Category: Banking

February 14, 2025

MIL-OSI United Kingdom: Former owner of Gillingham takeaway sanctioned for £50,000 Covid loan abuse
Source: United Kingdom – Executive Government & Departments

Former owner of Chinese takeaway in Kent claimed maximum loan for business which was not eligible for any money
Zhongqing Li claimed a £50,000 Bounce Back Loan for his Chinese takeaway despite the business not being eligible for the scheme

The Official Receiver uncovered the abuse of the loan after the takeaway owner became bankrupt.

He is now subject to nine years of sanctions which prevent him acting as a company director

The former owner of a Chinese takeaway in Kent is subject to stringent sanctions after taking out a £50,000 Bounce Back Loan during the Covid pandemic when the business was not entitled to any money under the scheme.

Zhongqing Li, 55, from Parkwood Green, Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green.

Li became bankrupt in June 2024, owing the full amount of the loan.

The Official Receiver, whose duty includes investigating the cause of a bankruptcy, discovered that Silver Sea had not been trading within the required timeframe to have been eligible for a Bounce Back Loan.

Samantha Crook, Deputy Official Receiver at the Insolvency Service, said:

The Bounce Back Loan scheme was designed to help keep existing businesses afloat during a time of crisis for the country.

Zhongqing Li abused this vital support by claiming the maximum amount possible for a business that was not entitled to receive a loan under the terms of the scheme.

The Insolvency Service strives to secure the toughest sanctions for those who abuse public money, and we are pleased these lengthy restrictions will curb Li’s business and financial activities to help protect the public from further harm.

Li made a loan application on 15 June 2020 in which he stated that Silver Sea had been trading on 1 March 2020 – the date businesses had to have been trading to qualify for a loan under the rules of the scheme.

But the Official Receiver discovered that the day before he applied for the loan, Li had signed a VAT registration form saying the business had only begun trading in the previous month, on 17 May 2020.

The Official Receiver secured a Bankruptcy Restrictions Undertaking (BRU) from Li, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan to which he was not entitled because he was not trading on or before 1 March 2020, as required by the terms of the scheme.

He agreed to abide by sanctions that restrict his finance and business activities, and extend the original terms of his bankruptcy – usually a 12-month period – for another nine years.

The restrictions prevent him acting as a company director without permission from the court, and from holding certain roles in public organisations. He is also prohibited from borrowing more than £500 without declaring he is subject to the sanctions.

The Secretary of State for Business and Trade accepted the undertaking from Zhongqing Li on 28 January 2025. He will be subject to the restrictions until 27 January 2034.

The Silver Sea takeaway continues to trade under different owners.

The Official Receiver continues to make enquiries into possible recovery of the money.

Further Information

Zhongqing Li is of Parkwood Green, Gillingham. His date of birth is 14 July 1969.

Further guidance about Bankruptcy Restrictions Orders and Undertakings 

Details of BRO and BRU restrictions relating to individuals can be found on the Individual Insolvency Register

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Economics: Per Jansson: Credibility and flexibility going forward

Source: Bank for International Settlements

Accompanying slides to the speech

My time as a member of the Executive Board of the Riksbank has been quite special, with two extreme periods in terms of how inflation has developed. The first period had already started before I joined the Executive Board in 2012. During this time, inflation had been below target more or less consistently for more than half a decade, sometimes very much below. The problem, which we shared with many other central banks, was how to get inflation to rise towards the target. After a few years of better target attainment in 2017−2019, the global pandemic hit and was followed by a period in which inflation rose sharply and was far above the target, for the first time since its introduction some thirty years ago (see Figure 1). In other words, the problems we have had to deal with during this time have been of very different kinds.

What these periods have had in common, however, is that monetary policy has reacted clearly and decisively to bring inflation back to the target. This has required quite specific, and in some cases unique, measures. First, negative policy rates and large-scale securities purchases, something that had not been tried before. After that, the fastest and largest rate hikes during the inflation targeting period.

I believe there may be some merit in the fact that inflation targeting has now been tested both during a period of too low inflation and during a period of too high inflation − and of course that it has proved to pass the test. The investment in credibility that we have thus made could pay off in the form of making it slightly easier to conduct monetary policy in the future. More specifically, it could mean that we can allow ourselves to act a little less forcefully than we have done so far with the interest rate. But a prerequisite for this is that economic actors really see the target as credible and worth upholding, and act accordingly. This is what I intend to talk about here today.

MIL OSI Economics –

February 14, 2025
MIL-OSI Economics: Burkhard Balz: Envisioning tomorrow – the role of CBDCs in Europe’s digital financial ecosystem

Source: Bank for International Settlements

Check against delivery

1 Introduction

Good morning ladies and gentlemen and thank you very much for your warm welcome.

I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.

Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem.

And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.

2 The future is digital

We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.

These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.

The question that we therefore now face is: how do we respond to these technological challenges?

And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.

3 What are we aiming to achieve with the introduction of a digital euro?

One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services.

Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.

Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.

The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.

Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.

As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands.

Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.

4 What would a digital euro be for the common citizen?

Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?

I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.

The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.

Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.

Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.

5 Wholesale CBDC

Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.

Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.

But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money.

The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.

The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union.

By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.

Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.

6 Business-to-business (B2B) payments

Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.

To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play.

This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.

7 Outlook

Ladies and gentlemen,

The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.

The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.

It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.

Thank you for your attention.

MIL OSI Economics –

February 14, 2025
MIL-OSI Economics: Asian Development Blog: A Fork in the Road: Will Asia Prioritize Safety or Suffer Rising Fatalities?

Source: Asia Development Bank

While road fatalities in Asia and the Pacific have fallen 11% since 2010, progress remains uneven, with low- and middle-income countries lagging behind. Strengthening infrastructure, enforcing safety regulations, and securing sustainable financing are critical to meeting the UN Decade of Action for Road Safety goal.

On average, one person dies on Asia’s roads every minute. In 2021 alone, the region recorded over 694,000 road fatalities—nearly 60% of the global total of 1.19 million, according to the World Health Organization. These deaths overwhelmingly occur in Asia’s low- and middle-income countries, which account for 99% of the region’s road fatalities.

Road crashes in Asia have a particularly severe impact on young people. They are the leading cause of death for those aged 15 to 29, and the second leading cause of death for children aged 5 to 14. Vulnerable road users are disproportionately affected. In 2021, one-third of all road fatalities involved pedestrians and cyclists, while 35% involved motorized two- and three-wheelers.

The WHO estimates that road traffic deaths have fallen by 5% globally from 2010. In comparison, Asia and the Pacific has outpaced this trend, achieving an overall reduction of 11%. Meanwhile, the overall landscape indicates mixed progress across the region. While 67% of countries in the region have reduced road fatalities, only eight achieved a substantial decrease of 30% or more.

Most of the decline in road fatalities has occurred in high-income Asian countries, which saw a 46% reduction between 2010 and 2021—an average decrease of 5% per year. In contrast, low- and middle-income countries in the region achieved only a 4% reduction over the same period, with an average annual decline of just 0.3%.
While progress is being made, accelerated efforts are needed to realize the target. If current trends continue, about two-thirds of countries in the region — accounting for 86% of current road crash fatalities — will not be able to achieve the UN Decade of Action for Road Safety goal of achieving a 50% reduction.

While discrepancies exist between the various available datasets, they all paint the same scenario, that the majority of the countries in Asia will fail to meet the 2030 target under current trajectories.

Regulations in the region focus on users and usage of the roads. For example, 97% of Asian countries have a national law setting speed limits, and 95% have national motorcycle helmet laws.

With nearly 1.8 billion Asian people lacking access to urban transit and rural roads, countries must invest in safer road infrastructure.

Targeted steps are needed to establish safe systems — which look beyond individual road behavior and address the underlying environment affecting road user safety, including safe roads and roadsides; safe vehicles; post-crash care; safe speeds and safe road use.

For example, technical standards for new roads – which affect all road users – are only present in 78% of the countries. Only half have targets to have their streets meet “technical safety standards for all users.”

There is a dire need to accelerate the improvement of road infrastructure. For example, road user surveys utilizing the IRAP star rating system indicate that the share of roads in Asia with good (3 stars or more) ratings is still quite low. With nearly 1.8 billion Asian people lacking access to urban transit and rural roads, countries must invest in safer road infrastructure.

On the institutions, while 95% of Asian countries have identified national focal agencies for implementing road safety action plans, more detailed responsibilities also need focal points. Less than half of the countries in the region have identified funds to implement their road safety strategies.

Targets and ambitions also need to increase and expand. In the last two decades, Asian countries have added a billion vehicles to the road, and projections suggest that countries will motorize further. However, it is concerning to note that only 68% of the countries in the region have legislation on periodic vehicle technical inspection.

Also, considering the import of used vehicles in developing countries, only 56% of the developing countries in the region have high-quality standards for used vehicle imports.

Measures—and their implementation—matter. The case of the Republic of Korea, which now leads Asia in terms of progress towards the 2030 target, shows that regulations backed by effective implementation can result in significant impact, saving lives and reducing serious injuries.

Broader uptake of monitoring mechanisms is also crucial for elevating our collective awareness of road safety, particularly for low- and middle-income countries.

The Asian Transport Observatory, for example, has developed road safety profiles for Asian economies. These can support the monitoring of progress towards the implementation of the Global Plan for the Decade of Action for Road Safety 2021-2030.

The overall road safety landscape in Asia presents progress but also persistent challenges. We need to turn incremental improvements into transformative actions. This includes boosting investments and standards for safer infrastructure; strengthening and enforcing regulations for ensuring safe vehicles, securing sustainable financing to implement road safety strategies; strengthening institutional capacities and accountability; and enhancing monitoring systems.

We are at a turning point, not just a checkpoint, towards achieving the collective goal towards reducing road fatalities.

This blog post is related to 4th Global Ministerial Conference on Road Safety, which assesses the progress in implementing the Global Plan for the Decade of Action for Road Safety 2021-2030. The plan aims to achieve a 50% reduction in road traffic fatalities by 2030. Sudhir Gota, Co-Team Lead, Asian Transport Observatory, contributed to this article.

MIL OSI Economics –

February 14, 2025
MIL-OSI: Middlefield Canadian Income PCC – Statement re Notice of Requisition of a General Meeting

Source: GlobeNewswire (MIL-OSI)

13 February 2025

Middlefield Canadian Income PCC (the “Company”)
including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
Registered No: 93546
Legal Entity Identifier: 2138007ENW3JEJXC8658

Notice of Requisition of a General Meeting

The Board of Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) announces that it has received a letter from a nominee account acting on behalf of the custodian and prime broker for Saba Capital Management, L.P. requisitioning the Board to convene a general meeting of shareholders (the “Requisition”).

The Requisition proposes that shareholders be asked to consider, and, if thought fit approve, the taking by the Company of all necessary steps to implement a scheme or process by which shareholders would become (or have the option to become) shareholders of a UK-listed open-ended investment company (or similar open-ended investment vehicle) implementing a substantially similar strategy to the Company, and which could entail shareholders rolling into an existing or newly established UK-listed open-ended investment company (or similar open-ended investment vehicle), in either case managed by the Company’s existing investment manager or one of its affiliates.

The Board is committed to acting in the best interests of all shareholders and will make a further announcement regarding the Requisition in due course. Accordingly, the Board recommends that shareholders take no action at this time.

For further information, please contact:

Middlefield Canadian Income – GBP PC via Investec Bank plc
Michael Phair (Chairman)

Investec Bank plc
Corporate Broker
Helen Goldsmith/David Yovichic
Tel: 020 7597 4000

JTC Fund Solutions (Jersey) Limited
Secretary
Matt Tostevin/Hilary Jones/Jade Livesey
Tel: 01534 700 000

Buchanan
PR Advisers
Charles Ryland/Henry Wilson
Tel: 020 7466 5000

The MIL Network –

February 13, 2025

MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on February 13, 2025: Cut-Offs

Source: Reserve Bank of India

Security	7.17% GS 2030	7.18% GS 2033	7.10% GS 2034	7.54% GS 2036	7.18% GS 2037
Total amount notified	Aggregate amount of ₹40,000 crore (no security-wise notified amount)
Total amount (face value) accepted by RBI (₹ in crores)	7,315	8,840	4,105	10,000	9,740
Cut off yield (%)	6.7306	6.8051	6.7643	6.8866	6.8914
Cut off price (₹)	101.88	102.39	102.25	105.05	102.38
Detailed results will be issued shortly.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2145

MIL-OSI Economics: Governor, Reserve Bank of India meets MD & CEOs of Select NBFCs at Mumbai on February 13, 2025

Source: Reserve Bank of India

The Governor, Reserve Bank of India today held a meeting with the Managing Director & Chief Executive Officers of select Non-Banking Financial Companies (NBFCs) across all layers, including Government NBFCs, Housing Finance Companies and Micro-Finance Institutions. These NBFCs constitute nearly 50 per cent of the total assets of the NBFC sector. Representatives from Self-Regulatory Organizations (SROs), Sa-Dhan and Micro Finance Institutions Network (MFIN), as well as from Finance Industry Development Council (FIDC) also participated in the meeting.

The meeting was a part of the Reserve Bank’s series of engagement with the Boards and Senior Management of its Regulated Entities. The previous such meeting with select NBFCs was held on August 25, 2023.

The meeting was also attended by Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar and Shri Swaminathan J., along with Executive Directors-in-Charge of Regulation, Supervision and Financial Inclusion.

The Governor, in his opening remarks, underscored the significant role played by NBFCs in credit intermediation, particularly in making credit available for small businesses and niche segments. Highlighting the collaborative efforts required between the Reserve Bank and the NBFCs, the Governor stressed upon balancing growth aspirations with sound practices for ensuring inclusive development, customer protection and financial stability. He also underscored the significance of ensuring fair treatment to customers and putting in place a prompt grievance redress mechanism. Urging the NBFCs to further their contribution towards financial inclusion, the Governor requested them to become part of Unified Lending Interface (ULI) being put in place by the Reserve Bank.

During the interactive session the participants shared their feedback on the sector, various industry level initiatives and their expectations from the Reserve Bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2144

MIL-Evening Report: Grattan on Friday: Albanese and Trump put Australia in holding patterns on election timing and tariffs

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

When parliamentarians left Canberra on Thursday after the fortnight sitting, federal politics had the air of an uneasy waiting game.

Waiting for the election date, although the campaign has been running for months.

Waiting to know whether there will be a budget on March 25.

Waiting for capricious United States President Donald Trump to decide whether to grant Australia that keenly-sought exemption from his new 25% tariff on aluminium and steel imports.

Most immediately, waiting for the Reserve Bank to announce on Tuesday whether interest rates will be cut.

In policy terms, the government could be satisfied with this sitting week. Its Future Made in Australia legislation, with promised tax credits for major projects, passed. So too, did its sweeping new rules to put caps on political donations and spending.

The electoral reform legislation has been an extraordinarily drawn-out saga. Special Minister of State Don Farrell had originally hoped to introduce it by early 2024, with it operating at this election. But the process proved immensely complex, including for constitutional reasons. Finally the bill was introduced late last year, and has passed with virtually no time to spare. The measures won’t operate until the next parliamentary term.

Farrell brought to the task negotiating skills honed in a lifetime as a right wing factional power broker. He always wanted the deal to be done with the Liberals. He knew they would be the easiest dancing partners, because the changes are in the big parties’ mutual interests. But he also believed bipartisanship would reduce the chance of them being unravelled by a subsequent government.

The Coalition came on board – after the government made some concessions on donation and disclosure amounts – in the knowledge the reforms help put a floor under the two-party system. It’s obvious the Liberals want to limit the spread of the teal movement, that Climate 200 has helped finance.

But the potential for the increase in independents is a future danger also for Labor, which at this election is trying to win back Fowler, that fell in 2022 to independent Dai Le.

While the changes will limit the amount of money available to small players, they are a compromise and less unfair than some crossbenchers claim. Of course, judgements on fairness will differ according to where those making them are coming from. But it’s a substantial leap from urging newcomers should be encouraged into the system to believing the system should facilitate a financial auction for a seat.

As he basks in his victory of the electoral legislation Farrell, who is also trade minister, finds himself in a supporting role in a more immediately high-profile issue: the tariff battle with the US. Farrell is anxious to engage as soon as possible with his US counterpart, Commerce Secretary Howard Lutnick, preferably face-to-face. But he can’t officially do so until Lutnick is confirmed.

The tariff issue is being cast by the opposition as a test of Albanese’s ability to deal successfully with the Trump administration.

It’s an easy test to pose, but the government has done all it can to pursue a positive relationship with the administration. Notably, Deputy Prime Minister Richard Marles was in Washington a week ago for talks with new defence secretary Pete Hegseth, armed with a hefty cheque for some A$800 million as part of Australia’s contribution under the AUKUS deal.

The Albanese-Trump call this week, when the PM argued for a tariff exemption, apparently went well. But the outcome is unpredictable, as is the timing of a decision. Trump might have sounded encouraging but, as we’ve been seeing, there’s some strong opposition in the system to giving Australia special treatment.

A win for Australia would be a significant fillip for the PM; a Trump rebuff would be a corresponding blow. Timing is also important: it would not be good for the government if this issue was unresolved through the election campaign (even worse, if there was a bad result then).

The opposition seeks to grab headlines by calling for Albanese to rush to Washington. Even if practical that could be counterproductive; if the mission failed it would be a disaster. Voters wouldn’t give him too many marks for trying.

While Peter Dutton might have thought the arrival of Trump and a more general swing against “wokeism” would be helpful to him at the election, as the US scene becomes more unsettling, the risk for him is that some “soft” voters might decide now is not the time to change.

Though the tariff issue is important, the election contest is mainly on cost of living in all its manifestations.

Trump has the power to inflict a blow on Albanese on the tariffs, but the Reserve Bank is a much bigger player in the government’s thinking.

Expectations remain high of a rate cut next Tuesday. If that didn’t happen, it would be a serious setback for the government. The next chance for a cut would then be April 1.

It’s not that a cut would necessarily directly swing a lot of votes. The electorate’s mood is likely too negative for that. But the absence of the much-anticipated cut would badly mess with the government’s narrative that things are on the right track for people to become better off.

Many political stories have dominated this term. A lot could have been foreseen. One, however, was predicted by no one: the appalling antisemitism crisis that has overtaken us, and reached new lows this week. This crisis is the product of far away events triggering a local malignancy that was lurking largely unrecognised.

A parliamentary inquiry into antisemitism at universities said, in a report tabled this week, that it had found “a disturbing prevalence of antisemitism that has left Jewish students and staff feeling unsafe, hiding their identity on campus and even avoiding campus all together”.

On the same day that report was tabled, a horrifying video emerged of two nurses at a Sydney hospital, in an online discussion with Israeli influencer Max Veifer, spewing vile sentiments about killing Israeli patents. One of the two is an Afghan who became an Australian citizen several years ago. Dutton has seized on the video to call for a discussion “about the way in which the whole migration system works”.

Antisemitism has extended beyond being an appalling assault on Jews in our community – it is starting to undermine our institutions and society.

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

– ref. Grattan on Friday: Albanese and Trump put Australia in holding patterns on election timing and tariffs – https://theconversation.com/grattan-on-friday-albanese-and-trump-put-australia-in-holding-patterns-on-election-timing-and-tariffs-249843

MIL OSI Analysis – EveningReport.nz –

February 13, 2025
MIL-OSI Submissions: Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

Source: Global Data

Following the news that Swedish fintech company Klarna has partnered with JP Morgan Payments to expand buy now, pay later (BNPL) options for merchants in the US;

Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, a leading data and analytics company, offers her view:

“Just months ahead of its anticipated April IPO, Klarna is integrating its payment options into JP Morgan Payments Commerce Solutions platform. As the largest payments acceptance player in the US, surpassing Stripe, Adyen, and others, JP Morgan’s decision to integrate Klarna rather than scale its own internal My Chase Plan BNPL solution highlights the strategic benefits of collaboration. The partnership not only strengthens Klarna’s presence in the US but also boosts its visibility ahead of its IPO. Meanwhile, for JP Morgan, the alliance allows the bank to expand its BNPL capabilities efficiently, giving US consumers access to a proven solution without the challenges of in-house development.

“As per GlobalData’s E-commerce Analytics, the US BNPL market is projected to reach a value of $240.8 billion by 2028, almost double its 2024 size. This exceptional growth has drawn significant interest from banks and financial service providers eager to capitalize on BNPL’s lucrative opportunities. While many have explored developing their own BNPL solutions, banks are increasingly seeing the advantages of collaborating with established BNPL providers to enhance their offerings and drive consumer adoption. Recognizing the value of these partnerships, the industry is now witnessing a shift in strategy, with banks working alongside BNPL providers to deliver more integrated and scalable solutions.

“Beyond Klarna and JP Morgan, another major collaboration is taking shape between FIS and Affirm, introducing a BNPL option for debit card transactions. This partnership enables FIS clients, primarily banks, to integrate pay-over-time solutions directly into their digital banking and mobile platforms. By embedding itself within debit programs, Affirm gains further access to a broad network of financial institutions, deepening its influence in the US payments landscape.

“As the second-largest BNPL provider in the US, Affirm has successfully built a powerful ecosystem centered on merchant ROI, seamless consumer experiences, and an intuitive app. These factors have fueled increased merchant transactions and market share growth. Through its partnership with Affirm, FIS can tap into this ecosystem, providing its banking customers with advanced payment options and responding to the growing consumer demand for flexible payments.

“These partnerships raise a critical question: does BNPL function better as a standalone business rather than as part of a broader fintech stack? While time will determine the ultimate success of these alliances, the strong growth of standalone BNPL providers like Klarna and Affirm combined with banks’ increasing preference for collaboration, suggests that partnerships offer a faster and more effective route for banks to establish a strong BNPL presence. As such, strategic alliances are proving essential for banks looking to enhance their payment offerings and capture a greater share of the fast-growing US BNPL market.”

About GlobalData

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MIL OSI – Submitted News –

February 13, 2025
MIL-OSI Europe: Envisioning Tomorrow: The Role of CBDCs in Europe’s Digital Financial Ecosystem | Frankfurt Digital Finance Conference

Source: Deutsche Bundesbank in English

Check against delivery.
1 Introduction
Good morning ladies and gentlemen and thank you very much for your warm welcome.
I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.
Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem.
And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.
2 The future is digital
We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.
These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.
The question that we therefore now face is: how do we respond to these technological challenges?
And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.
3 What are we aiming to achieve with the introduction of a digital euro?
One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services.
Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.
Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.
The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.
Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.
As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands.
Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.
4 What would a digital euro be for the common citizen?
Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?
I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.
The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.
Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.
Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.
5 Wholesale CBDC
Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.
Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.
But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money.
The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.
The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union.
By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.
Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.
6 Business-to-business (B2B) payments
Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.
To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play.
This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.
7 Outlook
Ladies and gentlemen,
The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.
The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.
It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.
Thank you for your attention.

MIL OSI

MIL OSI Europe News –

February 13, 2025
MIL-OSI Economics: Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

Source: GlobalData

Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

Posted in Banking

Following the news that Swedish fintech company Klarna has partnered with JP Morgan Payments to expand buy now, pay later (BNPL) options for merchants in the US;

Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, a leading data and analytics company, offers her view:

“Just months ahead of its anticipated April IPO, Klarna is integrating its payment options into JP Morgan Payments Commerce Solutions platform. As the largest payments acceptance player in the US, surpassing Stripe, Adyen, and others, JP Morgan’s decision to integrate Klarna rather than scale its own internal My Chase Plan BNPL solution highlights the strategic benefits of collaboration. The partnership not only strengthens Klarna’s presence in the US but also boosts its visibility ahead of its IPO. Meanwhile, for JP Morgan, the alliance allows the bank to expand its BNPL capabilities efficiently, giving US consumers access to a proven solution without the challenges of in-house development.

“As per GlobalData’s E-commerce Analytics, the US BNPL market is projected to reach a value of $240.8 billion by 2028, almost double its 2024 size. This exceptional growth has drawn significant interest from banks and financial service providers eager to capitalize on BNPL’s lucrative opportunities. While many have explored developing their own BNPL solutions, banks are increasingly seeing the advantages of collaborating with established BNPL providers to enhance their offerings and drive consumer adoption. Recognizing the value of these partnerships, the industry is now witnessing a shift in strategy, with banks working alongside BNPL providers to deliver more integrated and scalable solutions.

“Beyond Klarna and JP Morgan, another major collaboration is taking shape between FIS and Affirm, introducing a BNPL option for debit card transactions. This partnership enables FIS clients, primarily banks, to integrate pay-over-time solutions directly into their digital banking and mobile platforms. By embedding itself within debit programs, Affirm gains further access to a broad network of financial institutions, deepening its influence in the US payments landscape.

“As the second-largest BNPL provider in the US, Affirm has successfully built a powerful ecosystem centered on merchant ROI, seamless consumer experiences, and an intuitive app. These factors have fueled increased merchant transactions and market share growth. Through its partnership with Affirm, FIS can tap into this ecosystem, providing its banking customers with advanced payment options and responding to the growing consumer demand for flexible payments.

“These partnerships raise a critical question: does BNPL function better as a standalone business rather than as part of a broader fintech stack? While time will determine the ultimate success of these alliances, the strong growth of standalone BNPL providers like Klarna and Affirm combined with banks’ increasing preference for collaboration, suggests that partnerships offer a faster and more effective route for banks to establish a strong BNPL presence. As such, strategic alliances are proving essential for banks looking to enhance their payment offerings and capture a greater share of the fast-growing US BNPL market.”

MIL OSI Economics –

February 13, 2025
MIL-OSI China: Announcement on Open Market Operations No.28 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.28 [2025]

(Open Market Operations Office, February 13, 2025)

In order to keep liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB125.8 billion through quantity bidding at a fixed interest rate on February 13, 2025.

Details of the Reverse Repo Operations

Maturity

Volume

Rate

7 days

RMB125.8 billion

1.50%

Date of last update Nov. 29 2018

2025年02月13日

MIL OSI China News –

February 13, 2025

MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹39,000 crore on February 14, 2025

Source: Reserve Bank of India

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 14, 2025 (Friday).

As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	MUC amount per PD	Minimum bidding commitment per PD under ACU auction
6.64% GS 2027	7,000	167	167
6.79% GS 2034	22,000	524	524
7.09% GS 2074	10,000	239	239

The underwriting auction will be conducted through multiple price-based method on February 14, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2143

MIL-OSI: LHV Group financial plan for 2025 and the five-year financial forecast

Source: GlobeNewswire (MIL-OSI)

The largest financial group based on Estonian capital will be driven this year by an increase in business volumes and client activity, and by more efficient operations. However, in an environment of falling interest rates, the net profit of LHV Group in 2025 will decrease compared to the previous year.

Key indicators	2024	FP 2025	∆
Profit before taxes	175.1	153.3	-12%
Net profit	150.3	125.1	-17%
Deposits	6,910	7,558	9%
Loans	4,552	5,345	17%
Volume of funds	1,558	1,735	11%
Number of payments related to financial intermediaries (million pcs)	75	75	0%
Cost/income ratio	43.4%	47.7%	+4.3 pp
ROE* (before taxes; owners’ share)	28.7%	22.1%	-6.6 pp
ROE* (from net profit; owners’ share)	24.7%	18.1%	-6.6 pp
Capital adequacy	20.7%	21.0%	+0.3 pp

* Calculated on the basis of the average end-of-month equity volumes
Business volumes in millions of euros

According to the latest financial plan, LHV Group’s business volumes will continue to grow significantly this year. The consolidated loan portfolio is set to grow by 17%, i.e. EUR 793 million, over the year to EUR 5.35 billion. Of this, EUR 223 million will come from corporate banking in Estonia and EUR 278 million from retail loans, while in the United Kingdom the plan is to increase lending by EUR 292 million. As a result of the improving economic environment, write-down costs are planned to decrease to EUR 10.2 million in 2025.

The focus remains on growing deposits. Consolidated deposits are expected to grow by EUR 648 million, i.e. 9%, to EUR 7.56 billion this year. Of the additional deposits, EUR 302 million are to be raised by LHV Pank in Estonia and EUR 388 by LHV Bank in the United Kingdom.

LHV Pank’s interest income will decrease, but net fee and commission income is planned to increase mainly from higher business volumes resulting from the growth and activation of the client base. It is planned to reduce the bank’s expenses by 2% compared to the previous year, which will be helped by the automation of processes. The goal is to continue to provide the best service to clients in all channels by developing digital channels and supplementing services.

The number of payments by financial intermediaries reached 75 million in 2024, and it will remain similar this year according to the financial plan.

In the United Kingdom, in addition to corporate loans, the focus is on introducing retail offering to the market and, consequently, increasing the number of retail clients. In the first half of the year, deposits and direct debits will be added to the new bank app, and the issuance of bank cards will begin. The plans for the second half of the year include the inclusion of other currencies and the opening of accounts for corporate clients. In order to expand the offering, LHV Bank plans to apply for a consumer credit activity licence, join the real-time euro payments scheme, and develop additional payment collection solutions.

According to the financial plan, the volume of funds managed by LHV will increase by 11% this year to EUR 1.74 billion, i.e. by EUR 177 million. The volumes are supported by increased contributions to the II pension pillar and the opening of the new LHV Euro Bond Fund. Varahaldus continues with an investment strategy that stands out clearly from its competitors, focusing on different high-yield asset classes. The forecast for 2025 does not include earning a success fee from pension funds.

The gross premiums of LHV Kindlustus will increase by 11% this year to EUR 42 million. It is planned to increase sales volumes and improve efficiency. This should be supported by extending the provision of property insurance to businesses as well. The goal of LHV Kindlustus is to position itself as the most preferred insurance partner on the market.

In summary, the financial plan for 2025 foresees a 7% decrease in the income of the LHV Group consolidation group to EUR 313 million. Expenditure is expected to increase by 2% to EUR 149.4 million. The company’s net profit for this year is estimated at EUR 125.1 million, which means a decrease of 17% compared to the previous record year. LHV Group’s return on equity (ROE) ratio will remain at 18.1% in 2025 and the company forecasts a cost/income ratio of 47.7%.

This year, in addition to the decrease in base interest rates, the profitability of LHV Group is affected by the interest expense and increased tax rates associated with the revaluation of liabilities and the growth of volume, while positively increasing efficiency, increasing net fee and commission income and lower write-downs due to the improvement of the economic environment, as well as increasing efficiency.

Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
“In recent years, LHV has developed into a financial institution with a significant impact on the Estonian economy. Over the course of five years, the volume of LHV’s loans and deposits has increased by as much as 2.6 times, with new loans issued in Estonia in the amount of EUR 7.6 billion, while the loan portfolio has grown by EUR 2.5 billion during this period. The bank belonging to LHV Group in the United Kingdom has also entered the growth phase from the creation phase, with its share increasing.

We will continue to be ambitious for the next five years. Of the business volumes, we expect our loan portfolio to double, including a fivefold increase in the loan portfolio in the United Kingdom. We also expect double growth from insurance activities, the volume of funds will increase more than one and a half times. Our goal is to provide the best access to financial services and capital through high-quality relations.

We want to fulfil our long-term growth ambitions more effectively than before. In Estonia, we continue to innovate technology, the main keywords here are moving systems to the cloud and thoroughly updating the data strategy. In the United Kingdom, we are opening the direction of retail banking, and throughout the year we are developing new products there.

In 2024, we will continue to grow business volumes to offset falling interest rates. However, the net profit will fall as planned, partly due to the increase in the advance income tax of the banks to 18%, which effectively is the taxation of current profits. The return on equity is influenced by capitalization that, supported by strong results, has grown above the optimal level and which, according to the financial plan, does not find fully efficient use within the group.”

Financial forecast for 2025–2029

AS LHV Group discloses its financial forecast for the next five years. The forecast has been prepared on the basis of the assumptions that the Estonian economy will grow from 2025, tax rates in Estonia will rise, and base interest rates will fall rapidly until mid-2025. It is expected that the long-term dividend policy will be maintained, that capital layers will be optimised, and that LHV Varahaldus will earn a success fee from 2026.

Key indicators	FP2025	FP2026	FP2027	FP2028	FP2029
Profit before taxes	153.4	192.5	233.1	287.6	328.5
Net profit	125.1	154.0	184.7	229.2	268.5
Deposits	7,558	8,473	9,485	10,339	11,375
Loans	5,345	6,227	7,099	7,956	8,865
Volume of funds	1,735	1,978	2,233	2,497	2,774
Number of payments related to financial intermediaries (million pcs)	75	75	75	76	76
Cost/income ratio	47.7%	42.3%	38.3%	34.8%	32.9%
ROE (before taxes; owners’ share)	22.1%	25.1%	26.8%	29.1%	29.6%
ROE* (from net profit; owners’ share)	18.1%	20.1%	21.2%	23.2%	24.1%
Capital adequacy	21.0%	20.4%	20.8%	20.6%	20.3%

* Calculated on the basis of the average end-of-month equity volumes
Business volumes in millions of euros

According to the long-term forecast, all important business volumes of LHV will grow organically over the next five years. The volume of loans will increase 1.9 times to EUR 8.87 billion in five years, with corporate loans increasing by EUR 1.2 billion, home loans by EUR 1.4 billion, and the United Kingdom loan portfolio by EUR 1.4 billion. The volume of deposits will increase by 65% to EUR 11.38 billion. The volume of funds will increase by 78% to EUR 2.77 billion in five years.

According to the financial forecast, within five years, revenue will grow faster than expenditure, with revenue from the United Kingdom taking on an increasing share. Costs are increasing mainly due to increased labour costs and IT costs. Due to changes in the economic environment and the growth of the credit portfolio, costs from write-downs will decrease in 2025, but they are expected to increase in the future.

According to the five-year forecast, LHV’s consolidated net profit will reach nearly EUR 268.5 million by 2029, with an average annual growth of 12%. Although this year the return on equity will be below the long-term target of 20%, it is planned to exceed it in the coming years. The Group’s cost/income ratio continues to decline.

LHV Group will amend the financial plan for 2025 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update its five-year forecast in early 2026.

To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

To introduce the financial plan, LHV will organise an investor meeting (in Estonian) on 13 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN_h9xQnBP2Qj-Gaa3m6DIRnA.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

Attachment

LHV Group financial plan 2025 EN

MIL-OSI: Unaudited financial results of Coop Pank for Q4 and 12 months of 2024

Source: GlobeNewswire (MIL-OSI)

Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%). Of the new customers, 23,000 were private customers and 3,000 were business customers. By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers.

By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. Term deposits increased by 7% over the year and demand deposits by 15%. The bank’s financing cost increased over the year from the level of 2.4% to the level of 3.3%. The market share of the bank’s deposits increased from 6.0% to 6,1% over the year.

By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. Business loans and home loans made the biggest contribution to portfolio growth. Business loans portfolio increased by 129 million euros (+20%) and home loan portfolio increased by 121 million euros (+20%). Leasing portfolio increased by 24 million euros (+16%) and consumer finance portfolio increased by 9 million euro (+9%). The market share of the bank’s loans increased from 6.0% to 6.3% over the year.

In 2024, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 4.6 million euros provisions were made in 2024 – that was 26% less than a year earlier. The cost ratio for credit risk decreased from 0.5% to 0.3%.

The net income of Coop Pank reached 81.9 million euros, decreased by 3.3 million euros (-4%) over the year. Net interest income decreased 3.7 million euros (-5%) over the year. Net service fee revenues decreased 0.5 million euros (-10%) over the year. The bank’s operating cost reached 40.6 million euros, increased by 5.4 million euros (+16%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs.

Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year. The bank’s cost / income ratio increased from 41% to 50% over the year and the return on equity decreased from the level from 23.5% to 16.2% – similar level was also seen in 2022.

As of 31 December 2024, Coop Pank has 35,885 shareholders.

Results in Q4

In Q4 2024, the number of the bank’s customers increased by 6,000 (+3%), of which 5,000 were private customers and 1000 were corporate customers. By the end of the year 2024, Coop Pank had 208,000 daily banking customers.

In Q4 2024, the volume of deposits increased by 47 million euros (+3%) and reached 1.89 billion euros by the end of the year. Over the quarter, the volume of demand deposits decreased by 14 million euros and the volume of term deposits increased by 61 million euros.

The bank’s net loan portfolio increased by 113 million euros (+7%) over the quarter, reaching 1.77 billion euros by the end of the year. The volume of corporate loans increased by 73 million euros and the volume of home loans increased by 32 million euros. Consumer financing increased by 5 million euros and leasing by 4 million euros.

In Q4 2024, Coop Pank earned a profit of 6.4 million euros, which is 26% less than in Q3 and 24% less than in the same period last year. Quarterly profitability was negatively impacted primarily by the interest rate environment, which was partially offset by business volume growth.

Comments of the CEO of Coop Pank Margus Rink:

“To evaluate Coop Pank’s activities and results in 2024, it is essential to consider the broader context. We operate in an environment shaped by rising base interest rates during 2022–2023, which resulted in decreased purchasing power, diminished corporate investment appetite, and a cooling economy. In 2024, we reached the bottom of the economic downturn, and gradually, signs began to emerge that set the stage for a cyclical turnaround: base interest rates are now declining, real wages have increased over recent quarters, tax changes have been fixed for the coming years, energy prices are stable, and entrepreneurs are dusting off business plans that were shelved.

Based on this context, Coop Pank’s performance in 2024 was influenced by two factors. First – declining interest rates. This was an independent process beyond our control, which simultaneously significantly reduced both our interest income and interest expenses at the same time. Secondly, the growth of business volumes. This factor depended entirely on us. As a growth-focused bank, we worked hard and managed to increase business volumes (loan portfolio size, customer base) by approximately 19% during the year of economic downturn. This is 2–3 times higher than the overall Estonian banking market. This achievement is one we are proud of.

In 2024, our customer base grew by 26 000 (+14% YoY). Increasingly, account openings are followed by customers switching their primary banking relationship to Coop Pank. At the same time, this also represents our greatest challenge moving forward. Primary banking relationships bring growth in demand deposits and help lower financing costs. Currently, demand deposits constitute only one-third of our total deposits.

Coop Pank’s loan portfolio grew by 283 million euros (+19% YoY) in 2024. Throughout the year, home loans and car leasing showed strong growth, indicating that demand for personal loans remained solid despite the challenging economic environment. Demand for business loans was low during the first half of the year. In the fall, demand emerged, and in the final months of the year, we achieved significant growth in the business loan portfolio. Demand for consumer loans remained weak throughout the year. The quality of the loan portfolio remained strong all year.
Coop Pank’s net profit for 2024 amounted to 32,2 million euros, decreasing 8%. The decline in profit was primarily caused by the low-interest economic environment, which could not be offset by 19% growth in business volumes.

We adhered to our current dividend policy and distributed 25% of the consolidated group’s 2023 pre-tax profit as dividends, amounting to a net total of 8.9 million euros (8.7 cents per share, nearly double the amount of the previous year. In addition, 2 million euros in income tax on dividends was paid. Over 98% of the dividends were paid into the accounts of Estonian individuals and companies. By the end of the year, Coop Pank had 35 885 shareholders.

In 2024, we further expanded our role as contributors to society. While we have previously contributed the advancement of life in Estonia primarily through our extensive branch network and Coop stores’ cash network, we have now begun directly supporting Estonia’s defense capabilities with the innovative Kaardivägi client program. Additionally, Coop Pank became a major sponsor of both the national volleyball team and Estonian decathletes. Furthermore, in collaboration with the TalTech Arengufond, we started awarding scholarships.

Last year, a public discussion arose about teachers’ workload and salaries. We responded quickly and started offering teachers mortgage loans on favorable terms, a program we are continuing this year. In collaboration with the Estonian startup Montonio Finance, we also launched the most competitive e-commerce payment solution for merchants.

Beginning of 2024, we secured a subordinated loan of 15 million euros to support the bank’s growth strategy. This is a capital instrument classified as part of the bank’s Tier 2 own funds.

Eesti Pank designated Coop Pank as a systemically important credit institution, justifying its decision by stating that the bank’s significance in Estonia’s financial system has steadily increased in recent years. The rating agency Moody’s affirmed Coop Pank’s Credit rating on the level Baa2 and raised outlook to positive. This confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability.

In November, on the proposal of Estonian Financial Supervision Authority, the European Central Bank granted to the bank an additional activity license enabling the issuance of covered bonds. The actual issuance, including the timing, volume, and other conditions, will be decided by the bank based on market conditions and the bank’s financing needs.

Coop Pank’s strategic goal is to increase its market share in Estonia to 10% by the beginning of 2027 and grow its loan portfolio to at least 2 billion euros. This will position us as the primary bank for more than one in ten Estonians – amounting to at least 150 000 active customers. Through business volume growth, the bank aims to operate with high efficiency (cost-to-income ratio below 50%) and deliver a solid return on equity (ROE of at least 15%).

I would like to thank all Coop Pank customers, shareholders, and employees for the year 2024. Our goal is to build Coop Pank into a success story for everyone: a success story for customers, shareholders, employees and society alike.”

Income statement, in th. of euros	Q4 2024	Q3 2024	Q4 2023	12M 2024	12M 2023
Net interest income	19 148	20 021	20 594	77 570	81 265
Net fee and commission income	1 303	1 040	1 489	4 358	4 847
Net other income	-483	167	-1 666	-45	-908
Total net income	19 968	21 228	20 415	81 883	85 204
Payroll expenses	-6 007	-6 138	-5 495	-23 411	-20 234
Marketing expenses	-788	-593	-912	-2 690	-2 587
Rental and office expenses, depr. of tangible assets	-798	-729	-678	-3 097	-2 776
IT expenses and depr. of intangible assets	-1 731	-1 579	-1 363	-6 189	-4 803
Other operating expenses	-1 473	-1 221	-1 498	-5 189	-4 728
Total operating expenses	-10 797	-10 261	-9 948	-40 575	-35 128
Net profit before impairment losses	9 171	10 967	10 468	41 306	50 076
Impairment costs on financial assets	-1 821	-1 022	-1 148	-4 643	-6 302
Net profit before income tax	7 351	9 945	9 322	36 663	43 774
Income tax expenses	-957	-1 296	-935	-4 486	-4 570
Net profit for the period	6 393	8 649	8 386	32 178	39 204

Earnings per share, eur	0,06	0,08	0,08	0,31	0,38
Diluted earnings per share, eur	0,06	0,08	0,08	0,31	0,38

Statement of financial position, in th. of euros	31.12.2024	30.09.2024	31.12.2023
Cash and cash equivalents	343 678	404 472	428 354
Debt securities	37 751	37 445	36 421
Loans to customers	1 774 118	1 661 152	1 490 873
Other assets	33 066	31 956	30 564
Total assets	2 188 614	2 135 025	1 986 212
Customer deposits and loans received	1 886 145	1 838 626	1 721 765
Other liabilities	27 683	28 026	28 435
Subordinated debt	63 148	63 410	50 187
Total liabilities	1 976 977	1 930 062	1 800 387
Equity	211 637	204 963	185 825
Total liabilities and equity	2 188 614	2 135 025	1 986 212

The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus.

Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 09:00 on 13 February 2025. To participate, please register in advance via the following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

The webinar will be recorded and posted on the company’s website www.cooppank.ee and YouTube account.

Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 208,000 everyday banking customers. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores.

Further information:
Margus Rink
Chief Executive Office
Email: margus.rink@cooppank.ee

Attachments

MIL-OSI: KBC Group: Fourth-quarter result of 1 116 million euros

Source: GlobeNewswire (MIL-OSI)

KBC Group – overview (consolidated, IFRS)	4Q2024	3Q2024	4Q2023	FY2024	FY2023
Net result (in millions of EUR)	1 116	868	677	3 415	3 402
Basic earnings per share (in EUR)	2.75	2.14	1.59	8.33	8.04
Breakdown of the net result by business unit (in millions of EUR)
Belgium	487	598	474	1 846	1 866
Czech Republic	238	179	102	858	763
International Markets	175	205	178	751	676
Group Centre	215	-114	-77	-40	97
Parent shareholders’ equity per share (in EUR, end of period)	56.6	54.1	53.9	56.6	53.9

‘We recorded a net profit of 1 116 million euros in the last quarter of 2024. Compared to the result of the previous quarter, our total income benefited from several factors, including higher net interest income, increased insurance revenues and sharply higher net fee and commission income driven by an excellent business performance. This clearly illustrates how our integrated customer offering strongly contributes to income growth and income diversification. These items were partly offset by a decrease in trading & fair value income and lower net other income.

Our loan portfolio continued to expand, increasing by 2% quarter-on-quarter and by 5% year-on-year. Customer deposits – excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches – were up 2% quarter-on-quarter and 7% year-on-year, with the latter figure benefiting from the successful return of customer funds after the Belgian state note had matured in the previous quarter.

Operational expenses were up in the quarter under review but remained perfectly within our full-year 2024 guidance. Insurance service expenses were lower, as the previous quarter had been impacted by storms and floods in Central Europe (especially Storm Boris). Loan loss impairment charges, excluding the reserve for geopolitical and macroeconomic uncertainties, were down on the level recorded in the previous quarter, leading to a credit cost ratio of 16 basis points for full-year 2024, well below our guidance figure. Including the reserve for geopolitical and macroeconomic uncertainties, the credit cost ratio stood at 10 basis points for full-year 2024. We also recorded a one-off tax benefit of 318 million euros in the quarter under review, due to the forthcoming liquidation of Exicon (the remaining activities of KBC Bank Ireland).

Consequently, when adding up the four quarters of the year, our full-year net profit amounted to an excellent 3 415 million euros, slightly up year-on-year.

On the sustainability front, we are proud to be included for the third consecutive year in the CDP Climate A List. This recognition highlights KBC’s leading role in climate-related disclosures and actions.

Our solvency position remained strong, with a fully loaded common equity ratio of 15.0% at the end of December 2024. Our liquidity position remained very solid too, as illustrated by an LCR of 158% and NSFR of 139%. Our Board of Directors has decided to propose a total gross dividend of 4.85 euros per share to the General Meeting of Shareholders for the accounting year 2024. That amount includes 0.70 euro per share already paid in May 2024, reflecting the surplus capital above the 15% fully loaded CET1 threshold per end 2023 and 4.15 euros per share, of which an interim dividend of 1 euro per share was already paid in November 2024 and the remaining 3.15 euros per share to be paid in May 2025. When including the proposed dividend of 4.15 euros per share and additional tier-1 coupon, the pay-out ratio would amount to approximately 51% of 2024 net profit.

Lastly, we have also updated our short-term financial guidance. For 2025, we are aiming to achieve an annual growth rate of at least 5.5% for total income and an annual growth rate of below 2.5% for operating expenses excluding bank and insurance taxes. Furthermore, we also want to achieve a combined ratio of maximum 91% in non-life insurance.

In closing, I would like to sincerely thank all our customers, employees, shareholders and all other stakeholders for their trust and support, and assure them that we remain committed to being the reference in bank-insurance, innovation and digitalisation in all our home markets.’

Johan Thijs
Chief Executive Officer

Attachments

MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 13, 2025

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	2,75,000
Total amount of bids received (in ₹ crore)	2,35,619
Amount allotted (in ₹ crore)	2,35,619
Cut off Rate (%)	6.26
Weighted Average Rate (%)	6.26
Partial Allotment Percentage of bids received at cut off rate (%)	N.A.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2142

MIL-OSI: Sp Mortgage Bank Plc: Savings Banks Group’s Release of Financial Statements for 2024
Source: GlobeNewswire (MIL-OSI)

Sp Mortgage Bank Plc

Stock Exchange Release
13th February 2025 at 6.55 am (CET +1)

Savings Banks Group’s Release of Financial Statements for 2024 has been published.

Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi.

SAVINGS BANKS GROUP

Additional information:

Kai Koskela
acting CEO 
Savings Banks’ Union Coop 
kai.koskela@sastopankki.fi
+358 40 549 0430  

Attachment
- Savings Banks Group’s Release of Financial Statements 31.12.2024
The MIL Network –
February 13, 2025
MIL-OSI: Central Bank of Savings Banks Finland Plc: Annual Financial Report 2024
Source: GlobeNewswire (MIL-OSI)

Central Bank of Savings Banks Finland Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published.

Stock Exchange Release
13th of February 2025 at 6.55 am (CET +1)

The materials are attached to this release and available in English and Finnish at www.saastopankki.fi.

Further information:

Kai Brander
Managing Director
Central Bank of Savings Banks Finland Plc
kai.brander@saastopankki.fi
+358 50 384 8220

Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services.

Attachment
- Central Bank of Savings Banks Finland Plc’s Board of Directors’ Report and IFRS Financial Statements 2024
The MIL Network –
February 13, 2025
MIL-OSI: Sp Mortgage Bank Plc: Annual Financial Report 2024
Source: GlobeNewswire (MIL-OSI)

Sp Mortgage Bank Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published.

Sp Mortgage Bank Plc
Stock Exchange Release
13th of February 2025 at 6.55 am (CET +1)

The materials are attached to this release and available in English and Finnish at www.saastopankki.fi.

Sp Mortgage Bank Plc

Further information:

Tero Kangas
Managing Director
Sp Mortgage Bank Plc
tero.kangas@saastopankki.fi
+358 50 420 1022

Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds.

Attachment
- Sp Mortgage Bank Plc’s Board of Directors’ Report and IFRS Financial Statements 2024
The MIL Network –
February 13, 2025
MIL-OSI: Central Bank of Savings Banks Finland Plc: Savings Banks Group’s Release of Financial Statements for 2024
Source: GlobeNewswire (MIL-OSI)

Central Bank of Savings Banks Finland Plc 

Stock Exchange Release 
13th February 2025 at 6.55 am (CET +1) 

Savings Banks Group’s Release of Financial Statements for 2024 has been published. 

Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi. 

 

SAVINGS BANKS GROUP 

Additional information: 

Kai Koskela
acting CEO 
Savings Banks’ Union Coop 
kai.koskela@sastopankki.fi
+358 40 549 0430  

Attachment
- Savings Banks Group’s Release of Financial Statements 31.12.2024
The MIL Network –
February 13, 2025
MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

Source: Reserve Bank of India

RBI//2024-2025/113
A.P. (DIR Series) Circular No. 20

February 13, 2025

All Category – I Authorised Dealer Banks

Madam/Sir

Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
Vessels (OPV) in the Borrower’s Country

Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully

(N Senthil Kumar)
Chief General Manager

MIL OSI Economics –

February 13, 2025
MIL-OSI USA: Senator Peters Blasts Trump Administration for Shuttering the Consumer Financial Protection Bureau

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 02.12.2025
CFPB Protects Americans, Particularly Servicemembers and Military Families, Against Predatory and Illegal Financial Scams; Has Returned $20 Billion from Banks to Americans Since it was Created

WASHINGTON, DC – U.S. Senator Gary Peters (MI) joined his colleagues in calling for the Trump Administration to immediately reverse its decision to shutter the Consumer Financial Protection Bureau (CFPB). The CFPB provides relief to Americans who have been wronged by unethical practices from banks, payday lenders, and other financial companies by investigating and addressing consumer complaints about financial products and services. For example, the CFPB put in place rules that prevent mortgage lenders from issuing loans with hidden terms and costs that have caused people to lose their homes. The CFPB has also taken action against unreasonable bank overdraft fees which has encouraged other banks to remove or reduce their overdraft policies to avoid being penalized. Since the agency’s creation, the CFPB has returned over $21 billion owed to American consumers who have fallen victim to abusive and illegal activity from financial institutions.
In a letter led by Peters and his colleagues, the senators underscored how the Administration’s decision to close the CFPB and idle its nearly 2,000 employees will make Americans more susceptible to predatory lending and other deceitful financial practices, particularly servicemembers and military families who are at heightened risk of being targeted by these tactics. This is because the Administration’s decision also halted key CFPB oversight of protections from the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) that prevent servicemembers from being taken advantage of. These protections support our military readiness, recruitment, and retention efforts by allowing servicemembers to focus on their service obligations while on active duty, rather than worrying about making ends meet at home. Peters and his colleagues urged the CFPB to resume its essential work of investigating violations of consumer financial protection laws and taking actions against scammers and payday lenders to protect the financial well-being of our military families and all Americans.
“This funding, supervision, enforcement, and communications freeze will hit military families especially hard. Without a functional CFPB, military families will be stripped of their financial protections under the bipartisan Military Lending Act (MLA) that they have earned and deserve by serving our Nation,” Peters and the senators wrote. “The CFPB is the primary agency responsible for supervising and enforcing the MLA against nonbank financial companies, including payday lenders, pawnshops, and debt collectors who have charged servicemembers interest rates as high as 600% and who have threatened to derail their careers if they do not pay up.”
“Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness. We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA,” the letter concluded.
To read the full text of the letter, click here.

MIL OSI USA News –

February 13, 2025

MIL-OSI Economics: Money Market Operations as on February 12, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,77,339.01	6.27	5.15-6.60
I. Call Money	13,411.47	6.29	5.15-6.40
II. Triparty Repo	4,03,454.35	6.26	6.20-6.51
III. Market Repo	1,58,648.59	6.30	5.75-6.60
IV. Repo in Corporate Bond	1,824.60	6.44	6.40-6.49
B. Term Segment
I. Notice Money**	249.11	6.26	5.75-6.40
II. Term Money^@@	272.00	–	6.40-7.00
III. Triparty Repo	465.70	6.27	6.25-6.35
IV. Market Repo	1,331.46	6.35	6.35-6.35
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Wed, 12/02/2025	1	Thu, 13/02/2025	1,93,865.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Wed, 12/02/2025	1	Thu, 13/02/2025	2,561.00	6.50
4. SDF^Δ#	Wed, 12/02/2025	1	Thu, 13/02/2025	48,110.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				1,48,316.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				8,756.81
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				58,766.81
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,07,082.81
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 12, 2025		9,14,470.49
(ii) Average daily cash reserve requirement for the fortnight ending		February 21, 2025		9,12,240.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 12, 2025		1,23,688.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 24, 2025		-34,103.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2140