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Costas Simitis

defence expenditures were recorded, in order to lighten the fiscal burden for the period over which it was to govern. The desire to present balanced books led to a restructuring of the recording of payments. Expenditure on defence equipment, previously recorded at the point of receipt, was retroactively registered at the date of purchase. Thus the expenses were reallocated to previous budgets. The transfer of part of the deficit to the previous government allowed New Democracy to reduce the expenditure recorded during its own administration. This restructuring of

in The European debt crisis
Oonagh McDonald

when investigations took place. The trader audit system worked by allocating each trader a random recording device, so the system recorded the telephone calls of a single trader on many different audio-tapes, making it very difficult to scrutinise the behaviour of any particular trader over a period of time. There was no system for identifying which traders were responsible for which trading books and which trades. In February 2011, Deutsche Bank was asked by the FCA for an attestation as to the adequacy of the systems and controls in place, a task which was

in Holding bankers to account
Oonagh McDonald

EURIBOR. It was regarded as routine, involving a number of external parties and trading activities. It also included offering or bidding cash in the market to create an impression of an increased or reduced supply so that other panel banks would alter their submissions. Money market traders, derivatives traders and submitters were all sitting together on the same trading floor and were encouraged by managers to share information about currencies and markets without any restrictions. In addition, Deutsche Bank’s systems for identifying and recovering recordings of trader

in Holding bankers to account
Abstract only
John Wilson

funds raised from extensive asset sales was also a major contribution to clearing the company’s debts, while reducing overheads and implementing a series of economy measures would have further assisted the recovery programme instituted at the end of 1989. Nevertheless, in spite of all this industrious work by Anderson and his management team, after 1989 Ferranti International proved incapable of recording a gross profit on its operations, eating up the cash accumulated from asset sales. Figure 8.2 illustrates clearly the nature of the problem, because with turnover

in Ferranti: A History
Oonagh McDonald

history rate contracts in terms of gross market value totalled $48.1 trillion, with swaps predominating in that market, at 68% of the contracts.23 Then, of course, the financial crisis hit the OTC derivatives market, especially credit default swaps. The market for interest rate derivatives faced its first significant downturn, after recording an above average rate of growth in the first half of the year. In spite of that decrease, declining interest rates resulted in a 98.9% increase in the gross market value of interest rate derivatives, to $18.4 trillion. The picture

in Holding bankers to account
Oonagh McDonald

such amendments to the Code which it considers necessary. The Code covers internal systems and controls around activity on the gold price auction; staff training and experience; order management and recording; handling conflicts of interest, including having a policy and being aware of any changes in the structure of the company or changes in an individual’s responsibilities which could give rise to new conflicts of interest; whistle-blowing; and record-keeping. Record-keeping (all for five years) includes written records of activity, key details of repre

in Holding bankers to account
Open Access (free)
Stan Metcalfe and Alan Warde

hold. These cases correspond to many industrial markets. They can be distinguished according to whether production is to order or whether production is ‘speculative’. In these cases independent market makers are absent and it is the supplier who typically bears the cost of forming the market relationship. Ships and aircraft are built to order, as are many arts’ products (paintings, musical recordings and commercial photography, for 196 ● Stan Metcalfe and Alan Warde example). In mass markets, the speculative risk facing the producer is lower because many

in Market relations and the competitive process
John Wilson

buying and retaining its shares as a result of the strategic and structural decisions made by a team that was based on both a consistent organisational ethos and dynamic entrepreneurial instincts. Indeed, what some referred to as ‘the Oxford and Cambridge of British electronics’63 was in the mid-1980s riding high on the contemporary sentiment that British business was booming, with the City of London especially recording record levels of activity and investment growing impressively, both at home and abroad. Like many such ‘bubbles’, however, the promise proved illusory

in Ferranti: A History
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

’s owners bear little risk themselves because they have little capital tied up in the bank. The BIBFs, whose “out–in” lending was entirely foreign-currency denominated, expanded credit at the fastest pace, recording average annual growth rates of over 35 per cent (IMF 2000, 47). This outcome was quite different from the original intent of the BIBF – to establish Thailand as a regional banking center and serve as an intermediary between offshore lenders and borrowers. On the contrary, the BIBF ended up unintentionally serving as a conduit for local firms vastly to expand

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

vehicles for directed lending to non-productive ventures. Overall, the level of non-performing loans ranged from 55 per cent to more than 90 per cent of the banks’ portfolios (Enoch 2000, 16). While for most of these banks the loans portfolios were dominated by memo-lending, banks also incurred huge losses as a result of the need to make substantial provisions against problem loans even as earnings capacity was eroded as recording of interest income on nonperforming loans changed from an accrual to a cash basis. The huge losses wiped out the capital bases of much of the

in The Asian financial crisis