National Factoring Company

Size: px
Start display at page:

Download "National Factoring Company"

Transcription

1 Information Memorandum January 2007

2 Contents I. Introduction 3 II. Overview of the Borrower 1. History 4 2. Participants 4 3. Managing bodies and key managers 5 4. Market strategy and future plans 8 5. Operational review of the Borrower International borrowings Selected consolidated financial information Credit ratings 35 Appendix. Currency FX rates 36 2

3 National Factoring Company (Limited Liability Company) accepts responsibility for the information contained in this Information Memorandum. To the best of the knowledge of NFC (which has taken all reasonable care to ensure that such is the case), the information contained in this Information Memorandum is in accordance with the facts. I. Introduction National Factoring Company was established in June 2003 as a limited liability company. NFC s predominant business activity is factoring. The Company offers full-service factoring and is presently one of the leaders in the Russian factoring market. Our company's mission is to become the most dynamically developing factor in Europe and the most innovative in the world. We are striving to achieve a leading position in market share, business efficiency and service quality for the benefit of our shareholders, clients and staff. The Company has signed over factoring agreements with clients from 40 industry sectors and has worked with more than 30 thousand debtors. NFC representative office network includes 21 regional offices in Russia and the CIS. Total assets of the Company amounted to RUB 5,4 billion as of 30 Sept NFC is rated B- by Standard & Poor's. NFC is a member of the leading global factoring associations - International Factors Group and Factors Chain International. 3

4 II. Overview of the Borrower 1. History National Factoring Company (Limited Liability Company) (the Company, the Bank, the Borrower ) was established on 17 June 2003, as NIKoil IBG Bank factoring business was shaped into a separate company following the existing international standards of factoring business structuring. NIKoil IBG Bank started its factoring business in February 1999 providing a relatively new complex of financial services to the Russian trade market. Since their launch, the services became much in demand, increasing the factoring turnover of NIKoil IBG Bank at least twice each year. After four years of successful growth of the factoring business the shareholders approved acquisition of a small bank for factoring development purposes. The new bank was renamed to National Factoring Company URALSIB-NIKoil stressing that it would be designed solely for providing professional factoring and associated services. As the following step, in November 2005 the management team of the bank decided to rename it to National Factoring Company (Limited Liability Company). The new name and logo are aimed in particular at enhancing NFC s own business relationship with commercial banks in Russia and abroad. NFC is licensed by the Central Bank of the Russian Federation (License on banking operations 3437 issued 03 September 2003). Following the needs of its clients, NFC has been developing its representative office network which currently includes 19 regional offices in the main cities of Russia and two foreign operations offices in ex-soviet republics of Moldova and Armenia. NFC is a member of the two largest worldwide known associations of factoring companies - IFG (International Factors Group) with the headquarters in Brussels and FCI (Factors Chain International) based in Amsterdam. Mr Treyvish, the Chairman of NFC Management Board, is also the member of the Board of Directors of IFG and the President of IFG s East European Chapter, one of the units of IFG acting on behalf of the Group and introducing abilities and advantages of the association in the CIS and East European countries. NFC is the cofounder of the East European Factoring Association known for its contribution to market education on factoring and involvement of new professional players into the market. 2. Participants The participants of NFC are Limited Liability Company Salerna (50%) and Limited Liability Company CENTERRYBOPRODUCT (50%). 4

5 Table 1. Initial statutory fund and its increases: Date of Issue of Participatory Shares Number of Participatory Shares Par Value per Participatory Share, RUB Total fund raised, RUB Both participants are private companies which realize investment activity and operations with securities. The Bank is ultimately controlled by Mr Nickolai A. Tsvetkov President of URALSIB Financial Corporation. The decision to reorganize NFC from a limited liability company into a closed joint stock company was taken at the general meeting of participants in July The legal procedure is almost completed: in January 2007 the Company expects its CJSC banking license to be issued by the Central Bank of Russia, following which NFC will be officially referred to as a closed joint stock company. The shareholders in a joint stock company do not possess, by virtue of law, the right to freely offer their shares to the company for buy-back (with certain exceptions set out in the Federal Law No. 208-FZ On Joint-Stock Companies ), unlike participants in a limited liability company where a participant may opt to leave the company and demand return of the value of his participatory share. Also, compliance with capital adequacy requirements as per the Basle II Capital Accord will be achieved by NFC. The term for the creditors claims for early redemption by NFC of its liabilities expired in September The composition of the Company s creditors has not substantially changed as a result of the reorganization. All key NFC partners have continued collaboration with the Company. Frequency of participants meetings General meetings of participants of the Company are set up annually, and special general meetings of participants in case of necessity. 3. Managing bodies and key managers Board of Directors Currently there are 5 members of the Board of Directors: Denis Korobkov (39 years old) has been the Chairman of the Board of Directors since In Mr Korobkov was Vice-President of UHK METALLOINVEST. From 2001 till 2002 Mr Korobkov was in the position of Adviser at the Ministry for Economic Development and Trade 5

6 of the Russian Federation and in worked as the Manager of the Transport Industry Investment Department of NIKoil IBG Bank. Apart from being the Chairman of NFC s Board of Directors, since 2004 Mr Korobkov has simultaneously been in the following positions: Executive Director and Head of the Investment Department in BANK URALSIB, Deputy Director and Financial Director of Management Investment Company URALSIB LLC. Since 2005 Mr Korobkov has also been the member of the Board of Directors of OJSC «TD «KOPEYKA». Mr Korobkov graduated from the Moscow State University with bachelor degree in Economics and Social Planning. In 1992 has obtained Ph.D. in Economics. Natalya Artemyeva (57 years old) has been the member of the Board of Directors since In Ms Artemyeva was Deputy Chairman of the Commercial Bank AVTOBANK- NIKOIL. In Ms Artemyeva was Deputy Chairman and Chief Executive Director of NIKoil IBG Bank and the member of the Board of Directors of the same bank. Ms Artemyeva graduated from the Moscow Financial Institute with bachelor degree in Finance. Oleg Komarov (38 years old) has been the member of the Board of Directors since In Mr Komarov was the Manager of the Internal Audit Department of the Commercial Bank AVTOBANK-NIKOIL and in 2004 the Head of Internal Control Department of this bank. Since 2004 Mr Komarov has been appointed to the position of the Head of the Internal Control Department in BANK URALSIB. Mr Komarov graduated from the Finance Academy under the Government of the Russian Federation with bachelor degree in Accounting and Audit. Mikhail Treyvish (35 years old) has been the member of the Board of Directors and the Chairman of the Management Board since Since 1995 Mr Treyvish managed the Factoring Department of Rossiyskiy Kredit Bank, implementing the factoring concept of risk-management, building-up the factoring technology and adopting international experience for the operations in Russia. In 1999 Mr Treyvish became the Chief of the Factoring Department in NIKoil IBG Bank (the core bank of URALSIB (former NIKoil) Financial Corporation) and in 2001 the Head of Factoring and Electronic Business in NIKoil. In 2001 Mr Treyvish was appointed to the position of Deputy Chairman of NIKoil IBG Bank. Mr Treyvish graduated from Moscow Aviation Institute (MAI) with the qualification of Engineer- Mathematician and has obtained Ph.D. in Economics at the Russian Academy of Science. Tagir Usupov (28 years old) has been the member of the Board of Directors since In Mr Usupov was the officer in banking projects analysis of the Financial Control Department of BANK URALSIB (Ufa). In Mr Usupov was the senior officer in Financial Analysis and Informational Support of the Financial Department of the Uralo-Siberian Bank. In 2004 Mr Usupov fulfilled duties of the Manager of the Business Planning and Analysis Department of the Economics and Finance Division of the Uralo-Siberian Bank. Since 2004 Mr 6

7 Usupov has been appointed to the position of Manager of the Analysis Department in BANK URALSIB Economics and Finance Division. Mr Usupov graduated from Ufa State Aviation Technical University with bachelor degree in Economics. Authorities of the current Board of Directors will terminate April 30, Management board Mikhail Treyvish Chairman of the Board. For qualifications please see previous section. Roman Ogonkov (33 years old) took the position of Senior Deputy Chairman in NFC in In Mr Ogonkov was Deputy Chief of the Factoring Department of Rossiyskiy Kredit Bank working together with Mikhail Treyvish on factoring operations application in the bank, adaptation of international experience in factoring and client relationship development. In Mr Ogonkov was the Managing Director of the Operational Factoring Company URALSIB- NIKoil (LLC) created in NIKoil Financial Corporation to assist the regional development of NIKoil IBG Bank factoring business. Mr Ogonkov graduated from the Moscow State Institute of International Relations (MGIMO- University) with major in international economics. Ella Skaletskaya (33 years old) has been in the position of Deputy Chairman since In Ms Skaletskaya was the Chief Accountant in Commercial Bank Chastny Bank. Up to 2001 Ms Skaletskaya was the senior officer in the Accounting Department of NIKoil IBG Bank. Till 2004 Ms Skaletskaya was responsible for methodology and development of innovative products and management accounting in the Factoring Department of NIKoil IBG Bank. Ms Skaletskaya graduated from All-Russian Distance Institute of Finance and Economics with bachelor degree in Economics. Ms Skaletskaya also graduated from the University of the Russian Academy of Education as bachelor in Law. Stanislav Pushtorskiy (31 years old) took the position of Deputy Chairman in In Mr Pushtorskiy was the senior officer in Rossiyskiy Kredit Bank, being involved in sales and marketing of the bank s products. Up to 2002 Mr Pushtorskiy developed sales and marketing of factoring services in NIKoil IBG Bank. In Mr Pushtorskiy was responsible for international factoring business in NIKoil IBG Bank. Mr Pushtorskiy graduated from the Moscow University of Consumer Co-operatives with bachelor degree in Economics. Other key managers Anton Musatov (26 years old) Head of the Corporate Risk Management. 7

8 Since March 2002 till August 2003 Mr Musatov was the senior officer of the Risk Assessment and Losses Recovery in the Financial Risks Complex Insurance Department at ROSNO OJSC. In Mr Musatov was the councilor of the Senior Executive Director/Deputy Chairman of NIKoil IBG Bank and in March-September 2004 managed the Underwriting Department of NFC. In Mr Musatov was responsible for Operations, Credit Control Department, Risk Monitoring and Underwriting, and since 2005 has been the Head of the Corporate Risk Management, developing client approval and underwriting system, credit control and risk management policies. Mr Musatov graduated from the State University of Management in 2002 with bachelor degree in Economics. Vladimir Shukraliev (47 years old) has been the Head of the Receivables Management Department since July In Mr Shukraliev was the Vice-president of the International Collection & Credit Management Agency REGION-VOLGA, being responsible for credit management and collection services in Russia, operating requests coming from international collection agencies. Since March 2003 Mr Shukraliev has been managing NFC's regional office in Saratov and since 01 March 2005 has been the Head of NFC's Regional Division South (which includes several regional offices). Mr Shukraliev graduated from Saratov State University with bachelor degree in Psychology. 4. Market strategy and future plans Factoring market data presented in this chapter includes extracts from market research by RosBusinessConsulting and Expert RA. The Russian factoring market has shown dynamic development in the last 2 years. The industry s turnover almost doubled and rose to US$5,7 billion versus US$3 billion expected by analysts The volume of financing provided by factors under debt assignment composed 4,2 billion US dollars against 1,5 billion in The share of factoring transaction in total amount of GDP became 0,9 percent compared with 0,5 percent in The main driver of such rapid growth was ever-growing demand of domestic small- and mediumsized companies for financing, risk and debt management reflecting ongoing strong economic growth seen in Russia in last years. Meanwhile, widening of product line offered by Russian factors contributed to the shift in attitude towards significant rise in interest to this kind of financial services. 8

9 The continued strength in market development in the next 2-3 years could boost the industry to US $40 billion turnover in 2008 and align it with the factoring business in the West-European countries. At present, the market players can be split into 4 main categories: Commercial banks. Most of these banks are engaged in invoice discounting, and only few of them provide traditional factoring services. Companies with banking licenses specializing in factoring. NFC is the largest of these companies. Non-banking companies specializing in factoring. Partnerships of banks and factoring companies. In the framework of the partnerships, banks provide financing, and factoring companies manage risks and engage in other necessary activities. Structuring factoring business as a separate company enhances its opportunities in creating partnerships with financial institutions both in Russia and overseas. Such step also enables to improve a specialized risk management system that compares favorably to traditional commercial bank approach to decision making. According to the data of Bank of Russia, there were 84 banks rendering factoring services at the beginning of 2005 and this number increased to 100 at the of the year. Experts forecast further market growth, which is favored in particular by improving legal environment. Presently factoring accounts for approximately 1% of Russian GDP compared to about 12% in Great Britain and Italy that are traditional leaders in the world factoring market. This indicates a mid-term development potential for the Russian market. In spite of light decline in the market concentration, the factoring business still remains highlyconcentrated with the total share of five largest players equaled to 87 percent. Since its origination the main target of NFC factoring team was to become the market leader in professional factoring, developed in the scope and traditions of internationally accepted concept of factoring business. NFC factoring team obtained the share of around 80% of Russia s factoring market, which was on the level of 30% in 2005, despite tightening competition. 9

10 Table 2. Market share by Factors in 2005 (by amount of debt assigned to Factors), % NFC 30 Eurokommerz 21 Petrocommerce 15 Promsvyazbank 11 NOMOS-BANK 10 Others 13 Source: Expert RA According to Expert RA ranking of Russian factors for the 1 st half of 2006, NFC was ranked first by factoring income, second by volume of financing provided to clients in the framework of factoring and by number of clients. NFC is also one of the three biggest factoring companies of Eastern Europe. The Company s client base numbers hundreds of clients daily assigning to the Company receivables from goods sale and service rendering to dozens of thousands customers. The key targets for NFC by 2008 are stated as follows: (1) to achieve gross income of USD 95mln, income before tax of USD 43mln, and the number of clients of 1300, (2) to keep high return on assets on the background of mitigated risks, (3) to become the largest factoring company in Central and Eastern Europe, (4) to remain the leader and market maker of the Russian factoring market, (5) to develop a factoring concept and become the leader and market maker on the growing market of the CIS. In order to achieve the mentioned goals, the Company has planned the following steps: (1) Market placement of factoring as a unique non-banking product basket that is trade business driven with an increased value of services, either with or without financing, and including inter alia the following products: Factoring-Signal (warning of potential losses caused by customers frauds or insolvency), Factoring-Guarant (bad debt protection and repayment of guarantied amount after a grace period), Factoring-Finance (cash flow gaps mitigation via receivables finance) (2) Involvement of external refinancing of factoring operations in order to avoid dependence on a limited number of funding parties, decline funding expenses, enhance market strength and factoring sales power, book positive credit history and apply the brand name to the capital and investment markets. (3) Further development of the brand of NFC via PR-events. (4) Implication of agents for boosting sales, 10

11 (5) Launch of commercial projects in factoring together with banks and other financial institutions in combination with their agency activities and funding facilities, (6) Employee driven HR management aimed at supporting the winning spirit of the team capable to achieve the strategy goals (under 5-7% of average personnel fluctuation in the Company). One of the main purposes of NFC in the near future is to arrange for reasonably diverse and inexpensive sources of funding to achieve higher competitive power on the background of growing competition on the factoring market and accessibility of funds for potential clients. JSC VTB and NFC LLC have started a joint project Syndicated factoring, involving joint factoring customer service by VTB and NFC. VTB is engaged in pre-marketing and initial negotiations with potential factoring clients, running primary documentation and funding factoring transactions. NFC is responsible for the sales of commercial factoring products, customer consulting, claims registration, accounts receivable management and clients protection from credit risk. As a result of the project implementation, NFC expects income growth and geographic extension of its client base. 5. Operational review of the Borrower Scope of business As mentioned above, NFC s business activity is factoring and associated services in the open market. Daily operations include receiving shipping documents from clients, running assessment procedures, granting credit limits, releasing financing (Factoring-Finance) and/or sureties (Factoring-Guarant) against approved receivables, collection, dunning and other procedures (Factoring-Signal) connected with providing the full range of factoring services to NFC s clients. Registration of receivables is handled in all the Company s offices, financing is released from the Moscow office where all the financial services, Treasury, Accounting Department, Credit Committee and underwriters are based. All NFC clients enjoy the Bank s financing, receiving it on their settlement accounts with their servicing banks in Russia and overseas. NFC s target customers are trading and industrial companies selling goods and rendering services on credit terms and interested in refinancing their working capital, in protection against bad debts arising from trading receivables, assessment, collection and arbitration services connected with trading receivables. The core industries represented by NFC s clients are: computers and computer appliances, alcoholic beverages, foodstuffs, building finishes and accessories, household appliances, perfume and cosmetics etc. 11

12 Domestic factoring operates as follows. (1) A supplier (the Client ) sells goods to a buyer (the Debtor ) on deferred payment basis. The Client assigns receivables to NFC, under a pre-agreed factoring contract, due to the Client by its Debtor. Following the assignment, all the payments are made by the Debtor directly into NFC s account. (2) Upon execution of the assignment and submission of the underlying documents evidencing the shipment of goods, NFC provides to the Client factoring financing within the pre-agreed lending limits applicable to the Debtor (up to 90% of the receivables value). (3) At maturity, the Debtor makes payment of 100% of the receivables into NFC s account. (4) NFC utilizes the factoring financing amount to discharge the Client s payment obligations under the factoring contract and transfers the balance. NFC invoices the Client monthly for its remuneration (factoring commission, interest, etc.) The Client is to pay the invoice within 15 working days. (5) If Debtor A fails to pay its due under the contract, under Factoring Agreement NFC (i) is entitled to claim the Client for a recourse payment of the respective financing amount of the receivables from the Debtor A (after a certain waiting period) or (ii) may reduce the balances arising from payments of this Client s other Debtors for this respective amount (less the corresponding financing duly discharged) to be transferred to the Client. Such balances result from the fact that NFC finances only a certain share of a receivable as described in the clause 2 herein. Prior to the provision of factoring financing as described above, NFC and the Client execute a factoring contract and agree on (i) the initial list of the Client s Debtors eligible for factoring and (ii) lending limits in respect of each eligible Debtor. Upon execution of the factoring contract NFC s e-factoring system is updated with the confirmation of allocated lending limits and details of approved Debtors. The list of Debtors may change if applied by the Client and approved by NFC. 12

13 Receivables portfolio description Table 3. Structure of NFC s client portfolio by annual volumes of receivables assigned (receivables turnover)*. Sector 31 December 2004 Share, % Status Share, % 31 December 2005 Change, % Status Share, % 15 September 2006** Change, % Building/construction materials Food Alcohol and beverages Household appliances Computers/computer components Perfumes and cosmetics Other consumer goods Other goods Automotive: spare parts Metals/rolling Household chemical goods Petrochemicals * Hereinafter turnover refers to the aggregate of the face value of receivables assigned to NFC. ** Turnover by 15 September 2006 amounted to $1.102 bln. Status The above figures evidence that the share of the largest factoring portfolio sector in terms of turnover is gradually declining: 2004 alcohol and beverages (16.6%), 2005 computers/computer components (16.1%), 8.5 months 2006 building/construction materials (15.0%). The share of the top-3 sectors decreased from 46.9% in 2004 to 42.94% in 8.5 months Since factoring is mainly focused on consumer goods, the growth of the other consumer goods sector, which was consistent in the last two years and showed 250% growth in 8.5 months of 2006, indicates NFC s development in the new markets. The decline in the share of the other goods sector means ceasing operations on poor-factorable (non-typical) product markets. 13

14 Table 4. Number of clients 31 Dec Dec Sept 2006 Total number of clients Number of clients comprising 80% of financing outstanding As can be seen, both total number of clients and number of clients comprising 80% of financing outstanding slightly declined by mid-september 2006 compared to the end of However, a long-term growth trend is recognized. The share of the big clients in 8.5 months 2006 remains around the same as in 2005 (~14%). Table 5. Number of debtors 31 Dec Dec Sept 2006 Total number of debtors Number of debtors of the clients comprising 80% of financing outstanding Share of debtors of the clients comprising 80% of financing outstanding 29,82% 36,53% 36,61% Risk distribution among debtors is an important parameter in factoring portfolio risk analysis and should be investigated more seriously than clients repayment power. Thus, NFC s riskmanagement mechanism (please see Part II. Overview of the Borrower, Chapter 5. Operational review of the Borrower, section Risk management ) is predominantly focused on the assessment of receivables portfolio and each debtor in particular. Table 5 evidences that NFC s receivables portfolio is well balanced in terms of this parameter, indicating that a significant part of the debtors produce payment to clear 80% of financing outstanding, and this ratio is increasing. 14

15 Table 6. Concentration of financing outstanding per clients and debtors Average financing outstanding per client, RUB Average financing outstanding per debtor, RUB Average financing outstanding per client to total financing outstanding Average financing outstanding per debtor to total financing outstanding 31 Dec Dec Sept , , , , , ,96 0,34 0,17 0,13 0,050 0,024 0,022 Table 6 shows that the average financing outstanding both per client and debtor declines in terms of both values and ratios to total financing outstanding. This evidences a gradual improvement of the receivables portfolio in terms of credit risk: NFC becomes less dependant on possible clients and debtors defaults. Table 7. Top-10 clients by turnover Share of top-10 clients by turnover in total turnover 31 Dec Dec Sept Number of debtors of top-10 clients by turnover 31 Dec Dec Sept Top-1 client Top-2 client Top-3 client Top-4 client Top-5 client Top-6 client Top-7 client Top-8 client Top-9 client Top-10 client Total: Table 7 shows the top-10 clients of NFC selected by receivables turnover. As can be seen, the share of each client from the top list declines each year, indicating that NFC becomes less dependant on 15

16 big clients. In 2004 the top-1 had the share of 10,99%, while in mid-september 2006 this share was just 5.38%. The aggregate share of the top-10 fell from 50.18% to 33.67% in the period 31 Dec Sept Meanwhile, the number of debtors of the respective clients grew from 342 in 2004 to 688 in mid-september 2006, evidencing the improvement of the receivables portfolio structure. Table 8. Top-10 clients by turnover of factoring assets Share of Top-10 clients by turnover in total turnover 31 Dec Dec Sept Number of debtors of Top-10 clients by turnover 31 Dec Dec Sept Top-1 client Top-2 client Top-3 client Top-4 client Top-5 client Top-6 client Top-7 client Top-8 client Top-9 client Top-10 client Total: The turnover of factoring assets (factoring advances) follows the trends of the receivables turnover. However, the shares of the Top-1 client and the aggregate shares of the Top-10 indicate that NFC, following its internal regulations, finances even smaller shares than the original receivables turnover shares. That reduces the credit risk and evidences that NFC s risk management policy is sensitive to the degree of risk of every debtor. 16

17 Table 9. Top-10 clients by financing outstanding Share of Top-10 clients by financing outstanding 31 Dec Dec Sept Number of debtors of Top-10 clients by financing outstanding 31 Dec Dec Sept Top-1 client Top-2 client Top-3 client Top-4 client Top-5 client Top-6 client Top-7 client Top-8 client Top-9 client Top-10 client Total: Despite a slight increase in the share of financing outstanding per Top-10 clients, the concentration of debtors credit risk significantly fell due to the substantial increase in the number of debtors.. Table 10. Сoncentration of NFC s credit risk per debtors Group of debtors selected by credit risk concentration per debtor, % of the entire portfolio Number of debtors in group Share in total financing outstanding, % % % % % % <0.5% Total: Table 10 evidences that the highest risk concentration group (to which only one debtor is classified) has not changed, remaining on 3-4% level during the last 3 years. The largest group of debtors is the one where financing outstanding is below 0.5% per debtor. Around 65% of NFC s portfolio 17

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. FOUNDATION OF LIMITED LIABLITY COMPANY CHAPTER 3.AUTHORIZED CAPITAL OF A COMPANY CHAPTER 4. PROPERTY

More information

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

Registration of Credit Institutions and the Licensing of Banking Activities

Registration of Credit Institutions and the Licensing of Banking Activities Registration of Credit Institutions and the Licensing of Banking Activities The procedures for registering credit institutions and licensing banking operations, verifying the legitimacy of shareholding

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Article 56 of the Bank of Russia Law.

Article 56 of the Bank of Russia Law. As of October 1, 2015 No. Commentary Relevant laws and regulations 1. Duties and powers of banking supervision 1.1 Banking supervisory Bank of Russia Articles 4 and 56 of authority Federal Law No. 86-FZ,

More information

Finansinspektionen's Regulations

Finansinspektionen's Regulations Finansinspektionen's Regulations Publisher: Gent Jansson, Finansinspektionen, Box 6750, 113 85 Stockholm. Ordering address: Thomson Fakta AB, Box 6430, 113 82 Stockholm. Tel +46 8-587 671 00, Fax +46 8-587

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

ABLV High Yield CIS Bond Fund Prospectus

ABLV High Yield CIS Bond Fund Prospectus ABLV High Yield CIS Bond Fund Prospectus Open-end mutual fund Registered in Latvia, with the Financial and Capital Market Commission: Fund registration date: 15.06.2007 Fund registration No.: 06.03.05.263/34

More information

Correspondent Banking

Correspondent Banking Correspondent Banking Treasury Corporate Banking Consumer Banking Settlements Risk Management Personnel Policy Correspondent Banking The August 1998 financial crisis undoubtedly strengthened the competitive

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic ATOMEX-Europe 2013 8-9 October 2013, Brno, Czech Republic VTB today VTB is a backbone Russian bank, which has built an international financial group. VTB Group possesses a unique international network

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

UniCredit Leasing. Right partner for expanding your business. Sales Department

UniCredit Leasing. Right partner for expanding your business. Sales Department UniCredit Leasing Right partner for expanding your business Sales Department Moscow, 31 December, 2015 Table of contents 1. UNICREDIT LEASING AT A GLANCE Leading market player Solid leasing expertise Consistent

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

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

The Warsaw Stock Exchange Rules

The Warsaw Stock Exchange Rules (text consolidated at 20 June 2012)* * 1) The Rules adopted by the Supervisory Board by Resolution No. 1/1110/2006 dated 4 January 2006, as amended by the Exchange Supervisory Board: - by Resolution No.

More information

SEAL: APPROVED by the Deputy Head of Moscow Central Regional Department of the Bank of Russia STAMP: August 23, 2013 L.S. SEAL:

SEAL: APPROVED by the Deputy Head of Moscow Central Regional Department of the Bank of Russia STAMP: August 23, 2013 L.S. SEAL: SEAL: THE CENTRAL BANK OF THE RUSSIAN FEDERATION (THE BANK OF RUSSIA) MOSCOW MAIN REGIONAL DEPARTMENT MAIN STATE REGISTRATION * NUMBER 1037700013020 * * TIN 7702235133 * STAMP: APPROVED by the Deputy Head

More information

Development of Factoring Market in Russia

Development of Factoring Market in Russia European Research Studies, Volume XVIII, Issue 3, 2015 pp. 51-62 Development of Factoring Market in Russia Olesya Stroeva 1, Natalya Sukhorukova, Aleksandr Tsvyrko, Tatyana Ivashchenko Abstract: The article

More information

Assurance and accounting A Guide to Financial Instruments for Private

Assurance and accounting A Guide to Financial Instruments for Private june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards

More information

The Warsaw Stock Exchange Rules

The Warsaw Stock Exchange Rules The Warsaw Stock Exchange Rules (text according to legal condition at 1 June 2015)* *The Warsaw Stock Exchange Rules adopted in Resolution No. 1/1110/2006 of the Exchange Supervisory Board dated 4 January

More information

List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions

List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions Approved by Order No.79 issued by Gazprombank (Open Joint-Stock Company) on July 28, 2011 List of Insider Information of Gazprombank (Open Joint-Stock Company) 1. General Provisions 1.1. The list of insider

More information

THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA BOARD RESOLUTION No. 39

THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA BOARD RESOLUTION No. 39 THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA BOARD RESOLUTION No. 39 Adopted on February 9, 2007 ON APPROVAL OF REGULATION 2 ON REGULATION OF BANKING, PRUDENTIAL STANDARDS FOR BANKING By virtue of the Law

More information

17. BANKING. 17.1 Legal Framework. 17.2 Regulatory Bodies

17. BANKING. 17.1 Legal Framework. 17.2 Regulatory Bodies Baker & McKenzie Since 2003 subsoil plot development under the PSA Law has been available only if such subsoil plot was put out to auction and the auction failed. That is, only those plots that are not

More information

EASTERN CARIBBEAN CENTRAL BANK

EASTERN CARIBBEAN CENTRAL BANK EASTERN CARIBBEAN CENTRAL BANK GUIDELINES ON CREDIT RISK MANAGEMENT FOR INSTITUTIONS LICENSED TO CONDUCT BANKING BUSINESS UNDER THE BANKING ACT Prepared by the BANK SUPERVISION DEPARTMENT May 2009 TABLE

More information

INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS

INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN (Effective for audits of financial statements for periods ending on or after December 31, 2000, but contains conforming amendments that become effective

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

STELLENBOSCH MUNICIPALITY

STELLENBOSCH MUNICIPALITY STELLENBOSCH MUNICIPALITY APPENDIX 9 BORROWING POLICY 203/204 TABLE OF CONTENTS. PURPOSE... 3 2. OBJECTIVES... 3 3. DEFINITIONS... 3 4. SCOPE OF THE POLICY... 4 5. LEGISLATIVE FRAMEWORK AND DELEGATION

More information

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS

REGULATION ON THE REGISTTRATION, SUPERVISION AND ACTIVITIES OF NON-BANKING FINANCIAL INSTITUTIONS CHAPTER I GENERAL PROVISIONS Pursuant to Article 35, paragraph 1, sub-paragraph 1.1 of the Law No. 03/L-209 on the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, no.77/16, August 2010), Article

More information

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014 JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom

More information

Term Sheet ISIN: NO 0010672827. FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan )

Term Sheet ISIN: NO 0010672827. FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan ) Term Sheet ISIN: NO 0010672827 FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan ) Settlement date: Expected to be 12 March 2013 Issuer: Currency: Loan Amount / First

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION On Amending the Order on Classification of Loans and Accounts Receivable, and Loan Loss Provisioning in Banks Operating in the Territory

More information

IC 24-4.5-7 Chapter 7. Small Loans

IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7 Chapter 7. Small Loans IC 24-4.5-7-101 Citation Sec. 101. This chapter shall be known and may be cited as Uniform Consumer Credit Code Small Loans. As added by P.L.38-2002, SEC.1. IC 24-4.5-7-102

More information

Statement of Investment Policies and Goals. Saskatchewan Pension Plan Annuity Fund. As of January 1, 2015. APPROVED on this 9 th day of December, 2014

Statement of Investment Policies and Goals. Saskatchewan Pension Plan Annuity Fund. As of January 1, 2015. APPROVED on this 9 th day of December, 2014 Statement of Investment Policies and Goals Saskatchewan Pension Plan Annuity Fund As of January 1, 2015 APPROVED on this 9 th day of December, 2014 Tim Calibaba Chair on behalf of the Board of Trustees

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

CORPORATE GOVERNANCE CODE OF OPEN JOINT-STOCK COMPANY OIL COMPANY ROSNEFT

CORPORATE GOVERNANCE CODE OF OPEN JOINT-STOCK COMPANY OIL COMPANY ROSNEFT APPROVED BY Resolution of the Board of Directors Minutes No. 6 dated May 17, 2006 CORPORATE GOVERNANCE CODE OF OPEN JOINT-STOCK COMPANY OIL COMPANY ROSNEFT With amendments: No.1 (approved by the Board

More information

Quarterly Report. For the three month period ended. April 30, 2015

Quarterly Report. For the three month period ended. April 30, 2015 Quarterly Report For the three month period ended April 30, 2015 The attached unaudited interim condensed consolidated financial statements have been prepared by Management of International Datacasting

More information

Financial Instruments

Financial Instruments There are two basic forms of Letters of Credit: Standby (SBLC) and Documentary (DLC). Financial Instruments Documentary Letters of Credit can be either Revocable or Irrevocable, although the first is extremely

More information

FACTORING: PRUDENTIAL AND MARKET CONDUCT REGULATIONS

FACTORING: PRUDENTIAL AND MARKET CONDUCT REGULATIONS FACTORING: PRUDENTIAL AND MARKET CONDUCT REGULATIONS FINANCIAL SECTOR PROGRAM IN ANGOLA December 2008 This report is made possible by the support of the American People through the United States Agency

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

Notification of Ministry of Finance Re: Rules, Procedures, and Conditions for Establishing a Commercial Bank

Notification of Ministry of Finance Re: Rules, Procedures, and Conditions for Establishing a Commercial Bank (Unofficial Translation)* Notification of Ministry of Finance Re: Rules, Procedures, and Conditions for Establishing a Commercial Bank By virtue of the provisions of Section 5 of the Commercial Banking

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

BANKING BUSINESS (DEPOSITORS COMPENSATION) (JERSEY) REGULATIONS 2009

BANKING BUSINESS (DEPOSITORS COMPENSATION) (JERSEY) REGULATIONS 2009 BANKING BUSINESS (DEPOSITORS COMPENSATION) (JERSEY) REGULATIONS 2009 Revised Edition Showing the law as at 1 January 2013 This is a revised edition of the law Banking Business (Depositors Compensation)

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

LAW ON BANKS (consolidated) 1

LAW ON BANKS (consolidated) 1 LAW ON BANKS (consolidated) 1 Chapter I BASIC PROVISIONS Subject matter Article 1 This Law regulates the establishment, operation and organisation of banks, the manner of bank management, bank supervision,

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION. April 23, 1999 Number 63

BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION. April 23, 1999 Number 63 BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION April 23, 1999 Number 63 ON APPROVAL OF PROCEDURE ON CLASSIFICATION OF LOANS AND RECEIVABLES AND CREATION OF POSSIBLE LOSS RESERVES FOR BANKS

More information

ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS THE REPUBLIC OF ARMENIA LAW

ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS THE REPUBLIC OF ARMENIA LAW THE REPUBLIC OF ARMENIA LAW ON CIRCULATION OF CREDIT INFORMATION AND ACTIVITIES OF CREDIT BUREAUS Adopted October 22, 2008 Article 1. Subject of Law CHAPTER 1 GENERAL PROVISIONS 1. This law regulates terms

More information

Specifics of national debt management and its consequences for the Ukrainian economy

Specifics of national debt management and its consequences for the Ukrainian economy Anatoliy Yepifanov (Ukraine), Vyacheslav Plastun (Ukraine) Specifics of national debt management and its consequences for the Ukrainian economy Abstract This article is about the specifics of the national

More information

Risk Management Programme Guidelines

Risk Management Programme Guidelines Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and

More information

Customer financing in Brazil Guide for a Finnish SME exporter

Customer financing in Brazil Guide for a Finnish SME exporter Customer financing in Brazil Guide for a Finnish SME exporter Contents Financial markets 2 Know your customer 3 Prepayments received from the buyer 4 Granting payment terms with invoice 5 Bills of exchange

More information

ADDITIONAL COVENANT ON PROVISION SECURITY TRADING VIA AMERIA META TRADER PLATFORM

ADDITIONAL COVENANT ON PROVISION SECURITY TRADING VIA AMERIA META TRADER PLATFORM ADDITIONAL COVENANT ON PROVISION SECURITY TRADING VIA AMERIA META TRADER PLATFORM This covenant (hereinafter 'the Covenant') is entered into under the legislation of the Republic of Armenia (RA) by and

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

Revised May 2007. Corporate Governance Guideline

Revised May 2007. Corporate Governance Guideline Revised May 2007 Corporate Governance Guideline Table of Contents 1. INTRODUCTION 1 2. PURPOSES OF GUIDELINE 1 3. APPLICATION AND SCOPE 2 4. DEFINITIONS OF KEY TERMS 2 5. FRAMEWORK USED BY CENTRAL BANK

More information

The recent Asset quality review on non-performing loans conducted by the Bank of Italy: Main features and results

The recent Asset quality review on non-performing loans conducted by the Bank of Italy: Main features and results The recent Asset quality review on non-performing loans conducted by the Bank of Italy: Main features and results 1. Introduction In the last few years the Italian economy has been under considerable strain.

More information

SUPPLEMENTARY COVENANT ON PROVISION OF ACCESS TO ELECTRONIC SECURITIES TRADING TERMINAL 1. DEFINITIONS

SUPPLEMENTARY COVENANT ON PROVISION OF ACCESS TO ELECTRONIC SECURITIES TRADING TERMINAL 1. DEFINITIONS Approved by Management Board Resolution # 57/15/11 as of May 25, 2011 Chairman of the Management Board General Director Artak Hanesyan SUPPLEMENTARY COVENANT ON PROVISION OF ACCESS TO ELECTRONIC SECURITIES

More information

Ladies and Gentlemen!

Ladies and Gentlemen! Ladies and Gentlemen! Prospect Investment Company has been in operation on the Russian stock market since its origin. As far as the securities market in Russia is concerned, this period is equivalent to

More information

LONG FORM AUDIT REPORT Of.. LIMITED For the year ended.. Ashad 206 (Corresponding to..july 20 ) Auditor:

LONG FORM AUDIT REPORT Of.. LIMITED For the year ended.. Ashad 206 (Corresponding to..july 20 ) Auditor: cg';"rl @!=& LONG FORM AUDIT REPORT Of.. LIMITED For the year ended.. Ashad 206 (Corresponding to..july 20 ) Auditor: M/s. 1 1. AUDIT APPROACH 1.1 Brief description of the Audit plan with focus on the

More information

Starting business in Russia. Legal and tax framework. Moscow 2015

Starting business in Russia. Legal and tax framework. Moscow 2015 Starting business in Russia. Legal and tax framework Moscow 2015 2 Index LLC v Representation 3 Request for tax assistance for a prospect client (questions on taxation)7 Direct tax regime 7 Indirect tax

More information

COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Expectations

COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Expectations Additional Tools: COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Expectations Class 2 Institutions February 2014 Ce document est également disponible en français. COMMERCIAL LENDING POLICY DEVELOPMENT

More information

Guide to importing and exporting

Guide to importing and exporting Guide to importing and exporting September 2011 Version 41 Table of contents Introduction 4 We have the solutions for your needs...4 Important Information...4 Getting started 5 What do I do first?...5

More information

H1 2014 IFRS Results. August 2014

H1 2014 IFRS Results. August 2014 H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent

More information

4. FINANCIAL POSITION AND RISK EXPOSURE OF HOUSEHOLDS AND BUSINESSES

4. FINANCIAL POSITION AND RISK EXPOSURE OF HOUSEHOLDS AND BUSINESSES 4. FINANCIAL POSITION AND RISK EXPOSURE OF HOUSEHOLDS AND BUSINESSES In 215 H1, households remained oriented towards savings, as shown by the expansion in deposits level. Lending to households expanded

More information

Strategic Planning and Organizational Structure Standard

Strategic Planning and Organizational Structure Standard Table of contents Strategic Planning and Organizational Structure Standard 1. General provisions Grounds for application of the Standard Provisions of the Standard 2. Contents of the Standard 3. Corporate

More information

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT Translation of Auditor s report AUDITOR S REPORT TO THE SHAREHOLDERS OF Report on the Financial Statements We have audited

More information

Servicing Government Loans

Servicing Government Loans hapter 4 Account Servicing Servicing Government Loans Accurate and complete documentation is critical to providing proper servicing of debt, pursuing collection of delinquent debt, and in the case of guaranteed

More information

KAZAKHSTAN LAW ON JOINT STOCK COMPANIES

KAZAKHSTAN LAW ON JOINT STOCK COMPANIES KAZAKHSTAN LAW ON JOINT STOCK COMPANIES Important Disclaimer This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in

More information

CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009

CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009 CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND

More information

GENERAL TERMS OF MONEY TRANSFER SERVICE Swipe.lv

GENERAL TERMS OF MONEY TRANSFER SERVICE Swipe.lv GENERAL TERMS OF MONEY TRANSFER SERVICE Swipe.lv Approved at the meeting of the Board of the JSC Rietumu Banka, 10.07.2015, Minutes No. 41 1. BASIC TERMS 1.1. Bank the joint stock company Rietumu Banka,

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9

INDEX. Page. Directory 3. Important Notice 4. Background 6. The Waratah Structure 8. Summary of Terms 8. The Issuer 9. Commercial Paper Notes 9 A$5,000,000,000 Asset Backed Commercial Paper Programme Servicing Agent & Sponsor Dealers Commonwealth Bank of Australia Macquarie Bank Limited Westpac Banking Corporation August 2009 INDEX Page Directory

More information

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT ARRANGEMENT OF SECTIONS PART I Preliminary SECTION 1. Short title. 2. Commencement. 3. Interpretation. PART II Establishment of the Debt Management Office,

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

AGANANG LOCAL MUNICIPALITY. Credit Control and Debt Collection Policy. Credit control and debt collection policy

AGANANG LOCAL MUNICIPALITY. Credit Control and Debt Collection Policy. Credit control and debt collection policy AGANANG LOCAL MUNICIPALITY Credit Control and Debt Collection Policy 1 1. PREAMBLE Whereas Section 96(a) of the Local Government: Municipal Systems Act, No 32 of 2000 (hereinafter referred to as the Systems

More information

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF ARMENIA Adopted on October 24, 2001 CHAPTER 1. GENERAL PROVISIONS Article 1. Scope of the Law This law regulates the legal relationships arising from establishment, activity, reorganization

More information

QUOTATION DOCUMENTS TERMS AND CONDITIONS OF AGREEMENT

QUOTATION DOCUMENTS TERMS AND CONDITIONS OF AGREEMENT Page 1 of 5 INTERPRETATION QUOTATION DOCUMENTS TERMS AND CONDITIONS OF AGREEMENT FOR THE SUPPLY AND DELIVERY OF FOODSTUFF OR AMENITIES ITEM(S) FOR THE PERIOD SPECIFIED IN THE AWARD LETTER In these Terms

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract

R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract s m a r t m o n e y R e a d i n g a n d U n d e r s t a n d i n g a Mortgage Contract Since buying a house or an apartment is one of the most important financial decisons you will ever make, you need to

More information

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES. OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY

More information

ACT ON COLLECTIVE INVESTMENT

ACT ON COLLECTIVE INVESTMENT ACT ON COLLECTIVE INVESTMENT The full wording of Act No. 594/2003 Coll. on collective investment, as amended by Act No. 635/2003 Coll., Act No. 747/2004 Coll., Act No. 213/2006 Coll., Act No. 209/2007

More information

Terms and conditions for the use of Visa credit cards

Terms and conditions for the use of Visa credit cards Terms and conditions for the use of Visa credit cards 1. Scope and definitions These terms and conditions for the use of Visa credit cards are applied to the credit account granted by Sampo Bank (hereinafter

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

RULES ON CREDIT RESOURCES CLEARING AND SETTLEMENT

RULES ON CREDIT RESOURCES CLEARING AND SETTLEMENT Registered With the Central Bank of Armenia Arthur Javadyan, Chairman, 2012 NASDAQ OMX ARMENIA OPEN JOINT STOCK COMPANY RULES ON CREDIT RESOURCES CLEARING AND SETTLEMENT Article 1. Definitions 1) Whenever

More information

CORPORATE BUSINESS CONDITIONS

CORPORATE BUSINESS CONDITIONS Raiffeisen Bank Zrt. Number of operating license: 22/1992 Date of operating license: 3 April 1992 Company registration number: 01-10-041042 Registered office: 1054 Budapest, Akadémia u. 6. Contact address:

More information

Development of mortgage lending in Russia

Development of mortgage lending in Russia Development of mortgage lending in Russia Development of Russian mortgage market: 2007-2012 Mortgage origination, bln. (RUB/$) Mortgage share of residential market turnover 1000 900 800 700 600 500 400

More information

LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY I. GENERAL PROVISIONS

LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY I. GENERAL PROVISIONS LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY (Published in the Official Gazette of the Republic of Serbia No. 57/03, 61/05, 64/06) I. GENERAL PROVISIONS Subject Matter of the Law Art.

More information

Introducing expanded external lending and debt statistics

Introducing expanded external lending and debt statistics Introducing expanded external lending and debt statistics Crown copyright This work is licensed under the Creative Commons Attribution 3.0 New Zealand licence. You are free to copy, distribute, and adapt

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.

More information

BANKING UNIT POLICY DOCUMENTS

BANKING UNIT POLICY DOCUMENTS BANKING UNIT POLICY DOCUMENTS POLICY DOCUMENT ON THE REGULATORY PROVISIONS FOR THE UNDERTAKING OF LENDING ACTIVITIES BY INSTITUTIONS AUTHORISED UNDER THE FINANCIAL INSTITUTIONS ACT 1994 FACTORING FORFAITING

More information

European Bank for Reconstruction and Development. The EBRD Green Energy Special Fund

European Bank for Reconstruction and Development. The EBRD Green Energy Special Fund European Bank for Reconstruction and Development The EBRD Green Energy Special Fund Annual Financial Report 31 December 2012 Contents Statement of comprehensive income... 1 Balance sheet... 1 Statement

More information

FOR FINANCE LEASING INSTITUTIONS

FOR FINANCE LEASING INSTITUTIONS OPERATING GUIDELINES FOR FINANCE LEASING INSTITUTIONS BANKING SUPERVISION DEPARTMENT BANK OF SIERRA LEONE FREETOWN JANUARY 2011 Table of Content No. Heading Page 1 Authority 1 2 Definition 1 3 Application

More information

BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005

BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005 BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005 ON SETTING AMOUNTS (LIMITS) ON OPEN FOREIGN EXCHANGE POSITIONS, THE METHODOLOGY FOR CALCULATING THEM AND THE SPECIFICS OF SUPERVISION OVER THEIR COMPLIANCE

More information

List of information categorised as inside information of Open Joint-Stock Company Sistema Joint-Stock Financial Corporation 1

List of information categorised as inside information of Open Joint-Stock Company Sistema Joint-Stock Financial Corporation 1 List of information categorised as inside information of Open Joint-Stock Company Sistema Joint-Stock Financial Corporation 1 The inside information of Open Joint-Stock Company Sistema Joint-Stock Financial

More information

China Demeter Investments Limited

China Demeter Investments Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information