ABOUT US.

Size: px
Start display at page:

Download "ABOUT US. informatii@eximbank.ro www.eximbank.ro"

Transcription

1 March 2015

2 ABOUT US 1992 Establishment of Banca de Export Import a Romaniei EximBank S.A. as a stock company EximBank establishes EximAsig, specialized in export credit insurance (marketable risks) GENERAL INFORMATION SHAREHOLDERS Trade Register: No. J40/8799/ Ministry of Finance % Banking Register: RB-PJR / SIF Banat Crisana 0.311% Fiscal code: RO SIF Moldova 0.311% Share capital: RON 800,759,862 SIF Transilvania 0.311% SIF Muntenia 0.423% SIF Oltenia 3.270% 2

3 ABOUT US LEGAL FRAMEWORK Law no 96/2000 on the organisation and functioning of EximBank Government Decision no 534/2007 on the organisation of the Interministerial Committee for Financing, Guarantees and Insurance EU (State Aid, Short Term Communication, Competition Regulation) OECD ( Consensus Agreement) GOVERNANCE Shareholders General Assembly Supervisory Board (7 members) Board of Directors (3 members) Interministerial Committee for Financing, Guarantees and Insurance (11 members; approves transactions on behalf and for the account of the State) Statutory Auditors External Auditor (KPMG) 3

4 ABOUT US TARGET CLIENT GROUPS: UNIQUE INSTITUTION IN THE ROMANIAN FINANCIAL/BANKING MARKET Companies with high development potential Exporters and potential exporters BUSINESS PILLARS In order to come closer to the targeted corporate customers and to increase its presence, EximBank operates through 20 units. FINANCING GUARANTEE INSURANCE 4

5 ABOUT US BUSINESS RESULTS 2014 EximBank of Romania has significantly increased its business over the last years and has achieved performance rates that place it above market average. Thus, at the end of 2014: Net profit: RON 46 mn. (app. 10 EUR mn.) Solvency rate: 62.1% (banking system average: 17.3%) NPL ratio: 3.1% (13.9%) Total assets: RON 3,873 mn. (app. EUR 861 mn.) State funds under management: RON 1,589 mn. (app. EUR 353 mn.) EximBank acts as an agent of the Romanian Government, on behalf and for the account of the State. Rates of return: ROA 1.2% (-1.2%) ROE 4.3% (-11.6%) The potential capacity of extending loans to the market can be assessed by the proportion of loans in the Bank s total assets (44.3%, versus a system average of 56.2%). This rate has continuously increased since 2011, from 19.97%, % (2012) and 33.6% (2013). The total exposure of the Bank increased by 4% in 2014, reaching RON 4.7 bn as of December 31 st, out of which RON 2.4 bn represents exposure on behalf and for the account of the State. For 2015, the Bank estimates a 14% increase in exposure. 5

6 ABOUT US Total exposures amount to RON 4,721 mn. (app. EUR 1,053 mn.) as of December 31 st, ,2% 369 0,4% EximBank - Total Exposure (RON mn.) ,4% ,5% ,7% ,8% ,2% ,5% ,8% 1,6% 1,4% 1,2% 1,0% 0,8% 0,6% 0,4% 0,2% TOTAL EXPOSURE Own name & account Lending market share (rhs) 0,0% 6

7 ABOUT US 4% 6% 3% EximBank - Portfolio Breakdown per Industry, Agriculture 5% 3% 5% 9% 6% 10% 3% 2% 8% Basic metals Chemicals Construction Electrical equipment Energy Equipment & machinery Others Pharmaceuticals Postal services, telecommunications & IT Public administration Services As of December 31 st, 2014 the Bank s total exposure amounted to RON 4.7 bn (app. EUR 1.1 bn). 8% 28% Timber processing Wholesale & retail trade 7

8 ABOUT US New exposures in 2014 amounted to RON 1,685 mn. (app. EUR 379 mn.) Wholesale & retail trade Energy Equipment & machinery Transportation & storage Electrical equipment Furniture Railroad cars Postal services, telecommunications & IT Timber processing Basic metals Chemicals Construction Food Other Agriculture Services Water distribution & waste management Engineering & technical consultancy 2014 Activity 0% 5% 10% 15% 20% 25% 8

9 ABOUT US State Guarantees (thousands RON) EXPORT CREDIT INSURANCE Geographical Breakdown Europe CIS Latin America Asia 16,5% 22,5% 24,7% 27,5% Middle East 7,0% Africa 1,6% 9

10

11 FINANCING SOLUTIONS LOANS FOR: WORKING CAPITAL - Companies may cover the cash shortfalls through a flexible financing mechanism, customized to their own financial situation. INVESTMENT LOANS - Companies willing to develop their business may use investment loans to finance the diversification of their activities, the replacement or upgrade of their production facilities, etc. EXPORT FINANCING - Companies may cover the costs related to the production and shipment of goods or services for export. 11

12 SOLUTIONS FOR PROJECTS WITH EU FUNDS CO-FINANCING LOANS May cover up to 100% of eligible and non-eligible expenditure (including VAT) related to the company s own contribution Tenor - customized based on investment project, implementation schedule, reimbursement capacity PRE-FINANCING LOANS May cover up to 100% of the funds received from the EU Funds Management Authority Tenor - up to 2 years LETTERS OF GUARANTEE May cover up to 80% of loans granted by commercial banks to support EU-funded projects implementation LETTERS OF COMFORT Binding Non-binding 12

13 DISCOUNTING FACILITIES FACTORING EximBank finances fully/partially, with or without regression, the commercial invoices issued by exporters within the framework of a commercial contract/confirmed order, allowing them to cover temporary shortfalls of cash between the invoicing time and the moment of payment. Finances up to 100% of the nominal value of the invoices Service at international standards - EximBank is member of Factors Chain International Rapid (payment of invoices in max. 24 hours from presentation) and convenient (no material guarantees, no administration fee) financing Flexibility in using the funds - justification of the payment destination not necessary Acces to information related to potential foreign clients through the foreign factoring agency 13

14

15 LETTERS OF BANK GUARANTEE COMMERCIAL BANK GUARANTEES BID BONDS ADVANCE PAYMENT BONDS PERFORMANCE BONDS WARRANTY BONDS Compliant with the ICC Demand Guarantee Rules URDG 758 PAYMENT GUARANTEES 15

16 STATE GUARANTEES EximBank issues guarantees on behalf and for the account of the Romanian State. These are sovereign guarantees, ensuring easier access to financing for companies while reducing the credit risks incurred by lending banks. Under the guarantee issued by EximBank as a State Agent, companies can develop their activities, access EU funds or expand their export business. THE GUARANTEE: Covers up to 80% of the principal of the loan that a company may contract from a bank Tenor related to loan period EximBank is a price-maker THE COUNTER-GUARANTEES - STARTING 2015 Covers up to 80% of the principal of the Leters of Guarantee Tenor related to the L/G period EximBank is a price-taker For the guarantees issued on behalf of the Romanian State, with a value of max. EUR 1 mio and a tenor of max. 5 years, the application is processed by EximBank in max. 10 days upon receipt of the complete documentation. 16

17

18 INSURANCE NON-MARKETABLE RISKS SHORT TERM EXPORT CREDIT INSURANCE - Covers up to 85% of the export contract value against commercial and political risks - Solutions for non-marketable risks (exports to non-eu, non-oecd countries) MEDIUM AND LONG TERM EXPORT CREDIT INSURANCE - Covers deliveries with repayment term longer than 2 years against commercial and political risks - Fully compliant with OECD Consensus BUYER S CREDIT INSURANCE - Covers loans contracted by foreign buyers to purchase goods or services of Romanian origin - Covers up to 95% of the exports value INSURANCE OF CAPITAL INVESTMENTS ABROAD - Covers receivables derived from an investment project against political risks - Covers up to 90% of the investment value EXPORT GUARANTEES INSURANCE - starting Covers unfair calling of export guarantees and fair calling due to political reasons (war, embargo, etc) - Covers up to 95% of called guarantees 18

19 INSURANCE MARKETABLE RISKS Facilities offered by EximAsig, the insurance company owned by EximBank EXPORT CREDIT INSURANCE DOMESTIC CREDIT INSURANCE SURETY INSURANCE PROPERTY INSURANCE GENERAL THIRD PARTY LIABILITY INSURANCE PERSONAL ACCIDENTS INSURANCE 19

20 CREDIT INFORMATION This service allows companies to mitigate the risks associated with their future business partners before entering into a commercial agreement: General information company name, headquarters, registration number at the Trade Registry, fiscal registration number, share capital, major shareholders, holdings in other companies, company history, management, number of employees, etc Financial reports balance sheet, profit and loss account, payments behavior, payment incidents, etc Financial analysis based on financial reports interpreting financial indicators, classification in risks categories, etc Recommendations on the reasonable ceilings up to which a company may conclude commercial transactions on credit, etc 20

21 CASH MANAGEMENT EximBank cash management products and services are the optimal solution for managing cash and, by covering the whole financial flow, offer the necessary support in making the most profitable commercial investment decisions CURRENT ACCOUNT- enables clients to perform intra and inter banking transactions, both in RON and other currencies, cashing and payment of debt instruments, other payment instruments, currencies exchange operations, etc PAYMENT/COLLECTION SOLUTIONS : Standard payment instruments: payment order (OP), promissory note (BO), bill of exchange, cheque, external payment order Standing orders Cross-currency payments/collections Multiple payments AUTOMATIC OVERNIGHT DEPOSITS INTERNET BANKING E-xim Banking OTHER SOLUTIONS: capital account, Trezolink, Escrow accounts, fax/ transmissions, payment reports 21

22 FINANCIAL MARKETS OPERATIONS EximBank offers up to date information about financial markets, competitive calculations and financial risks management solutions through a wide range of products: FX MARKET - EximBank offers competitive quotations for pairs of currencies including RON as well as for pairs of foreign currencies including: Transactions with the settlement date TODAY Transactions with the settlement date SPOT (settlement T+2) Client s option to place FX orders at a limited exchange rate DERIVATIVES: EximBank offers the following structures for protection against foreign exchange risks: FORWARD TRANSACTIONS (settlement >T+2) for the due dates indicated by the client SWAP TRANSACTIONS MONEY MARKET: Standard and non standard period deposits (in order to place a cash excess clients may constitute deposits with preferential rates, in RON or other currencies, for amounts higher than 100,000 RON, EUR/USD) Automatic Overnight option of having an overnight deposit automatically with preferential interest rates (minimal amount RON, EUR or USD) 22

23 CREDENTIALS I can only say that EximBank is the most important partner of Grup Servicii Petroliere as well as the whole UPETROM Group. Ten years ago, we kept talking about Romanian banks we did not trust them. We have become more courageous and here we are, parts of this great partnership, with huge business impact. I would like to thank to EximBank team, it is an excellent, growing one, and I would like to continue our work together. Gabriel Comănescu, President of Grup Servicii Petroliere We found in EximBank a trustful partner because entering new markets is a challenge and the support granted by a bank is critical. EximBank positively answered our request. Adrian Bodea, President of Adrem Invest We intend to continue our strategy on long term and EximBank has offered the optimal financial solutions for sustainable development of our company. Marian Năstase, President of the Board at Alro They have moved fast and made the best offer, so we have chosen them as financial partners in our investment project. I am convinced that for any company reaching a certain development stage, having a good connection with EximBank is highly recommended. Zoltan Proszer, President of the Board at Romcab 23

24 THANK YOU!

FINANCING GUARANTEES INSURANCE

FINANCING GUARANTEES INSURANCE FINANCING GUARANTEES INSURANCE ABOUT US UNIQUE INSTITUTION ON THE ROMANIAN FINANCIAL/BANKING MARKET Target client groups: Companies with high development potential that can drive growth in the Romanian

More information

H1 2012 Earnings Presentation. BRSA Bank Only

H1 2012 Earnings Presentation. BRSA Bank Only BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government

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

Export Import Bank Financing Programs

Export Import Bank Financing Programs Export Import Bank Financing Programs The Export Import Bank of the United States (Ex Im Bank) is the official export credit agency of the United States. Ex Im Bank assists in financing the export of U.S.

More information

Loan Products Included in the Offer of Commercial Banks

Loan Products Included in the Offer of Commercial Banks Loan Products Included in the Offer of Commercial Banks Vasile Dedu Adrian Enciu The Bucharest Academy of Economic Studies Abstract. A bank loan is the main form of economical credit. It is for corporate

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

EXPORT CREDIT INSURANCE PROPOSAL SECTION A: GENERAL INFORMATION. 1. Information about your company. Registered name. Trading name. Registration number

EXPORT CREDIT INSURANCE PROPOSAL SECTION A: GENERAL INFORMATION. 1. Information about your company. Registered name. Trading name. Registration number SECTION A: GENERAL INFORMATION 1. Information about your company Registered name Trading name Registration number VAT number Date trading commenced Details of Directors, Members, Partners, Proprietor Postal

More information

LS No. 2 2011 ACT. Sierra Leone. No. Public Debt Management Act 2010. SIGNED this 14th day of March, 2011. DR. ERNEST BAI KOROMA, President.

LS No. 2 2011 ACT. Sierra Leone. No. Public Debt Management Act 2010. SIGNED this 14th day of March, 2011. DR. ERNEST BAI KOROMA, President. No. Public Debt Management Act 2010 ACT Supplement to the Sierra Leone Gazette Vol. CXLII, No. 13 dated 24th March, 2011 SIGNED this 14th day of March, 2011. DR. ERNEST BAI KOROMA, President. LS No. 2

More information

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006

1 st. Annual Greek Roadshow. London, September 20-21, 21, 2006 1 st Annual Greek Roadshow London, September 20-21, 21, 2006 History - Profile 1925 1964 1997 2001 2003 Founding Year Part of Emporiki Bank Group, Initial Public Offering (ASE) Major change in Shareholders

More information

Indicators Related to Asset Management (General Account)

Indicators Related to Asset Management (General Account) Indicators Related to Asset Management (General Account) (1) Portfolio Trends Asset Structure, Increase/Decrease in Assets Cash, deposits and call loans Receivables under resale agreements Receivables

More information

Financial Overview INCOME STATEMENT ANALYSIS

Financial Overview INCOME STATEMENT ANALYSIS In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,

More information

Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008

Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 1. Basis of Preparation KIKKOMAN CORPORATION (the Company ) and its domestic

More information

Public Debt and Cash Management

Public Debt and Cash Management Federation of European Accountants Federation of European Accountants Fédération Fédération des Experts des Experts comptables comptables Européens Européens Public Sector Public Debt and Cash Management

More information

Impact assessment of the new liquidity rules on Luxembourg banks

Impact assessment of the new liquidity rules on Luxembourg banks Impact assessment of the new liquidity rules on Luxembourg Abstract of the presentation held at the ABBL conference Basel III New Liquidity Rules: Which Impacts for Luxembourg? 1 Context A local Quantitative

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

Presentation to the KZN Exporter Week

Presentation to the KZN Exporter Week Presentation to the KZN Exporter Week Chris Thirion Stakeholder Management & Marketing 17 November 2014 ECIC Environment Self-sustained state-owned public entity registered as a Schedule 3 (b) business

More information

Business and Agricultural Loans

Business and Agricultural Loans Business and Agricultural Loans Business Loan Proposals Fund based business requirements. Non fund based business requirement. Classification of Loans based on Loan Pricing Sub-PLR (Prime Lending Rate)

More information

Your Logo Here Creative Ways to Finance Your Working Capital Needs. February 22, 2012 2/24/2012

Your Logo Here Creative Ways to Finance Your Working Capital Needs. February 22, 2012 2/24/2012 Your Logo Here Creative Ways to Finance Your Working Capital Needs February 22, 2012 1 Trade Finance Tools Classic Trade Products: Letters Of Credit, Collections, Open Account Enhanced Trade Products:

More information

Market Value Information of Securities (General Account)

Market Value Information of Securities (General Account) Value Information of Securities (General Account) (1) Value of Securities 1) Net Valuation Gain/Loss of Trading Securities Japan Post Insurance does not hold securities for trading as of March 31, 2014

More information

October 16 th & 17 th 2012

October 16 th & 17 th 2012 Enterprise Ireland Finance for Growth FX & Export Finance Workshop October 16 th & 17 th 2012 Michéal Doyle Area Head of Commercial Centres - AIB Commercial Banking A Relationship Model Aim to provide

More information

Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department

Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department Monetary and Financial Statistics Division Contents I- Purpose... 3 II- Definitions...

More information

In 2012, GNP in constant prices increased by 1.8% compared with 2011.

In 2012, GNP in constant prices increased by 1.8% compared with 2011. 8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased

More information

Corporate Presentation

Corporate Presentation Corporate Presentation SACE Rome, April 2015 1 Corporate Presentation We support companies competitiveness SACE is a joint-stock company fully owned by Cassa Depositi e Prestiti and operates in the field

More information

A negotiable instrument, akin to cash, which evidences a payment obligation to be met, on presentation, at designated dates.

A negotiable instrument, akin to cash, which evidences a payment obligation to be met, on presentation, at designated dates. GLOSSARY Australian dollar Long-Term Debt Portfolio The majority of the Long-Term Debt Portfolio consists of the domestic debt component known as the Australian dollar Long-Term Debt Portfolio. It consists

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

Housing Finance beyond Subprime

Housing Finance beyond Subprime Housing Finance beyond Subprime First Session: Guarantors of stability in times of crises / FXdenominated mortgage loans in Hungary 17 May, 21 András Gábor BOTOS, Secretary General, Association of Hungarian

More information

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents

More information

Arte Bunkering OÜ Annual Report 2014

Arte Bunkering OÜ Annual Report 2014 ANNUAL REPORT 2014 Contents Management report 3 Annual accounts 4 Balance sheet 4 Income statement 5 Cash flow statement 6 Statement of changes in owner s equity 7 Notes to annual accounts 8 Note 1. Accounting

More information

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2006

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2006 (Amounts expressed in Euro ) (Translation of a report originally issued in Portuguese Note 49) Operations BNP Factor Companhia Internacional de

More information

Fees for tax reclaims. Fees for partial / complete exemption from taxes. Legal fees³. Other miscellaneous fees

Fees for tax reclaims. Fees for partial / complete exemption from taxes. Legal fees³. Other miscellaneous fees Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 SAFE DEPOSIT BOXES Including secure e-banking access² 25 EUR Volume (dm 3 ) annual rental fee before tax + 17% VAT

More information

Price list Private Individuals

Price list Private Individuals Annex to the account opening/card issue and usage contract Price list Private Individuals 0372.100.200 Effective as of June 27 th, 2013 www.procreditbank.ro APPENDIX GENERAL RULES ACCOUNTS Cash withdrawals

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

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 statements. Income statement of Oma Säästöpankki Ltd 1.1. - 31.12.2011 1.1. - 31.12.2010. Interest income (1.1) 9 770 764,72 7 731 142,63

Financial statements. Income statement of Oma Säästöpankki Ltd 1.1. - 31.12.2011 1.1. - 31.12.2010. Interest income (1.1) 9 770 764,72 7 731 142,63 1 Financial statements Income statement of Oma Säästöpankki Ltd 1.1. - 31.12.2011 1.1. - 31.12.2010 eur eur Interest income (1.1) 9 770 764,72 7 731 142,63 Interest expenses (1.1) -4 202 398,43-3 177 373,78

More information

Tariff of Banking Fees, Commissions and Conditions for Customers in Romania

Tariff of Banking Fees, Commissions and Conditions for Customers in Romania 1- GENERAL CONDITIONS 2- CURRENT ACCOUNTS AND DEPOSITS 3- TRANSFERS ORDERED IN BRANCH OFFICE 4- ONLINE BANKING 5- CREDITS AND LOANS 6- GUARANTEES 7- OTHER SERVICES 1. GENERAL CONDITIONS Application range

More information

Transport Insurance for International trade

Transport Insurance for International trade Transport Insurance for International trade 1) International trade insurance indemnifies importers and exporters against various types of losses, including damage to goods in transit, products injuring

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

Taxation of banking and finance in the BSEC countries

Taxation of banking and finance in the BSEC countries Taxation of banking and finance in the BSEC countries Anastasia Certan Head, Tax and Customs Policy and Legislation General Directorate 1 AGENDA CIT rates and exemptions WHT rates General and special deductions

More information

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.

1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation. Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and

More information

MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE

MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE Export Forum 2015 October 14, 2015 MANAGING CREDIT RISK IN A VOLATILE MARKETPLACE Presented by: George Babeu, President One Source Risk Management and Funding, Inc. WHAT WE WILL DISCUSS Today s volatile

More information

Total Capital International Period from January 1 to March 31, 2014

Total Capital International Period from January 1 to March 31, 2014 KPMG Audit ERNST & YOUNG Audit This is a free translation into English of a report issued in French and it is provided solely for the convenience of English-speaking users. This report should be read in

More information

Pohjola Group. 31 March 2008

Pohjola Group. 31 March 2008 Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend

More information

EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO

EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO Evolution EXCICO 1973 EXIMBANK 1997 Vision To be the premier trade finance and credit insurance institution facilitating the national export thrust as the country

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

Supporting your foreign exchange needs. Search

Supporting your foreign exchange needs. Search Supporting your foreign exchange needs Understanding Foreign Exchange (FX) risk Trading internationally offers UK businesses the opportunity to buy and sell goods and services in a much larger marketplace.

More information

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Financial statements for the year ended 31 December 2004

More information

The interest factor depends on the perceived risk factor by the banks, past track, growth and profitability trends and the industry profile.

The interest factor depends on the perceived risk factor by the banks, past track, growth and profitability trends and the industry profile. Business loans are offered to small and medium enterprises towards working capital, expansion, or modernization of existing business. It could be either secured or unsecured. The idea is that if there

More information

RESOLUTION ON INTEREST POLICY FOR 2014

RESOLUTION ON INTEREST POLICY FOR 2014 Pursuant to Article 32 of the Statute of Čačanska banka a.d. Čačak, at the proposal of the Board of Directors of 25.04.2014, the Shareholders Assembly at the 32 nd regular meeting held on 05.06.2014 passes

More information

Price list for legal person (resident) Effective as of 01.12.2015

Price list for legal person (resident) Effective as of 01.12.2015 Price list for legal person (resident) Effective as of 01.12.2015 OPENING ACCOUNTS Opening a current account incl.opening a start account Current account interest 0,01%* Opening a deposit account * per

More information

2014 Annual Results Announcement

2014 Annual Results Announcement 214 Annual Results Announcement Hong Kong 27 March 215 Disclaimer This document may contain time-sensitive information which is only current as of the date of publication. In addition, this document may

More information

DRAFT LAW. on the operations of EximBank SA, the Romanian Development Bank. The Parliament of Romania has adopted the law herein below.

DRAFT LAW. on the operations of EximBank SA, the Romanian Development Bank. The Parliament of Romania has adopted the law herein below. DRAFT LAW on the operations of EximBank SA, the Romanian Development Bank The Parliament of Romania has adopted the law herein below. CHAPTER I General Provisions Art. 1 The Romanian Development Bank,

More information

Saxo Capital Markets CY Limited

Saxo Capital Markets CY Limited Saxo Capital Markets CY Limited DISCLOSURES IN ACCORDANCE WITH THE REGULATION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS FOR THE YEAR ENDED 31 DECEMBER 2014 MAY 2015 CONTENTS 1. GENERAL INFORMATION

More information

Interest rates and charges. Correct as at 10 November 2014 (unless stated otherwise)

Interest rates and charges. Correct as at 10 November 2014 (unless stated otherwise) rates and charges Correct as at 10 November 2014 (unless stated otherwise) rates and charges The rate and charges information set out below that applies to your product forms part of the terms and conditions

More information

BOŚ S.A. GROUP Q3 2012

BOŚ S.A. GROUP Q3 2012 BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony

More information

Fees and charges. Account maintenance, safes, certification and enquiries

Fees and charges. Account maintenance, safes, certification and enquiries Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 CERTIFICATION AND ENQUIRIES Including secure e-banking access² 25 EUR Payment enquiries Correspondence sent by post

More information

Banco Santander, S.A. Hong Kong Branch

Banco Santander, S.A. Hong Kong Branch Banco Santander, S.A. Hong Kong Branch Financial Report 2012 January - June Financial Report 2012 /January June BANCO SANTANDER S.A. HONG KONG BRANCH CONTENTS Branch Information Page Unaudited income statement

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

Export Transactions. Finance and Risk

Export Transactions. Finance and Risk Export Transactions Finance and Risk Table of Contents Export Finance Export Finance Methods Pre-Export Export Finance Methods Post-Export Structured Commodity Finance Export Risk Forms of Export Risk

More information

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS Fiscal Year 2014 PROVEN TRACK RECORD 58 Years of profitable investments in emerging markets $67b $51.7b $15.3b $22.4b $17.3b $5.1b $1.5b Diversified

More information

CENTRAL BANK OF THE TURKISH REPUBLIC OF NORTHERN CYPRUS QUARTERLY BULLETIN ISSUE: Q3

CENTRAL BANK OF THE TURKISH REPUBLIC OF NORTHERN CYPRUS QUARTERLY BULLETIN ISSUE: Q3 CENTRAL BANK OF THE TURKISH REPUBLIC OF NORTHERN CYPRUS QUARTERLY BULLETIN ISSUE: 2007- Q3 D I S C L A I M E R The statistical tables on the selected balance sheet items of banks appearing on the Quarterly

More information

PILLAR 3 DISCLOSURES 2009

PILLAR 3 DISCLOSURES 2009 PILLAR 3 DISCLOSURES 2009 Company Registration Number: C 16343 Contents Page Introduction............................................................... 3 Risk Management Objectives and Policies.................................

More information

2. Definitions of Terms

2. Definitions of Terms PUBLIC DEBT LAW I. GENERAL PROVISIONS 1. Subject of the Law Article 1 This Law regulates conditions, manner and procedure under which the Republic of Serbia (hereinafter referred to as: the Republic) may

More information

Introduction to mbank Group The most successful organic growth story in Poland

Introduction to mbank Group The most successful organic growth story in Poland Introduction to mbank Group The most successful organic growth story in Poland August 2015 mbank Group in a snapshot General description Key financial data (PLN M) Set up in 1986, mbank (originally BRE

More information

MLT (Medium-long term) export financing

MLT (Medium-long term) export financing MLT (Medium-long term) export financing MLT export financing What is MLT export financing? MLT export financing is a medium-long-term (2-10 years) financing structure for buying Hungarian goods and services,

More information

Important event: Announcement on cash dividend payments of SIF Moldova

Important event: Announcement on cash dividend payments of SIF Moldova Current Report according to: Law 297/2004; CNVM Regulation 1/2006 Report date: June 24, 2016 Regulated market on which the issued securities are traded: Bucharest Stock Exchange, Premium Category Important

More information

3 SELECTED FINANCIAL ASSETS AND LIABILITIES OF THE NSW PUBLIC SECTOR

3 SELECTED FINANCIAL ASSETS AND LIABILITIES OF THE NSW PUBLIC SECTOR 34 3 SELECTED FINANCIAL ASSETS AND LIABILITIES OF THE NSW PUBLIC SECTOR 3.1 INTRODUCTION In May 1991, Premiers' Conference endorsed the recommendations contained in the Report on Uniform Presentation of

More information

Notes to the Quarterly Report for Q4 FY03 1. Accounting principles adopted in the preparation of the quarterly report; information on changes in adopted accounting principles The report has been drawn

More information

Banca Comercială Carpatica S.A. ( BCC ) informs all shareholders and investors on the following:

Banca Comercială Carpatica S.A. ( BCC ) informs all shareholders and investors on the following: No. 1467-/01/26/2016 To: FINANCIAL SUPERVISORY AUTHORITY- Financial instruments and investments sector BUCHAREST STOCK EXCHANGE Ref: Current report on the Biding Subscription notice from Nextebank to subscribe

More information

PICTET GROUP CONSOLIDATED FINANCIAL STATEMENTS AT 30/06/2014. Pictet Group. Consolidated financial statements at 30 June 2014

PICTET GROUP CONSOLIDATED FINANCIAL STATEMENTS AT 30/06/2014. Pictet Group. Consolidated financial statements at 30 June 2014 PICTET GROUP CONSOLIDATED FINANCIAL STATEMENTS AT 30/06/2014 Pictet Group Consolidated financial statements at 30 June 2014 Contents Introduction and key figures 2 Consolidated balance sheet at 30 June

More information

SUPPLEMENTARY PROSPECTUS

SUPPLEMENTARY PROSPECTUS BANK OF CYPRUS PUBLIC COMPANY LIMITED (The Company was founded in Cyprus under the Cyprus Companies Law, Cap. 113) (Company Registration no: ΗΕ165) SUPPLEMENTARY PROSPECTUS DATE: 2 June 2011 In compliance

More information

J. Gaspar: Adapted from Jeff Madura International Financial Management

J. Gaspar: Adapted from Jeff Madura International Financial Management Chapter3 International Financial Markets J. Gaspar: Adapted from Jeff Madura International Financial Management 3-1 International Financial Markets Can be segmented as follows: 1.The Foreign Exchange Market

More information

Fee Schedule for Asset Management Services (01 July 2010)

Fee Schedule for Asset Management Services (01 July 2010) Page 1 of 5 Fee Schedule for Asset Management Services (01 July 2010) Safe-keeping deposit account Annual fees For the safekeeping and administration of securities and other valuables: Annual fee: 2.3

More information

TAXATION OF FINANCIAL INSTRUMENTS

TAXATION OF FINANCIAL INSTRUMENTS 2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price

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

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

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

EVLI SWEDEN EQUITY INDEX FUND

EVLI SWEDEN EQUITY INDEX FUND EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto

More information

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Table of Contents 1. Financial Highlights 3 2. Consolidated Financial Statements of Fortis

More information

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001

Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Date: August 2, 2001 Company Name (code number) : Mitsubishi Tokyo Financial Group, Inc. (8306) (The Mitsubishi Trust

More information

Travel and subsistence policy

Travel and subsistence policy Travel and subsistence policy Contents 1 Introduction... 3 2 Policy and principles... 3 3 Roles and responsibilities... 3 4 Dispensations... 4 5 Errors... 4 6 Travel costs... 4 7 Travel by road... 5 8

More information

BASEL II PILLAR III DISCLOSURES

BASEL II PILLAR III DISCLOSURES BASEL II PILLAR III DISCLOSURES 1 1. Scope of application Qualitative Disclosures The Basel II, Pillar 3 disclosures as at September 30, 2012 contained herein relates to the India branches of Bank of America,

More information

BOŚ S.A. GROUP 1H 2012

BOŚ S.A. GROUP 1H 2012 BOŚ S.A. GROUP 1H 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group in 1H 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank structure

More information

Small and Medium Enterprises

Small and Medium Enterprises Small and Medium Enterprises YOUR LOANS Small and Medium Enterprises Financing Products for Your Business A consumer education programme by: contents 1 Introduction 2 The right product for the right purpose

More information

Solutions Guide for Financial Institutions

Solutions Guide for Financial Institutions SOLUTIONS GUIDE Solutions Guide for Financial Institutions Say yes to your customers more often If you want to enhance the lending value of your customer s assets or use our guarantees as security, consider

More information

LINAMAR HUNGARY RT. INTERIM REPORT FOR THE QUARTER ENDED MARCH 31, 2004. LINAMAR HUNGARY RT. Orosháza, 5901 Csorvási út 27.

LINAMAR HUNGARY RT. INTERIM REPORT FOR THE QUARTER ENDED MARCH 31, 2004. LINAMAR HUNGARY RT. Orosháza, 5901 Csorvási út 27. LINAMAR HUNGARY RT. INTERIM REPORT FOR THE QUARTER ENDED MARCH 31, 2004 LINAMAR HUNGARY RT. Orosháza, 5901 Csorvási út 27. To the Shareholders LINAMAR HUNGARY RT. PPaaggee 44...11 Sales for the quarter

More information

Bank of Ghana Monetary Policy Report. Financial Stability Report

Bank of Ghana Monetary Policy Report. Financial Stability Report BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly

More information

International Investment Position Methodology

International Investment Position Methodology International Investment Position Methodology I. Analytical Framework, Concepts, Definitions, and Classifications The International Investment Position (IIP) is a statistical statement that presents external

More information

Index. call options 102 cap and floor options 103 capital goods 125 capital markets 145 capital risk 111 cargo insurance 16

Index. call options 102 cap and floor options 103 capital goods 125 capital markets 145 capital risk 111 cargo insurance 16 Index acceptance 50 accessory obligation 71 Act of God 24 advance payment 35 advance payment guarantee 77 adverse business risks 20 advising bank 48, 73 air waybill 43 amendments 55 annuities 150 anti-corruption

More information

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL)

ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Page 1 ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL) Complete these sample exam problems/objective questions and check your answers with the solutions at the end of the review file and identify where

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it Aa Acquisition process by which a company buys another company advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it advertiser

More information

E.ON International Finance B.V. 2013 Annual Report. Rotterdam, The Netherlands

E.ON International Finance B.V. 2013 Annual Report. Rotterdam, The Netherlands E.ON International Finance B.V. 2013 Annual Report Rotterdam, The Netherlands Content Company Board and Management Report from the Supervisory Board... 3 Adoption by the Annual General Meeting of Shareholders...

More information

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

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

Global Corporate Risk Management

Global Corporate Risk Management Global Corporate Risk Management Survey July 2012 Contents Barclays/ACT Corporate Risk Management Survey 3 Interest rates pre-hedging 21 Survey findings Hedge accounting 22 Risk management objectives and

More information

Key learning points I

Key learning points I Key learning points I What do banks do? Banks provide three core banking services Deposit collection Payment arrangement Underwrite loans Banks may also offer financial services such as cash, asset, and

More information

Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash.

Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash. Dear Sir / Madam, Re Bridging Facilities Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash. A key element is that

More information

International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur

International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur Lecture - 7 Features of Foreign Exchange Market Good morning, today we will discuss features of

More information

3 4 5 6 FINANCIAL SECTION Five-Year Summary (Consolidated) TSUKISHIMA KIKAI CO., LTD. and its consolidated subsidiaries Years ended March 31 (Note 1) 2005 2004 2003 2002 2001 2005 For the year: Net sales...

More information

Interest rates and charges. Correct as at 1 January 2014 (unless stated otherwise)

Interest rates and charges. Correct as at 1 January 2014 (unless stated otherwise) rates and charges Correct as at 1 January 2014 (unless stated otherwise) rates and charges The rate and charges information set out below that applies to your product forms part of the terms and conditions

More information

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information