Presentation to the Carlow Kilkenny Skillnet

Size: px
Start display at page:

Download "Presentation to the Carlow Kilkenny Skillnet"

Transcription

1 Presentation to the Carlow Kilkenny Skillnet Deloitte Debt Advisory April 23 rd, 2013

2 Topics Covered 1. The Banking landscape in Ireland today 2. Managing your existing Banking relationship 3. Evaluating debt service and repayment capacity 4. Alternative sources of Finance 5. Restructuring Options 6. Outlook for Irish Banking

3 Current Irish Bank Debt Market

4 Current Bank Lending Market All banks operating in the Irish market still have a strong appetite for exposure to the low risk, large corporate and semi state market. New lending to the Irish mid corporate/sme market remains challenging however new lending has become more accessible over the last 6 months mostly due to AIB re-entering the market. BoI remain active whilst UB s appetite is limited to certain sectors. Where available, typical lending criteria to the mid corporate/sme market includes: Composite debenture with full cross guarantee structure; 3-5 year term; Debt amortises over the term with very little refinance risk on maturity; Max senior debt c. 3.0x 3.5x EBITDA with interest cover > 3x; and Senior priced at circa 3.5%+ with arrangement fees. Banks will lend against property, but property must be income generating with a strong lease. Typical lending criteria is: 50% to 65% loan to current market value; Greater than 2 times interest cover; Surplus income is used to amortise debt.; Term is 5 to 7 years but amortisation profile is based on a 15 to 20 year period. BOI Commitment to meet its 4.0bn lending target. Focus is on trading businesses. AIB Committed to meet its 4.0bn SME lending target. Focus is on residential mortgages and SME s. UB/RBS Lending to the corporate and semi state market, and to the mid corporate/sme market. Barclays Lending to the Irish large corporate and limited investment property deals. Close Brothers Specialist in leasing and invoice discounting. Looking to expand in the Republic of Ireland. Anglo/IBRC In liquidation through the Special Liquidator. BOSI/Certus The book is being wound down. No new lending. Rabo Bank Appetite for new lending into Food & Agri sector. NIB/Danske Limited appetite for new lending in Ireland. Banks are viewing lending as part of an overall relationship i.e. no longer a standalone product. The potential for other income streams is considered key to getting approval for the debt facilities e.g. deposits, cash collections, foreign exchange etc. HSBC Limited appetite for new lending in Ireland.

5 Competition in the Banking Sector Few active players left in the Irish banking market. Competition varies greatly depending on the category: Large Corporate and Institutional Mid Corporates (c. 20m c. 250m turnover) SME Property Competitively banked. BoI, AIB, UB/RBS, Barclays, Rabo, BNP, HSBC and Danske are all actively looking for new business. Private placement bond market becoming increasingly popular. Category seen as low risk with most businesses cashflows heavily weighted towards exports. Currently under banked. BoI, AIB and UB, are the only active lenders. Badly hit by the withdrawal of BoSI and Anglo. Due to their lack of scale, the overseas Capital Markets are not available as a source of funding. NPRF sponsored funds will help to provide a alternative source of funding to this sector. Politically sensitive. Difficult sector to lend into, particularly in a recession. Significant Government pressure on the Covered Banks to lend into the sector and some recent indication that this is happening. NPRF sponsored funds will help to provide a alternative source of funding to this sector. Issue remains that a lot of companies in this category are under capitalised. All Irish banks remain overweight in this sector. Will lend against well let income generating assets but focus is on cash generation rather than market value. Banks are not willing to write any new business in this sector above 65% loan to value ( LTV ) unless it is part of a debt recovery strategy.

6 Managing Your Banking Relationship

7 Relationship Banking Borrower and Lender will have their own set of objectives however a strong working relationship is based on finding the common ground Borrower Stability and certainty Access to funding / credit lines Quick decision making process and access to decision makers Funding package that reflects the profile of the business Leaves management get on with running the business i.e. no onerous conditions Will work with management if the business underperforms Lender Stability and certainty Good quality information Full banking relationship to maximise overall share of wallet Clear repayment strategy If the company is stressed clear exit strategy that demonstrates why existing management are best placed to maximise the Banks recovery Minimise losses and timeframe to exit Key Considerations No surprises! Provide relevant financial information Provide solutions

8 Evaluating Debt Service and Repayment Capacity

9 Trading Business Cashflow Lending Introduction Preference of Irish banks is a cash flow lend as opposed to an historic valuation/balance sheet lend. A debt raise / refinance will be predicated on the debt service capacity/trading cash flows of a business. Example ABC Ltd is services company with short term contracts from its main clients but has been in business for 20 years. The company employs over 200 people and has continued to generate strong profits despite the recession. ABC Ltd currently generates c. 3m in EBITDA and c. 2m in free cash. Illustrative New Facilities: Senior Debt max 3.5x EBITDA ( 10.5m); 5 year term; COF illustrative at 2%; Margin 3.5%; Interest cover > 3.5x; DSCR > 1.3x; Annual cash sweep above a retained minimum 100k cash reserve; Very little refinance risk at maturity. ABC Ltd ' EBITDA 3,000 3,000 3,000 3,000 3,000 Working Capital (100) (100) (100) (100) (100) Capital Expenditure (850) (850) (850) (850) (850) Tax (50) (50) (50) (50) (50) Free Cashflow 2,000 2,000 2,000 2,000 2,000 Interest (578) (499) (417) (330) (238) Scheduled Capital Repayments (962) (1,039) (1,122) (1,210) (1,301) Surplus / (Deficit) Opening Cash Cashsw eep (461) (461) (462) (461) (461) Retained Cash Closing Debt 9,078 7,577 5,993 4,323 2,561 Senior Debt / EBITDA Interest Cover DSCR Source: Illustrative Workings

10 A Property Asset / Company Property Based Lending Property Company This market has been impacted quite negatively over recent years as property values have reduced sharply. Interest only loan, prevalent during the property boom, are no longer available. Change in tax legislation, including the rescinding of some capital allowances, has meant borrowing in personal names is no longer tax efficient. New funding's and refinancing's are being done mostly through corporates and tax efficient vehicles e.g. Qualifying Investment Funds ( QIF s ). Based on recent experience in the market, our assessment of the key property lender metrics are currently: Loan to Value (LTV) of 50% - 65% based on current market value; Interest Cover greater than 2x; and Surplus cashflows are to be used to amortise debt. Prop Co Ltd ' Net Rent 6,000 6,300 6,615 6,946 7,293 Interest (1,980) (1,814) (1,629) (1,423) (1,196) Taxable Rents 4,020 4,486 4,986 5,522 6,097 Tax (1,005) (1,121) (1,246) (1,381) (1,524) Surplus / Deficit 3,015 3,364 3,739 4,142 4,573 Opening Cash Cashsw eep (3,015) (3,364) (3,739) (4,142) (4,573) Closing Cash Closing Debt 32,985 29,621 25,881 21,740 17,166 Senior Debt / EBITDA Interest Cover Source: Illustrative Workings

11 Alternative Sources of Finance

12 Alternative Sources of Capital Increasing number of domestic and foreign funds looking to fund deals in the corporate space. Funds will invest through equity, mezzanine debt and senior debt. Investment is typically IRR driven however some funds are prepared to take a longer term view. Selected Providers Offering Targets/Strategies NPRF Funds: Bluebay Cardinal Better Capital Senior/Mezzanine/Uni-tranche Equity Equity/Bridging Underwrite Performing trading businesses Promote M&A and growth strategies Stressed and distressed businesses PE Firms: Sankaty Columna Capital QED Equity Sandton Capital Full capital stack Stressed and distressed trading businesses. Preference is to acquire debt on a loan to own basis. Portfolio Acquirers: Santaky Apollo Kennedy Wilson Blackstone Cerberus LoneStar Large portfolio acquirers. Mixture of sell on, loan to own and loan to hold.

13 NPRF Funds 3 funds aimed at credit starved SME s Fund Manager Capital Avaialble Size Target Market SME Credit Fund BlueBay Asset Management Debt, Senior & Junior including uni-tranche 500m Larger SME s and mid-sized corporates Overleveraged firms too much debt but viable businesses SME Equity Fund Carlyle Cardinal Equity 300m - 350m Healthy businesses and firms with heavy borrowings that need cash to grow SME Turnaround Fund Better Capital Equity 100m Underperforming businesses at point of insolvency but have the potential for financial and operational restructuring C.40% of capital invested will be used to buy the business and c.60% to finance the turnaround

14 Restructuring Strategies

15 General Approach Current Debt Stucture and Asset Values Example Company 180,000, ,000, ,000, ,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000,000 - Current Senior debt c. 95m currently out of the money Valuation Value breaks at 60m of existing debt Example company current capital structure and current asset values is set out on the chart opposite. As can be seen, current market value is 60m. Total senior debt is c. 155m. Based on this valuation the current LTV is 258%. Value breaks at 60m of senior debt, which shows an indicative c. 95m out of the money. It is evident from the above that the current capital structure and associated interest costs, combined with the difficult trading environment, is not sustainable and constrains any further development / investment in the assets. Capital structure should be right sized to the CMV of the assets. Potential Capital Structure 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 - Right sized senior 60% LTV Capital Stucture Valuation Debt levels 3.0x 3.5x EBITDA or 50/65% LTV; Any new investment would expect to be investing at a super senior ranking or subordinate to a portion of the existing senior debt, but still in an in the money position. Given the risk profile of this new money investment a target return IRR in the mid-teens to high-teens is standard in the current market. Once a more appropriate capital structure has been implemented and a right sized balance sheet has been achieved, stakeholders can focus on enhancing cash flow and asset values. Right sized debt Finance Gap - Equity / Asset Sales

16 Outlook for Irish Banking

17 Future Competition in the Banking Sector It is pivotal to the survival of the Irish banking system that a healthy level of competition returns to the market We are seeing a return to an Irish banking sector dominated by two main players Bank of Ireland and AIB. However Ulster Bank are one of the few institutions lending again and view the current environment as an opportunity to increase market share. AIB may become an acquisition target once it has been stabilised. If this happens the new owner will have a strong influence on how the banking market in Ireland evolves. Strong case for the Government to set up a new business friendly bank along the lines of the old ICC Bank plc. Foreign banks in Ireland like Barclays and HSBC will continue to lend into the market but will remain focused on large corporates and institutions.

18 Increasing complexity of debt products and financing structures for Corporates Increasingly complex financing structures have meant the addition of stakeholders with disparate interests Debt - bilateral Equity Management Pension Trustee Multi layered Debt: Senior Junior PIK Super senior Note holders Issuer Security trustee Swap counter parties Note trustee

19 Property Funding in the Future Property lending criteria will continue to be more stringent Characteristics of the new property funding market will be: Consistently lower levels of lending for the purposes of property development; Banks will continue to withdraw from debt funding land banks; Significantly higher levels of securitisation and, as a result, commensurately lower loan to values ( LTV ) in investment deals. Current required LTV s are under 50% with strong interest cover; Security quality will become a key issue and fixed assets will be supplemented with guarantees and indemnities; Margins will be notably higher as a result of increased perceived risk; Borrowers will be required to commit higher levels of their own funds to any transaction and applications for new funds will be analysed in the context of the Borrower s entire exposure both to institution in question and to other institutions. Unsecured Personal Guarantee s ( PG ) will become less of a feature in future banking deals. Up front cash investment and/or additional tangible security will be required. Overall unsecured PG s did not work for Banks and / or Borrowers.

20 Basel III There has been a mixed reaction to Basel III in Europe with industry experts in disagreement as to how effective it will be. Tier 1 Capital Ratio Capital Conservation Buffer Countercyclical Capital Buffer Capital for Systemically Important Banks 6% Tier 1 Capital ratio 2.5% of RWA 0% - 2.5% of common equity Liquidity Coverage Ratio TBA The Irish Financial Regulator set out a basic 8% Core Tier 1 requirement for Irish banks, higher than the 6% Core Tier 1 requirement under Basel III a January 2014 is the current target start date. Noah Millman (The Economist) criticised Basel III for several reasons: NM believes the biggest weakness is the concept of risk weighting which is backwards looking and assumes that securities which have been risky in the past are the same as the securities that will be risky in the future; It also opens up potential gaming of the system; As a result of this risk weighting, Basel III effectively doubles down on Basel II, and banks will need to hold more common equity than ever against their risk weighted assets; Additional measurable risk taking is now stigmatised and the game becomes how to increase returns without increasing measurable risk.

21 Deloitte Debt Advisory

22 Debt Advisory Independent financing advice Why our clients use us Our team Conflict free independent advice We are independent of capital; therefore our advice remains truly independent and aligned in assisting our client to reach their objectives throughout the process Michael Flynn Partner Tel: E: John Doddy Director Tel: E: Financing expertise Full service offering We have a detailed knowledge of the Irish banking market and an up to date insight into the workings of the main institutions including NAMA. Through the Deloitte network we have access to market leading expertise and execution resources. We have in-house specialists focusing on all the areas of relevance to you including: debt advisory, financial and operational restructuring, tax, valuation, M&A, derivative structuring and valuation, accounting and sector expertise. Ferga Kane Director Tel: E: Shane Woods Senior Manager Tel: E: Breandan Ó Callarán Manager Tel: E:

23 Debt & Capital Advisory What we do Corporate REI / E&R FS New Debt / Refinancing Restructuring Real Estate Debt Solutions Infrastructure Deleveraging New Debt requirements e.g. M&A activity, new projects Maturing Debt facilities which need refinancing Existing lender in wind down (IBRC / BOSI) or not functioning Considering accessing new debt markets Real or potential breach of covenants Restructuring of existing stressed debt structures e.g. overleveraged LBO Existing lenders transfer debt to an alternative lender group at par or discount to par Presentation of credible plan to lenders Structures to satisfy lenders but maintain value opportunity for borrower in future Asset and loan sale / purchase for PE Firms / Borrowers New projects e.g. energy / renewables, PPP Refinance of existing facilities Secondary market Alternative sources of funding e.g. pension funds Develop detailed deleveraging strategies Loan portfolio sales Loan purchases Financial adviser to a Cork based SME Project Timber Raise new Term and WC debt to refinance IBRC Borrower discounted debt buyback from IBRC and Ulster Bank Negotiate restructure of existing debt and bonding obligations and negotiate an inter-creditor to govern same Debt advisory services and project funding Sell-Side Advisory Corporate & SME Loans Ireland 13 million 204 million c. 100 million 601 million 2.5bn

24 Deloitte Debt Advisory Why clients use our team Four situations typically trigger our involvement: Refinancing Restructuring or renegotiating Acquisitions, disposals, mergers FX and interest rate risk, cash and liquidity management Maturing debt facilities Rapid growth and expansion Accessing new debt markets Asset based finance to release New money requirement Real or potential breach of covenants Short term liquidity pressure Strategic acquisitions, involving new lenders and greater complexity Staple debt packages to maximise sale proceeds Operations in multiple jurisdictions and currencies creating FX exposures Review of FX, interest rate and commodity risk value Credit rating downgrade Additional finance required as management strategies Off balance sheet finance Assessing multiple proposals from lenders Cash management requirements to enable efficient debt service Existing lenders transfer debt to an alternative lender group Derivatives in place and/or banks hedging requirements to be met a result of a change in strategic objectives FX impacts that need to be reflected in the covenant definitions Foreign currency denominated debt or operations in multiple Cash in multiple companies, accounts, countries and currencies Hedging implementation or banks hedging requirements to be met currencies Depth and breadth of expertise in a variety of situations

25 Service Offering by Target Client Group ISSUE CLIENT GROUP SOLUTION / SERVICE Refinance: Upcoming refinance event Over reliance on bank funding Banking group not functioning New Funding Required: Funding Growth Funding M&A Cash management/treasury Performing Large Corporates Commercial Service States Top 150 / PLC s Mid Corporates SME s Options Appraisal Report Advice to Company Board Capital Raising Strategies utilising the Deloitte Global network Syndication /Clubs/Inter-creditors New funding sources including Private Placements and Bonds Cash management solutions Create competitive tender process between funders Negotiate improved terms Stressed Refinance: Real or potential covenant breach Upcoming refinance event Refinance not fundable in debt market Decouple trade from property debt overhang Existing bank winding down Banking group not functioning Debt sold to PE Fund Stressed Large Corporates Commercial Service States Top 150 / PLC s Mid Corporates SME s Negotiate Standstill Options Appraisal Report New Money (Incl Private Equity) Disposals (Whole / Part) Debt Write Down Debt for Equity / Subordination Negotiate Inter-Creditor Debt Buy Back OpCo / PropCo structure Management Incentive Schemes

26 Service Offering by Target Client Group Contd. ISSUE CLIENT TYPE SOLUTION / SERVICE Stressed Refinance: Potential event of default Refinance not fundable in debt market Bank sweeping cash creating unpaid tax liabilities Debt sold to PE Fund Stressed Personal Borrowers with debt > 10m but remain High Net Worths Negotiate Standstill Options Appraisal Report Advice to Borrower through process Restructure into Corporate/QIF Negotiate restructure / buy back Source new funding High loan to deposit ratios Large Non-Core Loan Portfolios Pressure from Troika to deleverage Deleveraging Banks Work with FSA and UK FSA Data remediation Advise on portfolio sale process Sell portfolios Refinance: Upcoming refinance event New Funding Required: PPPs Funding Growth Renewables / Energy Infrastructure Finance Advice to Borrower Capital Raising Strategies New funding sources Hedging Strategies Create competitive tender process between funders Negotiate improved terms

27 Industry Deloitte Debt Advisory Part of a complete solution Audit Corporate Finance Tax Consulting Corporate Finance Advisory Transaction Services Valuation Services Forensic & Dispute Services Reorganization Services Consumer Business Energy & Resources Financial Services Manufacturing Public Sector Real Estate Technology, Media & Telecom Private Equity Strategic options analysis Public private partnerships Strategic advice - capital markets Strategic advice - value enhancement Divestitures Debt & Capital Advisory Public listings Real estate advisory Lender due diligence Vendor due diligence Acquisitions, reverse takeovers Acquisition & investments by private equity groups and financial buyers Purchase price allocation Goodwill impairment Structured finance Business & intangible asset valuations Pricing analysis Fairness opinions Forensic investigations Analytic & forensic technology Dispute consulting Class action services Expert witness Litigation support Anti-money laundering Business intelligence Anti-corruption Turnaround Loan portfolio management Stressed and distressed advisory services Liquidation Insolvency services Performance Improvement Merger Integration Debt & Capital Advisory

28 Deloitte Debt Advisory International expertise and execution resource Americas Canada Rob Olsen Mexico Marco Garza USA Martin Battaglia Europe Austria Sarah Maltzhan Luxembourg Manuel Baldauff Belgium Serge Prosman Netherlands Alexander Olgers Cyprus George Martides Portugal Susana Alves Denmark Lars Munk Russia Andrei Joosten France Guillaume Cornu Spain Jordi Llido Germany Christian Ukers Switzerland Jean-Francois Lagasse Ireland Michael Flynn, John Doddy UK James Douglas, David Edmonds Asia-Pacific Australia Errol Joseph India Avinash Gupta Singapore Hoon Tong Lim South Africa Andre Pottas U.A.E. Chris Ward One of the few Debt Advisory teams with genuine international coverage

29 We have what it takes to close the deal The disposal of AIB International Financial Services to Capita Group plc The disposal of a 51% stake to OCS Ireland Ltd. The acquisition of the milk and agri stores business of Donegal Creameries The acquisition of Interfusion Networks Ltd, a network management services company The disposal of the business of OCS Nederland BV, a contract cleaning service provider, to CSU Total Care BV. The disposal of the company to Bacharach Inc. The acquisition of the Irish brands of Premier foods, including Gateaux, Chivers, Erin & McDonnells The acquisition of Premier Periclase Limited from CRH plc The disposal of 50% of FBD Property and Leisure Ltd. The acquisition of a majority stake in the City Bin Company The disposal of the company to Zeus Packaging Limited Venture capital and private equity funding round The disposal of the company to Vodafone Venture capital and private equity funding round Venture capital and private equity funding round The disposal of The Irish Catholic Newspaper to Management The proposed acquisition of the wholesale and pre-wholesale business of Cahill May Roberts The acquisition of the Thyssenkrupp Construction Group The acquisition of Statoil Fuel & Retails Industrial LPG business in Sweden & Norway The merger of Jacob Fruitfield Group and Valeo These are some of the companies we have worked with recently. Deloitte, one of the world s leading professional services firms, combines expertise in M&A services with leadership in business strategy to ensure the smooth and successful transaction of major corporate deals in Irish business. Please call (0) or visit for further information

30 Deloitte & Touche is the Republic of Ireland member firm of Deloitte Touche Tohmatsu Limited ( DTTL ), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see deloitte.com\about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Member of Deloitte Touche Tohmatsu Limited.

Deloitte Debt & Capital Advisory

Deloitte Debt & Capital Advisory Deloitte Debt & Capital Advisory Presentation to Enterprise Ireland November 2014 Debt Advisory Independent financing advice Agenda Introductions 3 Page David Martin Director Office: +353 1 417 2522 Mobile:

More information

Bank of Ireland Asset Covered Securities

Bank of Ireland Asset Covered Securities Bank of Ireland Asset Covered Securities Investor Presentation 24 September 2013 Forward-looking Statement The Governor and Company of the Bank of Ireland is regulated by the Central Bank of Ireland. In

More information

GUIDE TO SYNDICATED LEVERAGED FINANCE

GUIDE TO SYNDICATED LEVERAGED FINANCE GUIDE TO SYNDICATED LEVERAGED FINANCE CONTENTS Clause Page 1. Introduction... 1 2. Types Of Senior Leveraged Facilities Commonly Syndicated... 1 3. Parties To A Senior Syndicated Leveraged Facility...

More information

European Commercial Real Estate Finance 2015 Update

European Commercial Real Estate Finance 2015 Update VIEWPOINT CBRE Capital Advisors analysis of trends in Europe s debt market European Commercial Real Estate Finance 2015 Update Highlights A year on from our last review, we have updated our European Debt

More information

Deleveraging continues as new sources of liquidity arrive

Deleveraging continues as new sources of liquidity arrive european real estate lending survey A Cushman & Wakefield Publication MARCH key highlights Deleveraging continues as new sources of liquidity arrive The European lending landscape continues to evolve in

More information

Agenda. Traditional Financing

Agenda. Traditional Financing Traditional Financing This session explores the traditional financing options that are available to allow you to build value in your business while you prepare for your exit 1 Agenda Benefits of Debt Types

More information

Real Estate Finance. Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION?

Real Estate Finance.  Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? Real Estate Finance www.cbre.com/research THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? by Natale Giostra Head of UK and EMEA, Real Estate Finance INTRODUCTION The global financial crisis and the

More information

National Counties Building Society. A guide to our Buy to Let Mortgage lending criteria

National Counties Building Society. A guide to our Buy to Let Mortgage lending criteria National Counties Building Society A guide to our Buy to Let Mortgage lending criteria Issued: 01 July 2016 A guide to our Buy to Let Mortgage lending criteria Introduction This document outlines a summary

More information

Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima

Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima F nultima Our trainers have successfully delivered training programmes for some of the top global organizations (

More information

Commercial Real Estate Finance Part 1: Origination and Credit Risk Management

Commercial Real Estate Finance Part 1: Origination and Credit Risk Management TRAINING PROGRAMME It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate. Donald Trump OVERVIEW This course covers the fundamentals of Commercial Real

More information

Community and Renewable Energy Scheme Project Development Toolkit

Community and Renewable Energy Scheme Project Development Toolkit Community and Renewable Energy Scheme Project Development Toolkit Balance Sheet Equity Investment Community Bond Issues Community Vehicle Crowd Funding Debentures a form of bond Debt Debt Service Cover

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Meet challenges head on

Meet challenges head on Meet challenges head on Deal Advisory / Global We can help you master Financial Restructuring. Enhancing value through financial restructuring. / 1 Your vision. Our proven capabilities. Despite its challenges,

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

Athens University of Economics and Business

Athens University of Economics and Business Athens University of Economics and Business MSc in International Shipping, Finance and Management Corporate Finance George Leledakis An Overview of Corporate Financing Topics Covered Corporate Structure

More information

Grand Aid & Raising Finance. Welcome & Introduction Oliver Holt, Deloitte

Grand Aid & Raising Finance. Welcome & Introduction Oliver Holt, Deloitte Grand Aid & Raising Finance Welcome & Introduction Oliver Holt, Deloitte Grand Aid & Raising Finance - Agenda Speakers Grant Finance Joan Callaghan, Grant Assist Raising Bank Finance, Niall Corbett, Bank

More information

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond 4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to

More information

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008 Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes

More information

Secure Trust Bank PLC. 2014 YEAR END RESULTS 19th March 2015

Secure Trust Bank PLC. 2014 YEAR END RESULTS 19th March 2015 Secure Trust Bank PLC 2014 YEAR END RESULTS 19th March 2015 Introduction PAUL LYNAM Chief Executive Officer Strategy Continues to Deliver Maximise shareholder value by: To maximise shareholder value through

More information

AIB Group. Interim Results 2002

AIB Group. Interim Results 2002 AIB Group Interim Results 2002 Forward looking statement A number of statements we will be making in our presentation and in the accompanying slides will not be based on historical fact, but will be forward-looking

More information

Delivering flexible service solutions in Ireland. www.capitaassetservices.ie

Delivering flexible service solutions in Ireland. www.capitaassetservices.ie Delivering flexible service solutions in Ireland www.capitaassetservices.ie About us Capita Asset Services Ireland is a leading provider of innovative service solutions for clients across a range of sectors.

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013 SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB

More information

GUIDE TO BUSINESS FINANCE & BUSINESS FUNDING

GUIDE TO BUSINESS FINANCE & BUSINESS FUNDING GUIDE TO BUSINESS FINANCE & BUSINESS FUNDING M3 Corporate Finance M3 Corporate Finance is an independent corporate finance house focused exclusively on mid-market transactions. M3 offers specialist corporate

More information

Mezzanine Finance. by Corry Silbernagel Davis Vaitkunas Bond Capital. With a supplement by Ian Giddy

Mezzanine Finance. by Corry Silbernagel Davis Vaitkunas Bond Capital. With a supplement by Ian Giddy Mezzanine Finance by Corry Silbernagel Davis Vaitkunas Bond Capital With a supplement by Ian Giddy Mezzanine Debt--Another Level To Consider Mezzanine debt is used by companies that are cash flow positive

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

Funding business expansion. Asset Finance and Asset-Based Lending as alternative approaches to Debt Finance

Funding business expansion. Asset Finance and Asset-Based Lending as alternative approaches to Debt Finance Funding business expansion Asset Finance and Asset-Based Lending as alternative approaches to Debt Finance Targeting growth If there was any doubt whether the UK economy remains on the path to growth,

More information

Valuation Services. Global Capabilities Delivered Locally KPMG LLP

Valuation Services. Global Capabilities Delivered Locally KPMG LLP Valuation Services Global Capabilities Delivered Locally KPMG LLP Today s global environment has elevated the importance of valuations that support financial reporting, tax planning, litigation, and mergers

More information

Strategic and Operational Overview May 11, 2016

Strategic and Operational Overview May 11, 2016 Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,

More information

JLL Debt Advisory Iberia

JLL Debt Advisory Iberia the Real Estate Investment profitability with the Financing? Debt Market A Diverse Originating Lender Audience Existing Market Players New Entrants Lenders with a foothold in certain markets with scarce

More information

European Portfolio Advisory Group Market update

European Portfolio Advisory Group Market update European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory

More information

Fresh options in financing

Fresh options in financing Fresh options in financing A dynamic funding market brings innovative new choices Financing options for UK business have never been more diverse. Changes to the banking landscape, further development of

More information

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

18,343 18,308 3 Accumulated other comprehensive income (and other reserves)

18,343 18,308 3 Accumulated other comprehensive income (and other reserves) The information in this report is prepared quarterly based on the ADI financial records. The financial records are not audited for the Quarters ended 30 September, 31 December and 31 March. The report

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

Preliminary Statement. For the year ended 31 December 2012

Preliminary Statement. For the year ended 31 December 2012 Preliminary Statement For the year ended 31 December 2012 THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK Preliminary Statement for the year ended 31 December 2012 THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK

More information

NAMA Business Plan Version Two. Cashflow Model. Presentations to CIF February 2011

NAMA Business Plan Version Two. Cashflow Model. Presentations to CIF February 2011 NAMA Business Plan Version Two NAMA Information Pack and NAMA Cashflow Model Presentations to CIF February 2011 NAMA Information Pack What is the NAMA Information Pack? The NAMA Information Pack has been

More information

Investing in unlisted property schemes?

Investing in unlisted property schemes? Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from

More information

CICA/RBC Business Monitor Economic Results Overview

CICA/RBC Business Monitor Economic Results Overview CICA/RBC Business Monitor Economic Results Overview Optimism Is Near 2007 Highs 100% 80% 60% Economic Optimism Company Optimism 40% 20% 0% Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009

More information

Investor Presentation 2010 Financial Results Full Year ended 30 June. Rebecca Norton, Chief Financial Officer

Investor Presentation 2010 Financial Results Full Year ended 30 June. Rebecca Norton, Chief Financial Officer Investor Presentation 2010 Financial Results Full Year ended 30 June Simon Full Year Woodfull, results Group CEO for year ended Rebecca Norton, Chief Financial Officer August 2010 AGENDA Group Highlights

More information

Mergers & Acquisitions. Turnaround & Restructuring. Litigation Support & Expert Testimony. Valuation Services

Mergers & Acquisitions. Turnaround & Restructuring. Litigation Support & Expert Testimony. Valuation Services Turnaround & Restructuring Litigation Support & Expert Testimony Mergers & Acquisitions Valuation Services Turnaround & Restructuring Turnaround & Restructuring Turnaround & Restructuring MCA Financial

More information

Deloitte Malta Financial Advisory Services January 2016. Independent Business Review The Deloitte methodology

Deloitte Malta Financial Advisory Services January 2016. Independent Business Review The Deloitte methodology Deloitte Malta Financial Advisory Services January 2016 Independent Business Review The Deloitte methodology The Deloitte story Deloitte drives progress. Our firms around the world help clients become

More information

Sankaty Advisors, LLC

Sankaty Advisors, LLC Middle Market Overview March 2013 Overview of Middle Market We view the middle market as having three distinct segments, defined by a company's ownership type, prospects, and access to capital. Companies

More information

Receivable-based finance

Receivable-based finance Receivable-based finance Michel Jansen CFO Clondalkin Amador Malnero ING Working Capital Solutions 0 Agenda Clondalkin s refinancing and the added value of using receivables Michel Jansen Clondalkin Deep

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

Enterprise Ireland. Finance 4 Growth Sourcing External Funding. June 2012

Enterprise Ireland. Finance 4 Growth Sourcing External Funding. June 2012 Enterprise Ireland Finance 4 Growth Sourcing External Funding June 2012 Cormac Mohan FM Accountants & Business Advisers cmohan@fmaccountants.ie www.fmaccountants.ie Agenda / Contents : Introduction Cash

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.

For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel. - - - For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.+ 39 0302433591 +39 3358268310 Email: relesterne@ubibanca.it

More information

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague

More information

Share Capital Increase

Share Capital Increase Share Capital Increase Additional Information Pack Part 2 July 2014 Table of contents Margins and profitability - Interest earning assets decomposition 3 Asset quality - Recovery analysis 4 Capital - Q2

More information

Rosy Blue International SA

Rosy Blue International SA For more information, please contact: Mark Stout +32 2 417 41 98 Enzo Soi + 32 2 417 35 51 Securitisation, KBC Bank This Information Memorandum is dated 30 November 2010 Rosy Blue International SA USD

More information

Transactions and Restructuring. kpmg.cz

Transactions and Restructuring. kpmg.cz Transactions and Restructuring kpmg.cz Contents Corporate Finance 08 Mergers, Acquisitions and Disposals 08 Valuations, Fairness Opinions and Appraisals 10 Financing 12 Debt Raising 13 Restructuring 14

More information

Financing Your Business. 27 th May 2015 John Irwin Head of AIB SME Strategy & Enablement

Financing Your Business. 27 th May 2015 John Irwin Head of AIB SME Strategy & Enablement Financing Your Business 27 th May 2015 John Irwin Head of AIB SME Strategy & Enablement TARGET RETURNS Funding Provider Returns VS. Risk Private Equity c.25% Venture Capital c.25% Property c.10% - 12%

More information

Mezzanine Finance: Overview Arthur D. Robinson, Igor Fert and Mark A. Brod, Simpson Thacher & Bartlett LLP

Mezzanine Finance: Overview Arthur D. Robinson, Igor Fert and Mark A. Brod, Simpson Thacher & Bartlett LLP Mezzanine Finance: Overview Arthur D. Robinson, Igor Fert and Mark A. Brod, Simpson Thacher & Bartlett LLP This Practice Note is published by Practical Law Company on its PLC Finance web services at http://us.practicallaw.com/2-502-3062.

More information

Total Assets. Goodwill & Intangible Assets. 2005 Financial Impact. Impact. Description. 2005 Financial Impact. Impact. Description

Total Assets. Goodwill & Intangible Assets. 2005 Financial Impact. Impact. Description. 2005 Financial Impact. Impact. Description Total Assets Total impact $4,572m Assets increase to $297,757m Goodwill & Intangible Assets Goodwill & Intangible Assets AASB 138, AASB 3 $541m The changes to goodwill and intangible assets reflect The

More information

The International Certificate in Banking Risk and Regulation (ICBRR)

The International Certificate in Banking Risk and Regulation (ICBRR) The International Certificate in Banking Risk and Regulation (ICBRR) The ICBRR fosters financial risk awareness through thought leadership. To develop best practices in financial Risk Management, the authors

More information

Bank of Ireland. November 2013

Bank of Ireland. November 2013 Bank of Ireland Presentation November 2013 (as at 15 Nov 2013) 1 Forward looking statement 2 Irish Economy Overview 3 Government finances continuing to improve Public finances continue towards sustainability

More information

Use this section to learn more about business loans and specific financial products that might be right for your company.

Use this section to learn more about business loans and specific financial products that might be right for your company. Types of Financing Use this section to learn more about business loans and specific financial products that might be right for your company. Revolving Line Of Credit Revolving lines of credit are the most

More information

Distressed Portfolio Companies

Distressed Portfolio Companies Distressed Portfolio Companies Imminent Conflicts of Interest for Private Equity Sponsors August 2009 2009 Cleary Gottlieb 2006 Steen Cleary & Hamilton Gottlieb Steen LLP. All & Hamilton rights reserved.

More information

Prof Kevin Davis Melbourne Centre for Financial Studies. Current Issues in Bank Capital Planning. Session 4.4

Prof Kevin Davis Melbourne Centre for Financial Studies. Current Issues in Bank Capital Planning. Session 4.4 Enhancing Risk Management and Governance in the Region s Banking System to Implement Basel II and to Meet Contemporary Risks and Challenges Arising from the Global Banking System Training Program ~ 8 12

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010 Good year Bank Zachodni WBK Group performance for 2009 Warszawa, 2 nd March 2010 Disclaimer This presentation as regards the forward looking statements is exclusively informational in nature and cannot

More information

Bank Liabilities Survey. Survey results 2013 Q3

Bank Liabilities Survey. Survey results 2013 Q3 Bank Liabilities Survey Survey results 13 Q3 Bank Liabilities Survey 13 Q3 Developments in banks balance sheets are of key interest to the Bank of England in its assessment of economic conditions. Changes

More information

Securitisation after the credit crunch Is it right for your business?

Securitisation after the credit crunch Is it right for your business? www.pwc.com/securitisation Securitisation after the credit crunch Is it right for your business? Securitisation undoubtedly received a lot of adverse press during the credit crisis. In this publication

More information

Securitisation after the credit crunch Is it right for your business?

Securitisation after the credit crunch Is it right for your business? www.pwc.com/securitisation Securitisation after the credit crunch Is it right for your business? Securitisation undoubtedly received a lot of adverse press during the credit crisis. In this publication

More information

asset based lending supporting private equity

asset based lending supporting private equity asset based lending supporting private equity ABN AMRO Commercial Finance is a leading cross-border asset based lender, operating in the Netherlands, UK, Germany, France and Belgium. We offer a range of

More information

Clearwater Debt Advisory

Clearwater Debt Advisory Clearwater Debt Advisory B A C k g r o u n D t o C l E A r w A t E r Clearwater International is an award winning mid market corporate finance advisory firm operating from 4 offices across the uk. we have

More information

The value based Credit Union model. the alternative to consumer banking in the 21 st Century

The value based Credit Union model. the alternative to consumer banking in the 21 st Century The value based Credit Union model the alternative to consumer banking in the 21 st Century CUDA August 2009 1 Contents Introduction...3 CUDA s Statutory Prudential Management Framework: A comprehensive

More information

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank

More information

Alternatieve bronnen en vormen van financiering

Alternatieve bronnen en vormen van financiering Alternatieve bronnen en vormen van financiering 9 november 2012 DACT Treasury Beurs Today s speakers Thijs Alexander (Partner, Corporate) Hein Tonnaer (Counsel, Finance) Pieter van Welzen (Partner, Capital

More information

Interest Only Expiry. July 2013

Interest Only Expiry. July 2013 Interest Only Expiry July 213 Regulation on Interest Only Regulation requires residential borrowers to amortise within 3 years even if the loan to value ratio is below the regulatory maximum of 8 percent

More information

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance

CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance CAREER OPPORTUNITIES IN FINANCE Department of Finance, Real Estate, and Insurance PURPOSE OF THE ACADEMIC MAJORS The Bachelor of Science in Business Administration at CSUN offers options in Finance, Real

More information

Secure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015

Secure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015 Secure Trust Bank PLC 2015 INTERIM RESULTS 21st July 2015 Introduction & business review PAUL LYNAM Chief Executive Officer Strategy continues to deliver Maximise shareholder value: To maximise shareholder

More information

NAMA Business Plan Version Two Introduction and Overview. Michael Flynn (Deloitte) & Kevin Nowlan (NAMA) 19 January 2011

NAMA Business Plan Version Two Introduction and Overview. Michael Flynn (Deloitte) & Kevin Nowlan (NAMA) 19 January 2011 NAMA Business Plan Version Two Introduction and Overview Michael Flynn (Deloitte) & Kevin Nowlan (NAMA) 19 January 2011 Contents Introduction National Asset Management Agency NAMA Business Plan Process

More information

Reed Elsevier Results 2013 Erik Engstrom, CEO Duncan Palmer, CFO

Reed Elsevier Results 2013 Erik Engstrom, CEO Duncan Palmer, CFO Reed Elsevier Results Erik Engstrom, CEO Duncan Palmer, CFO FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of

More information

1 st Annual European Covered Bond Investors Survey

1 st Annual European Covered Bond Investors Survey 1 st Annual European Covered Bond Investors Survey May, 2009 European Covered Bond Dealers Association an Affiliate of SIFMA ECBDA Investor Survey Overview European Covered Bond Dealers Association (ECBDA)

More information

European real estate debt The case for senior commercial mortgage investment September 2015

European real estate debt The case for senior commercial mortgage investment September 2015 Spread (bps) European real estate debt The case for senior commercial mortgage investment September 2015 For fixed income investors, the case for senior commercial mortgage lending remains strong, with

More information

Paper F9. Financial Management. Fundamentals Pilot Paper Skills module. The Association of Chartered Certified Accountants

Paper F9. Financial Management. Fundamentals Pilot Paper Skills module. The Association of Chartered Certified Accountants Fundamentals Pilot Paper Skills module Financial Management Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FOUR questions are compulsory and MUST be attempted. Do NOT open this paper

More information

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?

Investment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income? Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income

More information

Bank of Ireland US Branch Resolution Plan. Public Version. December 2013. BOI Group Classification: Green - Public

Bank of Ireland US Branch Resolution Plan. Public Version. December 2013. BOI Group Classification: Green - Public Bank of Ireland US Branch Resolution Plan Public Version December 2013 BOI Group Classification: Green - Public Table of Contents 1. Introduction... 2 2. Name of material entities... 2 3. Core operations

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

Provic Group response to financial systems enquiry 2014

Provic Group response to financial systems enquiry 2014 1.Provic Group Background Provic Group response to financial systems enquiry 2014 The Provic group consists of 6 like-minded companies in Victoria and New South Wales issuing debentures in the form of

More information

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009 Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk

More information

2014 EU-wide Stress Test

2014 EU-wide Stress Test 2014 EU-wide Stress Test Bank Name LEI Code DK - Sydbank GP5DT10VX1QRQUKVBK64 DK NUK_WL_NR_XX version 1809014 No restructuring 2014 EU-wide Stress Test 2014 EU-wide Stress Test Summary Adverse Scenario

More information

Summary of GE Capital s SIFI Rescission Request

Summary of GE Capital s SIFI Rescission Request SUPPLEMENTAL DOCUMENT March 31, 2016 Summary of GE Capital s SIFI Rescission Request In 2013, GE Capital was designated as a nonbank Systemically Important Financial Institution (Nonbank SIFI) by the Financial

More information

Portfolio Lead Advisory Services Maximising value in non core and underperforming asset portfolios

Portfolio Lead Advisory Services Maximising value in non core and underperforming asset portfolios Portfolio Lead Advisory Services Maximising value in non core and underperforming asset portfolios Portfolio Lead Advisory Services (PLAS) PLAS advises holders, sellers and buyers of non core assets and

More information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim

More information

Pillar 3 Disclosures. Principality Group 31 December 2008

Pillar 3 Disclosures. Principality Group 31 December 2008 Pillar 3 Disclosures Principality Group 31 December 2008 Contents 1. Overview 3 1.1 Background 1.2 Basis and frequency of disclosures 1.3 Scope of application 1.4 External audit 2. Risk Management Objectives

More information

Good Practice Checklist

Good Practice Checklist Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment

More information

Close Brothers Group plc

Close Brothers Group plc Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Contents 1. Overview 2. Risk management objectives

More information

Bank of Ireland Presentation

Bank of Ireland Presentation Bank of Ireland Presentation October 202 (as at 24th October 202) Forward-looking statement This document contains certain forward looking statements within the meaning of Section 2E of the US Securities

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten

More information

Debt and (not much) deleveraging

Debt and (not much) deleveraging Debt and (not much) deleveraging Peterson Institute for International Economics Susan Lund, McKinsey Global Institute Global debt has increased by $57 trillion since the crisis began with $25 trillion

More information

WHO WE ARE, WHAT WE DO. The Difference Inside

WHO WE ARE, WHAT WE DO. The Difference Inside WHO WE ARE, WHAT WE DO The Difference Inside ABOUT US Nothing matters more to us than our clients. All our energy is focused on giving you exceptional service. That s why we seek out and develop talented,

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

Update following the publication of the Bank of England Stress Test. 16 December 2014

Update following the publication of the Bank of England Stress Test. 16 December 2014 Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress

More information

Introduction to Warranty and Indemnity Insurance 18 October 2012

Introduction to Warranty and Indemnity Insurance 18 October 2012 Introduction to Warranty and Indemnity Insurance 18 October 2012 Mergers & Acquisitions Insurance Group Adrian Furlonge Assistant Vice President Svetlana Soroka Senior Underwriter Introduction Background

More information