NewzIntel.com

Category: Banking

  • MIL-OSI USA: During Black History Month, Scott Pushes Investment in Underserved Communities

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    Senator Scott announced his goal to unleash $1 trillion into communities like the one he grew up in.
    WASHINGTON — As part of Black History Month, U.S. Senator Tim Scott (R-S.C.) is building on his commitment to increase economic opportunity across the United States. In his role as Chairman of the Senate Banking Committee, and as a senior member of the Senate Finance Committee, Scott is pushing solutions with a goal of unleashing up to $1 trillion of investment into underserved communities.
    Scott joined Walter Davis, founding member of Peachtree Providence Partners, as part of his Opportunity Summit series in celebration of Black History Month to discuss his efforts and their shared goal of helping all Americans achieve their version of the American Dream.

    Click here to watch the panel.
    “I think it’s incredibly important for us to figure out how to unlock capital for disadvantaged communities. My goal is to set the kind of parameters that allows for $1 trillion of capital to be set free in disadvantaged communities in the next 10 years… My goal is to make sure that everyone who is struggling…has an opportunity to access more resources. That’s called the American way, or at least it’s supposed to be the American way. And I aim to make sure that, from a banking perspective, we have the flexibility with our regulators, so that small business owners with a good plan – with decent credit – have access to the capital to start hiring people from their own communities. Because when I started my business, it’s exactly what I did. I took an Allstate Insurance Agency and I crafted three other Allstate agencies out of my one Allstate agency, with two of them being African Americans. How do you do that? You just do the right thing. But it starts at home in your community, and if you want to see higher employment numbers in your community, you probably have to start a business and make it happen,” said Senator Scott.
    BACKGROUND: By focusing on affordable housing, quality education, small business growth, financial inclusion, keeping tax rates low for families and expanding Opportunity Zones, as well as leveraging digital assets, Senator Scott is working to pave the way for transformative economic development across the country. 
    Boosting Affordable Housing Senator Scott’s ROAD to Housing Act will facilitate investment in quality and affordable housing, providing the opportunity to create generational wealth for so many historically ignored communities. The ROAD to Housing Act will change outdated caps on private investment in public housing, open the door to small-dollar mortgages, and help boost the supply of manufactured housing.
    Small Business Growth Small business owners – particularly Black and other minority-owned businesses – face significant challenges accessing capital, including through our capital markets system. Senator Scott’s Empowering Main Street in America Act will fuel economic growth by giving local entrepreneurs – not elites in New York or Silicon Valley – the power to direct capital to historically overlooked communities.
    Increasing Financial Inclusion Senator Scott has consistently prioritized increasing financial inclusion and incentivizing growth in local communities and historically overlooked neighborhoods. Senator Scott will continue to push efforts to streamline and modernize the rules governing financial institutions, prioritizing changes that support access to capital and investment in underserved communities across the country.
    Protecting Taxpayer Dollars Senator Scott’s Opportunity Zones initiative has driven $85 billion to underserved communities, unlocking economic opportunities that had never before been available. With the Tax Cuts and Jobs Act set to expire this year, Senator Scott will work to ensure middle class families and small businesses are not hit with a massive, $4.1 trillion tax hike, and to broaden and extend Opportunity Zones to continue driving economic development in the communities that need it most.
    Leveraging Digital Assets Senator Scott will prioritize establishing a clear, tailored regulatory framework for digital assets through legislation on stablecoins and crypto market structure, aiming to empower families, small businesses, and underserved communities to build wealth and participate more fully in the digital economy. 
    Expanding Quality Education Education is a catalyst to driving long-term economic growth and labor market participation. Americans with a bachelor’s degree face less than half the unemployment rate and earn more than double the income of those who dropout of high school. Unlocking the power of education starts with K-12 education, which is why Senator Scott is helping lead the Education Choice for Children Act (ECCA) to provide up to $10 billion in federal tax credits for charitable contributions to K-12 scholarships for middle- and low-income students, benefitting nearly 2 million students.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Chancellor backs Britain’s financial services to drive development and kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Rachel Reeves urges financial industry leaders to seize growth opportunities in emerging markets, creating new business for British firms and boosting trade links with fast-growing economies, delivering on the government’s Plan for Change.

    • Chancellor launches coalition to improve sustainable sovereign debt financing to developing economies, shoring up London’s position as development finance leader amid growing global uncertainty

    • Reeves aims to boost private capital mobilisation for development ahead of her attendance of the European Bank for Reconstruction and Development’s annual meeting on 13-15 May in London

    In Canary Wharf today (20 February) the Chancellor met with some of the UK’s biggest financial services firms such as Aviva, HSBC and Schroders and urged them to work with development institutions including the European Bank for Reconstruction and Development (EBRD) and British International Investment. To go further and faster in delivering the government’s Plan for Change and put more money in people’s pockets, the Chancellor encouraged firms to seize investment opportunities in emerging markets for Britain’s brightest and best companies.

    Co-hosting a roundtable with Odile Renaud-Basso, president of the EBRD, the Chancellor launched the “London Coalition on Sustainable Sovereign Debt”. This will be co-chaired by the Economic Secretary to the Treasury, Emma Reynolds.

    The Coalition will bring together government and private sector stakeholders to find innovative solutions to more sustainable sovereign debt financing in developing economies.

    Promoting orderly and transparent debt restructuring and more resilient borrowing will mean that emerging economies can make progress meeting their climate and development targets. The Coalition capitalises on London’s financial services expertise and will help cement its position as a global leader in development finance, in turn supporting economic activity and financing investment across the country. Investing in emerging markets themselves can boost UK growth by creating new opportunities for British businesses in areas such as financial services, and boost trade ties with fast-growing economies amid an increasingly uncertain global environment.

    Chancellor of the Exchequer, Rachel Reeves said:

    Business and government must work together to seize opportunities in emerging markets and kickstart economic growth as part of our Plan for Change.

    Today’s roundtable shows how the UK’s world-leading financial centre can help countries unlock new opportunities for our brightest and best British companies to create wealth and drive growth.

    President of the European Bank for Reconstruction and Development Odile Renaud-Basso said:

    Mobilising private capital is key to meeting global development needs. I’m delighted to co-host UK business leaders with the Chancellor to discuss how multilateral banks like the EBRD can help channel further financing to emerging markets. By joining forces, we aim to deliver the much-needed impact for developing countries while creating new opportunities for businesses from developed economies.

    The Chancellor and Renaud-Basso also signed a Memorandum of Understanding setting out cooperation on the EBRD annual meeting and business forum in London, which will be held from 13 to 15 May this year.

    The Chancellor will attend the bank’s first annual meeting in London since 2016 where it will see governors approve the bank’s next 5-year strategy and highlight opportunities for UK businesses to work with the EBRD in its key markets such as Ukraine, Poland and Turkey.

    Reeves and Renaud-Basso discussed with business leaders how to create the right environment for investment. This is being done at home, for example through reforms to the pensions system which could unlock around £80 billion in productive investment and the launch of the Transition Finance Council led by Lord Alok Sharma. It is also key to work overseas, where British International Investment and UK-backed programmes including MOBILIST and the Private Infrastructure Development Group have unlocked billions in private investment for climate and development around the world. A new Institutional Investor Taskforce will advise government and institutional investors on how they can work together to open up even more of this much-needed investment and establish London as the world’s leading climate and development finance hub.

    Reeves outlined the UK’s growth priorities, both at home and abroad, and highlighted the financing tools and instruments to help achieve this such as the National Wealth Fund, which is expected to mobilise over £70 billion in private investment into the high-growth industries of the future. Reeves also underscored the importance of multilateral development banks in helping to mobilise private capital, through working together more effectively as a system and with the private sector.

    As the largest institutional investor in Ukraine, the EBRD has also been working with the UK government to support Ukraine’s resilience and recovery. In December, the UK confirmed its participation in a EUR 4bn capital increase which will unlock billions each year to support critical sectors of Ukraine’s economy. The EBRD and Aon also launched an innovative $110m war insurance facility with UK support in the same month to rebuild the country’s insurance market.

    Elsewhere, the EBRD invests in 36 economies across three continents including in Central, Eastern and Southern Europe, Central Asia and North Africa. This year it will also begin operations in sub-Saharan Africa.

    The roundtable comes ahead of the Chancellor’s visit to Cape Town, South Africa, next week to attend the G20 Finance Ministers and Central Bank Governors meeting. She will be advocating for the UK’s Growth Mission on the global stage and championing how private capital and the role of the City will kickstart economic growth and raise living standards around the world.

    Baroness Shriti Vadera, Chair of Prudential PLC and Co-Chair of the World Bank Private Sector Investment Lab, said:

    It is critical for governments, international financial institutions, and the private sector to work together to mobilise, at scale and pace, greater levels of finance for climate and development where it is most needed – in emerging and developing markets. I particularly welcome the focus today on practical steps to develop and deploy risk-sharing and blended financial instruments.

    Dame Elizabeth Corley, Chair of Schroders PLC, said:

    I firmly believe asset managers play a key role in crowding in private capital and unlocking it at scale in emerging markets. Schroders, with its impact pioneer BlueOrchard, is eager to share our expertise in blended finance and impact investing to overcome barriers to private sector investment, redressing some of the world’s biggest challenges like climate change and inequality.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Net Asset Value(s) as at 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    January 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, February 20th, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for January 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance started 2025 on a positive note as net performance reached +1.7% in January while Financial Half Year net performance for Volta settled at 11.4%. Both our investments in CLO Debt and CLO Equity performed positively over the course of the month, benefiting from positive market conditions for risky assets.

    In broader economic news, the Federal Reserve decided to keep interest rates unchanged for the first time since it started cutting rates last September. This has led markets to expect that the easing cycle might resume in 2026. In Europe, the eurozone economy showed no growth despite anticipations of a +0.1pp expansion, and Christine Lagarde announced a 25 basis points cut in key European Central Bank interest rates. Although largely backed by the data divergence with the US, it is interesting to note the striking difference in terms of monetary path between the US and the European Union as we anticipate further cuts in Europe.

    Credit markets tightened significantly this month, although we noted heightened volatility in line with broader macro headlines around mid-month. In Europe, High Yield indices were roughly 20bps tighter while US CDX High-Yield tightened by 11bps. On the Loan side, Euro Loans prices increased by about 40cts up to 98.41% (Morningstar European Leveraged Loan Index), while US Loans rose by 28cts to 97.61%.

    The primary CLO markets started strong this year, especially in Europe with New Issue volumes up 120% vs. Jan 24 (down 21% in the US vs. Jan 24). In terms of performance, CLO markets performed in line with US High Yield at +1.4% over the month and better than Global Loans +0.9%. In line with all major rating agencies that expect Loan default rates to go down in 2025 we remain constructive on the CLO asset class and the performance of the underlying loan portfolios this year.

    CLO Equity distributions remained healthy in January, although as expressed earlier, the spread compression in the Loan market has slightly lowered these distributions. Over the last 6 month period, the cashflow generation was c. €27m equivalent of interests and coupons, representing c.19% of January’s NAV on an annualized basis, compared to c. €30m equivalent of interest and coupons received 6 months ago. Refinancing or Resetting CLO liabilities will continue to be a key focus for us in 2025.

    Regarding our portfolio activities, we took profits on a US Mezzanine position as the market was risk-on (c. USD 7mm nominal) while another USD 3mm of US CLO mezzanine debt redeemed at face value.

    Over the month, Volta’s CLO Equity tranches returned a 3% performance** while CLO Debt tranches returned +1.6% performance**, cash representing c.9.0% of NAV. The fund being c.21% exposed to USD, the recent currency moves had a negative impact of -0.1% on the overall performance.

    As of end of January 2025, Volta’s NAV was €279.0m, i.e. €7.63 per share.

    *It should be noted that approximately 0.16% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.05% as at 31 December 2024, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Asian Development Bank and World Bank Group Join Forces on a New Full Mutual Reliance Partnership

    Source: Asia Development Bank

    20 February 2025 — Today, Asian Development Bank President Masatsugu Asakawa and World Bank Group President Ajay Banga signed a groundbreaking new cofinancing partnership.

    The Full Mutual Reliance Framework (FMRF), the first of its kind among multilateral development banks (MDBs), will generate efficiencies, streamline implementation, deliver faster results, and ultimately, achieve better outcomes for borrowing countries.

    This partnership responds to the needs of client countries in Asia and the Pacific who are demanding more rapid, efficient, and effective development financing, and more seamless coordination by MDBs. It also responds to G20 Leaders’ call for MDBs to work more effectively as a system. 

    With this new partnership, one institution will act as the “Lead Lender,” handling all aspects of project design, preparation, appraisal, supervision, and evaluation for both lenders. The other institution (the Trail Lender) may participate in knowledge sharing and limited support but without decision-making or fiduciary responsibilities. The closely aligned policies of the two lenders allow for mutual reliance without compromising standards. 

    This partnership is expected to serve as a model for deeper collaboration among other MDBs and help address pressing development needs while fostering knowledge sharing and innovation.

    As the institutions move towards implementation, they will continue to engage with their respective Boards, borrowers, and other stakeholders.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB and World Bank Partner on Full Mutual Reliance Framework to Enhance Development Effectiveness

    Source: Asia Development Bank

    MANILA, PHILIPPINES (20 February 2025) — Asian Development Bank (ADB) President Masatsugu Asakawa and World Bank President Ajay Banga signed a groundbreaking Full Mutual Reliance Framework (FMRF) agreement today to deepen collaboration on cofinanced sovereign projects. This innovative model aims to streamline project preparation, reduce duplication, and deliver faster and more effective support to member countries facing urgent development challenges.

    Approved by the Boards of both organizations on 28 January, the FMRF designates one institution as the Lead Lender—responsible for project preparation, appraisal, and supervision—so borrowers engage with a single operational policy framework. This approach simplifies processes and reduces transaction costs while maintaining rigorous policy standards.

    “The Full Mutual Reliance Framework is a significant step in our collaboration with the World Bank, and will deliver lasting benefits to communities and economies across Asia and the Pacific,” said Mr. Asakawa. “By leveraging our respective strengths, we can enhance efficiency, scale impact, and provide a strong platform for sustainable and inclusive growth.”

    “This partnership between the World Bank Group and the Asian Development Bank is a testament to the deep trust and abiding confidence between our institutions,” said Mr. Banga. “It reflects a broader shift in development finance—where collaboration, not competition, delivers greater impact. By combining our strengths, we are making it faster, easier, and more cost-effective for countries to access the support they need. More than just an agreement, this is a model for how development banks can work together to drive better outcomes for the people we serve.”

    The FMRF aligns with the G20 Leaders’ call for multilateral development banks (MDBs) to work more cohesively as a system to maximize impact and address escalating development challenges. Borrowers will benefit from reduced project processing times and simplified engagement with the Lead Lender. Both institutions anticipate gains in operational efficiency and policy alignment.

    The framework will initially apply to a select number of sovereign projects during a 4-year pilot phase, starting in 2025, to refine operational approaches and assess outcomes. Building on earlier cofinancing efforts, such as the Procurement Framework Agreement of 2018, the FMRF incorporates lessons learned from extensive consultations with civil society organizations and other stakeholders.

    The FMRF is expected to serve as a model for deeper collaboration among MDBs and help address urgent development needs while fostering knowledge sharing and innovation.    

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI USA: America Is Back — and President Trump Is Just Getting Started

    US Senate News:

    Source: The White House
    President Donald J. Trump took office just one month ago, but has already accomplished more than most presidents do in their entire term as he makes good on his promise to usher in the New Golden Age of America.
    Here is a non-comprehensive list of President Trump’s wins after just one month:
    SECURING OUR HOMELAND:
    President Trump declared a national emergency at the border and deployed the military, including the 10th Mountain Division, to secure our nation.
    Illegal border crossings have hit lows not seen in decades as U.S. Border Patrol is re-empowered to once again enforce the law.
    ABC News: “From Jan. 21 through Jan. 31, the number of U.S. Border Patrol apprehensions along the southwest border dropped 85% from the same period in 2024, according to data obtained by ABC News. In the 11 days after Jan. 20, migrants apprehended at ports of entry declined by 93%.”

    Illegal aliens have started turning around in droves amid the crackdown.
    The Department of Homeland Security announced that arrests of criminal illegal immigrants have doubled under President Trump.
    President Trump signed the Laken Riley Act into law, which requires illegal immigrants arrested or charged with theft or violence to be detained — honoring the legacy of Laken Riley, a Georgia college student brutally murdered by an illegal alien released into the country.
    President Trump ended “catch-and-release,” reversing the dangerous Biden-era policy that released dangerous illegal aliens back into our communities.
    President Trump shut down the “CBP One” app, which “paroled” more than one million illegal immigrants into the country.
    A migrant shelter in San Diego announced it will shut down after it has received no new arrivals since President Trump took office.

    President Trump terminated all taxpayer-funded public benefits for illegal aliens.
    President Trump ramped up deportation flights of criminal illegal aliens.
    After President Trump announced “urgent and decisive retaliatory measures” against Colombia over its refusal to accept deportation flights from the U.S., the country’s president quickly backtracked — even offering the use of his personal plane for the deportations.
    El Salvadorian President Nayib Bukele offered to accept deportees of any nationality, including violent American criminals currently imprisoned in the U.S.

    President Trump began transferring criminal illegal aliens to Guantanamo Bay ahead of their repatriation back to their own countries.
    President Trump re-established the successful “Remain in Mexico” policy.
    President Trump restarted construction of the border wall.
    The Trump Administration officially declared Tren de Aragua, MS-13, the Sinaloa Cartel, the Jalisco New Generation Cartel, the United Cartels, the Gulf Cartel, the Northeast Cartel, and the Michoacán Family as Foreign Terrorist Organizations.
    New York City Mayor Eric Adams (D) agreed to allow federal immigration officials to operate on Rikers Island and deport illegal alien criminals following his meeting with Border Czar Tom Homan.
    Mexico announced a deployment of 10,000 troops to the border to combat illegal immigration and fentanyl trafficking, while Canada announced a flurry of measures to combat fentanyl manufacturing and trafficking following President Trump’s imposition of tariffs on the two countries.
    President Trump implemented an additional 10% tariff on imports from China in order to stem the flow of illegal aliens and fentanyl.
    President Trump ordered an end to birthright citizenship.
    President Trump suspended the U.S. Refugee Admissions Program.
    The Department of Justice filed suit against the State of New York and some of its elected officials over their willful failure to follow federal immigration law and announced that it will take action against so-called “sanctuary cities” for their obstruction of U.S. law.
    The Department of Homeland Security “clawed back” tens of millions of dollars in funds paid by rogue FEMA officials to house illegal aliens in luxury New York City hotels.
    President Trump reinstated the death penalty for federal capital crimes.
    PROTECTING AMERICAN WORKERS AND FOSTERING ECONOMIC GROWTH:
    President Trump restored a 25% tariff on steel imports and elevated the tariff to 25% on aluminum imports to protect these critical American industries from unfair foreign competition — a move praised by the Steel Manufacturers Association, the Aluminum Association, and businesses across the country.
    Robert Simon, CEO of JSW Steel USA, praised President Trump’s steel and aluminum tariffs, celebrating them “as a project that will flood the U.S. with jobs as trading partners move their industries to U.S. soil to avoid tariffs.”

    Makoto Uchida, the CEO of global automaker Nissan, said President Trump’s tariffs could push the car manufacturer to move its production from Mexico to the U.S.
    President Trump unveiled a plan for fair and reciprocal trade, making clear to the world that the United States will no longer tolerate being ripped off.
    President Trump secured hundreds of billions of dollars in new investments.
    President Trump announced the largest artificial intelligence infrastructure project in history, securing $500 billion in planned private sector investment — with major CEOs agreeing it would not have been possible without President Trump’s leadership.
    Saudi Arabia declared its intention to invest $600 billion in the United States over the next four years.
    President Trump secured a $20 billion investment by DAMAC Properties to build new U.S.-based data centers.
    Taiwan pledged to boost its investment in the United States.
    Electronics giants Samsung and LG “are considering moving their plants in Mexico to the U.S.” now that President Trump is back in office.

    In February, forecasters from the Federal Reserve Bank of Philadelphia revised their economic growth projections for the first quarter of 2025 up from 1.9% to 2.5%, and their unemployment rate projections for the quarter down from 4.2% to 4.1%.
    After a meeting with President Trump, Stellantis announced it will reopen its assembly plant in Belvidere, Illinois — putting 1,500 employees back to work — and build its next-generation Dodge Durango in Detroit, Michigan. The company also announced new investments in their Toledo, Ohio, and Kokomo, Indiana, facilities.
    President Trump laid out a visionary plan to establish a Sovereign Wealth Fund to maximize the stewardship of the $5+ trillion in assets held by the United States.
    Following President Trump’s victory, the S&P 500 set a new record as the stock market surged to record highs — while major Wall Street firms like JP Morgan Chase posted their highest ever annual profits.
    LOWERING THE COST OF LIVING:
    President Trump directed the heads of all executive departments and agencies to “deliver emergency price relief … to the American people and increase the prosperity of the American worker.”
    President Trump established the National Energy Dominance Council to maximize use of the U.S.’ extensive energy resources, thereby enabling lower energy prices.
    Crude oil prices have fallen over 5% since President Trump took office.
    The Department of Energy postponed burdensome Biden-era efficiency standard rules for the following appliances, saving American consumers large sums:
    Central air conditioners: Biden rules were slated to make air conditioners $1,100 more expensive, according to Alliance for Consumers.
    Gas water heaters: Biden rules were slated to make water heaters $2,800 more expensive.
    Clothes washers and dryers: Biden rules were slated to make washers $200 more expensive.
    Light bulbs: Biden rules were slated to make light bulbs $140 more expensive.
    Walk-in coolers and freezers, commercial refrigeration equipment, and air compressors.

    The total cost of federal regulations in 2023 was a record-breaking $2.1 trillion, or $15,788 per U.S. household, according to the Competitive Enterprise Institute. By requiring agencies to identify at least ten existing rules, regulations, or guidance documents to be repealed for every one rule they promulgate, President Trump has put the U.S. on track to severely reduce regulatory costs for everyday Americans.
    The National Associations of Manufacturers found the cost of federal regulations was even greater — at $3.079 trillion in 2022.

    Secretary Sean Duffy’s very first action at the Department of Transportation was to initiate rulemaking resetting Corporate Average Fuel Economy (CAFE) standards — effectively eliminating the Biden-era electric vehicle mandate.
    NBER economist Mark R. Jacobsen “estimates that a one-mpg increase in CAFE standards costs consumers of all income levels approximately 0.5% of their income in the first year of the increase. By the 10th year following the increase, however, this cost becomes regressive, as the increase drives up the price of used cars. A one-mpg increase in CAFE standards costs consumers earning less than $25,000 per year 1.12% of their income, but only costs consumers earning more than $75,000 per year 0.41% of their income.”

    RE-ESTABLISHING AMERICAN STRENGTH:
    President Trump secured the release of six American hostages in Venezuela, two Americans in Afghanistan, an American-Israeli citizen in Hamas captivity, a Pennsylvania teacher in Russian captivity, and an American citizen in Belarus — bringing the total number of American hostages released under President Trump to 11.
    President Trump spoke with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy in pursuit of finally securing peace as negotiations get underway.
    President Trump restored maximum pressure on Iran, “sanctioning an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China.”
    President Trump redesignated the Iran-backed Houthis as a Foreign Terrorist Organization.
    President Trump hosted Israeli Prime Minister Benjamin Netanyahu for a visit where he proposed a bold vision for securing lasting peace in Gaza.
    Former U.S. Ambassador to Israel David Friedman described the proposal as “brilliant, historic and the only idea I have heard in 50 years that has a chance of bringing security, peace and prosperity to this troubled region.”

    President Trump hosted Japanese Prime Minister Shigeru Ishiba, who announced his intention to “elevate Japan’s investment in the United States to an unprecedented amount of $1 trillion,” import “historic” quantities of LNG from Alaska, and open new auto plants in the U.S.
    President Trump hosted Jordan’s King Abdullah II, who announced that the Kingdom will accept 2,000 sick children from Gaza “as quickly as possible.”
    President Trump hosted Indian Prime Minister Narendra Modi for a visit where they announced new deals between the two countries on immigration, trade, energy, and artificial intelligence.
    President Trump banned funding to UNRWA — a United Nations agency that employed hundreds of Hamas and jihad operatives.
    President Trump imposed sanctions on the International Criminal Court, which has illegitimately asserted jurisdiction over internal U.S. matters and baselessly targeted Israeli Prime Minister Benjamin Netanyahu.
    President Trump reinstated the Mexico City Policy to ensure no taxpayer dollars support foreign organizations that perform, or actively promote, abortion in other nations.
    The Department of State ordered embassies worldwide to only fly the American flag — not activist flags.
    President Trump declared all foreign policy must be conducted under the President’s direction, ensuring career diplomats reflect the foreign policy of the United States at all times.
    The Department of State declared that U.S. foreign policy will be America First going forward.
    Following a visit from Secretary of State Marco Rubio, Panamanian President José Raúl Mulino agreed to withdraw from China’s Belt and Road Initiative, a debt-trap diplomacy scheme the Chinese Communist Party uses to gain influence over developing nations.
    The U.S. rejoined the Geneva Consensus Declaration, which promotes and strengthens opportunities for women and girls around the world, and protects the family as the fundamental unit of society.
    President Trump cracked down on anti-Semitism by canceling visas for foreign students who are Hamas sympathizers.
    President Trump ordered the immediate dismissal of the Board of Visitors for the Army, Air Force, Navy, and Coast Guard following years of woke ideologies infiltrating U.S. service academies.
    The U.S. Army barred transgender people from enlisting and stopped using taxpayer funds for sex change surgeries.
    President Trump reinstated, with backpay, U.S. service members who were discharged under the military’s nonsensical COVID-19 vaccine mandate.
    Secretary of Defense Pete Hegseth restored Fort Liberty, North Carolina, to “Fort Bragg,” in honor of a World War II hero.
    President Trump withdrew the U.S. from the World Health Organization.
    President Trump paused enforcement of the overregulation of American businesses abroad, which negatively impacted national security.
    President Trump proclaimed “Gulf of America Day” after the Department of the Interior officially established it on its mapping databases.
    President Trump initiated a process to build a next-generation missile defense shield over the United States.
    UNLEASHING AMERICAN ENERGY:
    President Trump declared a National Energy Emergency to unlock America’s full energy potential and bring down costs for American families.
    President Trump rescinded every one of the Biden Administration’s job-killing, pro-China, anti-American energy regulations.
    President Trump empowered Americans with choice in vehicles, showerheads, toilets, washing machines, light bulbs, and dishwashers, and killed Biden-era regulations that restricted water flow and mandated inadequate light bulb standards.
    President Trump terminated the job-killing Green New Scam.
    President Trump withdrew from the disastrous Paris Climate Agreement, which unfairly ripped off our country.
    President Trump paused federal permitting for massive wind farms, which degrade our natural landscapes and fail to serve American consumers.
    President Trump reversed bureaucratic regulations that impeded Alaska’s ability to develop its vast natural resources.
    President Trump re-opened 625 million acres for offshore drilling, which Biden banned in his waning days, in order to “drill, baby, drill.”
    President Trump scrapped an Obama-era rule on greenhouse gases.
    President Trump ended the Liquefied Natural Gas pause and approved the first LNG project since the Biden Administration banned them last year.
    BRINGING BACK COMMON SENSE:
    Health systems across the nation stopped or downsized their sex change programs for minors following President Trump’s “Protecting Children from Chemical and Surgical Mutilation” executive order.
    In Illinois, Chicago’s Lurie Children’s Hospital paused sex-change surgeries for patients under 19 as it “work[s] to understand the rapidly evolving environment.”
    In Colorado, Denver Health announced it would stop performing sex change surgeries on minor children, while UCHealth said it was ending so-called “gender-affirming care” for all minors.
    In Washington, D.C., Children’s National Hospital “paused” prescribing puberty blockers and hormone therapies for minors, while Northwest Washington Hospital did the same.
    In Virginia, VCU Health and Children’s Hospital of Richmond “suspended” providing transgender-related medication and surgeries for minors, while UVA Health also “suspended” transgender-related services for minors.

    President Trump ended the unfair, demeaning practice of forcing women to compete against men in sports — which resulted in the NCAA changing its rules.
    The Department of Education launched investigations into the California Interscholastic Federation and the Minnesota State High School League over their failures to comply.

    President Trump made it the official policy of the U.S. government that there are only two sexes.
    President Trump banned COVID-19 vaccine mandates at schools that receive federal funding.
    President Trump rolled back the Biden-era push to mandate paper straws.
    President Trump instructed the Secretary of the Treasury to stop production of the penny, which cost 3.69 cents each to make.
    President Trump directed full enforcement of the Hyde Amendment, which bars taxpayer dollars from being used to fund or promote elective abortion.
    The Department of Transportation terminated the approval for New York City’s burdensome “congestion pricing” scheme.
    RESTORING ACCOUNTABILITY AND TRANSPARENCY IN GOVERNMENT
    President Trump established the Department of Government Efficiency (DOGE) to maximize government productivity and ensure the best use of taxpayer funds — which has already achieved billions of dollars in savings for taxpayers.
    President Trump commenced his plan to downsize the federal bureaucracy and eliminate waste, bloat, and insularity.
    President Trump ordered federal workers to return to the office five days a week.
    President Trump ordered federal agencies hire no more than one employee for every four employees who leave.
    President Trump ended the wasteful Federal Executive Institute, which had become a training ground for bureaucrats.
    President Trump ordered the termination of all federal Fake News media contracts.

    President Trump ordered the Consumer Financial Protection Bureau — the brainchild of Elizabeth Warren, which funneled cash to left-wing advocacy groups — to halt operations.
    President Trump ordered an end to anti-Christian bias in the Federal Government.
    President Trump ordered an examination of all regulations to assess any infringements on Americans’ Second Amendment rights.
    The Environmental Protection Agency canceled tens of millions of dollars in contracts to left-wing advocacy groups, announced an investigation into a scheme by Biden EPA staffers to shield billions of dollars from oversight and accountability, and put 168 “environmental justice” employees on leave.
    President Trump stopped the waste, fraud, and abuse within USAID — ensuring taxpayers are no longer on the hook for funding the pet projects of entrenched bureaucrats, such as sex changes in Guatemala.
    President Trump ordered an end to the weaponization of the Federal Government against American citizens.
    The Department of Justice immediately began rooting out politically motivated lawfare that occurred in the Biden Administration.

    President Trump reversed the massive over-expansion of the IRS that took place during the Biden Administration.
    President Trump eliminated discriminatory DEI offices, employees, and practices across the bureaucracy alongside a return to merit-based hiring — including at the Federal Aviation Administration, where the Biden Administration specifically recruited individuals with intellectual disabilities and psychiatric issues.
    As a result, taxpayer-funded PBS closed its DEI office, Disney dropped two of its DEI programs, Goldman Sachs ended its DEI policy, and Institutional Shareholder Services announced it would no longer consider diversity of company boards when making its voting recommendations.
    The Federal Communications Commission opened an investigation into discriminatory DEI policies at Comcast, an entity it regulates.

    President Trump ordered an end to all censorship of Americans by the federal government.
    President Trump ordered a review of funding for all non-governmental organizations, so taxpayers are no longer funding those that undermine America’s interests.
    The Department of State issued a “pause” on existing foreign aid grants to ensure accountability and efficiency.

    President Trump lifted last-minute collective bargaining agreements issued by the Biden Administration, which sought to impede reform.
    President Trump overrode bureaucratic red tape that limited water availability in California following the failure of the state’s water system during the devastating wildfires.
    President Trump terminated the Biden-era electric vehicle mandate.
    President Trump suspended the Biden-era EV charging program, which had resulted in just eight charging stations despite $7.5 billion earmarked for the program.

    President Trump shut down the wasteful Biden-era “Climate Corps” program.
    The Federal Communications Commission took action against a Soros-backed radio station that leaked sensitive information about ICE operations.
    President Trump ordered the declassification of documents related to the assassinations of President John F. Kennedy, Jr., Robert F. Kennedy, and Rev. Dr. Martin Luther King, Jr.
    President Trump opened the White House Press Briefing Room to non-legacy media outlets as the White House sets a new standard for transparency in the digital age.
    President Trump reinstated press privileges for roughly 440 journalists who the Biden Administration sought to silence.
    President Trump fired members of The Kennedy Center’s Board of Trustees amid their obsession with perpetuating radical, left-wing ideology at taxpayer expense.
    President Trump revoked the security clearances of the 51 “spies who lied.”
    EMPOWERING THE AMERICAN PEOPLE
    President Trump established the Make America Healthy Again Commission, which redirects the national focus to promoting health rather than simply managing disease.
    President Trump took executive action to expand access to in vitro fertilization (IVF).
    President Trump established the White House Faith Office to protect Americans’ religious liberty.
    President Trump ordered an end to the radical indoctrination of children in K-12 schools that receive federal funding.
    President Trump took executive action to support parents in choosing the best education for their children.
    President Trump established the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.
    President Trump granted full and unconditional pardons to 23 pro-life Americans who were unjustly persecuted by the Biden Administration.
    President Trump pardoned two Washington, D.C., police officers who were imprisoned simply for doing their jobs of apprehending criminals.
    President Trump has had his cabinet confirmed by the Senate at a far faster pace than his predecessors, with a majority of his cabinet earning confirmation in his first month.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: The Global Geopolitical Situation: Foreign Secretary speech at G20 South Africa

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary David Lammy’s intervention on Discussions on the Global Geopolitical Situation at the G20 Foreign Ministerial Meeting, South Africa

    Thank you very much, Ronald (Ronald Lamola, Minister of International Relations and Cooperation of South Africa) and let me say, my dear brother, what a joy is to see the G20 in Africa at long last. And we thank Brazil for its stewardship last year.

    The challenges that we face are truly global.

    We will not begin to tackle them unless we harness the potential of this continent, bursting with growth and opportunities and with so many young people, talented young people at its heart.

    The starkest challenge we face is escalating conflict, both between and within nations, driving vicious cycles of grievance, displacement and low growth.

    Your presidency, Ronald calls for solidarity, and solidarity starts by recognizing and naming the victims of war and injustice.

    Innocent Ukrainians enduring bombardment night after night from Odessa to Zaphorizhya, the hostages still cruelly held underground by Hamas, 16 months old on from the trauma of October the 7th, and the Palestinian civilians driven from their homes in Gaza and the West Bank, the Sudanese refugees flee their burning villages to escape across the border to Chad, the overwhelming majority of them, women and children having endured the most unimaginable and indiscriminate violence.

    As I said when I visited Chad, there can be no geopolitical stability, whilst there remains a hierarchy of conflicts, with those on this continent finding themselves at the bottom of the global pile.

    And that’s why, since starting this job, I’ve made a reset with the so called Global South, a central plank of the UK Foreign Policy, and it’s why I doubled British aid for Sudan, and I prepared a conference in London to push for a political process which will end the fighting and protect civilians.

    And that’s why I’ve called out the Rwandan Defence Force operations in the eastern DRC as a blatant breach of the UN Charter which risks spiralling into a regional conflict, and that’s why I will again make clear to President Kagame, that further breaches of DRC’s sovereignty will have consequences.

    Because at the heart of my government’s approach to foreign policy lies the belief that regional and geopolitical stability can only be delivered through respect for international law and the principles of the UN Charter.

    And as my Canadian, Australian, Japanese colleagues have said, respect for international law must underwrite a free and open Indo Pacific, just as it must underwrite the Euro Atlantic, with the security of those two regions ever more closely linked.

    And as we turn to the Middle East, the ceasefire in Gaza is painfully fragile, I’m grateful that so many of us here today are working together to ensure that it holds we must continue to work together tirelessly to secure the release of the remaining hostages, to bolster the Palestinian Authority, and to boost aid into Gaza and to develop a long term plan for governance and security on the strip so that we can advance towards, a two state solution. Which remains the only long term viable pathway to peace.

    And finally, in Ukraine, the only just and lasting peace will be a peace that is consistent with the UN Charter, and we want that as soon as possible.

    You know, mature countries learn from their colonial failures and their wars, and Europeans have had much to learn over the generations and the centuries.

    But I’m afraid to say that Russia has learned nothing.

    I listened carefully to Minister Lavrov intervention just now he’s, of course, left his seat, hoping to hear some readiness to respect Ukraine’s sovereignty.

    I was hoping to hear some sympathy for the innocent victims of the aggression.

    I was hoping to hear some readiness to seek a durable peace.

    What I heard was the logic of imperialism dressed up as a realpolitik, and I say to you all, we should not be surprised, but neither should we be fooled.

    We are at a crucial juncture in this conflict, and Russia faces a test.

    If Putin is serious about a lasting peace, it means finding a way forward which respects Ukraine’s sovereignty and the UN Charter which provides credible security guarantees, and which rejects Tsarist imperialism, and Britain is ready to listen.

    But we expect to hear more than the Russian gentleman’s tired fabrications.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: TAB Bank Fuels Growth for Farmers with $5 Million Financing Deal for Finance Company Specializing in Agriculture

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Feb. 20, 2025 (GLOBE NEWSWIRE) — TAB Bank closed a $5 million Lender Finance facility with a Nevada-based company specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico. This partnership enables the agriculture finance company to expand its operations and empower small- to mid-size growers globally by supporting their funding needs.

    Built by growers for growers, the company provides a financial solution tailored to the next generation of agricultural businesses. With payment cycles spanning 30 to 90 days, growers face critical liquidity challenges. The platform bridges this gap by advancing up to 96% of a grower’s sales within 24 hours. This solution delivers fast, flexible and reliable funding that improves cash flow, reduces financial risks and saves time.

    “Small profit margins and complex international transactions create significant hurdles for growers looking to secure their receivables. Our new client and their financial solutions alleviate those pressures, allowing growers to focus on growing their businesses,” said Jerry Clinton, Managing Director of Corporate Underwriting at TAB Bank. “TAB Bank is happy to extend that same opportunity to this innovative company—providing the capital they need to scale their business and continue their mission of supporting the agricultural community worldwide.”

    TAB Bank offers tailored financial solutions to help businesses thrive in competitive markets. TAB Bank provides companies nationwide with bold financial solutions that lift and empower, from working capital facilities to term loans and equipment financing.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces Preliminary Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter and year ended December 31, 2024. All numbers reported below for 2024 are approximate until the Bank announces audited financial results in its Form 10-K, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about March 7, 2025.

    Fourth Quarter 2024 Operating Results

    • Net interest income for the fourth quarter of 2024 was $250 million, an increase of $9 million, compared to net interest income of $241 million for the same period in 2023. The increase in net interest income was primarily related to a decrease in interest rates between the comparative quarters which impacted expense from interest-bearing liabilities more than the income from interest-earning assets, partially offset by a decrease in average advance balances.
    • The average advance balances were $96.1 billion and $111.4 billion for the fourth quarter of 2024 and 2023, respectively.
    • Net income for the fourth quarter of 2024 was $176 million, an increase of $2 million, compared to net income of $174 million for the same period in 2023. The Bank had $16 million of voluntary housing contribution expense during the fourth quarter of 2024, compared to $12 million during the same period in 2023.
    • The net yield on interest-earnings assets for the fourth quarter of 2024 was 67 basis points, an increase of nine basis points, compared to 58 basis points for the same period in 2023. Many of the Bank’s assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the fourth quarter of 2024 was 4.68 percent compared to 5.32 percent for the same period in 2023.
    • The Bank’s fourth quarter of 2024 performance resulted in an annualized return on average equity (ROE) of 8.36 percent as compared to 7.83 percent for the same period in 2023. The increase in ROE was primarily due a decrease in the average total capital outstanding during the fourth quarter of 2024 compared to the same period in 2023.

    Annual 2024 Operating Results

    • Net interest income for the year ended December 31, 2024 was $966 million, an increase of $77 million, compared to net interest income of $889 million for the same period in 2023. The increase in net interest income was primarily related to an increase in interest rates during the year which impacted income from interest-earning assets more than the expense from interest-bearing liabilities, partially offset by a decrease in average advance balances.
    • The average advance balances were $98.8 billion and $125.4 billion for the year ended December 31, 2024 and 2023, respectively.
    • Net income for the year ended December 31, 2024 was $697 million, an increase of $48 million, compared to net income of $649 million for the same period in 2023. The increase in net income was primarily due to a $77 million increase in net interest income. Additionally, during 2024 the Bank had $49 million of voluntary housing contributions expense, compared to $19 million during 2023.
    • The net yield on interest-earnings assets for the year ended December 31, 2024 was 64 basis points, an increase of 14 basis points, compared to 50 basis points for the same period in 2023. The year-to-date average daily SOFR as of December 31, 2024 was 5.15 percent compared to 5.01 percent for the same period in 2023.
    • The Bank’s 2024 performance resulted in an annualized return on average equity (ROE) of 8.31 percent as compared to 7.43 percent for the same period in 2023. The increase in ROE was primarily due to the increase in net income during the year.

    Financial Condition Highlights

    • Total assets were $147.1 billion as of December 31, 2024, a decrease of $5.3 billion from December 31, 2023.
    • Advances outstanding were $85.8 billion as of December 31, 2024, a decrease of $10.8 billion from December 31, 2023.
    • Total capital was $7.9 billion as of December 31, 2024, a decrease of $183 million from December 31, 2023. Retained earnings increased to $2.8 billion as of December 31, 2024, compared to $2.5 billion as of December 31, 2023.
    • As of December 31, 2024, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.

    Reliable Source of Liquidity

    • For 2024, the Bank originated a total of $311.4 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.

    Commitment to Affordable Housing and Community Development

    • The Bank is required and commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $72 million for the 2023 statutory Affordable Housing Program (AHP) assessment available for funding in 2024. As of December 31, 2024, the Bank has accrued $77 million to its AHP pool of funds that will be available to the Bank’s members and their communities in 2025 for funding of eligible projects.
    • During the year ended December 31, 2024, the Bank made an additional $49 million of voluntary housing and community investment contributions. This consisted of $15 million of additional voluntary housing contributions to the Bank’s AHP Homeownership Set-aside Program, $8 million of additional voluntary housing contributions to the Bank’s AHP General Fund, $20 million of voluntary contributions to the Bank’s Workforce Housing Plus+ Program, and $6 million of voluntary contributions to the Bank’s Heirs’ Property Family Wealth Protection Fund.
    • In 2025, the Bank has voluntarily committed an additional five percent of its 2024 income before assessments, equal to $41 million, to further support the affordable housing and community development needs of its communities. This will result in a total commitment by the Bank to support affordable housing and community development needs of $118 million in 2025.
    • Since the inception of its AHP in 1990, the Bank has awarded more than $1.2 billion in AHP funds, assisting more than 177,000 households.
     
     
    Federal Home Loan Bank of Atlanta
    Financial Highlights
    (Preliminary and unaudited)
    (Dollars in millions)
     
        As of December 31,
    Statements of Condition  2024    2023
      Advances $         85,829       $         96,608    
      Investments           60,084                 54,207    
      Mortgage loans held for portfolio, net           89                 103    
      Total assets           147,091                 152,370    
      Total consolidated obligations, net           135,851                 141,572    
      Total capital stock           5,148                 5,597    
      Retained earnings           2,785                 2,524    
      Accumulated other comprehensive loss           —                 (5 )  
      Total capital           7,933                 8,116    
      Capital-to-assets ratio (GAAP)           5.39   %             5.33   %
      Capital-to-assets ratio (Regulatory)           5.39   %             5.33   %
        Three Months Ended December 31,   Years Ended December 31,
    Operating Results and Performance Ratios  2024    2023    2024    2023
      Net interest income $         250       $         241       $         966       $         889    
      Standby letters of credit fees           4                 4                 17                 10    
      Other income (loss)           2                 (1 )               6                 (5 )  
      Total noninterest expense (1)           61                 51                 215                 173    
      Affordable Housing Program assessment           19                 19                 77                 72    
      Net income           176                 174                 697                 649    
      Return on average assets           0.46   %             0.41   %             0.45   %             0.36   %
      Return on average equity           8.36   %             7.83   %             8.31   %             7.43   %
    __________
    (1) Total noninterest expense includes voluntary housing and community investment contributions of $16 million and $12 million for the three months ended December 31, 2024 and 2023, respectively, and $49 million and $19 million for the years ended December 31, 2024 and 2023, respectively.
       

    Additional financial information concerning the Bank’s results of operations for the most recently completed year ended December 31, 2024, will be available in the Bank’s Form 10-K that the Bank expects to file with the SEC on or about March 7, 2025 and will be available at www.fhlbatl.com and on www.sec.gov.

    About Federal Home Loan Bank of Atlanta

    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System). Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank’s financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; future economic, liquidity and market conditions (including in the housing market and banking industry); changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, climate, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; changes to the Bank’s voluntary housing program and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank’s results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

    The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com
    404.716.4296

    The MIL Network –

  • MIL-OSI Global: How allies have helped the US gain independence, defend freedom and keep the peace – even as the US did the same for our friends

    Source: The Conversation – USA – By Donald Heflin, Executive Director of the Edward R. Murrow Center and Senior Fellow of Diplomatic Practice, The Fletcher School, Tufts University

    French Gen. Jean de Rochambeau and American Gen. George Washington giving the last orders in October 1781 for the battle at Yorktown, where the British defeat ended the War of Independence. ‘Siege of Yorktown’ painting, Ann Ronan Pictures/Print Collector/Getty Images.

    Make Canada angry. Make Mexico angry. Make the members of NATO angry.

    During the first few weeks of the second Trump administration, President Donald Trump, Vice President JD Vance and Defense Secretary Pete Hegseth said a lot of things about longtime allies that caused frustration and outright friction among the leaders of those countries.

    Trump and Vance indeed appear to disdain close alliances, favoring an America First approach to the world. A New York Times headline characterized the relationship between the U.S. and Europe now as “A Strained Alliance.”

    As a former diplomat, I’m aware that how the U.S. treats its allies has been a crucial question in every presidency, since George Washington became the country’s first chief executive. On his way out of that job, Washington said something that Trump, Vance and their fellow America First advocates would probably embrace.

    In what’s known as his “Farewell Address,” Washington warned Americans against “entangling alliances.” Washington wanted America to treat all nations fairly, and warned against both permanent friendships and permanent enemies.

    The irony is that Washington would never have become president without the assistance of the not-yet-United-States’ first ally, France.

    In 1778, after two years of brilliant diplomacy by Benjamin Franklin, the not-yet-United States and the Kingdom of France signed a treaty of alliance as the American Colonies struggled to win their war for independence from Britain.

    France sent soldiers, money and ships to the American revolutionaries. Within three years, after a major intervention by the French fleet, the battle of Yorktown in 1781 effectively ended the war and America was independent.

    Isolationism, then war

    American political leaders largely heeded Washington’s warning against alliances throughout the 1800s. The Atlantic Ocean shielded the young nation from Europe’s problems and many conflicts, and America’s closest neighbors had smaller populations and less military might.

    Aside from the War of 1812, in which the U.S. fought the British, America largely found itself protected from the outside world’s problems.

    That began to change when Europe descended into the brutal trench warfare of World War I.

    Initially, American politicians avoided becoming involved. What would today be called an isolationist movement was strong, and its supporters felt that the war in Europe was being waged for the benefit of big business.

    But it was hard for the U.S.to maintain neutrality. German submarines sank ships crossing the Atlantic carrying American passengers. The economies of some of America’s biggest trading partners were in shreds; the democracies of Britain, France and other European countries were at risk.

    A Boston newspaper headline in 1915 blares the news of a British ocean liner sunk by a German torpedo.
    Serial and Government Publications Division, Library of Congress

    President Woodrow Wilson led the United States into the war in 1917 as an ally of the Western European nations. When he asked Congress for a declaration of war, Wilson touted the value of like-minded allies, saying, “A steadfast concert for peace can never be maintained except by a partnership of democratic nations.” The war was over within 16 months.

    Immediately after the war, the Allies – led by the U.S., France and Britain – stayed together to craft the peace agreements, feed the war-ravaged parts of Europe and intervene in Russia after the Communist Revolution there.

    Prosperity came along with the peace, helping the U.S. quickly develop into a global economic power.

    However, within a few years, American politicians returned to traditional isolationism in political and military matters and continued this attitude well into the 1930s. The worldwide Great Depression that began in 1929 was blamed on vulnerabilities in the global economy, and there was a strong sentiment among Americans that the U.S. should fix its internal problems rather than assist Europe with its problems.

    Alliance counters fascism

    As both Hitler and the Japanese Empire began to attack their neighbors in the late 1930s, it became clear to President Franklin Roosevelt and other American military and political leaders that the U.S. would get caught up in World War II. If nothing else, airplanes had erased America’s ability to hide behind the Atlantic Ocean.

    Though public opinion was divided, the U.S. began sending arms and other assistance to Britain and quietly began military planning with London. This was despite the fact that the U.S. was formally neutral, as the Roosevelt administration was pushing the limits of what a neutral nation can do for friendly nations without becoming a warring party.

    In January of 1941, Roosevelt gave his annual State of the Union speech to Congress. He appeared to prepare the country for possible intervention – both on behalf of allies abroad and for the preservation of American democracy:

    “The future and the safety of our country and of our democracy are overwhelmingly involved in events far beyond our borders. Armed defense of democratic existence is now being gallantly waged in four continents. If that defense fails, all the population and all the resources of Europe, and Asia, and Africa and Australasia will be dominated by conquerors. In times like these it is immature – and incidentally, untrue – for anybody to brag that an unprepared America, single-handed, and with one hand tied behind its back, can hold off the whole world.”

    When the Japanese attacked Hawaii in 1941 and Hitler declared war on the United States, America quickly entered World War II in an alliance with Britain, the Free French and others.
    Throughout the war, the Allies worked as a team on matters large and small. They defeated Germany in three and half years and Japan in less than four.

    As World War II ended, the wartime alliance produced two longer-term partnerships built on the understanding that working together had produced a powerful and effective counter to fascism.

    A ‘news bulletin’ from August 1945 issued by a predecessor of the United Nations.
    Foreign Policy In Focus

    Postwar alliances

    The first of these alliances is the North Atlantic Treaty Organization, or NATO. The original members were the U.S., Canada, Britain, France and others of the wartime Allies. There are now 32 members, including Poland, Hungary and Turkey.

    The aims of NATO were to keep the peace in Europe and contain the growing Communist threat from the Soviet Union. NATO’s supporters feel that, given that the wars in the former Yugoslavia in the 1990s and in the Ukraine today are the only major conflicts in Europe in 80 years, the alliance has met its goals well. And NATO troops went to Afghanistan along with the U.S. military after 9/11.

    The other institution created by the wartime Allies is the United Nations.

    The U.N. is many things – a humanitarian aid organization, a forum for countries to raise their issues and a source of international law.

    However, it is also an alliance. The U.N. Security Council on several occasions authorized the use of force by members, such as in the first Gulf War against Iraq. And it has the power to send peacekeeping troops to conflict areas under the U.N. flag.

    Other U.S. allies with treaties or designations by Congress include Australia, New Zealand, Japan, Israel, three South American countries and six in the Middle East.

    In addition to these formal alliances, many of the same countries created institutions such as the World Bank, the International Monetary Fund, the Organization of American States and the European Union. The U.S. belongs to all of these except the European Union. During my 35-year diplomatic career, I worked with all of these institutions, particularly in efforts to stabilize Africa. They keep the peace and support development efforts with loans and grants.

    Admirers of this postwar liberal international order point to the limited number of major armed conflicts during the past 80 years, the globalized economy and international cooperation on important matters such as disease control and fighting terrorism.
    Detractors point to this system’s inability to stop some very deadly conflicts, such as Vietnam or Ukraine, and the large populations that haven’t done well under globalization as evidence of its flaws.

    The world would look dramatically different without the Allies’ victories in the two World Wars, the stable worldwide economic system and NATO’s and the U.N.’s keeping the world relatively peaceful.

    But the value of allies to Americans, even when they benefit from alliances, appears to have shifted between George Washington’s attitude – avoid them – and that of Franklin D. Roosevelt – go all in … eventually.

    Donald Heflin does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How allies have helped the US gain independence, defend freedom and keep the peace – even as the US did the same for our friends – https://theconversation.com/how-allies-have-helped-the-us-gain-independence-defend-freedom-and-keep-the-peace-even-as-the-us-did-the-same-for-our-friends-248839

    MIL OSI – Global Reports –

  • MIL-OSI: TDb SPLIT CORP. Regular Monthly Dividend Declaration for Class A & Priority Equity Share

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — TDb Split Corp. (“TDb Split”) declares its regular monthly distribution of $0.05000 for each Class A share ($0.60 annualized) and $0.05833 for each Priority Equity share ($0.700 annually). Distributions are payable March 10, 2025 to shareholders on record as at February 28, 2025.

    Since inception, Class A shareholders have received a total of $8.00 per share and Priority Equity shareholders have received a total of $9.27 per share inclusive of this distribution, for a combined total of $17.27.

    TDb Split invests in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.

       
     Distribution Details  
       
     Class A Share (XTD) $0.05000
     Priority Equity Share (XTD.PR.A)
         		 $0.05833
     Record Date: February 28, 2025
     Payable Date: March 10, 2025
       

    The MIL Network –

  • MIL-OSI: Dave Completes Transition to Simplified Fee Structure

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 20, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced the completion of changes to its optional “Tips” and instant transfer feature for using its ExtraCash service.

    The optional fee model, which allowed members to access credit for as little as $0 per transaction, has been replaced with a simplified 5% fee structure including a $5 minimum and $15 cap. There will also be no additional fees incurred to instantly transfer funds from ExtraCash to Dave Checking accounts. Early testing of the new structure indicates positive member feedback and suggests enhancements to lifetime value, resulting in the company moving forward with the full member migration within the previously disclosed early 2025 timeline.

    The transition supports Dave’s mission to make finances easier for its members, and level the financial playing field.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements relating to the transition to a new fee structure for Dave’s ExtraCash product, including the results of early testing of the new fee structure, and any other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash advances; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including as contemplated by the previously announced letter of intent to form a strategic partnership with a potential bank sponsor; failures by third-party service providers; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; level of product service failures that could lead Dave Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the DOJ’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    The MIL Network –

  • MIL-OSI Global: A fiscal crisis is looming for many US cities

    Source: The Conversation – USA – By John Rennie Short, Professor Emeritus of Public Policy, University of Maryland, Baltimore County

    Houston residents at a flooded park after the passage of Hurricane Beryl, July 8, 2024. Mark Felix/AFP via Getty Images

    Five years after the start of the COVID-19 pandemic, many U.S. cities are still adjusting to a new normal, with more people working remotely and less economic activity in city centers. Other factors, such as underfunded pension plans for municipal employees, are pushing many city budgets into the red.

    Urban fiscal struggles are not new, but historically they have mainly affected U.S. cities that are small, poor or saddled with incompetent managers. Today, however, even large cities, including Chicago, Houston and San Francisco, are under serious financial stress.

    This is a looming nationwide threat, driven by factors that include climate change, declining downtown activity, loss of federal funds and large pension and retirement commitments.

    Spending cuts abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up.

    Why cities struggle

    Many U.S. cities have faced fiscal crises over the past century, for diverse reasons. Most commonly, stress occurs after an economic downturn or sharp fall in tax revenues.

    Florida municipalities began to default in 1926 after the collapse of a land boom. Municipal defaults were common across the nation in the 1930s during the Great Depression: As unemployment rose, relief burdens swelled and tax collections dwindled.

    In 1934 Congress amended the U.S. bankruptcy code to allow municipalities to file formally for bankruptcy. Subsequently, 27 states enacted laws that authorized cities to become debtors and seek bankruptcy protection.

    Declaring bankruptcy was not a cure-all. It allowed cities to refinance debt or stretch out payment schedules, but it also could lead to higher taxes and fees for residents, and lower pay and benefits for city employees. And it could stigmatize a city for many years afterward.

    In the 1960s and 1970s, many urban residents and businesses left cities for adjoining suburbs. Many cities, including New York, Cleveland and Philadelphia, found it difficult to repay debts as their tax bases shrank.

    The New York Daily News, Oct. 30, 1975, after U.S. President Gerald Ford ruled out providing federal aid to save the city from bankruptcy. Several months later, Ford signed legislation authorizing federal loans.
    Edward Stojakovic/Flickr, CC BY

    In the wake of the 2008-2009 housing market collapse, cities including Detroit, San Bernardino, California, and Stockton, California, filed for bankruptcy. Other cities faced similar difficulties but were located in states that did not allow municipalities to declare bankruptcy.

    Even large, affluent jurisdictions could go off the financial rails. For example, Orange County, California, went bankrupt in 2002 after its treasurer, Robert Citron, pursued a risky investment strategy of complex leveraging deals, losing some $1.65 billion in taxpayer funds.

    Today, cities face a convergence of rising costs and decreasing revenues in many places. As I see it, the urban fiscal crisis is now a pervasive national challenge.

    Climate-driven disasters

    Climate change and its attendant increase in major disasters are putting financial pressure on municipalities across the country.

    Events like wildfires and flooding have twofold effects on city finances. First, money has to be spent on rebuilding damaged infrastructure, such as roads, water lines and public buildings. Second, after the disaster, cities may either act on their own or be required under state or federal law to make expensive investments in preparation for the next storm or wildfire.

    Los Angeles Mayor Karen Bass (center) discusses wildfire recovery in Pacific Palisades, Calif., Jan. 27, 2025. Cleaning up after the wildfires, which destroyed more than 16,000 structures, will include disposing of several million tons of toxic ash and debris.
    Drew A. Kelley/MediaNews Group/Long Beach Press-Telegram via Getty Images

    In Houston, for example, court rulings after multiple years of severe flooding are forcing the city to spend $100 million on street repairs and drainage by mid-2025. This requirement will expand the deficit in Houston’s annual budget to $330 million.

    In Massachusetts, towns on Cape Cod are spending millions of dollars to switch from septic systems to public sewer lines and upgrade wastewater treatment plants. Population growth has sharply increased water pollution on the Cape, and climate change is promoting blooms of toxic algae that feed on nutrients in wastewater.

    Increasing uncertainty about the total costs of mitigating and adapting to climate change will inevitably lead rating agencies to downgrade municipal credit ratings. This raises cities’ costs to borrow money for climate-related projects like protecting shorelines and improving wastewater treatment.

    Underfunded pensions

    Cities also spend a lot of money on employees, and many large cities are struggling to fund pensions and health benefits for their workforces. As municipal retirees live longer and require more health care, the costs are mounting.

    For example, Chicago currently faces a budget deficit of nearly $1 billion, which stems partly from underfunded retirement benefits for nearly 30,000 public employees. The city has $35 billion in unfunded pension liabilities and almost $2 billion in unfunded retiree health benefits. Chicago’s teachers are owed $14 billion in unfunded benefits.

    Policy studies have shown for years that politicians tend to underfund retirement and pension benefits for public employees. This approach offloads the real cost of providing police, fire protection and education onto future taxpayers.

    Struggling downtowns and less federal support

    Cities aren’t just facing rising costs – they’re also losing revenues. In many U.S. cities, retail and commercial office economies are declining. Developers have overbuilt commercial properties, creating an excess supply. More unleased properties will mean lower tax revenues.

    At the same time, pandemic-related federal aid that cushioned municipal finances from 2020 through 2024 is dwindling.

    State and local governments received $150 billion through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and an additional $130 billion through the 2021 American Rescue Plan Act. Now, however, this federal largesse – which some cities used to fill mounting fiscal cracks – is at an end.

    In my view, President Donald Trump’s administration is highly unlikely to bail out urban areas – especially more liberal cities like Detroit, Philadelphia and San Francisco. Trump has portrayed large cities governed by Democrats in the darkest terms – for example, calling Baltimore a “rodent-infested mess” and Washington, D.C., a “dirty, crime-ridden death trap.” I expect that Trump’s animus against big cities, which was a staple of his 2024 campaign, could become a hallmark of his second term.

    Detroit officials respond to disparaging remarks about the city by Donald Trump during a campaign speech in Detroit, Oct. 10, 2024.

    Resistance to new taxes

    Cities can generate revenue from taxes on sales, businesses, property and utilities. However, increasing municipal taxes – particularly property taxes – can be very difficult.

    In 1978, California adopted Proposition 13 – a ballot measure that limited property tax increases to the rate of inflation or 2% per year, whichever is lower. This high-profile campaign created a widespread narrative that property taxes were out of control and made it very hard for local officials to support property tax increases.

    Thanks to caps like Prop 13, a persistent public view that taxes are too high and political resistance, property taxes have tended to lag behind inflation in many parts of the country.

    The crunch

    Taking these factors together, I see a fiscal crunch coming for U.S. cities. Small cities with low budgets are particularly vulnerable. But so are larger, more affluent cities, such as San Francisco with its collapsing downtown office market, or Houston, New York and Miami, which face growing costs from climate change.

    Workers in North Miami Beach, Fla., distribute sandbags to residents to help prevent flooding as Hurricane Milton approaches the state on Oct. 8, 2024.
    AP Photo/Wilfredo Lee

    One city manager who runs an affluent municipality in the Pacific Northwest told me that in these difficult circumstances, politicians need to be more frank and open with their constituents and explain convincingly and compellingly how and why taxpayer money is being spent.

    Efforts to balance city budgets are opportunities to build consensus with the public about what municipalities can do, and at what cost. The coming months will show whether politicians and city residents are ready for these hard conversations.

    John Rennie Short does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A fiscal crisis is looming for many US cities – https://theconversation.com/a-fiscal-crisis-is-looming-for-many-us-cities-249436

    MIL OSI – Global Reports –

  • MIL-Evening Report: A fiscal crisis is looming for many US cities

    Source: The Conversation (Au and NZ) – By John Rennie Short, Professor Emeritus of Public Policy, University of Maryland, Baltimore County

    Houston residents at a flooded park after the passage of Hurricane Beryl, July 8, 2024. Mark Felix/AFP via Getty Images

    Five years after the start of the COVID-19 pandemic, many U.S. cities are still adjusting to a new normal, with more people working remotely and less economic activity in city centers. Other factors, such as underfunded pension plans for municipal employees, are pushing many city budgets into the red.

    Urban fiscal struggles are not new, but historically they have mainly affected U.S. cities that are small, poor or saddled with incompetent managers. Today, however, even large cities, including Chicago, Houston and San Francisco, are under serious financial stress.

    This is a looming nationwide threat, driven by factors that include climate change, declining downtown activity, loss of federal funds and large pension and retirement commitments.

    Spending cuts abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up.

    Why cities struggle

    Many U.S. cities have faced fiscal crises over the past century, for diverse reasons. Most commonly, stress occurs after an economic downturn or sharp fall in tax revenues.

    Florida municipalities began to default in 1926 after the collapse of a land boom. Municipal defaults were common across the nation in the 1930s during the Great Depression: As unemployment rose, relief burdens swelled and tax collections dwindled.

    In 1934 Congress amended the U.S. bankruptcy code to allow municipalities to file formally for bankruptcy. Subsequently, 27 states enacted laws that authorized cities to become debtors and seek bankruptcy protection.

    Declaring bankruptcy was not a cure-all. It allowed cities to refinance debt or stretch out payment schedules, but it also could lead to higher taxes and fees for residents, and lower pay and benefits for city employees. And it could stigmatize a city for many years afterward.

    In the 1960s and 1970s, many urban residents and businesses left cities for adjoining suburbs. Many cities, including New York, Cleveland and Philadelphia, found it difficult to repay debts as their tax bases shrank.

    The New York Daily News, Oct. 30, 1975, after U.S. President Gerald Ford ruled out providing federal aid to save the city from bankruptcy. Several months later, Ford signed legislation authorizing federal loans.
    Edward Stojakovic/Flickr, CC BY

    In the wake of the 2008-2009 housing market collapse, cities including Detroit, San Bernardino, California, and Stockton, California, filed for bankruptcy. Other cities faced similar difficulties but were located in states that did not allow municipalities to declare bankruptcy.

    Even large, affluent jurisdictions could go off the financial rails. For example, Orange County, California, went bankrupt in 2002 after its treasurer, Robert Citron, pursued a risky investment strategy of complex leveraging deals, losing some $1.65 billion in taxpayer funds.

    Today, cities face a convergence of rising costs and decreasing revenues in many places. As I see it, the urban fiscal crisis is now a pervasive national challenge.

    Climate-driven disasters

    Climate change and its attendant increase in major disasters are putting financial pressure on municipalities across the country.

    Events like wildfires and flooding have twofold effects on city finances. First, money has to be spent on rebuilding damaged infrastructure, such as roads, water lines and public buildings. Second, after the disaster, cities may either act on their own or be required under state or federal law to make expensive investments in preparation for the next storm or wildfire.

    Los Angeles Mayor Karen Bass (center) discusses wildfire recovery in Pacific Palisades, Calif., Jan. 27, 2025. Cleaning up after the wildfires, which destroyed more than 16,000 structures, will include disposing of several million tons of toxic ash and debris.
    Drew A. Kelley/MediaNews Group/Long Beach Press-Telegram via Getty Images

    In Houston, for example, court rulings after multiple years of severe flooding are forcing the city to spend $100 million on street repairs and drainage by mid-2025. This requirement will expand the deficit in Houston’s annual budget to $330 million.

    In Massachusetts, towns on Cape Cod are spending millions of dollars to switch from septic systems to public sewer lines and upgrade wastewater treatment plants. Population growth has sharply increased water pollution on the Cape, and climate change is promoting blooms of toxic algae that feed on nutrients in wastewater.

    Increasing uncertainty about the total costs of mitigating and adapting to climate change will inevitably lead rating agencies to downgrade municipal credit ratings. This raises cities’ costs to borrow money for climate-related projects like protecting shorelines and improving wastewater treatment.

    Underfunded pensions

    Cities also spend a lot of money on employees, and many large cities are struggling to fund pensions and health benefits for their workforces. As municipal retirees live longer and require more health care, the costs are mounting.

    For example, Chicago currently faces a budget deficit of nearly $1 billion, which stems partly from underfunded retirement benefits for nearly 30,000 public employees. The city has $35 billion in unfunded pension liabilities and almost $2 billion in unfunded retiree health benefits. Chicago’s teachers are owed $14 billion in unfunded benefits.

    Policy studies have shown for years that politicians tend to underfund retirement and pension benefits for public employees. This approach offloads the real cost of providing police, fire protection and education onto future taxpayers.

    Struggling downtowns and less federal support

    Cities aren’t just facing rising costs – they’re also losing revenues. In many U.S. cities, retail and commercial office economies are declining. Developers have overbuilt commercial properties, creating an excess supply. More unleased properties will mean lower tax revenues.

    At the same time, pandemic-related federal aid that cushioned municipal finances from 2020 through 2024 is dwindling.

    State and local governments received $150 billion through the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act and an additional $130 billion through the 2021 American Rescue Plan Act. Now, however, this federal largesse – which some cities used to fill mounting fiscal cracks – is at an end.

    In my view, President Donald Trump’s administration is highly unlikely to bail out urban areas – especially more liberal cities like Detroit, Philadelphia and San Francisco. Trump has portrayed large cities governed by Democrats in the darkest terms – for example, calling Baltimore a “rodent-infested mess” and Washington, D.C., a “dirty, crime-ridden death trap.” I expect that Trump’s animus against big cities, which was a staple of his 2024 campaign, could become a hallmark of his second term.

    Detroit officials respond to disparaging remarks about the city by Donald Trump during a campaign speech in Detroit, Oct. 10, 2024.

    Resistance to new taxes

    Cities can generate revenue from taxes on sales, businesses, property and utilities. However, increasing municipal taxes – particularly property taxes – can be very difficult.

    In 1978, California adopted Proposition 13 – a ballot measure that limited property tax increases to the rate of inflation or 2% per year, whichever is lower. This high-profile campaign created a widespread narrative that property taxes were out of control and made it very hard for local officials to support property tax increases.

    Thanks to caps like Prop 13, a persistent public view that taxes are too high and political resistance, property taxes have tended to lag behind inflation in many parts of the country.

    The crunch

    Taking these factors together, I see a fiscal crunch coming for U.S. cities. Small cities with low budgets are particularly vulnerable. But so are larger, more affluent cities, such as San Francisco with its collapsing downtown office market, or Houston, New York and Miami, which face growing costs from climate change.

    Workers in North Miami Beach, Fla., distribute sandbags to residents to help prevent flooding as Hurricane Milton approaches the state on Oct. 8, 2024.
    AP Photo/Wilfredo Lee

    One city manager who runs an affluent municipality in the Pacific Northwest told me that in these difficult circumstances, politicians need to be more frank and open with their constituents and explain convincingly and compellingly how and why taxpayer money is being spent.

    Efforts to balance city budgets are opportunities to build consensus with the public about what municipalities can do, and at what cost. The coming months will show whether politicians and city residents are ready for these hard conversations.

    John Rennie Short does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A fiscal crisis is looming for many US cities – https://theconversation.com/a-fiscal-crisis-is-looming-for-many-us-cities-249436

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: The presentation of the book “Corporate Universities of Russia – 2024” was held at the HSE

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    More than 200 representatives of leading corporate universities and experts in the field of business education in Russia gathered at the HSE Higher School of Business (HSB) for the presentation of a book with the results of the third wave of research.

    Representatives of leading CU and corporate academies spoke at the panel discussion: the Bank of Russia, NLMK, UMMC, SberUniversity, Rosatom.

    The study of the population of corporate universities in the country was initiated by the HSE Graduate School of Economics. The pilot reference and analytical publication with the results of the first wave, presented in 2022, aroused great interest in the professional community.

    The project was continued, and in 2024 the study was conducted with the support of SberUniversity. The authors of the initiative idea and editors of the third book are Valery Katkalo, Director of the HSE School of Business and Natalia Shumkova, Deputy Director of the Business School for Corporate Training.

    Valery Katkalo and Natalia Osipchuk, CEO of SberUniversity, addressed the presentation participants with welcoming remarks.

    “Today, corporate universities in Russia are a unique point of intersection of transformation processes in education and business. The role of CUs is to be not just centers for professional retraining, but an environment that promotes organizational and personal development. I am confident that the book, which presents the results of the study “Corporate Universities of Russia – 2024″, carried out by the Higher School of Business of the National Research University Higher School of Economics with the support of SberUniversity, will be useful both for experienced players in the corporate training market and for companies that are just thinking about creating a corporate university,” emphasized Natalia Osipchuk.

    Katkalo Valery Sergeevich

    Director of the Higher School of Business, National Research University Higher School of Economics, Professor

    “The third wave of our study of the population of Russian CUs allowed us to identify a number of new quantitative and qualitative aspects of the development of their business models and product portfolios. In addition, at this stage of the study, we developed and tested an original concept of the typology of Russian CUs, which received high praise from the professional community.”

    In a brief overview of the key data and conclusions of the third wave of the study, Natalia Shumkova emphasized the increase in the number of project participants in 2024. A significantly new qualitative aspect of the study of corporate universities within the third stage of the project was the development of their original typology, taking into account the world experience of comparing the maturity stages of corporate universities. The authors summarized the accumulated experience of scientific typology of corporate universities, offering a pioneering attempt at a conceptual model for comparing the stages of evolution of Russian corporate universities. The book contains an article with the “Matrix of Maturity of Corporate Universities” developed by the authors and the experience of testing it based on the findings of the primary self-assessment from more than half of the participants in the “portrait gallery” of the 2024 study.

    The presentation continued with a panel discussion: “What is important for us to know about the development of corporate universities in Russia?”, moderated by Valery Katkalo. The discussion was attended by industry leaders: Andrey Afonin, Director of the Bank of Russia University, Polina Kolesova, Director of the NLMK Corporate University, Vyacheslav Lapin, Director of the University of the Ural Mining and Metallurgical Company, Natalia Osipchuk, CEO of SberUniversity, and Yulia Uzhakina, CEO of the Rosatom Corporate Academy.

    The discussion touched upon key issues of corporate university development in Russia. The speakers discussed the evolution of universities over the past 20-25 years, focusing on important stages of their development – from the first attempts to create them in the 1990s to today, when corporate universities are becoming key drivers of business development and change management. Corporate universities have become innovation centers that influence not only business, but also society – the experts agreed.

    A special atmosphere accompanied the entire presentation of the book “Corporate Universities of Russia – 2024”. A bright final chord of the community meeting was the announcement of the IV Forum of Corporate Training Leaders, the key ideas of the upcoming Forum were presented by Yulia Uzhakina. In 2025, it will be held at the site of the Rosatom Corporate Academy in Nizhny Novgorod.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: The Polytechnic University opened a board of Endowment Fund benefactors

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On the Polytechnic’s birthday, the traditional meeting of ambassadors and patrons was held with special solemnity. Its culmination was the opening of the board of benefactors of the SPbPU Endowment Fund.

    Before this, a festive award ceremony was held in the foyer of the Technopolis Polytech research building to honor the most active graduates and employees of the university, who contribute to its successful development and strengthening of its position among higher educational institutions of the city and the country.

    Opening the meeting, Vice-Rector for Youth Policy and Communication Technologies Maxim Pasholikov congratulated the guests on the birthday of the Polytechnic University and thanked them for their loyalty and love for their alma mater.

    “I am glad that today those who provide the university with significant financial, administrative, and informational assistance have gathered here again,” said Maxim Aleksandrovich. “This is a good initiative to annually recognize the contribution of benefactors and graduates to the development of the university and the implementation of its initiatives. The endowment fund is the calling card of a modern world-class university. As of the end of 2024, we have collected more than 110 million rubles. They are under the trust management of the management company, and the income we receive is directed to the development of the Polytechnic University. Endowments for institutes are being actively created. We really hope for the support of our graduates in forming the fund and are grateful for the assistance that has already been provided.”

    In 2024, when Polytechnic celebrated not only its anniversary, but also the anniversary of the university’s founder, an outstanding Russian statesman, financier and diplomat Sergei Yulievich Witte, a commemorative medal in his name was established at the university. It will be awarded to multiple benefactors of the SPbPU Endowment Fund for Development.

    The first medals for long-term fruitful cooperation and significant contribution to the Endowment Fund were received by Bank Saint Petersburg and VTB Bank.

    For assistance in developing the University Endowment Fund, the following were awarded the Witte Medal and the University’s gratitude: Gazprom Transgaz Saint Petersburg LLC, Streamer NPO, and Arman Group.

    The following were personally awarded for their contribution to the development of the SPbPU Endowment Fund: Mikhail Silnikov, General Director and General Designer of NPO Spetsmaterialy; Vera Konsetova, General Director of AFK-AUDIT; Sergei Kopytov, First Deputy Chairman of the Board of the Petersburg Social Commercial Bank; Mikhail Grekov, Vice-Rector for Work with Branches of the Emperor Alexander I St. Petersburg State University of Railway Engineering; and Oleg Koval.

    The university staff also made a significant contribution to the development of the Endowment Fund: Vice-Rector for Economics and Finance of the Polytechnic University Alexander Rechinsky; Advisor to the Rector’s Office Vladimir Glukhov; Director of the Physics and Mechanical Institute Nikolay Ivanov; Director of the Higher School of Industrial Management Olga Kalinina; Director of the Higher School of Engineering and Economics Dmitry Rodionov; Director of the Center for Continuing Professional Education of the Advanced Engineering School “Digital Engineering” Sergey Salkutsan; Leading Specialist of the SPbPU History Museum Alexander Kobyshev.

    For contribution to the implementation cooperation agreements between the university and the State Hermitage Museum and active participation in the activities of the Polytechnic Ambassadors Community in 2024, the following were awarded the university’s gratitude: Deputy Director General of the State Hermitage Museum Alexey Bogdanov and the head of the ventilation, air conditioning, control and measuring instruments and automation systems sector of the Operations Department of the Staraya Derevnya Restoration and Storage Center of the State Hermitage Museum Kirill Tambovtsev.

    Also, for promoting the development of the community of ambassadors and the SPbPU Endowment Fund in 2024, awards were received by the head of the production preparation bureau of the chief technologist’s department of JSC Kronstadt Marine Plant Dmitry Gomonov and the head of the process automation department of the Information Systems Department of BorisHof Holding LLC, Ruslan Talipov.

    In 2024, in memory of Sergei Yulyevich Witte, the Academic Council decided to restore the Witte scholarships from the income from the management of the Polytechnic Endowment Fund. In accordance with historical tradition, the scholarships will be awarded to four students who have passed the next session with excellent marks and successfully passed the competitive selection. The scholarship will be 10,000 rubles, it will be paid for five months, and then, based on the results of the next session, the commission will determine new winners.

    The first Witte scholarship recipients were Yaroslav Kiyashko (Institute of Computer Science and Cybersecurity), Konstantin Fedorov (Institute of Energy), Anna Danilova (Institute of Industrial Management, Economics and Trade) and Natalia Poluektova (Institute of Industrial Management, Economics and Trade). At the ceremony, they were presented with scholarship certificates, memorable gifts from the university, and the girls were also given flowers.

    After the ceremony, the guests were invited to the opening of the board of benefactors of the SPbPU Endowment Fund. It is located next to the model of the Polytechnic University campus. The board reflects information about all major donors of the Endowment Fund since the year of its foundation.

    “Our fund has existed since 2012, and it was created for eternity. Therefore, if we participate in its work, it means that we are in touch with eternity,” said Yuri Levchenko, Chairman of the Board of Trustees of the Endowment Fund, Senior Vice President of VTB Bank. “Our fund, of course, is still small, compared to, say, Harvard University, but every year it grows thanks to your efforts, for which we are very grateful. And I encourage everyone to actively participate in this work, involve friends and acquaintances. We hope that our graduates will become successful businessmen, government officials, creative people, and will never forget the institute, and our fund will grow.”

    Vice-Rector Maxim Pasholikov explained that the plaque is removable, and if there are more donors, then by the university’s next birthday their names and the names of their companies will also appear in this place of honor.

    Photo archive

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Growth in Originations Expected Across Multiple Credit Products in 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Despite recent data calling into question the possibility of interest rate cuts over this year, new account originations across several credit products are still expected to grow in 2025. These findings were released today in conjunction with TransUnion’s (NYSE: TRU) newly issued Q4 2024 Quarterly Credit Industry Insights Report (CIIR).

    Following multiple years of depressed origination growth, largely driven by stubbornly high inflation, rising interest rates and elevated home and vehicle prices, new auto, mortgage, and unsecured personal loans are expected to see gains in 2025. A myriad of factors, not the least of which is lenders’ continued caution in their underwriting strategies, will likely temper the overall rate of growth across these products.

    “The Federal Reserve has signaled that it will not rush into interest rate cuts, potentially keeping rates at a level that could give consumers pause,” said Jason Laky, executive vice president and head of financial services at TransUnion. “However, we still believe that many consumer credit products will have higher originations in 2025. This will range from modest growth in auto and unsecured personal loans to more significant increases in mortgage.”

    Originations are Expected to Grow YoY Across Many Credit Products in 2025

    Loan Product Percent Change in Origination Growth
    Auto +2.7%
    Mortgage (Purchase) +13.3%
    Unsecured Personal Loans +5.7%

    Changes in originations are also impacted by trends within these lending products. A deeper dive into the origination picture for each loan product can be found below:

    • One key driver of the forecasted growth in auto originations is new light vehicle sales, which have been forecasted to grow 2.8% in 2025. However, forecasted growth may be tempered as industry and consumers navigate potential policy shifts introduced by the new administration. In addition, relatively high interest rates, inflation remaining above 2%, and a still recovering used vehicle supply may also mitigate auto originations growth.
    • Mortgage originations are forecast to increase from approximately 4.6 million in 2024 to approximately 5.7 million in 2025, with most of those being purchase originations (~3.8 million).
    • Unsecured personal loan lenders are expected to continue expanding lending to riskier tiers in 2025 as the macro economy continues to moderate. Originations are expected to increase to approximately 20.8 million over the year.

    TransUnion’s Q4 2024 Credit Industry Insights Report sees continued signs of stabilization across consumer credit products

    A number of the signs of a more stable consumer credit environment that emerged in Q3 2024 have continued over the past quarter across the credit spectrum. Originations saw some measure of YoY growth in the most recent quarter for which data are available for auto, mortgage, and unsecured personal loans. In credit cards, originations saw a smaller YoY decline than in recent quarters. Delinquencies ticked down across some credit products, although others saw increases. Balances saw increases that were more in line with rates seen prior to 2020 than in the years since.

    “In Q4 2024, we saw several signals inching towards a return to more typical patterns within the consumer credit market,” said Michele Raneri, vice president and head of research at TransUnion. “Originations ticked up across mortgage and auto and saw more significant growth in unsecured personal loans. In contrast, delinquencies presented more of a mixed bag, seeing increases in auto and mortgage, while at the same time decreasing for unsecured personal loans and credit cards. We will be looking for additional signs of improved performance in these markets moving forward.”

    To learn more about the latest consumer credit trends, register for the Q4 2024 Quarterly Credit Industry Insights Report webinar. Read on for more specific insights about credit cards, personal loans, auto loans and mortgages.

    Serious consumer-level delinquencies decline year-over-year for first time since 2020 in card

    Q4 2024 CIIR Credit Card Summary

    More signs of a return to equilibrium were present in the credit card market in Q4 2024. Consumer-level 90+ days past due delinquencies ticked down by 3 basis points YoY to 2.56%, which marked the first annual decrease since 2020. Similarly, account-level delinquencies fell by 4 basis points YoY to 1.46%. This is likely in part due to the continuation of a more conservative origination strategy among lenders. Originations saw a 4.8% YoY decline in Q3 2024. This marks the sixth consecutive quarter of declining new account volumes on an annual basis. Despite that, the slowdown in originations is decelerating, with the latest quarter seeing the smallest YoY decline since Q2 2023. Super prime was the only risk tier to see originations growth in Q3 2024, at 1.2% YoY. While originations have slowed, balances continued to grow to record highs, increasing 5.7% to $1.1 trillion. This growth was seen across risk tiers, though the pace of balance growth has returned closer to pre-2020 levels.

    Instant Analysis

    “Prior predictions had anticipated a moderation in delinquency rates in Q1 2025. The peak was pulled forward by the effect of recalibrated risk strategies and disproportionate originations in prime and above segments. At the same time, there are signs that consumer demand for credit cards may be increasing, as year-over-year originations declines are getting smaller, and some risk tiers, such as super prime, are increasing for the first time in several quarters.”

    – Paul Siegfried, senior vice president and credit card business leader at TransUnion

    Q4 2024 Credit Card Trends

    Credit Card Lending Metric (Bankcard) Q4 2024 Q4 2023 Q4 2022 Q4 2021
    Number of Credit Cards (Bankcards) 561.5 million 542.6 million 518.4 million 483.7 million
    Borrower-Level Delinquency Rate (90+ DPD) 2.56% 2.59% 2.26% 1.48%
    Total Credit Card Balances $1.11 Trillion $1.05 Trillion $931 billion $785 billion
    Average Debt Per Borrower $6,580
    		 $6,360 $5,805 $5,139
    Number of Consumers Carrying a Balance 173.1 million 169.9 million 166.0 million 159.0 million
    Prior Quarter Originations* 19.1 million 20.1 million 21.6 million 19.8 million
    Average New Account Credit Lines* $5,702
    		 $5,673 $5,226 $4,468


    *Note: Originations are viewed one quarter in arrears to account for reporting lag.
    For more credit card industry information, click here for episodes of Extra Credit: A Card and Banking Podcast by TransUnion.

    Growth in unsecured personal loan originations leads to record volumes, total balances

    Q4 2024 CIIR Unsecured Personal Loan Summary

    The positive trend in unsecured personal loans continued for another quarter. Originations for Q3 2024, the most recent quarter of data available, stood at 5.8 million – an increase of 15% year-over-year. This marked the third consecutive quarter of YoY growth and the first quarter of double-digit growth in two years (since Q2 2022). All risk tiers contributed to this expansion, especially the super prime and the below prime tiers, which grew around 17% compared to the prior year. This growth drove records, per Q4 2024 data, in the volume of outstanding loans, in total balances, and in the number of consumers with a balance. Concurrently, average debt per borrower was lower year-over-year in Q4 2024, driven by the prime and below risk tiers. Finally, 60+ DPD borrower-level delinquencies fell year-over-year for Q4 2024 to 3.57% — 33 basis points below the same quarter last year. The decline was due to risk mix shift as lower risk super prime borrowers continued to grow as a share of total loans, as well as from delinquencies among subprime borrowers which fell 136 basis points year-over-year.

    Instant Analysis

    “The unsecured personal loan market continued its rebound with originations growing year-over-year across risk tiers, and with strong double-digit growth for most of them. Additionally, borrower-level delinquencies still saw declines year-over-year. This was due to loans being issued across the credit spectrum – especially super prime – and from the subprime delinquency rate continuing to fall even as lending has opened back up to this segment. With the growth to date and optimism from lenders, we expect to see this as the beginning of a period of expansion.”

    – Liz Pagel, senior vice president of consumer lending at TransUnion

    Q4 2024 Unsecured Personal Loan Trends

    Personal Loan Metric Q4 2024 Q4 2023 Q4 2022 Q4 2021
    Total Balances $251 billion $245 billion $222 billion $167 billion
    Number of Unsecured Personal Loans 29.6 million 28.1 million 27.0 million 22.8 million
    Number of Consumers with Unsecured Personal Loans 24.5 million 23.5 million 22.5 million 19.9 million
    Borrower-Level Delinquency Rate (60+ DPD) 3.57% 3.90% 4.14% 3.00%
    Average Debt Per Borrower $11,607 $11,773 $11,116 $9,622
    Average Account Balance $8,496 $8,704 $8,195 $7,328
    Prior Quarter Originations* 5.8 million 5.0 million 5.6 million 5.1 million


    *Note: Originations are viewed one quarter in arrears to account for reporting lag.
     Click here for additional unsecured personal loan industry metrics.

    Mortgage delinquencies up year-over-year, yet remain low by historical standards

    Q4 2024 CIIR Mortgage Loan Summary

    Originations grew 7% YoY in Q3 2024, the most recent quarter for which data are available. This represented the third consecutive quarter in which mortgage originations were either flat or showed growth. Purchase originations continued to drive this growth, accounting for 82% of all originations for the quarter. This compares to a 68% average Q3 purchase share in the five years pre-pandemic. Rate and term refinance originations also played a role in this growth, seeing significant YoY growth of 174% in Q3 2024. This doubled the counts from the prior quarter as homeowners who recently opened a mortgage took advantage of the lowest rates in two years. Account-level delinquencies of 60+ days past due stood at 1.38% for Q4 2024. This remains a trend worth monitoring in coming quarters, particularly as the non-mortgage debt of homeowners continues to grow, up 7% YoY in Q3 2024.

    Instant Analysis

    “Despite recent quarters of growth, origination volumes continue to be depressed by historical standards. Recent Federal Reserve indications that interest rate reductions may occur more slowly may result in decelerated growth in 2025. Year-over-year increases in delinquency continue to be worth monitoring closely. Yet, even despite a relatively steady series of year-over-year increases in recent quarters, the rate remains extremely low relative to historical standards.”

    – Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

    Q4 2024 Mortgage Trends

    Mortgage Lending Metric Q4 2024 Q4 2023 Q4 2022 Q4 2021
    Number of Mortgage Loans 53.1 million 52.9 million 52.6 million 51.2 million
    Consumer-Level Delinquency Rate (60+ DPD) 1.29% 1.03% 0.89% 0.75%
    Prior Quarter Originations* 1.2 million 1.2 million 1.5 million 3.4 million
    Average Loan Amounts
    of New Mortgage Loans*    		 $354,943 $337,977 $334,339 $311,743
    Average Balance per Consumer $263,923 $258,167 $252,212 $237,539
    Total Balances of All Mortgage Loans $12.2 trillion $12.0 trillion $11.7 trillion $10.7 trillion


    * O    riginations are viewed one quarter in arrears to account for reporting lag.
    Click here for additional mortgage industry metrics. Click here for a Q4 2024 mortgage industry infographic.

    Auto originations up year-over-year driven by growth in super prime

    Q4 2024 CIIR Auto Loan Summary

    Originations were up 1.5% YoY in Q3 2024, although they still lagged 14.8% below the pre-pandemic Q3 2019. Super prime borrower originations led the way, up 8.5% YoY for the quarter. This growth was likely driven in part by increasingly available new inventory and increases in incentives. Other risk tiers saw YoY declines in originations, and when compared to 2019 levels, originations remained down across all risk tiers, with subprime seeing the largest decline (down 27.6%). Likely also driven in part by incentives, leasing continued its rebound from its Q4 2022 low (17%), at 24% of new vehicle registrations in Q4 2024. Consumer-level delinquencies of 60+ days past due continued to tick up in Q4 2024 to 1.67%. This represented an increase of 6 basis points YoY. New vehicle vintages continued to show delinquency performance in Q4 2024 consistent with pre-pandemic periods of 2018/2019. Used vehicle vintage delinquencies were slightly improved as compared to the 2022 cohort but remained worse than 2018/2019.

    Instant Analysis

    “Super prime was the underlying driver of auto originations growth in Q4 2024, and will likely continue in 2025. Affordability continues to be an issue for the used vehicle market and for below prime consumers, impacted by higher rates and cross-wallet inflation. This is unlikely to materially improve until we have more certainty around used vehicle inventory and interest rates. Delinquencies have now inched past highs previously seen in 2009, primarily driven by increases among below-prime risk tiers, and we will be monitoring them moving forward.”

    – Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

    Q4 2024 Auto Loan Trends

    Auto Lending Metric Q4 2024 Q4 2023 Q4 2022 Q4 2021
    Total Auto Loan Accounts 80.4 million 80.4 million 80.2 million 81.4 million
    Prior Quarter Originations1 6.4 million 6.3 million 6.5 million 7.2 million
    Average Monthly Payment NEW2 $749 $751 $729 $655
    Average Monthly Payment USED2 $523 $531 $527 $494
    Average Balance per Consumer $24,373 $23,945 $22,998 $21,298
    Average Amount Financed on New Auto Loans2 $42,023 $41,054 $41,941 $40,489
    Average Amount Financed on Used Auto Loans2 $26,135 $26,380 $27,442 $27,346
    Consumer-Level Delinquency Rate (60+ DPD) 1.67% 1.61% 1.43% 1.05%


    1    Note: Originations are viewed one quarter in arrears to account for reporting lag.
    2Data from S&P Global MobilityAutoCreditInsight, Q4 2024 data only for months of October & November.
    Click here for additional auto industry metrics. Click here for a Q4 2024 auto industry infographic.

    For more information about the report, please register for the Q4 2024 Credit Industry Insight Report webinar.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    Contact Dave Blumberg
      TransUnion
       
    E-mail dblumberg@transunion.com
       
    Telephone  312-972-6646

    The MIL Network –

  • MIL-OSI USA: Governor Newsom announces appointments 2.19.25

    Source: US State of California 2

    Feb 19, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Andrew “Andy” Nakahata, of San Francisco, has been appointed Chief Deputy Executive Director and Chief Operating Officer at the California Infrastructure and Economic Development Bank. Nakahata has been Director and Western Region Head of Public Finance at TD Securities LLC since 2024. He was Managing Director and Regional Head of Public Finance for the West Region at UBS Financial Services Inc. from 2017 to 2024. Nakahata was Managing Director and Head of the West Region at the National Public Finance Guarantee Corporation from 2015 to 2017. He was Director and Co-Head of the Higher Education Group at Citigroup from 2010 to 2015. Nakahata was an Executive Director at J.P. Morgan from 2009 to 2010. He was Vice President of Public Sector and Infrastructure Banking at Goldman Sachs & Co. from 1994 to 2010. Nakahata is Treasurer of the Board of Trustees at San Francisco University High School and member of the Board of Directors of Asian Americans in Public Finance. He earned a Master of Business Administration degree from Yale University and a Bachelor of Arts degree in History from Wesleyan University. This position does not require Senate confirmation, and the compensation is $186,876. Nakahata is a Democrat.

    Diane Lydon, of Sacramento, has been appointed Assistant Deputy Director and Northern California Regional Advisor at the Office of the Small Business Advocate. Lydon has been a Business Outreach Manager for the Office of Small Business and Disabled Veteran Business Enterprise Services at the Department of General Services since 2023, where she was previously a Business Outreach Liaison from 2022 to 2023. She was Education and Training Manager at World Trade Center Northern California from 2019 to 2022. Lydon was a Sales and Business Development Manager at Heart Zones Inc. from 2015 to 2019. She was a Marketing Program Manager at Skopre from 2013 to 2015. Lydon was an Olympic Program Manager at Sportsworks Events LTD from 2004 to 2012. She is a member of the Department of General Services Toastmasters. This position does not require Senate confirmation, and the compensation is $123,600. Lydon is a Democrat.

    Brian Lin Walsh, of Rocklin, has been appointed Principal Labor Relations Officer at the California Department of Human Resources. Lin Walsh has been Director of the Administrative Services Division at the California Commission on Teacher Credentialing since 2024. He was Senior Labor Relations Officer at the California Department of Human Resources from 2022 to 2024, and Labor Relations Officer from 2020 to 2022. Lin Walsh was Labor Relations Manager II at the California Department of Motor Vehicles from 2014 to 2020. He earned a Bachelor of Arts degree in Business Administration from the University of Phoenix. The position does not require Senate confirmation, and the compensation is $153,492. Lin Walsh is a Democrat.

    Joseph Tuggle, of Placerville, has been appointed Warden of Folsom State Prison, where he has been serving as Acting Warden since 2024 and was Chief Deputy Administrator from 2023 to 2024. Tuggle was Acting Chief Deputy Administrator at California Medical Facility from 2022 to 2023. He held several positions at Folsom State Prison from 2000 to 2022, including Correctional Administrator, Correctional Captain, Correctional Lieutenant, Correctional Sergeant, and Correctional Officer. Tuggle was a Correctional Officer at Pelican Bay State Prison from 1998 to 2000. This position does not require Senate confirmation, and the compensation is $193,524. Tuggle is a Republican.

    Kelly DeRoss, of Sacramento, has been appointed Labor Relations Officer at the California Department of Human Resources. DeRoss has been Labor Relations Manager II at the California Employment Development Department since 2019. She was Labor Relations Manager I at the California Department of Healthcare Services from 2015 to 2019, where she was previously Labor Relations Specialist from 2013 to 2014. DeRoss held several roles at the California Department of Public Health, including Labor Relations Analyst from 2012 to 2013, Associate Personnel Analyst from 2009 to 2012, and Staff Services Analyst from 2008 to 2009. She earned a Bachelor of Science degree in Anthropology from the University of California, Davis. The position does not require Senate confirmation, and the compensation is $141,144. DeRoss is a Democrat.

    Jennifer Haley, of Rancho Palos Verdes, has been appointed to the California Workforce Development Board. Haley has been President and Chief Executive Officer at Kern Energy since 2018, where she was previously Vice President and General Counsel from 2012 to 2018. She was an Associate at Best Best & Krieger LLP from 2007 to 2012. Haley is the Chair of the California Foundation for Commerce and Education and is a member of the Board of Trustees of the California Science Center Foundation and Board of Directors of the California Chamber of Commerce. She earned a Juris Doctor degree and a Bachelor of Arts degree in History from the University of San Diego. This position does not require Senate confirmation, and the compensation is $100 per diem. Haley is registered with no party preference.

    Amelia Tyagi, of Los Angeles, has been appointed to the California Workforce Development Board. Tyagi has been a Managing Director at Sellside Group since 2024, and an Author since 2003. She was Co-Founder, Chief Executive Officer, and President of Business Talent Group from 2005 to 2023. Tyagi was Vice President and Co-Founder of HealthAllies from 1999 to 2001. She was a Consultant at McKinsey & Co. from 1996 to 1999. Tyagi is the Chairperson of her local chapter of Young Presidents Organization, a member of the Board of Directors of Planned Parenthood of Los Angeles, Fuse Corps, and WildAid and Chairperson Emeritus at Dēmos. She earned a Master of Business Administration degree from University of Pennsylvania and a Bachelor of Arts degree in History from Brown University. This position does not require Senate confirmation, and the compensation is $100 per diem. Tyagi is a Democrat. 

    Press Releases, Recent News

    Recent news

    Feb 19, 2025

    News What you need to know: A court has denied the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban on homeless shelters.  NORWALK — Governor Gavin Newsom issued the following statement in response to a court decision…

    Feb 19, 2025

    News What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy…

    Feb 19, 2025

    News What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state. SACRAMENTO – As the Bay Area wraps up…

    MIL OSI USA News –

  • MIL-OSI Economics: RBI to conduct 45-day Variable Rate Repo (VRR) auction under LAF on February 21, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under:

    2. Standalone Primary Dealers will be allowed to participate in this auction, along with other eligible participants.

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor (day) Window Timing Date of Reversal
    1 75,000 45 12:00 Noon to 12:30 PM April 07, 2025
    (Monday)

    3. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2209

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Prime Minister Internship scheme (PMIS) once again open for applications with the launch of Round 2 of Pilot Phase

    Source: Government of India

    Posted On: 20 FEB 2025 1:44PM by PIB Delhi

    The Prime Minister Internship Scheme(PMIS) is once again open for applications with the launch of Round 2 of the pilot phase.  After more than 6 lakh applications in Round 1, Round 2 offers more than 1 lakh+ internship opportunities in top companies across more than 730 districts in India.

    More than 300 top companies across sectors including Oil, Gas & Energy; Banking and Financial Services, Travel & Hospitality, Automotive, Metals & Mining Manufacturing & Industrial, Fast-Moving Consumer Goods (FMCG) and many more have offered internship opportunities to Indian youth to gain real-world experience, network with professionals and enhance their employability.

    Eligible youth can explore and select internships based on their preferred district, state, sector, area and filter internships within a customisable radius from their specified current address. In round 2, each applicant can apply to up to 3 internships until the application deadline.

    For round 2, more than 70 IEC events are being conducted across India in districts with maximum number of internship opportunities in colleges, universities ITIs, Rozgar melas etc., based on the kind of qualifications required for these internships. Furthermore, national level digital campaigns are underway through multiple platforms as well as influencers based on concentration of opportunities and relevance to youth.

    Eligible youth can apply here: https://pminternship.mca.gov.in/

    The Prime Minister Internship Scheme – spearheaded by the Ministry of Corporate Affairs – is designed to harness the potential of India’s youth population by providing them with 12 month paid internships in top companies of India.

    The scheme targets individuals aged 21 to 24 who are currently not enrolled in any full-time academic program or employment, offering them a unique chance to kick-start their careers.

    Each intern will be supported with monthly financial assistance of ₹5,000, supplemented by one-time financial assistance of ₹6,000. Each internship will be a combination of relevant training and professional experience (at least six months) to ensure that candidates learn and can also apply their skills in real-world settings.

    ****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Economics –

  • MIL-OSI Video: Adding Trillions with Gender Parity | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    The World Bank calculates that by closing the gender gap in employment and entrepreneurship, global GDP could increase by 20%.

    What workforce and capital strategies have the greatest potential to advance gender parity as an engine for new,
    high-quality growth?

    This session is part of the Forum’s Global Gender Parity Sprint.

    This session was developed in collaboration with Reuters.

    Speakers: Silja Baller, Katherine Garrett-Cox, Michael Ensser, Anna Bjerde, Lutfey Siddiqi, Leela de Kretser

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=KbeQ2pDM4fU

    MIL OSI Video –

  • MIL-OSI Europe: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Slovakia receives €240 million EIB loan to co-finance green and digital projects supported by the EU

    Source: European Investment Bank

    • EIB provides €240 million loan to Slovakia to advance green and digital projects
    • Slovak government will use EIB long-term financing as national contribution mandatory for EU-financed development projects
    • Credit is first part of €800 million EIB facility approved to strengthen environmental sustainability and economic competitiveness of Slovakia

    The European Investment Bank (EIB) is providing a €240 million loan to Slovakia for co-funding of EU-supported green and digital projects across the country. The credit is the first part of an €800 million EIB loan approved to Slovakia for national contributions mandatory for European Union-supported project which bring billions of euros to member states annually.

    “We are increasing the country’s ability to tap EU grants, enabling Slovak citizens and businesses to benefit from accelerated economic growth and social development,” said EIB Vice-President Kyriacos Kakouris. “Our financing will strengthen cohesion and improve public services, the business environment and living standards in Slovakia.”

    Slovakia will use EIB funding for projects designed to improve research and innovation, digitization of economy, growth and competitiveness of SMEs, work skills for smart specialization, transition and digital connectivity, energy efficiency and renewable energy, climate change adaptation, sustainable water, circular economy and nature protection and biodiversity.

    In addition to helping green Slovakia’s economy, such projects will enhance the country’s living standards and strengthen its competitiveness on global markets.

     “This EIB loan will enable us to support projects that drive digital innovation, expand renewable energy, and enhance climate resilience. Our partnership with the EIB ensures that Slovakia remains at the forefront of the EU’s sustainability goals while fostering job creation and economic resilience in our regions. We are dedicated to using these funds wisely to build a smarter, cleaner, and more competitive economy,” said the Slovak Minister of Finance Ladislav Kamenický.

     EIB annual results in Slovakia for 2024

    In 2024, the EIB Group increased its financing in Slovakia by 21% to €355 million. Key initiatives last year included €50 million to support eco-friendly water and wastewater management in Bratislava and €65 million to help Slovak small and medium enterprises (SMEs) and Mid-Caps drive job creation, enhance competitiveness and advance climate action goals.

    “Our 2024 results are good news for Slovakia and the EU,” said EIB Vice- President Kakouris. “We financed projects of vital importance for a sustainable, green and prosperous future for Slovakia. Our commitment to Slovakia remains strong and, as the country pursues its development goals, it can continue to rely on the EIB for support.”

    EIB advisory activities in the country last year included addressing affordable-housing challenges in Bratislava. Expanding affordable housing across the EU is one of eight operational priorities for the EIB.

     Background information

     European Investment Bank: The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

     The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. 

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. 

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    MIL OSI Europe News –

  • MIL-OSI Europe: Eurosystem expands initiative to settle DLT-based transactions in central bank money

    Source: European Central Bank

    20 February 2025

    • Eurosystem steps up efforts for innovative market infrastructures
    • Two-track approach: develop solution which is interoperable with existing infrastructures; look into long-term integrated solution

    The Governing Council of the European Central Bank (ECB) decided to expand its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money. The initiative will follow a two-track approach. First, as soon as feasible, the Eurosystem will develop and implement a safe and efficient platform for such settlements in central bank money through an interoperability link with TARGET Services. A concrete time plan will be announced in due course. Second, the Eurosystem will look into a more integrated, long-term solution for settling DLT-based transactions in central bank money. This will also include international operations, such as foreign exchange settlement.

    The Eurosystem wants to support the use of innovative solutions in its market infrastructures while maintaining the safety and efficiency of TARGET Services. It will continue to further analyse new technologies and engage actively with public and private stakeholders.

    “We are embracing innovation without compromising on safety and stability,” said ECB Executive Board member Piero Cipollone, who oversees the initiative. “This is an important contribution to enhancing European financial market efficiency through innovation. Our approach will pay due attention to the Eurosystem’s goal of achieving a more harmonised and integrated European financial ecosystem.”

    The initiative will contribute to establishing an integrated European market for digital assets, in line with the Governing Council’s call for promoting a digital capital markets union in its statement of 7 March 2024.

    It will build on the Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement, conducted between May and November 2024. This work gave 64 participants – comprising central banks, financial market participants and DLT platform operators –the opportunity to conduct over 50 trials and experiments. Trials included actual settlement in central bank money, while experiments were tests with mock settlement.

    For media queries, please contact Nicos Keranis, tel.: +49 172 757 7237.

    MIL OSI Europe News –

  • MIL-OSI Europe: Chipping in with €1 billion

    Source: European Investment Bank

    With a background in physics and fluid mechanics, Dirkzwager spent almost a decade in central engineering at Philips in the Netherlands, before moving to Hong Kong, where he was inspired by the city’s entrepreneurial energy and eagerness to grow.

    “The approach was all about trial and error,” he says. “Trying things quickly, seeing what worked and moving on to the next idea.” NXP Semiconductors was born with this mindset, as a spinoff from Philips’s semiconductor division in 2006. “That’s when we shifted our focus to customers beyond Philips, serving the global market,” says Dirkzwager. “It was an exciting, hectic time.”

    According to a McKinsey study, the global market for semiconductors could reach more than $1 trillion by 2030, up from $600 billion in 2021.

    Today, more than half of NXP’s chip design, manufacturing and distribution serves the automotive market. About 25% goes to industrial and Internet of Things customers, and 17% to the mobile sector, including smartphones and tablets.

    NXP’s research and development in chips for the automotive sector will be ready to be used in the market in about five years, and the work on post-quantum encryption will be ready for the market in 10 to 20 years. The semiconductor industry’s focus on the future ties in well with the long-term investment preference of the European Investment Bank, making the loan a good fit for both parties.

    “The Bank was fast, efficient and competitive,” Dirkzwager says. “It’s a good feeling.”

    MIL OSI Europe News –

  • MIL-OSI Europe: SEK 22 billion in EIB financing provided for Swedish firms and municipalities in 2024

    Source: European Investment Bank

    • The city of Stockholm, SKF, Ericsson, Tele2 and Chromafora were some of the actors in Sweden granted EU financing in 2024 through the EIB Group.
    • This financing amounted to around SEK 22 billion (€1.9 billion) and more than 65% of this went to initiatives supporting the green transition.
    • Just over 32 000 jobs are estimated to have been saved thanks to this financing.

    Over the course of 2024, the European Investment Bank (EIB) and the European Investment Fund (EIF) continued to support Sweden’s economic development and climate initiatives through substantial investments.

    The EIB Group’s financing during the year amounted to around SEK 22 billion, of which more than 60% went to climate measures and environmental sustainability. This money supported wind power, energy-efficient housing and industrial electrification, among other projects.

    These investments are estimated to have kept 32 000 jobs in Sweden.

    “Sweden has come a long way in the green transition, but the work is far from complete. As the EU climate bank, we are proud to be accelerating efforts within renewable energy, electrification and other climate-promoting initiatives, and we will continue to support investments that make a real difference for the climate and society as a whole. We are also proud to contribute to jobs and strong infrastructure, which creates long-term value for Swedish society,” said EIB Vice-President Thomas Östros.

    Over the course of 2024, the EIB Group signed more than 20 agreements to provide financing in Sweden. Here are a few examples:

    SKF: €430 million for research and innovation in fields such as renewable energy and electromobility.

    Chromafora: €22.5 million to combat PFAS (“forever chemicals”).

    Tele2: €140 million to expand the 5G network in order to reach 99% of the Swedish population.

    City of Stockholm: €368 million to redevelop the Slussen area and reduce the risk of flooding.

    City of Malmö: €225 million to build more than 1 500 energy-efficient apartments.

    These investments reflect the EIB Group’s extensive involvement in Sweden’s green transition, digitalisation and social development.

    The European Investment Fund (EIF) – which is part of the EIB – allocated €320 million to capital investments and guarantees in Sweden in 2024. This in turn is expected to mobilise around SEK 3.8 billion in investment for the Swedish economy, with more than 5 300 companies expected to benefit from this financing in different ways.

    Several of the initiatives are supported by the European Commission’s InvestEU programme.

    In addition to investing in funds such as Course Corrected and the Swedish Impact Lending Fund, the EIF also issued guarantees for businesses such as the corporate lender Froda.

    Please note: The figures provided in this press release are approximate and subject to exchange rates.

     Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 billion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

    MIL OSI Europe News –

  • MIL-OSI Economics: RBI to conduct 14-day Variable Rate Repo (VRR) auction under LAF on February 21, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 75,000 14 11:00 AM to 11:30 AM March 07, 2025
    (Friday)

    2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2207

    MIL OSI Economics –

  • MIL-OSI: Gofaizen & Sherle Launches Full-Cycle CASP Licensing Service in Lithuania, Poland and Spain

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, Feb. 20, 2025 (GLOBE NEWSWIRE) — Gofaizen & Sherle, a leading fintech and crypto consultancy, has introduced a full-cycle service for obtaining a CASP license under MICA regulation in Lithuania, Poland and Spain. This new service is designed to simplify the licensing process, ensuring companies achieve compliance efficiently and on time.

    Comprehensive Support for a Seamless Licensing Process

    Gofaizen & Sherle provides a full range of services to ensure a smooth licensing process:

    • Business analysis and strategy – Assessment of regulatory requirements in line with the company’s business model.
    • Documentation management – Compilation, preparation, and verification of all required documents.
    • Staffing support – Evaluation of personnel qualifications and assistance in recruiting necessary specialists.
    • Regulatory communication – Coordination with the Bank of Lithuania to facilitate the application process.

    “The process of obtaining a CASP license might take around 6 months in average, covering key stages such as document preparation, submission, potential hiring of required staff, and regulatory review. For example, in Lithuania, VASPs already operating in the country need to start the CASP license application as soon as possible. If they do not obtain the license by May 31, they may be required to suspend their activities from July 1st and until it is approved. However, if you are launching a new crypto project, you simply need to apply for a CASP license. Once it is approved, you can start operating in Lithuania’s crypto sector,” explained Maxim Gasanbekov, Head of Sales and Associated Partner at Gofaizen & Sherle.

    About Gofaizen & Sherle
    Gofaizen & Sherle is a leading fintech and crypto consultancy firm based in Tallinn, Estonia. The company specializes in regulatory compliance, licensing, and business structuring, supporting crypto-asset service providers (CASPs) in navigating the evolving European regulatory landscape.
    For further information on CASP license in Lithuania, Poland and Spain, and expert consultation, please contact:
    info@gofaizen-sherle.com

    Media Contact:
    Gofaizen & Sherle
    pr@gofaizen-sherle.com
    https://gofaizen-sherle.com/

    Disclaimer: This content is provided by Gofaizen & Sherle. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce443d23-08f2-4b5e-b791-1193ebd18db7

    The MIL Network –

  • MIL-OSI: Black Gold Announces Commencement of Drilling in the Illinois Basin

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, B.C., Feb. 20, 2025 (GLOBE NEWSWIRE) — BGX – Black Gold Exploration Corp. (the “Company” or “BGX) (CSE: BGX) (FRE: P30) is pleased to announce that drilling has commenced on the Fritz 2-30 oil and gas well (the “Well”) in Clay County, Indiana. Earlier this month, BGX acquired a 10% working interest in the Well and an option to participate in any offset developmental wells in a 210-acre area of mutual interest from the operator, Adler Energy, LLC (the “Operator”).

    This prospect offsets the Fritz 1 well, which was drilled approximately 17 years ago and discovered both oil and gas pay horizons, but never produced due to a variety of factors, including a drop in oil prices at the time. The Well is in a known productive oil zone known as the Terra Haute Reef Bank, in Southwestern Indiana.

    “We believe that the drilling in this region is the Company’s most significant short-term milestone to date and we are delighted to have the opportunity to participate in the Well, which not only gives us the potential for early cash flow but is also aligned with our longer-term plan to expand our footprint in the Illinois Basin,” commented Francisco Gulisano, Chief Executive Officer of BGX.

    The Illinois Basin has a history of producing 10 to 12 million barrels of oil annually.1 The Operator has completed an 8 square mile 3D seismic evaluation of the area, including the Fritz 2-30, showing both shallow and deeper stacked pay horizons. The Well plans to test a minimum of ten potential oil pay zones. Deep seated fractures clearly visible on 3D seismic are demonstrating migratory pathways for oil into multiple zones with high porosity, including the Devonian, Trenton, St. Peter Sand, Black River and the Knox. These zones all show over 100 feet of closure, giving room for large reservoirs of oil.

    “Based on the 3D seismic and other data we have complied, our experienced technical team could not be more excited about the Fritz 2-30 well and we are very happy to be working with BGX in discovering what we believe is tremendous untapped value,” commented John Miller, President of Adler Energy.

    “Given the history of the Fritz wells, we are looking to take advantage of overlooked opportunities to hopefully not only jump start our cash flows but also unlock value in one of the oldest and most productive oil basins in North American history,” concluded Mr. Gulisano.

    On behalf of the Company, 
    Francisco Gulisano
    236-266-5174
    Chief Executive Officer

    About BGX

    BGX – Black Gold Exploration Corp. (CSE: BGX) (FRE: P30) is an oil and gas exploration company dedicated to creating shareholder value through the acquisition, exploration and development of oil and gas projects. BGX currently has assets in Argentina and the United States of America. For more information visit https://www.bgxcorp.com.

    Forward-Looking Statements

    The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to statements respecting: (i) drilling of the Well and the purpose thereof; (ii) the potential for early cash flow; (iii) the Company’s plan to expand its footprint in the Illinois Basin and (iv) the Company’s hope to unlock value in one of the oldest and most productive oil basins in North American history. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise. For a comprehensive overview of all risks that may impact the Company, please see the Company’s continuous disclosure documents filed on SEDAR+.

    1 https://www.usgs.gov/publications/new-albany-shale-illinois-emerging-play-or-prolific-source

    Neither the CSE nor the CSE’s Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the accuracy of this release.

    The MIL Network –