GDPR: NEW SENSE OR URGENCY IN THE DIGITAL TRANSFORMATION

16 February 2018
Knowledge Base

Kenny van Ierlant

The digital transformation prompted by rapidly changing business models, as part of the chain reversal, has already turned the world upside down. Numerous companies and governments (organizations) have invested heavily in the digitization of their business processes as part of the chain reversal by automating non-automated processes in order to save heavily on the costs of labor to benefit the shareholders! The premise that this approach will lead to “agility” and lower cost-income ratios will not materialize the majority of case. This digitization also reveals a great sociological problem, namely that top management has no idea how such a transformation should be implemented. The lack of essential knowledge at the top level is a guarantee for many accidents and destruction of shareholder value.
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Photo: https://pixabay.com/

Mapping shadow banking in China: structure and dynamics

15 February 2018

The Bank for International settlement (BIS) develop a stylised shadow banking map for China with the aim of providing a coherent picture of its structure and the associated financial system interlinkages. Five key characteristics emerge. One defining feature of the shadow banking system in China is the dominant role of commercial banks, true to the adage that shadow banking in China is the “shadow of the banks”. Moreover, it differs from shadow banking in the United States in that securitisation and market-based instruments play only a limited role.

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Convicted illegal money lender sentenced to three and a half years imprisonment

14 February 2018

Illegal money lender, Dharam Prakash Gopee (64), was sentenced to three and a half years imprisonment by a Judge in Southwark Crown Court after guilty verdicts for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. In addition to this custodial sentence, Mr Gopee has been issued with a Serious Crime Prevention Order (SCPO), which will severely restrict his ability to carry out this type of crime in the future.  This is the first time the Financial Conduct Authority has sought such an order, which underlines the seriousness of his conduct.

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BIS & IMF to work more closely together to help strengthen financial supervisory skills around the world

13 February 2018

The Bank for International Settlements (BIS) and the International Monetary Fund (IMF) will work even more closely together to help strengthen the expertise and skills of financial regulators and supervisors, particularly in the context of implementing the post-crisis financial reforms and dealing with emerging issues such as financial technology, the heads of each of organisation said.

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Presentation Rabobank of the interim results 2017

12 February 2018

The presentation of the annual results 2017 will take place on Thursday 15 February 2018 during a press conference at De Meentboerderij, Melkmeent 9 in Hilversum. The press conference starts at 10.00. You can sign up via pressoffice@rabobank.nl of +31 (0)30-2162758.
Rabobank CEO Wiebe Draijer and CFO Bas Brouwers will also explain the developments in the financial sector. Journalists are cordially invited to attend the press conference and to ask questions afterwards. The press release and the annual figures will be published on www.rabobank.com/jaarverslagen at 7.30 am. The press conference can be viewed from 12.30 pm via this website.

At a media webinar, 09.00 AM CET, Wiebe Draijer and Bas Brouwers will present the interim results and discuss current developments in the financial sector. In addition Rabobank will host an English webinar for analysts and institutional investors at 2.00 PM CET.

Source: https://www.rabobank.com/

Photo: https://pixabay.com/

Dharam Prakash Gopee guilty of acting as an illegal money lender

09 February 2018

The trial of Dharam Prakash Gopee concluded today at Southwark Crown Court with the jury returning a guilty verdict to the charges brought by the Financial Conduct Authority (FCA) for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. Mr Gopee described himself as “a lender of last resort” and engaged with consumers who were often vulnerable and in difficult circumstances. He regularly registered charges over the homes of borrowers to enable him to take possession of a property if the borrower failed to pay the debt.

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Photo: Source: Tine Jensen

Basel III: Are we done now?

07 February 2018
Knowledge Base

An interesting speech by Mr Stefan Ingves, Chairman of the Basel Committee on Banking Supervision, at the Institute for Law and Finance about Basel III. The answer to the question if we are done with Basel III, his answer is: ‘yes, we are done, but that doesn’t mean the work has ended. In some respects, it’s only just beginning. While finalising Basel III was an important milestone, work remains to (i) implement Basel III nationally in a full, timely and consistent manner; (ii) evaluate its effectiveness in reducing the excessive variability of risk-weighted assets (RWAs); and (iii) continue to monitor and assess emerging risks. My remarks this morning will focus on these three topics.’

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Money in the digital age: what role for central banks?

06 February 2018

Authorities must be prepared to act against the invasive spread of cryptocurrencies to protect consumers and investors, Bank for International Settlements (BIS) General Manager Agustín Carstens said. In a lecture “Money in the digital age: what role for central banks?”, Mr Carstens said that for money to keep its value, it must be backed by accountable institutions which enjoy public trust. Here, central banks are key.

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The euro area’s three lines of defence

05 February 2018

Benoît Cœuré, Member of the Executive Board of the ECB, gave a speech about the macroeconomic stabilisation in the euro area. He says that there’s broad agreement that without our unprecedented actions, the euro area would have fared far worse. Even more people would have lost their jobs, and wages and prices would have stagnated for much longer, or would even have fallen. Although our actions were bold and unparalleled, we acted within our mandate, as confirmed by the European Court of Justice.
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