Sub-national Debt Management

Size: px
Start display at page:

Download "Sub-national Debt Management"

Transcription

1 Sub-national Debt Management Indian Experience Alok Chandra Director, Ministry of Finance, India 27 June 2008

2 Structure Part A: Institutional Approaches to regulations of Sub-national Borrowings Part B: Regulation of Borrowings by States in India Part C: Issues in Debt Sustainability of Subnational

3 Part A Institutional Approaches to regulations of Sub-national Borrowings

4 Background Decentralization and urbanization : expanding trend across countries Sub-national entities responsible for delivering a wide range of local services and undertaking investment in local infrastructure. To fund capital expenditure and deficit over current account.

5 Rationale for Regulation of Subnational Borrowings Soft budget constraints and increasing indebtedness of sub-national governments have deleterious macro-economics effect. Short run: monetary expansion, inflation, interest rate and balance of payments. Medium and short term: crowd out private investment and reduce economic growth; intergeneration equity effect, (especially if the social rate of return is low and sub-national govts. cannot internalize all the benefits).

6 Agency Problem Principal agent relationship between central government, sub-national entities and lenders Hidden action Hidden information

7 Approaches to regulations of Sub-national Borrowings Market Discipline Administrative Controls Rules based approach Cooperative arrangements among different tiers of government

8 Market Discipline No limits on sub-national borrowings set by central Govt. Most desirable, if it is strict However, rarely achieved even in federations with well developed financial markets (because of agency problem) Conditions for effectiveness of market discipline (a) Free and open access to financial market with no mandatory investment restrictions. (b) Adequate credit information, e.g. debt outstanding and capacity to pay (c) Absence of moral hazard-no perceived chance of bail-outs (d) Sensitivity to market signals: interest rate and the possibility of market exclusion Canada is very close to market discipline approach.

9 Administrative controls Direct controls (a) require the central govt s approval for each credit operation proposed by sub-national govt., or (b) prohibit sub-national govts from accessing markets direct (upto March 2005 in India) Prohibition on sub-national govt. access to foreign capital markets. Provides flexible fiscal policy, but implied approval by central govt. introduce explicit or implicit guarantee.

10 Prohibition on sub-national govt. access to foreign capital markets Change in external debt have direct impact on macro economic variables (exchange rate, foreign exchange reserves, money supply) Control for stabilization States approach in fragmented manner International lenders require federal govt. guarantee

11 Rule Based approach Standing rules in constitution or statutes Restrictions may take the form of (i) restriction on consolidated budget deficits (ii) indicators of debt servicing (iii) debt stock Improves credibility of fiscal policy Restrictions do not apply to off-budget items (e.g. guarantees), debt could accumulate. Adopted to different degrees in Brazil, Korea, Japan, Spain and U.S

12 Co-operative Arrangements Negotiations between federal and sub-nationals design borrowing controls. Combines individual advantages of of other three approaches. Hybrid nature may produce flaws of other approaches. Undermine control of central govt., soften budget constraints, bargain for central transfers

13 Part B Regulation of Borrowings by States in India

14 Partners in State Debt Government of India Management Decides Resource Allocation, Interest Rates, Policy on Consolidation of Central Debt, Debt Swap Scheme, Buyback of Debt. Reserve Bank of India Raises Market Borrowing, Acts as Registrar, Makes debt service payments on market loans, Invests surplus cash, Provides Ways & Means, Administers Consolidated Sinking Fund And Guarantee Redemption Fund.

15 CAG/CAAA Partners in State Debt Management( cont.) Maintains accounts and makes debt service payments on loans from Line Ministries. State Governments Decide Policy on debt management and its execution, Decide institutions from who to borrow, rate at which to borrow Pay debt service costs and Maintains debt and guarantee data.

16 Basic Features Borrowing of States reflects the fiscal deficits of the State Government. Government of India regulates borrowings of the States under Article 293 of the Constitution Even within the overall borrowing ceiling instruments for borrowing are also fixed in consultation with the State Government and the Planning Commission

17 Basic Features(cont.) Instruments available for borrowings are (i) NSSF (ii) Open Market Borrowings (iii) Negotiated Loans (iv) Provident Fund and other accretions in the public account.

18 Fiscal Deficit of States as % of GDP (RE) (BE) 2.11

19 Outstanding Liabilities of State Govts. (As at end-march) Year Amount Annual Growth Debt/GDP (Rs. billion) (Per cent) , , , , , , , , (RE) 12, (BE) 13, Source :RBI

20 Composition of Outstanding Liabilities of State Governments (As at end-march) (%) Item (RE) 2008-(BE) 1. Internal Debt On which: (i) Market Borrowings (ii) Special Securities issued to NSSF (iii) Loans from Banks and FIs Loans and Advances from the Centre Public Accounts (I to iii) (i) Small Savings, State PF etc (ii) Reserve Funds (iii) Deposits & Advances Contingency Fund Total Liabilities ( to 4) Total Liabilities (Rs. billion) 1,282 5,095 10,291 11,579 12,687 13,787

21 Regulation of Borrowings by States in India TFC has recommended overall cap on borrowings to be achieved by States by % of GSDP Debt- GDP ratio of 30.8% to be achieved by States by end-march Ratio of interest payments to revenue receipts at 15% to be achieved by State govts. to approach the market directly.

22 Regulation of Borrowings by States in India(cont.) For fiscally weak states, centre can borrow on behalf of such states, but interest rate should remain aligned to the marginal cost and borrowing for the centre. External loans to be passed to states on back-toback basis, exemption to Special category States. States to set up sinking fund for amortization of all loans,outside consolidated funds of states and public account. Enactment of FRL

23 Core recommendations of TFC which need to be incorporated in FRBM of States Eliminating revenue deficit by Reducing fiscal deficit to 3% of GSDP Bringing annual reduction targets of revenue and fiscal deficits Bringing out annual statement giving prospects for the State s economy and related fiscal strategy Bringing out special reports along with the budget giving details of number of employees in govt, public sector and aided institutions and related salaries.

24 Institutional Reforms by State Governments No. of States out of 28 Fiscal Responsibility Legislation (FRL) enacted New Pension Scheme (NPS) introduced Ceilings on Imposed Guarantee Consolidated Sinking Fund (CSF) Guarantee Redemption Fund (GRF)

25 Debt Consolidation & Relief Facility (DCRF) of TFC Two-pronged approach A: General scheme of debt relief Applicable from the year of enactment of FRL. Consolidation of all central loans, granted by Ministry of Finance, contracted by States till and outstanding on Fresh term of 20 years At lower interest rate of 7.5% p.a.

26 Debt Consolidation & Relief Facility (DCRF) of TFC (cont.) B: Debt write-off scheme, post consolidation of central loans) linked to fiscal performance subject to following conditions s.t. Enactment of FRL Reduction of Revenue Deficit/maintenance of Revenue Surplus, every year starting from , when compared to the average of preceding 3 years (i.e., & ), which forms the base year Reduction in Revenue Deficit should be equal to the at least the interest rate relief on account of consolidation, and Containing Fiscal Deficit at the level in succeeding years.

27 Major Indicators(%) Year Interest/Total Revenue Receipts Weighted Average Yield of State Govt RE * BE * upto Nov07

28 Part C Issues in Debt Sustainability

29 Conditions for Debt Sustainability In terms of stable debt-gsdp ratio and rate of growth of nominal GSDP and rate of interest on debt stock are equal- Primary surplus In case of primary deficit, for debt stabilization rate of growth of nominal GSDP is greater than nominal rate of interest. Primary balance of many States, and consequently at aggregate level, continues to be in deficit.

30 A large hump of repayments of debt due during to due high borrowings during to Leading to large amount of borrowings and pressure on interest rate. Off-budget borrowings through SPVs Guarantees /contingent liabilities

31 Concluding Remarks States in aggregate on path of fiscal correction, meeting FRBM targets Improvements due to tax buoyancy, higher devolution from Centre, expenditure managements Consolidation of fiscal correction, and consequently sustainability of debt, will come from efficiency gains in expenditure

32 Thank You

Sub: States Fiscal Consolidation (2010-2015)

Sub: States Fiscal Consolidation (2010-2015) O M No. F.1 (1)/2010-FRU Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi 110 001 Dated: 14 th January 2011 Sub: States Fiscal Consolidation (2010-2015) States

More information

GOVERNMENT OF SIKKIM FINANCE, REVENUE AND EXPENDITURE DEPARTMENT GANGTOK. Medium Terms Fiscal Plan for Sikkim 2013-2014 to 2015-2016

GOVERNMENT OF SIKKIM FINANCE, REVENUE AND EXPENDITURE DEPARTMENT GANGTOK. Medium Terms Fiscal Plan for Sikkim 2013-2014 to 2015-2016 GOVERNMENT OF SIKKIM FINANCE, REVENUE AND EXPENDITURE DEPARTMENT GANGTOK Medium Terms Fiscal Plan for Sikkim 2013-2014 to 2015-2016 To be presented before the Sikkim Legislative Assembly as required under

More information

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department International Seminar on Building New Countryside and Promoting Balanced Regional Development for a Harmonious Society Haikou, China 2006 年 8 月 21-26 日 Subnational Borrowing Framework Lili Liu Lead Economist

More information

Debt Management in Pakistan. Samina Shabir

Debt Management in Pakistan. Samina Shabir Debt Management in Pakistan Samina Shabir Introduction Why Debt Management? The current topic is important on account of fact that the growing public debt and resultant rise in debt burden is an issue

More information

Revised Roadmap for Fiscal Consolidation

Revised Roadmap for Fiscal Consolidation CHAPTER 9 Revised Roadmap for Fiscal Consolidation 9.1 Para 8A of the Terms of Reference (ToR) requires the Commission to undertake the following task: Having regard to the need to bring the liabilities

More information

11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook

11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook Chapter 1: Government Debt Indebtedness of the world s governments Country Gov Debt (% of GDP) Country Gov Debt (% of GDP) Japan 17 U.K. 9 Italy 11 Netherlands Greece 11 Norway Belgium 9 Sweden U.S.A.

More information

5. Budget Financing and Debt Management

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

More information

Fiscal Discipline in India

Fiscal Discipline in India Romanian Journal of Fiscal Policy Volume 2, Issue 1, January-June 2011 (2), Pages 1-23 Fiscal Discipline in India Sanhita SUCHARITA Faculty of Economics, Central University of Jharkhand (CUJ), Ranchi,

More information

Department for International Development, UK

Department for International Development, UK PUBLIC FINANCE Department for International Development, UK Long Term Consultancy under DFID Assisited Strenghtening Performance Management in Government Programme Report on Debt Management: Government

More information

Mutual Funds in Pakistan

Mutual Funds in Pakistan Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited Definition of Mutual Fund A mutual fund is a collective

More information

BOND FUND Memorandum Note

BOND FUND Memorandum Note 207 Memorandum Note The Bond Fund was established by the Resolution passed by the Legislative Council under section 29 of the Public Finance Ordinance (Cap. 2) on 8 July 2009 in connection with the implementation

More information

REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18

REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 COUNTY EXECUTIVE MEMBER, FINANCE, PLANNING AND COUNTY DEVELOPMENT LAIKIPIA COUNTY February 2014 i EXECUTIVE

More information

GHANA S IMF PROGRAM - THE RISK OF FISCAL CONSOLIDATION WITHOUT STRONG FISCAL POLICY RULES. Commentary

GHANA S IMF PROGRAM - THE RISK OF FISCAL CONSOLIDATION WITHOUT STRONG FISCAL POLICY RULES. Commentary GHANA S IMF PROGRAM - THE RISK OF FISCAL CONSOLIDATION WITHOUT STRONG FISCAL POLICY RULES Introduction Commentary Mohammed Amin Adam, PhD Africa Centre for Energy Policy Following macroeconomic challenges

More information

A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT

A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT M. OOZEER A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT 14 May 2015 2 A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT Act No. 5 of 2008 [Amended 14/2009, 10/2010, 36/2011, 38/2011,

More information

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility

More information

Chapter 1. Why Study Money, Banking, and Financial Markets?

Chapter 1. Why Study Money, Banking, and Financial Markets? Chapter 1 Why Study Money, Banking, and Financial Markets? Why Study Money, Banking, and Financial Markets To examine how financial markets such as bond, stock and foreign exchange markets work To examine

More information

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

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

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 65 094 206 292 30 June 2013

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 65 094 206 292 30 June 2013 Mining exploration entity ly report Appendix 5B Rule 5.3 Mining exploration entity ly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity

More information

Politics, Surpluses, Deficits, and Debt

Politics, Surpluses, Deficits, and Debt Defining Surpluses and Debt Politics, Surpluses,, and Debt Chapter 11 A surplus is an excess of revenues over payments. A deficit is a shortfall of revenues relative to payments. 2 Introduction After having

More information

Eighth UNCTAD Debt Management Conference

Eighth UNCTAD Debt Management Conference Eighth UNCTAD Debt Management Conference Geneva, 14-16 November 2011 Debt Resolution Mechanisms: Should there be a Statutory Mechanism for Resolving Debt Crises? by Mr. Hakan Tokaç Deputy Director General

More information

Maharashtra Budget Analysis 2016-17

Maharashtra Budget Analysis 2016-17 The Minister of Finance of Maharashtra, Mr. Sudhir Mungantiwar, presented the Budget for Maharashtra for the financial year on March 18, 2016. Budget Highlights The Gross State Domestic Product of Maharashtra

More information

Monetary policy, fiscal policy and public debt management

Monetary policy, fiscal policy and public debt management Monetary policy, fiscal policy and public debt management People s Bank of China Abstract This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first

More information

With lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy.

With lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy. The Digital Economist Lecture 9 -- Economic Policy With lectures 1-8 behind us, we now have the tools to support the discussion and implementation of economic policy. There is still great debate about

More information

Actuarial Society of India

Actuarial Society of India Actuarial Society of India EXAMINATIONS November 2004 SUBJECT - 108: Finance and Financial Reporting Indicative Solution S-108 Page 1 of 7 1 D 2 C 3 B 4 D 5 D 6 A 7 B 8 C 9 B 10 D 11 Trade credit is short-term

More information

Developing Kenya s Mortgage Market

Developing Kenya s Mortgage Market Developing Kenya s Mortgage Market Simon Walley Senior Housing Finance Specialist World Bank 17 February, 2011 - Nairobi Outline Rationale for developing the mortgage market Mortgage Market Summary Housing

More information

Public Finance and Expenditure Management Law

Public Finance and Expenditure Management Law Public Finance and Expenditure Management Law Chapter one General provisions Article one. The basis This law has been enacted in consideration of Article 75, paragraph 4 of the Constitution of Afghanistan

More information

June 4, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator:

June 4, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator: CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director June 4, 2014 Honorable Elizabeth Warren United States Senate Washington, DC 20510 Dear Senator: As you requested,

More information

The Institutional and Legal Base for Effective Debt Management

The Institutional and Legal Base for Effective Debt Management December 2001 The Institutional and Legal Base for Effective Debt Management Tomas Magnusson Paper prepared for the Third Inter-regional Debt Management Conference in Geneva 3-5 December 2001, arranged

More information

Economics 152 Solution to Sample Midterm 2

Economics 152 Solution to Sample Midterm 2 Economics 152 Solution to Sample Midterm 2 N. Das PART 1 (84 POINTS): Answer the following 28 multiple choice questions on the scan sheet. Each question is worth 3 points. 1. If Congress passes legislation

More information

The CAO s Experience in Auditing Public Debt

The CAO s Experience in Auditing Public Debt The CAO s Experience in Auditing Public Debt Introduction :- The state general budget comprises of : administrative body budget, public service entity budget and local administration units budget. This

More information

Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement

Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement Honourable Peter Christie Minister of Finance April 28, 2005 Contents Summary..................................1 Introduction...............................3

More information

AUDITOR S REPORT. To the Members of the Legislative Assembly Province of Saskatchewan

AUDITOR S REPORT. To the Members of the Legislative Assembly Province of Saskatchewan AUDITOR S REPORT To the Members of the Legislative Assembly Province of Saskatchewan We have audited the statement of financial position of the Education Infrastructure Financing Corporation as at March

More information

Testimony of. Deborah Lucas. Before the Committee on Education and the Workforce U.S. House of Representatives

Testimony of. Deborah Lucas. Before the Committee on Education and the Workforce U.S. House of Representatives Testimony of Deborah Lucas Before the Committee on Education and the Workforce U.S. House of Representatives "Keeping College Within Reach: Examining Opportunities to Strengthen Federal Student Loan Programs"

More information

Summaries of the proposal from the Swedish Committee on Corporate Taxation

Summaries of the proposal from the Swedish Committee on Corporate Taxation Summaries of the proposal from the Swedish Committee on Corporate Taxation This document contains a two-page executive summary and a sixpage full summary of the main proposal from the Swedish Committee

More information

Appendix 5B. Mining exploration entity and oil and gas exploration entity quarterly report

Appendix 5B. Mining exploration entity and oil and gas exploration entity quarterly report Mining exploration entity and oil and gas exploration entity ly report Appendix 5B Mining exploration entity and oil and gas exploration entity ly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,

More information

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report. Appendix 5B

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report. Appendix 5B Mining exploration entity and oil and gas exploration entity ly report Appendix 5B Rule 5.5 Mining exploration entity and oil and gas exploration entity ly report Introduced 01/07/96 Origin Appendix 8

More information

Appendix 5B. Quarter ended ( current quarter ) 68 064 120 896 31 March 2015. Net Operating Cash Flows (512) (2,380)

Appendix 5B. Quarter ended ( current quarter ) 68 064 120 896 31 March 2015. Net Operating Cash Flows (512) (2,380) Appendix 5B Rule 5.3 Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity GLOBAL PETROLEUM LIMITED ABN 68 064 120 896 31 March 2015 Quarter ended

More information

Appendix 5B. Quarter ended ( current quarter ) 68 064 120 896 31 December 2015. Net Operating Cash Flows (568) (1,210)

Appendix 5B. Quarter ended ( current quarter ) 68 064 120 896 31 December 2015. Net Operating Cash Flows (568) (1,210) Appendix 5B Rule 5.3 Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity GLOBAL PETROLEUM LIMITED ABN Quarter ended ( current ) 68 064 120 896

More information

Public Debt in Developing Countries

Public Debt in Developing Countries Public Debt in Developing Countries Has the Market-Based Model Worked? Indermit Gill and Brian Pinto The World Bank Capital Flows and Global External Imbalances Seminar April 4 2006 In Principle: Government

More information

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for

More information

Three Ways to Consolidate the Fiscal

Three Ways to Consolidate the Fiscal Three Ways to Consolidate the Fiscal Situation Jun Saito, Senior Research Fellow Japan Center for Economic Research February 2, 2015 Medium-term fiscal consolidation measures to be announced In exchange

More information

Appendix 5B Mining exploration entity quarterly report

Appendix 5B Mining exploration entity quarterly report Name of entity Appendix 5B SEGUE RESOURCES LTD Rule 5.3 ABN Quarter ended ("current quarter") 49 112 609 846 31 December 2015 Consolidated statement of cash flows Cash flows related to operating activities

More information

Appendix 5B. Mining exploration entity quarterly report

Appendix 5B. Mining exploration entity quarterly report Mining exploration entity ly report Appendix 5B Rule 5.3 Mining exploration entity ly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity

More information

DEBT MANAGEMENT OFFICE NIGERIA

DEBT MANAGEMENT OFFICE NIGERIA DEBT MANAGEMENT OFFICE NIGERIA MANAGING NIGERIA S DEBT STOCK Presentation at the Investor/Issuer Education Outreach Programme Organised by Securities and Exchange Commission on July 27, 2011 By Patience

More information

FIRST CITIZENS COMMUNITY BANK 570-662-0422 15 S. MAIN STREET 570-662-8512 (FAX) MANSFIELD, PA 16933 CONTACT: KATHLEEN CAMPBELL, MARKETING DIRECTOR

FIRST CITIZENS COMMUNITY BANK 570-662-0422 15 S. MAIN STREET 570-662-8512 (FAX) MANSFIELD, PA 16933 CONTACT: KATHLEEN CAMPBELL, MARKETING DIRECTOR CONTACT: KATHLEEN CAMPBELL, MARKETING DIRECTOR FIRST CITIZENS COMMUNITY BANK 570-662-0422 15 S. MAIN STREET 570-662-8512 (FAX) MANSFIELD, PA 16933 CITIZENS FINANCIAL SERVICES, INC. REPORTS FOURTH QUARTER

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Appendix 5B. Mining exploration entity quarterly report LACONIA RESOURCES LIMITED 29 137 984 297 31 DECEMBER 2015

Appendix 5B. Mining exploration entity quarterly report LACONIA RESOURCES LIMITED 29 137 984 297 31 DECEMBER 2015 Appendix 5B Rule 5.3 Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity LACONIA RESOURCES LIMITED ABN Quarter ended ( current quarter ) 29 137

More information

BS2551 Money Banking and Finance. Institutional Investors

BS2551 Money Banking and Finance. Institutional Investors BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and

More information

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 108 476 384 30 September 2015

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 108 476 384 30 September 2015 Mining exploration entity ly report Appendix 5B Rule 5.3 Mining exploration entity ly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity Aurelia Metals

More information

Hungary. 1. Economic situation

Hungary. 1. Economic situation 2. COUNTRY NOTES: HUNGARY 125 1. Economic situation has faced considerable challenges to regain fiscal credibility. After almost a decade of persistent, high fiscal deficits and the building up of external

More information

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc.

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Introduction Basel II is an international framework on capital that applies to deposit taking institutions in many countries, including Canada.

More information

Public Finance (Borrowing Powers)

Public Finance (Borrowing Powers) PUBLIC FINANCE (BORROWING POWERS) ACT 2008 Principal Act Act. No. Commencement (LN. 2008/054) 24.7.2008 Assent 23.7.2008 Amending enactments Relevant current provisions Commencement date Act. 2009-14 ss.

More information

National Margin Lending. Make your investment portfolio work for you

National Margin Lending. Make your investment portfolio work for you National Margin Lending Make your investment portfolio work for you Contents What is Margin Lending? 3 Why choose National Margin lending? 5 Why gear? 6 How much can you borrow with National Margin Lending?

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

Notes to Consolidated Balance Sheet

Notes to Consolidated Balance Sheet Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Standards for recognition and measurement of trading assets and liabilities are as follows: Recognition: Trading

More information

THE DEBT ISSUE AMONG MIDDLE INCOME COUNTRIES: HOW TO RESOLVE THE CHALLENGES (WITH SPECIAL REFERENCE TO THE CARIBBEAN)

THE DEBT ISSUE AMONG MIDDLE INCOME COUNTRIES: HOW TO RESOLVE THE CHALLENGES (WITH SPECIAL REFERENCE TO THE CARIBBEAN) THE DEBT ISSUE AMONG MIDDLE INCOME COUNTRIES: HOW TO RESOLVE THE CHALLENGES (WITH SPECIAL REFERENCE TO THE CARIBBEAN) E V E R T O N M C F A R L A N E M I N I S T R Y O F F I N A N C E & P L A N N I N G,

More information

Reforms to India s Federal Transfer and Borrowing Regime Proposed by the Twelfth Finance Commission: what will they mean for the states?

Reforms to India s Federal Transfer and Borrowing Regime Proposed by the Twelfth Finance Commission: what will they mean for the states? Reforms to India s Federal Transfer and Borrowing Regime Proposed by the Twelfth Finance Commission: what will they mean for the states? Stephen Howes Lead Economist (India) World Bank. Structure of presentation.

More information

For personal use only

For personal use only Appendix 5B Mining exploration entity quarterly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity Vital Metals Ltd ABN Quarter ended (

More information

Consolidated Financial Results

Consolidated Financial Results UFJ Holdings, Inc. November 25, 2003 For the Six Months Ended September 30, 2003 UFJ Holdings, Inc. today reported the company's consolidated financial results for the six months ended September 30, 2003.

More information

Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014

Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014 Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014 Safe Harbour Statement This document contains certain forward-looking statements

More information

GOVERNMENT DEBT STATUS AND ROAD AHEAD MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS NEW DELHI

GOVERNMENT DEBT STATUS AND ROAD AHEAD MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS NEW DELHI GOVERNMENT DEBT STATUS AND ROAD AHEAD MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS NEW DELHI NOVEMBER 2010 Contents Chapter Particulars Page No. Executive Summary 1. Introduction 1 2. Public Debt

More information

For personal use only

For personal use only Rule 5.3 Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity WOLF PETROLEUM LIMITED ABN Quarter ended ( current quarter ) 35 116 249 060 31 MARCH 2014 Consolidated

More information

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics.

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. 1 Module C: Fiscal Policy and Budget Deficits Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. Fiscal and monetary policies are the two major tools

More information

INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014

INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014 GOVERNMENT OF INDIA INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014 MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS EXTERNAL DEBT MANAGEMENT UNIT MARCH 2015 www.finmin.nic.in INDIA S EXTERNAL DEBT AS

More information

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 38 119 047 693 30 September 2011

Appendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 38 119 047 693 30 September 2011 Appendix 5B Rule 5.3 Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity COPPER RANGE LIMITED ABN Quarter ended ( current quarter ) 38 119 047 693 30 September

More information

Financial Term Definitions

Financial Term Definitions Financial Term Definitions BALANCE SHEET Cash and Due from Banks Cash, petty cash, balances in banks, including noninterest bearing deposits Reserves from Central Bank Cash reserves in a central bank Short

More information

Time Value of Money. Work book Section I True, False type questions. State whether the following statements are true (T) or False (F)

Time Value of Money. Work book Section I True, False type questions. State whether the following statements are true (T) or False (F) Time Value of Money Work book Section I True, False type questions State whether the following statements are true (T) or False (F) 1.1 Money has time value because you forgo something certain today for

More information

Public Finance and Banking

Public Finance and Banking 9 Public Finance and Banking A General Government Deficit (GG Deficit) of 12,460 million or 7.6% of GDP was recorded in 2012, significantly lower than the 2011 GG Deficit of 21,267 million or 13.1% of

More information

Appendix 5B. Quarter ended ( current quarter ) 51 153 918 257 31 December 2013

Appendix 5B. Quarter ended ( current quarter ) 51 153 918 257 31 December 2013 Appendix 5B Rule 5.3 Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity HIGHFIELD RESOURCES LIMITED ABN Quarter ended ( current quarter ) 51 153 918 257

More information

Public Policy and Innovation: Partnering with Capital Markets through Securitization. Antonio Baldaque da Silva November 2007

Public Policy and Innovation: Partnering with Capital Markets through Securitization. Antonio Baldaque da Silva November 2007 Public Policy and Innovation: Partnering with Capital Markets through Securitization Antonio Baldaque da Silva November 2007 Agenda 1. Motivation: Innovation and Public Policy 2. Traditional tools 3. Alternatives:

More information

External Debt Sustainability Analysis 1

External Debt Sustainability Analysis 1 14 External Debt Sustainability Analysis 1 Introduction 14.1 The creation of debt is a natural consequence of economic activity. At any time, some economic entities have income in excess of their current

More information

Charter for Budget Responsibility: Autumn Statement 2014 update

Charter for Budget Responsibility: Autumn Statement 2014 update Charter for Budget Responsibility: Autumn Statement 2014 update December 2014 Charter for Budget Responsibility: Autumn Statement 2014 update Presented to Parliament pursuant to Section 1 of the Budget

More information

Greece. 1. Economic situation

Greece. 1. Economic situation 2. COUNTRY NOTES: GREECE 119 1. Economic situation The Greek economy is in a recession in the wake of the economic and sovereign debt crisis, exacerbated by the impact that austerity measures are having

More information

PRACTICE- Unit 6 AP Economics

PRACTICE- Unit 6 AP Economics PRACTICE- Unit 6 AP Economics Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The term liquid asset means: A. that the asset is used in a barter exchange.

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

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

More information

PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY

PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PUBLIC FINANCE REVIEW February 2013 SUMMARY Key messages The purpose of our analysis is to highlight the risks that fiscal policy

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

GOVERNMENT DEBT STATUS PAPER MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION NEW DELHI

GOVERNMENT DEBT STATUS PAPER MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION NEW DELHI GOVERNMENT DEBT STATUS PAPER MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION NEW DELHI JULY 2013 ÉÊ ÉkÉ àéæjééò ÉÉ ié xé

More information

Province of Newfoundland and Labrador. Public Accounts. Volume I. Consolidated Summary Financial Statements. For The Year Ended 31 March 2004

Province of Newfoundland and Labrador. Public Accounts. Volume I. Consolidated Summary Financial Statements. For The Year Ended 31 March 2004 Province of Newfoundland and Labrador Public Accounts Volume I Consolidated Summary Financial Statements For The Year Ended 31 March 2004 PRINTED UNDER AUTHORITY OF THE HOUSE OF ASSEMBLY This Page Intentionally

More information

June 6, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator:

June 6, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator: CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director June 6, 2014 Honorable Elizabeth Warren United States Senate Washington, DC 20510 Dear Senator: As you requested,

More information

How To Write A Medium Term Debt Strategy

How To Write A Medium Term Debt Strategy Medium-Term Debt Strategy Based on Client Presentation May 2010 1 Outline Developing a Medium-Term Debt Strategy Risk Indicators and Sensitivity Analysis Cost-Risk Analysis Implementation Performance Measurement

More information

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

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

More information

Risk Management. Risk Identification

Risk Management. Risk Identification Management This part provides guidance on the treatment of risks on a PPP project, and; Identifies the major risks common to many PPP projects across all sectors; Allocates the identified risks between

More information

CRISIL Research Impact note

CRISIL Research Impact note October 2015 Interest rate on home loans to fall 25-30 bps more: CRISIL Research RBI move to cut risk weight will benefit 70% of home loans, 80% of borrowers CRISIL Research expects interest rate on home

More information

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BULLETIN FEDERAL RESERVE BULLETIN VOLUME 38 May 1952 NUMBER 5 Business expenditures for new plant and equipment and for inventory reached a new record level in 1951 together, they exceeded the previous year's total

More information

Argus Stockbrokers Ltd

Argus Stockbrokers Ltd Argus Stockbrokers Ltd DISCLOSURES IN ACCORDANCE WITH THE DIRECTIVE OF THE CYPRUS SECURITIES AND EXCHANGE COMMISSION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS AS AT 31 st DECEMBER 2013 MAY 2014

More information

SB0001 Enrolled - 2 - LRB098 05457 JDS 35491 b

SB0001 Enrolled - 2 - LRB098 05457 JDS 35491 b SB0001 Enrolled LRB098 05457 JDS 35491 b 1 AN ACT concerning public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Legislative

More information

Republic of Tajikistan: Joint Bank-Fund Debt Sustainability Analysis

Republic of Tajikistan: Joint Bank-Fund Debt Sustainability Analysis February 2006 Republic of Tajikistan: Joint Bank-Fund Debt Sustainability Analysis Tajikistan s risk of debt distress is moderate. Under the baseline scenario, all the external debt burden indicators are

More information

LEBANON'S DEBT MANAGEMENT FRAMEWORK

LEBANON'S DEBT MANAGEMENT FRAMEWORK LEBANON'S DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 MARCH 2010 For further information, please contact: 1 DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 CONTENTS I. Purpose of the report... 5 II. Regulatory framework...

More information

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

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

More information

Contingent Liabilities and Risk Assessment

Contingent Liabilities and Risk Assessment Debt Management Performance Assessment Tool (DeMPA) Contingent Liabilities and Risk Assessment DeMPA Workshop UNCTAD, Geneva September 3-5, 2008 Outline Explicit and implicit contingent liabilities Risk

More information

Government Accounting Standards Advisory Board

Government Accounting Standards Advisory Board GASAB IGAS 10 Public Debt and Other Liabilities of Governments: Disclosure Requirements Government Accounting Standards Advisory Board CONTENTS Indian Government Accounting Standard (IGAS) 10 Public Debt

More information

2.5 Monetary policy: Interest rates

2.5 Monetary policy: Interest rates 2.5 Monetary policy: Interest rates Learning Outcomes Describe the role of central banks as regulators of commercial banks and bankers to governments. Explain that central banks are usually made responsible

More information

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

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

More information

Appendix 5B. Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10. Quarter ended ( current quarter )

Appendix 5B. Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10. Quarter ended ( current quarter ) Mining exploration entity ly report Appendix 5B Rule 5.3 Mining exploration entity ly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity

More information

Legislative Council Panel on Financial Affairs. Resolution to Authorise Fund Transfer of $40 Billion from the Land Fund to the General Revenue Account

Legislative Council Panel on Financial Affairs. Resolution to Authorise Fund Transfer of $40 Billion from the Land Fund to the General Revenue Account LC Paper No. CB(1)1629/03-04(03) For meeting on 3 May 2004 Legislative Council Panel on Financial Affairs Resolution to Authorise Fund Transfer of $40 Billion from the Land Fund to the General Revenue

More information

HOUSING FINANCE IN TRANSITION ECONOMIES

HOUSING FINANCE IN TRANSITION ECONOMIES HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),

More information

EXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS. FEMA guidelines provide Indian companies to access funds from abroad by following methods:-

EXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS. FEMA guidelines provide Indian companies to access funds from abroad by following methods:- EXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS FEMA guidelines provide Indian companies to access funds from abroad by following methods:- a) External Commercial Borrowings (ECB):- It refers to commercial

More information

Scotland s Balance Sheet. April 2013

Scotland s Balance Sheet. April 2013 Scotland s Balance Sheet April 2013 Contents Executive Summary... 1 Introduction and Overview... 2 Public Spending... 5 Scottish Tax Revenue... 12 Overall Fiscal Position and Public Sector Debt... 18 Conclusion...

More information