Prudent Valuation - Guidelines and Sound Practices

2016 ◽  
Author(s):  
Umberto Cherubini ◽  
◽  
Marco Bianchetti ◽  
Keyword(s):  
Financial Institutions ◽  
Fair Value ◽  
Double Counting ◽  
Technical Standard ◽  
Simplified Approach ◽  
The Core ◽  
The Common ◽  
Valuation Uncertainty ◽  
Different Sources ◽  
The Eu

The EU Capital Requirement Regulation (CRR) [8] and of EBA Regulatory Technical Standard for prudent valuation [15], published on Jan. 1st, 2014 and Jan. 28th, 2016, respectively, constitute the EU Prudent Valuation Framework. The CRR, art. 34, requires to Institutions a prudent valuation of positions measured at fair value and the deduction of the resulting Additional Valuation Adjustments (AVAs) from the Common Equity Tier One (CET1) capital. The art. 105 disciplines the AVAs intended to achieve an appropriate level of certainty in prudent value. The EBA RTS [15] allow two approaches to prudent valuation. The simplified approach, applicable by small financial institutions (with total absolute fair-valued assets and liabilities below EUR 15 billions), prescribes a very simple total AVA equal to 0.1% of the total fair value. The core approach, compulsory for institutions above the EUR 15 billion threshold, prescribes the calculation of 9 AVAs, referring to different sources of valuation uncertainty, as the excess of valuation adjustments required to achieve the prudent value with 90% level of confidence. Five out of nine AVAs include a 50% weight to take diversification into account and avoid double counting effects. Those positions for which a change in their fair value affects only partially the CET1 may be partially excluded from the AVAs calculation.

Brexit and the External Trade Policy of the EU

2019 ◽  
Vol 6 (1-2019) ◽  
pp. 27-46
Author(s):  
Hubert Zimmermann
Keyword(s):  
Trade Policy ◽  
Foreign Trade Policy ◽  
External Trade ◽  
Eu Foreign Policy ◽  
The Core ◽  
Core Components ◽  
The Common ◽  
Material Power ◽  
Huge Challenge ◽  
The Eu

Brexit is a huge challenge with enormous consequences for future UK trade policy. But it will also have an impact on the common external trade policy of the EU, and, thus, on one of the core components of EU foreign policy. This contribution analyses Britain’s role in the formulation of EU trade policy and the likely repercussions of its departure, particularly regarding the effectiveness of the EU as trade negotiator and the preferences it represents internationally. I use three theoretical lenses to address these questions: the first lens focuses on likely changes in the material power and interests of the EU; the second looks at the institutional consequences of Brexit for the formulation of EU foreign trade policy, and the third addresses potential changes in external perceptions of the EU as a trade power. It will be argued that neither the effectiveness of the EU as global trade power, nor the substance of its interests, will change substantially.

scholarly journals Revisiting the “Keynes Plan” for an International Clearing Union in a Eurozone Perspective

2020 ◽  
Vol 1 (2) ◽  
pp. 287
Author(s):  
Alkinoos Emmanouil-Kalos
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Structural Reforms ◽  
Common Currency ◽  
State Of Emergency ◽  
European Central ◽  
The Core ◽  
Macroeconomic Imbalances ◽  
The Common ◽  
The Eu

The last decade has been turbulent for the EMU, with many structural weaknesses becoming apparent. While in a state of emergency, the European Central Bank has had to “reinvent” itself in order to stabilize the Eurozone, while the vital importance of the imbalances between the member states has been recognized, as the establishment of the Macroeconomic Imbalances Procedure (MIP) indicates. Yet, it is widely acknowledged that the architecture of the Eurozone needs structural reforms. This policy brief aims to present the case for the adoption of the core ideas of the “Keynes Plan” for an International Clearing Union, which could function as an important first step towards fighting intra-eurozone imbalances, hence strengthening the EMU. Given the existence of the European Central Bank and the common currency, a moderate version of such a plan could be implemented even without the need for any changes in the EU treaties, and could be the stepping stone for further economic integration.

Questioning the Basic Values—Austria and Jörg Haider

2017 ◽  
Author(s):  
Konrad Lachmayer
Keyword(s):  
Member State ◽  
Rule Of Law ◽  
The Political ◽  
The Core ◽  
The Past ◽  
The Future ◽  
The Common ◽  
Year 2000 ◽  
Core Part ◽  
The Eu

This chapter argues against the common consensus regarding the EU 14’s measures against Austria in 2000 by not only retracing the core part of the story but also extending the perspectives on the year 2000 to the past and the future. First, the chapter analyses the historical dimension of Haider’s Freedom Party and the political relevance of the developments in the year 2000 from an Austrian perspective. The chapter contends that the EU did not learn effectively from the measures and failed to develop proper institutional and procedural mechanisms to deal with the questioning of basic values by a Member State. Hereafter, the chapter looks critically back on the participation of the Freedom Party in the Austrian government and the effects of Jörg Haider to Rule of Law and democracy in Austria. Emphasis is placed in acknowledging the different layers of the narrative on the EU 14’s measures.

THE EU SUGAR MARKET PROFILE AND ITS MAIN DRIVERS

2015 ◽  
Author(s):  
Lubos SMUTKA ◽  
Irena BENEŠOVÁ ◽  
Patrik ROVNÝ ◽  
Renata MATYSIK-PEJAS
Keyword(s):  
Market Failure ◽  
Current System ◽  
Quota System ◽  
Considerable Debate ◽  
Sugar Market ◽  
The Common ◽  
The One ◽  
Production Capacities ◽  
The Given ◽  
The Eu

Sugar is one of the most important elements in human nutrition. The Common Market Organisation for sugar has been a subject of considerable debate since its establishment in 1968. The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The current EU sugar market changed is structure during the last several decades. The significant number of companies left the market and EU internal sugar market became more concentrated. The aim of this paper is presentation characteristics of sugar market with respect to the supposed market failure – reduction in competition. The analysis also identifies the main drivers and determinants of the EU especially quota sugar market. In relation to paper’s aim the following results are important. The present conditions of the European sugar market have led to market failure when nearly 75 % (10 million tonnes) of the quota is controlled by five multinational companies only. These multinational alliances (especially German and French one) are also taking control over the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. This is a significant indicator of market imperfection. The quota system cannot overcome the problem of production quotas on the one hand and the demand on the other; furthermore, it also leads to economic inefficiency. The current EU sugar market is under the control of only Sudzucker, Nordzucker, Pfeifer and Langen, Tereos and ABF.

The Development of Slovenia in the European Union: Social Aspects

2017 ◽  
pp. 102-108
Author(s):  
Iryna Butyrska
Keyword(s):  
Negative Impact ◽  
The State ◽  
Political Regime ◽  
The European Union ◽  
National Unity ◽  
Social Sphere ◽  
Regime Stability ◽  
Number Of Factors ◽  
The Common ◽  
The Eu

The author proves that the successful stability of independent Slovenia contributed to a number of factors, existing since its being incorporated in the SFRY. The factor, uniting the state has become the common goal – the aspiration to join the EU. The process of the European integration contributed to the modernization of a number of spheres, in particular social, cultural and economic ones. The global financial and economic crisis has revealed the turmoil in the economy of the state and its leadership was forced to gradually reduce a significant part of social privileges for the population. This caused the tension in the society and reduced the level of the national unity, having a negative impact on people’s wellbeing. However, since 2014, the Prime Minister M. Cherar has been trying to restore people’s trust in the state. The situation is getting better; indicators of trust in government are increasing, which also points to state capacity and political regime stability in Slovenia. Keywords: Slovenia, state stability, social sphere, government

Ahara as Pathya and Apathya in Amlapitta - A Review.

2017 ◽  
Vol 2 (1) ◽  
Author(s):  
Rakshith . ◽  
Shivakumar . ◽  
Sreeharsha . ◽  
Divyasree .
Keyword(s):  
Physical Health ◽  
Review Article ◽  
The Other ◽  
Social Health ◽  
Present Review ◽  
Common Disease ◽  
The Core ◽  
Common Disorder ◽  
The Common

The core principles in Ayurveda give prime importance to Agni, Prakriti, Ahara (food) and Vihara (lifestyle) in maintaining health. Present era people are scheduled to one or the other works due to which they are following unrightful food and habits which lead the manifestation of one of the common disorder which troubles person a lot - Amlapitta. By excess “Hurry, Worry and Curry” GIT disorders are the most common, not only affecting physical health but also psychological and social health. Amlapitta is one of that and it is a burning problem of the whole World. Amalpitta is composed of word Amla and Pitta. Amlapitta is a very common disease caused by Vidagdha Pitta with features like Amlodgara, Tiktodgara, Hrit, Kantha Daha etc. Pathya recommended in Amlapitta are Yava, Godhuma, Purana Shali, Mudga Yusha, Lajasaktu etc. Apathya recommended in Amlapitta are Navanna, Avidugdha, Masha, Kulattha, Dadhi and etc. So this present review article throws light on Pathya (conducive) and Apathya (non conducive) in Amlapitta.

Common Visa Policy: Bordering from Abroad—Applying Admission Criteria before Departure

2017 ◽  
Author(s):  
Violeta Moreno-Lax
Keyword(s):  
Information System ◽  
Final Section ◽  
Admission Criteria ◽  
Member States ◽  
The Common ◽  
Key Features ◽  
Visa Policy ◽  
Migration Flows ◽  
The Eu ◽  
Common Policy

Visas are specifically aimed at controlling admission at the stage of pre-departure and constitute one of the essential requirements for entry under the Schengen Borders Code. This chapter examines the common policy of the EU, conceptualizing them as pre-authorizations of entry granted before arrival in the territory of the Member States. Visa requirements, as introduced in the Visa Regulation, are perused at the outset, taking account of periodic revisions of the visa lists and the criteria for amendment considered relevant by the EU legislator. The key features of the uniform visa format and the Visa Information System (VIS) are briefly presented, highlighting their contribution to the securitisation of migration flows. Then, the visa issuing procedure, as governed by the Community Code on Visas (CCV), is examined. The final section is reserved to the analysis of the implications of the different components of the policy regarding access to asylum in the Member States.

The Logicism of Frege, Dedekind, and Russell

2009 ◽  
Author(s):  
William Demopoulos ◽  
Peter Clark
Keyword(s):  
A Priori ◽  
The Core ◽  
Common Thread ◽  
Synthetic A Priori ◽  
The Common

This article is organized around logicism's answers to the following questions: What is the basis for our knowledge of the infinity of the numbers? How is arithmetic applicable to reality? Why is reasoning by induction justified? Although there are, as is seen in this article, important differences, the common thread that runs through all three of the authors discussed in this article their opposition to the Kantian thesis that reflection on reasoning with mere concepts (i.e., without attention to intuitions formed a priori) can never succeed in providing satisfactory answers to these three questions. This description of the core of the view differs from more usual formulations which represent the opposition to Kant as an opposition to the contention that mathematics in general, and arithmetic in particular, are synthetic a priori rather than analytic.

scholarly journals Subtyping Salmonella isolated from pet dogs with multilocus sequence typing (MLST) and clustered regularly interspaced short palindromic repeats (CRISPRs)

AMB Express ◽  
2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Cheng Yang ◽  
Wangfeng Shao ◽  
Lingling Wei ◽  
Lingxiao Chen ◽  
Aihua Zhu ◽  
...  
Keyword(s):  
Multilocus Sequence Typing ◽  
Sequence Type ◽  
Jiangsu Province ◽  
Zoonotic Pathogen ◽  
Recognition Ability ◽  
Prevention And Treatment ◽  
Common Serotypes ◽  
The Common ◽  
Different Sources ◽  
Positive Effect

AbstractSalmonella, as a zoonotic pathogen, has attracted widespread attention worldwide, especially in the transmission between household pets and humans. Therefore, we investigated the epidemic distribution of dog Salmonella from pet hospitals and breeding base in Xuzhou, Jiangsu Province, China, and used multilocus sequence typing (MLST) and clustered regularly interspaced short palindromic repeats (CRISPRs) to subtype Salmonella isolates. From April 2018 to November 2019, a total of 469 samples were collected from pet hospitals and breeding base, including 339 dog samples and 60 cat samples. S. Kentucky (40.74%) was the most prevalent serotype, but other, such as S. Typhimurium (18.52%) and S. Indiana (18.52%), were also widespread. Eight different sequence type (ST) patterns were identified by MLST and ST198 was the highest proportion of these isolates. CRISPRs analysis showed that 9 different Kentucky CRISPR types (KCTs) was identified from ST198. 48 spacers including 29 (6 News) for CRISPR1 and 19 (4 News) for CRISPR2 that proved the polymorphic of Salmonella genes in samples from different sources. The analysis demonstrated that the common serotypes were widely present in pet hosts in the same area. This analysis shows that CRISPR genes have better recognition ability in the same serotype, which has a positive effect on the traceability of Salmonella and the prevention and treatment of salmonellosis.

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