Tuesday, 20 November 2012
statutory independent trustee
An independent trustee, appointed at the discretion of the regulator to a scheme where the employer has become insolvent. The independent trustee must be chosen from the regulator's register of approved independent trustees.
statutory independent trustee
An independent trustee, appointed at the discretion of the regulator to a scheme where the employer has become insolvent. The independent trustee must be chosen from the regulator's register of approved independent trustees.
statutory objectives
The three specific objectives set for The Pensions Regulator in the Pensions Act 2004:
*. to protect the benefits of members of work-based pension schemes
*. to promote good administration of work-based pension schemes
*. to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund
*. to protect the benefits of members of work-based pension schemes
*. to promote good administration of work-based pension schemes
*. to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund
stock lending
A temporary transfer of securities (for example, equities) by an owner (typically a pension scheme) to a borrower (usually a fund manager). The borrower undertakes to return those securities to the lender at pre-agreed time.
strategic investment
Carried out by trustees as part of the preparation of their SIP, it is the practice of making long term decisions on asset allocation so that they are able to pay pension benefits as they fall due.
swaps
Arrangements by which one type of income stream is swapped for another (eg an income stream at a variable rate of interest may be swapped for an income stream at a fixed rate of interest). Such an arrangement is often made through an investment bank.
Interest rate swaps are the most frequently used but there are types of swaps available, eg to offset the riskof inflation or longevity.
Interest rate swaps are the most frequently used but there are types of swaps available, eg to offset the riskof inflation or longevity.
tactical investment
Day to day investment decisions (eg stock selection)for which the function and the responsibility may be delegated to the fund managers.
Monday, 19 November 2012
List of banks in Singapore
AAREAL FINANCIAL SERVICES (SINGAPORE) PTE. LTD +65 6372 9750
ABC INTERNATIONAL BANK PLC-SINGAPORE +65 6535 9339
ABN-AMRO BANK +65 236 1000
AFC MERCHANT BANK +65 552 7155
AIG PRIVATE BANK LTD. +65 6557 6700
ALLIED BANKING CORPORATION +65 6536 3886
ARCAPITA PTE. LIMITED +65 6622 5390
BANK BRUSSELS LAMBERT (SINGAPORE) LTD No longer exist
BANK MANDIRI +65 6213 5688
BANK OF BARODA 65 65367749
BANK SARASIN-RABO (ASIA) LIMITED +65 6536 6848
BSI BANK LTD. +65 6424 8350
CHANG HWA COMMERCIAL BANK LTD 65 6532 0820
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +656 535 2323
CITIBANK 6225 5225
CITIBANK SINGAPORE INTERNATIONAL 65 6224 5757
CLARIDEN LEU LTD +65 6532 5325
CLEASTRAM-SINGAPORE REPRESENTATIVE OFFICE +65 6248 4513
COUTTS BANK VON ERNST LTD +65 6223 3132
CREDIT SUISSE (ASSET MANAGEMENT) +65 6212 2000
DBS BANK +65 6327 2265
DEUTSCHE BANK +65 6533 1818
DZ BANK AG +65 6438 5129
FIRST STATE INVESTMENTS +65 6580 1390
FORTIS BANK LTD +65 6539 4788
GE MONEY +65 6410 3100
GOLDMAN SACHS (SINGAPORE) PTE. +65 889 1000
HSBC BANK INTERNATIONAL LIMITED +65 6731 5699
INDIAN OVERSEAS BANK 62941385
INDUSTRIAL AND COMMERCIAL BANK OF CHINA 65 6538 1066
ING ASIA PRIVATE BANK LTD. +65 65598000
KEPPEL TATLEE BANK +65 222 8 223
KOREA EXCHANGE BANK (BRANCH) 65 6536 1633
LOMBARD ODIER DARIER HENTSCH CIE (SINGAPORE) LTD +65 6305 7788
MONETARY AUTHORITY OFSINGAPORE +65 6225 5577
NORDEA BANK FINLAND PLC +65 63 17 65 22
OVERSEAS CHINESE BANKING CORPORATION
OVERSEAS UNION BANK 65 6539 2705
RAIFFEISEN ZENTRALBANK?TERREICH AG +65 6225 9578
SCHRODER INVESTMENT MANAGEMENT LTD. +65 535 3411
STANDARD CHARTERED BANK SINGAPORE 1800 535 3522
THE UNITED OVERSEAS BANK GROUP OF SINGAPORE +65 6292 8711
UBS IN SINGAPUR +65 6431 8000
UNICREDITO ITALIANO +65 62325728
UNION DE BANQUES ARABES ET FRANCAISES (U.B.A.F.) +65 63 33 61 88
UNITED OVERSEAS BANK +65 337 0204
ABC INTERNATIONAL BANK PLC-SINGAPORE +65 6535 9339
ABN-AMRO BANK +65 236 1000
AFC MERCHANT BANK +65 552 7155
AIG PRIVATE BANK LTD. +65 6557 6700
ALLIED BANKING CORPORATION +65 6536 3886
ARCAPITA PTE. LIMITED +65 6622 5390
BANK BRUSSELS LAMBERT (SINGAPORE) LTD No longer exist
BANK MANDIRI +65 6213 5688
BANK OF BARODA 65 65367749
BANK SARASIN-RABO (ASIA) LIMITED +65 6536 6848
BSI BANK LTD. +65 6424 8350
CHANG HWA COMMERCIAL BANK LTD 65 6532 0820
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +656 535 2323
CITIBANK 6225 5225
CITIBANK SINGAPORE INTERNATIONAL 65 6224 5757
CLARIDEN LEU LTD +65 6532 5325
CLEASTRAM-SINGAPORE REPRESENTATIVE OFFICE +65 6248 4513
COUTTS BANK VON ERNST LTD +65 6223 3132
CREDIT SUISSE (ASSET MANAGEMENT) +65 6212 2000
DBS BANK +65 6327 2265
DEUTSCHE BANK +65 6533 1818
DZ BANK AG +65 6438 5129
FIRST STATE INVESTMENTS +65 6580 1390
FORTIS BANK LTD +65 6539 4788
GE MONEY +65 6410 3100
GOLDMAN SACHS (SINGAPORE) PTE. +65 889 1000
HSBC BANK INTERNATIONAL LIMITED +65 6731 5699
INDIAN OVERSEAS BANK 62941385
INDUSTRIAL AND COMMERCIAL BANK OF CHINA 65 6538 1066
ING ASIA PRIVATE BANK LTD. +65 65598000
KEPPEL TATLEE BANK +65 222 8 223
KOREA EXCHANGE BANK (BRANCH) 65 6536 1633
LOMBARD ODIER DARIER HENTSCH CIE (SINGAPORE) LTD +65 6305 7788
MONETARY AUTHORITY OFSINGAPORE +65 6225 5577
NORDEA BANK FINLAND PLC +65 63 17 65 22
OVERSEAS CHINESE BANKING CORPORATION
OVERSEAS UNION BANK 65 6539 2705
RAIFFEISEN ZENTRALBANK?TERREICH AG +65 6225 9578
SCHRODER INVESTMENT MANAGEMENT LTD. +65 535 3411
STANDARD CHARTERED BANK SINGAPORE 1800 535 3522
THE UNITED OVERSEAS BANK GROUP OF SINGAPORE +65 6292 8711
UBS IN SINGAPUR +65 6431 8000
UNICREDITO ITALIANO +65 62325728
UNION DE BANQUES ARABES ET FRANCAISES (U.B.A.F.) +65 63 33 61 88
UNITED OVERSEAS BANK +65 337 0204
Big banks give $22 billion inmortgage relief under deal
(Reuters) - Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report bythe settlement's monitor saidon Monday.
The report said that Bank of America Corp ( BAC.N ), which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co ( JPM.N ) through September.
Bank of America provided$889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's ( JPM.N ) total was $903.1 million in modifications, the most of thefive banks.
Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.
The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loanbalances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages.
The banks, however, have not necessarily met their obligations yet because the settlement only provides for partial credit for certain kinds of relief. The banks only receive credit for $0.45 of every dollar of a writedown through a short sale, for example.
Short sales - in which borrowers sell their homes for less than the value of the mortgage - accounted for the largest portion of the total relief, about $13.1 billion.
Bank of America delivered$11.8 billion in total relief to consumers, the most of any bank, with short sales accounting for $7.4 billion ofits total. JPMorgan provided the second most relief - about $6 billion.
The other banks in the settlement are Wells Fargo &Co ( WFC.N ) ($2.5 billion in total relief), Citigroup Inc ( C.N ) ($1.1 billion) and Ally Financial Inc ($587.8 million).
"The relief the banks have reported is encouraging," Smith said in a statement, while noting that the banks' obligations still need to be reviewed and credited.
If a lender does not meet its required relief within three years, it will be required to pay a penalty of no less than 125 percent of its unmet commitment, the report said.
Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks, about $11.8 billion in consumer relief and other payments. The bank has said it will meet its obligations within the first year. >
The report said that Bank of America Corp ( BAC.N ), which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co ( JPM.N ) through September.
Bank of America provided$889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's ( JPM.N ) total was $903.1 million in modifications, the most of thefive banks.
Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.
The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loanbalances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages.
The banks, however, have not necessarily met their obligations yet because the settlement only provides for partial credit for certain kinds of relief. The banks only receive credit for $0.45 of every dollar of a writedown through a short sale, for example.
Short sales - in which borrowers sell their homes for less than the value of the mortgage - accounted for the largest portion of the total relief, about $13.1 billion.
Bank of America delivered$11.8 billion in total relief to consumers, the most of any bank, with short sales accounting for $7.4 billion ofits total. JPMorgan provided the second most relief - about $6 billion.
The other banks in the settlement are Wells Fargo &Co ( WFC.N ) ($2.5 billion in total relief), Citigroup Inc ( C.N ) ($1.1 billion) and Ally Financial Inc ($587.8 million).
"The relief the banks have reported is encouraging," Smith said in a statement, while noting that the banks' obligations still need to be reviewed and credited.
If a lender does not meet its required relief within three years, it will be required to pay a penalty of no less than 125 percent of its unmet commitment, the report said.
Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks, about $11.8 billion in consumer relief and other payments. The bank has said it will meet its obligations within the first year. >
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