The Bank of Ghana is putting the activities of forex bureau operators in its monitoring radar for possible sanctions and license withdrawal. Suleiman Mustapha asks why
The Bank of Ghana has threatened to impose severe sanctions including license withdrawal of forex bureau operators who accept deposits and do large foreign exchange transactions.
Central Bank Governor and Chairman of the Monetary Policy Committee (MPC) of the Bank of Ghana, Mr Kwesi Amissah-Arthur has on the sidelines of an MPC news conference in Accra hinted some forex bureau operators are now accepting deposits and doing large foreign exchange transactions.
The bank is therefore setting out measures to monitor the activities of forex bureau operators in a bid to stem the rising spate of dollarization of the national economy.
“Yes we are worried that some of the forex bureau operators now accept deposits like the normal banks and transact large volumes of foreign exchange business”.
“They are part of the problem and we will soon be rolling out tough measures to stem their illegal activities”, the Governor said.
The Bank of Ghana is even more worried of the growing trend of dollarization, which he partly blamed on the activities of forex bureau operators.
According to the Governor, the central bank will continuously be reviewing the books and constantly monitor the activities of forex bureau operators for possible sanction in breach of the country’s foreign exchange rules.
“It is our view that this will contribute to restoring confidence in the cedi” he said, adding that “the Bank will issue the necessary notices to this effect in due course”.
“They are supposed to do spot transaction of the small foreign currency, which does not require having to go to the commercial banks to exchange”.
“But what we have observed is that some of them are accepting deposits and moving large volumes of foreign exchange around”, he added.
The Bank of Ghana has mopped up GH¢1.2 billion in excess liquidity from the system in a bid to stem the exchange rate pressure and reduce demand for dollars.
In a move to halt the growing trend of ‘dollarization’ and stabilize the cedi, the Central Bank is also reviewing the currency composition of the reserve requirements of commercial banks.
Dollarization is characterized by a tendency for businesses to sell their goods and services in foreign currencies, particularly, dollars.
The service providers quote exchange rates that are significantly off-market. The fringe exchange rates trickle down into the market and become benchmark rates, unduly influencing market rates.
The situation has fuelled price increases in the country and led the Bank of Ghana to tighten monetary policy, alter bank reserve requirements and reintroduce several bonds.
“The committee notes that the measures have begun to take effect. Increase in the policy rate have led to upward adjustments in rates of money markets instruments and improve the attractiveness of cedi assets compared to foreign currency assets”, Mr Amissah-Arthur said.
According to the Governor, though the Bank of Ghana was not considering abolishing the operation of foreign exchange accounts by citizens, it would move to restore the pre-eminence of the cedi in domestic transactions, which required strict adherence to the provisions of the Foreign Exchange Act 2006 (Act 723) and the accompanying regulations.
The Governor was worried about the large dollar deposits in commercial bank accounts, which he said had significantly contributed to the exchange rate pressure.
At the moment, the share of foreign currency deposits to total deposits in the banking system has increased from 27.9 per cent in April 2010 to 28.2 per cent in April 2011 and further to 31.8 per cent in April this year.
This means that some commercial banks have more foreign currency deposits than domestic currency in their total deposit.
The Bank of Ghana feared that those banks could be importing large volumes of foreign currency to service the needs of their clients.
During the first five months of the year, the cedi depreciated cumulatively by 15.1 per cent against the US dollar, compared to 1.9 per cent depreciation in the same period of 2011.
In recent weeks however, the pace of depreciation of the cedi has moderated as a result of the measures introduced to restore stability.
The real effective exchange rate depreciated by 6.8 per cent in January – April 2012, compared with a real appreciation of 5.9 per cent in the same period of 2011.
But Governor Amissah-Arthur assured Ghanaians that the end of the cedi fall was in sight
Fraud mastermind cheated taxpayer out of £39million in just 69 DAYS and spent the money on £1million home and a Rolls Royce is jailed for 15 years - Daily Mail
- Sandeep Dosanjh spent 1million on a house in upmarket Bayswater, west London
- His two friends were also involved and were jailed for their part in the scam
- The scam was the first of its kind in the UK and has led to a change in the law
By Emily Allen
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Mastermind: Sandeep Singh-Dosanjh spent proceeds on a 1m house and a Rolls Royce
Three VAT fraudsters who cheated the taxpayer out of 39million in just 69 days in the first case of its kind have been jailed for a total of 35 years.
Mastermind Sandeep Singh Dosanjh, 30, splashed the proceeds of his carbon trading VAT scam on a Rolls Royce and a 1million home in upmarket Bayswater, west London.
Dosanjh and his two friends Ranjot Singh Chahal, 35, and Navdeep Singh Gill, 31, made millions running a series of bogus companies importing high-value carbon credits free of VAT into the UK.
EU emission allowances are known as carbon credits and are certificates which can be bought and sold representing the right to emit carbon dioxide into the atmosphere. They were created as part of national and international attempts to reduce greenhouse gases.
The gang exploited UK VAT laws and sold these carbon credits on to legitimate companies, charging VAT which was never paid back to the government.
The bogus importing companies were then dissolved and the credits were sold on again between three further 'buffer' companies – also run by the gang – before finally being sold on to legitimate companies so the trading chain appeared legal.
The VAT charged by the 'missing trader' was then shared out between the gang.
The trades were made in a matter of minutes via a computer system, and the stolen VAT was transferred to offshore bank accounts in the United Arab Emirates to ‘clean’ the stolen cash which the gang then spent.
Dosanjh, of Kensington, west London, was jailed for 15 years while Gill, of Slough, Berkshire, was sentenced to 11 years and Chahal, of Southall, Middlesex, was locked up for nine years at Southwark Crown Court.
All three were convicted of conspiring to cheat the public revenue between September 2008 and July 2009 after a 14 week trial which ended last week.
They were arrested in dawn raids in August 2009.
Guilty: Ranjot Singh Chahal, right, and Navdeep Singh Gill, left, took part in the carbon trading scam which has now sparked a change in the law
The law has now been changed to prevent carbon credit VAT fraud as a direct result of this case.
Judge Peter Testar said of Dosanjh: ‘He made a significant profit, enough to buy a 1million house in Gloucester Terrace (Bayswater), and he also made enough to trade in his Bentley to buy a Rolls Royce.
‘The total loss to the public purse was 39million or 41million euros, that was the amount that was lost or stolen.
‘During the 69 days of the trading there was a huge sums of money involved.
‘The total turnover was of 276million euros, of which 41million euros was due in VAT.
‘One invoice alone returned to your company was for 8 million euros. That is more than most people would dream of earning in a lifetime.
‘Dosanjh wanted to be perceived as successful, and had the profile of a respectable businessman, but did allow the mask the slip.
Upmarket: A general view of Gloucester Terrace, West London where Dosanjh bought his 1million home with the proceeds of the scam
‘The point of having buffer companies acts as a protection, but that protection disappears in these different organisations all know each other.
‘Because of the huge amounts of money that was made some deterrent sentences are required.’
Prosecutor Michael Parroy QC described the fraud as a ‘blatant and dishonest cheat on the public purse by a group of people in an organised and systematic fraud on the VAT system’.
He said: ‘The prosecution focuses on the activities of these people while they were trading in carbon credits and using UK regulated companies to do so.
‘The system they employed was simple in its basic concept, but the consequences for them and for the public purse were dramatic.
Justice: Southwark Crown Court where all three men were convicted of conspiring to cheat the public revenue after a 14 week trial
‘The loss of tax revenue ran into millions and millions of pounds and those involved made a lot of money - some of them made staggering amounts - and all of it was made cheating the tax payers of this country so that money that money that should have paid for hospital and schools was diverted into the pockets of a group of dishonest people.’
Chris Martin, HMRC Criminal Investigations, said: 'This was a deliberate attempt to steal as much money as possible from the public purse by a criminal gang interested only in lining their own pockets.
'HMRC will not stand by and let crooks rip off honest taxpayers. The message is clear – if you attempt to defraud the Exchequer, we will track you down and bring you to court.'
HMRC said confiscation proceedings were underway to ensure that the criminals do not profit from their crimes.
WORLD FOREX: Euro Shakes Off Gloomy News Ahead Of Fed Decision - NASDAQ
--Euro positive despite gloomy German ZEW numbers and "prohibitively" expensive Spanish T-bill auction
--UK inflation eases, boosting stimulus hopes
--Hungarian forint strengthens on IMF news
By Eva Szalay
The euro crept higher after a bruising start to the week as traders braced for the slim chance of further monetary easing from the U.S. Federal Reserve on Wednesday, with the currency stable despite a raft of negative news, including an expensive Spanish T-bill auction and a disappointing German business sentiment reading.
Some traders also pointed to unsubstantiated chatter of the European Central Bank buying under-fire Spanish government bonds as a contributing factor to the common currency's rise to $1.2620 against the dollar.
The gains came after a session of erratic moves and disheartening headlines that showed German economic expectations souring at the fastest rate for more than a decade. The widely-watched German ZEW economic expectations index fell to - 16.9 in June from May's unrevised 10.8.
"This was the fastest decline in sentiment since the height of the Russian/Long-Term Capital Management crisis in October 1998," Simon Derrick, a currency strategist at the Bank of New York Mellon, wrote in a note to clients.
The currency had earlier dropped to near the day's low of $1.2568 after the German constitutional court ruled that the German government hadn't informed parliament sufficiently about the configuration of the European Stability Mechanism. Traders sold the currency aggressively fearing the decision would throw more hurdles in the way of policymakers struggling to solve the region's debt crisis. But the currency staged a quick bounce as the realisation grew that the decision is just a reiteration of an earlier ruling.
Meanwhile, Spain auctioned 3.039 billion euros ($3.89 billion) of 12-month and 18-month papers, with what Marc Ostwald, an interest rate strategist at Monument Securities, described as "prohibitively" high costs. Yields on the 12- month offering almost doubled to 5.074% from 2.985% at the previous sale in May. The average yield on the 18-month bills came in at 5.107%, up from 3.302%.
The sharp rise in yields came after news that the second part of a forthcoming audit of Spanish banks would be delayed until September. The banking audit will be closely watched for determining how much help the country's banking sector could potentially need.
"Spain needs not only an ESM package to recapitalize its banks, it also needs an outright bailout package," Mr. Ostwald said.
However, some market-watchers said that large euro losses are unlikely for now, as the Fed announces its monetary policy stance Wednesday, with a small chance of further easing.
"Investors are likely to think twice about adding to (negative) positions in the euro before a potential Fed easing announcement," analysts at Danske Bank said in a note to clients.
The pound saw hefty declines after inflation undershot expectations and slowed to its lowest level in more than two years, boosting expectations that the central bank would engage in more monetary easing. The consumer price index rose 2.8% on the year in May against consensus views of a 3% rise. Sterling hit the day's low at $1.5616.
The Hungarian forint showed strong gains against the euro after news that Hungary is ready to move on to official talks with the International Monetary Fund and the European Commission.
At 1054 GMT the euro was trading at $1.2613 compared with $1.2577, according to EBS via CQG. The currency was at Y99.51 from Y99.47.
Sterling traded at $1.5666 compared with $1.5664.
The dollar was at Y78.81 from Y79.12 and at CHF0.9523 from CHF0.9551,
The ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at about 81.788 from 81.959.
A summary of key levels for chart-watching technical strategists is below:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF Spot 1016 GMT 1.2625 78.94 1.5664 0.9513 3 Day Trend Bearish Bearish Bullish Range Weekly Trend Range Range Range Bullish 200 day ma 1.3183 79.62 1.5823 0.9199 3rd Resistance 1.2748 79.51 1.5785 0.9650 2nd Resistance 1.2702 79.31 1.5742 0.9595 1st Resistance 1.2669 79.14 1.5695 0.9565 Pivot* 1.2615 79.03 1.5681 0.9513 1st Support 1.2568 78.78 1.5615 0.9503 2nd Support 1.2557 78.61 1.5599 0.9475 3rd Support 1.2518 78.18 1.5511 0.9420 Forex spot: AUD/USD Spot 1016 GMT 1.0152 3 Day Trend Bullish Weekly Trend Bullish 200 day ma 1.0247 3rd Resistance 1.0274 2nd Resistance 1.0247 1st Resistance 1.0225 Pivot* 1.0107 1st Support 1.0104 2nd Support 1.0057 3rd Support 1.0011
Write to Eva Szalay at eva.szalay@dowjones.com
(END) Dow Jones Newswires 06-19-120745ET Copyright (c) 2012 Dow Jones & Company, Inc.
VOLTA FINANCE - MAY MONTHLY REPORT - Reuters
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
*****
Guernsey, 19 June 2012 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its monthly report. The full report is attached to this release and is available on Volta Finance Limited's financial website (www.voltafinance.com).
Gross Asset Value
At the end of May 2012, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was EUR165.6 m or EUR5.30 per share, an increase of EUR0.27 per share (or 5.4%) from EUR5.03 GAV per share at the end of April 2012.
Year to date 2012 performance, including dividend payments is a positive 26.7% for the first 5 months.
The May mark-to-market variations* of Volta Finance's asset classes have been: +54.7% for ABS investments, -1.3% for mezzanine debt of CDO investments, +4.4% for equity positions in CDO investments and -7.1% for Corporate Credit investments. The GAV increase in May was mainly due to the sale of one of the ABS position with a significant gain (see details in Interim Management Statement published the 1st of June) and from the appreciation of USD against Euro.
Volta's assets generated the equivalent of EUR2.8m of cash flows in May 2012 (non-Euro amounts converted to Euro using end-of-month cross currency rates and excluding principal payments from debt assets as well as the gain on the ABS sale) bringing the total cash generated during the last six months to EUR16.0m. It can be compared with EUR13.3m for the previous six-month period ended in November 2011 (the most recent comparable period considering the seasonality of payments).
In May 2012, the Company purchased, for EUR2m, one asset, Alpine-Taurus, a synthetic corporate transaction arranged by a major European bank under the supervision of AXA Structured Finance.
At the end of May, Volta held EUR13.7m in cash, including EUR1.5m posted in respect of the currency hedge transactions and net of the most recent sale and purchase which have not as yet settled. Considering the pace at which cash flows are generated, Volta's capacity for new investments amounts to EUR13m.
MARKET ENVIRONMENT
In May 2012, credit spreads widened almost every where as a result of the increasing uncertainties brought about by the renewed Euozone sovereign crisis and with some modest deterioration in the overall economic situation. The spread of the 5 year European iTraxx index and of the 5 year iTraxx European Crossover Index (series 17) went respectively, from 140 and 650 bps at the end of April 2012 to 180 and 720 bps at the end of May 2012. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 18), also widened from 95 to 123 bps at the end of May 2012. According to the CSFB Leverage Loan Index, the average price for USA liquid first lien loans decreased from 94.76% at the end of April 2012 to 93.77% at the end of May 2012.**
VOLTA FINANCE PORTFOLIO
In May 2012, no particular event materially affected the situation of the Corporate Credit holdings. However, the first loss positions in this bucket (ARIA III and the residual positions in JAZZ III) remain highly sensitive to any new credit event, especially to debt of financial institutions considering the significant exposures to banks held through these positions.
As regards the Company's investments in residual and mezzanine debt of CDOs, at the end of May 2012, all 54 positions in residual or mezzanine debt of CDOs are currently paying their coupons. No particular event materially affected the situation of these positions. Again, Volta received from one of its original Euro BB tranche of CLO an earlier repayment of principal. With this new payment, Volta cumulatively received, years in advance, in excess of 30% of the original par amount of this deal that was purchased mid-2008 at 55% of par.
As regards the Company's ABS investments, at the end of May 2012, nothing special affected the largest position (Promise Mobility). Regarding the other investments in this bucket (UK non-conforming residual positions), as already disclosed in the latest Interim Management Statement, one of these positions have been sold with a EUR5.4m gain to its end of April valuation. Most of the 5 other transactions paid some form of cash flows in June. The valuation of these deals has not as yet been revised since the end of March revision (following March cash flows) as we await to receive the after-payment trustee report to reassess the situation of each deal separately.
Please find in the table below the market value and average prices of Volta's main buckets (the ABS bucket is excluded as it is comprised of different asset types and its average price is meaningless):
The significant widening of credit spreads modestly affected the average price of Volta assets.
The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine or senior tranches of CLOs, European or US ABS as well as tranches of Corporate Credit portfolios could be considered for investment. Potential investments could be made depending on the pace at which market opportunities could be seized and cash is available. Depending on market opportunities, the Company may aim to take advantage of the current volatility in prices to sell some assets in order to reinvest the sale proceeds on assets representing, at the time of purchase, what the Company considers a better opportunity.
* "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at month-end, payments received from the assets over the period, and ignoring changes in cross currency rates Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
** Index data source: Markit, Bloomberg.
(Full monthly report in attachment or on www.voltafinance.com)
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi-asset investment strategy targeting various underlying assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; automobile loans. Volta Finance Limited's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure to some of those underlying assets.
Volta Finance Limited has appointed AXA Investment Managers Paris, an investment management company with a division specialised in structured credit, for the investment management of all its assets.
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with EUR512 billion in assets under management as of the end of December 2011. AXA IM employs approximately 2,367 people around the world and operates out of 21 countries.
CONTACTS
Company Secretary
State Street (Guernsey) Limited
volta.finance@ais.statestreet.com
+44 (0) 1481 715601
Portfolio Administrator
Deutsche Bank
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
*****
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Volta Finance has not registered, and does not intend to register, any portion of any offering of its securities in the United States or to conduct a public offering of any securities in the United States.
*****
This document is being distributed by Volta Finance Limited in the United Kingdom only to investment professionals falling within article 19(5) of the Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant persons"). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
*****
This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. Volta Finance does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
*****
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Volta Finance Limited via Thomson Reuters ONE
Forex Trading Experts Offer an Alternative Online Trading Tool - Int'l Business Times
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Horizon Technology Finance Leads $15 Million Venture Loan Facility for Aquion Energy - msnbc.com
FARMINGTON, Conn. and PITTSBURGH, June 19, 2012 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, today announced that Horizon and Silicon Valley Bank ("SVB"), a subsidiary of SVB Financial Group, have provided a $15 million venture loan facility to Aquion Energy, Inc. ("Aquion"), a developer and manufacturer of Aqueous Hybrid Ion ("AHI") batteries and energy storage systems.
Under the terms of the venture loan facility, Horizon provided a commitment of up to $10 million to Aquion and SVB made a commitment of up to $5 million. The funds provided under the venture loan facility will be used to support Aquion's continued growth.
"We are delighted to lead this venture debt facility for Aquion," said Gerald A. Michaud, President of Horizon. "This is an exciting opportunity for Horizon to partner with this unique, pioneering clean-tech company entering global commercialization, and we look forward to playing a key role as Aquion moves into full scale manufacturing of its AHI batteries."
Scott Pearson, CEO of Aquion, stated, "We appreciate the confidence Horizon and SVB have demonstrated in Aquion. This venture loan facility was the right financing solution for us to bolster our liquidity, providing the additional financial strength needed to further our innovative battery technology and continue to successfully execute our growth strategy."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with a regional office in Walnut Creek, California, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol, "HRZN." In addition, the Company's 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol "HTF." To learn more, please visit www.horizontechnologyfinancecorp.com .
About Aquion Energy
Aquion Energy, Inc. is designing and manufacturing a revolutionary type of battery based on the research of Carnegie Mellon University Professor Jay Whitacre. Based in Pittsburgh, PA, the company has developed a novel Aqueous Hybrid Ion (AHI) battery that will enhance the electrical grid by providing flexible, emissions-free capacity that optimizes existing generation assets and enables broad adoption of renewable energy technologies. Aquion's battery system will also address a wide range of other energy storage challenges. Beyond minimized cell and system costs and dramatic performance enhancements over incumbent technologies, the company is building batteries that are safe, environmentally benign and long lasting. For more information please see www.aquionenergy.com .
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (Nasdaq:SIVB) www.svb.com .
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
CONTACT: Horizon Technology Finance Corporation Christopher M. Mathieu Chief Financial Officer (860) 676-8653 chris@horizontechfinance.com Investor Relations and Media Contacts: The IGB Group Leon Berman / Michael Cimini (212) 477-8438 / (212) 477-8261 lberman@igbir.com / mcimini@igbir.com
© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved
Forex: EUR/JPY rallies to 100.00 - FXStreet.com
Wow how stupid are some people. Just because they are brown does not mean that they weren't born here or aren't British citizens and therefore cannot be deported? 'deport them back to their country of origin'..so you want to deport them to the uk. I'm actually in shock at people's absurd assumptions.
- sl212, London, 19/6/2012 17:02
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