NewzIntel.com

Category: Banking

  • MIL-OSI United Kingdom: Reeves must resign over second wave of austerity

    Source: Scottish Greens

    21 May 2025 Peace

    Patrick Harvie calls for UK to take action on Israeli aid blockade

    More in Peace

    Israeli forces must urgently allow aid to reach extremely vulnerable children, says Scottish Greens Co-Leader Patrick Harvie MSP, ahead of a Parliamentary committee hearing from aid agencies working in Gaza and the West Bank.

    It comes after warnings yesterday from the United Nations that 14,000 babies could die in Gaza unless extra aid arrived. Israel claims to have ended their 11-week aid blockade of Gaza, but the UN has warned that the aid trucks allowed in so far are just a “drop in the ocean” compared to what Gaza needs.

    Scottish Greens have continually called for the UK & Scottish Governments to end complicity in the war crimes being committed by Israel.

    The Labour UK Government has provided more arms to Israel in three months than the previous three years under Conservative governments, and the SNP Scottish Government have continued to fund arms manufacturers who produce parts for the F-35 fighter jets which have been used by Israel.

    Scottish Greens Co-Leader Patrick Harvie MSP said:

    “The situation in Gaza is unprecedented in modern times, with the world allowing Israel to inflict  collective punishment on a grotesque scale. Aid blockades and genocide are never acceptable yet governments across the West have overlooked Israel’s war crimes.

    “Israeli forces have withheld urgent aid from civilians for over 11 weeks, and despite their claims to be allowing aid into Palestinian territory, we have heard from the front lines that what is being allowed to enter is nowhere near enough.

    “Senior Ministers in the Israeli Government are quite explicit about their intention to destroy Palestinian life in Gaza, and their utter contempt for international law.

    “The UK Labour Government have blood on their hands, they have continued to enable and support Israel’s war crimes throughout this disgraceful campaign. They must now surely end all trade with Israel, and join with other countries to ensure that urgent aid is provided to meet the immediate needs of the people of Gaza.”

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Basel Committee continues to prioritise Basel III implementation, progresses work to strengthen supervisory effectiveness and discusses finalisation of principles on third-party risks

    Source: Bank for International Settlements

    • The Basel Committee continues to prioritise the full and consistent implementation of Basel III.
    • Progresses work to strengthen supervisory effectiveness based on the lessons learned from the 2023 banking turmoil.
    • Aims to finalise principles for the sound management of third-party risk in the banking sector by the end of 2025.

    The Basel Committee on Banking Supervision met in Stockholm on 20 and 21 May 2025 to discuss a range of initiatives.

    Financial stability outlook

    Committee members exchanged views on recent market developments and the financial stability outlook for the global banking system. A heightened level of uncertainty and increased market volatility requires ongoing vigilance by banks and supervisors to ensure that the global banking system continues to maintain its resilience.

    2023 banking turmoil

    The Committee took stock of its work to develop a suite of practical tools to support supervisors in their day-to-day work as part of its efforts to strengthen supervisory effectiveness in the light of the lessons learned from the 2023 banking turmoil. The initial work covered the supervision of liquidity risk and interest rate risk in the banking book, the assessment of the sustainability of banks’ business models and the importance of effective supervisory judgment. The tools do not change or replace existing standards or guidelines and were designed to strengthen supervisory practices and effectiveness worldwide. The Committee will publish an update on the outcome of this work by the end of the year.

    Following the meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS) earlier this month, the Committee continues to prioritise the implementation of Basel III framework in full, consistently and as soon as possible. The Committee also discussed its analytical work to assess whether specific features of the Basel Framework performed as intended during the 2023 banking turmoil, such as liquidity risk and interest rate risk in the banking book.

    Digitalisation of finance

    The Committee reviewed the comments received on its consultation on supervisory principles for the sound management of third-party risk in the banking sector. It also discussed an analysis on the risks and benefits from banks’ reliance on third-party service providers.

    Building on the comments received and its own analysis, the Committee will publish a final version of the principles by the end of the year.

    Members also exchanged views on recent developments related to artificial intelligence and digital fraud. The Committee will continue to monitor developments in these areas.

    The Committee also discussed how best to use technological innovation for its Pillar 3 disclosure framework. The disclosure framework enables market participants to access key information about a bank’s risk profile. Making these data more easily accessible by publishing them in a machine-readable format would provide an important public good. The Committee will consult on such a proposal by the end of the year.

    Financial risks of extreme weather events

    At the GHOS meeting earlier this month, the Committee was tasked with prioritising its work to analyse the impact of extreme weather events on financial risks. The Committee will continue to work on operationalising this work over the coming months. The GHOS also tasked the Committee with publishing a voluntary disclosure framework for climate-related financial risks for jurisdictions to consider; the framework will be published in June.

    Note to editors: 

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Economics –

  • MIL-OSI Europe: The EBA observes that EU Deposit Guarantee Scheme funds to protect depositors against bank failures have reached €79bn

    Source: European Banking Authority

    • All national deposit guarantee schemes (DGS) in the European Union (EU) have reached the envisaged minimum target level.
    • The funds have been built up over a 10-year period through contributions from credit institutions and are directly available to reimburse depositors in the case of a bank failure.
    • The amount of deposits protected by the DGSs increased by 3.2% to €8.6tn from 2023 to 2024.

    The European Banking Authority (EBA) today published end-2024 data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive (DGSD), namely financial means available to, and covered deposits protected by, national deposit guarantee schemes. The EBA publishes this data for each Member State, and on a yearly basis to enhance the transparency and public accountability of DGSs across the EU to the benefit of depositors, markets, policymakers, DGSs and Members States. Following a 10-year build-up phase, the EU DGS funds have reached €79bn of available means in aggregate.

    The DGSD ensures the adequate protection of depositors when banks fail, by guaranteeing that deposits up to a certain level will always be repaid even if the bank holding them fails. Covered deposits are guaranteed up to €100,000 or the equivalent in other currencies per depositor at each bank. The data as of 31 December 2024 shows that, compared to 2023, the amount of covered deposits across the EU further increased by 3.2% to €8.6tn, after increases of 1.7% in 2023 and 2.5% in 2022.

    Furthermore, all banks in the EU have been obliged to contribute to funds held by the DGSs in their jurisdiction for the main purpose of reimbursing depositors within seven days after a bank failure. The deadline for those funds to reach the minimum required target level of usually 0.8% of covered deposits for the first time was 3 July 2024. The end-2024 data shows that all 33 EU DGSs are at or above that target level. In total, funds available to protect deposits in case of bank failures rose by 11.1% to €79bn in 2024. DGSs have in place additional arrangements, to require credit institutions to make additional contributions to the fund and/or to make additional short-term funding available should the need arise.

    The public data includes data for the EU countries, Iceland, Norway and Liechtenstein, which together form the European Economic Area (EEA). The total covered deposits in the EEA amount to €8.8tn and the total available financial means in the EEA funds amount to €81bn at the end of2024.

    Legal basis and background

    The EBA is collecting data on deposit guarantee schemes in accordance with Article 10(10) of the DGSD. As per its Decision EBA/DC/2018/243 from 23 July 2018, the EBA makes this data publicly available on its website.

    Furthermore, in support of the DGSD, the EBA published in December 2021 the Guidelines EBA/GL/2021/17 on the delineation and reporting of AFMs of the DGSs and, thus, expanded the reporting requirements from DGSs to the EBA.

    MIL OSI Europe News –

  • MIL-OSI China: China to intensify financing support for small, micro firms

    Source: People’s Republic of China – State Council News

    BEIJING, May 21 — China will further step up financing support for small and micro enterprises by increasing financing supply, lowering financing costs, and enhancing the precision of supportive measures, according to a guideline issued Wednesday by eight departments.

    The document — jointly issued by the National Financial Regulatory Administration, the People’s Bank of China, the National Development and Reform Commission and other authorities, proposes 23 concrete measures to boost financing for small and micro firms.

    To increase financing supply for these companies, the country will strengthen the issuance of first-time loans, credit loans, medium- to long-term loans, corporate loans and loans to private enterprises, the guideline revealed.

    Financing support for small and micro firms in the agricultural sector will be strengthened by leveraging structural monetary tools including re-lending, the document said.

    China will also support small and micro enterprises in pursuing equity financing, the guideline stated.

    To reduce the financing costs of small and micro companies, the country will guide banks to determine their lending rates for such enterprises reasonably while lowering additional loan-related fees.

    China will also guide banks to improve their financing efficiency, streamline application materials and optimize approval procedures, said the document, while adding that more support will be channeled to science and technology-oriented, innovation-driven small and micro firms as well as those engaged in new business models regarding foreign trade.

    MIL OSI China News –

  • MIL-OSI: Guaranteed Rate Affinity Welcomes Dino Guadagnino as Regional Vice President of Reverse Mortgages

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 21, 2025 (GLOBE NEWSWIRE) — Guaranteed Rate Affinity, a leading mortgage provider offering unparalleled lending services through its partnership with Coldwell Banker, has appointed Dino Guadagnino as Regional Vice President of Reverse Mortgages, strengthening its commitment to the reverse mortgage space and the senior borrowers it serves.

    With 22 years in the industry and a background in accounting, Guadagnino has specialized in reverse mortgages since 2003. He joins GRA to lead the expansion of its reverse program—bringing more education, opportunity, and tools to agents, loan officers, and senior clients alike.

    “I am excited to join Guaranteed Rate Affinity as the Regional Reverse Mortgage Sales Leader,” said Guadagnino. “GRA’s leadership team and their commitment to offering financial solutions to the senior population make this the ideal organization to grow the reverse mortgage program. We’re focused on building a team of reverse loan officers who align with our values and deliver the highest level of service to clients and partners.”

    In addition to expanding outreach and education for reverse mortgages, Guadagnino will work closely with traditional loan officers to help them get certified in reverse lending and uncover new opportunities in the reverse for purchase space.

    “We’re pleased to welcome Dino to the Guaranteed Rate Affinity family,” said Frank Ciardelli, SVP of Sales Performance. “His knowledge and leadership in reverse lending will be a game changer. Dino’s presence will help grow this business line, expand our offering, and provide seniors with the education and options they deserve.”

    About Guaranteed Rate Affinity

    Guaranteed Rate Affinity is a joint venture between Guaranteed Rate, Inc. and Anywhere Integrated Services (NYSE: HOUS), which owns some of the industry’s most recognized and respected real estate brands. The innovative JV has funded over $100 billion in loans since its inception. Guaranteed Rate Affinity originates and markets its mortgage lending services to Anywhere’s real estate, brokerage, and relocation subsidiaries.

    Guaranteed Rate Affinity provides unmatched support to Anywhere brokers coast-to-coast, ensuring their customers receive fast pre-approvals, appraisals, and loan closings, creating the ability for buyers to move quickly and confidently when purchasing homes in today’s competitive market. The company also provides the same services to the public and other real estate brokerage and relocation companies across the country—helping employers improve their employees’ relocation experience by prioritizing customer service, digital mortgage ease, and competitive rates.

    Disclosures: Guaranteed Rate owns a controlling 50.1% stake in Guaranteed Rate Affinity, and Anywhere owns 49.9%. Availability of reverse mortgage products varies by state and may not be offered in all areas. Contact a Guaranteed Rate Affinity loan officer for details on current state availability.

    Visit grarate.com for more information.

    Media Contact:
    press@rate.com

    The MIL Network –

  • MIL-OSI: COMMERCE SPLIT Monthly Payments Declared for Capital Share and Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — New Commerce Split (The “Company”) declares a monthly distribution of $0.05000 per share for Capital shareholders (YCM), and its regular monthly distribution of $0.02500 per share ($0.30 annually) for Class I Preferred shareholders (YCM.PR.A), and $0.03125 per share ($0.375 annually) for Class II Preferred shareholders (YCM.PR.B). The Class I Preferreds are paid at an annual rate of 6.00% based on their $5 repayment amount. Class II Preferreds are paid at an annual rate of 7.50% based on their $5 repayment amount. Distributions are payable June 10, 2025 to shareholders on record as at May 30, 2025.

    The Company invests in common shares of Canadian Imperial Bank of Commerce, a Canadian financial institution.

       
    Distribution Details  
       
    Capital Share (YCM) $0.05000
    Class I Preferred Share (YCM.PR.A) $0.02500
    Class II Preferred Share (YCM.PR.B) $0.03125
    Record Date: May 30, 2025
    Payable Date: June 10, 2025
           
    Investor Relations: 1-877-478-2372 Local: 416-304-4443 www.commercesplit.com info@quadravest.com

    The MIL Network –

  • MIL-OSI: Flywire Surpasses $320 Million in Past-Due Tuition Collected and 161,000+ Student Enrollments Saved at U.S. Higher Education Institutions

    Source: GlobeNewswire (MIL-OSI)

    Flywire’s Student Financial Software helps U.S. institutions boost enrollment and accelerate cash flow

    Automated payment innovation fuels accelerated adoption of Flywire’s Third-Party Invoicing and 529 Disbursement solutions

    BOSTON, May 21, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Flywire) (Nasdaq: FLYW) – a global payments enablement and software company – announced today that more than 100 colleges and universities in the United States that use Flywire’s Student Financial Software (SFS) collected more than $320 million in past-due tuition to keep more than 161,000 at-risk students enrolled. These results are part of the ongoing commitment that Flywire is making to its higher education clients in the U.S. to help them accelerate revenue, while optimizing for student success.

    Faced with mounting pressure to create more sustainable revenue streams, U.S. higher education institutions have adopted Flywire’s SFS solution to better streamline the student journey and address education affordability by providing more dynamic payment plans and accelerating past-due collections to help retain students. The return on investment from Flywire’s Collection Management offering of SFS is particularly strong, as it helps institutions avoid the costly process of sending students to collections, which typically charges on average 20% to collect past-due tuition owed. As one example, Purdue University – a Flywire client for cross-border tuition payments and digital 529 disbursements since 2021 – went live with Flywire’s Collection Management offering of SFS in March of 2024 to automate communications and payment plans to collect more past-due tuition faster. Within months, Purdue saved more than 300 students from going to collections, and recovered more than $1 million in revenue that would otherwise have been written off.

    “I can’t imagine how much extra work we’d have to be doing if we were still doing collections the old way. It’s kind of a lifesaver. Our write-offs will go down because of Flywire.” – Chad Lester, Associate Bursar, Account Resolution and Loan Administration, Purdue University

    Ongoing innovation also solves payment challenges around 529 disbursements and third-party payments

    Flywire’s U.S. clients have also begun adopting its third-party invoicing solution, which streamlines the payment experience for third-party sponsors paying a student’s tuition and fees, as well as its 529 disbursements, which digitizes the otherwise manual process of 529 plan payment checks. Since the inception of its 529 solution, Flywire has digitized over $2 billion in tuition payments by eliminating the manual processing of more than 502,000 checks for institutions in the U.S., with more than 750 institutions in the U.S. signed on for the solution. This expansion of these payment capabilities demonstrates Flywire’s commitment to addressing every aspect of the student payment journey, extending its expertise beyond cross-border transactions to deliver comprehensive payment solutions that help clients work smarter.

    “When I first started with Flywire, they were just payments. Now they’ve put 529 solutions in, again a big problem in our university, all the checks. They’ve put in collections and now third-party invoicing. Everything they do makes our jobs easier.” – Janet Hicks, Associate Controller, Student Accounting Services, University of South Florida

    Strengthening partnerships to enhance capabilities for clients and embed deeper within broader education ecosystem

    Flywire directly integrates with a number of leading technology providers, from large ERPs like Ellucian, to Admission and Enrollment Providers like CommonApp, and other software systems. Through these integrations, Flywire is helping institutions improve operational efficiency to ultimately provide better staff and student experiences.

    To strengthen its footprint in the U.S., Flywire has recently partnered with some of the largest and most recognized education technology providers to provide:

    • Tuition insurance through GradGuard to provide Flywire’s higher education clients in the U.S. access to an integrated policy disclosure process that assures greater financial literacy of students and their families
    • Streamlined payment experience through BlackBaud to provide international students enables a seamless payment experience, and help independent schools streamline incoming payments, including tuition and enrollment fees
    • Digital delivery of student loan payments funded and managed by some of the largest banks and loan providers in India, including Credila and State Bank of India   
    • Strengthened international recruitment network of more than 20,000 key recruitment counselors such as IDP, KC Overseas and more to help institutes diversify their recruitment efforts and streamline enrollment from international students.

    Resources

    • Meet with Flywire at NAFSA 2025, May 26 – May 30, Booth #626 and join Flywire’s sessions with NYU, IDP, ICEF, AIRC, INTO and GeNEOus to learn more about how Flywire is powering the global education ecosystem.
    • To learn more about Flywire’s solutions for the U.S. higher education industry, visit here
    • The Flywire Fusion U.S. Education Client Conference & Awards Ceremony is taking place October 20-22 at the Lansdowne Resort in historic Leesburg, Virginia. Save your spot here.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports more than 4,600 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

    Forward-Looking Statements

    ​​This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its education clients and business, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Media:
    Sarah King
    Media@Flywire.com

    Investor Relations:
    Masha Kahn
    IR@Flywire.com

    The MIL Network –

  • MIL-OSI United Kingdom: UK stands ready to send more aid to Gaza as Minister pledges further support

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK stands ready to send more aid to Gaza as Minister pledges further support

    Minister for Development announces new UK support for Gaza on first visit in her role to Israel and the Occupied Palestinian Territories

    • extra UK aid announced today will support organisations on the ground seeking to get food, water and medicine to those who need it
    • Minister Chapman will call Israel’s decision to allow just a basic amount of food into Gaza ‘abominable’ after an ‘indefensible’ 11-week blockade.
    • on her first visit to Israel and the Occupied Palestinian Territories in her role, the Minister also emphasises the need to release all Israeli hostages held by Hamas and works towards a two-state solution

    Vulnerable Gazans must urgently be given full access to aid, UK Minister for Development, Jenny Chapman said today [Wednesday 21 May] on her first visit to Israel and the Occupied Palestinian Territories in her role. 

    Following the Government’s calls, together with partners, for restrictions on aid access to be lifted, the UK has announced £4m of new UK humanitarian support for Gazans as the Minister reaffirms the UK’s commitment to driving peace in the region.

    The visit comes the day after Foreign Secretary David Lammy announced new sanctions hitting violent West Bank settlers, paused free trade agreement negotiations with Israel and called the Government of Israel’s actions ‘egregious’ and ‘intolerable’. 

    On her visit the Development Minister will say the limited restart of aid deliveries into Gaza is ‘simply not enough’ and she will urge the Israeli government to allow the unhindered provision of aid. She will say the blockade has been appalling and indefensible, particularly following an IPC report noting the entire population of Gaza is experiencing high levels of acute food insecurity.

    The Minister will announce new UK support during a visit to a Red Crescent centre, highlighting that the UK stands ready to provide the urgent aid to those who desperately need it, while expressing frustration much of it cannot yet reach them.

    Backing up words with action, the new UK support would cover essential medicines and medical supplies for up to 32,000 people, safe drinking water for up to 60,000 people, and food parcels for up to 14,000 people.

    Minister for Development, Jenny Chapman said:

    The lack of aid reaching ordinary Gazans is appalling. The Israeli government’s failure to allow full humanitarian access to aid workers is abhorrent. Far too few trucks are crossing into Gaza. The UN has warned nearly half a million Palestinians, including children, are facing starvation.

    The UK is clear – Israel will not achieve security through prolonging the suffering of the Palestinian people.

    I have heard first hand from aid workers today of the abominable impact of this behaviour on real families. The UK has today pledged new support for Gazans but the brutal reality is most of it is stuck in limbo.

    We need to see an immediate ceasefire, the release of all hostages, a surge of aid, and a path towards long-term peace.

    During the first day of her visit (Wednesday, May 21), Minister Chapman has met with Palestinian Justice Minister Sharhabeel al-Zaeem, and talked to UNRWA representatives on resolving the challenges in getting aid to Palestinian communities.

    Tomorrow, she is due to meet the families of hostages cruelly held by Hamas, where she will highlight the importance of an immediate ceasefire and a negotiated end to the conflict which secures their urgent release. This is the only way to deliver long-term stability in the region, and at home, as part of the Government’s Plan for Change.

    Background

    • The £4 million contribution announced today will be made to the British Red Cross to deliver humanitarian relief in Gaza through their partner the Palestinian Red Crescent Society. This support has been allocated from the £101 million set aside for the Occupied Palestinian Territories (OPTs) in financial year 2025-26, announced during the official visit of Palestinian Prime Minister Mohammed Mustafa to the UK.
    • UK support to the OPTs since October 7, 2023, has so far provided 405,000 patient consultations across Gaza, food aid to at least 647,000 people, and improved water, sanitation and hygiene services to almost 300,000 people. 
    • Photos from the visit will be available on FCDO Flickr
    • See here for the Foreign Secretary’s statement announcing sanctions on West Bank violence network and the pause on negotiations for a free trade agreement.
    • See here for joint statement from the leaders of the UK, France and Canada on the situation in Gaza and the West Bank delivered on 19/05/2025.
    • See here for joint statement from UK and 26 other humanitarian partners delivered on 19/05/2025.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 21 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023, for a period of six months up to August 24, 2023, as modified from time to time, which were last extended up to close of business on May 24, 2025 vide Directive DOR.MON/D-73/12.23.292/2024-25 dated November 21, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond May 24, 2025.

    2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of six months from the close of business on May 24, 2025, to close of business on November 24, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/383

    MIL OSI Economics –

  • MIL-OSI Africa: African Development Bank’s Adesina Warns of Economic Shockwaves from United States (U.S.) Tariffs, Calls for Strategic Global Engagement

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, May 21, 2025/APO Group/ —

    As the United States imposes higher tariffs with global ramifications, African Development Bank Group (www.AfDB.org) President Dr. Akinwumi Adesina has warned that these measures could trigger significant economic disruptions across Africa, affecting numerous nations and accelerating a strategic shift in global partnerships. 

    In an exclusive interview with CNN’s Christiane Amanpour, Dr Adesina revealed that 47 of Africa’s 54 countries will be impacted directly by the new U.S. trade policies, with potential declines in export revenues and foreign exchange reserves. 

    “When those currencies weaken, two things will happen: first, you will find that most of these countries are import-dependent. So, you’re going to find that high inflation becomes a problem,” said Adesina. “And secondly, you find that the cost of actually servicing a lot of their debt, which is foreign currency debt, but in local currencies, is going to get worse.” 

    Almost all African countries have been hit by higher tariffs announced by the Trump administration, with at least 22 nations facing up to a whopping 50 percent for almost all their products. Among the hardest hit countries are Lesotho, Madagascar, Mauritius, Botswana, Angola, Algeria, and South Africa. 

    The impacts of these higher tariffs are further exacerbated by significant cuts to USAID programs, which have already begun affecting access to essential medical supplies and humanitarian services in many countries, raising serious concerns about the future trajectory of U.S.-Africa relations. 

    Africa’s Strategic Response 

    Despite the challenges, Adesina emphasized that Africa cannot afford a trade confrontation with the United States, noting that the continent accounts for only 1.2 percent (approximately $34 billion) of America’s global trade—with a trade surplus of just $7.2 billion. 

    Instead, he proposed a pragmatic three-point strategy for the continent: Engage the U.S. through flexible and constructive trade negotiations, diversify export markets to reduce dependency on any single partner, and accelerate the African Continental Free Trade Area implementation to unlock the potential $3.4 trillion market. 

    He stressed the need to expand Africa’s domestic market and boost domestic savings to develop consumption as a bigger share of its GDP, leveraging its massive population growth. More importantly, the continent must take advantage of the increasing external interest in its natural resources, such as cobalt and lithium, to negotiate a better trade and investment deal. 

    Addressing speculation that Africa may shift more decisively toward China in response to the higher U.S. tariffs, Adesina dismissed any notion of binary alignment. “U.S is a key ally of Africa—and so is China,” he stated. “Africa is building bridges, not isolating itself.” 

    He stressed that Africa seeks balanced, transparent, and mutually beneficial partnerships with all major global players, including the U.S., China, the European Union, and the Gulf states. “I think at the end of the day, we want to make sure that whatever deals that are being done with Africa are transparent, fair, equitable, and led by Africa and in Africa’s interests,” Adesina reiterated. 

    Beyond Aid: Driving Africa’s Self-Reliance 

    Dr. Adesina, who concludes his second and final term as president of the Bank in September, firmly rejected the long-standing paradigm of foreign aid dependency. “The era of aid as we’ve known it is completely gone,” he declared, calling instead for bold investments in domestic resource mobilization, infrastructure, and value-added industrialization. 

    He said aid must be turned into concessional financing to allow multilateral financial institutions like the African Development Bank to do more for the continent by mobilizing more private capital to develop and derisk projects.  

    While Africa represents nearly 20 percent of the global population and under three percent of global GDP, the Bank Group chief pointed to a resilient and transformative growth narrative: ten of the world’s twenty fastest-growing economies are in Africa. 

    He highlighted flagship initiatives under the African Development Bank’s “High 5” agenda that have impacted more than 565 million people through investments in power, food security, industrialization, regional integration, and initiatives to improve the quality of life of the people of Africa. 

    Over the past decade, the African Development Bank has invested more than $55 billion in infrastructure to bolster economic integration across Africa, alongside other critical investments to drive inclusive growth. It is by far the largest financier of infrastructure across Africa. 

    Adesina also cited the great potential of the Mission 300 project, a joint initiative by the World Bank and the African Development Bank to connect 300 million people in Africa to electricity by 2030.  “Because without electricity, what can you do? You can’t industrialize, you can’t add value, you can’t be competitive in the dark,” he said. 

    He highlighted the achievements of the Africa Investment Forum, launched in 2018 by the Bank and eight other partners, saying it has since mobilized more than $225 billion in investment interest to the continent. The Forum is a multi-stakeholder, multi-disciplinary platform that advances projects to bankable stages, raises capital, and accelerates deals to financial closure. 

    Adesina believes that despite its challenges, Africa is the largest greenfield investment destination in the world, and it remains “the investor’s dream.” 

    “We got hydropower. We have a massive youth population that can become the labor force of the world. Sixty-five percent of the arable land left in the world to feed almost 9.5 billion people by 2050 is in Africa, so what Africa does with it will determine the future of food in the world,” he affirmed. 

    MIL OSI Africa –

  • MIL-OSI: StepStone Group Opens New Office in Ireland

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) — StepStone Group (Nasdaq: STEP), a global private markets solutions provider, today announced the opening of the new Ireland office at One Haddington Buildings, Dublin 4, of its subsidiary StepStone Group Europe Alternative Investment Limited (“SGEAIL”), an alternative investment fund manager regulated by the Central Bank of Ireland.

    Having operated in Dublin since 2005 through a predecessor firm, SGEAIL enables EU-based clients to access private market investment solutions in private debt, private equity, real estate, and infrastructure and real assets. SGEAIL oversees €29.1 billion in AUM as of December 31, 2024, a significant increase from €20.6 billion in December 2022.​

    “Our growth in Ireland reflects the increasing demand for private market solutions globally, and especially among EU-based institutional and private wealth clients,” said David Allen, Partner and CEO of SGEAIL. “Our expanded space demonstrates our commitment to investing in the local economy and talent pool to meet this demand.”

    Since 2021, the number of people working in StepStone’s Dublin office has doubled and now numbers 110 employees, approximately 10% of the firm’s global workforce. The new 12,000 square foot office allows the firm to continue to invest in talent to support the global client footprint, while providing the team with a modern workspace that was designed with teamwork, brand pride, wellness and sustainability in mind. 

    “StepStone Group’s expansion in Dublin is a welcome development for our financial services sector, and highlights Ireland’s position as a leading destination for global investment firms seeking to access the European market. I would like to congratulate the team at StepStone Group and wish them luck in this exciting new phase of their journey,” said Peter Burke, Minister for Enterprise, Tourism and Employment.

    Michael Lohan, CEO of IDA Ireland, the agency responsible for attracting and retaining foreign direct investment into Ireland, said “StepStone’s announcement further underscores Ireland’s position as a leading location for global firms in the financial services sector. The combination of deep industry expertise, a strong pipeline of talent, and a stable, pro-business environment continues to attract companies looking for a strategic entry point to the EU and access to wider global markets. I want to wish StepStone every success and to assure them of our continued support and partnership as they expand their footprint in Ireland.”

    In addition to managing EU-domiciled commingled funds and separate accounts for institutional clients, SGEAIL has in recent years served as a hub for StepStone’s expansion into the European private wealth market. Earlier this year, StepStone launched its first ELTIF focused on the private debt market and converted its existing RAIF funds into UCI Part II vehicles.

    Savills Dublin served as StepStone’s tenant representative for the new office, and Calibro Workspace completed the space’s interior design and fitout.

    About StepStone

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    About IDA Ireland

    IDA Ireland is the country’s inward investment promotion agency, responsible for attracting and developing foreign investment in Ireland. With a proven track record of facilitating international companies, IDA Ireland offers a range of services to support businesses in establishing and expanding operations on the island. Our expert team works closely with companies across various industries, including technology, pharmaceuticals, financial services, and more, providing tailor-made solutions to meet their needs.

    As a gateway to Europe, Ireland offers a competitive corporate tax rate, a young and highly skilled workforce, and a robust business environment, making it an ideal location for global companies looking to innovate and grow. Headquartered in Dublin, with a network of offices worldwide, IDA Ireland is committed to driving economic growth and job creation by fostering a vibrant and sustainable business ecosystem. For more information, visit www.idaireland.com or follow us on Twitter @IDAIRELAND.

    StepStone Contacts:

    Shareholder Relations:
    Seth Weiss
    shareholders@stepstonegroup.com
    +1 (212) 351-6106

    Media:
    Brian Ruby / Chris Gillick / Matt Lettiero
    ICR
    StepStonePR@icrinc.com
    +1 (203) 682-8268

    IDA Ireland Contact:
    Rachel Bermingham
    Rachel.bermingham@ida.ie
    +353 087 437 6158

    Photos accompanying this announcement is available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ede6977b-e55f-436f-bd99-0846b67c4dc2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a1446217-fe4f-4fd4-84f9-f55ff19333f2

    The MIL Network –

  • MIL-OSI: Announcement of the preliminary result and completion of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Announcement of the preliminary result and completion of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S

    21 May 2025

    Nykredit announces the preliminary result of the recommended voluntary public tender offer for Spar Nord Bank A/S

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion. As stated in a supplement dated 2 April 2025, the offer price has subsequently been increased to DKK 210.50 per share.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Document was most recently supplemented in a supplement of 23 April 2025.

    Today, Nykredit announces the preliminary result of the Offer in accordance with section 21(3) of the Danish Takeover Order.

    Preliminary result

    The offer period, as determined in the Offer Document and most recently amended by a supplement of 23 April 2025, expired yesterday, 20 May 2025 at 23:59 (CEST).

    Nykredit’s preliminary and non-binding summation of acceptances shows that Nykredit has obtained acceptances for 72,169,403 shares, equal to 61.32 per cent of the share capital and the associated voting rights in Spar Nord Bank.

    At the date of publication of this announcement, Nykredit holds 38,646,475 Spar Nord Bank Shares, corresponding to 32.83 per cent of the share capital and voting rights in Spar Nord Bank. Based on the preliminary summation of acceptances, acceptances received combined with Nykredit’s ownership interest in Spar Nord Bank represent 96.54 per cent of the share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares.

    The calculation of acceptances received is preliminary and may be adjusted through a verification process, which is currently underway at Carnegie Investment Bank, Filial af Carnegie Investment Bank AB (publ), Sverige, which has been appointed as settlement agent.

    As published in an announcement of 20 May 2025, Nykredit has received all the necessary regulatory approvals for completing the Offer. The minimum condition for acceptance, based on the preliminary summation of acceptances, is also fulfilled. At the date of this announcement, Nykredit thus considers all the conditions laid down in the Offer Document for completion of the Offer to be fulfilled. As a result, the Offer is finalised, and Nykredit intends, subject to the final summation of acceptances, to complete the Offer on the terms and conditions set out in the Offer Document.

    Final result

    In accordance with section 21(3) of the Danish Takeover Order, Nykredit will, no later than on 23 May 2025, publish the final result of the Offer.

    Settlement

    The Offer will be settled in cash through the shareholders’ own account holding institutions no later than three (3) business days after publication of the final result, which will be 28 May 2025, if the final result is published on 23 May 2025.

    Compulsory acquisition and delisting

    As Nykredit stands to obtain an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares) upon completion of the Offer, it is Nykredit’ intention, as described in section 7.8 of the Offer Document, to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act.

    Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S as described in section 7.9 of the Offer Document.

    In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit will propose to amend Spar Nord Bank’s articles of association.

    Detailed information on compulsory acquisition and delisting will be published in separate announcements.

    Additional information

    Contact persons:

    Investor contact:

    Morten Bækmand, Head of Investor Relations, Nykredit (+45 4455 1521)

    Media contact:

    Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639)

    For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/

    This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Offer Document, supplements or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Offer Document, supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Offer Document or supplements to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI: Nykredit announces preliminary result of the takeover offer

    Source: GlobeNewswire (MIL-OSI)

    Nykredit has announced the preliminary result of the takeover offer

    NOT FOR DIRECT OR INDIRECT RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBU-TION WOULD BE CONTRARY TO APPLICABLE LEGISLATION OR RULES OF SUCH JURISDICTION

    With reference to Spar Nord Bank A/S’ (Spar Nord) company announcement no. 1/2025 concerning the all-cash voluntary takeover offer from Nykredit Realkredit A/S (Nykredit) for all shares (other than treasury shares held by Spar Nord) in Spar Nord (the Offer), Nykredit has today announced the preliminary result of the Offer. Nykredit’s announcement is attached.

    Preliminary result
    According to the terms and conditions of the Offer, the offer period expired on 20 May 2025 at 23:59 (CEST).

    Based on a preliminary and non-binding summation of acceptances, Nykredit has received acceptances representing 72,169,403 Spar Nord shares equal to 61.32% of the share capital and voting rights in Spar Nord. Together with Nykredit’s holding of Spar Nord shares, this corresponds to 96.54% of the share capital and voting rights in Spar Nord, excluding treasury shares held by Spar Nord.

    The calculation remains subject to potential adjustments as part of a verification process, underway at Carnegie Investment Bank, Filial af Carnegie Investment Bank AB (publ), Sverige, which is appointed by Nykredit as settlement bank in relation to the Offer.

    With reference to company announcement no. 12/2025, the relevant public authority approvals have been obtained. The minimum condition for acceptance, based on the preliminary summation of acceptances, is also fulfilled. At the date of this announcement, Nykredit thus considers all the conditions laid down in the offer document for completion of the Offer to be fulfilled. As a result, the Offer is finalised, and Nykredit intends, subject to the final summation of acceptances, to complete the Offer on the terms and conditions set out in the offer document.

    Final result and settlement
    The final result of the Offer is expected to be announced on 23 May 2025.

    The Offer will be settled in accordance with the terms and conditions of the offer document.

    Compulsory acquisition and delisting
    Based on the preliminary result, Nykredit will hold more than 90% of the share capital and voting rights in Spar Nord, excluding treasury shares held by Spar Nord, as a result of the Offer. On that basis, Nykredit will, after completion of the Offer, seek to initiate and complete a compulsory acquisition of the Spar Nord shares held by the remaining minority shareholders in Spar Nord.

    In addition, Nykredit will request that Spar Nord seeks to have the Spar Nord shares removed from trading and official listing on Nasdaq Copenhagen A/S.

    Information about the compulsory acquisition and removal from trading and official listing of the Spar Nord shares will be announced separately.

    Questions may be directed to Neel Rosenberg (media) on +45 25 27 04 33 or to CFO Rune Brandt Børglum (investors)on +45 96 34 42 36.

    Yours faithfully

    Spar Nord Bank A/S
    The board of directors

    Attachments

    The MIL Network –

  • MIL-Evening Report: Gordon Campbell: NZ’s silence over Gaza genocide, ethnic cleansing

    COMMENTARY: By Gordon Campbell

    Since last Thursday, intensified Israeli air strikes on Gaza have killed more than 500 Palestinians, and a prolonged Israeli aid blockade has led to widespread starvation among the territory’s two million residents.

    Belatedly, Israel is letting in a token amount of food aid that UN Under-Secretary Tom Fletcher has called a “a drop in the ocean”.

    Meanwhile, the IDF is intensifying its air and ground attacks on the civilian population and on the few remaining health services. Al Jazeera is also reporting that the IDF has issued “a forward displacement order” for the entirety of Khan Younis, the second largest city in Gaza.

    The escalation of the Israeli onslaught has been condemned by UN human rights chief Volker Türk, who has likened the IDF campaign as an exercise in ethnic cleansing:

    “This latest barrage of bombs … and the denial of humanitarian assistance underline that there appears to be a push for a permanent demographic shift in Gaza that is in defiance of international law and is tantamount to ethnic cleansing,” he said.

    If the West so wished, it could be putting more economic pressure on Israel to cease committing its litany of atrocities. Israel’s use of starvation as a weapon of war has been sparking mass demonstrations across Europe.

    In the Netherlands at the weekend, a massive demonstration culminated in calls for the Netherlands government to formally ask the EU to suspend its free trade agreement with Israel.

    Until now, the world’s relative indifference to the genocide in Gaza has been mirrored by Palestine’s Arab neighbours. As Gaza burned yet again, Saudi Arabia and the Emirates were lavishly entertaining US President Donald Trump — Israel’s chief enabler — and showering him with gifts.

    In the wake of these meetings, Trump and his hosts have signed arms deals and AI technology transfers that reportedly contain no guard rails to prevent these AI advances being passed on to China.

    In addition, Qatar has bought $96 billion worth of Boeing aircraft. Reportedly, this purchase has huge potential implications for the airline industry in our part of the world.

    In all, economic joint ventures worth hundreds of billions of dollars were signed and sealed last week between the US and the Middle East region, despite the misery being inflicted right next door.

    Footnote: Directly and indirectly, Big Tech firms such as Microsoft and Intel continue to enable and enhance the IDF war machine’s actions in Gaza. This is an extension of the long time support given to Israel by Silicon Valley firms via the supply of digital infrastructure, advanced chips, software and cloud computing facilities.

    Yesterday, several Microsoft staff had the courage to interrupt a speech by their CEO to protest about how the company’s Azure cloud computing platform was being used to enable Israeli war crimes in Gaza.

    The extinction of hope
    As the Ha’aretz newspaper reported this week, “The three pillars of hope for the Palestinians have collapsed: armed struggle has lost legitimacy, state negotiations have stalled, and faith in the international community has faded. Now, they face one question: ‘Where do we go from here?’

    As Ha’aretz concluded, the Palestinians seem to have vanished into a diplomatic Bermuda Triangle. What would it take, one wonders, for the New Zealand government — and Foreign Minister Winston Peters — to wake up from their moral slumber?

    Whenever the Luxon government does talk about this conflict, it still calls for a “two state solution” even though, as a leading Israeli journalist Gideon Levy says, this ceased to be a viable option more than 25 years ago.

    “We crossed the point of no return a long time ago. We crossed the point at which there was any room for a Palestinian state, with 700,000 settlers who will not be evacuated, because nobody will have the political power to do so. The West Bank is practically annexed for many, many years . . . Nobody can take this discourse seriously anymore. But, you know, those who want to believe in it, believe in it.”

    Conveniently, the two state waffle does provide Peters and Luxon with cover for their reluctance to — for example — call in, or expel the Israeli ambassador. Or impose a symbolic trade boycott. Or impose targeted sanctions on the extremists within the Netanyahu Cabinet who are driving Israeli policy.

    Instead of those options, the “negotiated two state” fantasy has been encouraged to take on a life of its own. Yet do we really think that Israel would entertain for a moment the expulsion of the hundreds of thousands of Jewish settlers illegally occupying the land on the West Bank required for a viable Palestinian state?

    The Netanyahu government has long had plans to double that number, with the settler influx growing at a reported rate of about 12,000 a year.

    The backlash
     Israel’s use of starvation as a weapon is finally creating a backlash, in Europe at least. The public outrage being expressed in demonstrations in the UK, France and Germany finally seems to be making some governments feel a need to be seen to be doing more.

    Not before time. At the drop of a hat, Western nations — New Zealand included — will bang on endlessly about the importance of upholding the norms of international law. So you have to ask . . . why have we/they chosen to remain all but mute about the repeated violations of human rights law and the Geneva Conventions being carried out by the IDF in Gaza on a daily basis?

    “In [Khan Younis’] Nasser Hospital, Safaa Al-Najjar, her face stained with blood, wept as the shroud-wrapped bodies of two of her children were brought to her: [18 month old] Motaz Al-Bayyok and [six weeks old] Moaz Al-Bayyok.

    “The family was caught in the overnight airstrikes. All five of Al-Najjar’s other children, ranging in ages from 3 to 12, were injured, while her husband was in intensive care. One of her sons, 11-year-old Yusuf, his head heavily bandaged, screamed in grief as the shroud of his younger sibling was parted to show his face.

    Ultimately, Israel’s moral decline will be for its own citizens to reckon with, in future. For now, New Zealand is standing around watching in silence, while a blood-soaked campaign of ethnic cleansing unmatched in recent history is being carried out.

    Republished with permission from Gordon Campbell’s column in partnership with Scoop.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: CMA letter to Barclays about breaching Part 5 of the Retail Banking Order (notified in October 2024)

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    CMA letter to Barclays about breaching Part 5 of the Retail Banking Order (notified in October 2024)

    Letter to Barclays Bank UK plc, after the Competition and Markets Authority found it breached Part 5 (Payment Transactions Histories) of the Retail Banking Market Investigation Order 2017.

    Documents

    CMA letter to Barclays about breaching Part 5 of the Retail Banking Order

    PDF, 123 KB, 3 pages

    Details

    Part 5 of the Retail Banking Market Investigation Order 2017 requires banks and building societies to send Payment Transaction Histories to any personal current account customer who closes their account (unless an exemption applies).

    Barclays failed to provide around 700,000 former account holders with their Payment Transaction Histories across 4 separate breaches. The longest of these failures lasted 6 years and is still ongoing.

    This letter sets out our concerns and what Barclays did to put things right.

    Updates to this page

    Published 21 May 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Monetary Bulletin 2025/2

    Source: Central Bank of Iceland

    _Monetary Bulletin_ is published four times a year. In early May and early November, it contains an inflation and macroeconomic forecast, together with an in-depth analysis of economic and monetary developments and prospects. The February and August issues include updated inflation and macroeconomic forecasts and an abbreviated report on economic and monetary developments and outlook. _Monetary Bulletin_ is also issued in Icelandic under the title _Peningamál._

    MIL OSI Economics –

  • MIL-OSI Economics: Alteration in the name of “North East Small Finance Bank Limited” to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/38
    DoR.RET.REC.20/12.07.160/2025-26

    May 21, 2025

    All Banks,

    Madam / Sir,

    Alteration in the name of “North East Small Finance Bank Limited” to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

    It is advised that the name of “North East Small Finance Bank Limited” has been changed to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DoR.LIC.No.S1134/16.13.216/2025-26 dated May 14, 2025, which is published in the Gazette of India (Part III-Section 4) dated May 16, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Bank holiday arrangements for Monday 26 May

    Source: Northern Ireland City of Armagh

    Please see below the bank holiday arrangements for council services and facilities on Monday 26 May.

    Bin Collections
     Bins will be collected as normal on this date. Please remember to leave your bins out by 7am at your normal collection point. Download the ABC Council app to check which bins are scheduled to be collected in your area.

    Recycling Centres
     Recycling centres will be closed.

    Council Offices
     Council offices will be closed.

    Leisure Facilities
     There may be changes to the normal opening hours of indoor and outdoor leisure facilities across the borough. View the opening hours for all facilities here: https://bit.ly/3YOHKha

    Visitor Facilities
     Open: F.E. McWilliam Gallery & Armagh County Museum
    Closed: The Market Place Theatre & Navan Centre

    MIL OSI United Kingdom –

  • MIL-OSI: Oma Savings Bank Plc – Managers’ transactions – Rissanen

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 21 MAY 2025 AT 11.40. A.M. EET, MANAGERS’ TRANSACTIONS

    Oma Savings Bank Plc – Managers’ transactions – Rissanen
    ____________________________________________

    Person subject to the notification requirement
    Name: Rissanen, Ville
    Position: Other senior manager
    Issuer: Oma Savings Bank Plc
    LEI: 743700LE1ECAPXC5UT18

    Notification type: INITIAL NOTIFICATION
    Reference number: 743700LE1ECAPXC5UT18_20250509141654_46
    ____________________________________________

    Transaction date: 2025-05-21
    Venue not applicable
    Instrument type: SHARE
    ISIN: FI4000306733
    Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

    Transaction details
    (1): Volume: 545 Unit price: 0.00 EUR

    Aggregated transactions
    (1): Volume: 545 Volume weighted average price: 0.00 EUR

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc – Managers’ transactions – Souru

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 21 MAY 2025 AT 11.45. A.M. EET, MANAGERS’ TRANSACTIONS

    Oma Savings Bank Plc – Managers’ transactions – Souru
    ____________________________________________

    Person subject to the notification requirement
    Name: Souru, Markus
    Position: Other senior manager
    Issuer: Oma Savings Bank Plc
    LEI: 743700LE1ECAPXC5UT18

    Notification type: INITIAL NOTIFICATION
    Reference number: 743700LE1ECAPXC5UT18_20250509141654_47
    ____________________________________________

    Transaction date: 2025-05-21
    Venue not applicable
    Instrument type: SHARE
    ISIN: FI4000306733
    Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

    Transaction details
    (1): Volume: 370 Unit price: 0.00 EUR

    Aggregated transactions
    (1): Volume: 370 Volume weighted average price: 0.00 EUR

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc – Managers’ transactions – Sirkiä

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 21 MAY 2025 AT 11.50. A.M. EET, MANAGERS’ TRANSACTIONS

    Oma Savings Bank Plc – Managers’ transactions – Sirkiä
    ____________________________________________

    Person subject to the notification requirement
    Name: Sirkiä, Hanna
    Position: Other senior manager
    Issuer: Oma Savings Bank Plc
    LEI: 743700LE1ECAPXC5UT18

    Notification type: INITIAL NOTIFICATION
    Reference number: 743700LE1ECAPXC5UT18_20250509141654_48
    ____________________________________________

    Transaction date: 2025-05-21
    Venue not applicable
    Instrument type: SHARE
    ISIN: FI4000306733
    Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

    Transaction details
    (1): Volume: 120 Unit price: 0.00 EUR

    Aggregated transactions
    (1): Volume: 120 Volume weighted average price: 0.00 EUR

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Transfer of Oma Savings Bank Plc’s own shares for incentive scheme reward payment

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE, 25 MAY 2025 AT 11.30 AM EET, CHANGES IN COMPANY’S OWN SHARES


    Transfer of Oma Savings Bank Plc’s own shares for incentive scheme reward payment

    The Board of Directors of Oma Savings Bank Plc (OmaSp or Company) has resolved to transfer 4 819 own shares held by the company without consideration to participants of the share-based incentive scheme 2022-2023 for payment of the reward instalment 2025 in accordance with the plan terms and conditions. The shares will be transferred as a reward from the plan on 21 May 2025.

    The transfer of own shares is based on the authorisation granted by the Annual General Meeting held on 8 April 2025.

    After the transfer of shares, Oma Savings Bank Plc holds 132 200 own shares in treasury.

    Oma Savings Bank Plc

    Additional information:

    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION:

    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc – Managers’ transactions – Liiri

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 21 MAY 2025 AT 11.35. A.M. EET, MANAGERS’ TRANSACTIONS

    Oma Savings Bank Plc – Managers’ transactions – Liiri
    ____________________________________________

    Person subject to the notification requirement
    Name: Liiri, Sarianna
    Position: Chief Financial Officer
    Issuer: Oma Savings Bank Plc
    LEI: 743700LE1ECAPXC5UT18

    Notification type: INITIAL NOTIFICATION
    Reference number: 743700LE1ECAPXC5UT18_20250509141654_45
    ____________________________________________

    Transaction date: 2025-05-21
    Venue not applicable
    Instrument type: SHARE
    ISIN: FI4000306733
    Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

    Transaction details
    (1): Volume: 1047 Unit price: 0.00 EUR

    Aggregated transactions
    (1): Volume: 1047 Volume weighted average price: 0.00 EUR

    Oma Savings Bank Plc

    Additional information:
    Karri Alameri, CEO, tel. +358 45 656 5250, karri.alameri@omasp.fi

    DISTRIBUTION: 
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI Economics: Statement of the Monetary Policy Committee 21 May 2025

    Source: Central Bank of Iceland

    The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 7.50%. All Committee members voted in favour of the decision.

    MIL OSI Economics –

  • MIL-OSI Europe: Rapidly shifting geopolitical environment could test euro area financial stability

    Source: European Central Bank

    21 May 2025

    • Shifts in global trade policy lead to sharp increase in uncertainty, causing large spikes in financial market volatility
    • Stretched valuations and low non-bank liquidity buffers leave financial markets vulnerable to further shocks
    • Escalating trade tensions could adversely affect euro area firms and households, entailing credit risk for banks and non-banks
    • Government finances may be negatively impacted by increased defence spending, although boost to growth cannot be excluded

    A marked spike in uncertainty across global trade, defence, international cooperation and regulation policies could prove challenging for financial stability, according to the May 2025 Financial Stability Review, published today by the European Central Bank (ECB). Frequent shifts and reversals in tariff policy, alongside significant changes in the geopolitical environment, could have major economic and financial impacts. While global macroeconomic imbalances remain a long-standing issue in the policy debate, it is not clear that tariffs are the best-placed policy instrument to address them.

    “Rising trade frictions and related downside risks to economic growth are weighing on the outlook for financial stability”, said ECB Vice-President Luis de Guindos.

    The significant increase in trade policy uncertainty and trade frictions triggered large spikes in financial market volatility and raised the risk of an economic slowdown.

    Financial markets across the globe sold off at an unsettling speed in early April, and financial conditions tightened notably. While risky assets had fully recovered their initial losses by mid-May, markets are still highly sensitive to tariff-related news. Equity markets in particular remain vulnerable to sudden and sharp adjustments as valuations are still high and concerns over risk concentrations persist. In an environment of heightened market volatility, euro area non-banks’ liquidity and leverage weaknesses could be revealed, amplifying market shocks.

    Euro area firms and households have seen their balance sheets improve in recent years, but trade tensions and a weaker growth outlook imply future headwinds. The euro area is a very open economy, and trade frictions will affect those companies that rely on foreign trade, with potential knock-on effects for households if trade-related corporate vulnerabilities are exposed and result in lay-offs. In such an environment, credit risk exposure may rise for euro area banks and non-banks, although banks’ ability to absorb further asset quality deterioration should be supported by strong profitability and sizeable capital and liquidity buffers.

    While sovereign debt-to-GDP ratios in the euro area have declined considerably after surging during the pandemic, fiscal fundamentals remain fragile in some countries. Plans to increase defence spending have the potential to boost economic growth if focused on productive investment, but could also pose risks given higher issuance needs at a time of rising funding costs. This higher defence spending, together with weaker growth and other structural challenges, such as those posed by climate change, digitalisation and ageing populations, could compound the already strained fiscal positions of some euro area governments.

    In the current highly uncertain macro-financial and policy environment, preserving and strengthening the resilience of the financial system is key. In this context, macroprudential authorities should maintain existing capital buffer requirements and borrower-based measures to ensure sound lending standards. In addition, the growing market footprint and interconnectedness of non-banks calls for a comprehensive set of policy measures that will increase the resilience of the non-bank financial intermediation sector. Such resilience across the sector would also help to advance the integration of euro area capital markets.

    For media queries, please contact Ettore Fanciulli, tel.: +49 69 1344 95012.

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Economy – Depositor Compensation Scheme Transitional Provisions Standard published – Reserve Bank of NZ

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    21 May 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments.

    The Deposit Takers (Depositor Compensation Scheme Transitional Provisions) Standard 2025 comes into force on 1 July 2025 and sets out how deposit takers should gather alternate bank details from depositors in the event of a failure, so that Depositor Compensation Scheme (DCS) payments can be made as quickly as possible.  

    Deposit takers that provide online software for their depositors to view or manage their accounts, such as internet or mobile applications, must have a pre-positioned DCS depositor page that can be easily accessed on these platforms in the event of a failure. This requirement comes into effect on 1 July 2025 for non-mobile based platforms, and on 31 December 2025 for mobile-based applications.  

    The DCS depositor page will be used to collect customers’ alternate bank account details so that DCS payments can be made into an active bank account at another deposit taker.  

    Having a prepositioned DCS depositor page improves the user experience in the event of a failure as depositors will be able to verify their identity through their normal online process and enter their alternate account details. This should make the payment process faster and reduce risks associated with having to verify the identity of depositors on a separate platform.  

    The Transitional Standard also sets out an alternate model for collecting customer data if deposit takers can collect the required information more efficiently using a different approach. Deposit takers have the option to submit a written proposal to the RBNZ that outlines their proposed alternate method for collecting depositor information securely from authorised individuals other than via a DCS depositor page.  

    The RBNZ consulted on a draft of this Transitional Standard between 6 December 2024 and 7 February 2025 and received 10 submissions from a combination of deposit takers and industry bodies.  

    You can find the Transitional Standard and Guidance here: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6911a962bd&e=f3c68946f8

    More information

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Economy – RBNZ Stats Alert Business Expectations Survey: June quarter results published

    Source: Reserve Bank of New Zealand

    21 May 2025 – Today marks the launch of Tara-ā-Umanga Business Expectations Survey (BES), with our publication of results for the June quarter (Table M15). BES is a quarterly release that will be published ahead of each Monetary Policy Statement.

    The initial publication includes our Stats Insight, a background note as a guide to interpret the new survey results, and a description of our survey methodology.

    BES includes several hundred businesses from different sectors around the country, from small to large firms. It is separate from the existing Survey of Expectations focusing on expert forecasters, economists and industry leaders (Table M14, from 1987 onwards), which will continue.

    The sample size and design enable new breakdowns by business size and industry, which are published in the data file accompanying Table M15. To facilitate the publication of detailed results by business size and industry, along with common measures of statistical uncertainty, we are using a new file format for the M15 data file. This intentionally differs from the file format of our other statistical releases. A description of the variables published in the M15 data file is available in the background notes to this release.

    Background information

    Inflation expectations are important because households and businesses reflect their expectations in their price- and wage-setting decisions. Improving the quality of our expectation surveys is part of the wider response to our 2022 review of how we formulate and implement our monetary policy. In this review, we identified several areas where better data could support high quality monetary policy decision-making.

    For further information please see: Tara-ā-Umanga Business Expectations Survey: Survey design and development: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=ce329fb983&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI USA: SPC May 21, 2025 0600 UTC Day 1 Convective Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 210553

    Day 1 Convective Outlook
    NWS Storm Prediction Center Norman OK
    1253 AM CDT Wed May 21 2025

    Valid 211200Z – 221200Z

    …THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS IN THE OZARKS TO
    MID-SOUTH AND FAR EASTERN NC…

    …SUMMARY…
    The most likely corridors for severe storms are across parts of far
    eastern North Carolina this afternoon, and the Ozarks into the
    Mid-South this evening.

    …Eastern NC and southern VA…
    Ongoing convection over parts of western NC/VA into the Piedmont is
    largely expected to move offshore by 12Z this morning. The surface
    cold front that lags well behind this morning activity should
    progress towards the South Atlantic Coast into the afternoon.
    Secondary cyclogenesis is expected across central to eastern NC,
    downstream of a fast mid-level jetlet centered on KY to southern WV
    this afternoon. Despite weak mid-level lapse rates, low 70s surface
    dew points along the Carolina Coastal Plain will support moderate
    buoyancy with a plume of MLCAPE from 1500-2500 J/kg. A couple
    supercells may develop ahead of the cyclone, most likely across far
    eastern NC and the Outer Banks. A tornado or two, isolated large
    hail, and localized strong gusts are the expected hazards.

    …Ozarks/Mid-South…
    While rich boundary-layer moisture will remain confined across south
    TX/LA, a strengthening low-level baroclinic zone is expected during
    the afternoon to evening near the KS/OK border east-southeast into
    the Mid-South. Guidance is rather consistent in developing at least
    elevated convection to the cool side of this zone by evening. This
    will be coincident with an intensifying mid-level jetlet merging
    into the basal portion of the broad North-Central to Northeast CONUS
    trough. Forecast soundings depict potentially very strong mid to
    upper-level speed shear within the slightly north of west flow
    regime. Coupled with steep mid-level lapse rates, this setup could
    yield a few fast-moving elevated supercells. Primary uncertainty is
    with the degree of buoyancy given typically overdone MUCAPE in
    NAM-influenced guidance. But a focused corridor of large hail
    potential seems plausible.

    …Upper OH Valley…
    A confined corridor of modest boundary-layer heating may occur
    downstream of the primary surface cyclone drifting across northern
    OH to Lake Erie. Coupled with cooling mid-level temperatures, weak
    surface-based buoyancy is expected by midday into the afternoon.
    Deep-layer shear will not be strong given proximity to the mid-level
    trough, but should be adequate for weak/transient mid-level
    rotation. With numerous thunderstorms expected, small to marginally
    severe hail and isolated damaging winds are anticipated. A brief
    tornado is also possible with storms crossing the warm front before
    convection weakens abruptly eastward.

    …North FL and south GA…
    Along the southeastward-moving cold front, moderate buoyancy is
    expected ahead of the front. A veered low-level wind profile will
    limit effective bulk shear, but scattered thunderstorms could yield
    multicell clustering as updrafts congeal. Isolated damaging winds
    and marginally severe hail are anticipated this afternoon.

    …Deep South TX…
    Very large buoyancy will develop amid strong heating of rather rich
    western Gulf moisture. While large-scale signals for ascent are
    nebulous, convection will likely develop in northeast Mexico over
    the higher terrain this afternoon. Some of this activity may spread
    east across the Lower Rio Grande this evening. Weak winds through
    the lower half of the buoyancy profile will be a limiting factor to
    more organized storms, but any multicell clusters could pose an
    isolated severe hail/wind risk.

    ..Grams/Weinman.. 05/21/2025

    CLICK TO GET WUUS01 PTSDY1 PRODUCT

    NOTE: THE NEXT DAY 1 OUTLOOK IS SCHEDULED BY 1300Z

    MIL OSI USA News –

  • MIL-OSI China: Announcement on Open Market Operations No.95 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.95 [2025]

    (Open Market Operations Office, May 21, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB157 billion through quantity bidding at a fixed interest rate on May 21, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB157 billion

    RMB157 billion

    Date of last update Nov. 29 2018

    2025年05月21日

    MIL OSI China News –

  • India’s Q4 FY25 GDP Growth Projected at 6.4-6.5% Despite Global Headwinds: SBI

    Source: Government of India

    Source: Government of India (4)

    Despite weathering effects precipitated by global upheavals, the Indian economy stays largely resilient and is projected to clock a GDP growth of around 6.4-6.5 per cent in Q4 FY25, an SBI report said on Wednesday.

    To estimate GDP statistically, the State Bank of India’s Economic Research Department has built a ‘Nowcasting Model’ with 36 high-frequency indicators associated with industry activity, service activity, and the global economy.

    The model uses the dynamic factor model to estimate the common or representative or latent factor of all the high-frequency indicators from Q4 of FY13 to Q2 of FY23.

    “As per our ‘Nowcasting Model’, the forecasted GDP growth for Q4 FY25 should come in around 6.4-6.5 per cent,” said Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI.

    Assuming there are no major revisions in Q1 to Q3 estimates in the upcoming data release by NSO, “we expect FY25 GDP to stand at 6.3 per cent,” Ghosh mentioned.

    The India Meteorological Department (IMD) has said the southwest monsoon is likely to arrive in Kerala within the next four to five days — well ahead of its normal onset date of June 1.

    If the monsoon arrives in Kerala as anticipated, it would mark the earliest onset over mainland India since 2009, when it began on May 23.

    “India is targeting 354.64 million tonnes of foodgrain production in the 2025-26 crop year starting July, on the forecast of better monsoon rains. In the current 2024-25 crop year, the government had set a target of 341.55 million tonnes of foodgrain production (so far: 332.3 million tonnes),” the SBI report mentioned.

    Further, taking a cue from a household survey, a slowdown in current household inflation expectations encourages higher discretionary spending and drives demand-led growth. However, the status quo in consumer confidence suggests that households are uncertain about global developments and economic prospects – caution is somewhat writ large on sustainable growth from a short-term perspective.

    The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. As per the IMF, global growth is projected to drop to 2.8 per cent in 2025 and 3 per cent in 2026.

    “For India, the growth outlook is relatively more stable at 6.2 per cent in FY25 (6.3 per cent for FY26), supported by private consumption, particularly in rural areas, but this rate is 30 bps lower than the earlier estimate on account of higher levels of trade tensions and global uncertainty,” the report mentioned.

    (IANS)