Adequacy of EU Level Banking and Supervisory Structures for Debt Crisis Response Author Note Introduction The financial crisis that happened during the years 2007 and 2008 has negatively influenced the economy of the European Union. This has more devastating effects on the United States in its market of mortgages in 2007, which came into light after the governing body named the Federal Home Loan Mortgage Corporation highlighted that it would have no purchasing transaction regarding high-risk mortgages (Ongena et al. 2019). Moreover, another institution, the country named New Century Financial Corporation, which is one of the leading lenders in the mortgage market, had become bankrupt (Lane, 2012). The year 2008 evidenced a substantial financial crisis with the increased financial incapability of some important financial institutions in the United States. Thus, it gave birth to substantial financial crises, such as the debt crisis, affecting major economies across the globe, including the European Union. Different Reforms The increasing crisis in the European Union required a complete review of the supervisions structure of its banks, along with its regulations. With the measures taken…
How to Open an SSY Account with State Bank of India? Amongst the many initiatives taken by the Government of India, the SSY or Sukanya Samriddhi Yojna is one. It is a small savings scheme which has been designed especially for the girl child. As per the SSY scheme, parents or legal guardian of a girl child cab open the SSY account in the bank and keep on depositing the money till the girl turns 1- years. It is a part of the “Beti Bachao – Beti Padhao” initiative of the Government of India. In this blog, we will be highlighting the Sukanya Samriddhi in SBI. Besides, people can open the SSY account in post offices and some designated banks. This scheme also offers tax benefits by ensuring deductions under Section 80C for up to Rs 1.5 lakh along with a higher interest rate. Who can open the SBI Sukanya Samriddhi Yojana Account? We have mentioned this point above, a parent or legal guardian of a girl child can open the SSY account. The account will be…
This Is What Racism Sounds Like in the Banking Industry The authors of the New York Times highlight on the incidence of Jimmy Kennedy, who through his nine-year career, has been a great client of most banks. Kennedy’s attempts to develop and become a private customer at the JP Morgan chase was met with a lot of racism in this banking industry. The information provided by New York Times established that Kennedy’s conversation with an employee from JP Morgan Arizona branch indicated that as a private client, his racial backgrounds were questioned. The employee made it clear that Kennedy ought to understand the demographics of the region between blacks and whites. It resulted to Kennedy’s pull out of the majority of his money from the company. The article further highlights on the presence of few blacks in the higher levels of financial institutions. It can be indicated that the discrimination in the banking sector through mortgages. The black borrowers have been exposed to higher interest rates as compared to the rates charged on the whites. The options that are exposed…
Research Report of Austria Introduction According to a World Bank report, Austria is currently a developed economy. This research will focus on the country’s economy. The country, located in the southern part of Central Europe, presently has nine federal states. Austria is one of the most developed countries in Central Europe. The estimated population of the country as of the year 2020 is 25 million. Austria is ranked as one of the countries where the dependency level is very low. Austria ranks as one of the most exciting countries in Europe (World Bank, 2020). Austria has remained an attractive country for investors. The stable political environment, as well as the presence of a booming economy, has attracted investors. Studies have shown that the tourism sector is one of the growing segments of the country’s economy. Austria’s Current GDP and Per Capita Income Austria’s GDP, as of the year 2018, stood at 50250 US dollars. In the same year, the per capita GDP was equivalent to 398 percent of the prevailing world’s average. Per capita GDP refers to the country’s income…
Everything that you need to know about MUDRA bank loan – FAQ What is a MUDRA loan? MUDRA loan or the Pradhan Mantri MUDRA Yojana is a Central Government flagship launched to generate business and income in India. MUDRA loan helps the micro and small-scale units to set up their business by providing funds up to a maximum of Rs: 10 lakhs. Who are all eligible for the MUDRA bank loan? Any Indian citizen who has valid documents to prove their identity and address can apply for MUDRA loan provided the funds required for their source of working capital does not exceed ₹10 lakhs. What are the necessary documents for applying the PM MUDRA loan scheme? Income proof, photo identity proof, address proof, bank statement of the last 6 months or 1 year (depending on the amount required), 2 recent passport size photos, MUDRA application form, and a loan application form. How does the Pradhan Mantri MUDRA Yojana scheme work? There are 3 types of loan facilities provided under the PMMY scheme – Shishu, Kishor, and Tarun. Shishu scheme provides…
some additional tips you can use to plan a cost-efficient wedding without breaking your bank The main concern that arises when you are planning a wedding is the budget. You may dream of having an incredible wedding, but you have reservations about going overboard with your preparations. So how do you create a memorable day that does not break the bank while also making you look like a cheapskate? The key to saving costs at a wedding is embracing flexibility. A good example is when choosing a wedding date. It is a fact that numerous weddings happen at the same time. You can reduce your spending by adjusting your wedding date to one where vendors are not busy, allowing you to drive a bargain for reduced costs. You may as well choose to look out for offers and bargains online such as the blue nile promo code that offers discounts on items such as wedding rings and earrings. Here are some additional tips you can use to plan a cost-efficient wedding without breaking your bank. Choosing a wedding venue Your…
Money and Banking Guidance for the Term Paper Writing a term paper is a learning and training process. Rather than simply deducting points for the mistakes made after it is turned in, I believe it is better and more useful to tell students the standard and criteria for the paper so that you will learn to do the right thing and fix those potential mistakes when writing it. Basically, this guidance is so designed that if you follow the instructions step by step, you should expect a full score or a very close one to it for your paper! Deadlines: Late submission is subject to point deduction by the rule that 10% point is deducted if one day late, 20% points are deducted if 2 days late, …… .Note that you must turn in Final Draft as scheduled. First draft and the final draft. The first draft is mainly for feedback purpose. It will be “graded” with my comments for your further revision but it will not really count, except the late submission penalty. The final draft will count,…
shadow banking, its operations, potential risks, and its development in the world Introduction The non-bank financial intermediaries can do their banking operations without following the traditional banking regulations. Market-based finances such as investment banks, money market funds, mortgage, among other services, are vital components of shadow banking. Also, shadow banking entails risky investment products and loan-shark operations that occur between individuals and business organizations. The shadow banking is a symbol of economic risks as it may fuel financial instability in the process. The shadow banks raise short term funds to buy assets in the money markets. Examples of the assets include mortgages with long term maturities and operate against traditional banking regulation. The securitization chain runs from the original mortgage that has been sold and comes back as a security that will be sold to the initial investors. In banking, shadow institutions do not operate with banking licenses as opposed to the traditional banks. Hedge funds, SIV, SPE, and repurchase agreements are some of the complex entities in the shadow banking regulations. The investors and borrowers are brought together through…
Factors to Consider When Hiring a Bankruptcy Lawyer To file bankruptcy is a hectic process, therefore looking for a qualified bankruptcy lawyer is crucial. When you want to handle such a case, it is necessary required that you have appropriate planning. It is also important that you have frequent follow up as this will make you get the best results in your bankruptcy claims. When you have opted to work with a bankruptcy lawyer, you will be assured of getting the best outcomes. Here are the tips to consider so that to pick the perfect bankruptcy attorney. The first thing you need to consider is the expertise of the bankruptcy lawyer. You will get the best outcomes when you have hired a bankruptcy lawyer who has more experience. The experience and skills of the lawyer are what will determine if your case will be successful or not. Therefore, you are supposed to check at the number of years that the bankruptcy attorney has been in practice. The attorney that had offered the services for many years will have the right…
The Riksbank and Swedish kronor The Riksbank is investigating whether Swedish kronor should be made available in electronic form. Accenture would build up the consumer-facing features of the e-krona. The initial contract will last for one year, but they were willing to conduct at least seven years of testing. The use of banknotes and coins in society is growing. At the same time, there is rapid progress in technological advances in digital cash and payment methods. Therefore, the Riksbank is investigating whether Swedish kronor, should be made available in electronic form. Albeit, no decisions on issuing an e-krona have been made as of now. The Riksbank has the task of fostering a safe and efficient payment system, a job that could be more complicated if many households and businesses no longer use money in the future as a means of payment. Therefore, the Riksbank needs to consider the role it should play in a growing digital world. In the spring of 2017, Riksbank launched a project to check the scope to issue a digital central bank currency (CBDC), a so-called…