Tag: 爱上海WQ

Swedish FSA rejects cutting cap requirements for green assets

first_imgA government proposal to ease capital requirements for pension funds’ environmental sustainable investments in Sweden’s latest batch of IORP II legislation has been given the thumbs down by the country’s financial watchdog.In its response to the consultation on draft legislation amending Sweden’s main IORP II act, which came into force at the end of last year, the FSA said: “The proposal that the societal interest in environmentally-sustainable investments should be taken into account in the capital requirement calculation should be recast.“It is not appropriate to further reduce the capital requirement for such investments until it has been shown that they routinely imply a lower financial risk,” the FSA (Finansinspektionen, FI) said in its written response to the memorandum “En översyn av regleringen för tjänstepensionsföretag” (A review of the regulations for occupational pension companies), which has been out for consultation with a deadline of yesterday.The memorandum contains several amendments to the main IORP II act, taking account of four parliamentary demands for solutions to contentious aspects of the law – which had been rushed though at the end of last year to avoid EU penalties for lateness. The memorandum produced by the Financial Markets Department includes the proposal that the capital requirement for market risk included in the risk-sensitive capital requirement should include a subgroup for risk related to “approved infrastructure investments”.The proposal goes on: “The public interest in achieving environmentally sustainable investments must be taken into account when calculating the capital requirement for approved infrastructure investments.”The FSA said it endorsed the first part of this proposal, but interpreted the second part as meaning environmental sustainability should be a criterion for approving infrastructure investments – and that the capital requirement for these approved assets should be lowered from the current level.“FI does not consider that the capital adequacy rules should be adjusted in order to promote goals other than protecting policyholders and safeguarding financial stability, regardless of whether the business is about sustainability or anything else,” the authority wrote.Capital requirements rules should not be a political instrument, it said, but should be consistent with valuation principles for balance sheets and reflect the real risks faced by occupational pension companies.“It is therefore not advisable to lower the capital requirement to strengthen the incentives for investment in infrastructure,” the FSA said.In its consultation response, the authority also singled out two other parts of the draft legislation for criticism, rejecting the idea of reducing risk-sensitive capital requirements by a further adjustment amount, and calling for further investigation into the proposal to allow occupational pension companies’ safety reserves to be included in the capital base.In December, the governor of Denmark’s central bank, the former ATP chief executive officer Lars Rohde, at the IPE Conference spoke out against the idea of supporting green growth by reducing banks’ capital charges for climate-friendly lending.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

McGrath predicts League suspense

first_imgNoel McGrath says it’s likely that Michael Ryan’s side will have until after the Cork match in just over two weeks’ time before finding out if their involvement in the competition will extend into April.Tipp will look to return to winning ways against Waterford in Division 1A this weekend – so far they’ve beaten Dublin and lost to Kilkenny.Noel is hopeful of getting the push for a place in the knock-out stages back on track at Semple Stadium on Sunday. Tipp FM will have live coverage of the match on Sunday from 3 o’clock, which will be brought to you in assocation with Alliance Medical, South Tipperary General Hospital, Clonmel.last_img read more

Gunmen rob Linden construction worker

first_imgA construction worker of Mackenzie, Linden was on Tuesday robbed by two armed men on Alexander Street between Regent and Charlotte Streets, Georgetown.Kelvin Fernandes, 48, was relieved of $210,000 by the two men, one of whom was armed with a handgun.Based on reports received, the man left his worksite at Providence Housing Scheme, East Bank Demerara (EBD) and went to change a cheque at the Bank of Guyana, Avenue of the Republic, Georgetown.After cashing the cheque, the man reportedly placed the money in his left pants pocket and walked to Robb Street. After some time, he stopped at the Bourda Market along Regent Street to conduct a transaction.Shortly after, Fernandes told detectives, he turned onto Alexander Street and it was at that time he was confronted by the two men, who demanded cash and personal items.The victim reportedly put up a fight, but the men managed to push their hands into his pocket and took away the money. They then escaped on foot.Detectives believed that the perpetrators might have trailed Fernandes from the bank. Up to press time, the Police were still conducting their investigations, but no arrests were made.last_img read more