Archive for the ‘EUROZONE NOW ITS GOING GOING GO—-’ Category

LIES CONCOCTED BY THE MEDIA MOGALS IS OUT OF CONTROL

Friday, February 17th, 2017

President Trump. Lies by media, is out of control.

 

 

The shocking truth is the Media are creating half- truths into sensational News Headlines. It is shocking that this rhetoric attack most of it lies “is being targeted at President Trump.

 

You may not like Mr Trump, but do you know him. I am speaking from my own observations, “what he has said” and done, firstly he is obviously an intelligent businessman. “You do not become a $billion corporation” being stupid.

 

This is President Trumps first week in Office, “he is a man of his word” like so many other successful businessmen.

 

He has carried out election promises, some within hours of becoming President of the USA. He was elected by the majority of the American people who wanted change from the corrupt power within that created wars debt and deliberate destruction of manufacturing output that put millions of Americans out of work.

 

His direct manner and style is not good news for the corrupt corporations controlling the mass media, they don’t like it, they want it has it was – Corruption Fraud and rewards for spewing out hype and lies, that do make good news headlines. Yes freedom of the Press is required. But not to tell lies.

 

This monstrous group of corrupt elite wealthy politicians bankers and corporations created immigration deliberately “meaning lower wages” or no job at all for millions of Americans. Millions lost their homes in foreclosure fraud, banks stole customers money or confiscated it, while the administration gave $trillions to banks when their greed caused the collapse of banking as we know it.

 

This same mess was replicated in Britain and in Europe where millions of ordinary people are paying huge increases in taxes to pay for the corrupt elites greed, like Wall street and its Banker Brethren and most of the crooks in suits who’s need is greed.

 

President Trump is a guy that says what most folk know is true but are afraid to say. The media on the other hand spew out lies; they fabricate News Headline’s and avoid the truth about immigration.

 

Ordinary people know the facts they live with them every day. And are paying to heavily a price for American and European Union corruption, do the Media report it, NO they are silent, just like they are on immigration. What has happened to the millions of immigrants that flooded into European countries? The Media are silent about this as well.

 

America now is a repeat of what’s happened in Britain, the media just made up any crap to avoid the British people wanting to leave the European Union that destroyed manufacturing then taxed populations into poverty. Then created austerity to starve creativity. Then enforced mass immigration to lower wages.

 

While the EU forced through even more taxes on food medicines fuel and thousands of other new money making schemes, “that have caused hardship on a scale never seen before” in most countries of Western Europe.

 

Now you need to ask yourself, do you trust the “Media, Banks, Insurers, Wall street and its Corporations, or Politicians. “You know the crooks in suits in Government.

 

Or do you believe Trump “ he did what he said he would do”?

 

Can you say the same or trust the Media, They seem to have forgot the Twin Towers and 9/11, Death of Princess Diana, Paris attack, London Bombings, Tony Blair his illegal oil war in Iraq, or the fact that 95% of all suicide bombing attacks worldwide are carried out by Muslims.   And now the Media is pushing Tony Blair onto every media channel in a vain attempt to stop the British people leaving the European Union and its ECB bank for Bankers (gangsters is a better word)

 

Itsfraud 17/02/17

 

 

OUT VOTE, SAYS NO CONFIDENCE IN “UNDEMOCRATIC EUROPEAN UNION”.

Friday, June 24th, 2016

The majority have voted out, there is no confidence in Conservative or Labour.

 

Boom and bust party leaders have no leadership mandate from “British citizens”.

 

Britain needed leaders not liars, both main party leaders have lost the confidence of the majority of its common people.

 

A decisive vote of no confidence in the Conservative Government or its leader David Cameron.

 

Corruption and immigration control has won – the British people are not racist, this was an excuse used to often by the————————-.

1% elite who wanted to profit from creating low wages, using migrant cheap labour.

 

 

Why do we belong to the European Union! And pay £55 million each day for membership.

Sunday, April 17th, 2016

We pay £55 million each day for EU membership and €80 billion a month to EU Banks?

Why do we borrow money from Bankers like the EU, IMF, ECB, UN, BIS, Federal Reserve, World Bank, all are just loan sharks and thieves.

Why not just print our own money! Why can’t the Bank of England print the money it needs.

Why is it Britain has become a Debt Based Economy, clinging to the purses-strings of Bankers.

Why can’t we be paid enough to pay tax and enjoy a lifestyle befitting our hard Labour.

Why are we Paying €80 Billion each month to European Union Banks and Financial Institutions

Why are we bailing out Financial Institutions, Banks, Insurers and Corporate Giants with no Morals .

Why are Taxpayers paying for the Corruption, Fraud, Deception, and incompetence of Government .

Why is the Government lying to us about the cost to taxpayers of remaining in the European Union .

Why is our Government not disclosing the facts about Bailing out EU Banks and Financial Institutions .

Why is The European Union not concerned about Member States Laws Breeching International Law.

Why does the European Union allow EU Member State Laws to contravene European Law.

Why does the European Union allow Immigrants into the EU without Health Checks or Security Checks.

Why is it the European Union giving priority to Black and Asian Muslim immigrants over others.

Why is European Union States being ravaged by Islamic Muslim Terrorists Killers! Born in the EU .

Why are we not allowed to speak the truth about EU Immigration and connected Muslim Terrorists .

Why doe’s the European Union keep silent about the Health Risks Immigrants carry like TB, HIV, Ebola .

Why do we “Pay European Union  VAT”, this tax has made Britain uncompetitive to the rest of the World .

Why has the European Union enforced Austerity on all EU Countries and stolen customers money from banks.

Why will the European Union not disclose the salary or expenses of Ministers or  Officials .

Why is the European Unions Accounts unaudited and where has the missing €Trillions gone.

Why is the European Union Protecting insolvent Corporations at tax payers expense.

Why wont the European Union allow Britain to negotiate trade agreements and exports outside the EU .

Why has the European Union Destroyed our Steel, Coal, Motor, and other industries with Laws and Directives.

Why has the European Union imposed  a threat to lawful process using laws to the detriment of business and citizens.

Why is the European Union allowing criminals from other EU Countries the freedom to enter any EU Country.

Why is the European Union Protecting Corporate Giants and ignoring Small Businesses.
Why is the European Union adding many layers of bureaucracy to create complexity for the simplist of tasks .
Why is the European Unions Directives and Laws so long winded and complex no-one impliments them.
Why are the European Union so Anti-Democratic they ignore Public Opinion and Votes.

Then enforce a second or third vote until its for the EU.

Why is the European Union Funding thousands of Concocted projects costing € millions in Grant Aid to PIGS and Eastern Block Countries .
Why are European Union forcing through second elections and referendums when a democratic majority vote has Won ?
Why are the European Union not enforcing the law and jailing corrupt and fraudulent Bankers, Insurers, Directors, Ministers, Polititians, etc ?
Why are many EU Member States Laws so corrupt they allow Individuals and Companies to escape Justice, “by just returning documents” to sender.
Why has the right to Justice been removed by the European Union. Leaving only two options open. (1) The Ombudsman “which cannot enforce anything”. Or (2) the highest Court, that is “unnafordable” for the vast majority and where “decisions can be appealed” and take years- and cost € millions.
Why is the European Union creating laws, directives, they know are illegal like “Electronic Toll Roads” where a “contract cannot exist” . And where the EU advise Local Authorities and the Police etc to stop motorists illegally to try and force payment of toll. In the event that it fails, the police are told to delay the Motorist for 3 hours Max?
Why has every European Union Law supposedly introduced to protect EU citizens got the the words “May” or “Could” instead of “Have” or “Are! “protected”.
Why has the European Union allowed over a 3 Million Islamic Muslim Migrants into the EU, Knowing this situation would swamp local services Hospitals, Housing, Schools, etc increasing unemployement and lowering wages for the poorest and most vunerable in society.
Why is there no right to legal aid for those unable to afford exorbitant European Union Court fee increases, that leave the most vunerable without a right to Justice.
Why is the European Union, IMF, UN, ECB, US FED Reserve, Corporate Giants, and the richest in society, using “Fear” to sway the “Electorate” into voting for remaining in the European Union against their wishes?
Why is the European Unions so corrupt it will not provide Audited Accounts or answer Freedom Of Information Requests For Ministers Salary and expences.

Why is €80 billion being given to banks each month, ? And where is this taxpayer money being spent? And what on?

Check out the true facts yourself and vote with you own Knowledge, not lies spread by self interest groups like Government, Insurance Companies, Banks, and the Media.

Britain is being destroyed by immigration from muslim countries, care of the European Union.

 

 

100 reasons to vote UKIP

Wednesday, January 28th, 2015

100 days till the election, 100 reasons to vote

UKIP

Published Jan 27, 2015

With 100 days to the election, here are the first 10 of 100 great reasons to vote UKIP

1. Get Britain out of the European Union
2. Get control of immigration with an Australian-style, points-based immigration system
3. £3bn more, annually, into our NHS which desperately needs it
4. Scrap tuition fees for students studying Science, Tech, Engineering, Maths, or Medical degrees
5. Pay greater attention to elderly care across the country
6. Cutting £9bn from our foreign aid budget
7. Give the people the ability to “recall” their MPs, without parliamentary or MP approval
8. Stopping our endless, foreign wars
9. Promoting a British identity, as opposed to failed multiculturalism
10. Allowing existing schools to become grammar schools

11. Ending PFI privatisation of the NHS, proliferated by Labour and the Tories
12. Ensuring our armed services are properly equipped for when we do need them
13. Establishing a Veteran’s Administration to look after those who looked after us
14. Encouraging inward investment with growth markets, not JUST the failing Eurozone
15. Overcoming the unfairness of MPs from devolved nations voting on English laws
16. Cutting bureaucracy, red tape, and wasteful spending from government departments
17. Cutting the same bureaucracy that hinders small businesses and entrepreneurs
18. Supporting our farmers with a Single Farm Payment Scheme
19. Ending the burdensome “green levies” that have added £000s to our energy bills
20. Scrapping the poorly planned HS2 project, saving up to £50bn
21. Opposing tolls on public roads – we’ve already paid for them
22. Supporting bus passes for pensioners with the support of local authorities
23. Foreign vehicles to require Britdisc passes to contribute to our roads they use
24. Ending the use of speed cameras as revenue raisers – they should be a deterrent
25. Protecting our green belt
26. A central list of brownfield sites for developers
27. Houses on brownfield sites to be Stamp Duty exempt on first sale
28. VAT relaxed for redevelopment of brownfield sites
29. Local referenda for large-scale development, if triggered by 5% of electorate
30. Introducing the ability for citizens to initiate national referenda
31. Withdrawing from the European Court of Human Rights
32. Reversing the government’s opt-in to the European Arrest Warrant
33. Negotiating bi-lateral agreements to replace EAW
34. No votes for prisoners
35. Full prison sentences should be served, parole on case-by-case basis
36. Replacing the Human Rights Act with a British Bill of Rights
37. Official documents to be published primarily in English
38. Cracking down on honour killings, female genital mutilation, and forced marriages
39. Reviewing the BBC licence fee with a view to reducing it
40. Taking non-payment of the licence fee out of the criminal sphere
41. Amend the smoking ban to promote choice for ventilated smoking rooms
42. Opposing plain packs for cigarettes, which has had no impact where trialled
43. Promoting the employment of young, British workers
44. Repealing the Agency Workers Directive
45. Encouraging councils to provide more free parking on High Streets
46. Simplifying planning regulations for long-term empty commercial properties
47. Extending the right of appeal for micro businesses against Revenue and Customs
48. Negotiating bespoke trade agreements with EU member states and worldwide
49. Reoccupying our seat at the World Trade Organisation
50. Abolishing inheritance tax

51. Introducing a 35p income tax rate between £42,285 and £55,000 – taking many public sector workers out of top rate of tax
52. Setting up a Treasury Commission to make sure big corporations pay their way in taxes
53. Abolishing the Dept of Energy and Climate Change and rolling retained functions into DEFRA
54. Introducing an Apprenticeship Qualification for students who don’t want to do non-core GCSEs
55. Scrapping the arbitrary 50% target for university attendance
56. Students from the EU to pay the same as International Students
57. Introducing more power for parents: OFSTED to investigate schools on petition signed by 25% of parents or governors
58. Guaranteeing a job in the police, prison, or border forces for anyone who has served 12 years in the Armed Forces
59. Priority social housing for ex-service men and women, and those returning from service
60. Veterans to receives Veteran’s Card to ensure they’re supported in event of mental health care and more
61. All entitlements to be extended to servicemen and women recruited from overseas
62. Establishing a National Service Medal for all those who have served
63. Encouraging local authorities to buy out their PFI contracts where affordable
64. Ensuring GP’s surgeries are open at least one evening per week where demand permits
65. Ensuring migrants have NHS-approved health insurance until they have paid into the system for 5 years
66. Ending hospital car parking charges
67. Replacing bureaucratic watchdogs with locally elected health boards for more transparency
68. Stopping the sale of patient data to big business
69. Ensuring a high standard of English speakers in the NHS
70. Amend working time rules to give trainee doctors, surgeons, and medics better environments
71. Encouraging and protecting whistleblowing to get to the bottom of poor performance
72. Ensuring migrants have jobs and accommodation before they can come to the UK
73. Migrants will only be eligible for residency after 10 years’ working here
74. Reinstating the primary purpose rule, bringing an end to sham marriage migration
75. No amnesty for illegal immigrants, or those gaining UK passports via fraud
76. Protecting genuine refugees by returning to the UN Convention of Refugees principles
77. British companies to be prioritised to deliver foreign aid contracts
78. Repealing the Climate Change Act 2008 which costs the economy £18n per year
79. Scrapping the Large Combustion Plant directive and redevelop UK power stations
80. Supporting the development of UK Shale Gas with proper safeguards
81. No new taxpayer subsidy for wind farms
82. Leaving the Common Agricultural Policy
83. Allowing parliament to vote on GM foods
84. Reinstating British territorial waters
85. Food to be labelled with country of origin, method of production, method of slaughter and more
86. Ban live animal exports for slaughter
87. Scrapping the Bedroom Tax
88. Child benefit only for children permanently resident in the UK
89. Future child benefit to be limited to first two children only
90. Ensuring an initial presumption of 50-50 parenting on child custody matters
91. Safeguarding visitation rights for grandparents
92. Supporting a streamlined welfare system and a benefit cap
93. Enrolling unemployed benefits claimants into workfare or community schemes
94. Placing revenues from shale gas into a Sovereign Wealth Fund to ensure future growth and security
95. Emphasising the immediate need to utilise forgotten British infrastructure like Manston Airport
96. No cuts to frontline policing
97. Prioritising social housing for those whose parents and grandparents were born locally
98. Reaffirming British laws, rather than allowing dual-track legal systems for minorities in the UK
99. Promoting patriotism and the importance of British values in our schools
100. Rebalancing Britain’s economy.

Seems we have a choice here more of the same from Labour, Liberal, or Conservative.

Or a better future free.

Its A Monopoly. There Is No Competition.

Wednesday, January 29th, 2014

Since we joined the European Union Britain has

become a huge monopoly for it.

 

Central Banks have control of your money.

Unless of cause you are a banker. The legal gangster, a general term “Bankster”.   It is now accepted by most, that banks are owned and run by corrupt criminals, who have run amok with your/ our money.

 

Of cause the pockets of Government are open always to these criminal enterprises. Its their club, a group of Government Central Banks controlling the EU and their individual Governments, France, Germany, Italy, etc.

This chain of command has created a criminal organisation so huge it now calls all the shots related to wealth creation. It is a frightening scenario where bankers print own distribute and control all forms of money and wealth creation, then share the returns amongst themselves.

 

It is supposedly legal. Is a Monopoly legal ? of cause it was the central bankers who decided it would be lawful therefore each club member must obey the rules. This clubs name is the ECB “European Central bank”. It owns and controls the European Union, it controls the supply of money and its value. You have no Vote or say in this matter whatsoever? Your Government enforces their control on you.

 

This monopoly is the law of the Criminal Bankster and you are being forced to obey their law, by Your Government.

 

Take for example the enforcement of VAT by the European Union on Margaret Thatchers Government. It is now the third largest source of Government revenue. VAT was enforced on Britain and introduced in the UK in 1973 at a rate of 8% as I remember, then quickly rose to 10%. It was a pre-condition to joining the then EEC, now the EU.

Vat appeared to replace purchase tax.  Though soon it became clear it was a tax on consumers especially the poor who could not claim it back like the richest who could.

 

Under European Union law, the standard rate of VAT in any EU member state must not be lower than 15%. Each member state may have up to two reduced rates of at least 5% for a restricted list of goods and services. However the European Union must approve any reduction of VAT. The economic burden of this tax is felt by (the poorest consumer).

VAT is a very regressive tax that enforces the poorest people in society to spend a larger proportion of their income on VAT than the wealthy.

Since the wealthy bankster controls the ECB and themselves control the money supply to the EU. And you have no vote or say. You will always pay for the Banks mistakes, corruption and fraud.

 

The blame lies with you of cause. You allowed your Government to joint the European Union (when you had a vote).

Now you may have a second chance. Unless you use your vote in the soon to be held elections. You will suffer increased VAT, higher taxes, lower wages, and suffer at the hand of the most corrupt in society. The EU Corrupt Banksters. Who will import immigrants to lower wages from countries where despots rule just like the Banksters.

Work this out:

Fuel taxes. Duty, VAT, = around 83% more or less.

VAT. 20%

Everything has VAT included. Because fuel has VAT on it as well as Duty?

And everything has to be transported. Medicine Food etc.

 

Do you trust your Bank,

 

Do you trust the ECB

 

Do you trust the European Union

 

Do you trust your Government or its central Bank.

 

If not then use your vote and vote this bunch of Gangster Banksters the Crooks In Suits Out.

 

NEXT: article soon, under MONOPOLY.

 

How and why you are paying up to 10 times the actual Trade or Retail price for most consumer goods.
A monopoly exists in every supply chain in Britain today and the Government allows each and every one of them.

Few know it, and most are not aware it exists.  But put simply there is now no competition full stop. What competition existed has now been bought out by the huge corporate giants.

Take for example the retail parks, these have all been taken over by a few companies trading with many different names. The same applies to the trading estates where trade outlets for just about every industry are owned by a handful of companies. Who’s Monopoly, means you pay 50% to 500% more for items that were previously much lower and heavily discounted.

Some of these trade and retail outlets now own 95% or more of available outlets on all trading estates and the names are all well known brands you know.  For example you can visit a Trading Estate with several Electrical trade outlets— or Plumbing trade outlets,  trading with different names but all are owned by the same company. Who are ripping you off big time, be warned you are being robbed by these gangsters who have no Corporate conscience or responsibility.

It is even more alarming  to find out that most food and drink sold is manufactured and sold in Britain by one American Company with hundreds of product names and thousands of outlets.

These huge companies take out of the British Economy £billions and kill off all competition especially small businesses. Since most SME’s have no idea that they are buying their stock from a competitor. Who will have their banks scrutinise what you are doing— and limit cash flow if you become a threat. And most will.

More to follow with names.

 

 

 

European economic crisis, Osborne says get your act in order

Wednesday, January 15th, 2014

Chancellor; Osborne’s speech European economic crisis,

& European union reform.

 

While Mr Osborne bleats on about European Union failures and it’s economic crisis and China and India beating the EU area countries with state of the art innovation and new technologies.  That once Great Britain was leading the world in. Mr Osborne forgot to mention why Britain is in this mess.

 

Can it possible be that the corrupt bleeding hearts of the British Government have spent so much taxpayer money on looking after too big to fail banks and bankers and their buddy insurance giants?  They forgot to look after the SME small and medium businesses.

 

These are the true innovators that take the risks and spend their own money setting up the new businesses that produce technical excellence.

 

So Mr Osborne until you realise that small businesses are much more important than the corrupt gangsters that have for years been the paymasters to the rule makers who produce laws to suit the bankers.

 

Small businesses are the backbone of Great Britain’s Future.

 

Spend your time Mr Osborne investing money where it produces results, put money where it’s required.

NOT WITH BANKS.

HOW TO SAY WHAT YOU THINK TO EU.

Wednesday, July 10th, 2013

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“UKIP” upsurge at the polls in Britain fire warning shot as voters warn the EU,

Monday, May 6th, 2013

“UKIP” upsurge at the polls in Britain fire warning shot as voters warn the EU its policies are seen as “destroying jobs” “creating crime” “lowering wages” “creating unemployment” “causing depression” “elevating suicide” and “starvation”. While “elevated death-rates caused by fuel cost” mean “elderly forced to choose between eating or freezing”.

This alone is forcing governments to act swiftly or face much tighter regulation from austerity stuffed taxpayers, whose patience is vanishing. The European Union, knows it face’s meltdown hence the recent 25 basic point rate cut. As voters react to EU policies that allow immigrants from poor countries flowing en-mass to wealthier countries. Bringing with it criminal gangs and lower wages for the poorest sector as eastern block black market Mafia’s turn the unemployed into slaves, using Bullet diplomacy.

But it was “bank bail-in” that took the publics attention as Cyprus under pressure from the EU and the IMF implemented “what became the end of public trust in banks”. When “banks just stole bank deposits” “its customers money using laws of privilege” to fund Cyprus and its Banks.

Earlier warnings by employers the “public” “traders” “ministers” “unions” and “political parties” that “EU increasing the tax rate rape of its citizens”.  “Enforced by the EU and made lawful” “ by Governments and Banks would backfire were ignored”.

So now the day of corporate pay obscenity is over, a bank for banks and bankers ECB rate-cut is not being passed on, and it’s seen as starving enterprising SME businesses of funding. While to big to fail Corporate banks and insurer’s sit on €multi billion piles of taxpayers cash offshore.

And so the public’s attention is being drawn to its own political power, and people are no longer depositing money with banks.

“Why should they” there is no point, “they just lose money daily with inflation and receive no interest”. Also much more importantly they know “banks are just thieves who will steal your hard earned retirement savings”. To fund their bankrupt coffers, while the European Union and ECB, bank for elite banks, plays sugar daddy to banks.

Latest reports from the EU indicate that negative deposits will become the next scam. Who I wonder in there right mind would consider depositing money in a bank account. Knowing their money held in the bank would be less as each day passed ?

They tried a massive array of tax increases, bank bailouts, price inflation, and printed money out of thin air. Created all manner of new regulation to generate taxes and finally folded after austerity on a Cyprus bank bail in.

Banks stole money out of their own customers bank accounts, like the un-trustable doctor who says “trust me I’m a doctor.

The EU is like the infamous doctor, who tells his patient “take this medicine” then the patient dies, and of cause the EU like the doctor, “now wonders why”.

5/6/2013 11:33 AM
Itsfraud.com

HE TOLD THE TRUTH.

Thursday, April 18th, 2013

 

 

 

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Speech: Meeting the challenge of Europe’s long-term financing needs: a pre-requisite for jobs and growth

Reference: SPEECH/13/308 Event Date: 11/04/2013

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European Commission

Michel BARNIER

Member of the European Commission, responsible for Internal Market and Services

Meeting the challenge of Europe’s long-term financing needs: a pre-requisite for jobs and growth

Eurofi High Level Seminar

Dublin, 11 April 2013

Ladies and gentlemen,

It is always a pleasure to participate in this annual conference on the eve of the Informal Ecofin Council. I would like to thank Eurofi and its president, Jacques de Larosière, for inviting me.

Tonight, I wish to talk about a consultation I recently launched on meeting the long term financing needs of the European economy.

But let me first spend a couple of minutes on our financial regulatory agenda.

Financial regulation and long term investments are linked.

Only a well-regulated financial system will inspire confidence and trust. And provide the right incentives for long-term investments.

When I was appointed Commissioner three years ago, Europe was facing the worst financial crisis the world had seen for over fifty years.

The crisis was largely caused by the absence of proper financial regulation and supervision.

Leaders called for global action.

Europe has acted on its global commitments.

Together with the European Parliament and the Council, we have agreed new rules to make the financial markets safer, more transparent and more stable.

A final agreement was recently found on our CRD IV package for banks.

This is no small step.

It means that Europe is one of the first regions in the world to fully implement the Basel 3 agreement.

And this major milestone came just one day after another breakthrough: the agreement on a Single supervisory mechanism for banks.

Of course, the final agreement departed from the Commission’s proposal in a number of ways.

Those are the rules of the game.

But the agreement delivers on the mandate of the European Council from June last year. It also preserves the Single Market.

This was crucial for the Commission.

So being here in Dublin, I want to take the opportunity to congratulate the Irish Presidency for the excellent work done so far.

However, the Single Supervisor cannot be a stand-alone piece of legislation.

As we have witnessed in Cyprus – transparent and clearly defined resolution procedures for banks are paramount.

Most European banks, like Cypriot banks, have branches and subsidiaries in other European countries.

So we need common rules.

It is becoming truly urgent to adopt, within the next few weeks, our Directive on Bank recovery and resolution.

Some Member States argue that we need much more flexibility and national discretion in the rules.

We disagree.

Yes, every bank and every crisis is different.

But we need to have one set of common, predictable rules.

National authorities need some flexibility. But national discretion must be limited and properly framed.

One word on bail-in in this context: —- This also means they can steal depositers money

Deposits under 100.000 Euros will always be protected. Would not believe the striked out comment.   ? Ltd Company

But shareholders, creditors and all other parties need to know in advance what to expect in case of resolution.

So we need to establish a clear order of claims.————— This means they will be allowed to steal your money after all the banks are just Ltd companies.

 

The Commission proposed that the bail-in tool would be applicable from 2018.

The ECB and others have recently called for an earlier application.

Let me be clear on this point: We are not against an application from an earlier date.

But the bail-in tool cannot be seen in isolation.

In order to avoid fragmentation in the Single Market, all parts of the banking union must be in place.

This includes agreement on the complete tool-kit of resolution tools.

And most importantly, common financial back-stops.

We need to find a swift agreement on all these subjects. I look forward to the discussion tomorrow with ministers and central bank governors.

We will also touch on the second element of the Banking Union – the Single Resolution Mechanism.

The Commission will make proposals this summer.

I believe we need one centralised resolution authority.

It should have a light but efficient and credible structure.

And from a European perspective, it would make sense and be both more coherent and effective, for those countries which belong to the Banking Union to establish a common resolution fund.

As was the case for the Single Supervisory Mechanism, we need to ensure that Member States outside the Euro zone can join the system if they so wish.

I am convinced that we can do this under the current Treaty.

Ladies and Gentlemen,

Let me now turn to long term financing.

New capital requirements, supervision and resolution will bring back financial stability.

But this is not sufficient to restore what Europe needs most: growth and jobs.

Europe’s economy faces massive long-term investment needs. As recognised by the G20, these are essential for innovation, competitive industries, modern infrastructures and green growth.

They require long-term financing. We need to make supply and demand meet.

Europe has strong assets for long-term investment: We have high levels of private savings and foreign investment.

Yet many factors are holding back long-term investment in Europe:

·         general risk aversion in companies

·         lack of confidence of both savers and investors

·         and banks are scaling back on their lending to the real economy.

We need to change this situation.

Banks will continue to play an important financing role in Europe.

But we need to ensure a more diversified system. With higher shares of direct capital market financing. And greater involvement of institutional investors.

Our recent Green Paper on long-term financing launches a public debate in four important areas:

First, the capacity of financial institutions to direct savings towards long-term investment projects

We must seek a good balance between prudential requirements and long-term investment incentives for banks.

We need to reflect on how institutional investors can complement commercial banks in the long-term financing process.

I am thinking about insurance companies and pension funds, as well as national and multilateral development banks.

Second, the effectiveness of financial markets

Corporate bond, equity and securitisation markets in Europe remain relatively under-developed compared to other economies.

The revised MiFID Directive will, once adopted, strengthen capital markets. And reduce short-term and speculative trading activities.

Beyond this, we must think of other ways to develop bond markets in Europe as an alternative to bank loans.

And we must ask ourselves how to revive the securitisation market. without compromising financial stability. We must not repeat the mistakes of the past in this area.

Third, we have to look at cross-cutting factors:

Potential ideas include developing specific saving tools at EU level. To mobilise longer-term savings.

But also tax incentives for long-term investment.

Last but not least, we need to facilitate SMEs’ access to financing

Not all SMEs are destined to become global players.

But all SMEs are important for Europe’s recovery and competitiveness. They are the backbone of the real economy.

The CRD 4 package keeps the current preferential treatment for lending to SMEs.

And the European Parliament and the Council have recently reached an agreement on rules on European venture capital funds.

Such funds will now be able to raise capital from investors and support start-ups all over Europe, based on a single set of rules.

But we need to continue and look for new ideas.

This is why I encourage all of you to participate in our public consultation.

It is by working together that we will find the best ways of encouraging long-term investment.

Laying the groundwork for stronger growth and more jobs in Europe.

Thank you.

Show additional information

Reference : SPEECH/13/308 Event Date : 11/04/2013

Keywords

INTMARSER, BARNIER, SPEECH, COMDOC

Institution

EC

Publication date

12/04/2013 09:18

Last modification date

12/04/2013 12:18

 

SOMEONE TOLD THE TRUTH,

Monday, April 15th, 2013

SPEECH-13-309_EN

Links to the EU Banks Pawnbrokers Loansharks & Thieves

Monday, March 25th, 2013

 

  • European Union               europa.eu

 

 

 

 

  • European Court of Auditors                       www.eca.europa.eu

 

  • European Investment Bank                www.eib.org

 

 

  • Economic and Social Committee                                www.eesc.europa.eu

 

  • Committee of the Regions of the European Union             www.cor.europa.eu

 

  • European Ombudsman                                        www.ombudsman.europa.eu

 

  • EU News                                                               Europa – EU News

 

 

 

 

  • Bank for International Settlements                                                      www.bis.org

 

  • International Monetary Fund                                                                         www.imf.org

 

  • Organisation for Economic Co-Operation and Development               www.oecd.org

 

 

 

 

 

 

 

 

 

 

 

  • Estonia                                     Eesti Pank

 

 

  • France                                      Banque de France

 

 

  • Greece                                     Bank of Greece

 

 

 

  • Italy                                          Banca d´Italia

 

  • Latvia                                       Latvijas Banka

 

  • Lithuania                                  Lietuvos bankas

 

 

 

 

  • Poland                                      Narodowy Bank Polski

 

  • Portugal                                   Banco de Portugal

 

 

 

  • Slovenia                                  Banka Slovenije

 

  • Spain                                        Banco de España

 

  • Sweden                                  Sveriges Riksbank

 

 

There is only one thing on any thieves mind “stealing your money” ? and there is honour among thieves,,,,, are you one of the above.

 

EU & IMF GANGSTERS STEAL 10%

Monday, March 18th, 2013

 

 EU, IMF & CYPRUS ARE STEALING ITS CITIZENS BANK SAVINGS.

 

THE EU, IMF & CYPRUS decided a deal to steal 60% upwards and freeze accounts from Cypriot Citizens Bank Accounts, to pay off part of an IMF/ EUROZONE LOAN.

 

Just another BIG EU BANK BAILOUT, NOW IT’S CYPRUS AND ITS BANKS, stealing everyone’s money. This now shows clearly your money is not safe in any bank ANYWHERE.

Banks have legal privilage this means that when you deposit your money in any bank or building society they own the money, it is no longers yours.  Also bank guarantees are not worth the paper they are written on. They are Limited companies who can easily go bust i.e. Made insolvent and the major banks like RBS– in trouble are held by the Government under a limited Company

 

But this time the European Union and the International Monetary Fund has shown its true colors. They are just another TAX MACHINE, GANGSTERS STEALING PEOPLES MONEY. Using a law they made?

 

Their greed to feed their vile voracious habit has cause worldwide mistrust and condemnation from all sectors of society. “Quite simply” they have gone to far.

 

Ordinary people are now talking of “major civil unrest”. Listening to several discussions in a local café one person said quite clearly, they are just parasites, cowards who steal off the poor and rob old ladies.

 

Everyone you meet is expressing this sentiment of horror and worse; quite clearly the European Unions leaders have not considered the consequences of their actions. It has backfired and now peoples attention is being drawn to the effect the EU has had on their lives. And this has been tax tax tax and regulations with tax tax tax..

 

The author’s opinion is comparable most people now know that it is no longer safe to keep money in any bank. When you hear comments from the European Unions leaders, saying (they are quite sure it wont cause a run on other EU Banks). They are spouting garbage and deserve being treat like trash. (BIN THEM).

 

Ordinary citizens will soon need to vote in elections, the vast majority wanting a referendum on getting out or staying in the European Union. My vote will be to “get out” (when you have a bunch of EU crooks Governing “who will steal” your children’s food out of “their mouth”. Then law and order has broken down and it has no place in a democracy.

 

And now everyone knows banks are just corrupt greedy gangsters.

 

Latest situation sujjests Cyprus will default leaving the IMF & EU in a fix “meaning Cyprus” will dump the Euro and return to its own currency. This will have the effect of savings its citizens around 60%  in Taxes and regulations introduced by the EU that were starving its people and its businesses. Now they will be able to compete with much lower prices and guess where the tourists will head first.

The European Union has shot itself in the foot with the lender of last resort the IMF. Together they have set back the trust in Banking 300 years. Now banks will lose its deposits from savers since they have been shown just what a shower of crooks Banks are.

Whats the odds on the banks losing customers deposits and being split up now ? (90%).

Also the latest news from Draghi is they will do whatever it takes to save the Euro and EU, perhaps this means they will take your money now as well.

 

 

 

 

Portugal’s forest of young and old join.

Sunday, March 3rd, 2013

Together singing Grandola vila morena in spectacular fashion, after Passos Coelho, the prime minister said protesters were a minority. “Saying we shouldn’t mistake a tree for a forest”.

 

The response came fast on Facebook stating “we are the forest”, advertising the marches on Saturday which were spectacular demonstrations of unity, with the elderly and the young, singing “Grandola” in towns and cities all over Portugal and the rest of Europe attracting the worlds media, and the internet.

 

The demonstrations were televised around the world becoming one of the most powerful peaceful protests movements against austerity yet. A lesson for the Troika and the European Union, in that “this movement” comprised of millions of ordinary citizens will topple any Government not listening.

 

When in unity they sang emotionally “Grandola” tears streamed from the eyes of those who remember 25th April 1974, at 12:20 am when the song was broadcast on Portuguese Radio station Renascenca to signal the start of the revolution in which they restored democracy from Governing dictator Marcello Caetano’s Government.

 

The Portuguese Governments response to the austerity marches was unchanged. But it is understood much wider and larger peaceful demonstrations are planned a protester said, “to remove the Rabbit” and its “litter from Government”.

 

Prime minister Passos Coelho was clearly showing signs of distress and humiliation when he was drowned out attempting to make a speech in chambers above the revolutionary song Grandola vila Morena being sung.

 

Other ministers were dishonored and obviously shamed by the novel treatment handed down in song.

EU “says it’s not their fault”.

Tuesday, February 26th, 2013

EU “says it’s not their fault”.

 

But its leaders are now distancing themselves from the austerity they enforced on countries, even Drahi said EU austerity was a mistake, but now it is far to late to retrieve.

 

“The European Union” is a victim of its own greed and mistaken belief its citizens would tolerate austerity and massive fuel increases, the cause of the ongoing crisis.  “The EU is the problem and it has no solution” it is uncompetitive and maintains fraudulently an overvalued currency. The EU forced austerity on countries to create mass unemployment and hyperinflation to invent further taxes to inflate away the EU and ECB debts. That caused poverty, fueling hatred, that’s now stoked the fires of resentment. Soon too become clear after Italian voters vent their anger next week.

 

Its reasonably safe to assume the threat against the euro is imminent and 2013 will be the year its fate and the EU is decided by the public in mass demonstrations and votes of no confidence in the EU or its installed corrupt leaders “its citizens did not elect”, particularly so with German elections to follow as well.

 

Drahi said they would do what it takes (well it hasn’t worked) they bailed out banks with €trillions, gave us austerity, forced triple digit fuel prices, created electronic toll roads and peage tolls, which have hyper inflated the cost of “EVERYTHING”.

 

Now the public say “enoughs enough, GO TO HELL “THE EU IS DESTROYING EVERYTHING”.

“European Union system could collapse”

Tuesday, January 15th, 2013

There are signs that the entire “European Union system could collapse” (banks have for over 4 years been bailed out with trillions of Euro’s.  Yet nothing has been achieved, and staggering amounts of taxpayer’s money are still being pumped in the banking sector without public consent. And the EU knows, banks represent a serious risk to the “world financial system” a risk so serious it could “bankrupt even the largest of economies”.

The ECB and the European Union is taking huge open-ended bets, by bailing out and funding illegally Private Enterprise’s “Governments” and Corporate Giants, risking everyone’s money on a gamble.

We are bailing out bankrupt organizations but instead of the financial corporate lending they are selling off stock in frenzied attempts to fill their war chests, before the crap hits the fan.

The banks just recently have been allowed to keep less capital reserves and banking control is being watered down, like the event that caused the financial crisis.

The lack of control is being fabricated at the highest level to save the banks. That if were allowed to fail would have removed the fraudulent banks insurers and financials, and those financially unstable Leaving a stronger and vibrant “financial system of banks that could be trusted”.

Taking a closer look at the “ECB” we have a Company comprising a “Governing Council” and an “Executive Board” consisting of  some 25 countries central banks. See ECB document extracts below outlined and in bold  etc

6 THE ECB AS A CORPORATE ENTITY
As a central bank, the ECB has features of both the public and private sectors. Its legal foundations and mission make it a public authority; at the same time, its policies are mainly implemented by financial operations and its organizational setup and working methods are similar to those of a private sector bank. The ECB is therefore a public authority sui generis with some corporate characteristics.

6.1 MISSION STATEMENT
In August 2003 the Executive Board adopted the ECB’s mission statement reflecting its aims and position within the Euro system. “The European Central Bank” and the “national central banks” together constitute the Euro system, the central banking system of the euro area. The main objective of the Euro system is to “maintain price stability”: safeguarding the value of the euro.

We at the European Central Bank are committed to performing all central bank tasks entrusted to us effectively. In so doing, we strive for the highest level of “integrity”, competence, efficiency and “transparency.” The first part of the mission statement emphasizes the ECB’s vital relationship with the NCBs of the euro area and the primary objective of the Euro system. The second part stresses the ECB’s commitment to performing its tasks in an effective manner, and the values which the staff and management of the ECB regard as especially important for the performance of their duties.

The values of integrity, competence, efficiency and transparency were given particular prominence in an ECB staff survey, the results of which served as direct input for the formulation of the mission statement. These values are reflected in the way in which the ECB has organized its internal structure and working procedures. These structural and procedural features are not static but continually evolving with a view to developing the best practices and standards. Thus, in its start-up phase, the ECB’s priorities were to “establish its functions” and to introduce the euro. Now that these initial goals have been successfully realised, the ECB has more recently increased its focus to strengthening its internal organisation and human resources strategy.

6.2 CORPORATE GOVERNANCE
The term “corporate governance” can have a number of different connotations and definitions. In an ECB context, however, it denotes: • the rules and procedures for making decisions on the ECB’s corporate affairs; the arrangements for monitoring compliance with these decisions and with applicable legislation. Since the ECB is an independent organisation, the ECB’s corporate governance is primarily the responsibility of its decision-making bodies, in particular the Governing Council and the Executive Board. In addition, there are several external and internal control layers.

The institutional arrangements in the field of exchange rate policy ensure consistency with the objective of price stability for both the single monetary policy and the exchange rate policy (Article 4 of the EC Treaty). To the same end,
official foreign reserve holdings are concentrated within the Euro system; the ECB controls the use of these holdings as well as Member States’ residual working balances in foreign currencies (see Section 3.2). In addition, Article 101 of the EC Treaty prohibits the “Euro system” from lending to the public sector. This prohibition, which came into force at the start of Stage Two of EMU, shields the Euro system against pressure from the public sector to “grant” “monetary financing” using central bank money, and includes the purchase by the Euro system of “public debt” on the primary market.

The ECB regularly monitors the market for possible circumventions of this prohibition involving purchases of public debt on the secondary market. The Euro system may freely use a wide range of instruments for the implementation of its policies. This range of instruments includes regulatory powers and the right to impose enforceable sanctions in case of non-compliance with ECB regulations and decisions (see Section 2.5.3).

4.1.5 Financial and organisational independence
The ECB and the NCBs have their own financial resources and income and enjoy organisational autonomy. Their financial and organisational autonomy enables the Euro system to perform its tasks as required. The capital of the ECB is subscribed and paid up by the NCBs. The ECB has its own budget, independent from that of the EU.

The Statute also allows the ECB to adopt autonomously the conditions of employment for its staff and to organise its internal structure as it sees fit. In addition, as a supranational organisation, the ECB enjoys in the territories of the Member States the privileges and immunities that are necessary for the performance of its tasks. Chapter 1 of the Protocol on the privileges and immunities of the European Communities of 8 April 1965 guarantees, among other things, that the premises and archives of the ECB are inviolable and that its property and assets are intangible. The Protocol states further that these must not be subject to any administrative or legal measure of constraint without the authorisation of the ECJ. As regards the NCBs’ financial and budgetary autonomy and the autonomy of their staff, the Member States have a certain influence over NCBs’ budgets and the distribution of profits and staffing, be it as (sometimes sole) shareholder of their respective NCB or as national legislator. However, in line with the statutes of the NCBs, the Member States’ rights are subject to the proviso that their exercise is not allowed to impede on the NCBs’ capacity to perform their Euro system-related functions.

Box 5 The Community framework for fiscal policies
The Treaty contains several provisions aimed at ensuring sound government finances in Stage Three of EMU, given that fiscal policy remains the responsibility of the national governments. One relates to the excessive deficit procedure, as defined in Article 104 and a protocol annexed to the Treaty. This procedure lays down the conditions that must prevail for a budgetary position to be judged sound. Article 104 decrees that “Member States shall avoid excessive government deficits”. Compliance with this requirement is assessed on the basis of a reference value for the government deficit-to-GDP ratio of 3%, and a reference value for the government debt-to-GDP ratio of 60%. Under conditions defined in the Treaty and further specified in the Stability and Growth Pact (SGP), such as an annual fall of real GDP of at least 2%, deficit or debt ratios above the reference values may be tolerated, and will not be considered as implying the existence of an excessive deficit. Should the EU Council decide that an excessive deficit exists in a certain country, the excessive deficit procedure provides for further steps to be taken, including sanctions. The SGP was adopted in 1997, and complements and further clarifies the implementation of the excessive deficit procedure. It consists of the Resolution of the European Council on the SGP, the “Council Regulation on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies” and the “Council Regulation on speeding up and clarifying the implementation of the excessive deficit procedure”. By agreeing to the SGP, Member States have committed themselves to pursuing the medium-term objective of budgetary positions “close to balance or in surplus”. The idea is that having such positions would allow them to deal with the budgetary impact of normal cyclical fluctuations without breaching the 3% of GDP reference value. In a framework of multilateral surveillance, euro area participants are obliged to submit stability programmes to the EU Council and the European Commission. The non-participating Member States have to submit convergence programmes. Both of these contain the information needed to assess the budgetary adjustments envisaged over the medium term to reach the close-to-balance or in-surplus position.

An essential complement to these ways of promoting stability-oriented fiscal policies is the Treaty’s “no bail-out” clause. Article 103(1) of the Treaty states: “The Community shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State […]. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State”. This clause ensures that the responsibility for “repaying public debt” remains national. It thus encourages prudent fiscal policies at the national level. Further provisions contributing to fiscal discipline are the prohibitions of monetary financing of budget deficits and of any form of privileged access for the public sector to financial institutions. Article 101 of the Treaty forbids the ECB and the NCBs to provide monetary financing for public deficits using “overdraft facilities or any other type of

Box 5  The Community framework for fiscal policies (Con’t)

credit facility with the ECB or with the central banks of the Member States”. Article 102 of the Treaty prohibits any measure that may establish privileged access to financial institutions for governments and Community institutions or bodies. In addition to increasing the incentives to pursue sound public finances and prudent fiscal policies, these provisions contribute to the credibility of the single monetary policy in the pursuit of price stability.

The “Lisbon Strategy” established a comprehensive reform agenda which aims, among other things, to enhance the functioning of the Single Market and overcome existing fragmentation and inefficiencies in areas as varied as
“securities” markets, access to risk capital or air traffic control. Unlike the BEPGs, the “excessive deficit procedure” for fiscal policies (Article 104 of the EC Treaty, complemented by the Stability and Growth Pact) is legally binding and enforceable (see Box 5). “Budgetary discipline” is supported by the prohibitions on granting central bank credit to the government sector (Article 101) and any form of privileged access for the public sector to financial institutions (Article 102). Under the “no bail out” clause, neither the Community nor any Member State is liable for or can assume the debts incurred by another Member State (Article 103). Thus high government debt cannot be “inflated” away, and a government that does not stick to the rules cannot rely on being eventually bailed out by other governments. This asymmetry between the monetary and economic aspects of “EMU” implies that there is no “EU government” in the same way as there are “national governments”. However, this situation is not necessarily a flaw in the Community’s economic policy framework. Allowing the Member States a large degree of autonomy in decision-making in important fields of economic policy provides vital room for manoeuvre and offers scope for the beneficial effects of healthy policy competition. At the same time, the rules and procedures of the economic policy framework ensure macroeconomic stability, provided that the policy-makers respect them.

With respect to the policies and procedures of the ECB it is clear that these mission statements and legal framework are just words in a document that can be manipulated at will, or at least this seems to be the case.

Documents from the European commission clearly state that state aid, bank bailouts and financial assistance to private enterprise and corporate takes place. This represents humongous sums of public money, being wasted.

Whilst the EU and the ECB exist “there will be fraud on a gigantic scale” since those in control are in a members only club and financial perks are the normal day-to-day commonplace activities .

What is also of concern “is the enlargement of the EU” by Eastern block Countries. This has brought about the “importation of criminal gangs” who pose a threat to everyone. These gangs operate under many disguises but most are targeting the weak vulnerable and the elderly.
Since the EU enlargement Europe has been infiltrated by financially sophisticated criminal gangs who steal to order.

And this is the future for the European Union, the “Euro experiment” is bringing about an expensive system of control and domination for its working population. While bankers, Politicians and financial elite live the high life at your expense.

The EU is state control a system of making “all EU citizens, its existing workforce pay “more in taxes” for food and goods while it imports eastern block immigrants to lower wages. Bringing about the opportunity for criminal gangs from Bulgaria Latvia Lithuania etc to operate with new stolen wealth.

Some gangs have inferior goods manufactured looking like expensive brands. This type of crime is so prevalent it may now be impossible to distinguish fake goods (for a member of the public. But in almost all cases the items are machines chains saws, drills, breakers, vibrators etc with names like Makita, Bosch, Stihl.

Money laundering, drug cartels, murder, kidnapping, slavery, prostitution, and pedophile rings operate under the mask of farm workers, students, holidaymakers etc. Sending money back home, using several travel agents and buying high value items over a period of time while paying others to deliver items or exchange multiples of small amounts of local currencies into their home currency.

While the basic principle of a  EU common market is sound, the currency is not, it doesn’t take rocket science to realize square pegs don’t fit in round holes that are all different and with different values for everything.

A one value Euro will never work and hopefully the idiots may find it out before we all have to pay for their experiment. Demand a referendum, it’s your right, or you will be paying for bankrupt banks, for generations.

State aid for Italian bank Monte dei Paschi

Saturday, January 5th, 2013

 

 

EXME 12 / 17.12

Midday Express of 2012-12-17

News from the European Commission’s Midday Briefing

Nouvelles du rendez-vous de midi de la Commission européenne

Supporting growth and jobs in Greece – Task Force for Greece quarterly report December 2012

The Commission’s Task Force for Greece has presented its third quarterly report on technical assistance for Greece. The report describes the assistance provided by the Task Force, the Member States, international organisations and other specialist bodies to support Greece in the implementation of its ambitious reform agenda.

Fighting tax evasion: stronger EU rules enter into force on 1st January

New EU rules which will improve Member States’ ability to assess and collect the taxes that they are due will enter into force on 1 January 2013. The Directive on Administrative Cooperation in the field of taxation lays the basis for stronger cooperation and greater information exchange between tax authorities in the EU. One of the key aspects of the Directive is that it brings an end to bank secrecy: one Member State cannot refuse to give information to another just because it is held by a financial institution.

New VAT rules to make life easier for businesses from 1st January 2013

From 1st January 2013, new EU VAT rules enter into effect, which will make life much simpler for businesses across Europe.

First, electronic invoicing will have to be treated the same as paper invoicing, enabling companies to choose the VAT invoicing solution that works best for them. This has the potential to save businesses up to €18 billion a year in reduced administration costs.

Transport: Commission reinforces safety for EU ships

The European Commission today adopted a proposal for a new directive on marine equipment (the “MED”). Marine equipment represents a significant fraction of the value of a ship, and its quality and good operation are critical for the safety of the ship and its crew, as well as for the prevention of maritime accidents and pollution of the marine environment. The marine equipment industry is a high added-value sector with high levels of investment in research and development.

Environment: New rules on cleaner fuels for shipping will deliver benefits for people’s health

New environmental rules on marine fuels, entering into force today, will substantially reduce air pollution and its impacts on human health. Air pollutants from maritime shipping are transported over long distances and as a result contribute increasingly to the air quality problems in many European cities. Without any action, sulphur emissions from shipping in EU sea areas would exceed those from all land-based sources by 2020. The revised legislation will put an end to this trend reducing not only sulphur emissions but more importantly particulate matter, marking a clear step forward in protection of people’s health and the environment.

State aid: Commission temporarily approves rescue aid for Italian bank Monte dei Paschi

The European Commission has temporarily approved, under EU State aid rules, a €3.9 billion recapitalisation of Italy’s third largest bank Monte dei Paschi di Siena S.p.A (“MPS”) for reasons of financial stability. The measure will enable the bank to comply with recommendations from the European Banking Authority. The approval is conditional upon the submission of a restructuring plan within six months from today’s decision.

New ranking targets 500 universities

Five hundred universities from across Europe and the world are expected to take part in a new international university ranking initiated by the European Commission, it was announced today. The new listing, U-Multirank, will differ from existing rankings by rating universities according to a broader range of performance factors, aimed at providing a more realistic and user-friendly guide to what they offer. The new ‘multi-dimensional’ ranking will rate universities in five separate areas: reputation for research, quality of teaching and learning, international orientation, success in knowledge transfer (eg partnerships with business and start-ups), and regional engagement. Universities are being invited to sign up for the new ranking in the first half of 2013, and the first results are due in early 2014. U-Multirank will be formally launched at a major conference on 30-31 January in Dublin under the Irish Presidency of the European Union.

Commission to fund top research chairs in less-developed regions

Grants of up to €2.4 million will be awarded to universities or research institutions in less developed regions in Europe, under a pilot programme of the European Commission. The aim of the so-called ERA Chairs initiative is to attract outstanding academics to places that want to be on the international map for top research.

150 million people benefitted from EU Food Facility, new report shows

A new report on the EU’s Food Facility, set up in 2008 to counter the negative effects of the food crisis, show that in three years, the EU has improved the lives of over 59 million people in 49 countries, and provided indirect support for 93 million others (by for instance enabling people to benefit from increased opportunities for trade in the area, and to learn improved skills from neighbouring farmers).

October 2012 – Euro area international trade in goods surplus of 10.2 bn euro – 9.4 bn euro deficit for EU27

The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in October 2012 gave a 10.2 bn euro surplus, compared with -0.7 bn in October 2011. The September 2012 balance was +9.5 bn, compared with +0.8 bn in September 2011. In October 2012 compared with September 2012, seasonally adjusted exports fell by 1.4% while imports increased by 0.6%. These data are released by Eurostat, the statistical office of the European Union. The first estimate for the October 2012 extra-EU27 trade in goods balance was a 9.4 bn euro deficit, compared with -11.3 bn in October 2011. The September 20122 balance was -12.5 bn, compared with -11.4 bn in September 2011. In October 2012 compared with September 2012, seasonally adjusted exports decreased by 1.7% while imports rose by 0.3%.

Third quarter 2012 compared with third quarter 2011 – Euro area hourly labour costs rose by 2.0% – Up by 1.9% in EU27

Hourly labour costs in the euro area (EA17) rose by 2.0% in the year up to the third quarter of 2012, compared with 1.9% for the second quarter of 2012. In the EU27, the annual rise was 1.9% up to the third quarter of 2012, the same as the previous quarter. These figures are published by Eurostat, the statistical office of the European Union. The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 2.0% and the non-wage component by 1.7% in the year up to the third quarter of 2012, compared with 2.1% and 1.4% respectively for the previous quarter. In the EU27, hourly wages & salaries rose by 2.0% and the non-wage component by 1.9% in the year up to the third quarter of 2012, compared with 2.0% and 1.6% respectively for the second quarter of 2012.

Medical research in EU gets boost through 8th IMI call for proposals

The European Union’s Innovative Medicines Initiative, a partnership between the public and private sectors to develop new treatments for patients, has today launched new calls for research projects to tackle antimicrobial resistance (AMR), explore better ways to classify diseases and create a European pluripotent stem cell bank. The AMR calls aim at developing new drugs targeting Staphylococcus aureus, the leading cause of antibiotic-resistant healthcare-associated infections worldwide, and Gram-negative bacteria (e.g. E-coli), which are responsible for two thirds of the 25,000 annual AMR-related deaths reported in Europe. With cases on the rise, new antibiotics are urgently needed to treat these infections. The total budget of the calls is €242.7 million. For more details, visit: http://www.imi.europa.eu/content/8th-call-2012

Commission approves extension of Portuguese guarantee scheme for credit institutions

The European Commission has authorised, under EU State aid rules, the extension until 30 June 2013 of a guarantee scheme for credit institutions in Portugal. The Portuguese guarantee scheme was initially approved on 29 October 2008 (see IP/08/1601) and prolonged on 22 February 2010 (see MEX/10/0222), on 23 July 2010 (see IP/10/997), on 21 January 2011 (see MEX/11/0121), on 30 June 2011 ( MEX/11/0630), on 21 December 2011 (see MEX/11/1221) and on 27 June 2012 (see MEX/12/0627). The Commission found the extension of the measures to be in line with its guidance on state aid to banks during the crisis (see IP/08/1495 and IP/11/1488). In particular, the extended measures are well targeted, proportionate and limited in time and scope. The Commission therefore concluded that they represent an appropriate means of remedying a serious disturbance in the Portuguese economy and as such are compatible with the internal market pursuant to Article 107(3)(b) of the Treaty on the Functioning of the European Union.

Commission approves prolongation of Portuguese recapitalisation scheme for credit institutions

The European Commission has authorised, under EU state aid rules, the prolongation of a Portuguese recapitalisation scheme for credit institutions until 30 June 2013. The scheme aims at strengthening financial stability in Portugal and to ensure banks’ compliance with regulatory capital requirements. The Commission acknowledged the problems Portuguese banks experience in accessing market funding in the persisting difficulties on the financial markets in Portugal. The Commission concluded that the scheme constitutes an appropriate and necessary response, in line with Article 107(3)(b) of the Treaty on the Functioning of the European Union that allows to grant aid to remedy a serious disturbance in the economy of a Member State. The Commission initially approved the Portuguese recapitalisation scheme in May 2012 (see MEX/12/0530).

Commission clears acquisition by Mittal Investments of certain UK assets of Anglo American and Lafarge

The European Commission has granted clearance under the EU Merger Regulation to the acquisition by Mittal Investments of a package of assets to be divested by Anglo American and Lafarge as a condition of clearance by the UK Competition Commission of the companies’ proposed construction materials joint venture in the UK. Mittal Investments is an investment company affiliated with ArcelorMittal SA, a globally active steel and mining company. The assets sold by Anglo American and Lafarge are involved in the production and supply of aggregates, high purity limestone, cement, ready-mixed concrete and asphalt in the UK. The operation was examined under the simplified merger review procedure.

L’UE lutte contre la malnutrition des enfants au Niger et contribue à un meilleur accès à l’eau potable

Dans le cadre de l’Initiative d’accélération des Objectifs du Millénaire pour le Développement (OMD) au Niger, l’UE va mettre en œuvre de nouvelles actions pour réduire la malnutrition chez les enfants de moins de 5 ans, accroître l’accès à l’eau potable, et sensibiliser la population aux pratiques d’hygiène et d’assainissement dans les régions de Maradi, Zinder et Tahoua. Un second projet visera à accroître les capacités locales de gestion administratives et financières en vue d’assurer une mise en œuvre efficace de l’aide communautaire. Entre autres, 618 points d’eau seront construits ou réhabilités. Les conditions d’hygiène et d’assainissement seront aussi améliorées par la réalisation de 1.910 latrines familiales, 32 latrines publiques ainsi que 180 systèmes d’évacuation des eaux grises. http://ec.europa.eu/europeaid/documents/aap/2012/pr_aap_2012_ner.pdf

Rediffusion

High Level Group on Wine formulates its conclusions

The High Level Group on wine planting rights, established last April at the request of European Commissioner for Agriculture and Rural Development Dacian Cioloş, has finished its work today. This group of experts, comprising representatives from the 27 Member States, from the sector, as well as observers from the Council, from the European Parliament and from Croatia, has drafted a report accompanied by conclusions. These conclusions will be presented to the Council and the European Parliament. They will feed into the on-going debate on this point within the framework of the reform of the Common Agricultural Policy.

EU and Singapore agree on landmark trade deal

EU Trade Commissioner Karel De Gucht and Singapore’s Minister of Trade and Industry Lim Hng Kiang, today completed final negotiations on a free trade agreement (FTA) between the European Union and Singapore. The agreement reached today is one of the most comprehensive the EU has ever negotiated and will create new opportunities for companies from Europe and Singapore to do business together. The growing Singaporean market offers export potential for EU, industrial, agricultural and services businesses. An EU-Singapore FTA will be the EU’s second ambitious agreement with a key Asian trading partner, after the EU-Korea FTA, which is in operation since July 2011.

Autre matériel diffusé :

Statement by President José Manuel Barroso on the tragic events in Connecticut (USA) – rediffusion

Statement by President Barroso following the second day of the European Council, 13-14 December 2012 – rediffusion

Statement from President Barroso following the publication of the official results of the Romanian elections of 9th December 2012 – rediffusion

Memo “Questions and Answers on the Task Force for Greece”

Memo “Commission proposes a new framework for marine equipment”

Memo “Preparation Agriculture and Fisheries Council, 18 and 19 December 2012”

Memo “Frequently Asked Questions on European Research Area (ERA) Chairs”

Memo “Manifesto for a resource efficiency Europe”

Memo ” No change to telecoms and internet governance – EU Member States amongst dozens not signing proposed new International Telecommunications Regulations (ITR) Treaty, remain 100% committed to open internet” – rediffusion

Memo “Facts and figures: EU trade deal with Singapore” – rediffusion

Show additional information

 

European Commission state aid to spanish banks,

Saturday, January 5th, 2013

European Commission

Press release

Brussels, 20 December 2012

State aid: Commission approves restructuring plans of Spanish banks Liberbank, Caja3, Banco Mare Nostrum and Banco CEISS

The European Commission has concluded that the restructuring plans of four Spanish banks, Liberbank, Caja3, Banco Mare Nostrum (BMN) and Banco CEISS, are in line with EU state aid rules. The in-depth restructuring undergone by the four banks will allow them to become viable in the long-term without continued state support. Moreover, the banks and their stakeholders adequately contribute to the costs of restructuring. Finally, the plans foresee sufficient safeguards to limit the distortions of competition induced by the state support. The restructuring plans were submitted to the Commission for approval as foreseen by the Memorandum of Understanding (MoU) agreed between Spain and the Eurogroup in July 2012. Today’s decisions will allow the banks to receive aid from the European Stability Mechanism (ESM) in the context of the financial assistance programme to recapitalise the Spanish banking sector.

“As planned in the Memorandum of Understanding concluded in July between euro area countries and Spain, we have managed to bring underway a thorough restructuring of eight banks in a matter of just a few months. The restructuring plans of BMN, Caja3, Banco CEISS and Liberbank will make these banks viable again, thereby contributing to restoring a healthy financial sector in Spain, while minimising the burden for the taxpayer” said Commission Vice-President in charge of competition policy Joaquín Almunia.

The proposed restructuring measures will ensure that Liberbank, BMN and Banco CEISS return to long-term viability as sound credit institutions in Spain. By 2017, the balance sheet of each of the three banks will be reduced. As compared to 2010, the reduction will reach more than 40% for BMN, about 30% for CEISS and approximately 25% for Liberbank. Caja3 will be fully integrated into Ibercaja, which will ensure its return to viability within the five-year restructuring period.

In particular, the banks will refocus their business model on retail and SME lending in their historical core regions. They will exit from lending to real estate development – or will only maintain a marginal activity in this field – and they will limit their presence in wholesale business. This will contribute to reinforcing their capital and liquidity positions and reduce their reliance on wholesale and central bank funding. Asset transfers to the asset management company SAREB will further limit the impact of additional impairments on the riskier assets and help to restore confidence.

Spain committed to sell Banco CEISS and to have BMN and Liberbank listed before the end of the restructuring period. Caja3 will cease to exist as a stand-alone entity.

 

Moreover, the absorption of losses borne by the four banks and their stakeholders (i.e. holders of shares and hybrid capital) will ensure, together with the restructuring measures, a satisfactory burden-sharing and an adequate own contribution to the financing of the significant restructuring costs. This reduces the state aid needed by over
€2 billion for the four banks.

All banks committed to divest a number of industrial equity stakes and subsidiaries, the proceeds of which will contribute to finance the restructuring and thus limit the need for further aid. The divestments will further limit the distortions of competition brought about by the aid.

Finally, all banks committed to the following measures:  limitations on remuneration for State-owned credit institutions; a ban on coupon payments until the burden sharing measures on hybrid instruments have been fully implemented; not advertising the state support nor using it for commercially aggressive practises. An acquisition ban will also apply for Liberbank, Banco CEISS and BMN.

Background

According to the MoU, banks revealing a capital shortfall according to the bottom-up stress test conducted by Oliver Wyman in September 2012 and unable to meet those capital shortfalls privately without having recourse to state aid (“Group 2 banks”) needed to submit restructuring or resolution plans, to be approved by the Commission by the end of December 2012. The restructuring plans foresee a series of subordinated liabilities exercises, the transfer of some impaired assets and loans to an asset management company (SAREB) and other management actions, which reduce the banks’ capital needs and bring them in line with new regulatory solvency requirements in Spain as of 1 January 2013.

The final capital needs to be covered by public funds from the programme will be €124 million for Liberbank (from €1198 million identified in the stress test), €407 million for Caja3 (from €779 million), €730 million for BMN (from €2 208 million) and €604 million for Banco CEISS (from €2 063 million).

Altogether, the programme funds for these four banks will amount to €1 865 million, representing less than 30% of the € 6 248 million capital shortfall identified in the stress test. The rest will be covered by the burden sharing exercise (which will provide more than €2 billion in capital), asset sales and other management actions (more than €1 billion) and the transfer of impaired assets and loans to the asset management company SAREB (around €1 billion).

The MoU foresees that ESM resources are paid out to the Spanish Found for Orderly Bank Restructuring (FROB) for the recapitalisation of the banks only after the Commission has approved their restructuring or resolution plans.


Liberbank

Liberbank is a regional Spanish commercial bank operating mainly in Asturias, Cantabria, Extremadura and Castilla La Mancha. It was created in 2011 as the result of the integration of three local saving banks, with total assets in 2011 of €50.7 billion. Liberbank’s focus is on retail banking for individuals and SMEs. However, in the expansion period it broadened its business areas, in particular by investing in the real estate and development sector. Liberbank has not needed state aid in the form of capital in the past. It will benefit from a recapitalisation of €124 million in the form of contingent convertible bonds (CoCos) subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €1 000 million. Additionally, it has benefitted from State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €3 875 million.

Caja3

Caja3 is a regional bank mainly present in Aragón, Burgos and Badajoz, resulting from the integration of three local savings banks in 2010, with total assets of €20.7 billion in 2011. Caja3 was traditionally focused on retail banking for individuals and SMEs. However, in its expansion period it broadened its business areas, in particular by investing in the real estate and development sector. Caja3 will merge with a bank that has received no state aid, Ibercaja, and will be fully integrated. Caja 3 has not previously benefitted from any public recapitalisation. Caja 3 will benefit from a recapitalisation of €407 million in the form of contingent convertible bonds (CoCos) subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €770 million. Additionally, it has benefitted from State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €654 million.

BMN

Banco Mare Nostrum is a multi-regional Spanish commercial bank, resulting from the integration of four saving banks in 2010. It operates mainly on the Spanish Mediterranean coast. Traditionally, the bank focused on retail banking for individuals and SMEs. However, in recent years it went through a period of geographical expansion and broadening of its business areas, in particular in the area of real estate development. As from 2010 BMN has benefited from several state aid measures: (i) a recapitalisation of €915 million in the form of convertible preference shares subscribed by the FROB and (ii) State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €4 424 million. BMN will benefit now from an additional recapitalisation of €730 million in the form of ordinary shares subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of approximately €2 100 million.

Banco CEISS

Banco CEISS is a large regional bank with national presence in Spain resulting from a merger of two savings banks in 2010. It is present in all main business segments, with total assets of about €42.3 billion in 2011. As from 2010, Banco CEISS benefited from two state aid measures: (i) a recapitalisation of €525 million in the form of convertible preference shares subscribed by the FROB and (ii) State guarantees on unsecured senior debt under the Spanish bank guarantee scheme (see MEX/12/0629) worth €3 193 million. Banco CEISS will benefit now from an additional recapitalisation of €604 million in the form of ordinary shares subscribed by the FROB, as well as from a transfer of its impaired assets and loans into SAREB for an aid amount of around €717 million.

 

The non-confidential version of the decisions will be made available under the case numbers SA.35490, SA.35489, SA.35488 and SA.34536 in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)

Maria Madrid Pina  (+32 2 295 45 30)

 

European Commission press release state aid.

Saturday, January 5th, 2013

European Commission

Press release

Brussels, 21 December 2012

State aid: crisis-related aid aside, Scoreboard shows continued trend towards less and better targeted aid

The European Commission’s 2012 State Aid Scoreboard revealed that the volume of national support to the financial sector actually taken by banks between October 2008 and 31 December 2011 amounted to around €1.6 trillion (13 % of EU GDP). The bulk (67 %) came in the form of State guarantees on banks’ wholesale funding. Support to the real economy on the basis of temporary crisis rules dropped to € 4.8 billion in 2011, a fall of more than 50% compared with 2010, reflecting both a low uptake by companies and the budgetary constraints of most EU Member States.

Total non-crisis aid decreased and stood at €64.3 billion in 2011 or 0.5% of EU GDP and continued to re-focus on less distortive horizontal objectives such as aid for research and innovation, protection of the environment and providing risk capital to SMEs. The Scoreboard also shows Member States recovering illegal aid much faster, with 85% (around €13.5 billion) clawed back at the end of June 2012 thanks to the Commission’s action, probably facilitated by the pressure to consolidate public finances.

Support to banks

Between 2008 and 31 December 2011, €1 616 billion, was actually used to support financial institutions. This was composed of

  • liquidity support: €1 174 billion (9.3 % of EU GDP) average outstanding State guarantees on banks’ funding and other (short-term) liquidity support measures; and
  • measures to support bank solvency: €442 billion (3.5 % of EU GDP) in recapitalisation measures and treatment of impaired assets.

Three Member States accounted for nearly 60% of the total aid used; those are the United Kingdom (19 %), Ireland (16 %) and Germany (16 %).

Aid granted to the real economy – Temporary Framework

To minimise the impact of the tightening in credit conditions, Member States also granted aid to the real economy under a temporary framework adopted by the Commission at the end of 2008. The main support measure used was a one-off subsidy of up to €500 000 per company, which was replaced in 2011 by the normal €200 000 amount that can be granted to a company over three years without prior clearance by the Commission. This was followed by subsidised loan interests or guarantees, reduced interests for environmentally-friendly investments and risk capital aid. The temporary framework expired on 31 December 2011.

 

Between December 2008 and 1 October 2011, Member States made available €82.9 billion under the temporary framework. The amount taken up in 2011 was €4.8 billion, while it was €11.7 billion in 2010 and €21 billion in 2009. This indicates that market funding became more available over that period.

Long-term trends in non-crisis aid

Non-crisis aid decreased and was at €64.3 billion or 0.5% of EU GDP. Aid to industry and services amounted to €52.9 billion or 0.42% of EU GDP of which almost 90% was earmarked for horizontal objectives of common interest. Most notably, the Commission observed a greater focus on aid measures for regional development, research, and environmental protection, all of which contribute to the Europe 2020 strategic objectives of smart, sustainable and inclusive growth.

Almost 90% of total aid is granted through block exemptions or schemes (see IP/06/1765 and IP/08/1110). Once approved by the Commission, such procedures allow Member States to grant aid to individual companies without prior Commission scrutiny, offering Member States a high degree of flexibility and low administrative burden, while compatibility criteria safeguard a level playing field in the internal market. Only 12.5% of the total aid was assessed individually.

The Scoreboard further shows that more than €13.5 billion, representing about 85% of the total amount of illegal and incompatible aid, had been repaid by beneficiaries to the granting authority at the end of June 2012. This marks a further improvement as compared to previous years. 

The Scoreboard including annexes, statistics and indicators for all Member States is available at:

http://ec.europa.eu/comm/competition/state_aid/studies_reports/studies_reports.html

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)Maria Madrid Pina  (+32 2 295 45 30)

 

If you oppose dictatorship control and domination then you need to reconsider your Countries membership of the EU.

Saturday, January 5th, 2013

The EU, the tax machine that dominates the cost of everything you own have use or eat.

EU transport costs more in fuel alone — than it doe’s to manufacture many goods.

Can you afford to pay even more EU taxes because the intention is to tax you for driving on all roads. See electronic toll charges, very sinister in its intention and note: European toll booths have no operators, just a machine. Try getting help when machine fails at 3am.

Below are some of the details of legislative EU documents

Framework for future EU ports’ policy including legislative proposals

Legislative/ Nonlegislative: is    Where your taxes go.

 

This initiative will better enable ports to efficiently handle the increasing freight volumes to enable

seamless logistics chains; review the restrictions on provision for port services and enhance the

transparency on ports’ financing, clarifying the destination of public funding to the different ports

activities with a view to avoid any distortion of competition; and establish a mutually recognisable

framework on the training of port workers in different fields of port activities.

 

Internal Road Market Package:

(1) Report on the road freight market situation

Non-legislative

The report analyses the road freight market situation and evaluates the effectiveness of controls and the

evolution of employment conditions in the profession. It will also assess the extent to which harmonisation

of the rules in the fields, inter alia, of enforcement and road user charges, as well as social and safety

legislation, has progressed and what remains to be done. It will determine how and with which calendar

the further opening of cabotage can be pursued.

Cabotage, meaning the national carriage of goods for hire or reward carried out by non resident hauliers on a temporary basis in a host Member State, is governed by Regulation (EC) 1072/2009 as of 14 May 2010. This regulation replaced Regulations (EEC) No 881/92 and (EEC) No 3118/93, as well as Directive 2006/94/EC. The aim of the new Regulations is to improve the efficiency of road freight transport by reducing empty trips after the unloading of international transport operations.

What this means is that the EU has made transport operations so expensive with the added burden of Toll Roads, Vat, Fuel cost, Taxes licensing and regulation. That now it costs more to transport some goods than it does to manufacture them.

 

This has increased the cost of everything and has destroyed manufacturing in every EU Country where these costs were imposed.

 

 

(2) Access to the road haulage market

and access to the occupation of road

transport operator

Legislative

 

The package will further open the cabotage market. Such an opening could achieve important efficiency

improvements by reducing unnecessary empty running of the vehicles. It may include rules on the mobile

workers engaged in cabotage in order to ensure fair competition. It may also extend the existing rules on

the admission to the occupation (e.g. extension to freight forwarders) and further harmonise them (e.g. on

establishment and financial capacity). The proposal will modify Regulation 1072/2009 on the access to the

market and Regulation 1071/2009 on the admission to the occupation.

 

What this means is low paid non EU transport operators can compete with EU Hauliers who are being taxed to oblivion.

 

 

(3) Minimal rules on sanctions and

their enforcement in commercial road

transport

Legislative

 

The Directive will establish common minimal rules with regard to the definition of offences and sanctions,

including criminal offences, in the field of commercial road transport. Such a harmonisation will contribute to reduce distortions of competition and the unequal treatments when committing infringements.

 

This means the EU can collect more taxes in Fines.

 

 

European Commission

The European Electronic Toll Service (EETS)    

 

Comment: This is an explosive issue since the intention is to charge for all road use. This will affect us all and force millions into a life of poverty.

 

If you appose dictatorship control and domination then you need to reconsider your Countries membership of the EU.

 

(4) Charging systems for road vehicles Legislative

 

The initiative will promote a more systematic use of distance related road charging reflecting

Infrastructure and external costs based on the polluter-pays and user-pays principles. It will explore

Phasing in a harmonised charging system for lorries which could replace across the EU existing time based charges (Euro vignette and national vignettes) and possibly other charges (such as vehicle taxes).

The initiative may include a legal framework on charging passenger.

 

It may also include provisions on electronic tolls if their full interoperability has not been achieved on time under Directive 2004/52/EC.

 

 

Taxation and Customs Union

Laying down the definitive system of

Taxation of intra-EU trade

Legislative

 

The proposal will define the new VAT definitive system of taxation at destination of intra-EU trade and

Put an end to the transitional nature of the current arrangements. The proposal is linked to the reform of

The EU VAT system leading to a more efficient and robust tax system in the Single Market.

 

 

Freight costs are affected by the vehicles’ economic life.

 

The costs for EU transport operations changes retrospectively, with enforced taxes especially Fuel cost and VAT,

This forces up the cost of freight and increases the cost of goods and services for everyone. Goods become more expensive and the consumer has to foot the bill even so, the cost of freight will further increase as a result of wage demands, rising fuel and road tolls etc.

 

Note: there is not a single item, that we have use or eat that does not arrive by lorry (think about it ). But the wise men in the EU think its ok to increase the cost of everything. If the EU wise men wants more taxes from us.

 

If you are concerned about the costs being dictated and enforced by the EU you need to act, since failure to act will cost you everything you have, use, hold, own or eat .

 

Source extracts European Commission, see example of regulations and directives below

 

 

European Commission
Transport

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Transport directives: Road transport

Reference Titres Date of publication Transposition
deadline
2006/0094 Directive 2006/94/EC of the European Parliament and of the Council of 12 December 2006 on the establishment of common rules for certain types of carriage of goods by road (codified version) (Text with EEA relevance) 27/12/2006 Codification
2006/0126 Directive 2006/126/EC of the European Parliament and of the Council of 20 December 2006 on driving licences (Recast) (Text with EEA relevance) 30/12/2006 19/01/2011
2006/0038 Directive 2006/38/EC of the European Parliament and of the Council of 17 May 2006 amending Directive 1999/62/EC on the charging of heavy goods vehicles for the use of certain infrastructures 17/05/2006 10/06/2008
2006/0022 Directive 2006/22/EC of the European Parliament and of the Council of 15 March 2006 on minimum conditions for the implementation of Council Regulations (EEC) No 3820/85 and (EEC) No 3821/85 concerning social legislation relating to road transport activities and repealing Council Directive 88/599/EEC (Text with EEA relevance) 11/04/2006 01/04/2007
2006/0001 Directive 2006/1/EC of the European Parliament and of the Council of 18 January 2006 on the use of vehicles hired without drivers for the carriage of goods by road (codified version) (Text with EEA relevance) 04/02/2006 Codification
2004/0054 Directive 2004/54/EC of the European Parliament and of the Council of 29 April 2004 on minimum safety requirements for tunnels in the Trans-European Road Network 30/04/2004 30/04/2006
2004/0052 Directive 2004/52/EC of the European Parliament and of the Council of 29 April 2004 on the interoperability of electronic road toll systems in the Community (Text with EEA relevance) 30/04/2004 20/11/2005
2004/0011 Directive 2004/11/EC of the European Parliament and of the Council of 11 February 2004 amending Council Directive 92/24/EEC relating to speed limitation devices or similar speed limitation on-board systems of certain categories of motor vehicles 14/02/2004 17/11/2004
2003/0127 Commission Directive 2003/127/EC of 23 December 2003 amending Council Directive 1999/37/EC on the registration documents for vehicles (Text with EEA relevance) 16/01/2004 15/01/2005
2003/0059 Directive 2003/59/EC of the European Parliament and of the Council of 15 July 2003 on the initial qualification and periodic training of drivers of certain road vehicles for the carriage of goods or passengers, amending Council Regulation (EEC) No 3820/85 and Council Directive 91/439/EEC and repealing Council Directive 76/914/EEC 10/09/2003 10/09/2006
2003/0027 Commission Directive 2003/27/EC of 3 April 2003 on adapting to technical progress Council Directive 96/96/EC as regards the testing of exhaust emissions from motor vehicles (Text with EEA relevance) 08/04/2003 01/01/2004
2003/0026 Commission Directive 2003/26/EC of 3 April 2003 adapting to technical progress Directive 2000/30/EC of the European Parliament and of the Council as regards speed limiters and exhaust emissions of commercial vehicles (Text with EEA relevance) 08/04/2003 01/01/2004
2003/0020 Directive 2003/20/EC of the European Parliament and of the Council of 8 April 2003 amending Council Directive 91/671/EEC on the approximation of the laws of the Member States relating to compulsory use of safety belts in vehicles of less than 3,5 tonnes 09/05/2003 09/05/2006
2002/0085 Directive 2002/85/EC of the European Parliament and of the Council of 5 November 2002 amending Council Directive 92/6/EEC on the installation and use of speed limitation devices for certain categories of motor vehicles in the Community 04/12/2002 01/01/2005
2002/0050 Commission Directive 2002/50/EC of 6 June 2002 adapting to technical progress Council Directive 1999/36/EC on transportable pressure equipment (Text with EEA relevance) 07/06/2002 01/01/2003
2002/0015 Directive 2002/15/EC of the European Parliament and of the Council of 11 March 2002 on the organisation of the working time of persons performing mobile road transport activities 23/03/2002 23/03/2005
2002/0007 Directive 2002/7/EC of the European Parliament and of the Council of 18 February 2002 amending Council Directive 96/53/EC laying down for certain road vehicles circulating within the Community the maximum authorised dimensions in national and international traffic and the maximum authorised weights in international traffic 09/03/2002 09/03/2004
2001/0011 Commission Directive 2001/11/EC of 14 February 2001 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers — functional testing of commercial vehicles’ speed limitation device (Text with EEA relevance) 17/02/2001 09/03/2003
2001/0009 Commission Directive 2001/9/EC of 12 February 2001 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers (Text with EEA relevance) 17/02/2001 09/03/2002
2001/0002 Commission Directive 2001/2/EC of 4 January 2001 adapting to technical progress Council Directive 1999/36/EC on transportable pressure equipment (Text with EEA relevance) 10/01/2001 01/07/2001
2000/0056 Commission Directive 2000/56/EC of 14 September 2000 amending Council Directive 91/439/EEC on driving licences (Text with EEA relevance) 21/09/2000 30/09/2003
2000/0030 Directive 2000/30/EC of the European Parliament and of the Council of 6 June 2000 on the technical roadside inspection of the roadworthiness of commercial vehicles circulating in the Community 10/08/2000 09/08/2002
1999/0062 Directive 1999/62/EC of the European Parliament and of the Council of 17 June 1999 on the charging of heavy goods vehicles for the use of certain infrastructures 20/07/1999 01/07/2000
1999/0052 Commission Directive 1999/52/EC of 26 May 1999 adapting to technical progress Council Directive 96/96/EC on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers (Text with EEA relevance) 05/06/1999 01/10/2000
1999/0037 Council Directive 1999/37/EC of 29 April 1999 on the registration documents for vehicles 01/06/1999 01/06/2004
1999/0036 Council Directive 1999/36/EC of 29 April 1999 on transportable pressure equipment 01/06/1999 01/07/2003 (decision of 25/01/2001)
1998/0076 Council Directive 98/76/EC of 1 October 1998 amending Directive 96/26/EC on admission to the occupation of road haulage operator and road passenger transport operator and mutual recognition of diplomas, certificates and other evidence of formal qualifications intended to facilitate for these operators the right to freedom of establishment in national and international transport operations 14/10/1998 01/10/1999
1997/0026 Council Directive 97/26/EC of 2 June 1997 amending Directive 91/439/EEC on driving licences 07/06/97 01/01/98
1996/0096 Council Directive 96/96/EC of 20 December 1996 on the approximation of the laws of the Member States relating to roadworthiness tests for motor vehicles and their trailers 17/02/97 09/03/98
1996/0053 Council Directive 96/53/EC of 25 July 1996 laying down for certain road vehicles circulating within the Community the maximum authorized dimensions in national and international traffic and the maximum authorized weights in international traffic 17/09/96 16/09/97
1996/0047 Council Directive 96/47/EC of 23 July 1996 amending Directive 91/439/EEC on driving licences 17/09/96 30/06/96
1996/0026 Council Directive 96/26/EC of 29 April 1996 on admission to the occupation of road haulage operator and road passenger transport operator and mutual recognition of diplomas, certificates and other evidence of formal qualifications intended to facilitate for these operators the right to freedom of establishment in national and international transport operations 23/05/96 Codification
1994/0072 Council Directive 94/72/EC of 19 December 1994 amending Directive 91/439/EEC on driving licences 24/12/94 01/01/95
1992/0106 Council Directive 92/106/EEC of 7 December 1992 on the establishment of common rules for certain types of combined transport of goods between Member States 17/12/92 01/07/93
1992/0006 Council Directive 92/6/EEC of 10 February 1992 on the installation and use of speed limitation devices for certain categories of motor vehicles in the Community 02/03/92 01/01/93
1991/0671 Council Directive 91/671/EEC of 16 December 1991 on the approximation of the laws of the Member States relating to compulsory use of safety belts in vehicles of less than 3,5 tonnes 31/12/91 01/01/93
1991/0439 Council Directive 91/439/EEC of 29 July 1991 on driving licences 24/08/91 01/07/94
1990/0398 Council Directive 90/398/EEC of 24 July 1990 amending Directive 84/647/EEC on the use of vehicles hired without drivers for the carriage of goods by road 31/07/90 31/12/90
1989/0459 Council Directive 89/459/EEC of 18 July 1989 on the approximation of the laws of the Member States relating to the tread depth of tyres of certain categories of motor vehicles and their trailers 03/08/89 01/01/92
1988/0599 Council Directive 88/599/EEC of 23 November 1988 on standard checking procedures for the implementation of Regulation (EEC) No 3820/85 on the harmonization of certain social legislation relating to road transport and Regulation (EEC) No 3821/85 on recording equipment in road transport 29/11/88 01/01/89
1984/0647 Council Directive 84/647/EEC of 19 December 1984 on the use of vehicles hired without drivers for the carriage of goods by road 22/12/84 30/06/86
1983/0572 Council Directive 83/572/EEC of 26 October 1983 amending Directive 65/269/EEC concerning the standardization of certain rules relating to authorizations for the carriage of goods by road between Member States and the First Council Directive of 23 July 1962 on the establishment of common rules for certain types of carriage of goods by road between Member States 28/11/83 01/01/84
1982/0050 Council Directive 82/50/EEC of 19 January 1982 amending the first Council Directive, of 23 July 1962, on the establishment of common rules for certain types of carriage of goods by road between Member States 04/02/82 01/01/83
1980/0049 Council Directive 80/49/EEC of 20 December 1979 amending the First Directive on the establishment of common rules for certain types of carriage of goods by road between Member States 24/01/80 01/07/80
1976/0914 Council Directive 76/914/EEC of 16 December 1976 on the minimum level of training for some road transport drivers 29/12/76 20/12/78
1974/0149 Council Directive 74/149/EEC of 4 March 1974 amending the first Directive on the establishment of certain common rules for international transport (carriage of goods by road for hire or reward) 04/03/74 01/07/74
1962/2005 EEC: First Council Directive on the establishment of certain common rules for international transport (carrying of goods by road for hire or reward) 06/08/62 31/12/62

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Another Bank Bites The Dust Dexia,

Wednesday, January 2nd, 2013

European Commission

Press release

Brussels, 28 December 2012

State aid: Commission approves resolution plan for the Dexia group and restructuring plan for Belfius subject to fulfilling certain commitments

The European Commission has authorised aid granted by Belgium, France and Luxemburg for the orderly resolution of the Dexia group, the sale of its subsidiary DMA (Dexia Municipal Agency) and the restructuring of Belfius (formerly Dexia Banque Belgique). The Commission has concluded that, provided all commitments concerning the orderly resolution of the group, the restructuring of Belfius and the new development bank created in France, are complied with, these transactions are in line with EU state aid rules, in particular because the residual group will exit from the market altogether.

Joaquín Almunia, Commission Vice President in charge of competition policy, said: “I am happy to finally be in a position to approve the resolution plan of Dexia, which Belgium, France and Luxemburg have drawn up jointly. The plan will allow the orderly resolution of the group group. Belfius will refocus on its core banking and insurance business while DMA will be coupled to a new development bank structure in France, which will address market failures for the funding of the local public sector. As foreseen by our rules, the approved plan ensures that the continued market presence of some parts of the Dexia group is truly justified, without artificially keeping alive a failed business model, and that competition distortions resulting from the aid received are minimised. Finally, the plan brings the cost for the taxpayer down to the level strictly necessary to carry out the orderly resolution process”.

Since 2008, the Dexia group benefitted from significant public support measures, which were authorised by the Commission in February 2010 subject to implementation of a restructuring plan (see IP/10/201). Dexia later underwent new difficulties. When it turned out that Dexia was not able to comply with its commitments or to return to long-term viability, Belgium, France and Luxemburg acknowledged the necessity of an orderly resolution of the group.

The orderly resolution plan notified to the Commission by these three Member States includes the sale of many entities and businesses of the group as well as the winding down of the residual group. In particular, the Belfius entity was bought by the Belgian state and the DMA entity will be coupled with a new development bank in France, to which the French State, the Caisse des Dépôts et Consignations (CDC) and La Banque Postale will participate. These measures involve additional aid, consisting mainly of a final refinancing guarantee of EUR 85 bn and a recapitalisation of EUR 5.5 bn for Dexia SA and DCL.

The Commission concluded that these aid measures are compatible with EU state aid rules for banks during the financial crisis. This is because the residual group will exit from the market altogether and will no longer exercise any competitive activities.

Furthermore, the new development bank structure in France will exclusively grant loans in sectors where there is a well identified market failure, i.e. loans to French local authorities and public hospitals. The structure of the development bank foresees several safeguards to avoid the crowding out of private funding, ensuring a level playing field in the Single Market.

Finally, the aid to Belfius is limited to the minimum necessary to enable its return to long-term viability. The group will not distribute profits in order to reinforce its regulatory capital, it will reduce risky business lines and will refocus on its core markets of financial services to the public and quasi-public sector as well as retail and insurance businesses. The restructuring plan includes adequate commitments to limit competition distortions in the core markets of banking and insurance where it is active and to ensure that Belfius will adequately contribute to the costs of its own restructuring. In particular, Belfius will not be allowed to increase its market share in core activities during the entire restructuring period.

Background

The Dexia group was active in the financing of the local public sector in many countries, including mainly France, Belgium, Italy and Spain, as well as in retail banking, mainly in Belgium, Luxemburg and Turkey. The bank was set up in 1996 from the merger of the Crédit communal de Belgique group, the Banque internationale in Luxemburg and the Crédit local de France.

Dexia already benefitted from significant state aid measures from Belgium, France and Luxemburg in 2008-2009 in the form of recapitalisation (EUR 5.4 bn), refinancing guarantees (EUR 135 bn) and impaired asset measures (EUR 3.2 bn). The Commission authorised these aid measures subject to commitments in February 2010 based on a restructuring plan to be implemented until the end of 2014 (see IP/10/201).

Since then, the Commission opened and extended in-depth investigations concerning several additional measures granted to the Dexia group (see IP/11/1203, IP/11/1592, IP/12/523, IP/12/578 and MEX/12/0926). In March 2012, a first orderly resolution plan had been notified by Belgium, France and Luxemburg. The Commission had opened an investigation on this plan in June 2012, expressing doubts as to its compatibility with state aid rules (IP/12/578).

The current decision, taken on the basis of an amended resolution plan, allows the closing of all these investigations. It authorises new state aid to the Dexia group, under the form a refinancing guarantee of EUR 85 bn and a recapitalisation of EUR 5.5 bn.

The non-confidential version of the current decision will be made available under the case numbers SA.33760, SA.33763, SA.33764, SA.30521, SA.26653, SA.34925, SA.34927 and SA.34928 in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News.

See the links above to European Commission sites.

 

 

 

 

Contacts :Antoine Colombani  (+32 2 297 45 13)Maria Madrid Pina  (+32 2 295 45 30)

Source Europa:

European Commission

Press release

Brussels, 28 December 2012

The Euro Monday, December 17, 2012. A currency in crisis overvalued

Monday, December 17th, 2012

The Euro Monday, December 17, 2012. A currency in crisis overvalued and bolstered by countries like France and Germany, protecting their own EU blank cheque subsidy payments. Whilst slowing the unavoidable collapse of the Euro and possibly the EU.

It’s also blatantly clear that the dept situation of countries like Greece and Spain has passed the point of no return.

Spain is unique though; it has a double V depression. Its ability now to force the hands of other member countries, to bail out its banks increasing dept. Is now in the hands of Spain’s own (double V ) depression, its devalued assets being sold.

Visitors can see thousands of unfinished and unsold properties that litter Spain, from Valladolid in the north to Valencia in the south.

Spain’s ludicrous past spending was out of control, and now must realize the situation cannot be reversed. It would take 20 to 30 years to recover the re-construction of its (borrowed building boom economy.

The era to print trillions of Euros and / or inflate its way out of this continuing depression is now part of history.

No matter what Draghi said or does, the Euro is doomed to failure in its present state of over-valuation, and Spain debts could take down the EU as well.

Should be able to see Germany in a deep depression in 2013 and commodities taking big dives south.

Itsfraud.com

Itsfraud, Bank Fraud, and its Big Bank Fraud ?

Sunday, September 2nd, 2012


Federal Reserve Cash Bailout Givaway To Crooks In Suits

 

Bankers.

Looking at the huge sums of money here (Given) to banks it is clear they were all insolvent (Bankrupt?

If not then the financial reports of those below were concocted to get taxpayers money by fraud.

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)  Barclays : They did get bailout out money
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)

The list above of institutions who received money from the Federal Reserve

Can be found on page 131 of the GAO Audit, its fraud, bank fraud.

See the page ( Insurance companies still decieve you),  for pdf.  http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf

Update 09 Sept 2012

Now we have European Banks being bailed out again by the ECB (European Central Bank) backdoor.

Business logic, if you go broke! you have to start again from scratch with new money and a new name.

Seems that banks can steal our money, use it to bet on the horses, lose it all, then just ask for more taxpayers money? again and again and again.

WHY NOT JUST TAKE OVER THE BANKS? and put Government accountants in charge. Instead of the DRAGHI CON-TRICK being played out to the Market and its traders/investors.

I wonder with 6000 banks in the EU and DRAGHI stating its up to Governments,,,,, to control the banks. Just who did he think controlled the banks when they screwed up the Worlds Economy.

Wait for the same mess to be recreated again mmm.

Update Britain,, Bank of England, says there is a case for breaking up the Royal Bank of Scotland ??? (Perhaps its costing the Government too much to keep afloat. After all anything of value was sold off before it failed.

Just how much more taxpayers money is going to be put into a bankrupt system of banks. The EU is copying Britain and bailing out banks by the back door, hopeing its citizens don’t notice.

Mmm that seems a bit short sighted.


 

DRAGHI, short term hype and long term talks.

Wednesday, August 1st, 2012

Draghi update, 6th September 2012

More hype, more can kicking and delay.

Not much change just more bond buying.

 

Several previous Bond buying programs haven’t worked and Markets are hardly enthusiastic about his unlimited Bond buying program. The hype is the same no real money on the table and we are told to guess what the ECB response will be regarding buying Spain and Italian paper. But conditions are attached to Spain– a full IMF bailout intervention. Mm

 

Sooner and now much sooner the Euro will crash. Its value is just more bad news for Europe and everyone knows it’s just a matter of time, before the Euro is shorted and that its value is zero.

 

It is less than a month since our comments below and clearly nothing has been done to stave off the impending collapse now Greece will get no further bailouts. Though we would not place any bets on this ECB gamble.

GREXIT (Greece exit) now certain.

 

Expect the worse the population of Europe will not put up with the cost of fuel. The austerity programs implemented to-date is beginning to damage communities. Draghi response today will Fuel a short-lived stay of Execution.

 

December without Food and Warmth caused by Fuel Cost will unite the public in a way that Governments will discover soon. Even more so at election time when the public discover Government plans have all failed to deliver?

 

Today’s ECB Draghi reports are obviously just another scam / con for the unwary investor, watch gold collapse.

 

European Governments fuel cost is to blame for the impending cataclysmic disaster. Since Government taxes on fuel is the working catalyst of no growth.

 

————————————————————————————————————————————–

1st August 2012

Draghi hype and ECB talk.

 

Markets fail to respond to hype from Draghi. ECB must now put money in place of hype.

 

Or risk the break-up of Europe in 2014 or sooner, when Greece defaults and leaves the Euro. Leaving banks with the knowledge they will be saved and bailed out again.

 

Europe’s fundamental problems cannot now be resolved by ECB short-term hype and long-term talks. It must act decisively to create growth now or lose all 27 Member States.

 

Fuel tax is now starving millions of employment and destroying manufacturing output and exports leaving Governments to fund deficits from declining unaffordable fuel taxes.

 

Manufacturers are being forced to lay off staff to reduce cost while they attempt to reduce losses and balance their books.

 

Fuel taxes in the euro zone have created a

persistent hopelessness.

Fuel cost versus economic output, between America and Europe.

American fuel cost average in pounds sterling is           £2.35 a Gallon

 

Euro zone fuel cost average in pounds sterling is          £6.23 a Gallon

 

Euro zone fuel cost average in euro’s is           €7.85 a Gallon.

 

 

 

American sales are up 10% to 14% varies between industry

 

 

Euozone sales are down 15% to 20%             varies between industry

 

 

The above statement is as clear as the fact that the German Bundesbank dictates policy at ECB, euro zones single member.

Draghi hype and ECB talk.

 

Markets fail to respond to hype from Draghi. ECB must now put money in place of hype.

 

Or risk the break-up of Europe in 2014 or sooner, when Greece defaults and leaves the Euro. Leaving banks with the knowledge they will be saved and bailed out again.

 

Europe’s fundamental problems cannot now be resolved by ECB short-term hype and long-term talks. It must act decisively to create growth now or lose all 27 Member States.

 

Fuel tax is now starving millions of employment and destroying manufacturing output and exports leaving Governments to fund deficits from declining unaffordable fuel taxes.

 

Manufacturers are being forced to lay off staff to reduce cost while they attempt to reduce losses and balance their books.

 

Fuel taxes in the euro zone have created a persistent hopelessness.

EU Fuel cost versus economic output.

American fuel cost average in pounds sterling is           £2.35 a Gallon

 

Euro zone fuel cost average in pounds sterling is          £6.23 a Gallon

 

Euro zone fuel cost average in euro’s is           €7.85 a Gallon.

American sales are up 10% to 14%                 varies between industry

Euozone sales are down 15% to 20%             varies between industry

 The above statement is as clear as the fact that the Germans Bundesbank dictates policy at ECB, the euro zones single member.

However Draghi said he would do whatever it takes to save the Euro. My opinion is that he will just not deliver the goods. Instead like all of the rubbish and hype that comes from the EU nothing will happen today at their meeting. What will happen is that action will be delayed to September as Germany will not agree to anything that puts them a risk.  Seems the comments were correct?

What the ECB is hoping for is an agreement from the German Parliament for a Euro printing machine to print trillions of Euro. Then call it a Bank (what a fraud)  to capitalise the banks again at the expense of taxpayers the citizens of Europe.

Then add a string of Austerity for 20 year or more on the population while Banks- backsides are protected again. Then they can watch the backlash from their comfort and security of a liquidity injection. Cash to the rest of the population  (Theirs).

Gordan Finch

No-one trusts banks or the EU crooks in suits.

Saturday, June 23rd, 2012

Bailouts have failed again.

 

No-one trusts banks, Insurers are corrupt vile fraudsters and dangerous financial predators that will commit any crime to get your money, and the EU is just a larger collection of crooks in suits.

 

EU fraud is rife £billions are missing and accountants for years have refused to sign off its unaudited accounts.

 

Its Governments are corrupt, the Police take bribes, the Ministers are backhanded, MPs are fraudsters, and its leaders corrupt.

 

And the Euro is an unconscionable theft of taxpayer’s money by the EU, calculatedly creating an overvaluation imbalance of the Euro between member countries.

 

European directives are seen to be removing democracy and replacing it with domination.

 

Examples are Portugal and Irelands forced implementation of Motorway tolls, the controversially enforced camera collection of toll fees or fines using number plate recognition.

 

This system is electronically operated there are no tool booths, no-one to assist, no information, no-one to pay, just a sign with a meaningless symbol.

 

If you hire a car while on holiday or are a stranger or foreigner and travel on these motorways you will be fined and forced to pay extortionate toll fees, for not paying 

 

This is deliberate the intention is to collect money from you; there are no warning signs to inform you where you can pay. It’s intentional cash collection fraud.

 

And even if you know where to pay its unworkable, for strangers it’s impossible.

 

Also the toll road operators believed to be German have deliberately removed all alternative route signs.

 

This is resulting in foreigner’s strangers and holidaymakers getting lost. Who then are forced to take the motorway? Because the only road signs giving direction are the gigantic blue motorway signs.

 

This has forced local residents to spray paint over the signs giving the alternative route number.

 

Portugal’s toll road traffic has fallen 81% since the introduction of electronic tolls and is destroying tourism. Also holidaymakers hiring cars are being forced to pay fines collected by previous car hirer’s.

 

The hire car companies are avoiding explaining the problem to hirers and wont tell you if the car has collected huge unpaid fines.

 

This has led to armed protests and calls to do away with the tolls in the national and regional interest.

 

The Algarve since the introduction of A22 tolls has recorded huge losses in tourism and predicts that the A22 tolls will fatally translate into huge losses to the government.

 

Local residents say the A22 tolls are confusing and a discouraging model which create anger and problem after problem for visitors and locals alike.

 

Camera operated electronic toll road payment is impractical ineffective the fees are extortion and subsequently a trigger for anger and emotional conflict. 

 

Gordan Finch

Germany saved from Greece

Sunday, June 17th, 2012

Greek electorate save Germany from debt bomb but only for a short while. Greece cannot possibly pay off such huge debts and the next round of Greek austerity will finish off Merkel, and Spain and Italy.

 

There are 27 EU member states, 17 use the overvalued Euro and all are uncompetitive and suffering hyperinflation and the worst unemployment since the introduction of the Euro.

 

The other 10-member countries use their own currencies are competing and have no intention of joining the Euro why?

 

Because it costs more in fuel to transport some goods than it does to manufacture them. Since the introduction of the Euro the cost of everything has gone through the roof. Hyperinflation caused by Vat taxation and fuel duty made €billions for Brussels but destroyed manufacturing, business and exports.

 

Any competitive advantage of the EU has been lost by the stupidity of VAT (IVA) and Duty and the Austerity enforced by German high command, (the single state.

 

The tax take is now so high it is no longer worth the effort of starting any new business venture. Existing businesses are paying around 60 to 80% in Vat on materials unless they are able to buy direct from source. Start-up businesses on the other hand are paying 200% plus Vat after the material has passed from source through several hands to trade agents to buyer /manufacturer—(start-up company).

 

Fuel is now so expensive that many no longer go to work, they cannot afford too. And there is an anger building up amongst citizens that ordinarily wouldn’t create a fuss. Now anything can happen the latest Bank bailouts have been a strong catalyst that could now force change.

Gordan Finch

 

IMF, ECB, UN, BIS, WB, are just Pawnbrokers.

Saturday, May 5th, 2012

The World Bank:  WB

The United Nations:  UN

The European Central Bank:  ECB

The International Monetary Fund:  IMF

The Bank Of International Settlement:  BIS

 

These organisations all lend money or gold to Countries to condemn them (in Debt. Who then enforce austerity on the borrowers unable to pay back the loans and compounding interest, which creates more debt and austerity for the borrower and more profit for the lender?

 

Most loans from the above organisations are malicious, since they enforce terms, which usually mean the borrower using the loan can only buy higher cost materials and goods etc from the EU, America or Britain. They are not allowed to buy lower cost goods from India, Africa Argentina etc.

 

On terms again increasing the debt burden meaning the lenders, then force defaulting Countries, to sell off its valuable assets, under conditions emanating from the above organisations, corrupted by greed.

 

The European Union is just as corrupt; it enforces Directives on Member States to collect tax from the public and its purse, without debate or referendum. Examples of this are to be found in its harmonisation of price rules, which plainly are stupid.  How can each country in the EU have all prices the same for everything?

 

Example: In Bulgaria, it costs less than €10 a day for a tradesman and in Portugal more than €10 an hour for a tradesman, and in England a tradesman costs £200 a day.

 

Its like trying to fit a square peg in a round hole, and just as bad as having the Euro, which everyone knows can never work because it is overvalued, and irrevocable fixed for all countries of the EU.

 

 

What we have is a bunch of gangsters and a system of Finance and Governance ran by corrupt bankers and World leaders. Members of the elite bunch of gangsters above and below that are just feeding their greed. From the misery created by themselves in the financial crisis of 2008.

 

See the G20 report below, look over their proposals and remedies and then look at the mess Europe is in again today. And then take action, use your vote to get the corrupt politicians bankers and insures out. Before they destroy everything.  Note their comments in bold

 

G-20 Communique: Full Text Of The London Summit

The official statement setting out the agreements at the summit.

 

1. We, the Leaders of the Group of Twenty, met in London on 2 April 2009.

2. We face the greatest challenge to the world economy in modern times; a crisis which has deepened since we last met, which affects the lives of women, men, and children in every country, and which all countries must join together to resolve. A global crisis requires a global solution.

 

3. We start from the belief that prosperity is indivisible; that growth, to be sustained, has to be shared; and that our global plan for recovery must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions.

4. We have today therefore pledged to do whatever is necessary to:

restore confidence, growth, and jobs;
repair the financial system to restore lending;
strengthen financial regulation to rebuild trust;
fund and reform our international financial institutions to overcome this crisis and prevent future ones;
• promote global trade and investment and reject protectionism, to underpin prosperity; and
build an inclusive, green, and sustainable recovery.

By acting together to fulfil these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future.

5. The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.

Restoring growth and jobs
6. We are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4 per cent, and accelerate the transition to a green economy. We are committed to deliver the scale of sustained fiscal effort necessary to restore growth.

7. Our central banks have also taken exceptional action. Interest rates have been cut aggressively in most countries, and our central banks have pledged to maintain expansionary policies for as long as needed and to use the full range of monetary policy instruments, including unconventional instruments, consistent with price stability.

8. Our actions to restore growth cannot be effective until we restore domestic lending and international capital flows. We have provided significant and comprehensive support to our banking systems to provide liquidity, recapitalise financial institutions, and address decisively the problem of impaired assets. We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector.

9. Taken together, these actions will constitute the largest fiscal and monetary stimulus and the most comprehensive support programme for the financial sector in modern times. Acting together strengthens the impact and the exceptional policy actions announced so far must be implemented without delay. Today, we have further agreed over $1 trillion of additional resources for the world economy through our international financial institutions and trade finance.

10. Last month the IMF estimated that world growth in real terms would resume and rise to over 2 percent by the end of 2010. We are confident that the actions we have agreed today, and our unshakeable commitment to work together to restore growth and jobs, while preserving long-term fiscal sustainability, will accelerate the return to trend growth. We commit today to taking whatever action is necessary to secure that outcome, and we call on the IMF to assess regularly the actions taken and the global actions required.

 

11. We are resolved to ensure long-term fiscal sustainability and price stability and will put in place credible exit strategies from the measures that need to be taken now to support the financial sector and restore global demand. We are convinced that by implementing our agreed policies we will limit the longer-term costs to our economies, thereby reducing the scale of the fiscal consolidation necessary over the longer term.

12. We will conduct all our economic policies cooperatively and responsibly with regard to the impact on other countries and will refrain from competitive devaluation of our currencies and promote a stable and well-functioning international monetary system. We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economies and financial sectors, of the impact of our policies on others, and of risks facing the global economy.

Strengthening financial supervision and regulation
13. Major failures in the financial sector and in financial regulation and supervision were fundamental causes of the crisis. Confidence will not be restored until we rebuild trust in our financial system. We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens.

14. We each agree to ensure our domestic regulatory systems are strong. But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires. Strengthened regulation and supervision must promote propriety, integrity and transparency; guard against risk across the financial system; dampen rather than amplify the financial and economic cycle; reduce reliance on inappropriately risky sources of financing; and discourage excessive risk-taking. Regulators and supervisors must protect consumers and investors, support market discipline, avoid adverse impacts on other countries, reduce the scope for regulatory arbitrage, support competition and dynamism, and keep pace with innovation in the marketplace.

15. To this end we are implementing the Action Plan agreed at our last meeting, as set out in the attached progress report. We have today also issued a Declaration, Strengthening the Financial System. In particular we agree:

• to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission;

• that the FSB should collaborate with the IMF to provide early warning of macroeconomic and financial risks and the actions needed to address them;

• to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks;

• to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds;

• to endorse and implement the FSF’s tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms;

• to take action, once recovery is assured, to improve the quality, quantity, and international consistency of capital in the banking system. In future, regulation must prevent excessive leverage and require buffers of resources to be built up in good times;      THIS ABOVE IS LITTLE BETTER THAN A BAD JOKE, If just 5% of Bank customers asked for their money back, most banks could not pay it ( they do not have the cash).

• to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over. We note that the OECD has today published a list of countries assessed by the Global Forum against the international standard for exchange of tax information;

• to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards; and

• to extend regulatory oversight and registration to Credit Rating Agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest.

16. We instruct our Finance Ministers to complete the implementation of these decisions in line with the timetable set out in the Action Plan. We have asked the FSB and the IMF to monitor progress, working with the Financial Action Taskforce and other relevant bodies, and to provide a report to the next meeting of our Finance Ministers in Scotland in November.

Strengthening our global financial institutions
17. Emerging markets and developing countries, which have been the engine of recent world growth, are also now facing challenges which are adding to the current downturn in the global economy. It is imperative for global confidence and economic recovery that capital continues to flow to them. This will require a substantial strengthening of the international financial institutions, particularly the IMF. We have therefore agreed today to make available an additional $850 billion of resources through the global financial institutions to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support. To this end:

• we have agreed to increase the resources available to the IMF through immediate financing from members of $250 billion, subsequently incorporated into an expanded and more flexible New Arrangements to Borrow, increased by up to $500 billion, and to consider market borrowing if necessary; and

• we support a substantial increase in lending of at least $100 billion by the Multilateral Development Banks (MDBs), including to low income countries, and ensure that all MDBs, including have the appropriate capital.

18. It is essential that these resources can be used effectively and flexibly to support growth. We welcome in this respect the progress made by the IMF with its new Flexible Credit Line (FCL) and its reformed lending and conditionality framework which will enable the IMF to ensure that its facilities address effectively the underlying causes of countries’ balance of payments financing needs, particularly the withdrawal of external capital flows to the banking and corporate sectors. We support Mexico’s decision to seek an FCL arrangement.

19. We have agreed to support a general SDR allocation which will inject $250 billion into the world economy and increase global liquidity, and urgent ratification of the Fourth Amendment.

20. In order for our financial institutions to help manage the crisis and prevent future crises we must strengthen their longer term relevance, effectiveness and legitimacy. So alongside the significant increase in resources agreed today we are determined to reform and modernise the international financial institutions to ensure they can assist members and shareholders effectively in the new challenges they face. We will reform their mandates, scope and governance to reflect changes in the world economy and the new challenges of globalisation, and that emerging and developing economies, including the poorest, must have greater voice and representation. This must be accompanied by action to increase the credibility and accountability of the institutions through better strategic oversight and decision making. To this end:

• we commit to implementing the package of IMF quota and voice reforms agreed in April 2008 and call on the IMF to complete the next review of quotas by January 2011;

• we agree that, alongside this, consideration should be given to greater involvement of the Fund’s Governors in providing strategic direction to the IMF and increasing its accountability;

• we commit to implementing the World Bank reforms agreed in October 2008. We look forward to further recommendations, at the next meetings, on voice and representation reforms on an accelerated timescale, to be agreed by the 2010 Spring Meetings;

• we agree that the heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process; and

• building on the current reviews of the IMF and World Bank we asked the Chairman, working with the G20 Finance Ministers, to consult widely in an inclusive process and report back to the next meeting with proposals for further reforms to improve the responsiveness and adaptability of the IFIs.

21. In addition to reforming our international financial institutions for the new challenges of globalisation we agreed on the desirability of a new global consensus on the key values and principles that will promote sustainable economic activity. We support discussion on such a charter for sustainable economic activity with a view to further discussion at our next meeting. We take note of the work started in other fora in this regard and look forward to further discussion of this charter for sustainable economic activity.

Resisting protectionism and promoting global trade and investment
22. World trade growth has underpinned rising prosperity for half a century. But it is now falling for the first time in 25 years. Falling demand is exacerbated by growing protectionist pressures and a withdrawal of trade credit. Reinvigorating world trade and investment is essential for restoring global growth. We will not repeat the historic mistakes of protectionism of previous eras. To this end:

• we reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organisation (WTO) inconsistent measures to stimulate exports. In addition we will rectify promptly any such measures. We extend this pledge to the end of 2010;

• we will minimise any negative impact on trade and investment of our domestic policy actions including fiscal policy and action in support of the financial sector. We will not retreat into financial protectionism, particularly measures that constrain worldwide capital flows, especially to developing countries;

• we will notify promptly the WTO of any such measures and we call on the WTO, together with other international bodies, within their respective mandates, to monitor and report publicly on our adherence to these undertakings on a quarterly basis;

• we will take, at the same time, whatever steps we can to promote and facilitate trade and investment; and

• we will ensure availability of at least $250 billion over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. We also ask our regulators to make use of available flexibility in capital requirements for trade finance.

23. We remain committed to reaching an ambitious and balanced conclusion to the Doha Development Round, which is urgently needed. This could boost the global economy by at least $150 billion per annum. To achieve this we are committed to building on the progress already made, including with regard to modalities.

24. We will give renewed focus and political attention to this critical issue in the coming period and will use our continuing work and all international meetings that are relevant to drive progress.

Ensuring a fair and sustainable recovery for all
25. We are determined not only to restore growth but to lay the foundation for a fair and sustainable world economy. We recognise that the current crisis has a disproportionate impact on the vulnerable in the poorest countries and recognise our collective responsibility to mitigate the social impact of the crisis to minimise long-lasting damage to global potential. To this end:

• we reaffirm our historic commitment to meeting the Millennium Development Goals and to achieving our respective ODA pledges, including commitments on Aid for Trade, debt relief, and the Gleneagles commitments, especially to sub-Saharan Africa;

• the actions and decisions we have taken today will provide $50 billion to support social protection, boost trade and safeguard development in low income countries, as part of the significant increase in crisis support for these and other developing countries and emerging markets;

• we are making available resources for social protection for the poorest countries, including through investing in long-term food security and through voluntary bilateral contributions to the World Bank’s Vulnerability Framework, including the Infrastructure Crisis Facility, and the Rapid Social Response Fund;

• we have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. We call on the IMF to come forward with concrete proposals at the Spring Meetings;

• we have agreed to review the flexibility of the Debt Sustainability Framework and call on the IMF and World Bank to report to the IMFC and Development Committee at the Annual Meetings; and

• we call on the UN, working with other global institutions, to establish an effective mechanism to monitor the impact of the crisis on the poorest and most vulnerable.

26. We recognise the human dimension to the crisis. We commit to support those affected by the crisis by creating employment opportunities and through income support measures. We will build a fair and family-friendly labour market for both women and men. We therefore welcome the reports of the London Jobs Conference and the Rome Social Summit and the key principles they proposed. We will support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable. We call upon the ILO, working with other relevant organisations, to assess the actions taken and those required for the future.

27. We agreed to make the best possible use of investment funded by fiscal stimulus programmes towards the goal of building a resilient, sustainable, and green recovery. We will make the transition towards clean, innovative, resource efficient, low carbon technologies and infrastructure. We encourage the MDBs to contribute fully to the achievement of this objective. We will identify and work together on further measures to build sustainable economies.

28. We reaffirm our commitment to address the threat of irreversible climate change, based on the principle of common but differentiated responsibilities, and to reach agreement at the UN Climate Change conference in Copenhagen in December 2009.

Delivering our commitments
29. We have committed ourselves to work together with urgency and determination to translate these words into action. We agreed to meet again before the end of this year to review progress on our commitments.

 

So far it hasnt worked and just how much more money will be wasted on these corrupt Bloated basket cases.

Gordan Finch

 

EU, democracy is only for those allowed it.

Sunday, April 29th, 2012

Spain shuts its borders amid fears of public protests at World Bank / European Central Bank meeting in Barcelona.

According to news reports police at borders are looking for a certain type of EU citizen who may protest or cause disruption.

The closures are temporary ending after the meeting, does this mean that democracy only applies when EU Governments allow it.

It is very clear to ordinary citizen’s that EU Governments cannot be trusted and that career politicians are as corrupt as the ECB, IMF, UN, BIS,  European Central Banks and the rest of the corrupt organisations that pay them.

All of them are in it for fraudulent Corrupt Monetary gain and havnt yet realised, they are not going to get away with the corruption and fraud any more.

Democracy is only for those allowed it, by the GaNgStErS, but word and mouth still is around.

 

EUROPE MAY BREAK UP,

Monday, April 23rd, 2012

21/04/2012

 

The IMF recently stated that there is a problem in Europe, and that it may break up. This is an understatement the situation was created in the 1990s with Credit default Swaps and fraudulent actions by Insurance giant Zurich, and its CDS issued by its subsidiaries AIG and its London AIGFP unit.

 

But lets get back to the situation now in Europe, the single market, there is no contingency plans whatever should Countries leave the Euro. Just like the CDS above there was no contingency plan for a major default.

 

There is no plans in place should Countries leave the single market, causing the EU to break up. Its likely and now serious and deteriorating and may be worse than pundits predict.

 

The financial crisis Bank losses and the bailout in 2008-9 just shoved the banking collapse away for a while, but the crisis with Insurers and Banks is still here. And no amount of paper money printed will solve the situation, Bank leverage is perilously high and it won’t take much to tip banks over the abyss.

 

Other factors like Italy and Spain are now having a visible effect on the euro zone and investors are now in fear of an impending collapse. China for example is buying huge quantities of Gold and so are Central Banks. The BIS stockpiles being hoarded now in its vaults are staggering.

It is terrifying the situation is now worse than it was in 2008 and there will be Bank failures. I remember reading that the 2007 CDS market had a hypothetical value of $50 Trillion. AIG at the time had greedily issued around $450 Billion in CDS. When Mortgage backed values fell, AIG had to find about $15 billion it didn’t have. Leading to AIG and its Parent, (Zurich Financial Services) being rescued bailed out and taken over by the US Government in a massive $800 Billion Bailout of Banks.

 

The IMF Governments and Central banks know the Bailout hasn’t worked and the situation is now dangerous and may cause a run on the already unstable Banks possibly leading to panic public unrest and riots.

 

Further recent events like the IMF being given £10 billion by the UK to part fund another bailout of the euro zone today is not much better than burning the money in a bin. It will take € Trillions and no Government has the guts or money to fund such a staggering bailout of a lost cause.

 

Gordan Finch.

The Financial Crisis & The British Rescue Plan

 

On October 8, 2008, the British Government announced an $850 billion multi-part plan to rescue its banking sector from the current financial crisis. Details of this plan are presented here to illustrate the varied nature of the plan. The Stability and Reconstruction Plan followed a day when British banks lost £17 billion on the London Stock Exchange. The biggest loser was the Royal Bank of Scotland, whose shares fell 39%, or £10 billion, of its value. In the downturn, other British banks lost substantial amounts of their value, including the Halifax Bank of Scotland, which was in the process of being acquired by Lloyds TSB.

 

The British plan included four parts:

 

• A coordinated cut in key interest rates of 50 basis, or one-half of one percent (0.5) between the Bank of England, the Federal Reserve, and the European Central Bank.

 

• An announcement of an investment facility of $87 billion implemented in two stages to acquire the Tier 1 capital, or preferred stock, in “eligible” banks and building societies (financial institutions that specialize on mortgage financing) in order to recapitalize the firms. To qualify for the recapitalization plan, an institution must be incorporated in the UK (including UK subsidiaries of foreign institutions, which have a substantial business in the UK and building societies). Tier 1 capital often is used as measure of the asset strength of a financial institution.

 

• The British Government agreed to make available to those institutions participating in the recapitalization scheme up to $436 billion in guarantees on new short- and medium-term debt to assist in refinancing maturing funding obligations as they fall due for terms up to three years.

 

• The British Government announced that it would make available $352 billion through the Special Liquidity Scheme to improve liquidity in the banking industry. The Special Liquidity Scheme was launched by the Bank of England on April 21, 2008 to allow banks to temporarily swap their high-quality mortgage backed and other securities for UK Treasury bills. On November 24, 2008, Britain’s majority Labor party presented a plan to Parliament to stimulate the nation’s slowing economy by providing a range of tax cuts and government spending projects totaling 20 billion pounds (about $30 billion). The stimulus package includes a 2.5% cut in the value added tax (VAT), or sales tax, for 13 months, a postponement of corporate tax increases, and government guarantees for loans to small and midsize businesses. The plan also includes government plans to spend 4.5 billion pounds on public works, such as public housing and energy efficiency. Some estimates indicate that the additional spending required by the plan will push Britain’s government budget deficit in 2009 to an amount equivalent to 8% of GDP. To pay for the plan, the government would increase income taxes on those making more than 150,000 pounds (about $225,000) from 40% to 45% starting in April 2011. In addition, the British plan would increase the National Insurance contributions for all but the lowest income workers. On January 14, 2009, British Business Secretary Lord Mandelson unveiled an additional package of measures by the Labor government to provide credit to small and medium businesses that have been hard pressed for credit as foreign financial firms have reduced their level of activity in the UK. The three measures are: (1) a 10 billion pound (approximately $14 billion) Capital Working

Scheme to provide banks with guarantees to cover 50% of the risk on existing and new working capital loans on condition that the banks must use money freed up by the guarantee to make new loans; (2) a one billion pound Enterprise Finance Guarantee Scheme to assist small, credit-worthy companies by providing guarantees to banks of up to 75% of loans to small businesses; and (3) a 75 million pound Capital for Enterprise Fund to convert debt to equity for small businesses. In an effort to address the prospect that large banks or financial firms may become insolvent or fail and thereby cause a major disruption to the financial system, the British Parliament in February

2009 passed the Banking Act of 2009. The act makes permanent a set of procedures the U.K. government had developed to deal with troubled banks before they become insolvent or collapse. Such procedures are being considered by other EU governments and others as they amend their respective supervisory frameworks.

 

 

Extracts from

CRS Report for Congress

Prepared for Members and Committees of Congress

 

Now we have fuel prices killing off what small businesses remain, and £Billion Bank bonuses paid for failure to idiots who put all the eggs in one basket.

In Britain it now costs more to Transport some goods than it does to manufacture them. Everything grown, used, eaten, or manufactured, turns up on a lorry, (including the fuel used). This is the reason why everything is so expensive. You are paying in fuel duty and vat inflation for the mess created by the Insurers and Banks.