A case for brokered deposits

first_imgOver the past decade, following the financial crisis, low interest rates and investor risk aversion fueled large core deposit balances across the banking industry. As interest rates have risen, most credit unions are starting to re-evaluate their deposit funding models. With increased competition, technological changes and greater loan demand, credit unions are seeking out new deposit sources to achieve their strategic goals. With these challenges and opportunities, it is time to rethink the stigma of wholesale funding.  When used appropriately, wholesale funding can be an effective and stable source of deposit funding.As a refresher, the Great Recession of 2008 brought on the need for regulatory review of how credit unions fund their balance sheets. Through Congressional action (The Dodd Frank Wall Street Reform and Consumer Protection Act), the FDIC was required to conduct a study on the effects of brokered deposits. The “Core and Brokered Deposit” study focused on the role of brokered deposits in the lead up to the Great Recession. The common theme was that troubled credit unions were not utilizing diversified funding sources and were over-reliant on brokered deposits. This enabled rapid loan growth in higher risk assets. The rapid deterioration of asset value (sub-prime housing crisis), coupled with the depth of the recession and the dislocation of inter FI lending exposed the vulnerability of the banking system. The theme coming out of this study was that ALL wholesale/brokered deposits were considered “hot money,” which in times of stress can fuel instability.A major concern with this line of thinking is that it takes a “one-size fits all” approach. The primary focus has been on the “brokered deposit,” and not as much on the source, the “deposit broker.” There are numerous sources that a credit union can take advantage of when receiving brokered deposits and they are not all the same. A few examples of brokered deposit sources include Referral Services, Broker-Dealers, Money Managers, etc. These are considered brokered deposits, but behave differently. For example, in the case of referral services, they typically match advisors or depositors with credit unions. They have a limited relationship with the underlying depositor, thus possess limited knowledge on the depositors investment policy, deposit stability or the impact of stressed situations on the deposits. This differs greatly from that of a Money Manager. The Money Manager is usually involved in establishing a cash flow plan with the depositor, then implementing it based on investment objectives.Brokered deposits can be a good complement to traditional funding when utilized in a prudent manner.  This starts by taking the time to understand the source behind the deposit. Prior to participating in the brokered deposit market, an operating plan/template should be constructed outlining rules of engagement, specifically covering the various sources and types of brokered funding, such as:When should brokered funding be utilized?Establishment of concentration limitsDefining the relationship of the deposit broker to the depositorThe deposit broker needs to be vetted to determine their role in the deposit process and ongoing relationship. The more clarity provided at the onset of engagement will help eliminate unexpected surprises during times of stress   All in all, brokered funding is an integral part of the deposit market place.  It provides stability and fills the voids created during times of volatility in the local depositor base. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Lutter D. James (Jim) Lutter is the Senior Vice President of Trading and Operations at PMA Financial Network and PMA Securities where he oversees PMA Funding, a service of both companies … Web: pmafunding.com Detailslast_img read more

Accused Wife Beater Jose Reyes Cheered by Mets Fans

first_imgIt’s a reaction that should be viewed as a proverbial slap in the face to victims of domestic violence everywhere.“I find it (the fan reaction) extremely disheartening and disturbing,” said Gretchen Shaw, Associate Director for the National Coalition Against Domestic Violence. “We as fans have a responsibly to say:Look, this is not OK. Especially with something like domestic violence that is so fueled by apathy.”Advocates for victims of domestic abuse weren’t the only ones to speak out. New York Council Speaker Melissa Mark-Viverito called the Mets’ controversial signing of Reyes “outrageous” as she lambasted professional sports teams for prioritizing wins and losses over the lives of women.“It’s outrageous how little women’s lives seem to matter when someone can throw a baseball really hard, wins Super Bowl’s, or has a good jump shot,” Mark-Viverito said in a statement.“Domestic violence kills thousands of women every year and it’s time professional sports actually takes it seriously. The Mets should be ashamed. We need to be better.”Reyes, who went hitless in his first game back with the Mets, emerged unscathed from a fanbase that could be relentless at times when they’re dissatisfied with a player. But the media did not let him off the hook. Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York By John DundonFormer All-Star Jose Reyes made his return to New York earlier this week and was serenaded by beaming Mets fans at Citi Field who greeted the oft-injured infielder with a thunderous standing ovation.Reyes’ return comes after a 52-game suspension for a domestic violence incident last October involving the 33-year-old infielder’s wife. The details are gruesome: EMT’s were called to Reyes’ home after the then-former Met had allegedly pulled his wife out of bed, choked her and thrown her into a glass door.As a result of the incident, the Colorado Rockies chose to place Reyes on waivers despite the large sum of money still owed to him as they pursued trade opportunities. No suitors came calling, thus Reyes became a free agent. Apparently the Mets couldn’t resist the temptation to rekindle an old, albeit burnt-out, flame.“We believe he deserves a second chance to return to our organization,” said Mets General Manager Sandy Alderson, adding that the once athletic shortstop had undergone MLB-mandated counseling.Reyes came up with the organization and spent seven seasons in Queens before leaving in free agency for the Miami Marlins, a division rival. He had subsequent stops in Toronto and Colorado before coming home to New York.The ugly fact of the matter is that this isn’t about second chances. It’s about wins and losses in a sport, a game. If the Mets had four infielders playing at a high level, Reyes wouldn’t have been given this blessing, he’d still be an unclaimed free agent.The warm reception fans gave Reyes also reeks of this disturbing truth that doesn’t seem to go away: those in the sports realm only care about what men and women do in the athletic arena.On Tuesday, as Reyes stepped into the batter’s box for the first time since being suspended, Mets fans opted to brush over the attack he committed on the mother of his children. There was no voice to remind the sports world of the alleged assault just eight months ago. Embed from Getty Imagescenter_img Prosecutors in Hawaii, where the alleged assault occurred, dropped domestic abuse charges against Reyes after his wife declined to cooperate with authorities.“I’m a human being, and human beings make a mistake. Nobody is perfect,” Reyes told reporters before his Citi Field debut Tuesday.While he’s been apologetic, that doesn’t change the facts of the incident. This is not the first time an accused domestic abuser has apologized, nor will it be the last. Moreover, it’s common for domestic abusers to be repeat offenders. The American Bar Association’s Commission on Domestic & Sexual Violence cited a study on its website from 2000 that said 41 percent of reported domestic violence offenders committed another assault within a 30-month period.Reyes has said all the right things. He’s donated money and time to anti-domestic violence coalitions. He’s attended more than the mandated amount of counseling. The fact remains, though, Jose Reyes did nothing to be cheered, nothing to be revered. He did exactly the opposite.Mets fans have let him, and the organization, off the hook.Although the domestic violence charges were dropped, Reyes now has a reputation that will follow him for the rest of his life: a wife beater.But as long as Reyes can keep that batting average up, in the eyes of Mets fans, he’s forgiven.last_img read more

The city of Hvar is starting a project of integrated destination quality management

first_imgIn addition to the authors of the project, Pero Matić, a consultant for the hotel sector, a long-term tourism employee with tourism management expertise, also participated in the initial hotel audits. “With this project, we are making a step forward in all segments of the tourist product of the city of Hvar, where mutual understanding and cooperation of all stakeholders in the project is most important. In accordance with the Tourism Development Strategy of the City of Hvar, the IQM project is a logical continuation of the implementation of the set goals in terms of improving quality, competitiveness, tourist satisfaction and quality of life in the destination”, Points out Petar Razović, director of the Tourist Board of the town of Hvar. Earlier this year, the Hvar Tourist Board launched the project of integrated quality management of the destination IQM – Integral quality management in the destination Hvar, in partnership with the city of Hvar and the project Feel IQM ( Integral Quality Managementi) conducted by Đurđica Šimičić and the company Interligo Anamarije Ciccarelli. “Educational programs raise awareness of the importance of quality and the way of implementing qualitative elements in business. A book of standards is prepared, which is harmonized in each phase with the needs and possibilities of stakeholders, trends in tourism and the expectations of the guest. The implementation phase follows, initially with all relevant partners and stakeholders in the tourism and its complementary sectors. In the implementation control phase, the satisfaction of project participants and guests who visited the destination is measured, with an emphasis on continuous progress and innovation, continuous improvement, in accordance with the needs and trends in tourism.”, Conclude the authors of the project, Đurđica Šimičić and Anamarija Cicarelli. The realization of the project will last for three years in several phases The aim of the project is the harmonization of quality standards between stakeholders in the destination’s tourism, equalization of the quality of business of all participants and the encouragement of excellence. Prerequisites for the implementation of IQM project in the destination are: a number of successful projects in the destination, which are the basis for exceeding the standard in quality, quality communication and desire for progress in the destination at all levels of management, the existence of strategic development documents and interest in quality synergy. In the first quarter of 2019, interactive workshops were held with more than 70 participants – from residents, through landlords, agencies, hoteliers, caterers, employees in the field of trade and wellness – and presented the results of the initial survey to measure the satisfaction of city residents Hvar. The implementation of the first phase of the project is underway – a survey of the opinions of all stakeholders in tourism in the town of Hvar, and guests staying in the town of Hvar and using the services of various stakeholders in the project. last_img read more

£600m Covent Garden plan launched

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Insurers, banks natural partners in long-term financing – Swiss Re

first_imgHowever, at the Swiss Re conference, another panel member, former ECB president Jean Claude Trichet, warned against further increases in debt issuance.He called on institutional investors, as well as regulators, to “bias equities” and increase exposure to the asset class.“We have seen the dangers of piling up debt, and, therefore, it is important investors increase the share of equities in their portfolios,” he said.Trichet said he was “surprised to still see a bias against equity and pro debt in many economies”.He told IPE any bias towards equities should be a long-term perspective, as equity markets were overpriced.“Thinking ahead, a higher equity exposure makes sense, and it would be safer than piling up new debt,” he said.Fürer agreed that “equity is important”, as “it is the basis for any type of financing including debt”.However, he pointed out that certain investors were better suited to taking on more equity investments than insurers, with long-term liabilities best mirrored by fixed income instruments.Swiss Re itself invests about 7% of its $128bn (€94bn) portfolio in equities, which is “within the strategic range”, said Fürer.To increase exposure to infrastructure financing, which, on average, makes up 1% of European insurers’ portfolios, Fürer would like to see a “market-consistent spread risk charge under Solvency II”.Further, he called on all stakeholders to continue the dialogue to “allow a tradeable infrastructure debt asset class to emerge”.To this end, he said, “we need to have best practices agreed between the public and private sector on bond documentation and disclosure requirements”.Fürer added: “Currently, infrastructure projects are almost non-accessible for institutional investors. Private involvement in financing makes such projects more efficient.”Furthermore, he stressed that a tradeable asset class would “attract a lot of private capital”.”Policy risk is still the risk number one in infrastructure investment,” he said.“A tradeable asset class is the best risk-mitigation strategy”. Insurers’ role in being able to provide risk capital and “thus act as a shock absorber” should not be weakened but strengthened, according to Swiss Re Group CIO Guido Fürer.Weighing in on the debate over long-term financing, Fürer told IPE: “Insurers are part of the value chain in lending, as they can offer size and long-term financing.”Speaking in an interview on the sidelines of a Swiss Re round-table meeting on financial repression and the role of institutional investors in long-term financing, he argued that banks and insurers were “complementary partners” in the world of lending, as banks had the customer access and “necessary insight” into project risks such as infrastructure, while insurers had the long-term investment horizon to match their liabilities.Last week, the Austrian finance minister Hans Jörg Schelling repeated criticism raised by the IMF on institutional investors competing with banks over financing and “distorting” the market. last_img read more

New study reveals terrible suffering but also hope for women who have abortions

first_imgLifeSite News 8 January 2018Family First Comment: The untold stories…www.chooselife.nzA study published in December in the peer-reviewed Journal of American Physicians and Surgeons reveals that women suffer from a wide variety of severely traumatic psychological effects from abortion, effects that often last for many years and have life-changing consequences.The study also interestingly found that women who have endured such abortion-related emotional trauma often believe that their suffering has ultimately benefited them, providing a stimulus for them to help other women in crisis pregnancies.“Women Who Suffered Emotionally from Abortion: A Qualitative Synthesis of Their Experiences,” reviews data generated from 987 women with a history of abortion who were invited to participate in an online survey.When asked what negative effects, if any, they attribute to their abortions, 23.7% recognized that they had taken a life. Many mentioned that they suffered from depression (14.4%), guilt or remorse (14%), self-hatred or other negative feelings towards themselves (12.4%), shame (10.9%), and regret (9.3%).“My child is dead and by my own choice,” one participant is quoted as saying. “I spent years of anger, shame, and grief. It damaged my relationship with my husband, my children, and my God. For 30 years I did not speak of it to anyone but my husband. My grief overwhelmed him and left him powerless and ashamed.”“My life was interrupted in a way that after 30 years, since my last abortion, I am still hurting, emotionally and mentally as a result of my choices. I will have to live with them for the rest of my life on earth” another participant stated.Many also mentioned self-destructive behavior as a negative consequence, including substance addiction or abuse (9%), promiscuity, self-punishment, and poor choices (7.7%), and impulses or even attempts at suicide (6.2%).When asked to name positive effects, if any, had come from their abortions, a little less than one third (31.6%) of participants said that there were none. Those who listed “positive” effects tended to indicate that their suffering had stimulated changes in their lives that inclined them to pro-life and crisis pregnancy activism.Such positive changes included a “deepened spiritual life (finding forgiveness, peace, inner healing” (17.5%), commitment to crisis pregnancy work (13.3%) or pro-life work in general (6.4%), speaking or writing about their abortion experiences (8.9%), helping women to recover from abortion-related trauma by communicating the love and forgiveness of God (8.2%), and conversion to Christianity (7.5%).“As a CPC [crisis pregnancy center] volunteer, I have been able to persuade most of my abortion minded clients to at least wait until they could see an ultrasound before they made their decisions,” said one woman. “All that have done that have chosen life for their children. I would probably not have become a volunteer had it not been for the abortion I had.”“The one positive is that it has brought me to my end and brought me to my knees before God,” wrote another participant. “He has drawn me to him through His endless forgiveness, mercy, and grace. I think He could have shown me those same things had I chosen another path, but this is how I came to Him, not as a Christian, because I already was one, but as one who really knows Him now.”A little over 20% of participants did not respond to either question about the effects of abortion.The study’s primary author is Dr. Priscilla K. Coleman, Professor of Human Development and Family Studies at Bowling Green State University.The study’s results and content differ dramatically from many other studies on abortion-related trauma undertaken in the English-speaking world, which often seek to confirm that women do not suffer any increased risk of trauma in aborting their child instead of giving birth. One such well-publicized study published in 2016 was blasted for serious methodological flaws that could have biased the results, as was a 2010 Guttmacher Institute study with similar conclusions.https://www.lifesitenews.com/news/new-study-reveals-that-women-suffer-emotionally-from-abortionlast_img read more

Batesville Sports Schedule Updates

first_imgFreshman Boys Basketball Ripley County Tourney at South Ripley has been postponed for Saturday.Batesville plays at Milan on Thursday (12-19) and that game will count toward the first round of The Ripley County Tourney.Jac-Cen-Del & South Ripley will decide a playing time/date and then the two winners will schedule a date for the championship.The Shelbyville Swim relays to be held at UI on Saturday has been canceled and will not be rescheduled.Submitted by Batesville AD Mark Ferguson.last_img read more

Open Enrollment: Things to Consider When Considering Health Care

first_imgFall is an important time for the millions of Hoosiers with health insurance. Not only does the Medicare Annual Enrollment period start Tuesday, but many employers are setting aside a two-week period for workers to choose their health-care coverage for 2020.Vice President of United Healthcare in Indiana John Lurker emphasized the importance of reviewing plan options and taking into account any changes in your own health.“Each year, things change in individuals’ personal circumstances and also their plans,” Lurker said. “They really need to take time to understand those plans, understand their options and make those selections over the next couple months here.”Lurker said any expected future health events such as having a baby or surgery should be considered as it could impact the total cost of a plan and not just the monthly premium. He also recommended reviewing prescription drug needs, including coverage, cost, and the price for generics compared with brand names.Lurker said one way to save on health-care costs is to look for a plan with a well-being program. “A lot of the different plans reward taking healthier actions such as completing a health survey, walking, going to the gym, not using nicotine. Also, many Medicare Advantage plans offer gym memberships and wellness programs for members at no additional cost,” he said.Another option becoming more widespread among insurance plans is virtual visits, which Lurker said allow patients to connect with a health-care provider 24/7 from the comfort of home.“It may be a convenient and lower-cost way to talk to a doctor about minor health issues, and all you need is a smartphone, tablet or computer,” he said. “Often, telehealth is available to members of employer-sponsored plans, individuals, and they’re expanding it a lot of times into Medicare.”last_img read more

Gatland: O’Driscoll saga adds spice

first_imgWarren Gatland admits the fallout from dropping Brian O’Driscoll for the summer’s final British Lions Test will put an “extra twist” on Wales’ trip to Ireland in the RBS 6 Nations. Leinster’s 128-cap Ireland fixture later joked Gatland would not be on his Christmas card list, before actually handing the Lions coach a card at the Downing Street meeting in September. After practical-joke prompting, Gatland said he eventually sent a card back to O’Driscoll – asking the Ireland midfielder to tell the Aviva Stadium crowd to go easy on him when Wales pitch up in Dublin on February 8. “Donnacha Ryan rang me up and asked me to send Brian a Christmas card, which was a bit of a joke from the Irish boys,” said Gatland. “So I sent him a Christmas card, and I wished him and his family well. “I did ask if he had any influence to try to make sure that the Irish fans didn’t boo me too much at the Aviva Stadium. “I meant it as a joke, it’s water under the bridge now and hopefully everyone can move on. “I’m really looking forward to going back [to Dublin]. It’s going to put an extra twist on the game, people are going to try to make something out of it as they always do.” Gatland has always struggled to understand the furore around him dropping O’Driscoll in Australia, and now hopes any lingering resentment will disperse. The former All Black hooker gave O’Driscoll his international debut as Ireland boss, in his three-year tenure between 1998 and 2001. The Wales coach also revealed he returned the Christmas card favour to Ireland legend O’Driscoll to extend the running joke started at the Lions’ Downing Street reception toasting their summer Australia tour series win. Gatland omitted O’Driscoll from the Lions’ final Test in July, a resounding 41-16 win to seal the series, sparking uproar in Ireland and disillusionment from the veteran 35-year-old centre. Press Association Gatland believes he owes Irish rugby a huge debt of gratitude, especially in backing him to step up to international coaching aged just 34. “It’s easy for me to ignore it,” said Gatland of the O’Driscoll saga. “A lot of people are trying to make a big thing of the Irish situation, but at the end of the day I made my decision. “And I just keep saying to people it’s just a matter of opinion and that’s what it is. “It doesn’t mean we didn’t question ourselves and whether it was the right decision. “People who tried to turn it into an anti-Irish thing: I’m incredibly indebted to Irish rugby and the opportunities they gave me. “Starting off in the club I knew among the four regions, coaching Connacht and then gave me a chance as a 34-year-old to be an international coach. “I look back and I’m incredibly grateful to the chances that Ireland gave me.” last_img read more

PL teams to start training in ‘small groups’

first_img(BBC) – PREMIER League clubs hope to give their players the go-ahead to return to training in small groups this week.But there is a growing feeling the intended 12 June date for matches to start again will need to be pushed back.A vote is due to take place on training and medical protocols when the 20 top-flight clubs hold their next meeting on Monday morning.If passed, players would be able to train in groups of five from Tuesday.That would be on condition that they observe social distancing rules and adhere to a series of strict criteria, which include getting changed at home and driving to training grounds on their own.At least 14 of the 20 clubs must agree that safety protocols are sufficient for the plan to be approved.The government last week opened the door for the return of elite sport, but several hurdles remain before the Premier League can resume behind closed doors.Clubs have been carrying out coronavirus testing this weekend to ensure there is no further delay, but a number of players – including Newcastle United defender Danny Rose and Watford skipper Troy Deeney – have expressed concerns about returning.Players have been asked to sign waivers and it is understood the Professional Footballers’ Association has offered to get the agreements legally checked if anyone is uncertain.Club officials have been holding high-level meetings as the legal liability for any player who became seriously ill would fall on them.It is anticipated a three-step return to action will be implemented. It is hoped to move into the second phase at the beginning of June, which would involve training in larger groups, before a return to contact training.At the meeting on Monday, clubs will also be updated on talks with police and safety committees over the request to play matches at their own stadiums rather than at neutral grounds, as initially proposed.They will also receive a report on the return of Germany’s Bundesliga and will have been heartened to learn there were no instances of fans turning up at stadiums in significant numbers.Raheem Sterling spoke to United States international Megan Rapinoe in a Zoom chat that was broadcast on YouTube.Manchester City forward Raheem Sterling said on Sunday that players would need a “full four to five weeks” of training before returning to competition.Newcastle manager Steve Bruce had earlier told the Sunday Telegraph the timescale was “at least six weeks”, adding: “I don’t see how we can play games until the back end of June.”The Premier League is thought to be relaxed, viewing the restart as more important than the actual date.It also knows that while Uefa hopes domestic leagues are completed by 31 July, there are spare days in August free from European competition to allow outstanding fixtures to be played.Further talks in the EFLIn addition to the Premier League meeting, League One clubs will hold further talks about how to proceed with their season after a meeting on Friday ended in deadlock.Many clubs want the season to end now because of the costs involved but at least seven – including Peterborough, Sunderland, Ipswich and Portsmouth – want to continue.They hope to have a plan to put before Wednesday’s meeting of the EFL board, which will also have to assess League Two’s proposals for terminating the season.It is thought unlikely the request to not relegate anyone to the National League will be endorsed, with a number of Championship clubs making it clear they would not agree with any decision that undermines the concept of promotion to the Premier League.last_img read more