BRUSSELS (AP) -- European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the height.
The EU's 27 members agree on the need to increase capital reserves of banks, following an international agreement called Basel III, which was negotiated by the world's largest economies to avoid another financial meltdown such as the one brought on by the collapse of U.S. investment bank Lehman Brothers in 2008.
But the U.K. wants national regulators to be able to set requirements significantly higher than those of the EU — a position opposed by almost all other EU members, who fear investors might then prefer UK banks and flee from those in other countries.
On his way into the meeting Tuesday morning, George Osborne, the British chancellor of the exchequer, was non-committal about the possibility of reaching an agreement.
"This is a time of considerable uncertainty in the eurozone economies," he said, referring to the 17 countries — the U.K. not among them — that use the euro currency. "And that uncertainty is undermining the entire European recovery. And I think we're reaching a point where we've got to make a decision to see the eurozone stand behind their currency. A very important part of that, of course, is strengthening the entire European banking system. And that is what we intend to do today."
Once enacted, Basel III would require lenders to increase their highest-quality capital — such as equity and cash reserves — gradually from 2 percent of the risky assets they hold to 7 percent by 2019. An additional 2.5 percent would have to be built up during good times. All members of the G-20 have agreed to implement Basel III; if the European Union succeeds, it would become the first entity to institute the new requirements.
The U.K. is arguing that, because national taxpayers have to bail out banks when they fail, national authorities should be able to set more stringent requirements to guard against such failures. A compromise proposal offered by the Danes, who hold the rotating presidency of the European Union, would allow national authorities some leeway to increase requirements beyond those called for in the Basel III agreement. That proposal has broad support — except, so far, from the U.K.
The finance ministers can approve the compromise proposal without British support, through what is known as qualified majority voting, in which member countries have different numbers of votes according to their populations. However, there is a tradition in the EU that changes that would affect an industry in a particular country — such as the banking sector in the U.K. — are not forced into effect over the objections of that country, and consensus is sought.
"I think there should be a unanimous decision on such an important issue," Swedish Finance Minister Anders Borg said on his way into the meeting.
New Products and Awards - So Much More than Motor Finance - YAHOO!
MotoNovo Finance Continue to Innovate and Impress
(PRWEB UK) 27 May 2012
MotoNovo Finance has once again been nominated for a number of top awards, at numerous events, in the motor finance industry. MotoNovo, literally translated as ‘Driving Forward/Innovation or change,’ are in the middle of yet another innovative year of business with prosperous results. The name certainly reflects the values of this forward-thinking company as new products and services are introduced to maximise on customer satisfaction.Firstly, the car finance company based in Cardiff were shortlisted for the respected Asset Finance Firm of the Year award at the ‘Credit Today Awards.’ Having won the award in the previous two years, the team at MotoNovo Finance were delighted to be amongst the nominees once more. The award ceremony, sponsored by the Marston Group, was celebrating its 13th year with a performance from comedian Al Murray, in front of over 1400 attendees.
Mark Standish CEO reflected on the event: “Having won the award for the previous two years, it is a huge honour to have made the shortlist once again. I think that the nomination reflects our commitment to innovation and excellence. I believe the nomination also highlights the success of the wider motor finance industry in raising the profile of dealer finance as a very attractive and very much available financing option to help dealers to sell cars to a consumer market where finance availability has reduced over recent years.”
In addition to this success MotoNovo have also been shortlisted, along with six others, for the MotorTrader Award for Innovation. The MotorTrader Industry Awards 2012 takes place at the Grosvenor House Hotel, London on 11th July. The motor finance suppliers have been nominated for their discount shopping service, offering discounts and savings from hundreds of high street stores. Deals include savings with up to 15% discounts on high street shopping for all MotoNovo Finance customers.
A new service My Car Locator, available on the MotoNovo Finance website, is also going from strength to strength. This service helps customers locate their ideal car by searching through thousands of cars from hundreds of accredited dealers online. This also allows dealers to upload stock with just one-click, including photographs and full finance quotes. This allows dealers to advertise to over 100,000 finance customers.
So now customers can get full, detailed finance quotes and apply online for immediate decisions. The team at MotoNovo Finance hope that this will make searching for and acquiring a car a lot easier for their clients. For the moment however, they look forward with anticipation, to the coming award show in July.
About MotoNovo Finance
MotoNovo Finance offers a range of car finance products and services quickly, efficiently and competitively. Assisting over a quarter of a million customers with motor finance for over 40 years, MotoNovo are supported by multi-national bank – FirstRand. Accredited with a two-star rating from ‘Best Companies,’ the Cardiff based company has also been bestowed with the Investors in People Silver Standard award. Employing over 170 individuals across the UK, the experienced management team has been involved with motor finance for decades.
Karl Werner
MotoNovo Finance
08447 704 438
Email Information
Finance Committee decision to grant ownership of state-owned flats to three judges “unconstitutional”, finds ACC - Minivan News
Approval by parliament’s Finance Committee to three judges occupying state-owned apartments to purchase the flats was granted in violation of the constitution and Judges Act, the Anti-Corruption Commission (ACC) revealed today, informing the committee to review its decision.
A press statement by the ACC explained that it investigated a complaint alleging three senior judges were occupying state-owned apartments while simultaneously receiving living allowances.
“The complaint states that giving flats only to certain judges is giving them unjust privileges,” ACC Deputy Chair Muaviz Rasheed told Minivan News in April.
The three judges living in flats leased during President Maumoon Abdul Gayoom’s administration by the former Justice Ministry and High Court – under terms that would see the now-defunct ministry and High Court gain ownership upon completion of full payment – are Supreme Court Justice Ali Hameed, High Court Judge Ahmed Shareef and Civil Court Judge Abdullah Adheeb.
The three judges had reportedly been paying rent for the flats in the government-owned Sina-Male’ apartment blocks when the committee decided to grant them ownership upon completion of full payment.
According to its statement, the ACC found that the Finance Committee’s decision to register the flats to the judges was in violation of article 102 of the constitution and article 38 of the Judges Act as well as section 100(a)(11) of the parliamentary rules of procedure.
Article 102 of the constitution states that salary and allowances for members of the judiciary and independent commissions shall be determined by the People’s Majlis.
The Finance Committee’s decision – which was not endorsed by a vote on the Majlis floor – was officially communicated to the Judicial Service Commission (JSC) and Department of Judicial Administration (DJA) on February 6 this year.
“If the decision is implemented, the result will be three judges receiving living assistance or additional benefits not afforded to other judges of the court in direct violation of article 39(b) of the Judges Act,” the ACC statement reads.
Article 39(b) of the Judges Act states that judges in the same court shall be given the same amount as living allowances and prohibits “different kinds of living allowance or benefits for different judges.”
Following its investigation, the ACC informed the Finance Committee on May 23 (Wednesday) to review the decision. The financial oversight committee is chaired by People’s Alliance MP Ahmed Nazim, who was cleared of corruption charges in February.
Misappropriation
Meanwhile, the audit report of the Department of Judicial Administration (DJA) for 2010 revealed that Supreme Court Justices used state funds in violation of the Public Finance Act to settle phone bills, cover expenses for an anniversary celebration and repair a state-owned car.
According to the audit report, the interim Supreme Court bench on October 23, 2008 decided to provide for each Justice “a post-paid line, a phone and to pay the phone bill without a set limit out of the court’s budget”.
“From October 2008 to December 2011, a total of Rf281,519.71 (US$18,256) was spent on phone bills,” the audit revealed, noting that phone expenses for Supreme Court Justices were not included in the salary and allowances approved by parliament.
In addition, the audit found that expenses for the Supreme Court’s annual anniversary celebrations were covered from the court’s budget, which included Rf22,100 (US$1,433) for corsages, Rf12,177 (US$790) for catering and Rf44,000 (US$2,853) to prepare two video documentaries.
To avoid a public announcement to seek estimates for the documentary, the audit found that the work was divided and awarded to the same party under two agreements.
The audit also discovered that Rf13,200 (US$856) was spent out of the apex court’s budget to repair a state-owned car used by a Supreme Court Justice.
According to the police report, the driver of the Justice’s car was responsible for the accident, which occurred on January 23, 2011. However, the official driver insisted the car was undamaged when he left it the previous night.
In a second case, the audit found that the Chief Justice Ahmed Faiz used two court drivers for his official car instead of taking the monthly car allowance of Rf6,500 (US$421) approved by parliament.
A total of Rf255,832.92 (US$16,590) was spent in 2011 to pay salaries and allowances for the two drivers, who had previously been used by the interim Chief Justice Abdulla Saeed.
Despite the findings of the audit report, in March 2011 the Supreme Court dismissed allegations of corruption reported in local media regarding phone allowances and use of court funds to repair Justice Ali Hameed’s car.
Meanwhile in September 2011 the ACC was asked to investigate an official trip to Addu City by Justice Abdulla Saeed from August 30 to September 2, which took place during a four-day government holiday for Eid al-Fitr.
Local daily Haveeru reported in the same month that the ACC was investigating allegations that over Rf50,000 (US$3,200) of state funds was spent on plane tickets for Justice Ali Hameed’s official visit to China in December 2010.
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