Saturday 23rd May 2015
NEWS TICKER: FRIDAY, MAY 22ND: The California Public Employees' Retirement System (CalPERS) has named Beliz Chappuie as CalPERS' Chief Auditor, effective July 31, 2015 - Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?" The minster is also reported to say he still expects the world's energy mix to be dominated by fossil fuels in the near future - Barclays has appointed Steve Rickards as head of offshore funds. He will lead the creation and implementation of the bank’s offshore funds strategy and report directly to Paul Savery, managing director of personal and corporate banking in the Channel Islands. For the last four years Mr Rickards has been heading up the Guernsey Funds team providing debt solutions for private equity and working with locally based fund administrators. Savery says: “Barclays’ funds segment has seen some terrific cross functional success over the past year or so. Specifically, the offshore business has worked hand in hand with the funds team in London to bring the very best of Barclays to our clients, and Steve has been a real catalyst to driving this relationship from a Guernsey perspective.” - Moody's has downgraded Uzbekistan based Qishloq Qurilish Bank's (QQB’s) local-currency deposit rating to B2, and downgraded BCA to b3 and assigned a Counterparty Risk Assessment of B1(cr)/Not prime(cr) to the bank. The agency says the impact on QQB of the publication of Moody's revised bank methodology and QQB's weak asset quality and moderate loss-absorption capacity are the reasons for the downgrades. Concurrently, Moody's has confirmed QQB's long-term B2 foreign-currency deposit rating and assigned stable outlooks to all of the affected long-term ratings. The short-term deposit ratings of Not-prime were unaffected - Delinquencies of the Dutch residential mortgage-backed securities (RMBS) market fell during the three-month period ended March 2015, according to Moody's. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.85% in March 2015 from 0.92% in December 2014. The 90+ day delinquencies also decreased to 0.66% in March 2015 from 0.71% in December 2014.Nevertheless, cumulative defaults increased to 0.65% of the original balance, plus additions (in the case of master issuers) and replenishments, in March 2015 from 0.56% in December 2014. Cumulative losses increased slightly to 0.13% in March 2015 from 0.11% in December 2014 – Asset manager Jupiter has recruited fund manager Jason Pidcock to build Asian Income strategy at the firm. Pidcock J has built a strong reputation at Newton Investment Management for the management of income-orientated assets in Asian markets and, in particular the £4.4bn Newton Asian Income Fund, which he has managed since its launch in 2005. The fund has delivered a return of 64.0% over the past five years compared with 35.9% for the IA Asia Pacific Ex Japan sector average, placing it 4th in the sector. Since launch it has returned 191.4 against 154.1% for the sector average. Before joining Newton in 2004, Jason was responsible for stock selection and asset allocation in the Asia ex-Japan region for the BP Pension Fund.

Citadele Bank repays Latvian state term deposit ahead of schedule

Wednesday, 15 February 2012
Citadele Bank repays Latvian state term deposit ahead of schedule Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for using the deposit between August 2010 until February 2012. http://www.ftseglobalmarkets.com/

Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for using the deposit between August 2010 until February 2012.

Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for utilising the deposit between August 2010 and February 2012.

The last instalment, €46.94m, was transferred to the State Treasury on February 14th, of €340,000 interest.  “The bank has acquired certain trust in people’s eyes in order to attract the necessary funds for repaying State deposit and ensuring liquidity. Now Citadele will have to prove that it can increase its value regardless of the volatility that exists in European financial markets so that it can be handed over to private shareholders, recovering the funds invested in its share capital, within a reasonable period,” claims economy minister Daniels Pavļuts.

“Having repaid the State term deposit, our team will now continue developing Citadele in a well-considered manner focused on long-term cooperation with our clients. We will continue increasing the bank’s liquidity and we will concentrate on a solid and profitable asset structure,” says Juris Jākobsons, chairman of the Board of directors of Citadele Bank.



Up to now, “Citadele has especially promoted deposit products ...  [which] are the main source of funding for the bank,” explains Jākobsons, which has enabled the bank to “issue new loans worth LVL 151m in 2011 in Latvia. This is 10% of the total amount of newly issued loans in the local banking sector. In 2012 we will continue funding the Latvian economy paying special attention to small and medium enterprises, and facilitating utilisation of resources available from the EU structural funds. We will also continue working on introducing new products and services tailored to the needs of clients. Every Lat deposited with Citadele is invested in the Latvian economy, and it continues working for the benefit of the national economy.”

Apart from the term deposit Citadele Bank also has a subordinated loan worth €64.3m granted by SJSC “Privatization Agency”. Citadele has paid €11.4m in interest for this loan between September 2010 and February 2012 to the Latvian State. The state’s share in the bank’s capital is worth some LVL77.2m  (around € 109.8m), which eventually will be sold off to recover its funds.

The bank, which was founded at the end of July 2010 is majority owned by the country's SJSC Privatisation Agency; while 25% plus one share is held by the EBRD. The bank claims to be trading profitably.

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