Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Dr. Jochen Pimpertz Brussels, 10 November 2015 Old-age-dependency ratio, EU28 45,9 49,4 50,2 39,0 27,5 31,8 2013 2020 2030 2040 2050
More informationBank resolution in the Swedish context
Bank resolution in the Swedish context Hans Lindblad Director General UBS Annual Nordic Financial Services Conference Stockholm 8 september 2016 The Swedish economy is performing well GDP growth is strong
More informationEU BUDGET AND NATIONAL BUDGETS
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT ON BUDGETARY AFFAIRS EU BUDGET AND NATIONAL BUDGETS 1999-2009 October 2010 INDEX Foreward 3 Table 1. EU and National budgets 1999-2009; EU-27
More informationEMPLOYMENT RATE Employed/Working age population (15-64 years)
1 EMPLOYMENT RATE 1980-2003 Employed/Working age population (15-64 years 80 % Finland (Com 75 70 65 60 EU-15 Finland (Stat. Fin. 55 50 80 82 84 86 88 90 92 94 96 98 00 02 9.9.2002/SAK /TL Source: European
More informationApproach to Employment Injury (EI) compensation benefits in the EU and OECD
Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-
More informationEMPLOYMENT RATE IN EU-COUNTRIES 2000 Employed/Working age population (15-64 years)
EMPLOYMENT RATE IN EU-COUNTRIES 2 Employed/Working age population (15-64 years EU-15 Denmark Netherlands Great Britain Sweden Portugal Finland Austria Germany Ireland Luxembourg France Belgium Greece Spain
More informationAIB - CEBS Stress Test. 23rd July 2010
AIB - CEBS Stress Test 23rd July 2010 Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] welcomes today s earlier announcements of the EU-wide stress testing exercise co-ordinated by the Committee of European
More informationReport Penalties and measures imposed under the UCITS Directive in 2016 and 2017
Report Penalties and measures imposed under the Directive in 206 and 207 4 April 209 ESMA34-45-65 4 April 209 ESMA34-45-65 Table of Contents Executive Summary... 3 2 Background and relevant regulatory
More informationChart pack to council for cooperation on macroprudential policy
Chart pack to council for cooperation on macroprudential policy Contents List of charts... 3 Macro and macro-financial setting... 5 Swedish macroeconomic setting... 5 Foreign macroeconomic setting... Macro-financial
More informationDG TAXUD. STAT/11/100 1 July 2011
DG TAXUD STAT/11/100 1 July 2011 Taxation trends in the European Union Recession drove EU27 overall tax revenue down to 38.4% of GDP in 2009 Half of the Member States hiked the standard rate of VAT since
More informationEuropean Advertising Business Climate Index Q4 2016/Q #AdIndex2017
European Advertising Business Climate Index Q4 216/Q1 217 ABOUT Quarterly survey of European advertising and market research companies Provides information about: managers assessment of their business
More informationComposition of capital IT044 IT044 POWSZECHNAIT044 UNIONE DI BANCHE ITALIANE SCPA (UBI BANCA)
Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than
More informationEMPLOYMENT RATE Employed/Working age population (15 64 years)
EMPLOYMENT RATE 198 26 Employed/Working age population (15 64 years 8 % Finland 75 EU 15 EU 25 7 65 6 55 5 8 82 84 86 88 9 92 94 96 98 2 4** 6** 14.4.25/SAK /TL Source: European Commission 1 UNEMPLOYMENT
More informationTHE IMPACT OF THE PUBLIC DEBT STRUCTURE IN THE EUROPEAN UNION MEMBER COUNTRIES ON THE POSSIBILITY OF DEBT OVERHANG
THE IMPACT OF THE PUBLIC DEBT STRUCTURE IN THE EUROPEAN UNION MEMBER COUNTRIES ON THE POSSIBILITY OF DEBT OVERHANG Robert Huterski, PhD Nicolaus Copernicus University in Toruń Faculty of Economic Sciences
More informationComposition of capital as of 30 September 2011 (CRD3 rules)
Composition of capital as of 30 September 2011 (CRD3 rules) Capital position CRD3 rules September 2011 Million EUR % RWA References to COREP reporting A) Common equity before deductions (Original own funds
More informationJOINT STATEMENT. The representatives of the governments of the Member States, meeting within the Council of
JOINT STATEMENT The representatives of the governments of the Member States, meeting within the Council of the EU, and The Swiss Federal Council, Have drawn up the following Joint Statement on company
More informationComposition of capital as of 30 September 2011 (CRD3 rules)
Composition of capital as of 30 September 2011 (CRD3 rules) Capital position CRD3 rules September 2011 Million EUR % RWA References to COREP reporting A) Common equity before deductions (Original own funds
More informationFCCC/SBI/2010/10/Add.1
United Nations Framework Convention on Climate Change Distr.: General 25 August 2010 Original: English Subsidiary Body for Implementation Contents Report of the Subsidiary Body for Implementation on its
More informationEUROPA - Press Releases - Taxation trends in the European Union EU27 tax...of GDP in 2008 Steady decline in top corporate income tax rate since 2000
DG TAXUD STAT/10/95 28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio1
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels,.4.29 COM(28) 86 final/ 2 ANNEXES to 3 ANNEX to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationSpain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia
Germany Belgium Portugal Spain France Switzerland Italy England Netherlands Iceland Poland Croatia Slovakia Russia Austria Wales Ukraine Sweden Bosnia-Herzegovina Republic of Ireland Czech Republic Turkey
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationEU Pension Trends. Matti Leppälä, Secretary General / CEO PensionsEurope 16 October 2014 Rovinj, Croatia
EU Pension Trends Matti Leppälä, Secretary General / CEO PensionsEurope 16 October 2014 Rovinj, Croatia 1 Lähde: World Bank 2 Pension debt big (implicit debt, % of GDP, 2006) Source:Müller, Raffelhüschen
More information11 th Economic Trends Survey of the Impact of Economic Downturn
11 th Economic Trends Survey 11 th Economic Trends Survey of the Impact of Economic Downturn 11 th Economic Trends Survey COUNTRY ANSWERS Austria 155 Belgium 133 Bulgaria 192 Croatia 185 Cyprus 1 Czech
More informationHow to complete a payment application form (NI)
How to complete a payment application form (NI) This form should be used for making a payment from a Northern Ireland Ulster Bank account. 1. Applicant Details If you are a signal number indemnity holder,
More informationConsumer Credit. Introduction. June, the 6th (2013)
Consumer Credit in Europe at end-2012 Introduction Crédit Agricole Consumer Finance has published its annual survey of the consumer credit market in 27 European Union countries (EU-27) for the sixth year
More informationCFA Institute Member Poll: Euro zone Stability Bonds
CFA Institute Member Poll: Euro zone Stability Bonds I. About the Survey... 2 a. Background... 2 b. Purpose and Methodology... 2 II. Full Results... 2 Q1: Requirement of common issuance of sovereign bonds...
More informationDividends from the EU to the US: The S-Corp and its Q-Sub. Peter Kirpensteijn 23 September 2016
Dividends from the EU to the : The S-Corp and its Q-Sub Peter Kirpensteijn 23 September 2016 The Inc: large multinational manufacturing company residents The LLC: holding company owned by tax residents
More informationYouth Integration into the labour market Barcelona, July 2011 Jan Hendeliowitz Director, Employment Region Copenhagen & Zealand Ministry of
Youth Integration into the labour market Barcelona, July 2011 Jan Hendeliowitz Director, Employment Region Copenhagen & Zealand Ministry of Employment, Denmark Chair of the OECD-LEED Directing Committee
More informationBorderline cases for salary, social contribution and tax
Version Abstract 1 (5) 2015-04-21 Veronica Andersson Salary and labour cost statistics Borderline cases for salary, social contribution and tax (Workshop on Labour Cost Survey, Rome, Italy 5-6 May 2015)
More informationNOTE. for the Interparliamentary Meeting of the Committee on Budgets
NOTE for the Interparliamentary Meeting of the Committee on Budgets THE ROLE OF THE EU BUDGET TO SUPPORT MEMBER STATES IN ACHIEVING THEIR ECONOMIC OBJECTIVES AS AGREED WITHIN THE FRAMEWORK OF THE EUROPEAN
More informationLowest implicit tax rates on labour in Malta, on consumption in Spain and on capital in Lithuania
STAT/13/68 29 April 2013 Taxation trends in the European Union The overall tax-to-gdp ratio in the EU27 up to 38.8% of GDP in 2011 Labour taxes remain major source of tax revenue The overall tax-to-gdp
More informationDPD CLASSIC (Slovenia) Slovenia 6,00 7,00 10,00 11,00 12,00 13,00 14,00 16,00 18,00 DPD CLASSIC - PARCEL DELIVERY TO THE EU
Parcel delivery in Slovenia DPD CLASSIC (Slovenia) Area up to up to up to up to 1 up to up to 2 up to 31. up to 40 kg up to 50 kg Slovenia 6,00 7,00 10,00 11,00 12,00 13,00 14,00 18,00 Prices are in EUR
More informationFiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationBurden of Taxation: International Comparisons
Burden of Taxation: International Comparisons Standard Note: SN/EP/3235 Last updated: 15 October 2008 Author: Bryn Morgan Economic Policy & Statistics Section This note presents data comparing the national
More informationName Organisation Date
European Public Leadership Driving Innovation In Construction and Operations Name Organisation Date Construction: declining productivity and low digitalisation Productivity Digitalisation Other non-farm
More informationQuarterly Financial Accounts Household net worth reaches new peak in Q Irish Household Net Worth
Quarterly Financial Accounts Q4 2017 4 May 2018 Quarterly Financial Accounts Household net worth reaches new peak in Q4 2017 Household net worth rose by 2.1 per cent in Q4 2017. It now exceeds its pre-crisis
More information2017 Figures summary 1
Annual Press Conference on January 18 th 2018 EIB Group Results 2017 2017 Figures summary 1 European Investment Bank (EIB) financing EUR 69.88 billion signed European Investment Fund (EIF) financing EUR
More informationCourthouse News Service
14/2009-30 January 2009 Sector Accounts: Third quarter of 2008 Household saving rate at 14.4% in the euro area and 10.7% in the EU27 Business investment rate at 23.5% in the euro area and 23.6% in the
More informationInternational Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships
International Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships Budapest, Hungary March 7 8, 2007 The views expressed in this paper are those of the
More informationThe Cyprus Economy: from Recovery to Sustainable Growth. Vincenzo Guzzo Resident Representative in Cyprus
The Economy: from Recovery to Sustainable Growth Vincenzo Guzzo Resident Representative in Growth momentum remains strong 18 : Real GDP ( billion) 1 Deviation from Pre-Crisis Level and Trend (Percent)
More informationSTAT/12/ October Household saving rate fell in the euro area and remained stable in the EU27. Household saving rate (seasonally adjusted)
STAT/12/152 30 October 2012 Quarterly Sector Accounts: second quarter of 2012 Household saving rate down to 12.9% in the euro area and stable at 11. in the EU27 Household real income per capita fell by
More informationMacroeconomic scenarios for skill demand and supply projections, including dealing with the recession
Alphametrics (AM) Alphametrics Ltd Macroeconomic scenarios for skill demand and supply projections, including dealing with the recession Paper presented at Skillsnet technical workshop on: Forecasting
More informationMaintaining Adequate Protection in a Fiscally Constrained Environment Measuring the efficiency of social protection systems
Maintaining Adequate Protection in a Fiscally Constrained Environment Measuring the efficiency of social protection systems May 27, 2013 Brussels, Belgium Ramya Sundaram. rsundaram@worldbank.org The World
More informationMUTUALS IN EUROPE: WHO THEY ARE, WHAT THEY DO AND WHY THEY MATTER
MUTUALS IN EUROPE: WHO THEY ARE, WHAT THEY DO AND WHY THEY MATTER This summary is based on the PANTEIA report Study on the current situation and prospects of mutuals in Europe. The study was financed by
More informationSecond SHA2011-based pilot data collection 2014
EUROPEAN COMMISSION EUROSTAT Directorate F: Social statistics Unit F-5: Education, health and social protection DOC 2013-PH-06 Annex 3 Second SHA2011-based pilot data collection 2014 Item 6.2.3 of the
More informationAuditor s involvement in the contributions to the Single Resolution Fund. Providing assurance for 2014 and 2015 SURVEY
Auditor s involvement in the contributions to the Single Resolution Fund Providing assurance for 2014 and 2015 SURVEY AUDIT & ASSURANCE SEPTEMBER 2016 HIGHLIGHTS This survey demonstrates divergence across
More informationTaxation trends in the European Union Further increase in VAT rates in 2012 Corporate and top personal income tax rates inch up after long decline
STAT/12/77 21 May 2012 Taxation trends in the European Union Further increase in VAT rates in 2012 Corporate and top personal income tax rates inch up after long decline The average standard VAT rate 1
More informationConsumer credit market in Europe 2013 overview
Consumer credit market in Europe 2013 overview Crédit Agricole Consumer Finance published its annual survey of the consumer credit market in 28 European Union countries for seven years running. 9 July
More informationDANMARKS NATIONALBANK
DANMARKS NATIONALBANK WEALTH, DEBT AND MACROECONOMIC STABILITY Niels Lynggård Hansen, Head of Economics and Monetary Policy. IARIW, Copenhagen, 21 August 2018 Agenda Descriptive evidence on household debt
More informationPUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012
PUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012 1. INTRODUCTION This document provides estimates of three indicators of performance in public procurement within the EU. The indicators are
More informationElectricity & Gas Prices in Ireland. Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016
Electricity & Gas Prices in Ireland Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016 ENERGY POLICY STATISTICAL SUPPORT UNIT 1 Electricity & Gas Prices in Ireland Annex Business
More informationLong Term Reform Agenda International Perspective
Long Term Reform Agenda International Perspective Asta Zviniene Sr. Social Protection Specialist Human Development Department Europe and Central Asia Region World Bank October 28 th, 2010 We will look
More informationEU State aid: Guidelines on State aid for environmental protection and energy making of -
EU State aid: Guidelines on State aid for environmental protection and energy 2014-2020 - making of - NHO Seminar Oslo, 5 November 2014 Guido Lobrano, Senior Legal Adviser Summary What is BUSINESSEUROPE?
More informationOpen Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017
Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and
More informationEnterprise Europe Network SME growth forecast
Enterprise Europe Network SME growth forecast 2017-18 een.ec.europa.eu Foreword Since we came into office three years ago, this European Commission has put the creation of more jobs and growth at the centre
More informationCredit guarantee schemes in Central, Eastern and South-Eastern Europe - a survey
Vienna Initiative 2 Credit guarantee schemes in Central, Eastern and South-Eastern Europe - a survey EBA-EIB-EIF seminar on Synthetic Securitisation and Financial Guarantees, 31 May 2016, London Áron Gereben
More informationTax Survey Effective tax ratesof employees with different income levels in 25countries. Ivan Fučík. Fučík & partners, Prague, Czech Republic
Tax Survey 2012 Effective tax ratesof employees with different income levels in 25countries Ivan Fučík Fučík & partners, Prague, Czech Republic E-mail: ivan@fucik.cz www.fucik.cz Content Introduction of
More informationECB Report on Financial Integration in Europe April 2008 Lucas Papademos
ECB Report on Financial Integration in Europe April 2008 Lucas Papademos Frankfurt am Main, 29 April 2008 1 Structure of the report Chapter 1: State of financial integration in the euro area Assessment
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING DOCUMENT. Annex to the
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 19122006 SEC(2006) 1690 COMMISSION STAFF WORKING DOCUMENT Annex to the COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT AND THE
More informationTAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov
TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,
More informationEnterprise Europe Network SME growth outlook
Enterprise Europe Network SME growth outlook 2018-19 een.ec.europa.eu 2 Enterprise Europe Network SME growth outlook 2018-19 Foreword The European Commission wants to ensure that small and medium-sized
More informationSELECTED MAJOR SOCIAL SECURITY PENSION REFORMS IN EUROPE, Source: ISSA Databases
SELECTED MAJOR SOCIAL SECURITY PENSION REFORMS IN EUROPE, 1995-2014 Source: ISSA Databases COUNTRY AREA YR SUMMARY OBJECTIVE POSSIBLE EVALUATION CRITERIA* United Kingdom Pensions 2014 Replacing public
More informationLithuania Country Profile
Lithuania Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Lithuania EU Member State Yes Double Tax Treaties With: Armenia Austria Azerbaijan
More informationSustainability and Adequacy of Social Security in the Next Quarter Century:
Sustainability and Adequacy of Social Security in the Next Quarter Century: Balancing future pensions adequacy and sustainability while facing demographic change Krzysztof Hagemejer (Author) John Woodall
More informationDefining Issues. EU Audit Reforms: The Countdown Begins. April 2016, No Key Facts for U.S. Companies
Defining Issues April 2016, No. 16-12 EU Audit Reforms: The Countdown Begins Only two months remain before the European Union (EU) audit reforms come into full effect. These reforms will affect many U.S.
More informationTO CNMV (SPANISH SECURITIES EXCHANGE COMMISSION)
TO CNMV (SPANISH SECURITIES EXCHANGE COMMISSION) Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of the Spanish Securities Market Act, hereby proceeds by means of the present document
More informationFSMA_2017_05-01 of 24/02/2017
FSMA_2017_05-01 of 24/02/2017 This Communication is addressed to Belgian alternative investment fund managers who intend to market, to professional investors, units or shares of European Economic Area
More informationCANADA EUROPEAN UNION
THE EUROPEAN UNION S PROFILE Economic Indicators Gross domestic product (GDP) at purchasing power parity (PPP): US$20.3 trillion (2016) GDP per capita at PPP: US$39,600 (2016) Population: 511.5 million
More informationMeasuring financial protection: an approach for the WHO European Region
Division of Health Systems and Public Health WHO Regional Office for Europe Measuring financial protection: an approach for the WHO European Region Jon Cylus WHO Barcelona Office for Health Systems Strengthening
More informationLENDING FACILITIES Hire Purchase (HP) 1% % on a case by case basis (fee set by AgriFinance Ltd)
Our Charges This brochure gives a brief description of tariffs as charged by AgriBank plc on some of its products and services. For tariffs on products or services which are not listed in this brochure,
More informationMay 2012 Euro area international trade in goods surplus of 6.9 bn euro 3.8 bn euro deficit for EU27
108/2012-16 July 2012 May 2012 Euro area international trade in goods surplus of 6.9 3.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationEU KLEMS Growth and Productivity Accounts March 2011 Update of the November 2009 release
EU KLEMS Growth and Productivity Accounts March 2011 Update of the November 2009 release Description of methodology and country notes Prepared by Reitze Gouma, Klaas de Vries and Astrid van der Veen-Mooij
More informationCouncil conclusions on "First Annual Report to the European Council on EU Development Aid Targets"
COUNCIL OF THE EUROPEAN UNION Council conclusions on "First Annual Report to the European Council on EU Development Aid Targets" 3091st FOREIGN AFFAIRS Council meeting Brussels, 23 May 2011 The Council
More information3 Labour Costs. Cost of Employing Labour Across Advanced EU Economies (EU15) Indicator 3.1a
3 Labour Costs Indicator 3.1a Indicator 3.1b Indicator 3.1c Indicator 3.2a Indicator 3.2b Indicator 3.3 Indicator 3.4 Cost of Employing Labour Across Advanced EU Economies (EU15) Cost of Employing Labour
More informationVALUE ADDED TAX COMMITTEE (ARTICLE 398 OF DIRECTIVE 2006/112/EC) WORKING PAPER NO 924
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax taxud.c.1(2017)1561748 EN Brussels, 14 March 2017 VALUE ADDED TAX COMMITTEE (ARTICLE
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationEverything you always wanted to know about Basel II in 15 minutes
Everything you always wanted to know about Basel II in 15 minutes (a real estate perspective) Erik Kersten Senior Policy Advisor Supervisory Policy Quantitative Risk Management Views and opinions expressed
More informationFirst estimate for 2011 Euro area external trade deficit 7.7 bn euro bn euro deficit for EU27
27/2012-15 February 2012 First estimate for 2011 Euro area external trade deficit 7.7 152.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationSummary of the CEER Report on Investment Conditions in European Countries
Summary of the CEER Report on Investment Conditions in European Countries Ref: C17-IRB-30-03 11 th December 2017 Regulatory aspects of Energy Investment Conditions in European Countries 1 Introduction
More informationJune 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28
127/2014-18 August 2014 June 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with the rest of the
More information3 Labour Costs. Cost of Employing Labour Across Advanced EU Economies (EU15) Indicator 3.1a
3 Labour Costs Indicator 3.1a Indicator 3.1b Indicator 3.1c Indicator 3.2a Indicator 3.2b Indicator 3.3 Indicator 3.4 Cost of Employing Labour Across Advanced EU Economies (EU15) Cost of Employing Labour
More informationDefinition of Public Interest Entities (PIEs) in Europe
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
More informationJune 2012 Euro area international trade in goods surplus of 14.9 bn euro 0.4 bn euro surplus for EU27
121/2012-17 August 2012 June 2012 Euro area international trade in goods surplus of 14.9 0.4 surplus for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationPENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS
PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS Marius Lüske Directorate for Employment, Labour and Social Affairs, OECD Lisbon, 28.09.2018 Marius.LUSKE@oecd.org www.oecd.org/els OUTLINE Talk based
More informationStatistics: Fair taxation of the digital economy
Statistics: Fair taxation of the digital economy Your reply: can be published with your personal information (I consent to the publication of all information in my contribution in whole or in part including
More informationAugust 2012 Euro area international trade in goods surplus of 6.6 bn euro 12.6 bn euro deficit for EU27
146/2012-16 October 2012 August 2012 Euro area international trade in goods surplus of 6.6 12.6 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the
More informationCOMMUNICATION FROM THE COMMISSION
EUROPEAN COMMISSION Brussels, 20.2.2019 C(2019) 1396 final COMMUNICATION FROM THE COMMISSION Modification of the calculation method for lump sum payments and daily penalty payments proposed by the Commission
More informationJanuary 2010 Euro area unemployment rate at 9.9% EU27 at 9.5%
STAT//29 1 March 20 January 20 Euro area unemployment rate at 9.9% EU27 at 9.5% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was 9.9% in January 20, the same as in December 2009 4.
More informationRecommendation of the Council on Tax Avoidance and Evasion
Recommendation of the Council on Tax Avoidance and Evasion OECD Legal Instruments This document is published under the responsibility of the Secretary-General of the OECD. It reproduces an OECD Legal Instrument
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 211 EBA EU-wide stress test: Summary (1-3) Name of the bank: Bank of Valletta P.L.C. Actual results at 31 December 21 million EUR, % Operating profit before impairments 17 Impairment losses
More informationResults of the 2011 EBA EU-wide stress test: Summary (1-3)
Results of the 2011 EBA EU-wide stress test: Summary (1-3) Name of the bank: Jyske Bank Actual results at 31 December 2010 million EUR, % Operating profit before impairments 373 Impairment losses on financial
More informationA. INTRODUCTION AND FINANCING OF THE GENERAL BUDGET. EXPENDITURE Description Budget Budget Change (%)
DRAFT AMENDING BUDGET NO. 2/2018 VOLUME 1 - TOTAL REVENUE A. INTRODUCTION AND FINANCING OF THE GENERAL BUDGET FINANCING OF THE GENERAL BUDGET Appropriations to be covered during the financial year 2018
More informationCOMMISSION DECISION of 23 April 2012 on the second set of common safety targets as regards the rail system (notified under document C(2012) 2084)
27.4.2012 Official Journal of the European Union L 115/27 COMMISSION DECISION of 23 April 2012 on the second set of common safety targets as regards the rail system (notified under document C(2012) 2084)
More informationTrust and Fertility Dynamics. Arnstein Aassve, Università Bocconi Francesco C. Billari, University of Oxford Léa Pessin, Universitat Pompeu Fabra
Trust and Fertility Dynamics Arnstein Aassve, Università Bocconi Francesco C. Billari, University of Oxford Léa Pessin, Universitat Pompeu Fabra 1 Background Fertility rates across OECD countries differ
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationEligibility? Activities covered? Clients covered? Application or notification required? N/A N/A N/A N/A N/A N/A N/A
NO DEAL BREXIT TRACKER Governments in European Economic Area (EEA) member states are announcing domestic measures in order to prepare for the UK's withdrawal from the EEA. The table below monitors these
More informationHouseholds capital available for renovation
Households capital available for Methodical note Copenhagen Economics, 22 February 207 The task at hand has been twofold: firstly, we were to calculate an estimate of households average capital available
More information