Les Covered Bonds

a strong brand means that they do not need to spend substantial amounts on awareness advertising. For the supermarkets and other retailers, a simple but bright, colourful in-store display will work wonders at catching people’s attention. This is covered in The Consumer section. With the personal finance markets being extremely competitive advertising and promotional spend has been essential – both above the line (television, radio, newspapers, outdoor, Internet) and below the line (direct mail)

pounds will look after themselves” The notion of Investment Management In a generally acknowledged sense, the notion of investment management refers to the professional management of various assets (e.g., real estate) or securities (shares, bonds etc.) to meet specified investment goals and bring a benefit for the investors. Thus, the investor brings a contribution of money, time, energy or effort to an activity, project, or undertaking, in the expectation of a positive rate of return in the

Directive. On this basis, supervisory attention will be focused on the areas where risks are concentrated. A threshold of €100 million implies that roughly 30% of hedge fund managers, managing almost 90% of assets of EU domiciled hedge funds, would be covered by the Directive. It would capture almost half of managers of other non-UCITS funds and provide an almost full coverage of the assets invested in their funds. The focus is on the decision making and risk-taking entities in the value chain The risks

donc diminuer le coût du risque, les banques désintermédient de plus en plus leur financements et passent davantage d’un modèle « hold and buy » à un modèle « originate and distribute » (distribution par refinancement obligataire, utilisation des covered bonds pour certains actifs, développement du segment « high yield »1 pour les entreprises « non investment grade »2). Cette « marchéisation » du crédit permet alors aux banques de diminuer leur exposition au risque crédit mais freine le développement

kill the lawyers first ! (William Shakespeare) or . . . Let's see our lawyer first ? Copyright Xavier Leclercq – contact@adxl.eu 2 Table of contents Header table Legal aspects of Purchasing Should Buyers be lawyers The Law Juridical bonds impacting your job Conditions of validity of contracts Ability Consent Legality The Sale Accessories of Price, and Goods The effects of Sale Types of contracts Buyer deals with Types of contracts Buyer deals with Blanket orders, Umbrella contracts

répartis entre titres privés, pour au moins 50 milliards de livres, le solde concernant l'acquisition de Gilts58(*) d'une maturité comprise entre 5 et 25 ans.La Banque Centrale Européenne a annoncé en mai 2009 qu'elle allait racheter en direct des « covered bonds »59(*) pour un montant de60 milliards d'euros afin de desserrer la contrainte de refinancement des banques et favoriser la distribution de crédit. | A noter que dans la zone euro, il semble que les mesures d'assouplissement ne puissent porter

accounting adjustments Accounting entries that do not arise from the basic transactions of cash and invoices. Adjusting entries are made for depreciation, bad and doubtful debts, closing stocks, prepayments, and accruals. accounting period The time period covered by the accounting statements of an entity. accounting policies The specific accounting bases selected and consistently followed by an entity as being, in the opinion of the management, appropriate to its circumstances and best suited to present fairly

of bank secrecy. Exploiting a unique panel dataset, our study is the first attempt to assess how the treaties affected bank deposits in tax havens. Rather than repatriating funds, our results suggest that tax evaders shifted deposits to havens not covered by a treaty with their home country. The crackdown thus caused a relocation of deposits at the benefit of the least compliant havens. We discuss the policy implications of these findings. Keywords: Tax havens, Tax evasion. JEL classifications: H26

Refinancement Le groupe CM5-CIC a poursuivi sa politique de diversification et d’internationalisation des sources de refinancement. Cela s’est traduit par : • des programmes de titres variés (Euro Commercial Papers, London CD’s, EMTN BFCM et CM-CIC Covered Bonds) ; • un élargissement de la plate-forme de refinancement intégrée à la succursale de Singapour (New York en 2011), à l’instar de ce qui est fait à Londres et Francfort ; • une reconnaissance sur les marchés de la signature BFCM de la part des principaux

entités quelconques contre un risqué encouru par l’une des deux entités, par exemple le non-paiement d’une dette. Le prix du CDS témoigne de la confiance accordée à tel ou tel émetteur d’une créance et sert de base pour en fixer la valeur. • Covered bonds: Obligations adossées à des crédits immobiliers ou à des prêts à des collectivités locales .en cas de défaut de paiement de l’émetteur, l’investisseur peut se rembourser sur les actifs donnés en garantie. • Hedge funds: fonds d’investissement