Written by on 27 July 2009
The private bank ING is of considerable value in the current markets, analyst thinks Maarten Altena of SNS Securities, given the loyalty of customers and high growth rates. Thursday The Wall Street Journal reported that ING is expected to be private bank set for sale with a potential yield of $ 1 billion. Altena ING states that the average customer does not need private banking. The sale of the division can be seen in the light of the focus of ING European banking, life insurance and pensions. SNS has an accumulate opinion and target price of EUR7, 80. The share is around 9.45 pm Thursday 0.8% higher on EUR7, 97. The AEX rose 0.1%.
Written by on 27 July 2009
You have insurance for which you do not have to box 3 to give. Now this insurance to pay, and ask whether the benefit of the insurance outside box 3 alone.
No, unfortunately that is not true. Once paid, the money no longer tax-free. When (part of) the distribution on January 1 and December 31 or so remaining on your account, it counts for determining your tax in box 3. The interest you during the year on the money received is tax free.
Written by on 27 July 2009
The bank is under fire because it is too high would have provided loans to customers and would have provided insufficient information about the risks and costs of financial products. Some of the customers in payment difficulties come.
The budget of the DSB coaches seem to be a success. “In the first half of 2009, the backlogs are eliminated by 35 percent,” said CEO Dirk Scheringa. He would not say that the pressure on the customers of the DSB is in an unacceptable increase. “We make them the choice whether they immediately leave or not should first be able to repay their loans.”
These stricter monitoring of customers also ensured that DSB Bank’s total operating expenses last year by 10 percent could reduce. No unnecessary luxury, because the total income rose not. They were hung on 227 million euros, the same level as in 2007.
Fines
Earlier this month, the Financial Supervisory Authority two penalties to the consumer bank, for an amount of 120,000 euros in total. The AFM, the bank Scheringa that they lack the rules complied with the provision of mortgage loans and insurance policies. There was too little to prevent people large sums borrowed and customers were not enough information about the costs and risks of the products.
The criticism of the AFM damages our reputation, “said Scheringa again. He denied, however, that mistakes were made. DSB Bank will pay the fines, but believes that the regulator in its assessment “to open standards” and has to send a principle judged. “There is a difference of opinion,” said Scheringa. “We want this law.”
DSB Bank has so far paid 300,000 euros to settlements with dissatisfied customers. “We expect this figure will reach 1 to 1.5 million euros,” said operations manager Hans van Goor. These amounts will the bank not in financial trouble.
Financial windfall
DSB Bank yesterday made its figures for the year 2008. The group posted a net profit of 45.5 million euros. The group also gave the first insight into the results of the first half of 2009. Again, the net result was positive: 18 million euro.
What is striking is that both earnings largely thanks to a financial windfall: the purchase by the bank’s own bonds. These effects are in the past in the market to put extra resources. The credit crisis, the prices of this debt under pressure and could DSB at a profit to buy back. This last year had a positive impact of 37.4 million euro on the result. This year was 28.1 million euros.
“It goes well with DSB Bank”, said Dirk Scheringa. “We write black figures.” But behind the positive numbers lies a more nuanced reality. The verdienmodel of consumer banking is under heavy pressure. This shows two details in the financial statements. In 2008, increased interest income on a year by 68 percent to 119 million euros. Commissions from the sale of insurance, however, fell 30 percent to 81 million euros.
Profit Machine halts
The old machine profit of the bank wrong. Competition in the market for mortgage loans and personal loans is sharp. Long time could DSB Bank boss this situation by aggressively to offer mortgage loans at very competitive conditions. The lower income – or any losses – that resulted therefrom, were offset by these mortgages to purchase insurance (life insurance) to pair with generous commissions.
This can not anymore. Under pressure from the AFM that the consumer bank committed to this form of tying to review the profit streams in the bank shifted. DSB Bank in 2007 was more than half of its revenue benefit from the sale of insurance products. Now that proportion fell to less than 36 percent.
DSB, which Dirk Scheringa still the ambition to “the best consumer bank in the Netherlands” should be, must like other conventional banks take into account a higher interest rate sensitivity. In 2008, DSB mortgages with longer fixed-interest period offered to its market share of 3 percent in the Netherlands to defend. The bank now offers to its own customers “guarantee” that they may retain the same interest rate on renewal of the mortgage.
Vulnerable
Such promotions deliver results. In this way DSB last year succeeded in its credit portfolio of 1.3 billion euros to expand, an increase of 23 percent. But more mortgages with a fixed interest rate, the bank also vulnerable. A rise in interest rates of 1 percent has a negative effect on equity of 18 million euros and is the result (before tax) decreased by 5 million euros, log DSB in its annual report.
A good result is that the bank around 600 million euros in new deposits managed to attract: an increase of 20 percent. That is not exceptional. Other banks take advantage of the larger Dutch spaarzin in uncertain economic times. More interesting is to see what this means for DSB has attracted.
The interest rate the bank’s savings to pay in one year almost doubled to 163 million euros. “An expensive way for the bank to mobilize resources, to give Hans van Goor. “We hope that later bonds to be issued, but after the credit crisis.”
Written by on 27 July 2009
The gold is a separate and independent insurance company. The gold is strong in a broad range of financial products and insurance. In the Netherlands it works for its distribution together with the independent professional intermediaries and other distribution partners.
In the Gouda in the Netherlands include insurance for damage and life insurance. Abroad includes group insurance in many countries and more plants in Denmark, Norway and Sweden. Particularly in the area of injury, care and life insurance income, De Goudse a prominent position in the market.
Where do you work?
Within the unit, sector Information Supply & Operation Manager responsible for daily management as necessary to the system, network and application infrastructure available for the staff of the Gouda, the Intermediate and the insured. In addition, Management & Operation responsible for the controlled production of new and modified components. Within this sector, the team Application Management & ITIL process.
What do you do?
Application for the post of Front Office, you are responsible for the management of all applications (. Net, Microsoft and other standard applications), on the Wintel platform of the Gold. These are standard applications, preferably the Microsoft suite. Also custom applications (some home), as the websites of the Gold, the intranet and extranet and where necessary packages for specific functionality.
You are responsible for the quality and availability of these applications for users. This responsibility includes the entire process of implementation and distribution of applications on the systems of the Gold. You point and coordinator for problems with these applications. For the optimization of the processes you have regular contact with end users. You also identifies opportunities for improvement. This improvement proposals you know to translate into technical solutions and you are able to implement changes to coordinate.
What have you at home?
A completed relevant training in MBO / HBO level, supplemented by computer training. Some years experience in a similar environment is a prerequisite.
Front Office Application If you have a proven customer-oriented attitude, the ability to optimize processes.
You are able to make very accurate, systematic and results-oriented work. You have power, are eager to learn, retentive and stress resistant. It is important that you take initiative and both independently and in a team can work.
Good communication and social skills are important.
What do you get it back
Depending on training and experience your salary is less than € 2500, – and maximum € 4.000, – per month for full-time employment of 38 hours per week. You can count on excellent fringe benefits. The Goudse offers its employees an excellent compensation – including bonuses and thirteenth month – and excellent fringe benefits, such as savings, discounts on insurance and mortgages & Company. There is much room for professionally and personal development and takes into account the balance between work and private.
Written by on 23 July 2009
After the G20 in April, much has been said about the regulation of banks and insurance companies. So what of France? The question arises, especially as banking and insurance are not housed in the same boat.
Who controls what?
French banks are subject to review by the Bank of France, which issues a license to perform their activity. Founded in 1800, the Bank of France is a venerable institution, since it is one of the oldest central banks in the continent.
For their part, insurance companies are under the supervision of the Control Authority and mutual insurance (ACAM), which in 2005 replaced the Control Board insurance, mutual and provident societies (CCAMIP ). Finally, the Market Authority (AMF) ensures the proper functioning of financial markets.
An effective model?
The distinction between the regulator of banks and markets is a purely French specificity. In contrast, the United Kingdom, the Financial Services Authority (FSA) oversees both the banking and financial markets.
This configuration is not neutral in managing conflicts of interest of banks. Indeed, the FSA has long been very lax on the functioning of market players such as hedge funds, which she denied any attempt to coaching in 2007.
How does the testing?
The Banking Commission, an entity headed by the Governor of the Banque de France, is an inspection body independent officers of banks. It conducts ongoing monitoring of banks, to monitor compliance, but also their financial soundness and management of their risks.
It boasts an unusual device called “control room”. Thus, the bank can trigger at any time an investigation into a facility, in order to protect depositors. For example, savings have been the subject of an investigation that has highlighted the inadequacy of the bank’s own funds.
These conclusions are proved correct, since the group was forced to merge with the popular Bank, under the auspices of the State to preserve its level of equity.
A model for global regulation?
In addition to its specific methods, the Banking Commission has tools of its own such as liquidity ratios, the “trademark” French. The ratio, calculated by itself, is a ratio of liquid assets / liabilities due.
At any time, it must, for a bank, be at least equal to 100%, meaning that the institution has in the form of reserves which cover the maturities of its debt. It is possible that this requirement be extended liquidity, globally, to all banks and other players such as hedge funds.
The device also serves french inspiration to many emerging countries that do not have a banking regulation and control as such. This is particularly true of China.
Banking and insurance: same?
Until recently, banking and insurance were supervised in a “compartmentalized”, each regulator working independently from each other, with separate teams. Nevertheless, the two control functions could be compared.
This reform – sort of “sea serpent” of the French regulation – is not new. It now seems quite justified, because the activities of banking and insurance converge undeniably: banks distribute insurance products, insurers have developed asset management, banks have their own insurance company and conversely, insurers hold banks, most banks without remote branch network.
Eventually, the Banking and Acam might merge in order to be attached to a single direction, that of the Bank of France. The control would be shared equally between the bank and insurance with strengthened by extending control over parts of the insurance.
Although this merger no longer debate today, it could result in its wake another reform, much less consensus. Indeed, during the consolidation, control the marketing of life insurance contracts should rest with the AMF, as part of its mission to protect investors.
Consequence: a margin of maneuver for smaller insurers, but also for banks in the distribution of these products.
Written by on 23 July 2009
The life insurance premiums grew by 6% in the first half, according to a statement released Wednesday by the French Federation of Insurance Companies (FFSA), which confirms an increase in through the back of this product, which has suffered from competition Livret A.
Concerned about the woes of banks, very active in the life insurance market, investors no longer wanted to hear since the summer of 2007 their old favorite and preferred placement unlike savings “liquid” (readily available) .
The collection had been negative in October and December 2008 for the first time since the series there since 1997.
But the rate of return on Livret A was reduced from 4% to 1.75% between August 2008 and May 2009 – and will fall to 1.25% on 1 August – while the risk of bank failure was distant .
Accordingly, the first 6 months of the year, the payments on life insurance contracts were up 6% to 71.8 billion euros.
In detail, the payments on the contracts in units of account, more related to changes in markets, are still in steep decline (-31%) while the payments on the contracts in euros, which contribute to three-quarters of the collection experiencing a 14% to 71.8 billion euros.
The net inflows (contributions less benefits) is positive and amounted to 27.1 billion euros at end-June, an increase of 19%.
The amount of life insurance contracts and capitalization reached 1189 billion euros at end-June (3%).
Written by on 23 July 2009
The launch of bonds and bond funds (including fixtures through EMTN) does not seem to dry up despite the summer. These investments provide a safety, an attractive salary, good accessibility (sometimes from 100 euros) and a fresh taxation (especially when the bonds or their supports are incorporated into a life insurance).
Borrowing Credit Mutuel Nord Europe
Crédit Mutuel Nord Europe is currently issuing a loan obligataire.Tout individual may subscribe to this loan for a period of 7 years, the actuarial rate of return is 4.56% (the rate of the loan is 4.50% but, given the issue price and duration, the loan relates a bit more).
Its subscription period is open until 25 July 2009. It is available from 100 euros.
Pernod Ricard and Rally to 6.5%
Bienprevoir The site offers a yield of 6.50% per year for two years for a diversification in two loans from two companies in wines and spirits distribution business, and Pernod Ricard Rally. The investment is at least 10,000 euros, at the option on a securities account or a life insurance contract.
Casino 5.50%
The proposed site Altaprofits holders of its contracts Altaprofits Life Altaprofits Capitalization and enjoy the Casino obligation, 5.50% of gross income per year until 31 January 2015. Unfortunately, sales have been closed since 10 July 2009.
Since January 2009, Altaprofits reiterated many times this type of special offers on a short-lived Vodafone in December 2008: 6.875% gross / year, Schneider Electric SA in January 2009: 6.75% gross / year, Saint Gobain January 2009: 8.25% gross per year, Lafarge in June 2009: 7.625% gross per year, ArcelorMittal in June 2009: 8.25% gross per year, also APRR in June: 7.50% gross / year.
Linxea.com on the site, the deadline for offering 5.50% Casino was open until 16 July 2009, the minimum investment is 10,000 euros. The investment can also be done via a life insurance contract.
A selection of related obligations 6.5%
Oradea Life (company) moved up to late July 2009 a selection of related obligations of businesses of 6.45% annually, just within its life insurance contracts.
This is a signature on Investment of private large-cap: General Electric, BMW, Vodafone and Siemens AG, and an investment horizon of 5 years.
Structured product
As the site Hedios, he launched a new media “Hedios Performance”. Its objective is two coupons of 12.50% per annum on the first two years, failing its outperformance objective is to beat 50% of the DJ Euro Stoxx 50 on the first five years. In any event, it preserves the capital up to 40% decrease of the index.
A condition to make an investment of at least 1000 euros, its subscription is open until 10 August 2009, exclusively in contracts Hedios Life and Hedios Capitalization.
A condition to remember that the investment in bonds remains, whatever the developments in interest rates and inflation, placing at risk to at least two levels (the issuer will be able to pay interests and planned to repay the principal loan at maturity?), this is an investment opportunity compared to the returns of funds in current euros.
Written by on 20 July 2009
Get your money back
- On Monday it was a withdrawal of 14,000 dollars out of my account. The day after flying 68,000 kroner away. I suspect that the ATM in the Farsund was skimmet, but found the first in day out, when you called me, that it has happened a few months ago, “says Tor Rune Vatland from Farsund.
It was in fact his wife who had used their card, use a card linked to VISA, the Country Barn in May.
In Thailand?
- The bank called me and asked if I was in Thailand. It was in fact where the amounts were taken out, “said Vatland.
About bandits are Thailand are however uncertain. Often linked to fraud than other countries where the people actually sitting.
Vatland could breathe relief. His bank, Sparebanken Sør in Farsund, knew little – and could also say little – about what had happened yesterday, when Farsunds Newspaper contacted. After the local newspaper had spoken to the head office in Arendal, was, however, Vatland assured that he would get her money back, either through a bank or insurance company.
More unfortunate
from the district?
- We have no real overview of who have been affected, or where they live. It is too early in the investigation. But banks create their own dashboards, and try to contact all the case, said police specialist, Liv Karin Lindtveit in the police.
Banks would not be out regardless of any name yesterday. Both people Tor Rune Vatland and tipsere Farsunds Newspaper’ve talked with, however, claims that there is more from our district who have their accounts frozen by banks, as a result of that they have acted in Sørlandsparken-shop in the period in question. It is on the good side thus not certain that these have their accounts tapped.
Outdated terminal
Director of the retail market in Sparebanken Sør, Gunnar Thomassen, notifying customers of the bank any time you have been svindlet. He also explains the cause of crime.
- The company in question has simply been an old terminal that has not been replaced for many years. Thus it has been easier for thieves to hack into it, “he explains.
He can not speculate where the criminals come from.
International Leagues
- Often, we are talking about the league with an international profile – Ligen working across national boundaries. I assume the police conduct a careful investigation. The most important thing for us is to protect our customers, “says Thomassen.
Vatland seems obvious that the situation he and his family ended up in is not some dream situation.
- It’s boring. But I’m glad that banks cleaning up, and that there is a system that quickly captures suspicious circumstances.
- Are you more skeptical of using the card in the future?
- Yes, I do the it. There is little ekkelt when something like that happens inside a store, where you think you are safe, admits a specified Vatland.
facts
Skimming is a term used for illegal copying of the card.
The most common example is the cases where “avlesere” are mounted on the ATM machines. When the magnetic strip can be copied and PIN-code read – often by hidden cameras.
Skimming may also be that the criminal hacker into the vending machines in stores, which in this case, or in connection with that you pay by credit card at restaurant where card information is copied to a criminal.
Written by on 20 July 2009
Privacy has never been a central election theme before. This election may be different. We believe the voters begin to see the drawings: The present government is not only handling the lamb, the care simply is not.
Indicted by the Defense Security Service is an example that we need a conscious privacy policy. Most have confidence that information that is private, remains just that. But experience shows that the risk of misuse and leakage of information increases the more collected. The result is a weakened policy.
Public documents are full of good analysis on the need for a better privacy. Seldom have we had more serious matters in which privacy should prevail. But there are still privacy, which must give way every time. The list of cases in which privacy is in danger, has hardly been longer than now. Data Directive, monitoring possible from the Defense Security Service, Swedish monitoring (FRA), and access health records are some examples. The technology is running ahead of policy and is hanging from.
In the same way as we make long-term, responsible agreements and laws for pensions and the environment, we must create a regulatory framework that protects the personal integrity. Do not ever uthule it. Here the government fails in total. Whether by viewing the complete paralysis of action, as in cases of Data Directive and the Swedish surveillance law, or by systematically weaken privacy, as the Health Act and the monitoring of the transport sector.
Changes in Health Law and helsepersonelloven is now adopted. Health care across helseforetakene get access to everything that’s in your journal.
Liberals have fought with beak and claws against this Act. We submitted a proposal that instead of allowing all access to your regular journal, create a core electronic journal that will contain life-essential information. This core journal, it is important that healthcare in the country can access. But the government and the Progress chose to disregard the privacy and thought it was more practical to give blank to your regular journal. We’ve seen it before: It is easier to be positive to a strong policy in theory than in practice.
Left has promoted a number of policy proposals in the parliamentary period. We have just received approval for one; the establishment of a privacy commission. In the red-green heads, well this proposal obligation NOK that they could support it, and just another example of the tyranny of good intentions. Liberals want to follow up the Commission’s recommendation and has already submitted a proposal to review all health records with privacy in mind and stop the creation of new records to this mapping is completed.
We have submitted a proposal that health information used for research, either must be based on consent or the identity is encrypted. We have submitted a proposal for prohibition on the use of information in patient records to commercial firms, such as insurance. We have submitted a proposal for a review of the transport sector to ensure the ability to live a life traces. The Liberal Party has submitted a proposal with a reasonable, but more limited DNA-register than we have today. Moreover, we have submitted proposal for the constitution of respect for privacy and home, and protection of personal information.
Freedom of speech and privacy is the foundation of any folkestyre, and this government is attacking the foundations. The road to hell is paved with good intentions, and rarely is Samuel Johnson expressed more apposite. The battle for privacy is perhaps one of the areas where it is easiest to see the difference between the parties.
Written by on 20 July 2009
Birger Magnus elected new chair of the life insurer Storebrand. Already after one month on the button Chairman chair warns Magnus that Storebrand will come to play an active role in acquisitions and mergers in the Nordic insurance industry forward.
- I think Storebrand will need to undergo many changes ahead, “he says to DN.
Spår structural changes
Magnus is the daily executive vice president of Schibsted, including responsibility for the media group’s strategy.
He believes it is reasonable to assume that there will be structural changes within livbransjen in Scandinavia, either by consolidation of lives across the Scandinavian further, or in relation to the bank and the Insurers, in other words, other financial institutions.
.