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24 September 2015

Friends 'Weekly' Newsletter


ECB, ALFI, FEE, Alexis Tsipras wins presidential elections in Greece, Mario Draghi at ECON hearing, TAXE meeting, the EU budget and more.

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  Articles from 17 September 2015 - 24 September 2015

  Banking
 
 
ECB: Eurosystem adjusts purchase process in ABS programme
The Governing Council of the ECB decided to increase the proportion of purchases by national central banks rather than external managers in the Asset-Backed Securities Purchase Programme, as announced when the programme was first launched.
 
  Securities
 
 
ECB publishes enhanced statistics on loans to the euro area private sector adjusted for sales and securitisation
The refined adjustment method also uses data on repayments and stocks of securitised loans that have been derecognised and are serviced by monetary financial institutions, which results in somewhat lower adjusted flows and growth rates in general.
 
  Insurance
 
 
Reuters: Accounting standard setter proposes temporary fix for insurers
A global accounting standard setter has proposed a temporary fix for insurers caught in the crosshairs of a new bookkeeping rule aimed mainly at forcing banks to recognise losses on loans earlier.
 
  Asset Management
 
 
ALFI: International investment by pension funds increases globally but is still restricted in some markets
Pension funds around the world are increasingly looking beyond their borders to address their investment needs, according to the ALFI which released its global pension fund report, “Beyond their borders: evolution of foreign investment by pension funds,” produced by PwC Luxembourg.
 
  Corporate Governance/Accounting
 
 
FEE´s information paper on the compliance audit in the public sector
FEE’s project continues with the second information paper on compliance audit, an independent examination on assessing whether the activities of public sector entities are in accordance with the relevant laws, regulations and authorities that govern such entities.
 
  Political
 
 
European Council: Congratulation letter by EC's President Tusk to Greek PM Tsipras
European Council President Tusk congratulated the newly re-elected Greek PM Alexis Tsipras after the 20th September election, and reminded him that his "dedication and leadership in implementing the economic adjustment programme is crucial in the recovery of the Greek economy."
 
  Economic
 
 
Draghi at ECON: "We will not hesitate to act if inflation outlook weakens"
ECB President Mario Draghi described a worrisome economic scenario in the eurozone, saying the macroeconomic environment had become more challenging. He hinted at the possibility of adjusting the ECB’s APP, to add monetary policy impetus if necessary.
Greece: Council shows solidarity through faster mobilisation of EU funds
The proposal's main objective is to address the lack of public funds available for much needed investments in Greece, and it would increase the liquidity of Greece by €2bn.
European Parliament/TAXE: Corporate taxation system has reached its limits
Tax competition as such cannot be avoided, but today’s system has reached its limits and led to unwanted side effects. Action is needed to harmonise corporate tax practices across Europe, so as to make tax competition clearer and fairer.
 
  Budgetary
 
 
British Influence: The EU Budget - Audit and Fraud
This paper discusses the EU’s finances with particular reference to two complaints frequently made about the European Union’s finances: that the European Court of Auditors each year ‘refuses to sign off the accounts’; and that the EU budget is subject to high levels of fraud.
 

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