Film gross earnings – Mondovino Le Film http://mondovino-lefilm.com/ Wed, 21 Sep 2022 16:00:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://mondovino-lefilm.com/wp-content/uploads/2021/07/lefilm-150x150.png Film gross earnings – Mondovino Le Film http://mondovino-lefilm.com/ 32 32 Warning for MSMEs as government seeks another IMF loan – NationNews Barbados – nationnews.com https://mondovino-lefilm.com/warning-for-msmes-as-government-seeks-another-imf-loan-nationnews-barbados-nationnews-com/ Wed, 21 Sep 2022 16:00:43 +0000 https://mondovino-lefilm.com/warning-for-msmes-as-government-seeks-another-imf-loan-nationnews-barbados-nationnews-com/ posted on September 21, 2022 posted on September 21, 2022 Article ofCaribbean Media Corporation (CMC) Director of the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES), Professor Don Marshall – FP A university economics professor has warned people working in micro, small and medium-sized enterprises (MSMEs) that the Barbados government may find it […]]]>

posted on


Caribbean Media Corporation (CMC)

Director of the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES), Professor Don Marshall – FP

A university economics professor has warned people working in micro, small and medium-sized enterprises (MSMEs) that the Barbados government may find it harder to help the sector when the island heads to the International Monetary Fund (IMF) for another external financing mechanism. (EFF).

The director of the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES), Professor Don Marshall, told the Barbados Small Business Association (SBA) state of industry conference on Tuesday that the logic often brought even by the new era of the IMF contrary to what other countries are doing in their economies and to stimulate small businesses.

“IMF loans come with restrictions on your public policy maneuvering,” Marshall said. “I have nothing against a government that says, ‘based on the options available to me, I will go to the Fund to seek to protect and correct my public finances’.

“However, I ask after the conditionalities because austerity binds the conditionalities, that is, they engage in spending, subsidies and research and development, they sponsor it deeply and that is the kind of state intervention that the IMF denounces.”

Earlier this month, Prime Minister Mia Mottley announced that Barbados would seek a new IMF loan deal, telling citizens “these are indeed rough waters”.

Marshall said while there was a need for the government to fix and maintain its public finances, it also needed policy space to help the MSME sector.

He said the Prime Minister was known for “advocating quite well on the international stage for greater fiscal and development policy space”, suggesting the same was needed for MSMEs here to thrive.

“Political space is essential, but the Prime Minister has a free hand,” said the university professor. “As Minister of Finance, she is surrounded and stripped bare by a coterie of individuals, so imbued with a particular reading of development that they begin with the fiscal and end with the fiscal.”

Marshall told the event, which was part of Small Business Week 2022 activities, that while other countries were engaged in deficit spending in an effort to lift their economies out of the “deep economic quagmire in which we we find”, Barbados continued to speak a different language.

“The advice is against swinging the pendulum,” he said. “The advice is that we need to embark on achieving a 1% surplus, and in the previous BERT it goes up to 6% – which is great if we’re running a company…

“But that’s completely at odds with what’s required now if you’re running a country, especially a country that has to move in the direction of engendering a value-added philosophy, and that has to diversify, etc.”

Marshall wondered if similar attention was really given to the “transformation” aspect of the BERT program.

“I always remind them what about development, what about the T in BERT – Transformation?” He asked.

“Transformation requires a level of state intervention, a level of partnership with elements of the private sector…that is never envisioned by IMF teams past and present.”

The political economist said that while there are opportunities for small businesses to cement their place in the global marketplace through the use of technology without depending on any government, he argued that culture was always a major setback.

“At some point, you come from culture, you come from attitudes and you come from merchants of doubt and opposites, and you ask yourself, ‘where did that come from?’ He asked.

“Whereas your counterparts in other spaces are not surrounded by naysayers and merchants of doubt. This explains why global capitalism does not present a neutral space for all companies and all countries to succeed at the same time.

Marshall said while the focus seemed to be on innovation, there was an apparent lack of need to pursue “some kind of value-added ethos.”

“When I look at Barbados, I’m not sure we can talk about a society and an economy that reflects this philosophy of adding value,” he said, adding that companies and countries that are doing well were those where there was “value—an added philosophy that drives innovation, that thrives on creative disruption, that thrives on creating greater value for customers.”

The University of the West Indies professor said now is the time for Barbados to leapfrog the status quo of finance, import trade, insurance and property prospecting for development if small businesses are to thrive .

“I think we’re very good at replicating the status quo,” he said. “We’re getting great at it, and it’s a cultural thing.

“It’s nothing you can deal with in a strict political sense, unless we’re talking about an enterprise of social transformation that starts with education, that starts with reassessing the way we see entrepreneurship , the reassessment of how we see education on all fronts.”

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$150 million World Bank loan to Punjab to improve financial management and provide better services to citizens https://mondovino-lefilm.com/150-million-world-bank-loan-to-punjab-to-improve-financial-management-and-provide-better-services-to-citizens/ Mon, 19 Sep 2022 22:31:00 +0000 https://mondovino-lefilm.com/150-million-world-bank-loan-to-punjab-to-improve-financial-management-and-provide-better-services-to-citizens/ WASHINGTON, September 19, 2022 – The World Bank Board of Directors today approved a $150 million loan to the state of Punjab in northern India to help the state better manage its financial resources and improve access to public services. The Punjab: Building Fiscal and Institutional Resilience Program will support the state’s efforts to build […]]]>

WASHINGTON, September 19, 2022 – The World Bank Board of Directors today approved a $150 million loan to the state of Punjab in northern India to help the state better manage its financial resources and improve access to public services. The Punjab: Building Fiscal and Institutional Resilience Program will support the state’s efforts to build institutional capacity in various government departments, manage fiscal risks, and make informed policy choices to support sustainable growth.

Punjab’s growth has been below its potential. A combination of budgetary challenges and institutional capacity constraints mean that scarce resources are dispersed among development priorities.

The new project will support the state’s development goals by strengthening planning, budgeting and monitoring functions, and leveraging digital technology. The project will also seek to increase accountability in public procurement systems by supporting the statewide implementation of new legal and policy reforms.

“The World Bank is pleased to be a partner of the State of Punjab in the state’s effort to deliver timely, cost-effective and good quality public services, which is essential for inclusive development,” said Auguste Tano Kouame, World Bank Country Manager. Director in India. “This new project will support the implementation of the state’s new data policy, which aims to bring together various social protection initiatives and reduce potential leaks while providing essential services.”

The project will pilot two initiatives: first, introduce a performance-based grant system to incentivize municipalities to improve service delivery. Secondly, to demonstrate the provision of 24/7 water supply in selected areas of Amritsar and Ludhiana cities. It will improve water distribution systems and reduce water leakage. The success of these pilot projects will provide significant potential for statewide expansion of improved service delivery.

“The project uses a ‘whole of government’ approach which will ensure that the various departments of the Punjab state government are linked to improve their efficiency in the management of public resources. Performance-linked intergovernmental fiscal transfers will incentivize better city management and service delivery to citizens,” said Dhruv Sharma and Bhavna Bhatia, project team leaders at the World Bank.

The $150 million IBRD loan has a 15-year maturity including a 6-month grace period.

/Public release. This material from the original organization/authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author or authors. See in full here.

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Davidson Co. Fire Department buys new fire truck with loan https://mondovino-lefilm.com/davidson-co-fire-department-buys-new-fire-truck-with-loan/ Sat, 17 Sep 2022 15:01:18 +0000 https://mondovino-lefilm.com/davidson-co-fire-department-buys-new-fire-truck-with-loan/ EnergyUnited provided a $360,000 interest-free loan to A-RC-H Fire & Rescue in Davidson County to fund the purchase of a new 1,250 gallon fire pump. The loan was provided following a grant to EnergyUnited through the United States Department of Agriculture’s Rural Economic Development Loan and Grant Program. “We are grateful to receive this funding […]]]>

EnergyUnited provided a $360,000 interest-free loan to A-RC-H Fire & Rescue in Davidson County to fund the purchase of a new 1,250 gallon fire pump.

The loan was provided following a grant to EnergyUnited through the United States Department of Agriculture’s Rural Economic Development Loan and Grant Program.

“We are grateful to receive this funding from EnergyUnited,” said A-RC-H Fire & Rescue Fire Chief Kevin Hauser. “This new fire truck will benefit the residents and businesses of Arcadia, Reedy Creek and Hampton by improving the reliability of our services and our incident response capabilities.”

REDLG funds provided by USDA-Rural Development are used by cooperatives like EnergyUnited to help fund business start-up costs, business expansion projects, community development initiatives and more. This program contains two funding opportunities, known separately as the REDLoan program and REDGrant programs.

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How Student Loan Forgiveness Will Transform College Funding https://mondovino-lefilm.com/how-student-loan-forgiveness-will-transform-college-funding/ Thu, 15 Sep 2022 15:53:00 +0000 https://mondovino-lefilm.com/how-student-loan-forgiveness-will-transform-college-funding/ The income-based repayment (IDR) program proposed in Biden’s student debt relief plan “could dramatically change the way people fund college,” according to Kent Smetters, director of the budget model faculty. from Penn Wharton, a nonpartisan research initiative that analyzes the fiscal impact of public policy. “It could almost make college free, or nearly free, for […]]]>

The income-based repayment (IDR) program proposed in Biden’s student debt relief plan “could dramatically change the way people fund college,” according to Kent Smetters, director of the budget model faculty. from Penn Wharton, a nonpartisan research initiative that analyzes the fiscal impact of public policy. “It could almost make college free, or nearly free, for a lot of people. Many more people could go to college. Smetters, who is also a professor of business economics and public policy at Wharton, made the observations while discussing PWBM’s study of the debt relief plan recently on the Wharton Business radio show. Daily on SiriusXM.

Details of the new plan

Income-based reimbursement plans have been around for a long time in the US Department of Education, but the new plan will be “much more generous than existing programs,” Smetters noted. The new rule would require borrowers to pay no more than 5% of their discretionary income per month on undergraduate loans, compared to 10% available under the most recent income-driven repayment plan.

It would also increase the amount of income considered non-discretionary income and therefore protected against reimbursement. It aims to ensure that no borrower earning less than 225% of the federal poverty level — about the annual equivalent of a $15 minimum wage for a single borrower — will have to make a monthly payment, according to a memo. the White House on the map. Additionally, it would cover the borrower’s unpaid monthly interest so that no borrower’s loan balance will increase as long as they make their monthly payments – even when that monthly payment is zero because their income is low.


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Federal student loan repayments have been suspended since March 2020 as part of COVID-19 relief measures, and the new plan extends that pause “one last time” through December 31, 2022, with payments resuming in January. 2023. To ease this transition to repayment, the new plan will offer debt forgiveness of up to $20,000 to Pell Grant recipients and up to $10,000 to non-Pell Grant recipients, as long as their income is less than $125,000 (for individuals) or $250,000 (for households). Another feature of the new plan is to write off loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less.

Invitation to Max Out Loans?

Smetters highlighted the generous dimensions of the new income-based repayment plan: capping monthly payments at 5% of discretionary income; redefining discretionary income to make it much smaller than it was under current law; and the government will “essentially make payments on your behalf so that your loan balances never increase, even if you make payments below the interest rate.”

Under existing programs, a student borrower’s debt would increase if he did not repay the interest in full; he would be pardoned later after reaching the deadline — usually 20 years, Smetters continued. “The idea was simple: suppose your income increases much later, then you would be expected to pay off that debt. One of the reasons for the low number of signups could be because of this feature – i.e. you are racking up a lot of debt at a higher interest rate than you would eventually have to pay off.

Under the new IDR program, this effect would disappear, Smetters pointed out. “So even if you thought your income might increase, you would still want to enjoy the new IDR in the meantime. That’s the reason why there is hardly any downside to signing up.

“I’ve had people tell me before that why even put a 529 plan in place,” Smetters noted. (A 529 plan is a tax-advantaged plan to encourage savings for higher education). “Many students have even mentioned to me [that they] should take on as much debt as possible, as payments are going to be severely capped under the new income-tested repayment scheme.

“If people are really rational and if they really believe this program will last, it should fundamentally transform the way education funding is done because many students would have an incentive to maximize loans to pay for their education,” said Smetters. . “Why do this summer job? Why do your parents or grandparents contribute?

Costs could exceed $1 trillion

Smetters said he didn’t expect the White House to release data on the costs of such a generous program. But the analysis that PWBM economist Junlei Chen produced under Smetters’ direction estimated the program’s costs over its 10-year budget window: Canceling student debt will cost between $469 billion and $519 billion. dollars, depending on whether existing and new students are included. ; about 75% of this benefit will go to households earning $88,000 or less per year. Loan forbearance for 2022 will cost an additional $16 billion.


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Under strict “static” assumptions about student borrowing behavior and the use of participation rates in existing income-based repayment programs, the proposed new IDR program will cost an additional $70 billion, increasing total costs of the package to $605 billion, according to the study. But depending on how the IDR program plays out and changes in student borrowing behavior, it could add an additional $450 billion or more, bringing the total costs of the plan to over $1 trillion. added the study.

Features of the new IDR proposal could significantly increase take-up rates, the PWBM study notes. Current PWBM calculations don’t even take this effect into account yet, Smetters said. “They only represent the higher participation rates in the income-based program, assuming existing funding is student-driven. Our cost numbers will become important once we factor in the shift to more borrowing.

A majority of qualified borrowers do not enroll in existing programs, according to a previous PWBM brief. PWBM plans to study the distributional effects of the new IDR program and related aspects in future reports.

The federal student loan portfolio currently totals more than $1.6 trillion, owed by about 43 million borrowers, according to a Forbes report. Federal student loans make up the vast majority of US student debt – approximately 92% of all outstanding student loans are federal debt. About 5% of student debt was at least 90 days past due or in default as of the fourth quarter of 2021, the report adds. That number is artificially low because federal student loans are currently on forbearance, he pointed out.

(Knowledge at Wharton published this article for the first time.)

The opinions expressed in this article are those of the author and do not necessarily reflect the editorial policy of Fair Observer.

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What’s next with student debt and loan forgiveness? https://mondovino-lefilm.com/whats-next-with-student-debt-and-loan-forgiveness/ Tue, 13 Sep 2022 16:17:10 +0000 https://mondovino-lefilm.com/whats-next-with-student-debt-and-loan-forgiveness/ In late August, President Joe Biden announced a plan to forgive student loans for millions of people. Borrowers earning less than $125,000 may have $10,000 of loans forgiven, and those who received federal Pell grants in college may have $20,000 of loans forgiven. The US Department of Education estimates the plan will eliminate student debt […]]]>

In late August, President Joe Biden announced a plan to forgive student loans for millions of people. Borrowers earning less than $125,000 may have $10,000 of loans forgiven, and those who received federal Pell grants in college may have $20,000 of loans forgiven.

The US Department of Education estimates the plan will eliminate student debt for about 20 million people. But some critics say the plan does nothing to help low-income people who have never attended college, is unfair to people who have paid off their loans and does nothing to improve the affordability of education. Others say more loans should have been cancelled.

MPR News host Angela Davis talks about the aftermath of student loans and the future of college affordability.

Guests:

  • Nicholas Hillman is a professor in the School of Education at the University of Wisconsin-Madison. His research examines how finance, politics, and geography shape educational opportunities in the United States.

  • Marshal Steinbaum is an assistant professor of economics at the University of Utah. He is also a senior researcher in higher education finance at the Jain Family Institute, a nonpartisan research institute.

Subscribe to the MPR News podcast with Angela Davis at: Apple podcast, Google Podcasts, Spotify Where RSS.

Use the audio player above to listen to the entire conversation.

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What a car loan costs you https://mondovino-lefilm.com/what-a-car-loan-costs-you/ Sun, 11 Sep 2022 20:06:20 +0000 https://mondovino-lefilm.com/what-a-car-loan-costs-you/ It’s tempting to buy a new car, whether it’s an upgrade, a first car, or another car for the family. Whatever the reason, a car loan makes the purchase easier. Auto loans typically last three to five years, but some lenders may also offer loans for up to seven years. A longer loan can mean […]]]>

It’s tempting to buy a new car, whether it’s an upgrade, a first car, or another car for the family. Whatever the reason, a car loan makes the purchase easier. Auto loans typically last three to five years, but some lenders may also offer loans for up to seven years. A longer loan can mean smaller equivalent monthly payments (EMI), which makes the car more affordable, but overall you pay more interest. Remember that a car is a depreciating asset, so taking out a larger loan may not be the best thing to do. But if you take out a car loan for a short term, EMIs will be heavy and non-payment will mean a stain on your credit report. Conditions also apply to the loan amount. For example, some lenders will lend for the full ex-store price of the car, while others may lend up to 80%. Besides the interest rate on a car loan, also take a look at the applicable processing fees and other fees.

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Should you take out a loan from your 401(k)? https://mondovino-lefilm.com/should-you-take-out-a-loan-from-your-401k/ Fri, 09 Sep 2022 22:29:00 +0000 https://mondovino-lefilm.com/should-you-take-out-a-loan-from-your-401k/ By Greg Spears 4 ways to make borrowing from your retirement account less risky When we moved to Pennsylvania in 1996, I wanted to buy an old house. After months of searching we found a stone farmhouse close to my new job and in a good school district. There was just one problem: we didn’t […]]]>

By Greg Spears

4 ways to make borrowing from your retirement account less risky

When we moved to Pennsylvania in 1996, I wanted to buy an old house. After months of searching we found a stone farmhouse close to my new job and in a good school district. There was just one problem: we didn’t know if we could afford it.

We hadn’t been able to sell our house in Maryland, so we had no real estate capital to bring to the table. When our real estate agent saw the asking price, she refused to show us the place because it was out of our price range. She wasn’t wrong.

We went to see anyway. It was a stone house with large mature trees. A light snowfall made the property look like a Currier & Ives print. Our children ran around the yard, jumping into the creek ahead. We had to drive home to put our 7 year old son in dry clothes. But within minutes we had fallen in love with the place.

From the visit I got an idea of ​​how we could afford the property. There was a small cottage, separate from the main house, which could provide rental income which we could then use to cover the mortgage. However, we still needed a large down payment. But I also had an idea of ​​where to find this money. I would borrow from myself.

Read: US gains 315,000 jobs in August. The labor market remains solid but shows signs of slowing down

First, I incorporated an IRA into my new 401(k) plan at work. Once it was transferred, I borrowed the maximum allowed from the plan – $50,000. I would have five years to repay the loan through automatic payroll deductions. The interest rate was prime plus 1%, if I remember correctly.

Plan loans are the most popular 401(k) feature, that is, after employer correspondence. At any one time, one in eight workers has a 401(k) outstanding. Because you’re borrowing from your own savings, you don’t need a bank’s approval. It is also easy to apply. Often, all you need to do is fill out an online form or speak with a representative over the phone.

There remained, however, a snag. Borrowing from the 401(k) went against the advice of my new employer, Vanguard Group. It was not a strict ban. Vanguard allows loans from its 401(k) plan. But the company’s stated position was that money saved for retirement should only be used for retirement.

To read: I took Social Security at 62 and I regret it now. Is there a way to increase my Social Security benefits?

This argument has real merit. It’s hard enough for many Americans to save enough for their retirement. We tend to start saving later in our careers. Many workers don’t save enough each month. Why withdraw money from an account that may already be too small?

I knew I was a good saver, contributing as much as possible to the scheme. At the rate I was going, I didn’t think there would be a shortfall in retirement. I didn’t want to miss any more goals. Buying a nice house in a good school district would make my job more rewarding.

Vanguard had other more specific reasons for advising workers against borrowing. The money would be “out of the market” until it was repaid. This meant that I would miss out on gains if there was a spike in stock prices. But at the same time, I could avoid a loss if the stock price fell while I had an outstanding loan. It was a bit of a tossup because it depended on the timing.

Vanguard’s strongest argument was that some borrowers can’t repay their loans, usually because they lose their jobs. This can trigger a financial avalanche. Any remaining balance is due in full, usually within 60-90 days, depending on plan rules. If the borrower cannot make the lump sum payment, the outstanding balance is subtracted from the borrower’s retirement savings. This is reported to the IRS as a taxable distribution, subject to income tax and usually a 10% early withdrawal penalty.

In this worst-case scenario, you could lose your job, default on the loan, lose some of your savings, and then owe the IRS money. About $6 billion in 401(k) savings are lost each year this way, according to a 2015 estimate by researchers at Peking University, the Wharton School, and the University of Pennsylvania’s Vanguard. Their estimate was higher than that found in previous studies.

I could imagine a black swan event like this happening, but not for me. Like most people, I trusted in “recency” – that the current conditions I enjoyed would unfold seamlessly into the future. I trusted that my job was safe and that my health would remain good.

It doesn’t always happen, of course, but it worked out well for us. Looking back I realize I had taken a big bet which luckily turned out OK. Still, I would probably do the same thing again under the same circumstances. Like the idea of ​​borrowing from your 401(k)? Here are four suggestions to make these loans less risky:

Rarely borrow. I’ve only taken out one loan from my 401(k) in my career. If you are borrowing, do it for something vital, not for a luxury purchase or vacation.

One at a time. Some 401(k) plans allow workers to have more than one loan outstanding at any given time. Those who take out two or more loans have a higher default rate. They often borrow from Peter to pay Paul.

Not an emergency fund. Workers who borrow from the 401(k) to pay rent or make car payments could benefit from credit counseling. People who treat their 401(k) as an emergency fund are living too close to the edge.

Make sure your work is secure. Before borrowing, think carefully about your employer’s financial situation and your relationship with your boss. By far the most important thing is not to lose your job while you have an outstanding loan. If you can avoid this, things tend to go well. More than 90% of the plan’s loans are repaid on time.

Learn how to shake up your financial routine at the Best New Ideas in Money Festival on September 21-22 in New York City. Join Carrie Schwab, President of the Charles Schwab Foundation.

This column first appeared on Humble Dollar. It has been republished with permission.

Greg Spears is HumbleDollar’s associate editor. Greg also holds a Certified Financial Planner certificate.

-Greg Lances

 

(END) Dow Jones Newswire

09-09-22 1829 ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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Strong increase in loans and growth in the loan portfolio https://mondovino-lefilm.com/strong-increase-in-loans-and-growth-in-the-loan-portfolio/ Mon, 05 Sep 2022 06:00:00 +0000 https://mondovino-lefilm.com/strong-increase-in-loans-and-growth-in-the-loan-portfolio/ The volume of new long-term loans granted amounts to €6.6 billionthe long-term loan portfolio increased to 87.8 billion euros. The result of interest came to 220 million eurosthe net profit amounts to 206 million euros. Strong capitalisation: Common Equity Tier 1 ratio of 37% and Tier 1 capital ratio of 40%. €8.7 billion long-term financing […]]]>
  • The volume of new long-term loans granted amounts to €6.6 billionthe long-term loan portfolio increased to 87.8 billion euros.
  • The result of interest came to 220 million eurosthe net profit amounts to 206 million euros.
  • Strong capitalisation: Common Equity Tier 1 ratio of 37% and Tier 1 capital ratio of 40%.
  • €8.7 billion long-term financing has been raised, of which more 3.5 billion euros in the SDG bonds.

THE HAGUE, Netherlands, September 5, 2022 /PRNewswire/ — The first half of 2022 has been eventful. The impact of the Russian invasion of Ukraine and the consequences of the Covid-19 pandemic have had significant economic consequences, which have also affected our customers. Due to high inflation, the ECB has tightened its monetary policy and significantly higher interest rates apply.

Even in these difficult times, BNG Bank has proven to be a reliable and long-lasting partner to its clients in the public sector. We bring ideas to the social issues we face, and through our lending at attractive rates, we provide more than half of all lending in the public domain. In the first half of 2022, we granted €6.6 billion in long-term loans (first half of 2021: €5.6 billion). Our long-term loan portfolio increased by €0.7 billion at €87.8 billion. The increase in the long-term loan portfolio is mainly due to higher than expected demand, particularly from municipalities. Due to rising interest rates, some of our clients have decided to take out loans sooner than they originally planned.

Financial
BNG Bank has a healthy financial situation. In the first half of 2022, we achieved an interest rate result of 220 million eurosand our net profit for this period amounts to 206 million euros. The increase in net income (first half of 2021: 187 million euros) was mainly due to a reduction in provisions for expected credit losses and a higher result on financial operations.

BNG Bank continues to have a strong capital position, with a Common Equity Tier 1 capital ratio of 37% and a Tier 1 capital ratio of 40%. Thanks to this strong capitalisation, together with our low risk profile and our triple A ratings, our bonds remain attractive even in these uncertain times. In the first half of 2022, we raised €8.7 billion in long-term financing. This included the highly successful issuance of four new SDG bonds (linked to the Sustainable Development Goals) with a volume of over 3.5 billion euros.

Strategy
In the first half of 2022, BNG Bank continued to implement its “Our Road to Impact” strategy. Funding our clients’ transitions helps us achieve maximum social impact together. In order to strengthen our strategic partnership with our customers, it was decided to modify the commercial organization.

Making an impact through partnerships
Gita Salden, CEO of BNG Bank: “As a public bank, we have the same interests as our customers. BNG Bank wants to help make the Netherlands better and more attractive; We achieve this mainly through our loans, but also by connecting the various players in the public domain, drawing on our banking expertise. A good example is the prepaid card for Ukrainian refugees. In 225 municipalities of the NetherlandsBNG Bank’s prepaid card offers a solution for refugees from Ukraine. The debit card is an initiative of BNG Bank and was previously used by municipalities for the homeless. Thanks to good cooperation with the various parties involved, we were able to adapt the card for Ukrainian refugees in just a few weeks and quickly increase production.

Outlook for 2022
We expect to meet our annual goal of granting new long-term credit-free loans for a total amount of €9.8 billion. In the second half of 2022, we will also continue to optimize our organization in order to improve its alignment with the wishes of our customers. The measurement of the impact of our customers will be carried out for the second time. In addition, BNG Bank’s climate action plan will be published.

Read the interim report and underlying information on BNGBank.com.

BNG Bank is a committed and reliable financial partner that actively contributes to the creation of solutions to social problems in the public domain. In its activities, BNG Bank has chosen to focus on five SDGs: Good health and well-being (SDG 3), Quality education (SDG 4), Affordable and sustainable energy (SDG 7), Sustainable cities and communities (SDG 11 ) and Climate Action (SDG 13, in particular reducing CO2 emissions, limiting energy demand and increasing energy efficiency). BNG Bank is a strong player in the international capital market. Funding focuses on raising funds by issuing bonds, specifically SDG bonds. SDG bonds are used to finance sustainable, social and customer activities.

CONSOLIDATED RESULTS


Amounts in millions of euros

06/30/2022

31/12/2021

ASSETS



Cash and balances

25,350

9,264

Amounts owed by banks

155

163

Cash collateral

4,964

13,993

Financial assets at fair value through equity

1,136

1,383

Derivatives

4,318

5,685

Financial assets at fair value through equity

7,255

8,572

Interest-bearing securities at amortized cost

7,354

7,632

Loans and advances

90,440

89,738

Value adjustments on loans under portfolio hedge accounting

-3,013

13,555

other assets

233

64

Assets held for sale

8

TOTAL ASSETS

138 192

149,057




LIABILITIES



Amounts owed by banks

19,518

19,525

Cash collateral

1,093

984

Financial liabilities at fair value through profit or loss

221

310

Derivatives

8,128

16,935

Debt securities

97,591

101,355

Funds entrusted

6,597

4,525

Subordinated debt

37

36

Other liabilities

462

325

TOTAL RESPONSIBILITIES

133,647

143,995




EQUITY



Capital and realized reserves

3,972

3,881

Hybrid Capital

309

733

Revaluation reserve

60

83

Cash flow hedge reserve

6

1

Own credit adjustment

1

3

Cost of hedging reserve

-9

125

net profit

206

236


4,545

5,062

TOTAL RESPONSIBILITIES

138 192

149,057

CONSOLIDATED INCOME STATEMENT


Amounts in millions of euros

06/30/2022

06/30/2021

– Interest income

2,175

2,244

– Interest charges

-1,955

-2,016

Outcome of interest

220

228




– Commission income

11

ten

– Commission expenses

-2

-2

Result of commissions

9

8




Result on financial transactions

92

63

Participation results

ten

1

Other results

0

1

TOTAL INCOME

331

301




Personnel costs

-35

-25

Other administrative expenses

-18

-22

Depreciation

-1

-1

Other operating expenses

0

0

TOTAL OPERATING EXPENSES

-54

-48




Net impairment losses on financial assets

14

seven




Net impairment losses on associates and joint ventures

1

-0

Contribution to the resolution fund

-20

-2

Direct debit

TOTAL OTHER EXPENSES

-5

5




PROFIT BEFORE TAX

272

258




income tax expense

-66

-71

net profit

206

187

– of which attributable to holders of hybrid capital

23

21

– of which attributable to shareholders

183

166

SOURCEBNG Bank

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Loan Co. Parent Beats RICO Suit Alleging Tribal Partnership https://mondovino-lefilm.com/loan-co-parent-beats-rico-suit-alleging-tribal-partnership/ Sat, 03 Sep 2022 00:41:00 +0000 https://mondovino-lefilm.com/loan-co-parent-beats-rico-suit-alleging-tribal-partnership/ By Caleb Symons (September 2, 2022, 8:41 p.m. EDT) – A federal judge in Baltimore launched allegations on Friday that North Dakota tribesmen conspired with business partners to run a loan sharking scheme, finding the putative class action “devoid of any facts” necessary to prove a violation of U.S. anti-racketeering law. The lawsuit, which residents […]]]>
By Caleb Symons (September 2, 2022, 8:41 p.m. EDT) – A federal judge in Baltimore launched allegations on Friday that North Dakota tribesmen conspired with business partners to run a loan sharking scheme, finding the putative class action “devoid of any facts” necessary to prove a violation of U.S. anti-racketeering law.

The lawsuit, which residents of seven states filed in April 2020, does not offer any details about how Cane Bay Partners VI LLLP and its owners handled the loan transaction with tribal members, or how whose business was even structured, according to U.S. District Judge Lydia Kay. Griggsby.

With plaintiffs’ complaint under the federal Racketeer Influenced and…

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Why loan forgiveness may not solve anything https://mondovino-lefilm.com/why-loan-forgiveness-may-not-solve-anything/ Thu, 01 Sep 2022 14:45:00 +0000 https://mondovino-lefilm.com/why-loan-forgiveness-may-not-solve-anything/ President Biden ultimately delivered on its campaign promise to erase student loan debt for certain types of borrowers. As of this writing, his new plan forgives up to $10,000 in federal student loan debt per person earning less than $125,000 per year or per household with incomes less than $250,000. The rebate amount also doubles […]]]>

President Biden ultimately delivered on its campaign promise to erase student loan debt for certain types of borrowers. As of this writing, his new plan forgives up to $10,000 in federal student loan debt per person earning less than $125,000 per year or per household with incomes less than $250,000. The rebate amount also doubles to $20,000 for those who used Pell Grants to attend school, which makes sense given that these grants are only eligible for borrowers with the greatest need.

Other elements of Biden’s student loan forgiveness plan include a new income-focused repayment plan that requires lower monthly payments based on 5% of Discretionary Income (instead of 10%), more forgiveness fixes public service loan (PSL
LSP
F), and somehow lowering the cost of higher education by “holding schools accountable when they raise prices,” according to a press release from Whitehouse.gov.

Unfortunately, this is all starting to look like a lot of theater for a plan that will only help eligible borrowers struggling with student debt. in this real moment.

Everyone, including future students, will find themselves facing a higher education landscape that still uses the same exorbitant prices and predatory practices that families face today.

In fact, student loans taken out after June 30, 2022, or earlier this summer, are already ineligible for Biden’s forgiveness plan.

More student loans on the way for college students

How bad is our student debt crisis? According to student loan expert Mark Kantrowitz, who is the author of How to Apply for More College Financial Aid, higher education borrowing currently exceeds $94 billion a year. He says that, according to the most recent data, total federal student loan disbursements for 2020-21 were $82 billion and private student loans added another $12 billion.

However, those numbers are about $10 billion lower than a year earlier due to a downward trend during the pandemic, he says. In other words, pre-Covid higher education borrowing was higher, which likely means students will take out billions more in student loans as colleges return to normal for the 2022 academic year- 23.

Of course, none of this is surprising.

According to Jonathan McCollum, President of Federal Government Relations at Davidoff Hutcher & Citron, the current student debt crisis (and its continuation) is the result of tuition fee increases that have outpaced inflation, as well as predatory institutions that have reduced the purchasing power of existing forms of federal aid over time.

McCollum says the Pell Grant provides a strong example since this aid is the most basic federal student aid program for low-income students. While the Pell Grants were generous enough to cover about 80% of higher education costs in public four-year schools in the 1970s, they are now only enough to cover 30% of college costs, he says.

This has left needy students borrowing more and more money for college year after year – even as the return on investment for many college degrees has all but eroded.

And while the $10,000 or $20,000 forgiveness will ultimately help millions of borrowers in debt right now, prospective students face dire prospects when it comes to paying for college. Financial Ryan H. Law of Ryan Law Consulting, LLC adds that this pardon is nothing more than a band-aid solution to a much bigger problem.

Rather than aiming for short-term political victories, politicians need to sit down and have a conversation about solving the real issues around student loans and education costs, he says. For example, Lawn has a daughter who is starting her freshman year of college this year. Should she expect to also receive $10,000 in loan forgiveness? Almost certainly not.

Potential Solutions to Part Two of the Student Debt Crisis

Law adds that it would likely help more long-term borrowers if the U.S. Department of Education scrapped origination fees for federal student loans and permanently lowered interest rates.

“Many borrowers have been paying for years and owe more than they did when they started paying back,” he says.

McCollum also says other initiatives could help solve our higher education crisis, or at least not make it worse. For example, Congress should move forward with legislation to double the maximum Pell grant, he says, adding that he should also consider expanding the program to include middle-income brackets that still need it. of financial assistance.

Once students graduate and their loans come due, the borrower repayment system also needs major reform, McCollum says.

“The government should consider reducing or drastically reducing interest rates and allowing borrowers to repay their debt without increasing the principal,” he said. “And those who can benefit from existing loan forgiveness programs should be able to access them without navigating a maze of red tape.”

Tax and retirement advisor Bob Falcon of Falcon Wealth Managers also adds that the way families buy and compare schools today is completely reversed. For example, today’s students visit colleges without having a clue what a school might cost them. From there, they fall in love with a school and work very hard to get the admissions equation in order. Once they are accepted into their dream school and their financial aid award letter arrives, only then do they realize they cannot afford it.

Tears and tantrums usually ensue, Falcon says, and parents often feel guilty enough to allow the student to attend. This often leads to students maximizing available federal student aid, as well as parents taking out PLUS loans, second mortgages, or both to fill in the gaps.

Instead, Falcon says families should calculate the net price for different schools before even applying. For example, the US Department of Education offers an online net price calculator.

“Collegedata.com and other free online databases can be used,” he says.

CEO Fred Amrein of PayForED agrees, adding that today’s higher education system is based on access, not affordability. In other words, almost anyone can access federal student loans to pay for their education, but there are no measures in place to ensure that students know the ultimate cost of their education or what could be their student loan repayments in the future.

“We need to provide students and families with personalized projections of total debt and repayment options at the start of and during college,” says Amrein. “There is no transparency regarding the financial results of pursuing a specific degree or designation.”

Jeanne Scheper, who is an associate professor and chair of the department of gender and sexuality studies at the University of California, Irvine, says it is also time for society to change course and invest in a future where young people who want an education and contribute meaningfully in society don’t have to struggle with decades of debt.

“Our universities should produce magnificent minds, not mortgaged minds,” she says.

Scheper believes that society’s solution lies in our willingness to invest in the public good at the state and federal levels by building a strong, accessible and affordable public education for all.

At the same time, universities have a responsibility to reconsider privatization trends and spending that drive up tuition fees.”

The essential

Many are celebrating the soon to be $10,000 or $20,000 in student loan forgiveness, and for good reason. After all, erasing such a debt will absolutely change the lives of some and bring some relief to all who qualify.

That said, it’s time for society to answer a simple question. If student loans are so toxic that we have to forgive them, why is the federal government still facilitating tens of billions of dollars in student loans year after year?

Until we answer this question and find solutions that will reduce the costs of higher education, nothing will change.

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