Pension reform: objectives and experience. Veiko Tali

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Pension reform: objectives and experience. Veiko Tali"

Transcription

1 Pension reform: objectives and experience Veiko Tali

2 Main pension reform objectives Multipillar pension system to reach social sustainability ensure adequate level of pension income fiscal sustainability mitigate pressure to state budget and dependence on tax revenue economic objectives - positive feedback to long-term economic growth

3 Unfavourable demographics

4 I+II pillar to sustain the replacement rates for new pensioners 40% 35% 30% 25% 20% 15% 10% 5% 0% II pillar RR of II pillar member I pillar RR of II pillar member I pillar RR of II pillar non-member

5 Pension reform economic objectives o (long-term) investments into local economy (with positive effect to growth, productivity, restructuring and competitivness) o development of capital markets (stock exchange), especially corporate bonds market o more diversified financial sector e.g development of asset management sector

6 Main regulatory assumptions Market-based approach (reliance on private sector providers and competition as driving force) UCITS based pension funds Clear division of roles between participants Integrated supervision / domestic providers From quantitative restrictions to prudent man rule Not protecting domestic market (EU free movement of capital rules, attractiveness of converging and growing economy, risk of bubbles)

7 Financial crisis : collapse of returns Underperfomance of long-term target rate of 2.5 % of real investment return of mandatory pension funds - erosion of public trust EPI EPI-00 EPI-25 EPI-50 EPI-75 CPI Target

8 But results are different. 250, , , ,000 50,000 0, ERGO 2P1 ERGO 2P2 ERGO 2P3 Sampo 25 Sampo 50 Sampo Intress LHV L LHV M LHV S LHV XL LHV XS Nordea A Nordea A Pluss Nordea B Nordea C SEB Energ SEB Kons SEB Opt SEB Prog Swedbank K1 Swedbank K2 Swedbank K3 Swedbank K4 Target

9 I-IIQ 2009 III-IVQ I-IIQ 2009 III-IVQ Fiscal pressure : impact of crisis Temporary suspension of II pillar contributions ( ) Higher contributions in (choice of participant) 6% 5% 6% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% Employer contribution Employee contribution Employer contribution Employee contribution

10 Reverse effect to capital market 5 4,5 4 3,5 3 2,5 Stock market capitalisation Pension funds assets 2 1,5 1 0,

11 % of GDP Hegemony of banking finance 160% Banking sector assets vs securities market 140% 120% 100% 80% 60% 40% 20% 0% banking sector assets debt securities market capitalisation stock market capitalisation

12 Domestic investments 20% of II pillar assets are in Estonia, but less than 1/3 of it in real economy Mai issue: structure of investments (long-term vs short-term, etc) 100% 80% 60% 40% 20% 0% Estonia Finland/Sweden/Denmark Luxembourg/Belgium/Netherlands Others Latvia/Lithuania France/Germany/UK USA

13 Domestic allocation of pension funds 90% 80% 70% Average 60% 50% 40% 30% 20% 10% 0% 13

14 OMX vs S&P500, DJ, Nasdaq 14

15 Domestic fund management industry more than 50% of II pillar assets are actually managed outside dominance of II pillar pension funds with no catalyst effect? Debt funds Equity funds Mandatory pension funds Voluntary pension funds Other funds (property + hedge)

16 Passive or active investment Tendency to passive investment Fees don t follow scale effect and investment structure 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% PASSIVE Equity Equity funds Other funds Money market Bonds Deposit Other

17 ERGO 2P3 Swedbank K1 SEB Energ Swedbank K2 Sampo Intress Swedbank K4 Nordea A Pluss SEB Kons ERGO 2P1 Sampo 25 SEB Prog Swedbank K3 Sampo 50 LHV M LHV XS ERGO 2P2 LHV XL LHV S Nordea C SEB Opt LHV L Nordea B Nordea A II pillar fees No correlation between fees and investment return 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% 12% 8% 4% 0% Management fee Investment return

18 Management fees and assets Management fees don t follow scale effect and investment structure ,0% ,5% 1,0% 500 0,5% ,0% II pillar assets Average II pillar management fees

19 Regulatory changes in 2011 Review of pension fund s fees (simplification, limits) Amendments in investment regulation of conservative funds More strict regulation on conflict of interest Monthly disclosure of investment portfolio More frequent switching possibilities (from annual to 3 times per year + contionous for redirection of new contributions)

20 Chains of short-termism? UCITS-based investment regulation market value (fair value accounting) daily NAV for entry and exit 10 % limit for non-traded securities Day to day performance pressure Impact of switching to returns - too frequent?

21 Switching activity: impact to investments? % 16% 14% 12% 10% 8% 6% 4% 2% 0% Contributions to new fund Change of units % of IIP members % of IIP members

22 How to break the vicious circle? Lack of instruments, liquidity Pension fund s investment channeled outside Estonia Shrinkage of local capital markets

23 Additional negative effect of migration Not only increasing life expectany and small birth rates cause the demographic pressure, but also migration of working population is eroding sustainability of pension system / Census figures Estonia -5,5% Latvia -13% Lithuania -12,3%

24 High level of foreign support dependency 8,000 7,000 6,000 5,000 4,000 3, ,000 1, draft 0.0 total cost (m euros) incl foreign financing and CO2 (m euros) foreign financing and CO2, % total volume

25 Half of public investments from foreign sources 1,200 1, Total investments (m euros) incl foreign financing and CO2 (m euros) investments from foreign financing, % total volume

26 Demography, growth and foreign financing % of GDP, % y-o-y Foreign financing in GDP, % Growth of Estonian GDP, % Labour force / dependants (ps)

27 Demographics and support prospects % EU27 average SKP per capita PPS (% EL27st) Abikünnis (% EL27st) Tööealised / ülalpeetavad (ps)

28 EU budget average net position % of GNI Lithuania Luxembourg Estonia Latvia Hungary Poland Greece Bulgaria Portugal Slovakia Romania Czech Republic Malta Slovenia Belgium Ireland Spain Cyprus Austria Finland France UK Italy Denmark Sweden Germany Netherlands 5% 4% 3% 2% 1% 0% -1%

29 How to break the vicious circle? Lack of instruments, liquidity Pension fund s investment channeled outside Estonia Shrinkage of local capital markets

30 Some possible directions to consider? Revision of investment restrictions door open for alternatives (PE, infrastructure, forestry, renewables, green investment)? prudent man rule (reliability of managers, ability of supervisor, public trust?) Specialized funds with certain investment structure (as compulsory, designated or favoured?) /domestic, longterm, active etc/ Fee structures linked to performance and/or investment structure? Publicly managed (default) pension funds??

31 Thank You for attention!

Facts: Population Baldwin & Wyplosz 2006

Facts: Population Baldwin & Wyplosz 2006 Facts: Population Facts: Population 6 big nations: > 35 million (Germany, the UK, France, Italy, Spain and Poland). Netherlands: 16 million people. 8 small nations (size of a big city): 8 to 11 million:

More information

Delia Velculescu, IMF April 1, 2011

Delia Velculescu, IMF April 1, 2011 Delia Velculescu, IMF April 1, 2011 Several CEE countries have reduced pre-funding of future liabilities since 2009: Lithuania, Latvia, Romania, and Estonia: temporary measures and fiscal consolidation

More information

EBA Report. High Earners and 2011 data. High Earners

EBA Report. High Earners and 2011 data. High Earners EBA Report High Earners 2010 and 2011 data High Earners 2010 and 2011 data Contents 1 Introduction 3 2 Template 4 3 2010 data 5 4 2011 data 15 2 Introduction Directive 2010/76/EC (CRDIII) introduced the

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

More information

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4 Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Equity Release Schemes in the European Union

Equity Release Schemes in the European Union Reifner Clerc-Renaud Perez-Carillo Tiffe Knobloch Equity Release Schemes in the European Union institut fur finanzdienstleistungen e.v. Contents PREFACE I EXECUTIVE SUMMARY V TABLES XXIX FIGURES XXX 1.

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000

Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 DG TAXUD 95/2010-28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio 1

More information

Market analysis on Factoring in EU 25+2

Market analysis on Factoring in EU 25+2 EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary

More information

Employee eligibility to work in the UK

Employee eligibility to work in the UK Employee eligibility to work in the UK This document details legal requirements that apply to ALL new members of staff All employers in the UK are legally bound to comply with the Asylum and Immigration

More information

The European Union Savings Tax Directive. An historic guide

The European Union Savings Tax Directive. An historic guide The European Union Savings Tax Directive An historic guide Do you have any questions? This guide will tell you more If you are resident in an EU Member State and earn interest on deposits or investments

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions.

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions. Structure and development of tax revenues Table EL.: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 200 20 202 203 I. Indirect taxes : : 2.3 2.7 2.7.8 2.6 3.5 3. 3.4 VAT : : 6.8 7. 7.0 6.3 7. 7.2 7.

More information

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter 187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All

More information

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1

More information

Comparison of annuity markets (OECD National Annuity Markets: Features and Implications, Rusconi 2008) Mercer

Comparison of annuity markets (OECD National Annuity Markets: Features and Implications, Rusconi 2008) Mercer May 2009 Retirement Income/Annuities Around the World What US Policy Makers Might Learn Barbara Marder, Baltimore Global Defined Contribution Consulting Leader www.mercer.com 1 Comparison of annuity markets

More information

International Hints and Tips

International Hints and Tips International Hints and Tips Content Q: What is the cut off time for processing International payments? A: International payments must be submitted and fully approved within the cut off time indicated

More information

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Prepared by Dr. Ann Hope This report should be referenced: Hope, A. (2007). Alcohol consumption in Ireland 1986-2006.

More information

Personal income tax in the European Union How much do you get to take home from your pay packet and how do your European colleagues fare?

Personal income tax in the European Union How much do you get to take home from your pay packet and how do your European colleagues fare? www.pwc.pl Personal income tax in the European Union How much do you get to take home from your pay packet and how do your European colleagues fare? 2012 Edition Table of Contents Introduction 1 Highlights

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

More information

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women 75/2015-27 April 2015 Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women Among the 44.1 million persons in the European Union

More information

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in )

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in ) 193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly

More information

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015 NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE Quarter 4 2015 Alternative fuel vehicle (AFV) registrations: +20.0% in 2015; +21.1% in Q4 In the fourth quarter of 2015, total alternative

More information

The Guardianship Service

The Guardianship Service The Guardianship Service How can they help you? When you arrive in Belgium Are you under the age of 18 and have you arrived in Belgium without your father or mother? You are searching for support and accommodation

More information

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth 4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for

More information

Actual annual working time in France and in Europe in 2013

Actual annual working time in France and in Europe in 2013 Actual annual working time in France and in Europe in 2013 Update to the January 2012 study plus new data Summary of the Working Paper N.49 : La durée effective du travail en France et en Europe (June

More information

Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015

Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest

More information

Table 1 Components of the annual population change,

Table 1 Components of the annual population change, An Phríomh-Oifig Staidrimh Central Statistics Office 27 September 202 Components of population change Immigration Emigration Net migration Natural increase 50 00 50 0-50 Population and Migration Estimates

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level

More information

Credit transfer to Customer account with AS "Meridian Trade Bank" EUR, USD free of charge * - 4.1.2. Other countries currency information in the Bank

Credit transfer to Customer account with AS Meridian Trade Bank EUR, USD free of charge * - 4.1.2. Other countries currency information in the Bank Pricelist for individuals residents of Latvia SERVICES 4. TRANSFERS In the Bank PRICE LIST IN EUR Using «MultiNet» 4.1. 4.1.1. Credit transfer to Customer account with EUR, USD free of charge * 4.1.2.

More information

Privatization in Central and Eastern Europewe

Privatization in Central and Eastern Europewe Privatization in Central and Eastern Europewe ŁukaszZalicki, Partner at Ernst & Young Privatization - what s next Warsaw May 13th, 13 Central and Eastern European Countries - CEECs Czech Rep., Estonia,

More information

POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION

POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION Dr. György Surányi Resident Regional Head 16-17, November, 29 BEFORE THE CRISIS: A MACROECONOMIC OVERVIEW 2 GDP GROWTH RATES WELL ABOVE THE EMU AVERAGE...

More information

4 Distribution of Income, Earnings and Wealth

4 Distribution of Income, Earnings and Wealth 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per

More information

International ACH: Payment Gateway to Europe

International ACH: Payment Gateway to Europe International ACH: Payment Gateway to Europe Treasury Symposium St. Petersburg Florida Tuesday, January 27 Concurrent Session 16 10:15am 11:30am International ACH: Payment Gateway to Europe Presenters:

More information

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU 92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by

More information

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 1st Afternoon Plenary session Design and reform of minimum income guarantee and general public earnings related pension schemes and their

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

Polish insurance market: growth and potential

Polish insurance market: growth and potential Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in

More information

EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT

EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT Research, development and innovation are key policy components of the EU strategy for economic growth: Europe 2020. By fostering market take-up of new, innovative

More information

Public Sector and it s Functions. The framework. Why we need public sector? What is the public sector?

Public Sector and it s Functions. The framework. Why we need public sector? What is the public sector? Public Sector and it s Functions The framework What is the public sector? Roles of the public sector, and its main functions Distribution of functions Why we need public sector? The market mechanism cannot

More information

Computing our Future Computer programming and coding in schools in Europe. Anja Balanskat, Senior Manager European Schoolnet

Computing our Future Computer programming and coding in schools in Europe. Anja Balanskat, Senior Manager European Schoolnet Computing our Future Computer programming and coding in schools in Europe Anja Balanskat, Senior Manager European Schoolnet ABOUT THE SURVEY What do Ministries currently think about the topic? Curricula

More information

What do the recent regional GDP statistics tell us about Cohesion?

What do the recent regional GDP statistics tell us about Cohesion? Analysis from the CPMR Secretariat July 2015 What do the recent regional GDP statistics tell us about Cohesion? Headline messages - Recent regional GDP statistics reveal that regional disparities are on

More information

Introduction to Macroeconomics. Sebastian Koch Lauder Business School Summer term 2016

Introduction to Macroeconomics. Sebastian Koch Lauder Business School Summer term 2016 Introduction to Macroeconomics Sebastian Koch Lauder Business School Summer term 2016 Course Outline 2 LBS Intranet CIS Access to course description via LBS Intranet: https://cis.lbs.ac.at/ Check the course

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS Ref. Ares(2015)660570-17/02/2015 ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students

More information

IEWT 2011 TOWARDS AN EFFECTIVE AND EFFICIENT RES TARGET FULFILLMENT FROM BAU TO STRENGTHENED NATIONAL POLICIES WITH PROACTIVE RISK MITIGATION

IEWT 2011 TOWARDS AN EFFECTIVE AND EFFICIENT RES TARGET FULFILLMENT FROM BAU TO STRENGTHENED NATIONAL POLICIES WITH PROACTIVE RISK MITIGATION TOWARDS AN EFFECTIVE AND EFFICIENT RES TARGET FULFILLMENT FROM BAU TO STRENGTHENED NATIONAL POLICIES WITH PROACTIVE RISK MITIGATION Vienna University of Technology, 7 th IEWT Slide 1 Cost estimates of

More information

Family benefits Information about health insurance country. Udbetaling Danmark Kongens Vænge 8 3400 Hillerød. A. Personal data

Family benefits Information about health insurance country. Udbetaling Danmark Kongens Vænge 8 3400 Hillerød. A. Personal data Mail to Udbetaling Danmark Kongens Vænge 8 3400 Hillerød Family benefits Information about health insurance country A. Personal data Name Danish civil registration (CPR) number Address Telephone number

More information

IMMIGRATION TO CANADA

IMMIGRATION TO CANADA NOTE: IMMIGRATION TO CANADA 1928-1971 RANK COUNTRY OF ORIGIN TOTALS 1 United Kingdom * 1152415 2 United States of America 527346 3 Italy 471940 4 Germany 370641 5 Netherlands 185664 6 Poland 117244 7 Greece

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information

NATIONAL BANK OF POLAND. No. 40

NATIONAL BANK OF POLAND. No. 40 NATIONAL BANK OF POLAND WORKING PAPER No. 40 Expected and actual impact of EMU on growth, public finances and structural reforms in the euro area Konrad Szeląg Warsaw, January 2007 Design: Oliwka s.c.

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment

More information

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe.

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Financial Conduct Authority Factsheet No.025 Investment advisers Passporting This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Introduction

More information

DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE

DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE EUROPEAN COMMISSION Brussels, 17.10.2014 COM(2014) 649 final DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE STATEMENT OF EXPENDITURE BY SECTION Section III Commission

More information

Cash machine withdrawal in the EU (+Norway and Iceland)

Cash machine withdrawal in the EU (+Norway and Iceland) Cash machine withdrawal in the EU (+Norway and Iceland) Country Is it free of charge to go to a cash machine from a different bank than consumers own to withdraw money? If withdrawal is not free of charge,

More information

72/2015-21 April 2015

72/2015-21 April 2015 72/2015-21 April 2015 Provision of deficit and debt data for 2014 - first notification Euro area and EU28 government deficit at 2.4% and 2.9% of GDP respectively Government debt at 91.9% and 86.8% In 2014,

More information

Public Debt and Contingent Liabilities: A Cross-Country Comparison

Public Debt and Contingent Liabilities: A Cross-Country Comparison Public Debt and Contingent Liabilities: A Cross-Country Comparison Melchior Vella and Gevit Duca * 1. Contingent Liabilities 1.1 What are contingent liabilities? Contingent liabilities are obligations

More information

Group overview Veli-Matti Mattila CEO

Group overview Veli-Matti Mattila CEO Group overview Veli-Matti Mattila CEO Content 1 2 3 4 5 Performance update Market environment Strategy execution Mid-term targets CEO priorities 2 22 October 2014 Elisa CMD 2014 Group overview Performance

More information

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00.

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00. Embargoed until Wed. 8 October, 00.01am Table 1. Road deaths in capital cities per 100,000 resident capitals' population and their average yearly percentage change over the period 1997-2007 (PIN Flash

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS APPENDIX 2 NOTIFICATION BY A BANK INCORPORATED IN CYPRUS, WHICH WISHES TO PROVIDE SERVICES, ON A CROSS BORDER BASIS, IN OTHER EUROPEAN UNION (E.U.) MEMBER STATES IN ACCORDANCE WITH ARTICLE (28) OF THE

More information

Wind Power in Germany in 2014

Wind Power in Germany in 2014 Renewables International www.renewablesinternational.net Wind Power in Germany in 2014 Bernard CHABOT BCCONSULT, Garbejaire B107, 06560 VALBONNE, France Email: Bernard_Chabot@yahoo.fr Content Scope, main

More information

BEST PRACTICES/ TRENDS/ TO-DOS

BEST PRACTICES/ TRENDS/ TO-DOS Online Insurance Europe: S/ TRENDS/ TO-DOS New success guidelines WHAT TO DO N D E EW IO IT N Your Benefits EUROPE S S/ TRENDS/ TO-DOS: The new and only study about the best online insurance solutions

More information

GS1 healthcare Discussion paper on facilitating the implementation of the EU Falsified Medicines Directive with GS1 Standards

GS1 healthcare Discussion paper on facilitating the implementation of the EU Falsified Medicines Directive with GS1 Standards Purpose The purpose of this paper is to facilitate the discussions for a harmonised implementation of the EU Falsified Medicines Directive using global standards and moving away from national coding systems.

More information

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) -

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - - Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - BACKGROUND The information available on this website relates

More information

Adobe Public Relations (PR) Guidelines

Adobe Public Relations (PR) Guidelines Adobe Public Relations (PR) Guidelines Adobe Partner Connection Reseller Program and Adobe Partner Connection Distributor Program Thank you for participating in the Adobe Partner Connection Reseller or

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015

Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015 Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth

More information

Need to send money abroad securely?

Need to send money abroad securely? International Payments Need to send money abroad securely? Trust us to get it there. Sending money abroad with Lloyds TSB. It s easy and secure. As a Lloyds TSB customer, if you need to send money overseas,

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

INTERNATIONAL TRACKED POSTAGE SERVICE

INTERNATIONAL TRACKED POSTAGE SERVICE INTERNATIONAL TRACKED POSTAGE SERVICE Index Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 Expanding Internationally

More information

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population)

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population) 168/2014-4 November 2014 At risk of poverty or social exclusion in the EU28 More than 120 million persons at risk of poverty or social exclusion in 2013 Almost 1 out of every 4 persons in the EU in this

More information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

More information

Figure 1 Statutory corporate income tax rates

Figure 1 Statutory corporate income tax rates Figure 1 Statutory corporate income tax rates 7 6 1982 2001 5 4 3 2 1 Austria Belgium Canada Finland France UK Germany Greece Ireland Italy Japan Netherlands Notes: For countries using different tax rates,

More information

DOCTORAL (Ph.D) THESIS

DOCTORAL (Ph.D) THESIS DOCTORAL (Ph.D) THESIS UNIVERSITY OF KAPOSVÁR FACULTY OF ECONOMIC SCIENCE Department of Finance and Economics Head of Doctors School: DR. GÁBOR UDOVECZ Doctor of the Hungarian Academy of Sciences Supervisor:

More information

The Tax Burden of Typical Workers in the EU 28 2015

The Tax Burden of Typical Workers in the EU 28 2015 The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES

VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES VOLUNTARY HEALTH INSURANCE AS A METHOD OF HEALTH CARE FINANCING IN EUROPEAN COUNTRIES Marta Borda Department of Insurance, Wroclaw University of Economics Komandorska St. No. 118/120, 53-345 Wroclaw, Poland

More information

Annex A. Technical Specifications Lot 2. For: Universal International Freephone Numbers (UIFN) and Freephone services. Reference No: 2014/PO/EJ/9

Annex A. Technical Specifications Lot 2. For: Universal International Freephone Numbers (UIFN) and Freephone services. Reference No: 2014/PO/EJ/9 Annex A Technical Specifications Lot 2 For: Universal International Freephone Numbers (UIFN) and Freephone services Reference No: 2014/PO/EJ/9 E-mail: procurement@eurojust.europa.eu Fax: +31 70 412 5585

More information

TPI: Traffic Psychology International on a common European curriculum for postgraduate education in traffic psychology

TPI: Traffic Psychology International on a common European curriculum for postgraduate education in traffic psychology TPI: Traffic Psychology International on a common European curriculum for postgraduate education in traffic psychology Sucha, M.*, Sramkova, L.** DeVol, D.* * TPI - Traffic Psychology International **

More information

The Tax Burden of Typical Workers in the EU 27 2013 Edition

The Tax Burden of Typical Workers in the EU 27 2013 Edition (Cover page) The Tax Burden of Typical Workers in the EU 27 2013 Edition James Rogers & Cécile Philippe May 2013 Data provided by NEW DIRECTION Page 1 of 16 The Tax Burden of Typical Workers in the EU

More information

Planned Healthcare in Europe for Lothian residents

Planned Healthcare in Europe for Lothian residents Planned Healthcare in Europe for Lothian residents Introduction This leaflet explains what funding you may be entitled to if you normally live in Lothian (Edinburgh, West Lothian, Midlothian and East Lothian

More information

Beer statistics. 2014 edition. The Brewers of Europe

Beer statistics. 2014 edition. The Brewers of Europe Beer statistics 2014 edition The Brewers of Europe Beer statistics 2014 edition The Brewers of Europe Editor: Marlies Van de Walle 1st edition, October 2014 ISBN 978-2-9601382-3-8 EAN 9782960138238 1

More information

An Introduction to FleetCor Technologies

An Introduction to FleetCor Technologies An Introduction to FleetCor Technologies A Leading Global Provider of Fleet Cards and Specialty Payments to Businesses March 2012 Safe Harbor Provision This presentation contains statements that express

More information

The Tax Burden of Typical Workers in the EU 28 2016

The Tax Burden of Typical Workers in the EU 28 2016 The Tax Burden of Typical Workers in the EU 28 2016 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

FUSIONS Food waste data set for EU-28. New Estimates and Environmental Impact

FUSIONS Food waste data set for EU-28. New Estimates and Environmental Impact FUSIONS Food waste data set for EU-28 New Estimates and Environmental Impact 15 October 2015 Food waste is an issue of importance to global food security and good environmental governance, directly linked

More information

ERMInE Database. Presentation by Nils Flatabø SINTEF Energy Research. ERMInE Workshop 2 - Northern Europe Oslo, 1. November 2006

ERMInE Database. Presentation by Nils Flatabø SINTEF Energy Research. ERMInE Workshop 2 - Northern Europe Oslo, 1. November 2006 ERMInE Database Presentation by Nils Flatabø SINTEF Energy Research ERMInE Workshop 2 - Northern Europe Oslo, 1. November 26 Overview Content of the Ermine Database Electronic Questionnaire RTD&D Data

More information

GfK PURCHASING POWER INTERNATIONAL

GfK PURCHASING POWER INTERNATIONAL GfK PURCHASING POWER INTERNATIONAL 1 Agenda 1. Europe 3 2. Americas 45 3. Asia & Near East 54 4. Afrika 66 5. Australia 68 6. Overview of countries and available levels 70 2 2 EUROPE 4 GfK

More information

FEDERATION EUROPEENNE DE LA MANUTENTION Product Group. industrial trucks. A brief guide for identification of noncompliant. - Exhaust Emission -

FEDERATION EUROPEENNE DE LA MANUTENTION Product Group. industrial trucks. A brief guide for identification of noncompliant. - Exhaust Emission - FEDERATION EUROPEENNE DE LA MANUTENTION Product Group Industrial Trucks FEM A brief guide for identification of noncompliant industrial trucks 11.2010 (E) - Exhaust Emission - I n d e x 1 Introduction...

More information

Waste. Copenhagen, 3 rd September 2014. Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency

Waste. Copenhagen, 3 rd September 2014. Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency Waste Copenhagen, 3 rd September 2014 Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency Waste and material resources MAWP Strategic Area 1.9 Objective

More information

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011 EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective

More information

INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES

INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES Eurobarometer INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES REPORT Fieldwork: February 2015 Publication: September 2015 This survey has been requested by the European Commission, Directorate-General

More information

2 ND CALL FOR PROPOSALS 27 October 2008 30 January 2009

2 ND CALL FOR PROPOSALS 27 October 2008 30 January 2009 2 ND CALL FOR PROPOSALS 27 October 2008 30 January 2009 1. INTRODUCTION Authorities and stakeholders at local and regional level have a vital role to play in the achievement of the EU s strategies for

More information

2014 EU-wide Stress Test

2014 EU-wide Stress Test 2014 EU-wide Stress Test Bank Name LEI Code NL - ABN AMRO Bank N.V. BFXS5XCH7N0Y05NIXW11 NL NUK_WL_NR_XX version 1809014 No restructuring 2014 EU-wide Stress Test 2014 EU-wide Stress Test Summary Adverse

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Master's-level

More information

Climate change is a global challenge that can only be addressed effectively through a global effort.

Climate change is a global challenge that can only be addressed effectively through a global effort. Climate change is a global challenge that can only be addressed effectively through a global effort. The UN Climate Change Conference in Bali in December 2007 should decide to launch a process for achieving

More information