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BANKING SECTOR IN SERBIA Third Quarter Report 2016
BANKING SECTOR IN SERBIA Third Quarter Report 2016

... in net credit losses. In Q3 2016, net credit losses came at RSD 15.6 bln, which is slightly more than half of what was recorded in the same period of 2015 (RSD 28.6 bln), and resulted from the fact that net expenses on account of indirect write-offs of on-balance sheet positions dropped by 45.5% у-o ...
Prospectus published on 20 September 2013
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... This Prospectus does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, Shares in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on the Compa ...
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... generation of income and preservation of capital through investment in short-term, high-quality debt securities.5 Unlike other registered investment companies, money market funds seek to maintain a stable price per share of $16 through the use of either the amortized cost valuation method or the pen ...
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... greater flexibility – for instance, calculating that suite of financial covenants in a manner that is bespoke to the business in question, or providing more headroom against base case projections or, in a small number of cases, only testing total leverage; greater flexibility as to whether excess ca ...
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BASE PROSPECTUS Standard Chartered Bank

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A Natural Experiment on Dynamic Asset Allocation

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... Overseas, Ceramica e Velas de Ignicao NGK do Brasil Ltda., a subsidiary in Brazil, is an integrated operation that manufactures and sells spark plugs, and NGK Spark Plugs (U.S.A.), Inc. and twelve other manufacturing and sales subsidiaries and associates in North America, China, South Korea, Southea ...
FIT FOR THE FUTURE - N Brown Group plc
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... are keeping our promises to our customers and meeting or exceeding their expectations; and s ‘cycle time’ is the time between the start and finish of each and every customer experience – for example, the time elapsed between a customer’s initial attempt to contact BT and receipt of the relevant serv ...
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... The model’s equilibrium results are consistent with the fact that countries are more likely to default in bad times or when facing higher levels of outstanding debt. They also suggest that the maximum level of indebtedness relative to output, i.e. the maximum risky debt to output ratio, that an econ ...
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Pillar 3 Report for 30 September 2016 (PDF 1MB)

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... generally range from one to five years and provide for payment of a fixed amount of rent plus a percentage of revenues. The leases usually contain renewal options and may be terminated by the owner for various reasons, including development of the real estate. Leases which expire may continue on a m ...
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... investor who really wanted to minimise risk would buy a series of three-month government bonds for example. In contrast, long-term government bonds are not risk-free, even if held to maturity. Imagine an investor in 2012 who wants to invest for 10 years (until 2022). If he buys a 10-year government ...
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... 5. Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. 6. Prepare the cash flows from investing activities section and the cash flows from financing activities section of the statement of cash flows. 7. Perform general analysis of the st ...
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... annuity contracts and consistently earns a higher rate of return on its assets than the interest rate used to calculate its deficit. Different schools of thought proffer what the appropriate interest rate assumption should be for purposes of calculating the PBGC’s deficit. The PBGC uses the most con ...
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NTMA Annual Report 2014 - National Treasury Management Agency

... fact that it includes over 200,000 State employees and 7 million user contacts with the public healthcare system annually. In his remarks the Chairperson referred to how the mandates awarded to the NTMA have a common theme of investment and economic development in Ireland. In carrying out these mand ...
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... priority ahead of the prebankruptcy claims; and (b) the firm that emerges from bankruptcy reorganization has less debt, with some debt converted to equity. More specifically, a reorganization plan addresses the overhang by reducing the face amount of priority debt. Although reorganization is largel ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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