D.K.C. This might be a little weird but do you remember the famous Christine Lagarde speech from last year with the Magic 7's? She said something about double 7... And now BRICS Bank is launching in Moscow on 7/7.... coincidence? She said it would be magical…I just think it’s very interesting… It may be a year later then we all thought…Am I grasping at straws here…….but hey…..maybe this is significant this year ?
Numerology Message in Speech by Christine Lagarde of IMF
This is a 7 minute video on You Tube regarding a date and important event
Freedom: British Regulators Extend Clawback Rules for Bankers’ Pay
By CHAD BRAYJUNE 23, 2015
LONDON — Top executives and managers at banks operating in Britain could have their bonuses clawed back for up to 10 years after any finding of misconduct under new rules announced by British regulators on Tuesday.
The move extends a seven-year clawback period that one regulator, the Prudential Regulation Authority, introduced for so-called variable pay last year as part of tougher accountability rules.
The new rules announced by the authority, which is part of the Bank of England, and by another regulator, the Financial Conduct Authority, are the latest effort by financial regulators in Europe to hold bankers accountable for improper actions that could play a role in precipitating future financial upheavals.
Under the new framework, senior managers, risk managers and others at banks will also be asked to defer more of their variable pay for a longer period, making it easier for regulators and financial institutions to recover bonuses if misconduct is uncovered.
Martin Wheatley, the chief executive of the Financial Conduct Authority, said the new rules were part of a wider set of initiatives to be introduced this summer in an effort to “embed an accountable culture” in the City of London, the traditional banking and financial services hub.
“This is a crucial step to rebuild public trust in financial services and allows firms and regulators to build long-term decision-making and effective risk management into people’s pay packets,” Mr. Wheatley said in a news release.
The new rules apply to banks, building societies and investment firms regulated by the Prudential Regulation Authority, including British units of United States banks and other financial firms based outside Europe. They will apply to bonuses awarded for performance periods beginning on or after Jan. 1, 2016.
The changes come as financial regulators across Europe have sought to restrict pay and have ramped up regulations in recent years to discourage the unnecessary taking of risks by banks and their employees in pursuit of profit.
European rules limit bankers’ bonuses to the equivalent of their annual salaries, or to two times their base salaries if the company’s shareholders approve it.
Some European nations have gone even further on pay. Dutch lawmakers enacted a cap on bonuses this year for employees in the banking, insurance and other finance sectors that limits variable pay to 20 percent of their fixed salaries. The Netherlands has also banned bonuses for executives at bailed-out banks.
A dispute over the pay of some senior executives at ABN Amro also forced the Dutch government to delay a decision on an initial public offering of the state-owned bank this year. The government later announced plans in May to proceed with an I.P.O., possibly in the fourth quarter.
Banks have moved to circumvent limits by introducing role-based remuneration and other payments. Those moves effectively bolster fixed wages to allow more flexibility for bigger bonuses.
In addition to the 10-year clawback period on bonuses, the new rules in Britain mean that senior managers will have to defer their variable pay for seven years after a bonus is accrued, while risk managers at regulated firms will have to do so for five years. Staff members who engage in activities that could have a “material impact” on the firm will have to defer their bonuses for three to five years.
The rules will also prohibit bonuses for nonexecutive directors and for the managers of companies that are receiving financial support from the government.
“Effective financial regulation involves creating appropriate incentives to encourage individuals to take greater responsibility for their actions,” said Andrew Bailey, the Prudential Regulation Authority’s chief executive and a deputy governor at the Bank of England.
“Our intention is that people in positions of responsibility are rewarded for behavior which fosters a culture of effective risk management and thus promotes the safety and soundness of individual institutions,” he added.
The regulators also said they would study further whether to require that buyout awards for executives who change companies be deferred or held in a form that makes it easier for a previous employer to reclaim them if misconduct is uncovered. LINK
Topic: Life is ten percent what happens to you and ninety percent how you respond to it. Lou Holtz
Aggiedad77: Oh Great Morning to you Family.....news summaries will be following later...but I saw this and just had to make a comment now....(See Article Below)
One of the most vocal members of the Finance Committee is now admitting that Article 50...the very cap THEY placed on the CBI has FAILED...and....it has been the NEGATIVE influence on the IQD all along this year.....
Keep the politicians out of the CBI's business can it be any more clear than that....these folks may think they know politics but when it comes to banking and high finances.....they flounder.....
Remember they are the ones responsible for putting a budget together and they struggle with that as well....I am sure this will not be the last we hear from the Finance Committee but they have caused enough damage and cried wolf enough, so who will be listening to them in the future....the lot of Maliki supporters they are for the most part. Aloha Randy
walkongstick :Najib: Article 50 of the Budget Law has failed
Author: Publisher on:June 24, 2015In:
BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - a member of the Investment Committee and the economy MP Najiba Najib announced that Article 50 of the Budget Law has failed and impacted negatively on the Iraqi dinar.
She said Najib's (IMN) "The central bank did not violate the law, but Article 50 proved on the ground, their lack of success, and that the dollar reached 1,400 dinars a result of the restriction of the bank to sell $ 75 million a day," noting that "the Bank has provided an appeal before the court Federal to this article and other material 18 to remedy the exchange rate and the ability to strengthen the dinar against the dollar. "
She explained that "the parliamentary finance committee supported the central bank's policy and stabbed him in Article 50 and walk dispute to maintain the rate of the dinar."
It is noteworthy that the Iraqi Central Bank sales at auction for the sale of foreign currency amounted to $ 282 million as opposed to the law of the financial budget for 2015, which defined sales at the auction, including no more than $ 75 million.
Walkingstick » June 24th, 2015, 9:10 am
Economist: issuing bank for a class of 50 thousand dinars facilitate the deal and do not cause inflation
Economy and tenders Since 06/24/2015 15:36 pm (Baghdad time)
BAGHDAD / scales News
He confirmed an economist, that the bank issuing 50 thousand dinars category will make it easier to deal in the local market, noting that the issuance of this new category does not cause inflation in the market or reduce handle small currencies.
The expert said contrary goldsmith's / scales News /, said that "the Central Bank of yore in the issuance of the 50th class thousand dinars for the purpose of facilitating interaction between citizens and reduce the money carried by his size, Instead of carrying a million dinars, which is equal to 40 sheets class 25 000 dinars, will carry 20 sheets category 50 000 dinars. "
Sayegh said that "the issuance of this new category does not cause inflation in the market or makes small coins disappear or reduce handled Cal 250 dinars and 500, but it is a measure to facilitate the cash dealings between citizens, and especially after the Bank delete the zeros to reduce the huge figures in the currency."
The Governor of the Central Bank announced on the Keywords, (June 20, 2015), for the issuance of 50 000 dinars a class of local currency the end of this year, and pointed to wait to issue the 100 class may be released at a different time to avoid any inflation. It ended 29 n / 10 LINK
Walkingstick » June 24th, 2015, 8:45 am
The U.S. Needs to Recognize China's Currency Aspirations in the Latest IMF Review
ByJohn MasonFollow | 06/23/15 - 01:39 PM EDT
NEW YORK (TheStreet) -- There's an important opportunity this year to rework the global currency system, and the U.S. must make sure it takes part in the related discussions.
Ousmène Mandeng, a senior fellow at the Reinventing Bretton Woods Committee, lays out this opportunity in a recent article in the Financial Times.
Here's what's happening. This year the International Monetary Fund this year is reviewing special drawing rights, which are foreign exchange reserves held by the IMF. Their value is based on a basket of four currencies: the dollar, the pound, the euro and the yen.
As Mandeng points out, countries can exchange SDRs for usable currencies to supplement their international reserve holdings.
The IMF reviews the composition of the basket of currencies every five years. What's important this time around is that there's a chance the Chinese currency, the renminbi (or yuan), gets added to the basket. Mandeng writes that the review this year can be more than just a perfunctory assessment of what should be included in the basket of currencies. He argues that this review provides the world with a chance to change the international monetary system.
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SDRs were created in the 1970s in an attempt to provide greater liquidity to central banks in a world dominated by the greenback. The SDRs originally included 16 currencies.
The dollar achieved its dominant position after the World War II, a dominance that was codified at the Bretton Woods Conference, which defined the structure of international finance for the postwar world.
This dominance has been maintained up until now and allowed the U.S. to support its economy through a decline in the value of the dollar up until early 2014.
From time to time, various attempts have been made to make SDRs a rival to the dollar, but, as Mandeng notes, all these efforts have flopped.
What is different now, he adds, is that "Interest in the SDR has shifted significantly in large part due to China."
The tone of the review is different, Mandeng writes, because, "SDR valuation reviews are normally rather technical affairs. This time though, the introduction of additional currencies is firmly on the table. China has taken big steps to lobby for the inclusion of the renminbi."
Mandeng suggests that new SDR currencies should not be limited to the yuan, however. He says major emerging-market currencies, as well as the Canadian and Australian dollars, could also qualify.