Americans massively withdraw money from banks

Outflow of funds, experts publications associated with the completion of December 31, 2012 deposit insurance scheme (TAG)

 Clients of the largest U.S. banks this week (from 2 to 9 January) withdrew from their accounts 114.1 billion. This was reported by Bloomberg, citing data from the U.S. Federal Reserve.



According to the agency, capital flight this month was the highest since the terrorist attacks September 11, 2001

The total amount of deposits in the 25 largest financial organizations fell to 5.37 trillion dollars

Outflow of funds, experts publications associated with the completion of December 31, 2012 deposit insurance scheme (TAG). Once in the United States the economic crisis in 2008, the program was introduced, which provides a guarantee for non-interest bearing account in the amount of approximately $ 1.5 trillion.

American Bankers Association and the Independent Bankers of America union tried to achieve continuation of the TAG, to keep the flow of funds.

"We knew that the fund managers will reconsider where they want to keep their money - the interest-free accounts to another bank account or other investments", - said the chief economist of the Association James Chizen Bloomberg. According to him, will have to worry only if outflows continue.

Life Insurance
Auto insurance

The insurance under the credit

Read more »

Hungary asks the Switzerland full list of Hungarian investors

Deposit insurance

According to the Hungarian Government, the tax amnesty for Hungarian citizens who keep their money abroad, did not bring the expected results. After all, only in Switzerland, according officials, then can be stored up to 5 billion U.S. dollars owned by Hungarians. The Hungarian government is seeking from the official Berne complete list of Hungarian investors.


Not all moneyed Hungarians offended prospect to move to December 31, 2012 their savings from abroad to their homeland. Vain government promised to charge them only 10 percent of imported to Hungary amounts of money.

According to the conservative government of Viktor Orban, is not taxed by the Hungarian capital, in addition to offshore, Hungarian nationals also taken to Switzerland.

"We would like to get complete information and disclosure of data of persons who have accounts in Swiss banks. Therefore requested to Switzerland at the moment does not apply to the conclusion of a special agreement, or intergovernmental agreement. Again, we are interested in getting a full list "- said the Secretary of State Cabinet Hungarian Janos Lazar.

Pressure of the international community?

According to the American edition of "Bloomberg" last April neighboring Austria managed to reach such an agreement with Switzerland. According to the agreement, their names are not rozholoshuvatymutsya and investors from Austria Swiss banks will pay off taxes at home if voluntarily Declare neafishovani overseas private funds. According to the Austrian authorities, over two hundred Austrians already filed such declarations.

However, Hungarian economists warn that the official Budapest hardly wait for Switzerland information about foreign accounts Hungarians in the past. But the future does not exclude the occurrence of similar agreements between the two countries.

"The transfer of such data relating to the previous period, it is a huge pity financial interests, and not only the Hungarian" - says consultant John Vadas tax issues.

Since it does not accept financial analyst Szabolcs Vamoshi-Nagy. He believes that constant pressure on Switzerland from the international community will force Swiss banks to be more tractable in the case declassification list depositors millionaires who avoid paying taxes in their home country.

"The picture completely changes if the EU with its twenty seven Member States together with the United States will try to achieve this goal," - says Szabolcs Vamoshi-Nagy.

According to the Ministry of Economy of Hungary in Switzerland wealthy Hungarians can store up to 5 billion U.S. dollars. However, independent experts add that this amount may be in one and a half times higher.

During the last year from abroad to Hungary still carried 67 billion forints private equity, almost $ 300 million. Thus the state treasury additionally added $ 30 million, without introducing new taxes in the country.
Commercial Insurance

Read more »

Generali increases its assets

Insurance company Generali

PPF Group Czech businessman Peter Kellner rid of shares in "Ingosstrakh", it consolidates the Italian Generali. Italian insurer share increase from the current 19.2% to 38.46% of the shares. Transaction will take place within the framework of Italian investors buy shares in the joint venture - GPH. In early 2012, Kellner said it was in talks to sell stake in "Ingosstrakh" with VTB, although he also claimed Generali. Supported the deal with VTB head Generali Giovanni Perissinotto in June was dismissed from his post.
The deal to increase the share of Generali in "Ingosstrakh" will be held in the exchange of shares: Italian partners fully absorb PPF Beta, and PPF Group will have full control over the joint management unit private investments - PPF Partners.
Generali has agreed to purchase held by Kellner 49% in GPH for € 2,5 billion 25% will go to Generali up to 28 March 2013, and the remaining 25% - by the end of 2014. PPF Group, in turn, for € 80 million buy out the business of consumer credit insurance in Russia, Ukraine, Belarus and Kazakhstan.
Thus, the parties have completely stopped Partnership in Central and Eastern Europe. According to head of Generali Mario Greco, the deal will enable the parties to eliminate the "uncertainty" about the business strategy in the region. According to calculations of the Italian insurer, redemption GPH allow it to increase its customer base and revenues in the countries of Central and Eastern Europe. Now the region is the fourth-largest market for Generali after Italy, France and Germany. Customer base in 2011 was 14 million customers, insurance premiums - € 4 billion

Insurance company
The majority shareholder of "Ingosstrakh" is holding "Basic Element" Oleg Deripaska, with whom PPF for five years continued corporate conflict. Then Kellner Foundation for $ 700-750 million Alexander Mamut acquired a stake in "Ingosstrakh". At the May 2012 meeting of the shareholders of "Ingosstrakh" elected a new board of directors, the decision PPF managed to challenge the Arbitration Court of Moscow. PPF insisted on the inclusion of their representatives to the board of directors, arbitration agreed with this position.
In December 2012, the Italian-Czech group GPH rid of the Russian pension asset. She sold the pension fund "Generali PPF" shareholders "Russian Funds". "Generali PPF" will be attached to the NPF "First National Pension Fund."

Read more »

The insurance covering is given at a rate of 800 million dollars

The insurance covering is given at a rate of 800 million dollars from the Korean corporation of trading insurance, 140 million dollars – from Swedish EKN and 124 million dollars from German Hermes.

The company «Thomson Reuters», being the world leader in sphere business analysts, publishes the periodical on global market research of project financing «PFI» (Project Finance International).

As have reported in press-service NHK "Uzbekneftegaz", in December, 2012 in the summary edition «Project Finance International 2012 Year Book» it is declared award of annual awards following the results of 2012 on the basis of the analysis of transactions of global community of participants of project financing.

Ten considered largest projects included projects from Australia, Great Britain, Germany, France, Norway, the USA, Malaysia, Uzbekistan, the Russian Federation in the field of power, oil and gas extraction, oil and gas products, transport.


In a nomination «the Transaction of year in area oil and gas products  a prize the project «Building Ustjurtsky Gas Chemistry has received a complex on the basis of a deposit of Surgil» (also known under names «Uz-Kor», «Surgil») that is acknowledgement of its uniqueness and the innovative approach, and also ample opportunities of Uzbekistan in realization of large investment projects on the basis of project financing.

The edition hasn'ted a number of unprecedented achievements of the project:

- The first international project financing in sphere oil and gas products in Uzbekistan;

- The largest project financing in the Central Asia;

- The largest project financing among газохимических projects in the CIS;

- The first project corresponding to Equatorial principles in Uzbekistan.

The project has been developed on the basis of a close cooperation between Uzbekistan and South Korea and has got direct support of the governments of both countries which Presidents have taken part in ceremony of a bookmark of the first stone.

The packet of financial records for a total sum of 2,54 billion dollars has been signed in May for a period of 16 years. It includes 1 bln. dollars from the Korean export-import bank, 250 million dollars from the State Development Bank of China, 125 million dollars from the Asian Development Bank, 100 mln. dollars from National bank of Uzbekistan. The insurance covering is given at a rate of 800 million dollars from the Korean corporation of trading insurance, 140 million dollars – from Swedish EKN and 124 million dollars from German Hermes.

The following nine commercial banks listed according to volume of given financing, have taken part in financing under a covering of export-import agencies: the Korean financial corporation, the Korean Development Bank, ING Bank, Siemens Bank, Credit Suisse, Bayern LB, KfW IPEX, Nordea, and also the Swedish bank SEK.

Rewarding of prize-winners will take place on January, 30th, 2013 in London.

Read more »

EU will create the uniform bank union

EU will create the uniform bank union


Heads of the states of the European Union (EU) at the summit in Brussels have agreed to create on December, 14th, 2012 gradually the bank union which urged to provide supervision of activity of credit institutions of uniform Europe, and also to create institutes of insurance of bank risks. Fund creation on closing of problem banks and the high-grade scheme of protection of contributions on all euro area Besides, is supposed. For the EU countries with own currency participation in these actions will be voluntary.



Supervision will be carried out by the European Central bank, truth, meanwhile not behind all credit organizations of EU, which more than 6000, but only for 150 largest of them.

«The purpose of the Bank union - to break off a vicious circle between problems of banks and the tax money, which states used until recently for their decision», - the chairman of EU, Herman Van Rompej has underlined.

As a matter of fact, a number of decisions accepted in Brussels направленно on preservation of euro of a zone as recently EU has faced crisis of sovereign debts in a number of the countries-participants, first of all, in Greece. Among "the problem" countries in the market also name Spain, Italy, Ireland and Portugal.


After formation of the bank union regional banks will have an opportunity to receive the help from Fund of financial stability of the Euro area directly, instead of through intermediary of the governments of own countries that in itself won't influence level of the state debt loading which is traditional last years causes anxiety in investors and rating agencies.

Creation of system of a direct recapitalization of banks which also can provide carrying out of partial or full bankruptcies of problem banks without risks of occurrence of "domino effect" in all European financial system becomes the second step of building of the Bank union.

«We on way of the decision of problems which have paralysed for a long time an euro area and did its vulnerable», – the president of France François Olland has told to journalists, making comments on the made decisions.

Undoubtedly, creation of the Bank union of EU (which should be finished by March, 2014) is a serious step on a way of strengthening of an euro area which will promote closer integration of the European Union countries.

For Armenia financial stability of the European Union is extremely important, as commercial contracts with the EU countries more and more consist, presence of the European capital in territory РА is appreciable, and the stable euro exchange rate in relation to a drama is regarded as a positive. The dollar that all time skips.

Read more »

The insurance under the credit: what for it is necessary and as on it to save

The insurance under the credit: what for it is necessary and as on it to save
Consumer crediting



As a rule, the decision to take the credit in bank comes when the household budget goes to pieces, and money is necessary more than ever. Therefore, choosing the credit organization and the kind of a loan everyone of us tries to find the most acceptable on terms and the sum of monthly payments a debt settlement variant. And frequently, in particular if the credit is arranged not for the small sum, we face a problem of registration of the insurance under the credit which is offered persistently by employees of bank. And here there is a dilemma – whether it is necessary to take such insurance. That it is really excellent possibility to insure and native from nonpayment of the credit in case of origin of unforeseen circumstances of life from which, unfortunately, anybody from us is not insured. Or it is one more dodge of the bank trying at our expense to protect from risks of non-payments first of all of, instead of us?



What basically represents credit insurance? It first of all the service given to the borrower by the insurance company. After the client signs the agreement of insurance and acquires the special policy, the insurance organization incurs obligations to help the borrower to pay a bank loan after insured event approach. Some kinds of insured events are provided. They can be connected, first, with health of the borrower, secondly, with risk for life of the credited person, thirdly, with loss of the right to the property, fourthly, with natural disasters and natural cataclysms (fires, flooding, earthquakes), and, at last, with work loss.

It would seem, what can be better, if have an opportunity подстраховать itself from any unforeseen reality situations? But, probably, not all so is simple, as looks at first sight. After all at least the borrower should for loan pay more money, than assumed initially, selecting itself the most acceptable variant of crediting. As, as a rule, the bank considers all risks and registers them in the body of the loan agreement. So first of all it is necessary to study very scrupulously all points of the agreement and to consult on all details with the manager of the credit organization.


Obviously, suggesting to insure the credit, the bank reassures first of all itself in case the borrower is unable pay the credit. Really, bank loan insurance happens two kinds: insurance repay and liability insurance of the borrower for repay. If in the first case as the insured the bank the agreement consists in the second case between the insurance company and borrower acts. In both cases the object which is subject to insurance, responsibility of the borrower (physical or the legal entity) before bank for timely and complete repayment of credits and percent for using them during the term established in the agreement of insurance is. The practical sense of insurance of risk of a non-return of the credit consists that at non-execution by the borrower of the obligations to bank under corresponding contracts the insurance company pays to bank the incurred damages. The percent of insurance compensation fluctuates within 50-90 % from size of unexecuted obligations, including due percent on the credit.

Credits happen different: consumer, mortgage, autocredits and other. Accordingly, and the insurance for each of them is provided the. What for at consumer crediting the insurance is necessary, you if there is no mortgage property ask. The matter is that will insure not property, and life and ability to meet payments of the borrower.

Thus life insurance and health - pleasure not from cheap, especially if percent on the insurance run almost to 30 % from the sum of the credit. Therefore you have a just cause to refuse credit insurance even at signing of the agreement on a loan. And here from insurance of property pledge not to leave - the pledger is obliged to insure at own expense property in all-in cost against risks of loss and damage. Therefore there is a chance to refuse only from life insurance and health, disability, but in any way from insurance of property pledge.

Meanwhile it is necessary to know that there are cases when borrowers can refuse insurance under earlier received credits almost lost-free. Those who doesn't agree rate increase under already running contract, bank force to insurance hardly can. If the point on increase of the rate of the credit isn't registered in the agreement in absence at the borrower of the policy of assurance of life and health, the bank hasn't the right to change the rate.

The main thing, never it is necessary to forget that, using a bank loan, you acquire not only obligations on its repayment, but also the rights which you still nobody deprived. Attentively study all points of the agreement with bank – and then nobody will have possibilities to force you to pay for those services which you don't need.

Read more »