united bank of switzerland near me

DBS, a leading financial services group headquartered in Singapore, operates across 18 markets. A frontrunner in digital transformation, we seek to deliver. UBS came into existence in 1998 after the merger between Union Bank of largest of the banks in Switzerland, with seven main offices around the world. Locator 01-2071, 7th Floor. Cleveland, Ohio 44114. United States of America. Santander Bank, N.A.. 45 East 53rd Street. New York, New York 10022.

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United bank of switzerland near me -

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Источник: https://pay.google.com/about/

Management Team & Directors

Brian Moynihan

Chairman of the Board and Chief Executive Officer, Bank of America Corporation

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Bank of America is recognized as a top employer by Working Mother magazine and Military Times. The company is also listed on Fortune magazine’s list of the Best Workplaces for Diversity and the Best Workplaces for Parents. It was also named one of the Best Places to Work for Disability Inclusion by the U.S. Business Leadership Network and the American Association of People with Disabilities. In 2018, Euromoney recognized Bank of America as the World’s Best Bank and the World’s Best Bank for Diversity and Inclusion, as part of their annual Global Awards for Excellence.

Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, the Financial Services Forum and the Bank Policy Institute (chair of both), the Business Roundtable, and the American Heart Association CEO Roundtable (co-chair). He is also a member of the Federal Advisory Council of the Federal Reserve Bank.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation's Board of Fellows.

Источник: https://investor.bankofamerica.com

25 November 2021

WORKING PAPER SERIES - No. 2616

Nowcasting euro area GDP with news sentiment: a tale of two crises

English

Abstract
This paper shows that newspaper articles contain timely economic signals that can materially improve nowcasts of real GDP growth for the euro area. Our text data is drawn from fifteen popular European newspapers, that collectively represent the four largest Euro area economies, and are machine translated into English. Daily sentiment metrics are created from these news articles and we assess their value for nowcasting. By comparing to competitive and rigorous benchmarks, we find that newspaper text is helpful in nowcasting GDP growth especially in the first half of the quarter when other lower-frequency soft indicators are not available. The choice of the sentiment measure matters when tracking economic shocks such as the Great Recession and the Great Lockdown. Non-linear machine learning models can help capture extreme movements in growth, but require sufficient training data in order to be effective so become more useful later in our sample.
JEL Code
C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
C45 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Neural Networks and Related Topics
C55 : Mathematical and Quantitative Methods→Econometric Modeling→Modeling with Large Data Sets?
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications

25 November 2021

WORKING PAPER SERIES - No. 2615

Quantitative easing and corporate innovation

English

Abstract
To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate Sector Purchase Program. Companies eligible for the program increase significantly their investment in R&D, relative to similar ineligible companies operating in the same country and sector. The evidence further suggests that by subsidizing the cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative companies with low debt levels, rather than by supporting credit constrained firms.
JEL Code
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
G10 : Financial Economics→General Financial Markets→General
O3 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights

24 November 2021

OCCASIONAL PAPER SERIES - No. 285

To be or not to be “green”: how can monetary policy react to climate change?

English

Abstract
Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the monetary policy stance, it interacts with fiscal and structural responses and it can generate dislocations in financial markets, which are impossible for monetary policy to ignore. Next, we survey several possible ways central banks can respond to climate change. These range from protective actions to more proactive measures aimed at mitigating climate change and supporting green finance and the transition to sustainable growth. We also discuss the constraints and trade-offs faced by central banks as they respond to climate risks. Finally, focusing on the specific challenges faced by inflation-targeting central banks, we consider how certain design features of this regime might interact with, and evolve in response to, the climate challenge.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming

24 November 2021

SURVEY ON THE ACCESS TO FINANCE OF ENTERPRISES IN THE EURO AREA

Survey on the Access to Finance of Enterprises in the euro area - April to September 2021

English

English

24 November 2021

RESEARCH BULLETIN - No. 89

Bank leverage constraints and bond market illiquidity during the COVID-19 crisis

English

English

Abstract
The outbreak of the coronavirus (COVID-19) pandemic led to heightened uncertainty and a “dash-for-cash” in March 2020. Investors moved out of risky assets and into safe assets. The mutual fund sector in particular was hit by unprecedented investor redemptions and faced fire sale pressure as a result. Typically, banks that engage in securities trading – dealer banks – absorb such bond sales, supporting market liquidity, but regulation may limit their ability to do so by requiring them to maintain a certain leverage ratio. In recent research, we analyse the role of bank leverage constraints as an amplifier of bond market illiquidity during the March 2020 crisis. Our analysis links mutual funds bond holdings to dealer banks and their leverage constraints. We document that mutual funds that were holding more bonds exposed to dealer bank constraints in their portfolio faced bigger selling pressure in March 2020. We provide supplementary evidence that bank leverage constraints affect bond liquidity, using the introduction of leverage ratio regulation in the euro area.
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages

22 November 2021

WORKING PAPER SERIES - No. 2614

Credit growth, the yield curve and financial crisis prediction: evidence from a machine learning approach

English

Abstract
We develop early warning models for financial crisis prediction by applying machine learning techniques to macrofinancial data for 17 countries over 1870–2016. Most nonlin-ear machine learning models outperform logistic regression in out-of-sample predictions and forecasting. We identify economic drivers of our machine learning models using a novel framework based on Shapley values, uncovering nonlinear relationships between the predic-tors and crisis risk. Throughout, the most important predictors are credit growth and the slope of the yield curve, both domestically and globally. A flat or inverted yield curve is of most concern when nominal interest rates are low and credit growth is high.
JEL Code
C40 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→General
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
F30 : International Economics→International Finance→General
G01 : Financial Economics→General→Financial Crises

19 November 2021

WORKING PAPER SERIES - No. 2613

What goes around comes around: How large are spillbacks from US monetary policy?

English

Abstract
We quantify spillbacks from US monetary policy based on structural scenario analysis and minimum relative entropy methods applied in a Bayesian proxy structural vector-autoregressive model estimated on data for the time period from 1990 to 2019. We find that spillbacks account for a non-trivial share of the overall slowdown in domestic real activity in response to a contractionary US monetary policy shock. Our analysis suggests that spillbacks materialise as Tobin’s q/cash flow and stock market wealth effects impinge on US investment and consumption. Contractionary US monetary policy depresses foreign sales of US firms, which reduces their valuations/cash flows and thereby induces cutbacks in investment. Similarly, as contractionary US monetary policy depresses US and foreign equity prices, the value of US households’ portfolios is reduced, which triggers a drop in consumption. Net trade does not contribute to spillbacks because US monetary policy affects exports and imports similarly. Finally, spillbacks materialise through advanced rather than emerging market economies, consistent with their relative importance in US firms’ foreign demand and US foreign equity holdings.
JEL Code
F42 : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
C50 : Mathematical and Quantitative Methods→Econometric Modeling→General

18 November 2021

WORKING PAPER SERIES - No. 2612

Natural rate chimera and bond pricing reality

English

Abstract
We build a novel macro-finance model that combines a semi-structural macroeconomic module with arbitrage-free yield-curve dynamics. We estimate it for the United States and the euro area using a Bayesian approach and jointly infer the real equilibrium interest rate (r*), trend inflation (π*), and term premia. Similar to Bauer and Rudebusch (2020, AER), π* and r* constitute a time-varying trend for the nominal short-term rate in our model, rendering estimated term premia more stable than standard yield curve models operating with time-invariant means. In line with the literature, our r* estimates display a distinct decline over the last four decades.
JEL Code
C11 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Bayesian Analysis: General
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy

17 November 2021

FINANCIAL STABILITY REVIEW

Financial Stability Review, November 2021

English

English

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Sustainability of recent euro area investment banking strength and debt capital market intermediation

Financial Stability Review Issue 2, 2021

English

Abstract
Investment banking revenues have contributed markedly to the recent increase in euro area banks’ non-interest income growth and the rebound in bank profitability. Internationally, equity capital market (ECM) revenue has doubled in the last three years, while debt capital market (DCM) and merger and acquisition (M&A) revenue has increased by around 50%, with only syndicated lending remaining more subdued. In the euro area, however, the most significant volume increase has come from debt instruments, which have long been the preferred source of corporate funding in the euro area ahead of equity. Despite the international growth in capital market volumes, market commentary before the pandemic suggested that investment banking was the “problem child” of European banking, with many large banks retreating from various market segments as they faced the fallout from the global financial crisis. Against this background, this box considers the recent developments in investment banking of euro area banks in relation to some of the prior trends and considers how sustainable the recent strength might be.
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
:

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Lessons learned from initial margin calls during the March 2020 market turmoil

Financial Stability Review Issue 2, 2021

English

Abstract
This box establishes stylised facts about the significant increase in initial margin (IM) in the euro area derivatives market during the March 2020 market turmoil. First, it shows that the increase was concentrated almost entirely in centrally cleared derivatives and driven mainly by equity, credit and interest rate portfolios. Second, by comparing static portfolios with those where portfolio repositioning took place, the IM increase is decomposed into (i) changes attributable to the CCP model sensitivity to market volatility, and (ii) changes attributable to portfolio repositioning by investors. For centrally cleared interest rate and credit derivatives (where this method is applicable), CCP model sensitivity to market volatility is found to be a key driver of the IM increase. Overall, the results suggest that it is important to develop a clearer understanding of “excessive procyclicality” for IM and possibly, on the basis of this common understanding, to review the models which CCPs use to calibrate IMs. The supervisory and regulatory framework governing the liquidity management of market participants, and in particular that of some non-bank financial intermediaries, should also be strengthened.
JEL Code
C60 : Mathematical and Quantitative Methods→Mathematical Methods, Programming Models, Mathematical and Simulation Modeling→General
G10 : Financial Economics→General Financial Markets→General
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

The role of financial stability in the ECB’s new monetary policy strategy

Financial Stability Review Issue 2, 2021

English

Abstract
The box reviews the role of financial stability in the ECB’s new monetary policy strategy and summarises the underlying analytical considerations. Financial stability is a precondition for price stability and vice versa. Accordingly, the pursuit of price stability by means of monetary policy, and of financial stability by means of macro-prudential, supervisory and regulatory policies, are complementary. For example, a build-up of financial imbalances increases the likelihood of future financial crises, with a negative impact on price stability. Addressing these vulnerabilities with adequate marcro-prudential measures is also beneficial for price stability. Similarly, monetary policy may also affect financial stability risks: it can reduce credit risk by boosting activity levels and inflation dynamics but at times may also encourage the build-up of leverage or raise the sensitivity of asset prices. In view of the price stability risks arising in financial crises, there is a clear conceptual case for the ECB to take financial stability considerations into account in its monetary policy deliberations. This does not imply that monetary policy is responsible for guaranteeing financial stability or lessen the role of macro-prudential policies as a first line of defence against financial vulnerabilities. Accordingly, the ECB’s new monetary policy strategy envisages a flexible approach in considering financial stability whenever this is relevant to the pursuit of price stability.
JEL Code
E3, E44, G01, G21 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Assessing the strength of the recent residential real estate expansion

Financial Stability Review Issue 2, 2021

English

Abstract
In order to assess the strength of the current residential real estate expansion, we compare recent developments in euro area housing markets with the period ahead of the global financial crisis (GFC). We find that house price dynamics, overvaluation and the risk profile of new mortgage loans are at similar levels to those observed during the height of the pre-GFC cycle in 2007. However, vulnerabilities from mortgage lending developments and household balance sheets are currently below their pre-GFC levels. We conclude that the continued build-up of vulnerabilities in residential real estate markets calls for close monitoring and possible macroprudential measures.
JEL Code
R31 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Housing Supply and Markets
G51 : Financial Economics
P34 : Economic Systems→Socialist Institutions and Their Transitions→Financial Economics
G01 : Financial Economics→General→Financial Crises

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

The impact of loan and market-based credit supply shocks on euro area GDP growth

Financial Stability Review Issue 2, 2021

English

Abstract
Using a Bayesian vector autoregression model and drawing from a novel quarterly dataset on debt financing of non-financial corporations, this box estimates the effects of loan and market-based credit supply shocks on GDP growth in the euro area and the five largest euro area countries. A novel identification scheme with inequality restrictions is developed to distinguish between the two types of credit supply shock. The results suggest that not only loan supply but also market-based credit supply shocks play an important role for GDP growth. For the euro area as a whole, the explanatory power of both types of credit supply shock is found to be similar, while in Germany and France the explanatory power of market-based credit supply shocks exceeds that of loan supply shocks. Since market-based credit is mostly provided by non-bank financial intermediaries, the findings also suggest that strengthening the resilience of these intermediaries – such as through an enhanced macroprudential framework – would support GDP growth.
JEL Code
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
G2 : Financial Economics→Financial Institutions and Services

17 November 2021

FINANCIAL STABILITY REVIEW - ARTICLE

Creditor coordination in resolving non-performing corporate loans

Financial Stability Review Issue 2, 2021

English

Abstract
Numerous European and national initiatives have been deployed since 2014 to reduce non-performing loan (NPL) stocks on euro area bank balance sheets. NPL ratios have fallen as a result, but very gradually, mainly thanks to sales to non-bank investors. Despite stronger market activity, prices paid by NPL investors have only improved marginally and continue to stand well below values assigned to NPLs by banks. One type of NPL that has proven particularly difficult to resolve is loans to non-financial firms that have borrowed from multiple banks – multi-creditor loans. Analysis of these loans relative to others finds lower provision coverage by the lending banks, reflecting more optimistic valuations by individual banks and limited recognition of the expected costs of multi-creditor coordination. This special feature proposes a strategy to overcome creditor coordination failures and costs, through the use of data platforms providing ex ante transparency to NPL investors. These, together with NPL securitisation, could substantially reduce the gap between the value of the loans booked on banks’ balance sheets and the prices offered by investors for NPL portfolios.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill

17 November 2021

FINANCIAL STABILITY REVIEW - ARTICLE

Bank capital buffers and lending in the euro area during the pandemic

Financial Stability Review Issue 2, 2021

English

Abstract
Bank capital buffers are supposed to help banks to absorb losses while maintaining the provision of key financial services to the real economy in times of stress. Capital buffers that are usable along these lines should lessen the damaging effects that can arise from credit supply shortages. Making use of buffers entails using the capital space above regulatory buffers and minimum requirements and, in case of need, also using regulatory buffers. This special feature analyses bank lending behaviour during the pandemic to gain insights into banks’ propensity to use capital buffers and the impact of the regulatory capital relief measures implemented by the authorities. From a macro perspective, the euro area banking system was able to meet credit demand and withstand stress. However, this aggregate view reflects several factors, including the impact of extraordinary policy measures. A micro perspective thus can help to comprehend how the capital buffer framework and capital releases affected banks’ behaviour during the pandemic. A microeconometric analysis shows that the banks with limited capital space above regulatory buffers adjusted their balance sheets by reducing lending, which could be interpreted as an attempt to defend capital ratios, suggesting unwillingness to use capital buffers. The results also show that the regulatory capital relief measures adopted during in the pandemic, which added to banks’ existing capital space, were associated with higher credit supply. while more research is desirable, this suggests that more releasable capital could enhance macroprudential authorities’ ability to act countercyclically when a crisis occurs.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

Sensitivity of sovereign debt in the euro area to an interest rate-growth differential shock

Financial Stability Review Issue 2, 2021

English

Abstract
Euro area sovereigns have issued significant amounts of new debt in response to the pandemic. While fiscal support was crucial to limit economic scarring and aid the recovery, it has also triggered concerns about medium to longer-term sovereign debt sustainability. One of the key factors for assessing sovereign debt sustainability is the interest rate-growth differential (
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E6 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H62 : Public Economics→National Budget, Deficit, and Debt→Deficit, Surplus
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
H68 : Public Economics→National Budget, Deficit, and Debt→Forecasts of Budgets, Deficits, and Debt

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

ECB macroprudential stress test complements the EBA/SSM stress tests results in 2021

Financial Stability Review Issue 2, 2021

English

Abstract
The ECB’s biennial macroprudential stress test evaluates the resilience of the euro area banking system, this year also assessing the impact of pandemic-related policy measures. While relying on the same adverse and baseline scenarios as the EBA/SSM supervisory stress test, it also employs a dynamic balance sheet perspective and introduces amplification mechanisms relying on the banking euro area stress test model framework as outlined in Budnik et al. (2020). The results indicate a strong bank capitalisation under the baseline scenario combined with a subdued outlook for bank profitability. The lending outlook differs sharply for the two scenarios where policy support measures have a clear positive effect, especially in the adverse scenario, and have helped to ensure the resilience of the financial system.
JEL Code
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation

17 November 2021

FINANCIAL STABILITY REVIEW - BOX

The expanding uses and functions of stablecoins

Financial Stability Review Issue 2, 2021

English

Abstract
The market capitalisation of stablecoins has increased from USD 5 billion to USD 120 billion since 2020. Despite their recent growth, stablecoins still only account for around 6% of the estimated USD 2 trillion total market capitalisation of crypto-assets, though interlinkages between stablecoins and crypto-assets imply a correlation of risks between these market segments. At the same time, the functions served by stablecoins within the ecosystem have multiplied. In addition to acting as a relatively safe “parking space” for crypto volatility, stablecoins serve as a bridge between fiat currencies and crypto-assets and are used for trading or as collateral in crypto-asset derivative transactions or in decentralised finance. Against this background of stablecoins’ interlinkages with the wider crypto-asset market and their direct links to the traditional financial system, this box analyses the risks associated with the evolving functions of stablecoins and the financial stability implications of such risks. It concludes that while stablecoins currently pose limited financial stability risks in the euro area, their growing size, usage and connected infrastructure may alter this assessment in the future. Nevertheless it highlights that the global reach of this market underscores the need for global standard-setting bodies to further assess the extent to which existing standards are appropriate for, and applicable to, stablecoins and close any gaps as necessary.
JEL Code
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G28. : Financial Economics→Financial Institutions and Services→Government Policy and Regulation

16 November 2021

FINANCIAL STABILITY REVIEW - BOX

The sensitivity of asset prices to risk shocks when corporate vulnerabilities are high

Financial Stability Review Issue 2, 2021

English

Abstract
Fragilities created by the interaction of stretched valuations and corporate balance sheet vulnerabilities may represent a risk to financial stability. Corporate asset prices have soared at the same time as the pandemic shock has prompted an increase in the vulnerability and indebtedness of many corporates. In the current environment, where balance sheet fragilities depend on policy support and uncertainty about the recovery is still elevated, corporate vulnerabilities could re-emerge and stock and bond market prices may be more sensitive to reversals in global risk appetite. This box examines the increased sensitivity of US corporate markets to risk-off shocks when corporate vulnerabilities are high and considers the implications from a euro area perspective.
JEL Code
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
Источник: https://www.ecb.europa.eu/

Benefits and pensions for UK nationals in the EU, EEA or Switzerland

The UK has left the EU. The EU Withdrawal Agreement sets out the terms of the UK’s withdrawal from the EU.

If you move abroad

You will need to tell the government office that deals with your benefits or your UK State Pension if you are moving or retiring abroad.

UK State Pension

You can carry on receiving your UK State Pension if you move to live in the EU, EEA or Switzerland and you can still claim your UK State Pension from these countries.

Your UK State Pension will be increased each year in these countries in line with the rate paid in the UK.

You can also count relevant social security contributions made in EU countries and Switzerland to meet the qualifying conditions for a UK State Pension.

This guidance is for UK nationals, however these rules on the State Pension apply to everyone regardless of your nationality and regardless of when you moved.

Benefits if you are moving to the EU, EEA or Switzerland

If you are moving, or thinking of moving, to an EU, EEA country or Switzerland the rules for paying some UK benefits in the EU, EEA or Switzerland changed from 1 January 2021.

Moving to an EU country or Switzerland permanently

There are rules which say which country you should claim benefits from.

If you’re eligible, the following benefits and payments can be paid in the EU and Switzerland:

  • Bereavement Support Payment and other bereavement benefits

  • industrial injuries benefits

  • Maternity Allowance

  • Statutory Maternity Pay

  • Statutory Paternity Pay

  • Statutory Sick Pay

Relevant social security contributions made in an EU country or Switzerland can be used to help you qualify for some UK benefits while you are in the UK, for example:

There is more information about where you pay your social security contributions when working in the EU or Switzerland.

Moving to Norway, Iceland or Liechtenstein permanently

This guidance is being updated.

Moving abroad temporarily

You can claim some benefits abroad for a time-limited period if you move abroad temporarily, for example for planned medical treatment, as long as you meet the qualifying conditions.

Check which benefits you can claim while abroad.

Benefits if you were living in the EU, EEA or Switzerland by 31 December 2020

This guidance is for UK nationals. If you were living in an EU country by 31 December 2020 you are covered by the EU Withdrawal Agreement. There are equivalent agreements in place if you were living in an EEA country or Switzerland by 31 December 2020. Read fuller guidance on citizens’ rights.

You may be able make new claims for some UK benefits, if you meet all the other eligibility requirements. There are rules which say which country you should claim benefits from. We will only ask for further information if the UK is the country you may be able to claim benefits from.

Read guidance on which benefits you can claim if you live, move or travel abroad.

Check which benefits you can claim while abroad and how to claim them, using an online checker.

Moving within the EU, EEA or Switzerland

This guidance is for UK nationals. If you were living in the EU, EEA or Switzerland by 31 December 2020 the rules on which UK benefits you can claim have not changed, as long as you carry on living in a country in the EU, EEA or Switzerland.

Evidence you will need to provide

You may be asked to send us evidence that you were living in the EU, EEA or Switzerland by 31 December 2020 if:

  • you make a new claim from the EU, EEA or Switzerland for some benefits

  • you report certain changes of circumstances (for example, a move from the UK to the EU, EEA or Switzerland)

You will only need to send us this evidence where the rules for people not covered by the Withdrawal Agreement are different from the rules for people covered by the Withdrawal Agreement.

You will also be asked to send us this evidence if you are a UK national living in the EU, EEA or Switzerland by 31 December 2020 and have taken up citizenship by naturalisation in that EU or EEA country or Switzerland.

The evidence you will be asked to send us includes:

  • a copy of your residence document, where issued by 31 December 2020

  • a copy of your EU, EEA or Swiss passport and naturalisation document, if you have taken up citizenship in your home country by 31 December 2020

If you do not have either of the above documents issued by 31 December 2020, you will be asked to send us copies of official documents which show evidence of your home address in the EU, EEA or Switzerland as at 31 December 2020, such as:

  • bank statements

  • rent or mortgage statements and evidence of payment

  • utility bills

The documents must be dated and have your name on them. This is not a complete list.

It is important that you keep these documents as you may need them if you claim in future.

These documents will be used to help provide evidence of your place of residence in the EU, EEA or Switzerland as at 31 December 2020.

Contact the International Pension Centre for further guidance if you do not have any of these documents

If you are claiming Child Benefit or Child Tax Credit, contact HMRC.

Moving to Ireland

You can claim and carry on receiving some UK benefits in Ireland if you are a UK or Irish national, as long as you continue to meet the eligibility requirements.

More information on the benefits available in Ireland.

Pensions and benefits paid by an EU, EEA country or Switzerland

Check the rules in the country you are living in or moving to with that country’s social security authority. You can find out more by checking the country specific guidance for UK nationals.

Annuities and personal pensions from a UK pension provider

Your pension provider should have made plans to make sure you can still get payments from your annuity or personal pension following the UK leaving the EU.

Your pension provider should contact you if they need to make changes to your annuity or pension or the way you are paid. The Financial Conduct Authority has published information on what pension providers need to do because the UK has left the EU.

If you have any questions, contact your pension provider.

UK workplace pensions

UK law allows for workplace pensions to be paid overseas. The government does not expect this to change because the UK has left the EU.

If you have any questions, contact your pension provider.

If your workplace pension is paid into a UK bank account, your bank should contact you if they need to change the way you receive your pension because the UK has left the EU.

Источник: https://www.gov.uk/guidance/benefits-and-pensions-for-uk-nationals-in-the-eea-or-switzerland

CLIMB HIGHER™ - 70 YEARS STRONG AND WE’RE JUST GETTING STARTED

"Iron Mountain came with their experts to simply ask questions about what we do in AP. Based on our volume and what we wanted to achieve, they were able to map out a solution that met our specific requirements, which made the decision a lot easier." 

"It's nice to see that an industry leader like Iron Mountain truly embodies every sense of that and that’s why I really enjoy our partnership. I’ve found people at Iron Mountain are passionate and partner with us in every sense of the word. They helped us achieve our three core goals."

Learn From Case Studies

"As a customer of Iron Mountain’s tape vaulting services, the decision to use their Cloud Storage was easy. Now we can be sure our data is stored securely — and available when needed — giving us peace of mind that we’ll be able to recover if disaster strikes."

Источник: https://www.ironmountain.com/

The official Hermès online store - Homepage

En route to the holidays!

Cheerful, colorful and inspirational, Hermès’ objects elegantly convey the festive spirit!

Our cave of wonders

Nonchalant silk

A perfect union of design, material and color, the silk scarf is gently and elegantly reinterpreted each season. Ties, scarves and mufflers add just the right dose of color to enhance the day’s look.

100% freedom

The easy-to-wear 100 cm scarf in cashmere and silk is an accessory for today’s well-dressed gentleman in search of a generous size and cheerful colors.

COLLECTION_CONTENT

Season after season, the Home collections are reinvented and withstand the test of time. From furniture to lighting, textiles to games, objects to tableware, function dictates form and material, pushing the boundaries of know-how to their limits.

Reinvent yourself!

Artistic tables

Whether classic or contemporary, porcelain tells a story, and its exceptional know-how takes us on a dreamlike journey through space and time.

LEATHER_CAMPAIGN_DELLA_CAVALLERIA

The Legend of Hermès Della Cavalleria

The disrupted destiny of a magical bag that increases its owner’s power tenfold.

Watch the full trailer

Источник: /us/en/
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4 Replies to “United bank of switzerland near me”

  1. Can you make a video explaining the different account options you can open with TD Ameriteade? Cuz I’m new af and I don’t know shi. Good vid btw.

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