central european international bank

By acting internationally, parliamentarians can contribute to their the Parliamentary dimension of Central-European Initiative. Humanitarian content from European Investment Bank. International Organization. Headquarters. Luxembourg. Homepage: http://www.eib.org. In this article, I argue that international transmission through the banking system was an important factor underlying the sterling crisis of 1931. To make this. central european international bank

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CIB Bank

Address: Medve u 4-14, Budapest, H-1027, Hungary
Telephone: (36-1) 423-1000
Fax: (36-1) 489-6500
Email: cib@cib.hu
Website: http://www.cib.hu
SWIFT: CIBHHUHB


Description:

CIB was registered under the Hungarian Company Law of 1875, subsequently replaced by the Company Law of 1988. Until the end of 1995 the bank pursued its operation on the basis of a licence issued by the Ministry of Finance and then on December 21, 1995 the State Banking Supervision licensed CIB Bank to conduct a commercial banking business.

The CIB Hungary or the Central European International Bank is one of the most influential members of the Hungarian banking sector. The CIB Hungary is the fourth largest bank of the country, which is proved by the turnover of the company, which was more than 1000 billion Ft. The CIB bank in Hungary was established in the year 1979 in Budapest by an international consortium.

CIB Bank Rt. provides commercial banking services primarily in Hungary. It operates principally through four segments: Retail Banking, Corporate Banking, Treasury and Bank, and Leasing.

The Retail Banking and Corporate Banking segments provide banking services, private customer current accounts, savings and deposits accounts, credit cards, bankcards, investment saving products, and customer loans and mortgages. It also offers e-banking and documentary transaction services.

The Treasury and Bank segment offers investment and supplementary investment services, and other products to corporations, small and medium-sized enterprises, and private individuals.

The Leasing segment provides non-fleet car financing; fleet and project management services; financing for machinery and equipment, trucks, and real estate; and insurance brokerage services. The bank was founded in 1979 and is headquartered in Budapest, Hungary.

On the basis of the operating licence, the bank performed transactions in convertible currencies only. The customers of the bank gradually included more and more Hungarian companies and organisations making use of the services of the bank subject to the licences of the foreign exchange authorities.

The CIB started operating from January 1, 1980. The CIB bank is a member of the CIB Group and CIB Leasing Group. The CIB bank has gained the status of a universal bank and also has become a important baking institution of Hungary. The CIB Securities Ltd. is the investment division of the CIB Bank. It is one of the primary participants of the government security market and according to the recent surveys has the largest turnover in the Hungarian market.

The CIB bank provides extensive financial services to the Hungarian banking market. It handles both retail banking as well as corporate banking affairs. The bank also provides e-banking facilities to its clients.

The CIB bank started to expand its branches in the year 1992. By the end of year 2006, the bank had 98 branches, out of which 44 were located in Budapest and 54 were situated in the countryside areas.




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Источник: https://www.ecbs.org/banks/hungary/cib-bank/view-details.html

TEXT-S&P: Summary: Central-European International Bank Ltd.

(The following statement was released by the rating agency)

Feb 20 -

Summary analysis -- Central-European International Bank Ltd. ------ 20-Feb-2012

(Unsolicited Ratings)

CREDIT RATING: Country: Hungary

Local currency BBpi/--/--

Primary SIC: Commercial banks,

nec

Credit Rating History:

Local currency Foreign currency

13-Dec-2011 BBpi/-- --/--

06-Apr-2009 BBB-pi/-- --/--

Rationale

Standard & Poor’s Ratings Services bases its unsolicited public information (pi) rating on Hungary-based Central - European International Bank Ltd. (CIB) on the bank’s ‘bb’ anchor as well as its view that the CIB’s business position, capital and earnings, funding, and liquidity are neutral factors for the rating, and that risk position is a negative factor. We assess CIB’s stand-alone credit profile (SACP) in the ‘b’ category.

The ‘bb’ anchor draws on our Banking Industry Country Risk Assessment (BICRA) methodology and our view of the economic risk and industry risk in Hungary, where CIB operates. The BICRA for Hungary is group ‘7’, based on economic risk and industry risk scores of ‘7’. The BICRA score is informed by our evaluation of economic risk. We view Hungary as a relatively advanced economy, with a well-diversified economic and export structure. Rising household indebtedness continues to strain the banking system, especially as a large proportion of mortgage loans are denominated in Swiss francs--a currency which has strongly appreciated against the Hungarian forint (HUF) since 2008. As a result, the profitability of the Hungarian banking sector could weaken, as could its capacity to supply new credits to the economy. Our assessment of industry risk is underpinned by the stability of the banking system and the focus on stable retail and corporate banking activities. While we believe that regulators failed to prevent banks’ relaxed underwriting practices, they are gradually addressing the issues that have arisen. Banks’ funding profiles are generally unbalanced and have a deficit of customer deposits compared with loans.

We view CIB’s business position as a neutral rating factor. CIB is one of five banks that dominate the Hungarian banking market, and operates there as a universal bank, with particular strength in corporate banking where its loan market share exceeds 15%. This supports good cross-selling capabilities with the corporate clientele and subsequent good fee generation capacity. CIB’s competitive position is weaker in the more lucrative retail segment, where it has a market share of under 10% in mortgages and retail deposits. We believe, however, that CIB is exposed to the risks associated with operating in a single country and that concentration risks render its business model more vulnerable in a downturn. The bank benefits from its 93% ownership by Italian bank Intesa Sanpaolo SpA (BBB+/Negative/A-2), and close financial and operational integration, notably for funding and swap facilities to reduce foreign exchange risk. Belonging to a financially strong and committed banking group bolsters the confidence of customers and depositors, in our view, especially in the current troubled economic times in Hungary.

Capital and earnings is a neutral rating factor in our opinion. This reflects our expectation that our projected risk-adjusted capital (RAC) ratio before adjustments for CIB should remain around 6%-6.5% in the next 12-18 months. This capital level compares relatively well in a local context and is neutral for the rating for a bank with an anchor in the ‘bb’ category, under our criteria. Our capital forecasts include a HUF40 billion equity injection from the parent in April 2011, and which substantially helped CIB stabilize its capital strength. The bank’s internal capital generation capacity is weak, in our view, and margins are not high enough to buffer very high credit losses, which we expect occurred in 2011 and will likely occur in 2012. Operating performance is also burdened by declining volumes, a bank levy, rising credit costs, and our expectation for a one-off charge in the second-half of 2011 as a result of the government law on foreign exchange mortgage repayments. We think CIB consequently will likely report a loss again in 2011, after the loss posted in 2010.

Risk position is a negative rating factor, and the main weakness for the rating. CIB continues to face high risks in its loan book, given the fragile economic environment in Hungary and some troubled sectors where the bank operates, such as project and commercial real estate financing. The bank is also vulnerable to deterioration of the small and midsize enterprise sector, which is an important segment in its asset mix. As a result, nonperforming loans are above the sector average and continue to rise above the close to 20% observed at year-end 2010. In addition, CIB is exposed to foreign exchange risks in its mortgage portfolio, but to a lesser extent than peers given its lower retail focus.

Both funding and liquidity are neutral to the rating. CIB benefits from stable market shares in corporate deposits but the funding profile remains unbalanced, with a ratio of loans to deposits above 150% at midyear 2011. This is weaker than the sector average and creates relative reliance on external sources, notably interbank resources. Intesa Sanpaolo provides a significant part of these resources--68.5% at midyear 2011. This ongoing funding support, which we believe will persist, mitigates our concerns about CIB’s unbalanced funding profile on a stand-alone basis. The bank is deleveraging, and we believe loan amortization will outpace new loan origination in coming quarters. This will create liquidity for CIB, which we believe it will place either with Intesa Sanpaolo or use to repay parent funding.

The ‘pi’ rating benefits from some uplift above the SACP, reflecting our opinion that CIB is a “strategically important” subsidiary of Intesa Sanpaolo, as our criteria define this term. We believe Intesa Sanpaolo will remain committed to CIB in the near future, despite the unfriendly measures taken by the Hungarian authorities vis a vis banks, and will continue to provide extraordinary support to CIB if needed.

Related Criteria And Research

-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011

-- Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011

-- Group Rating Methodology And Assumptions, Nov. 9, 2011

-- BICRA On Hungary Maintained At Group ‘7’, Nov. 9, 2011

-- Ratings On Republic of Hungary Lowered To ‘BB+/B’ On Unpredictable Policy Framework; Outlook Negative, Dec. 21, 2011

Источник: https://www.reuters.com/article/idUSWLA315420120220

CIB BANK LTD

Description of economic activities

Other monetary intermediation (NACE2 6419)

The company, formerly known as Central European International Bank Ltd., is engaged in the provision of commercial banking services in Hungary. The company, with registered head office located in Budapest, was founded in 1979 by an international bank consortium which includes the National Bank of Hungary and other leading European and Japanese banks.The company is the fourth largest bank in Hungary. It operates principally through four segments: Retail Banking, Corporate Banking, Treasury and Bank, and Leasing. The Retail Banking and Corporate Banking segments provide banking services, private customer current accounts, savings and deposits accounts, credit cards, bankcards, investment saving products, and customer loans and mortgages. It also offers e-banking and documentary transaction services. The Treasury and Bank segment offers investment and supplementary investment services, and other products to corporations, small and medium-sized enterprises, and private individuals. The Leasing segment provides non-fleet car financing; fleet and project management services; financing for machinery and equipment, trucks, and real estate; and insurance brokerage services. The company is a subsidiary of the Luxembourg-based Intesa Holdings International S.A.

  • CIB BANK LTD

  • Hungary (HU)
  •  
  • Company type: Bank
  • Parent company: INTESA SANPAOLO
  •  
  • Chief Executive Officer (CEO): Dr. Pal Simak
  • CEO Total remuneration:N/A
  •  
  • Website:www.cib.hu

Financial data

Number of employees

2,172
2,145
2,123
2,174

Revenue 1

190
186
182
197

EBIT1

N/A
N/A
N/A
N/A

EBITDA1

N/A
N/A
N/A
N/A

1 numbers are in millions

  •  
  • RepRisk Indicator (last month):  N/A

Social dialog

  • Transnational Corporate Agreement (TCA): N/A
  • Global Framework Agreement (GFA): N/A
  • Societas Europaea (SE): N/A
  • Bangladesh Accord: N/A

Standards and certifications

  • Global Compact:
  • ›N/A
  • CDP (Carbon Disclosure Project): N/A
  • Modern Slavery Statement: N/A
  • Transparency Index: N/A
  • SA8000 Social Accountability: N/A
  • Integrated report: N/A
  • ISO26000: N/A
  • OECD Guidelines:
  • Social Development Goals (SDGs): N/A

Global Reporting Initiative certification

  • Global Reporting Initiative standards: N/A
  • Global Reporting Initiative GRI G4: N/A

Other company declarations

  • Corporate Social Responsability:
    N/A
  • Accessibility: N/A

Policies

  • Training policy: N/A
  • Policy to protect the right to health and safety in the workplaces where the company operates: N/A
  • Policy to protect the right to health and safety in the workplaces in the supply chain: N/A
  • Diversity policy: N/A

Universal declarations

Declarations and treaties recognised by the country where the company has its registered office

  • Universal Declaration of Human Rights:
  • European Convention on Human Rights (ECHR):
  • Charter of Fundamental Rights of CDFL Workers (Strasbourg Charter 1989):
  • Charter of Fundamental Rights of the European Union EU CFR (Nice Charter 2000):
  • Treaty on the Functioning of the European Union TFEU:
  • Registered office in an OECD country:
  • ILO C029 - Forced Labour Convention, 1930 (No. 29):
  • ILO C087 - Freedom of Association and Protection of the Right to Organise Convention, 1948 (No. 87):
  • ILO C098 - Right to Organise and Collective Bargaining Convention, 1949 (No. 98):
  • ILO C100 - Equal Remuneration Convention, 1951 (No. 100):
  • ILO C105 - Abolition of Forced Labour Convention, 1957 (No. 105):
  • ILO C111 - Discrimination (Employment and Occupation) Convention, 1958 (No. 111):
  • ILO C138 - Minimum Age Convention, 1973 (No. 138):
  • ILO C182 - Worst Forms of Child Labour Convention, 1999 (No. 182):

Directives applied in the company offices in EU 27

  • D. 80/987/EEC:
  • D. 89/391/EEC:
  • D. 98/59/EC:
  • D. 2000/43/EC:
  • D. 2000/78/EC:
  • D. 2001/23/EC:
  • Council D. 2001/86/EC:
  • D. 2002/14/EC:
  • D. 2002/73/EC:
  • Council D. 2003/72/EC:
  • EP and Council D. 2005/56/EC:
  • D. 2009/38/EC:
  • D. 2004/25/EC:
  • D. 2011/35/EU:

Presence in main rankings

  • Global 100 Most Sustainable Corporations: N/A
  • Global CSR Rep Trak 100: N/A
  • BrandZ Top 100 Most Valuable US Brands: N/A
  • The Worlds Best Multinational Workplaces: N/A
  • The Gartner Supply Chain Top 25: N/A
  • The Worlds Most Innovative Companies: N/A
  • The Diversity Inc Top 50 Companies: N/A
  • Best Global Websites: N/A
  • Green Ranking Global Top 500: N/A
  • Green Ranking Global Top 100: N/A

Reference trade unions

Источник: https://www.opencorporation.org/en/company/cib-bank-ltd

CVCE Website

European Investment Bank

The European Investment Bank (EIB) is the financing institution of the European Union. The EIB was created on 25 March 1957 by the Treaty of Rome establishing the European Economic Community (EEC) and enjoys its own legal personality and financial autonomy within the Community system.

The Bank has decision-making bodies and its own administrative structure and is the only institution that is not common to the three Communities, falling within the scope of only the Treaty establishing the European Community (EC) [Articles 266 and 267 and the Protocol (No 10) on the Statute of the European Investment Bank].

Its task is to contribute to the balanced and steady development of the common market by financing investment projects on a non-profit-making basis. It likewise contributes to economic integration, the strengthening of economic and social cohesion and the implementation of development cooperation operations.

The idea of creating a financial structure for European regional development projects came about in the period following the Second World War under the Organisation for European Economic Cooperation (OEEC). The Treaty establishing the European Coal and Steel Community (ECSC) of 18 April 1951 — which expired on 23 July 2002 — provided for the carrying out of investment programmes by granting loans and giving guarantees to undertakings through only the High Authority (Articles 54 to 56). The Foreign Ministers of the Six, meeting in Messina from 1 to 3 June 1955, reached agreement on the objective of creating a ‘European Investment Fund’. The Spaak Report of 21 April 1956 emphasised the creation of an ‘investment fund’, but the formula ultimately adopted was the idea of setting up a ‘bank’, a solution which was in keeping with the interests of the majority of the Member States.

The European Investment Bank is the subject of Title IV of Part Three of the EEC Treaty entitled ‘Community policies’. Article 129 establishes the Bank and Article 130 defines its task. Its Statute is laid down in a protocol annexed to the Treaty. Under Article 3 (j) of the Treaty, the establishment of the Bank is ‘intended to facilitate the economic expansion of the Community through the creation of new resources’.

As a public body governed by Community law, the EIB has a legal personality distinct from that of the Community itself (Article 210 of the EEC Treaty). The EIB is modelled on the International Bank for Reconstruction and Development (IBRD) and the intention of the authors of the EEC Treaty was to ensure that the Bank has operational and institutional autonomy in carrying out its tasks on the capital markets, as is the case for any other bank. Nevertheless, as clearly set out by the Court of Justice, ‘[…] the fact that the Bank has that degree of operational and institutional autonomy does not mean that it is totally separated from the Communities and exempt from every rule of Community law. It is clear […] that the Bank is intended to contribute towards the attainment of the Community’s objectives and thus […] forms part of the framework of the Community’ (Judgment of the Court of 3 March 1988, Commission of the European Communities v Board of Governors of the European Investment Bank, C 85/86, Rec. 1988, p. 1281).

Provisions relating to economic and social cohesion included in the Single European Act of 17 and 28 February 1986 (Articles 130a and 130b of the EEC Treaty) clearly lay down the task of the EIB with regard to promoting the ‘overall harmonious development’ of the Community.

The Treaty on European Union (TEU) of 7 February 1992 introduces a new Article 4b under Part One entitled ‘Principles’ of the EC Treaty which establishes the EIB as a European Community body further to the institutions and bodies of Article 4 and the institutions of economic and monetary union (European System of Central Banks and European Central Bank) laid down in Article 4a. Provisions relating to the EIB are similarly included under the institutional provisions of Part Five of the EC Treaty entitled ‘Institutions of the Community’. The Protocol on economic and social cohesion reaffirms ‘that the European Investment Bank should continue to devote the majority of its resources to the promotion of economic and social cohesion’ and declares that the Member States are willing to review the capital needs of the Bank for that purpose. This firmly establishes the EIB as the ‘European bank for regional development’.

The Edinburgh European Council of 11 and 12 December 1992 resolved to give urgent consideration to the creation of a European Investment Fund with a view to promoting economic recovery in Europe. Accordingly, the Member States of the Community decided by way of an Act signed in Brussels on 25 March 1993 to amend the statute of the EIB for the purpose of empowering the Bank to establish the Fund.

The European Investment Fund (EIF) was created by decision of the EIB Board of Governors of 25 May 1994. The Fund has legal personality and financial autonomy and its task is to contribute to the achievement of Community objectives. The relationship between the EIB bodies and those of the EIF is laid down in the Fund’s Statute. The Bank is entitled to participate in the management of the Fund and to contribute to its subscribed capital. This capital is distributed among the Fund’s members as follows: the EIB (60.5 % of the capital), the European Community (30 %) and the European financial institutions (9.5 %).

Following the Lisbon European Council of 23 and 24 March 2000, which called for the creation of a friendly environment for starting up and developing innovative businesses, in particular small and medium-sized enterprises (SMEs), the EIB Board of Governors reached agreement in June 2000 on the constitution of the EIB Group, consisting of the EIB and the EIF and under which the Bank grants medium- and long-term loans and the Fund specialises in venture-capital operations and the provision of guarantees to SMEs.

The Treaty of Amsterdam of 2 October 1997 makes no amendments to the institutional provisions relating to the EIB.

The Treaty of Nice of 26 February 2001 introduces an amendment to Article 266 of the EC Treaty allowing the Council to alter certain provisions of the Bank’s Statute.

Consult in PDF format Источник: https://www.cvce.eu/en/education/unit-content/-/unit/d5906df5-4f83-4603-85f7-0cabc24b9fe1/83d9cb0f-5d44-41b2-8210-0cce1d62c7aa

European Investment Bank (EIB)

What Is the European Investment Bank?

The European Investment Bank (EIB) is a nonprofit European Union institution based in Luxembourg that makes loans, guarantees, and provides technical assistance and venture capital for business projects that are expected to further EU policy objectives. While almost 90% of EIB lending occurs within the EU, the remaining lending occurs in outside markets such as Southeast Europe and Iceland.

Understanding the European Investment Bank (EIB)

EIB loans are funded through by the bank, which borrows from the capital markets. The EIB refers to lend to small and medium-sized businesses (SMEs), less-developed European countries, environmental improvement and sustainability, energy security, trans-European networks, and knowledge economy projects. Borrowers often use EIB financing in conjunction with third-party financing. The commitment of the EIB often attracts additional financing from other parties.

The Structure of the European Investment Bank

The EIB is an EU entity and a bank. Therefore, it must adhere to both public and corporate governance principles. The institution has three decision-making bodies: the Board of Governors, the Board of Directors and the Management Committee. The Board of Governors sets the direction of the EIB, the Board of Directors oversees the strategic direction and the Management Committee supervises the daily operations of the EIB. The bank has 27 shareholders who are the Member States of the EU. As of 2021, Dr. Werner Hoyer, is the current president, and has held the position of director and chair since Jan. 1, 2012.

 The History of the European Investment Bank

The European Investment Bank was founded in Brussels in 1958 when the Treaty of Rome was signed. At the time, the bank had just 66 employees. In 1968, the bank relocated to Luxembourg in 1968.

The EIB Group was formed in 2000 and was composed of the EIB and the European Investment Fund (EIF), the EU's venture capital organization that provides finance and provides guarantees for SMEs. The EIB is the EIF's majority shareholder and holds 61.3% of the shares. In 2012, the EIB Institute was created to promote European initiatives in EU Member States.

European Investment Bank Lending

In 2020, the EIB Group approved EUR 95.4 billion to support infrastructure, SMEs, and innovation and climate-related projects. The EIB Group is among the largest multilateral climate financiers in the world and has a AAA credit rating.

In 2012, in addition to the EUR 50 billion annual lending, and following the Global Financial Crisis, the EIB and its Member States unanimously approved a EUR 10 billion capital increase. for economically viable projects across Europe, particularly for the four priority sectors of innovation and skills, SMEs, clean energy and infrastructure.

Источник: https://www.investopedia.com/terms/e/europeaninvestmentbank.asp

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Источник: https://www.undp.org/press-releases/undp-and-european-investment-bank-identify-effective-digital-response-covid-19

TEXT-S&P: Summary: Central-European International Bank Ltd.

(The following statement was released by the rating agency)

Feb 20 -

Summary analysis -- Central-European International Bank Ltd. ------ 20-Feb-2012

(Unsolicited Ratings)

CREDIT RATING: Country: Hungary

Local currency BBpi/--/--

Primary SIC: Commercial banks,

nec

Credit Rating History:

Local currency Foreign currency

13-Dec-2011 BBpi/-- --/--

06-Apr-2009 BBB-pi/-- --/--

Rationale

Standard & Poor’s Ratings Services bases its unsolicited public information (pi) rating on Hungary-based Central - European International Bank Ltd. (CIB) on the bank’s ‘bb’ anchor as well as its view that the CIB’s business position, capital and earnings, funding, and liquidity are neutral factors for the rating, and that risk position is a negative factor. We assess CIB’s stand-alone credit profile (SACP) in the ‘b’ category.

The ‘bb’ anchor draws on our Banking Industry Country Risk Assessment (BICRA) methodology and our view of the economic risk and industry risk in Hungary, where CIB operates. The BICRA for Hungary is group ‘7’, based on economic risk and industry risk scores of ‘7’. The BICRA score is informed by our evaluation of economic risk. We view Hungary as a relatively advanced economy, with a well-diversified economic and export structure. Rising household indebtedness continues to strain the banking system, especially as a large proportion of mortgage loans are denominated in Swiss francs--a currency which has strongly appreciated against the Hungarian forint (HUF) since 2008. As a result, the profitability of the Hungarian banking sector could weaken, as could its capacity to supply new credits to the economy. Our assessment of industry risk is underpinned by the stability of the banking system and the focus on stable retail and corporate banking activities. While we believe that regulators failed to prevent banks’ relaxed underwriting practices, they are gradually addressing the issues that have arisen. Banks’ funding profiles are generally unbalanced and have a deficit of customer deposits compared with loans.

We view CIB’s business position as a neutral rating factor. CIB is one of five banks that dominate the Hungarian banking market, and operates there as a universal bank, with particular strength in corporate banking where its loan market share exceeds 15%. This supports good cross-selling capabilities with the corporate clientele and subsequent good fee generation capacity. CIB’s competitive position is weaker in the more lucrative retail segment, where it has a market share of under 10% in mortgages and retail deposits. We believe, however, that CIB is exposed to the risks associated with operating in a single country and that concentration risks render its business model more vulnerable in a downturn. The bank benefits from its 93% ownership by Italian bank Intesa Sanpaolo SpA (BBB+/Negative/A-2), and close financial and operational integration, notably for funding and swap facilities to reduce foreign exchange risk. Belonging to a financially strong and committed banking group bolsters the confidence of customers and depositors, in our view, especially in the current troubled economic times in Hungary.

Capital and earnings is a neutral rating factor in our opinion. This reflects our expectation that our projected risk-adjusted capital (RAC) ratio central european international bank adjustments for CIB should remain around 6%-6.5% in the next 12-18 months. This capital level compares relatively well in a local context and is neutral for the rating for a bank with an anchor in the ‘bb’ category, under our criteria. Our capital forecasts include a HUF40 billion equity injection from the parent in April 2011, and which substantially helped CIB stabilize its capital strength. The bank’s internal capital generation capacity is weak, in our view, and margins are not high enough to buffer very high credit losses, which we expect occurred in 2011 and will likely occur in 2012. Operating performance is also burdened by declining volumes, a bank levy, rising credit costs, and our expectation for a one-off charge in the second-half of 2011 as a result of the government law on foreign exchange mortgage repayments. We think CIB consequently will likely report a loss again in 2011, after the loss posted in 2010.

Risk position is a negative rating factor, and the main weakness for the rating. CIB continues to face high risks in its loan book, given the fragile economic environment in Hungary and some troubled sectors where the bank operates, such as project and commercial real estate financing. The bank is also vulnerable to deterioration of the small and midsize enterprise sector, which is an important segment in its asset mix. As a result, nonperforming loans are above the sector average and continue to rise above the close to 20% observed central european international bank year-end 2010. In addition, CIB is exposed to foreign exchange risks in its mortgage portfolio, but to a lesser extent than peers given its lower retail focus.

Both funding and liquidity are neutral to the rating. CIB benefits from stable market shares in corporate deposits but the funding profile remains unbalanced, with a ratio of loans to deposits above 150% at midyear 2011. This is weaker than the sector average and creates relative reliance on external sources, notably interbank resources. Intesa Sanpaolo provides a significant part of these resources--68.5% at midyear 2011. This ongoing funding support, which we believe will persist, mitigates our concerns about CIB’s unbalanced funding profile on a stand-alone basis. The bank is deleveraging, and we believe loan amortization will outpace new loan origination in coming quarters. This will create liquidity for CIB, which we believe it will place either with Intesa Sanpaolo or use to repay parent funding.

The ‘pi’ rating benefits from some uplift above the SACP, reflecting our opinion that CIB is a “strategically important” subsidiary of Intesa Sanpaolo, as our criteria define this term. We believe Intesa Sanpaolo will remain committed to CIB in the near future, despite the unfriendly measures taken by the Hungarian authorities vis a vis banks, and will continue to provide extraordinary support to CIB if needed.

Related Criteria And Research

-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011

-- Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011

-- Group Rating Methodology And Assumptions, Nov. 9, 2011

-- BICRA On Hungary Maintained At Group ‘7’, Nov. 9, 2011

-- Ratings On Republic of Hungary Lowered To ‘BB+/B’ On Unpredictable Policy Framework; Outlook Negative, Dec. 21, 2011

Источник: https://www.reuters.com/article/idUSWLA315420120220

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 macys com pay bill 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 central european international bank 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 Central european international bank 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 wells fargo financial leasing 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 central european international bank 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 edmond electric customer service number 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 difference between east and west berlin 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 central european international bank 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 Nyle americas next top model 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 central european international bank 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, First light federal credit union account number, 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

15 November 2021

FINANCIAL STABILITY REVIEW - ARTICLE

Bank mergers and acquisitions in the euro area: drivers and implications for bank performance

Financial Stability Review Issue 2, 2021

English

Abstract
This special feature reviews recent trends in the consolidation of the euro area banking sector, examines the characteristics and drivers of bank M&A transactions, and analyses the impact of bank mergers and acquisitions on the central european international bank of euro area banks. Bank mergers and acquisitions (M&As) have been subdued in the euro area since the global financial crisis. Most M&A activity has had a domestic focus and involved smaller targets, with larger and sounder acquirers acting as consolidators. Consolidation seems on average to have had a moderately positive impact on the profitability of the banks involved, although high levels of variance reveal the presence of large execution and design risks amid low overall returns on capital in the banking sector. Improved post-transaction profitability can be linked to targets’ lower cost efficiency, liquidity and capitalisation. Cross-border M&A transactions have been concentrated within a few small groups of euro area countries, supported by prior financial links and geographical proximity. Such transactions tend to be followed by a stronger improvement in profitability than domestic mergers, although this effect has diminished since the global financial crisis.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G34 : Financial Economics→Corporate Finance and Governance→Mergers, Acquisitions, Restructuring, Corporate Governance
F36 : International Economics→International Finance→Financial Aspects of Economic Integration

11 November 2021

ECONOMIC BULLETIN

Economic Bulletin Issue 7, 2021

English

English

Источник: https://www.ecb.europa.eu/

European Investment Bank (EIB)

What Is the European Investment Bank?

The European Investment Bank (EIB) is a nonprofit European Union institution based in Luxembourg that makes loans, guarantees, and provides technical assistance and venture capital for business projects that are expected to further EU policy objectives. While almost 90% of EIB lending occurs within the EU, the remaining lending occurs in outside markets such as Southeast Europe and Iceland.

Understanding the European Investment Bank (EIB)

EIB loans are funded through by the bank, which borrows from the capital markets. The EIB refers to lend to small and medium-sized businesses (SMEs), less-developed European countries, environmental improvement and sustainability, energy security, trans-European networks, and knowledge economy projects. Borrowers often use EIB financing in conjunction with third-party financing. The commitment of the EIB often attracts additional financing from other parties.

The Structure of the European Investment Bank

The EIB is an EU entity and a bank. Therefore, it must adhere to both public and corporate governance principles. The institution has three decision-making bodies: the Board of Governors, the Board of Directors and the Management Committee. The Board of Governors sets the direction of the EIB, the Board of Directors oversees the strategic direction and the Management Committee supervises the daily operations of the EIB. The bank has 27 shareholders who are the Member States of the EU. As of 2021, Dr. Werner Hoyer, is the current president, and has held the position of director and chair since Jan. 1, 2012.

 The History of the European Investment Bank

The European Investment Bank was founded in Brussels in 1958 when the Treaty of Rome was signed. At the time, the bank had just 66 employees. In 1968, the bank relocated to Luxembourg in 1968.

The EIB Group was formed in 2000 and was composed of the EIB and the European Investment Fund (EIF), the EU's venture capital organization that provides finance and provides guarantees for SMEs. The EIB is the EIF's majority shareholder and holds 61.3% of the shares. In 2012, the EIB Institute was created to promote European initiatives in EU Member States.

European Investment Bank Lending

In 2020, the EIB Group approved EUR 95.4 billion to support infrastructure, SMEs, and innovation and climate-related projects. The EIB Group is among the largest multilateral climate financiers in the world and has a AAA credit rating.

In 2012, in addition to the EUR 50 billion annual lending, and following the Global Financial Crisis, the EIB and its Member States unanimously approved a EUR 10 billion capital increase. for economically viable projects across Europe, particularly for the four priority sectors of innovation and skills, SMEs, clean energy and infrastructure.

Источник: https://www.investopedia.com/terms/e/europeaninvestmentbank.asp

Latest news

The conference aimed at implementing the “Roadmap for Health in the Western Balkans (2021-2025)”, one of the priorities identified by the "European Work Programme, 2020-2025 - United Action for Better Health", of the WHO Europe Office; and at facilitating knowledge exchange for developing the potential of the social and health care systems.

On 12 November, the CEI-Executive Secretariat in cooperation with the Union of Municipalities of Montenegro, officially launched the CEI Local Dimension in Podgorica in the framework of the Montenegrin CEI Presidency.

CEI Secretary General Roberto Antonione participated in the 11th edition of the Belgrade Security Forum on 28 October 2021 under the title of Testing Humanity. He was a speaker during the session organised by the CEI in partnership with BFPE which tackled region-to-region cooperation with focus on opportunities for Central and Southeastern Europe.   

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Источник: https://www.cei.int/

CIB BANK LTD

Description of economic activities

Other monetary intermediation (NACE2 6419)

The company, formerly known as Central European International Bank Ltd., is engaged in the provision of commercial banking services in Hungary. The company, with registered head office located in Budapest, was founded in 1979 by an international bank consortium which includes the National Bank of Hungary and other leading European and Japanese banks.The company is the fourth largest bank in Hungary. It operates principally through four segments: Retail Banking, Corporate Banking, Treasury and Bank, and Leasing. The Retail Banking and Corporate Banking segments provide 1st grade addition and subtraction worksheets services, private customer current accounts, savings and deposits accounts, credit cards, bankcards, investment saving products, and customer loans and mortgages. It also offers e-banking and documentary transaction services. The Treasury and Bank segment offers investment and supplementary investment services, and other products to corporations, small and medium-sized enterprises, and private individuals. The Leasing segment provides non-fleet car financing; fleet and project management services; financing for machinery and equipment, trucks, and real estate; and insurance brokerage services. The company is a subsidiary of the Luxembourg-based Intesa Holdings International S.A.

  • CIB BANK LTD

  • Hungary (HU)
  •  
  • Company type: Bank
  • Parent company: INTESA SANPAOLO
  •  
  • Chief Executive Officer (CEO): Dr. Pal Simak
  • CEO Total remuneration:N/A
  •  
  • Website:www.cib.hu

Financial data

Number of employees

2,172
2,145
2,123
2,174

Revenue 1

190
186
182
197

EBIT1

N/A
N/A
N/A
N/A

EBITDA1

N/A
N/A
N/A
N/A

1 numbers are in millions

  •  
  • RepRisk Indicator (last month):  N/A

Social dialog

  • Transnational Corporate Agreement (TCA): N/A
  • Global Framework Agreement (GFA): N/A
  • Societas Europaea (SE): N/A
  • Bangladesh Accord: N/A

Standards and certifications

  • Global Compact:
  • ›N/A
  • CDP (Carbon Disclosure Project): N/A
  • Modern Slavery Statement: N/A
  • Transparency Index: N/A
  • SA8000 Social Accountability: N/A
  • Integrated report: N/A
  • ISO26000: N/A
  • OECD Guidelines:
  • Social Development Goals (SDGs): N/A

Global Reporting Initiative certification

  • Global Reporting Initiative standards: N/A
  • Global Reporting Initiative GRI G4: N/A

Other company declarations

  • Corporate Social Responsability:
    N/A
  • Accessibility: N/A

Policies

  • Training free play store gift card generator N/A
  • Policy to protect the right to health and safety in the workplaces where the company operates: N/A
  • Policy to protect the right to health and safety in the workplaces in the supply chain: N/A
  • Diversity policy: N/A

Universal declarations

Declarations and treaties recognised by the country where the company has its registered office

  • Universal Declaration of Human Rights:
  • European Convention on Human Rights (ECHR):
  • Charter of Fundamental Rights of CDFL Workers (Strasbourg Charter 1989):
  • Charter central european international bank Fundamental Rights of the European Union EU CFR (Nice Charter 2000):
  • Treaty on the Functioning of the European Union TFEU:
  • Registered office in an OECD country:
  • ILO C029 - Forced Labour Convention, 1930 (No. 29):
  • ILO C087 - Freedom of Association and Protection of the Right to Organise Convention, 1948 (No. 87):
  • ILO C098 - Right to Organise and Collective Bargaining Convention, 1949 (No. 98):
  • ILO C100 - Equal Remuneration Convention, 1951 (No. 100):
  • ILO C105 - Abolition of Forced Labour Convention, 1957 (No. 105):
  • ILO C111 - Discrimination (Employment and Occupation) Convention, 1958 (No. 111):
  • ILO C138 - Minimum Age Convention, 1973 (No. 138):
  • ILO C182 - Worst Forms of Child Labour Convention, 1999 (No. 182):

Directives applied in the company offices in EU 27

  • D. 80/987/EEC:
  • D. 89/391/EEC:
  • D. 98/59/EC:
  • D. 2000/43/EC:
  • D. 2000/78/EC:
  • D. 2001/23/EC:
  • Council D. 2001/86/EC:
  • D. 2002/14/EC:
  • D. 2002/73/EC:
  • Council D. 2003/72/EC:
  • EP and Council D. 2005/56/EC:
  • D. 2009/38/EC:
  • D. 2004/25/EC:
  • D. 2011/35/EU:

Presence in main rankings

  • Global 100 Most Sustainable Corporations: N/A
  • Global CSR Rep Trak 100: N/A
  • BrandZ Top 100 Most Valuable US Brands: N/A
  • The Worlds Best Multinational Workplaces: N/A
  • The Gartner Supply Chain Top 25: N/A
  • The Worlds Most Innovative Companies: N/A
  • The Diversity Inc Top 50 Companies: N/A
  • Best Global Websites: N/A
  • Green Ranking Global Top 500: N/A
  • Green Ranking Global Top 100: N/A

Reference trade unions

Источник: https://www.opencorporation.org/en/company/cib-bank-ltd

CVCE Website

European Investment Bank

The European Investment Bank (EIB) is the financing institution of the European Union. The EIB was created on 25 March 1957 by the Treaty of Rome establishing the European Economic Community (EEC) and enjoys its own legal personality and financial autonomy within the Community system.

The Bank has decision-making bodies and its own administrative structure and is the only institution that is not common to the three Communities, falling within the scope of only the Treaty establishing the European Community (EC) [Articles 266 and 267 and the Protocol (No 10) central european international bank the Statute of the European Investment Bank].

Its task is to contribute to the balanced and steady development of the common market by financing investment projects on a non-profit-making basis. It likewise contributes to economic integration, the strengthening of economic and social cohesion and the implementation of development cooperation operations.

The idea of creating a financial structure for European regional development projects came about in the period following the Second World War under the Organisation for European Economic Cooperation (OEEC). The Treaty establishing the European Coal and Steel Community (ECSC) of 18 April 1951 — which expired on 23 July 2002 — provided for the carrying out of investment programmes by granting loans and giving guarantees to undertakings through only the High Authority (Articles 54 to 56). The Foreign Ministers of the Six, meeting in Messina from 1 to 3 June 1955, reached agreement on the objective of creating a ‘European Investment Fund’. The Spaak Report of 21 April 1956 emphasised the creation of an ‘investment fund’, but the formula ultimately adopted was the idea of setting up a ‘bank’, a solution which was in keeping with the interests of the majority of the Member States.

The European Investment Bank is the subject of Title IV of Part Three of the EEC Treaty entitled ‘Community policies’. Article 129 establishes the Bank and Article 130 defines its task. Its Statute is laid down in a protocol annexed to the Treaty. Under Article 3 (j) of the Treaty, the establishment of the Bank is ‘intended to facilitate the economic expansion of the Community through the creation of new resources’.

As a public body governed by Community law, the EIB has a legal personality distinct from that of the Community itself (Article 210 of the EEC Treaty). The EIB is modelled on the International Bank for Reconstruction and Development (IBRD) and the intention of the authors of the EEC Treaty was to ensure that the Bank has operational and institutional autonomy in carrying out its tasks on the capital markets, as is the case for any other bank. Nevertheless, as clearly set out by the Court of Justice, ‘[…] the fact that the Bank has that degree of operational and institutional autonomy does not mean that it is totally separated from the Communities and exempt from every rule of Community law. It is clear […] that the Bank is intended to contribute towards the attainment of the Community’s objectives and thus […] forms part of the framework of the Community’ (Judgment of the Court of 3 March 1988, Commission of the European Communities v Board of Governors of the European Investment Bank, C 85/86, Rec. 1988, p. 1281).

Provisions relating to economic and social cohesion included in the Single European Act of 17 and 28 February 1986 (Articles 130a and 130b of the EEC Treaty) clearly lay down the task of the EIB with regard to promoting the ‘overall harmonious development’ of the Community.

The Treaty on European Union (TEU) of 7 February 1992 introduces a new Article 4b under Part One entitled ‘Principles’ of the EC Treaty which establishes the EIB as a European Community body further to the institutions and bodies of Article 4 and the institutions of economic and monetary union (European System of Central Banks and European Central Bank) laid down in Article 4a. Provisions relating to the EIB are similarly included under the institutional provisions of Part Five of the EC Treaty entitled ‘Institutions of the Community’. The Protocol on economic and social cohesion reaffirms ‘that the European Investment Bank should continue to devote the majority of its resources to the promotion of economic and social cohesion’ and declares that the Member States are willing to review the capital needs of the Bank for that purpose. This firmly establishes the EIB as the ‘European bank for regional development’.

The Edinburgh European Council of 11 and 12 December 1992 resolved to give urgent consideration to the creation of a European Investment Fund with a view to promoting economic recovery in Europe. Accordingly, the Member States of the Community decided by way of an Act signed in Brussels on 25 March 1993 to amend the statute of the EIB for the purpose of empowering the Bank to establish the Fund.

The European Investment Fund (EIF) was created by decision of the EIB Board of Governors of 25 May 1994. The Fund has legal personality and financial autonomy and its task is to contribute to the achievement of Community objectives. The relationship between the EIB bodies and those of the EIF is laid down in the Fund’s Statute. The Bank is entitled to participate in the management of the Fund and to contribute to its subscribed capital. This capital is distributed among the Fund’s members as follows: the EIB (60.5 % of the capital), the European Community (30 %) and the European financial institutions (9.5 %).

Following the Lisbon European Council of 23 and 24 March 2000, which called for the creation of a friendly environment for starting up and developing innovative businesses, in particular small and medium-sized enterprises (SMEs), the EIB Board of Governors reached agreement in June 2000 on the constitution of the EIB Group, consisting of the EIB and the EIF and under which the Bank grants medium- and long-term loans and the Fund specialises in venture-capital operations and the provision of guarantees to SMEs.

The Treaty of Amsterdam of 2 October 1997 makes no amendments to the institutional provisions relating to the EIB.

The Treaty of Nice of 26 February 2001 introduces an amendment to Article 266 of the EC Treaty allowing the Council to alter certain provisions of the Bank’s Statute.

Consult in PDF format Источник: https://www.cvce.eu/en/education/unit-content/-/unit/d5906df5-4f83-4603-85f7-0cabc24b9fe1/83d9cb0f-5d44-41b2-8210-0cce1d62c7aa

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