Audit Findings on China s Local Governmental Debts

Size: px
Start display at page:

Download "Audit Findings on China s Local Governmental Debts"

Transcription

1 No.35 of 2011 (General Serial No. 104) Audit Findings on China s Local Government s Audit Findings on China s Local Governmental s In compliance with the arrangement of the Communist Party of China (CPC) conference on economic work and the 4th session of the 11th National People s Congress (NPC), the State Council decided that the National Audit Office of China (CNAO) should organize audit institutions at all levels throughout China for an overall auditing on the debt of China s local governments. As required in the notice for perfecting the auditing work on the local governmental debts by the general office of the State Council (telegraph [2011] No.6 by the State Council general office), the party committees and governments at various levels gave all-out support, and departments of finance, development and reform, the people s banks and the banking supervising organs at various levels worked in close coordination. From March to May 2011, by organizing auditors throughout China and adhering to the principle of going over the accounts, interviewing relevant people, seeing relevant objects with their own eyes and reviewing each and every case relating to debts, the CNAO undertook an overall auditing on the debt of the 3 levels of local governments ( thereinafter referred to as the provincial, municipal, and county levels) of 31 provinces (autonomous regions, municipalities directly under the central government) and 5 municipalities specifically designated in the state plan, and the affiliated cities (di, zhou, mong, qu) and counties ( shi, qu, qi). Owing to the earthquake, the Yingjiang county of Yunnan province was not audited yet. The scope of audit was the following: government departments and institutions, 6576 financing platform companies, government-affiliated institutions receiving budgetary subsidies, 2420 public undertakings, 9038 other units plus projects, totaling million items of debts. The auditing focused on debts which the government bears the responsibility for repayment. [1] Audits were also undertaken on probable debts where the debtor was unable to pay back when the government will have to bear the responsibility of guarantee and other relevant debts when the government may take certain responsibility of rescue. With a view to ensuring the truthfulness, accuracy and integrity of the audit data and circumstances, the auditors verified each debt and obtained evidence. The audit findings have included the views of the provincial, municipal and county governments. The audit findings are announced as follows: 1. Overall situation of the local governments debt 1) The size of debt As of the end of 2010, the balances of the local governmental debt stood at trillion yuan. Of this, the debt the government bears the responsibility of repayment for was trillion yuan, or The probable debt the government bears responsibility of guarantee for was trillion yuan, or Other relevant debt the government may have to take the responsibility of rescue for was trillion yuan, or (see Diagram 1). 1

2 Diagram 1: The size of debts of the local governments as of the end of 2010 Other relevant debts was trillion yuan, or The debt the government bears the responsibility of repayment for was trillion yuan, or The debt the government bears the responsibility of guarantee for was trillion yuan, or Of the local governmental debt balances as of the end of 2010, trillion yuan, or was raised in 2008 and the year before, and was used for the continued construction of the projects that had begun before Of this, trillion yuan, or was raised in 2008 and the year before trillion yuan, or was used for the continued construction which had begun in 2008 and the years before and the repayment of the principal and interest of debts in those years. 2) The evolving situation of debt-raising The debts for which the local governments bear responsibilities of repayment began in 1979 when 8 counties and districts raised debts, the governments bear the responsibilities of repayment. Since then, various localities followed suit to 1985 were the years when the provincial governments (including municipalities specifically designated in the state plan) mostly raised debts with responsibilities of repayment or guarantee. During this period, 28 provincial governments began raising debts. And 1986 to 1996 featured the years when the municipal and county governments mostly began borrowings. During this period, 293 municipal governments and 2054 county governments began borrowings. As of the end of 1996, all provincial governments throughout China, 353 of the 392 municipal governments (or 90.05) and 2405 of the 2779 county governments (or 86.5) have had borrowings. By the end of 2010, only 54 county governments did not raise governmental debts. Chart 1 shows the years when various localities began raising debts. 2

3 Chart 1 Years when local governments began their borrowings Provincial Level Municipal Level County Level Amount Amount Amount years of Govern ments began to raise Accumu lative amount percent age of Govern ments began to raise Accumu lative amount percent age of Govern ments began to raise Accumu lative amount nt Perce ntage debts debts debts ) Annual changes of debt size Since 1997, the size of China s governmental debts has unfolded an annual growth with the economic and social development. The debt balance in 1998 and 2009 increased by and respectively compared with the previous years. That of 2010 increased by compared with the year before with the rate of increase dropping by (see Diagram 2 for details). 3

4 (Note: In Diagram 2, the 2002 growth rate refers to that from 1998 to 2002, and the 2007 growth rate referring to that from 2002 to 2007.) 4) The composition of debt balances (1)In terms of the government level, as of the end of 2010, the balances of provincial, municipal and county governmental debts, stood at trillion yuan, trillion yuan and trillion yuan, or 29.96, and respectively (see Diagram 2 and Chart 3 for details). Diagram 2 Layout of balances of China s local governments debts by the end of 2010 Unit: one hundred million yuan Type of debts total Provincial level Municipal level County level amount Ratio amount Ratio amount Ratio amount Ratio s for which the government bears the responsibility of repayment s for which the government has the responsibility of guarantee Other relevant debts Total Diagram 3, The layout of balances of China s local governmental debts by the end of

5 (2)As far as the regional layout is concerned, as of the end of 2010, the governmental debt balances of the 11 eastern provinces (municipalities directly under the central government) and 5 municipalities specially designated in the state plan stood at trillion yuan, or Those of the 8 central provinces stood at trillion yuan, or And those of the 12 western provinces (autonomous regions and municipalities directly under the central government) stood at trillion yuan, or (see Diagram 4). Diagram 4, The regional layout of China s governmental debt balances as of the end of 2010 (3) As far as the main groups of debt-raising, of the local governmental balances of debts at the end of 2010 is concerned, the financing platform companies and the local governments, departments and institutions raised debts separately amounting to trillion yuan and trillion yuan respectively, or (see Chart 3 and Diagram 5 for details). Chart 3, The main structure of the local governments debt raising at the end of 2010 unit: 100 million yuan s with s with Type of debt Total of 3 types of debts government responsibilities of government responsibilities of Other relevant debts raising units repayment guarantee Ratio Fund-financing platform companies Local governmental departments and institutions 5

6 Institutions with government subsidies Public organs and government-affil iated institutions Other units total Diagram 5, Main structures of local governments debt raising at the end of 2010 (4) From the source of borrowing, of the local governments debt balances at the end of 2010, bank loans constituted trillion yuan, or (see Chart 4 for details). Chart 4, Source borrowing of local governments debts at the end of 2010 Unit: 100 million yuan s with s with Type of Total of 3types of debts government responsibilities of government responsibilities of Other relevantdebts creditors repayment guarantee Ratio Bank loans Finances

7 from higher authorities Bond issuing Borrowings from other units and individuals Total (5) As to the forms of the debt and the areas in which the funds are invested, out of the local governments debt balances at the end of 2010, there were trillion yuan in currency forms, i.e. money yet to spend, accounting for The money already spent amounted to trillion yuan, or of the used funds covered the following areas: municipal construction, communication and transport, land collection and preservation, science, education, culture, public health and subsidized housing, water-conservancy projects in agriculture and forestry, public facilities and infrastructures (see Chart 5 for details) Chart 5, The areas in which the debt balances of the local governments were used at the end of 2010 unit: 100 million yuan s with s with Total of the 3 types government government Other relevant debts Areas in which debt of debts responsibility of responsibility of balances were used repayment guarantee Municipal construction Communication and transportation Land overhaul and preservation Education, science culture, public health and low-income housing Water-conservancy projects in agriculture and forestry Eco-conservation and environmental protection Fending-off financial risks of local governments Industry Energy

8 Others total (6) As to the year of repayment of the local governments debt balances at the end of 2010, the of repayment in 2011 and 2012 will have been and That from 2013 to 2015 will have been 11.37, 9.28 and 7.48 respectively. And that in 2016 and beyond will have been (see Chart 6 for details). Chart 6, Repayment projection of local government s debts at the end of 2010 unit: 100 million yuan Year for debt repayment with government with government Total of 3 types of responsibilities of responsibilities of Other relevant debts debts repayment guarantee Ratio and beyond total ) The overall situation of the debt burden The rate of debts for which the provincial, municipal and county governments bear the responsibility of repayment, i.e. the between the debt balances of the above type and the comprehensive financial potentials of the local governments at the end of 2010 was In addition the debt local governments bear the responsibility of guarantee for or they themselves have, their debt rate was 7o. 45.The debt Local governments may take the responsibilities of guarantee for or they themselves have and other relevant debts of 2010 which the governments undertake certain responsibilities of rescue for, their overdue debt rate stood at 2.23 and 1.28 respectively. 2. The positive role played by borrowed funds of the local governments in promoting the economic and social growth of the localities. The audit shows that the borrowed funds of the local governments have played a positive role in 8

9 making up for local financial inadequacy, addressing crisis and countering natural disasters, improving the well-being of the people, protecting the eco-environment and boosting the sustained economic and social development of the localities. 1) The funds have provided financial support in addressing the crisis and countering natural disasters. In addressing the 1998 Asian financial crisis and the 2008 world financial crisis, the central authorities issued national bonds which were lent to local governments, and issued government bonds on behalf of local governments; the local governments strove to finance through financing platform companies so as to render financial support for the economic growth of the country. Following the massive earthquake in Wenchuan, local governments of various levels in Sichuan worked hard to raise governmental debts amounting to 55.8 billion yuan for post-quake reconstruction to facilitate the post-quake rehabilitation and reconstruction. 2) The funds rendered significant support to improve the well-being of the people and protect the eco-environment. As of the end of 2010, the debt balances used by local governments at various levels in education, medicare, science, culture, subsidized housing and water- conservancy projects in agriculture and forestry stood at trillion yuan, and those in energy-conservation, emission-reduction, eco-building and other industries amounted to billion yuan. Thus they enhanced the growth of social undertakings, improving the eco-environment and facilitating the transformation of the growth pattern of the economy. 3) The funds have laid a foundation for the sustained economic and social growth. As of the end of 2010, of the debt balances already spent by the local governments of various levels, those used in communications and transport, municipal infrastructure and energy building stood at trillion yuan, or 61.86, and those used in land collection and preservation amounted to trillion yuan, or The input of those funds has speeded up the infrastructure building of highways, railways and airports and the building of municipal projects of rail transport, roads and bridges. In so doing great amount of quality assets has been brought about, promoting the economic and social growth of various localities and the well-being of the people, giving impetus to the fulfillment of the 12 th five-year plan and strengthening the momentum for the economic and social growth in the years to come. 3. Main audit findings (1) Lack of standard for local governments debt-raising and financing In as much as the existing regulations do not vest the local governments with the right to debt-raising, there is a lack of standard for debt-raising and financing practices on the part of the local governments. The channels and forms in debt-raising and financing of different localities 9

10 greatly vary. Furthermore, debt-raising has been undertaken by a host of authorities with its procedures far from transparent. The audit shows that debt-raising was effected virtually in disguised forms by local governments through financing platform companies, while an amount of those funds became available through the provision of guarantees by government organs in an illegal way, and a few government organs and units even went the length of directly raising debts. It was found through audit that even after the issuance of the notice by the State Council concerning issues on upgrading the management of financing platform companies by the local governments (Guofa [2010] No.19, thereinafter referred to as the State Council [notice] ), 7 provincial, 40 municipal and 107 county governments and their affiliated departments still illegally provided guarantees of billion yuan for debt-raising by financing platform companies in the forms of presenting letters of commitments or consolation, or with financial revenues and state assets of the administrative organs and public institutions. 2) The local governmental debt revenue and expenditure have not been channeled into budgetary control and the supervision over debts is not in place. Apart from local governments bonds and various financial loan transfers, most local governments debt revenue and expenditure have not been channeled into budgetary control and supervision with relevant control systems remaining imperfect. As of the end of 2010, of the 36 provincial governments, 7 have yet to formulate regulations governing the management on local governmental debts, 8 have yet to designate a unified debt-control department, 14 have yet to set up a system of reserve requirement funds for repayment of governmental debts and 24 have yet to establish mechanisms of risk forecasting and control. The problems existing in unsound management systems of municipal and county governments debts were even more conspicuous. There have long been problems in some localities of uncertain statistics in debt size and repayment responsibilities, that are not in place. 3) Due to the weak capabilities of debt repayment in some localities and trades and professions, there exists hidden danger of risks. First, few local governments shoulder heavy responsibilities for repayment of debts. At the end of 2010, the debt rate of 78 municipal and 99 county governments with responsibilities for debt repayment ran beyond 100, accounting for 19.9 and 3.56 of the total debt by the aforesaid governments. Owing to inadequate repayment capabilities, some local governments were left with the choice of repaying old debts by raising new ones. As of the end of 2010, the rate of the foregoing practice exceeded 20 on the part of 22 municipal and 20 county governments. s overdue have also emerged in some localities. The rate of overdue debts was over 10 on the part of 4 municipal and 23 county governments. Second, the repayment of debts of some localities depends heavily on revenue of land sales. At the end of 2010, of the debt balances with local governments responsibilities of repayment, the debt balances whose sources of repayment were revenues from land sales ran to trillion yuan, covering 12 provincial, 307 municipal and 1131 county governments. 10

11 Third, there were massive debts used for the building of expressways, universities of higher education and hospitals by some localities that were under heavy pressure of debt repayment. As of the end of 2010, of the debt balances of the local governments, those used for the building of expressways have stood at as high as trillion yuan. Of this, the debt with local governments responsibilities of repayment was billion yuan, that with governments responsibilities of guarantee was billion yuan, and that of other relevant debts was billion yuan, respectively accounting for 6.75, and As the expressways of some localities were still under construction or at the initial period of open, fee collections were inadequate to repay the principal and interest of the debt, therefore the repayment is heavily dependant on raising new debts. In 2010, the rate of the above case concerning debts with government responsibilities of guarantee and other relevant debts reached At the end of 2010, 1164 universities and 3120 public hospitals under various localities had governmental debts of billion yuan and billion yuan respectively. Of these, the rate of repaying old debts by borrowing new ones of 387 universities and 230 hospitals with government responsibilities of guarantee and other relevant debts in 2010 exceeded 50. The of repayment through borrowing new debts to repay old ones in that year was billion yuan and billion yuan. The debts of 95 universities and 575 hospitals were overdue, the being billion yuan and billion yuan respectively. Some localities have earmarked billion yuan of financial funds for debt repayment. 4) Part of the governmental debt funds has not yet been used in time. At the end of 2010, the unspent of the local governmental debt balances totaled trillion yuan, of which debt balances raised from 2008 and the years before to the end of 2010 by some units affiliated to 34 provincial, 256 municipal and 942 county governments stood at billion yuan, or In 2010, billion yuan was spent from financial funds to pay the interest. The chief reasons why these debt funds had not been used in time to reap benefits were: Some localities were devoid of a clear objective when raising debts; some were uncertain as to where the funds were to be invested; prepans were inadequate for some projects while some units were in greater hurry to borrow funds prematurely for fear of a tight money policy to be possibly pursued soon.. 5) Some units illegally obtained and used governmental debt funds. The result of auditing shows that some local governmental debt-raising, funds management and usage were not up to norm and the funds amounting to billion yuan were obtained illegally. The chief manifestations are as follows: Some financing platform companies strove to obtain debt funds by using fake or illegal quality-based mortgage or overestimate the values of quality-based mortgage. Some localities and units invested debt funds in capital or real estate markets or used them to build office buildings, large halls and guest houses. Some units, in violation of national industrial policy, invested debt funds in projects that are energy-intensive, highly polluting and with excessive production capacities or with low productivity, or in overlapping projects. In addition, as discovered by the audit, there were losses and wastes running to billion yuan. There were 12 clues that may lead to cases of violations of laws and 11

12 discipline economically. And now these cases are under investigations in accordance with the law. 6) The financing platform companies of the local governments are too large in numbers with sub-standard management. First, the number of financing platform companies is large. The financing platform companies of the local governments emerged in 1980s. At the end of 2010, the provincial, municipal and county governments set up 6576 such companies, i.e. 165 provincial ones, 1648 municipal ones and 4763 county ones. There were more than 10 such companies set up by 3 provincial, 29 municipal and 44 county governments separately. As far as the business scope of these companies are concerned, there were 3234 ones whose main function was financing for government construction projects, 1173 ones had the additional function of investment and construction, and 2169 ones were engaged in other business activities apart from playing the function mentioned above. Second, the debts size of the financing platform companies is large. At the end of 2010, the governmental debt balances of these companies stood at trillion yuan, or of the local governments debt. Of this, those with government responsibilities of repayment amounted to trillion yuan, those with government responsibilities of guarantee were billion yuan, and other relevant debts were trillion yuan, accounting for 63.12, and respectively. As to the levels, those of the province totaled billion yuan, those of the municipality trillion yuan and those of the county trillion yuan accounting for 17.76, 54 and respectively. As to the repayment pattern, 358 financing platform companies repaid old debts with government responsibilities for guarantee and other relevant debts running to billion yuan through borrowing new debts, with the rate of repaying old debts of borrowing new ones standing at 55.20, 148 such companies has an overdue debt at billion yuan, with the average rate of overdue debts standing at Third, some of the above companies are devoid of standardized management and their profit-yielding capabilities are weak. There are no standardized control systems over these companies. The governance structure by legal persons of some companies is incomplete. There are multiple levels of internal management with a long chain, and the paid-in rate of capital funds is low. The audit discovered that 1033 such companies have problems such as false-financing, the registered capital being unpaid-in, illegal provision of funds and withdrawing them by local governments and departments, involving a sum of billion yuan. As the investment of debt funds is mainly directed by these companies at projects serving public welfare or quasi-public welfare whose recovery of funds takes a fairly long time, their profit-yielding capabilities are rather weak. A total of 1734, or are loss-making companies 4. Audit recommendations The emergence of local governments debt has historical and objective reasons; it has played certain positive roles in the local economic and social development. Yet, however there are certain problems in debt-raising, management and its use plus the hidden dangers of fairly big risks in some localities which we must set big store by. It is imperative to take effective measures, 12

13 properly handle existing debts, strictly control new debts, fend off or eliminate possible risks. To this end, it is recommended: (1) In conformity with the principle of whoever raises the debt should bear the responsibility, it is important to take positive and appropriate steps in addressing existing debts in light of different circumstances. With regard to debts arising from competitive projects, from public-welfare projects with business profits or from enterprises that have become competitive, the government responsibility of debt repayment should be relieved from. The repayment should be mainly done with profits reaped by various projects themselves, with appropriate financial subsidies from the local government if necessary. With regard to debts arising from public welfare projects yielding no returns but with government responsibilities of repayment, local governments should make repayment schemes and materialize them through budgetary arrangements. In localities, industrial and other units under heavy pressure of principal and interest repayment and under difficulties of debt repayment or under great debt risks, governments at various levels should monitor the changing situation and take effective measures to fend off or eliminate debt risks. (2) It is important to continuously press ahead with implementing standards guiding the cleanup of financing companies and put an end to the illegal practices of providing guarantee on the part of the local governments. In furtherance of the requirements in the State Council Notice, the localities should, in keeping with the principle of management according to classifications and addressing problems on the merit of each case, integrate financing platform companies and set up standardized rules for them to follow. Meanwhile, efforts should be made to work for diversification of the principal part of investment of the financing platform companies and the perfection of the legal person s governance structures through merging and reorganization, changing institutional systems, increasing companies capitals and introducing non-governmental investments. Unless otherwise stipulated by law and the State Council, the financing platform companies are not allowed to raise in disguised forms debts with government responsibilities of repayment and resolute measures should be taken against providing quality- based mortgage and commitments for illegal debt raising by financing companies and other units. It is essential to properly handle problems of financing for new projects and those underway by the above companies, keep a strict control over new projects with a view to preventing their excessive development. Regarding existing projects, it is imperative for local governments to strive for sources of follow-up funds through financial budgetary arrangements or utilizing markets so as to prevent the emergence of half-finished projects. (3) It is advisable to set up standardized mechanisms of financing by the local government and exercise overall supervision and the monitoring over the changing situation. We may study the possibility of vesting provincial governments with appropriate rights of debt-raising, gradually extend the rights to qualified municipal governments. Subject to the approval of the State Council, the debt-raising plan must include its compilation into the debt budget and its channeling into local budgetary control while being submitted to the corresponding people s congress for review and approval. As for other relevant debts than those with government responsibilities of repayment, competent authorities at all levels must be strict in reviewing them, giving approvals and controlling the dimensions and establish a system of files. They must perfect debt-supervision 13

14 systems and take as an important component the condition concerning borrowing, management, use and repayment in appraising the performances of the local governments and how they fulfill their economic responsibilities during their tenure of office. They must diversify responsibilities and carry them through and fend off violations of laws or excessive borrowing of debts in an attempt to enhance efficiency in the use of funds. In tackling these issues pointed out by the audit, relevant authorities and localities are working out rectification measures in keeping with the requirement of the State Council in an effort to formulate rectification measures and improve the control system concerning debts by the local governments. [1] In conformity with the requirements in the notice for perfecting the auditing work on the local government debts by the general office of the State Council (telegraph [2011] No.6 by the State Council general office), and with a view to diversifying the government responsibilities of repayment, this audit classify the local government debts into 3 categories in accordance with main bodies of law responsibilities. The first category in debts with government responsibilities of repayment, i.e. debts borrowed by the governments or their departments and repaid with financial funds. The second one includes probable debts with government responsibilities of guarantee, i.e. debts repaid with non-financial funds, or probable debts with local governments providing direct or indirect guarantees. And when debtors face difficulties of repayment, the governments must bear relevant responsibilities. The third one refers to other relevant debts, i.e. debts borrowed by relevant enterprises and public institutions on their own for public welfare projects, debts repaid with revenues from concerned units or the projects themselves. In this case, as the local governments do not provide any guarantee, they bear no legal responsibility of repayment; but when debtors face difficulties of repayment, the government may need to render certain assistance. 14

The Positive Role of Audit in Public Debt Management in China

The Positive Role of Audit in Public Debt Management in China The Positive Role of Audit in Public Debt Management in China (for the 1 st ASOSAI-EUROSAI Joint Conference) September 2011, Turkey By Dr. DONG Dasheng, the first Deputy Auditor Introduction Since 2008,

More information

An Introduction to CNAO's Audits of Government Debts

An Introduction to CNAO's Audits of Government Debts An Introduction to CNAO's Audits of Government Debts Government debts are a common phenomenon in modern market economies. Moderate indebtedness plays a positive role in boosting economic and social development,

More information

LAW ON PUBLIC DEBT MANAGEMENT

LAW ON PUBLIC DEBT MANAGEMENT LAW ON PUBLIC DEBT MANAGEMENT THE NATIONAL ASSEMBLY - SOCIALIST REPUBLIC OF VIET NAM Independence Freedom Happiness - No. 29/2009/QH12 Hanoi, June 17, 2009 LAW ON PUBLIC DEBT MANAGEMENT Pursuant to the

More information

Gao Peiyong* * Gao Peiyong, Professor, Renmin University, Beijing, China. E-mail: gaopy@263.net.

Gao Peiyong* * Gao Peiyong, Professor, Renmin University, Beijing, China. E-mail: gaopy@263.net. The Scale of Public Debt in China Gao Peiyong* In measuring the present scale of China s public debt, cess has public debt in China experienced? Thirdly, facing the current situation of public debt in

More information

THE FISCAL INVESTMENT AND LOAN SYSTEM. Susumu Fukuda. Working Paper No. 27

THE FISCAL INVESTMENT AND LOAN SYSTEM. Susumu Fukuda. Working Paper No. 27 THE FISCAL INVESTMENT AND LOAN SYSTEM Susumu Fukuda Working Paper No. 27 Mr. Fukuda is an official of the Japanese Ministry of Finance. He was a visiting scholar at the Center on Japanese Economy and Business

More information

HTC Corporation Operational Procedures for Lending Funds to Others

HTC Corporation Operational Procedures for Lending Funds to Others Approved by the Ordinary Shareholders Meeting 18 June 2010 HTC Corporation Operational Procedures for Lending Funds to Others Article 1 Purpose and basis These Operational Procedures are adopted pursuant

More information

Research on the Exploration and Practice on Forest Property Mortgage Loan of Liaoning Province in China

Research on the Exploration and Practice on Forest Property Mortgage Loan of Liaoning Province in China Research on the Exploration and Practice on Forest Property Mortgage Loan of Liaoning Province in China YU Lihong, LIU Gaoli School of Economics and Management, Shenyang Agricultural University, China,

More information

South-South Cooperation in China

South-South Cooperation in China Resource Mobilization Information Digest N o 208 February 2013 South-South Cooperation in China Contents 1. Introduction... 2 2. Evolution of Chinese foreign aid policy... 2 3. Resources for Chinese foreign

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

WILL CHINA S LOCAL DEBT CRISIS BREAK OUT? EVIDENCE FROM LOCAL GOVERNMENT FINANCING PRACTICE

WILL CHINA S LOCAL DEBT CRISIS BREAK OUT? EVIDENCE FROM LOCAL GOVERNMENT FINANCING PRACTICE WILL CHINA S LOCAL DEBT CRISIS BREAK OUT? EVIDENCE FROM LOCAL GOVERNMENT FINANCING PRACTICE Ling Jiang & Yuwei Xu School of Economics, Southwest University of Finance & Economics. No.555, Liutai Avenue,

More information

Proposal for Establishment of Reconstruction Fund and Reconstruction Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented

Proposal for Establishment of Reconstruction Fund and Reconstruction Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented Proposal for Establishment of Fund and Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented Scale Daiwa Institute of Research 18 March 2011 1. Preliminary Work to Support Earthquake

More information

Guidance Note on Credit and Credit Control for Credit Unions. October 2007. Office of the Registrar of Credit Unions

Guidance Note on Credit and Credit Control for Credit Unions. October 2007. Office of the Registrar of Credit Unions Guidance Note on Credit and Credit Control for Credit Unions October 2007 Office of the Registrar of Credit Unions Contents Page Introduction 2 1. The Board of Directors 3 2. Credit Policy 5 3. Credit

More information

Detailed Recommendations 4: Strengthen Discounted Green Loans

Detailed Recommendations 4: Strengthen Discounted Green Loans Detailed Recommendations 4: Strengthen Discounted Green Loans 4 This is a background paper to the report: Establishing China s Green Financial System published by the Research Bureau of the People s Bank

More information

The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions

The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions This Law shall define the rules on establishment, management and regulation of non-bank credit institutions with an aim to better meet

More information

COTTON DEBT RESOLUTION SCHEME. Dushanbe June 2,2007

COTTON DEBT RESOLUTION SCHEME. Dushanbe June 2,2007 COTTON DEBT RESOLUTION SCHEME Dushanbe June 2,2007 Cotton Debt Resolution Scheme: current situation About 70% of the population resides in rural areas 45% of irrigated arable land is used for cotton production

More information

Fairfax County, Virginia: Ten Principles of Sound Financial Management (Revised as of April 21, 2015) Ten Principles of Sound Financial Management

Fairfax County, Virginia: Ten Principles of Sound Financial Management (Revised as of April 21, 2015) Ten Principles of Sound Financial Management Background Ten Principles of Sound Financial Management The Ten Principles, adopted by the Board of Supervisors on October 22, 1975, endorsed a set of policies designed to contribute to the County s fiscal

More information

FANGDA LEGAL BRIEF NEW REGULATION ON THE EXPROPRIATION OF AND COMPENSATION FOR PREMISES ON STATE-OWNED LAND

FANGDA LEGAL BRIEF NEW REGULATION ON THE EXPROPRIATION OF AND COMPENSATION FOR PREMISES ON STATE-OWNED LAND FANGDA LEGAL BRIEF April 2011 NEW REGULATION ON THE EXPROPRIATION OF AND COMPENSATION FOR PREMISES ON STATE-OWNED LAND On 21 January 2011, the PRC State Council promulgated the Regulation on Expropriation

More information

BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1.

BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. Concept A bad debt or non-performing loan (NPL) can be understood

More information

Social Housing Policy in Hungary. (a summary)

Social Housing Policy in Hungary. (a summary) Social Housing Policy in Hungary (a summary) Prepared by József Hegedüs Metropolitan Research Institute 2003 May 1. The state of the public housing sector Social housing has been a neglected area of the

More information

Annual Report 2010. China Banking Regulatory Commission Annual Report 2010. Photograph by CBRC staff 42

Annual Report 2010. China Banking Regulatory Commission Annual Report 2010. Photograph by CBRC staff 42 Annual Report 2010 China Banking Regulatory Commission Annual Report 2010 Photograph by CBRC staff 42 Part Three Implementation of Macroeconomic Adjustment Policies 43 Annual Report 2010 I. Adjusting the

More information

Urban Planning System in China

Urban Planning System in China System in China -Basic Facts and Reform Progress- Kai Tang Director General Dept. of Urban and Rural Planning, Ministry of Construction, P.R.China Overview 1. Basic facts about the urban planning system

More information

CREDIT RISK MANAGEMENT

CREDIT RISK MANAGEMENT STANDARDS OF SOUND BUSINESS PRACTICES CREDIT RISK MANAGEMENT 2005 The. All rights reserved Credit Risk Management Page 2 CREDIT RISK MANAGEMENT A. PURPOSE This document sets out the minimum policies and

More information

Regional Inequality in Healthcare in China

Regional Inequality in Healthcare in China Regional Inequality in Healthcare in China QIAN Jiwei* Regional inequality in healthcare in China is particularly wide. Since 2007, the central government has increased earmarked healthcare transfers to

More information

City of Mt. Angel. Comprehensive Financial Management Policies

City of Mt. Angel. Comprehensive Financial Management Policies City of Mt. Angel Comprehensive Financial Management Policies May 2014 Table of Contents Section Description Page I. Purpose... 3 II. Objectives... 3 III. Management of Fiscal Policy... 4 IV. Accounting,

More information

Study on the financing methods of China's listed companies

Study on the financing methods of China's listed companies 2011 3rd International Conference on Information and Financial Engineering IPEDR vol.12 (2011) (2011) IACSIT Press, Singapore Study on the financing methods of China's listed companies Xiya Luo 1 School

More information

PUBLIC FINANCE MANAGEMENT ACT

PUBLIC FINANCE MANAGEMENT ACT LAWS OF KENYA PUBLIC FINANCE MANAGEMENT ACT CHAPTER 412C Revised Edition 2014 [2013] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.

More information

Installment Receivables and Card Shopping Receivables

Installment Receivables and Card Shopping Receivables Last updated: June 1, 2012 Installment Receivables and Card Shopping Receivables 1. Outline of Underlying Assets Installment sales, purchasing contract for goods by installment payments, and installment

More information

Nova Scotia Farm Loan Board. Financial Statements March 31, 2015

Nova Scotia Farm Loan Board. Financial Statements March 31, 2015 Nova Scotia Farm Loan Board Financial Statements March 31, Management's Responsibility for the Financial Statements The financial statements have been prepared by management in accordance with Canadian

More information

2014 Business Plan & Budget

2014 Business Plan & Budget 2014 Business Plan & Budget Finance Department Mission Statement To support our internal and external stakeholders in bringing together people, partnerships and possibilities to be financially strong and

More information

Anti-Crisis Stimulus Package for Economic Recovery

Anti-Crisis Stimulus Package for Economic Recovery Anti-Crisis Stimulus Package for Economic Recovery (Developing Efficient State Debt Management Policy) The project is implemented in the framework of The East-West Management Institute s (EWMI) Policy,

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

MISSION OF THE FARM CREDIT ADMINISTRATION

MISSION OF THE FARM CREDIT ADMINISTRATION Testimony of the Honorable Kenneth A. Spearman Chairman and Chief Executive Officer Farm Credit Administration Before the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and

More information

the Québec government s debt

the Québec government s debt the Québec government s debt The Québec Government Debt Legal deposit - Bibliothèque et Archives nationales du Québec December 2007 ISBN 978-2-550-51549-4 (Print) ISBN 978-2-550-51550-0 (PDF) Gouvernement

More information

China s Land Registration:Situation, Challenges and Efforts

China s Land Registration:Situation, Challenges and Efforts China s Land Registration:Situation, Challenges and Efforts Huanle He, China 1. Overview of China's Land Registration 1.1 History of China s Land Registration China's land registration has a very long

More information

In recent years, fiscal policy in China has been prudent. Fiscal deficits

In recent years, fiscal policy in China has been prudent. Fiscal deficits 1 Fiscal Policy in China STEVEN DUNAWAY AND ANNALISA FEDELINO* In recent years, fiscal policy in China has been prudent. Fiscal deficits have been lower than budgeted, because revenue overperformances

More information

Country Report. To the. International Councils of Securities Associations

Country Report. To the. International Councils of Securities Associations Country Report To the International Councils of Securities Associations The 13 th Annual General Meeting In Taipei, Taiwan April 17 19, 2000 Presented by The Chinese Securities Association 1. Economic

More information

Presidential Decree Law No. 01/P, March 17, 2008

Presidential Decree Law No. 01/P, March 17, 2008 Contents Section I... General Provisions... Section II... Foreign Exchange Trading... Section III... Opening and using of bank deposit accounts in foreign currency by a resident and a nonresident of the

More information

U.S. Department of Agriculture Office of Inspector General. Single-Family Housing Direct Loans Recovery Act Controls Phase II

U.S. Department of Agriculture Office of Inspector General. Single-Family Housing Direct Loans Recovery Act Controls Phase II U.S. Department of Agriculture Office of Inspector General Single-Family Housing Direct Loans Recovery Act Controls Phase II Audit Report 04703-2-KC September 2010 U.S. Department of Agriculture Office

More information

DEPARTMENT OF TRANSPORTATION

DEPARTMENT OF TRANSPORTATION DEPARTMENT OF TRANSPORTATION UNITED STATES OF AMERICA DEPARTMENT OF TRANSPORTATION Funding Highlights: Invests a total of $74 billion in discretionary and mandatory budgetary resources for the Department

More information

Arizona 1. Dependent Public School Systems (14) Arizona ranks 39th among the states in number of local governments, with 639 as of June 2002.

Arizona 1. Dependent Public School Systems (14) Arizona ranks 39th among the states in number of local governments, with 639 as of June 2002. Arizona Arizona ranks 39th among the states in number of local governments, with 639 as of June 2002. COUNTY GOVERNMENTS (15) There are no areas in Arizona lacking county government. The county governing

More information

NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION BUSINESS PLAN 2010-2011

NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION BUSINESS PLAN 2010-2011 NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION BUSINESS PLAN 2010-2011 TABLE OF CONTENTS MESSAGE FROM THE NOVA SCOTIA HOUSING DEVELOPMENT CORPORATION...1 1.0 MISSION/ MANDATE...2 2.0 STRATEGIC GOALS...2 3.0

More information

SCHOOL BUSINESS EXECUTIVE

SCHOOL BUSINESS EXECUTIVE SCHOOL BUSINESS EXECUTIVE DISTINGUISHING FEATURES OF THE CLASS: This is a professional business management position responsible for the supervision and performance of a wide variety of business affairs

More information

Debt Management. Debt Management

Debt Management. Debt Management Debt Management Capital Expenditures vs. Current Expenditures Local government expenditures can be broadly categorized as either current or capital. Generally, current expenditures are related to ongoing

More information

4.11. Ontario Works Program. Chapter 4 Section. Background. Follow-up on VFM Section 3.11, 2009 Annual Report

4.11. Ontario Works Program. Chapter 4 Section. Background. Follow-up on VFM Section 3.11, 2009 Annual Report Chapter 4 Section 4.11 Ministry of Community and Social Services Ontario Works Program Follow-up on VFM Section 3.11, 2009 Annual Report Chapter 4 Follow-up Section 4.11 Background Under the Ontario Works

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

7. Student Loan Reform in China: Problems and challenges

7. Student Loan Reform in China: Problems and challenges 7. Student Loan Reform in China: Problems and challenges Wei Jianguo and Wang Rong China Institute for Educational Finance Research, Peking University Development of Student Loans in China The development

More information

Resolution No. 391/2008 of the Polish Financial Supervision Authority. of 17 December 2008

Resolution No. 391/2008 of the Polish Financial Supervision Authority. of 17 December 2008 Resolution No. 391/2008 of the Polish Financial Supervision Authority of 17 December 2008 on issue of Recommendation S (II) concerning good practices related to mortgage-secured credit exposures Pursuant

More information

POLICY ON THE WRITING-OFF OF IRRECOVERABLE DEBT

POLICY ON THE WRITING-OFF OF IRRECOVERABLE DEBT POLICY ON THE WRITING-OFF OF IRRECOVERABLE DEBT 2014/2015 1 TABLE OF CONTENTS 1. INTRODUCTION 2 2. PURPOSE OF THE POLICY 2 3. RESPONSIBILTY AND ACCOUNTABILTY 2 4. POLICY PRINCIPLES 3 5. CATEGORIES OF DEBTORS

More information

City of Surprise, Arizona Comprehensive Financial Management Policies Effective July 1, 2015

City of Surprise, Arizona Comprehensive Financial Management Policies Effective July 1, 2015 City of Surprise, Arizona Comprehensive Financial Management Policies Effective July 1, 2015 Introduction The City Council s Strategic Plan Framework, goals and objectives provide the foundation for the

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 [ASSENTED TO 2 MARCH, 1999] [DATE OF COMMENCEMENT: 1 APRIL, 2000] (Unless otherwise indicated) (English text signed by the President) NATIONAL TREASURY This

More information

Don t Double Our Rates

Don t Double Our Rates Don t Double Our Rates An Issue Brief Congress should be helping to keep college affordable, not making it more expensive for student loan borrowers to pay for college Background Unless Congress acts decisively,

More information

3.06. Infrastructure Asset Management at Colleges. Chapter 3 Section. Background. Ministry of Training, Colleges and Universities

3.06. Infrastructure Asset Management at Colleges. Chapter 3 Section. Background. Ministry of Training, Colleges and Universities Chapter 3 Section 3.06 Ministry of Training, Colleges and Universities Infrastructure Asset Management at Colleges Chapter 3 VFM Section 3.06 Background The Ministry of Training, Colleges and Universities

More information

Chapter 5 Department of Finance Collection of Accounts Receivable

Chapter 5 Department of Finance Collection of Accounts Receivable Collection of Accounts Receivable Chapter 5 Department of Finance Collection of Accounts Receivable Contents Introduction... 181 Why we are interested.. 182 What we looked at 182 Summary of our findings......

More information

Vocational Education Law of the People's Republic of China

Vocational Education Law of the People's Republic of China Vocational Education Law of the People's Republic of China (Adopted at the 19th Meeting of the Standing Committee of the Eighth National People's Congress on May 15, 1996 and promulgated by Order No. 69

More information

The GHLC Reform and Japanese Housing Finance Market

The GHLC Reform and Japanese Housing Finance Market The GHLC Reform and Japanese Housing Finance Market Third Workshop on Housing Finance in Transition Economies Warsaw, December 5-6, 2002 Akira Konishi OECD 1 The GHLC (Government Housing Loan Corporation

More information

Guidelines for Early Revitalization of Business

Guidelines for Early Revitalization of Business Guidelines for Early Revitalization of Business Toward establishing new business revitalization system in accordance with the principles of early start and quick accomplishment February, 2003 Ministry

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;

More information

Policies and Criteria for IFAD Financing

Policies and Criteria for IFAD Financing Policies and Criteria for IFAD Financing The Lending Policies and Criteria were adopted by the Governing Council at its Second Session on 14 December 1978. They were amended by the Governing Council at

More information

1 Money and income Currency currency notes (banknotes) coins cash bank deposits BrE: note or banknote; on paper AmE: bill

1 Money and income Currency currency notes (banknotes) coins cash bank deposits BrE: note or banknote; on paper AmE: bill 1 A B Money and income Currency The money used in a country euros, dollars, yen, etc. is its currency. Money in notes (banknotes) and coins is called cash. Most money, however, consists of bank deposits:

More information

Revenue and Financing Policy 401

Revenue and Financing Policy 401 Revenue and Financing Policy 401 Contents 1. Purpose 2 2. Funding Principles 2 3. Operating Costs 3 4. Operating Costs Funding Sources 3 5. Capital Cost Funding Sources 6 6. Additional Information 7 Waimate

More information

Session 5, Part 2 Managing Banking Risks in Australian and Chinese Banking Systems: Credit Risk Management

Session 5, Part 2 Managing Banking Risks in Australian and Chinese Banking Systems: Credit Risk Management Session 5, Part 2 Managing Banking Risks in Australian and Chinese Banking Systems: Credit Risk Management Ms Cui Hui (Susan) Risk Management, Industrial and Commercial Bank of China, Sydney Branch Abstract

More information

Subnational Debt Management in Latin American. Joint World Bank - CEMLA Workshop Subnational Debt Management Performance Assessment Tool (SN-DeMPA)

Subnational Debt Management in Latin American. Joint World Bank - CEMLA Workshop Subnational Debt Management Performance Assessment Tool (SN-DeMPA) Subnational Debt Management in Latin American Joint World Bank - CEMLA Workshop Subnational Debt Management Performance Assessment Tool (SN-DeMPA) México march 18-22, 2013 Jaime Coronado Public Debt Programs

More information

Colorado Legislative Council Staff FISCAL IMPACT STATEMENT LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING

Colorado Legislative Council Staff FISCAL IMPACT STATEMENT LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING Colorado Legislative Council Staff FISCAL IMPACT STATEMENT Amendment 61 Date: Fiscal Analyst: Fiona Sigalla, 303-866-3556 BALLOT TITLE: LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING Fiscal Impact Summary*

More information

Federal Tax Credits for Historic Preservation

Federal Tax Credits for Historic Preservation Federal Tax Credits for Historic Preservation Introduction The Federal Historic Preservation Tax Incentive is described here in general terms only. More detailed information, including copies of application

More information

Summary of the Fiscal Loan Fund Management Report for FY 2005

Summary of the Fiscal Loan Fund Management Report for FY 2005 (Provisional Translation) July 26, 2006 Financial Bureau, Ministry of Finance Summary of the Fiscal Loan Fund Management Report for FY 2005 1. Allocation of the Fiscal Loan Fund in FY 2005 (1) Plan and

More information

foundations for success québec infrastructures plan

foundations for success québec infrastructures plan foundations for success québec infrastructures plan The content of this publication was drafted by the Secrétariat du Conseil du trésor. This edition was produced by the Direction des communications. Legal

More information

Research on Perfecting the Rural Social Endowment Insurance System in Yangtze River Delta

Research on Perfecting the Rural Social Endowment Insurance System in Yangtze River Delta Research on Perfecting the Rural Social Endowment Insurance System in Yangtze River Delta Shufen Zhou 1, Lin Han 1, Hong Wang 1 & Keying Bi 1 1 College of Social Sciences, Shanghai University of Engineering

More information

Powertech Technology Inc. Procedures for Acquisition or Disposal of Assets

Powertech Technology Inc. Procedures for Acquisition or Disposal of Assets Powertech Technology Inc. Procedures for Acquisition or Disposal of Assets Article 1. These Procedures are established and modified based on Regulations Governing the Acquisition and Disposal of Assets

More information

Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013

Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013 1 Business Plan for Financial Management and Business Effectiveness Unit - May 2011 to 30 September 2013 1. Introduction 1.1 The Service s key responsibilities are: o The achievement of proper and effective

More information

Chairman Wyden, Ranking Member Hatch and members of the Committee, my name is Jay

Chairman Wyden, Ranking Member Hatch and members of the Committee, my name is Jay Testimony of Jayan Dhru Senior Managing Director, Corporate & Infrastructure Ratings Standard & Poor s Ratings Services Before the Senate Committee on Finance New Routes for Funding and Financing Highways

More information

Understanding the Risk of China s Local Government Debts and Its Linkage with Property Markets

Understanding the Risk of China s Local Government Debts and Its Linkage with Property Markets Understanding the Risk of China s Local Government Debts and Its Linkage with Property Markets Yongheng Deng National University of Singapore Paper presented at the International Symposium on Housing and

More information

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate.

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate. Credit Risk Bank operations involve sanctioning of loans and advances to customers for variety of purposes. These loans may be business loans for short or long term commitments and consumer finance for

More information

CHINA TAX, ACCOUNTING, AND AUDIT IN 2014-2015. IV. Accounting, Audit and Tax Compliance V. International Taxation

CHINA TAX, ACCOUNTING, AND AUDIT IN 2014-2015. IV. Accounting, Audit and Tax Compliance V. International Taxation TAX, ACCOUNTING, AND AUDIT IN CHINA 2014-2015 I. China s Tax System II. China s Business Taxes III. Individual Income Tax IV. Accounting, Audit and Tax Compliance V. International Taxation Produced in

More information

5. Budget Financing and Debt Management

5. Budget Financing and Debt Management 5. Budget Financing and Debt Management 5.1 To accomplish the objectives of the NSAPR, Bangladesh has been pursuing its debt management activities with various short, medium and long term reform measures.

More information

-------------------------------------------------

------------------------------------------------- Unofficial Translation With courtesy of the Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language Please refer to the Thai text for the official

More information

Orient Capital Research

Orient Capital Research Orient Capital Research March 31, 2015 Orient Capital Research Andrew Collier 852-9530-4348 andrew@collierchina.com Jiulice Zhou, Analyst, Shanghai Lei Chon Pang, Analyst, Macau China s Insurance Shadow

More information

Temporary Measures for Administration of Subordinated Term Debts of Insurance Companies 保 险 公 司 次 级 定 期 债 务 管 理 暂 行 办 法

Temporary Measures for Administration of Subordinated Term Debts of Insurance Companies 保 险 公 司 次 级 定 期 债 务 管 理 暂 行 办 法 Temporary Measures for Administration of Subordinated Term Debts of Insurance Companies 保 险 公 司 次 级 定 期 债 务 管 理 暂 行 办 法 Chapter 1 General Provisions Article 1 These Measures have been formulated in accordance

More information

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT.

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT. INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT July 2010 PREPARED BY THE INTERNAL AUDIT BRANCH (IAB) Project No:

More information

Management s Discussion

Management s Discussion Management s Discussion & A n a l y s i s Business Environment In the financial year ended March 31, 1999, the U.S. and major European stock market indexes continued to perform well, marking new all-time

More information

Study on the Innovation of Agriculture insurance System in China

Study on the Innovation of Agriculture insurance System in China Study on the Innovation of Agriculture insurance System in China Long-Wenjun Research Center for Rural Economy in Ministry of Agriculture in China Abstract: In recent years, the central government in China

More information

Corporate Governance. Norinchukin Management Systems. Supervisory Committee

Corporate Governance. Norinchukin Management Systems. Supervisory Committee Corporate Governance Norinchukin Management Systems The Bank is both the central bank for Japan s agricultural, forestry, and fishery cooperatives as well as an institutional investor that plays a major

More information

OFFICE OF FINANCIAL REGULATION COLLECTION AGENCY REGISTRATIONS MORTGAGE-RELATED AND CONSUMER COLLECTION AGENCY COMPLAINTS PRIOR AUDIT FOLLOW-UP

OFFICE OF FINANCIAL REGULATION COLLECTION AGENCY REGISTRATIONS MORTGAGE-RELATED AND CONSUMER COLLECTION AGENCY COMPLAINTS PRIOR AUDIT FOLLOW-UP REPORT NO. 2013-031 OCTOBER 2012 OFFICE OF FINANCIAL REGULATION COLLECTION AGENCY REGISTRATIONS MORTGAGE-RELATED AND CONSUMER COLLECTION AGENCY COMPLAINTS PRIOR AUDIT FOLLOW-UP Operational Audit COMMISSIONER

More information

SECTOR ASSESSMENT (SUMMARY): WATER SUPPLY AND OTHER MUNICIPAL INFRASTRUCTURE AND SERVICES 1. 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): WATER SUPPLY AND OTHER MUNICIPAL INFRASTRUCTURE AND SERVICES 1. 1. Sector Performance, Problems, and Opportunities Country Partnership Strategy: Kyrgyz Republic, 2013 2017 SECTOR ASSESSMENT (SUMMARY): WATER SUPPLY AND OTHER MUNICIPAL INFRASTRUCTURE AND SERVICES 1 Sector Road Map 1. Sector Performance, Problems, and

More information

TACKLING MANAGEMENT TASKS

TACKLING MANAGEMENT TASKS TACKLING MANAGEMENT TASKS Asset Soundness Results of Processing Non-Performing Loans in FY2005 We have calculated write-offs and reserve amounts for non-performing loans based on results from selfassessment

More information

City of Surprise, Arizona Comprehensive Financial Management Policies FY 2013

City of Surprise, Arizona Comprehensive Financial Management Policies FY 2013 City of Surprise, Arizona Comprehensive Financial Management Policies FY 2013 Introduction The City Council s Strategic Plan Framework, goals and objectives provide the foundation for the comprehensive

More information

In Mexico, the market for securitisations has considerably expanded. While

In Mexico, the market for securitisations has considerably expanded. While 7 Securitisations in Mexico Daniel Kuri-Breña In Mexico, the market for securitisations has considerably expanded. While mortgage-backed securitisations played a leading role in terms of market growth

More information

(LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION)

(LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION) Form RD 3560-41 ` FORM APPROVED (02-05) OMB NO 0575-0189 (LABOR HOUSING LOAN AND GRANT TO A NONPROFIT CORPORATION) LOAN AND GRANT RESOLUTION OF, 20 RESOLUTION OF THE BOARD OF DIRECTORS OF PROVIDING FOR

More information

Development of consumer credit in China

Development of consumer credit in China Development of consumer credit in China Shen Bingxi and Yan Lijuan 1 Summary Consumer credit particularly personal consumer loans such as home mortgages and loans financing purchases of automobiles and

More information

Credit risk management of commercial bank

Credit risk management of commercial bank Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(5):1784-1788 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Credit risk management of commercial bank Qian

More information

a Responsible and Credible Plan for Deficit Reduction; and an Improved Tax System

a Responsible and Credible Plan for Deficit Reduction; and an Improved Tax System Administration's Fiscal Year 2012 Budget Provides Incentives for Innovation, Infrastructure, and Education; Middle-Class Tax Relief; a Responsible and Credible Plan for Deficit Reduction; and an Improved

More information

Technical Assistance Consultant s Report

Technical Assistance Consultant s Report Technical Assistance Consultant s Report Project Number: 45157 October 2013 Local Debt in the People s Republic of China: Local Government Financing Vehicle s Debt Management and Risk Control - Replacing

More information

Implementing a Student Loan Program Using Qualified Scholarship Funding Bonds Feasibility Study

Implementing a Student Loan Program Using Qualified Scholarship Funding Bonds Feasibility Study Implementing a Student Loan Program Using Qualified Scholarship Funding Bonds Feasibility Study Prepared by: Maryland Higher Education Commission Office of Student Financial Assistance As Requested by

More information

A PLAN FOR A DEBT-FREE ALBERTA

A PLAN FOR A DEBT-FREE ALBERTA A PLAN FOR A DEBT-FREE ALBERTA Table of Contents Step 1 - Eliminating the Annual Deficit... 139 Step 2 - Eliminating the Net Debt... 139 Step 3 - Creating a Debt-Free Alberta... 142 Repaying Accumulated

More information

COMMUNITY FINANCIAL REPORT

COMMUNITY FINANCIAL REPORT COMMUNITY FINANCIAL REPORT Council s approach to financial planning guides the organisation toward operating in a manner that ensures financial sustainability in both the short, and the long term. IMAGE:

More information

Credit Risk Management System Checklist and Manual

Credit Risk Management System Checklist and Manual Credit Risk Management System Checklist and Manual Credit risk is the risk that a financial institution will incur losses because the financial position of a borrower has deteriorated to the point that

More information

Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998)

Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998) Azerbaijan Law on Mortgage (adopted on 3 July, 1998; entered into force on 19 August 1998) This English Translation has been generously provided by VneshExpertService. VneshExpertService Important Disclaimer

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information