Category: Economy

MIL-OSI Economics: Klaas Knot: Strengthening financial resilience – lessons from Pittsburgh

Source: Bank for International Settlements

Good morning everyone.

It could have been right here in New York City.

That would have been fitting, as this city was, and still is, the center of gravity for global finance. But, as it happened, the US administration made a last-minute decision to pick Pittsburgh as the venue for the G20 summit.

We are back in the fall of 2009. Less than a year earlier, when G20 leaders first met in Washington DC, the world economy had been facing its greatest crisis in generations. At the Pittsburgh Summit, the memory of the crisis was still fresh. The fall of Lehman. The rescue of AIG. The race against the clock to prevent a total meltdown of the financial system. Leaders from the 20 largest nations in the world had all gone through those fateful crisis days. They shared a conviction that this should not happen again. Ever. They decided on a massive strengthening of regulation to address the weaknesses in the global financial system and to curb excessive risk taking. And they endorsed the mandate of the newly established Financial Stability Board to coordinate and monitor progress. Pittsburgh turned the tide.

The rest is history. But it is an unfinished history. For sure, the reforms that were agreed in Pittsburgh did substantially strengthen the global financial system.

In recent years, markets have experienced several episodes of turmoil, and we have seen potentially destabilising failures of banks and non-banks. But the core of the system has held up relatively well. So, one interpretation is that the financial system has proved to be resilient. But that is not entirely true. Take March 2020 for example. This turmoil was contained both through improved resilience and unprecedented policy actions. Without the combined force of these policy actions, the reforms implemented since 2009 may have not been sufficient to stave off another financial crisis. And it’s not only in 2020 that unprecedented policy actions were needed. In 2023 the fire brigade had to turn out again.

So, we’ve made progress, but there is much left to do if we want a truly resilient financial system. One that can finance the economy through thick and thin without recourse to extraordinary support. Furthermore, the financial system is evolving, and so must our regulations. Can we keep up the pace? Allow me to share some concerns about that.

First of all, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards still need to be implemented in many jurisdictions. In the meantime, the banking turmoil in March last year was a reminder that bank runs are not a thing of the past. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors.

They also highlighted that 13 years after the FSB issued its Key Attributes for Effective Resolution Regimes, authorities still face challenges in dealing with failing banks.

Next to the unfinished agenda in banking, the non-bank financial sector continues to face serious vulnerabilities. Partly as a response to strengthening banking regulation, non-bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. And as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. These include liquidity mismatches, leverage, and inadequate margin preparedness. The FSB, working with other standard setters, has done a great deal of work on this issue. We have issued policy recommendations in several key areas. Drawing up these policy recommendations, however, is not enough to stem systemic risk in NBFI. For that to happen, we must implement them. That means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them.

Third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. Technology can create new interdependencies, for example when many financial institutions rely on the same service providers. It can also increase the speed at which a crisis unfolds. And technology raises important questions about the regulatory perimeter. Above all technology related risks can exacerbate pre-existing vulnerabilities in the financial system and may create new ones. Take crypto-assets. This fast-growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. The FSB has issued recommendations to regulate the market for crypto-assets. The G20 has endorsed these recommendations and, again, they now need to be implemented globally.

As you might notice, I’m talking a lot about implementation, because that’s where my concern lies. It seems that, 16 years after Lehman, implementation fatigue has started to set in. Political commitment for maintaining financial stability is usually the highest when the collective memory of the last crisis is still fresh. When this memory starts to fade, there is the risk that financial stability is taken for granted. Something that can be left to the bureaucrats, to the technicians. Not least because there are so many other policy priorities to deal with for governments. But that would be a mistake. We do need the involvement of politicians, of lawmakers, because without them, it becomes even harder to implement necessary regulations. After all, financial stability is the foundation for almost all public policy. If financial stability is gone, as a government you can forget about the other policy priorities. You will spend most of your time drawing up rescue plans for an economy in free fall. So we should not wait for the next crisis.

We also need commitment in good times, when the work to develop and implement policy needs to get done. This commitment is even more important in a world that is getting more fragmented, both politically and economically. I am concerned about our capacity to work together on cross-border challenges in such a world. During the Global Financial Crisis, policymakers around the globe were able to respond swiftly and effectively. In a fragmented world, such a swift response could become more complicated. This could prove costly because the most important challenges to financial stability are precisely the cross-border issues that we can only solve if we work together.

And to the financial industry I would say: rules that strengthen the resilience of the financial system are in your best interest too. Some in the industry view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Financial regulation is not an obstacle, it is an enabler of sustainable, long-term growth. Globally implemented regulation strengthens international financial stability, levels the playing field, and, in turn, enhances the confidence of your shareholders, clients, and counterparties. Strong regulation is not a constraint on the financial industry, it is an asset.

15 years after Pittsburgh, strengthening the financial system is an unfinished history. Partly that comes with the job. The financial system is always evolving, so our policy also needs to evolve. But, that’s not the only reason. It is also important that authorities finish implementing the measures we’ve all agreed are needed to address existing vulnerabilities. Vulnerabilities that could lead to the next crisis, if they are allowed to persist.

This calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. I wish for us to have the determination and collaborative spirit that the leaders in Pittsburgh collectively felt. Let’s work together to finish what we started. Let’s stay sharp, focused and committed to preserving financial stability. And where better to express that commitment than in the city that never sleeps.

MIL OSI Economics –

January 24, 2025
MIL-OSI: TopLine Financial Credit Union Participates in Its 8th Statewide Day of Kindness

Source: GlobeNewswire (MIL-OSI)

MAPLE GROVE, Minn., Oct. 22, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, was one of the 60 credit unions and partner organizations across the state of Minnesota who participated in an orchestrated day, called CU Forward Day. A state-wide initiative of over 3,000+ credit union employees, members and partners coming together to do one simple thing – spread kindness and encourage others to do the same.

TopLine has been participating in this collaborative credit union event since 2016, referred to as “CU Forward Day,” which is coordinated by the Minnesota Credit Union Network (MnCUN), the state trade association for Minnesota’s credit unions. CU Forward Day demonstrates what credit unions do best, collaborate and give back to their communities.

TopLine’s theme for this year was “Connected, We All Do Better!” Over 143 TopLine participants volunteered over 554 hours and impacted nearly 2,800 Minnesotans at local community partner non-profit organizations including ACBC Food Shelf, Advent Lutheran Church, Avenues for Youth, Beyond the Yellow Ribbon, CROSS Services, Family Alternatives, Karen Organization of Minnesota, Keystone Community Services, Maple Grove Hospital, MORE, NACE Food Shelf & Closet, Union Gospel Mission Twin Cities, YMCA Youth and Family Services and several local park clean-ups.

Volunteers made a positive impact in the communities that TopLine serves by providing fall clean up at Advent Lutheran Church and Avenues for Youth, delivering meals to Keystone Meals on Wheels program participants, serving lunch to residents at Union Gospel Mission, a local ministry, providing aid to several local food shelves, assisting in park beautification, packing personal care kits and birthday bags at YMCA Youth & Family Services, creating inspirational signage for Maple Grove Hospital, packing and delivering 1,000 personal care kits and dental kits, creating 100 tie blankets, and knitting over 100 scarves for local foster youth at Family Alternatives. TopLine also hosted a bike drive to benefit Express Bike Shop, a nonprofit youth employment program, and collected 157 bikes to donate.

“At TopLine, we believe that supporting our communities goes beyond financial services, and CU Forward Day is a great way to demonstrate our commitment to social responsibility efforts. By volunteering on this day, as well as throughout the year, and sharing our time and talents, we strengthen the bonds within our neighborhoods and contribute to the well-being of everyone we serve. Together, we make a real difference in lives,” says Mick Olson, TopLine President and CEO. “CU Forward Day showcases the credit union philosophy of “people helping people” and our true power of our Minnesota credit unions and partners working collectively together to make a positive impact across the state.”

TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9^th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at http://www.TopLinecu.com or http://www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit http://www.TopLinecu.com/Foundation.

CONTACT:
Vicki Roscoe Erickson
Senior Vice President and Chief Marketing Officer
TopLine Financial Credit Union
verickson@toplinecu.com | 763.391.0872

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/499f20d8-0258-4ca3-8f6a-d8ed16f9d99e

The MIL Network –

January 24, 2025

MIL-OSI: Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets

Source: GlobeNewswire (MIL-OSI)

CATSKILL, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was $6.3 million, or $0.37 per basic and diluted share, as compared to $6.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. Net income decreased $208,000, or 3.2%, when comparing the three months ended September 30, 2024 and 2023.

Highlights:

Net Income: $6.3 million for the three months ended September 30, 2024
Total Assets: $2.9 billion at September 30, 2024, a new record high
Net Loans: $1.5 billion at September 30, 2024, a new record high
Total Deposits $2.5 billion at September 30, 2024, a new record high
Return on Average Assets: 0.93% for the three months ended September 30, 2024
Return on Average Equity: 11.86% for the three months ended September 30, 2024

Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.”

Total consolidated assets for the Company were $2.9 billion at September 30, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at September 30, 2024, consisting of retail, business, municipal and private banking relationships.

Pre-provision net income was $6.9 million for the three months ended September 30, 2024 as compared to pre-provision net income of $6.6 million for the three months ended June 30, 2024, an increase of $314,000, or 4.8%, and pre-provision net income of $6.9 million for the three months ended September 30, 2023. Pre-provision net income measures the Company’s net income less the provision for credit losses on loans. Management believes that this measure assists investors in comprehending the impact of the provision on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses on loans. During the September 30, 2024 quarter, the Company was able to reprice assets into the higher interest rate market faster than it had raised rates paid on deposits. This resulted in a higher net interest margin for the three months ended September 30, 2024 as compared to the three months end June 30, 2024. The Company will continue to monitor the monetary policy of the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

Selected highlights for the three months ended September 30, 2024 are as follows:

Net Interest Income and Margin

Net interest income decreased $303,000 to $13.1 million for the three months ended September 30, 2024 from $13.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased $64.1 million when comparing the three months ended September 30, 2024 and 2023, and increases in rates paid on interest-bearing liabilities, which increased 53 basis points when comparing the three months ended September 30, 2024 and 2023. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased $54.7 million when comparing the three months ended September 30, 2024 and 2023, and increases in interest rates on interest-earning assets, which increased 40 basis points when comparing the three months ended September 30, 2024 and 2023.
Average loan balances increased $60.4 million and the yield on loans increased 36 basis points when comparing the three months ended September 30, 2024 and 2023. Average balance of securities increased $13.7 million and the yield on such securities increased 45 basis points when comparing the three months ended September 30, 2024 and 2023. Average interest-bearing bank balances and federal funds decreased $19.4 million, while the yield increased 43 basis points when comparing the three months ended September 30, 2024 and 2023.

The cost of NOW deposits increased 54 basis points, the cost of certificates of deposit increased 49 basis points, and the cost of savings and money market deposits increased 19 basis points when comparing the three months ended September 30, 2024 and 2023. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of $64.1 million. This was due to an increase in NOW deposits of $47.7 million and an increase in average certificates of deposits of $31.0 million, partially offset by a decrease in average savings and money market deposits of $39.3 million when comparing the three months ended September 30, 2024 and 2023. Average borrowings increased $24.7 million when comparing the three months ended September 30, 2024 and 2023. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months ended September 30, 2024, as the Company repriced assets and deposits due to the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs, the asset-liability position of the Company and growing the retention of relationships.

Net interest rate spread and margin both decreased when comparing the three months ended September 30, 2024 and 2023. Net interest rate spread decreased 13 basis points to 1.76% for the three months ended September 30, 2024 as compared to 1.89% for the three months ended September 30, 2023. Net interest margin decreased 9 basis points to 2.03%, for the three months ended September 30, 2024 as compared to 2.12% for the three months ended September 30, 2023. The decrease was due to the higher interest rate environment, which caused competitive pressure to increase rates paid on deposits, resulting in higher interest expense. This was partially offset by increases in interest income on securities and loans, as they reprice at higher yields and the interest rates earned on new balances were higher than the levels from the prior periods.
Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.29% and 2.37% for the three months ended September 30, 2024 and 2023, respectively.

Credit Quality and Provision for Credit Losses on Loans

Provision for credit losses on loans amounted to $634,000 for the three months ended September 30, 2024 compared to $457,000 for the three months ended September 30, 2023. The loan provision for the three months ended September 30, 2024, was primarily attributable to updated economic forecasts used in the quantitative modeling as of September 30, 2024. The allowance for credit losses on loans to total loans receivable was 1.32% at September 30, 2024 compared to 1.28% at June 30, 2024.
Loans classified as substandard and special mention totaled $59.0 million at September 30, 2024 and $48.6 million at June 30, 2024, an increase of $10.4 million. The increase in loans classified was primarily due to downgrades of commercial real estate loans during the period ended September 30, 2024, that were considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention, $55.3 million were performing at September 30, 2024. There were no loans classified as doubtful or loss at September 30, 2024 or June 30, 2024.
Net charge-offs on loans amounted to $114,000 and $93,000 for the three months ended September 30, 2024 and 2023, respectively, an increase of $21,000. There were no material charge-offs in any loan segment during the three months ended September 30, 2024.
Nonperforming loans amounted to $3.6 million at September 30, 2024 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $410,000 in loan repayments, $57,000 in charge-offs or transfers to foreclosure, $56,000 in loans returning to performing status, and $441,000 of loans placed into nonperforming status. Nonperforming assets were 0.13% of total assets at September 30, 2024 and June 30, 2024, respectively. Nonperforming loans were 0.25% of net loans at September 30, 2024 and June 30, 2024, respectively.

Noninterest Income and Noninterest Expense

Noninterest income increased $438,000, or 13.3%, to $3.7 million for the three months ended September 30, 2024 compared to $3.3 million for the three months ended September 30, 2023. The increase for the three-month period was primarily due to an increase in fee income earned on customer interest rate swap contracts, and income from bank owned life insurance (“BOLI”). During the quarter ended December 31, 2023, the Company restructured $23 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies.
Noninterest expense increased $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024 compared to $8.8 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024 was primarily due to an increase of $387,000 in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, an increase of $176,000 in service and data processing fees due to vendor price negotiations in prior periods, and an increase of $285,000 in the reserve for credit losses on off-balance sheet unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $156,000 in computer software and support fees, as compared to the three months ended September 30, 2023.

Income Taxes

Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 6.4% for the three months ended September 30, 2024 and 13.0% for the three months ended September 30, 2023. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans and bank owned life insurance in proportion to pre-tax income.

Balance Sheet Summary

Total assets of the Company were $2.9 billion at September 30, 2024 and $2.8 billion at June 30, 2024, an increase of $48.8 million, or 1.7%.
Total cash and cash equivalents for the Company were $213.5 million at September 30, 2024 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of September 30, 2024.
Securities available-for-sale and held-to-maturity increased $26.1 million, or 2.5%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $115.2 million during the three months ended September 30, 2024, and consisted primarily of $77.4 million of state and political subdivision securities, $24.7 million of U.S. Treasury securities, $9.2 million of collateralized mortgage obligations and $3.9 million of mortgage-backed securities. Principal pay-downs and maturities during the three months ended September 30, 2024 amounted to $97.0 million, primarily consisting of $66.5 million of state and political subdivision securities, $25.0 million of U.S. Treasury securities, $4.5 million of mortgage-backed securities, and $683,000 of collateralized mortgage obligations.
Net loans receivable remained at $1.5 billion at September 30, 2024 and June 30, 2024. Loan growth experienced during the three months ended September 30, 2024, consisted primarily of $15.3 million in commercial real estate loans, partially offset by a decrease of $11.5 million in commercial loans.
Deposits totaled $2.5 billion at September 30, 2024 and $2.4 billion at June 30, 2024, an increase of $96.7 million, or 4.1%. The Company had zero brokered deposits at September 30, 2024 and June 30, 2024, respectively. NOW deposits increased $87.9 million, or 5.0%, certificates of deposits increased $17.9 million, or 12.9%, and noninterest-bearing deposits increased $7.4 million, or 5.9% when comparing September 30, 2024 and June 30, 2024. Savings deposits decreased $7.9 million, or 3.2%, and money market deposits decreased $8.6 million, or 7.6%, when comparing September 30, 2024 and June 30, 2024.
Borrowings amounted to $142.5 million at September 30, 2024 compared to $199.1 million at June 30, 2024, a decrease of $56.6 million. At September 30, 2024, borrowings included $63.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.7 million of Fixed-to-Floating Rate Subordinated Notes, $25.0 million in the Bank Term Funding Program with the Federal Reserve Bank, and $4.8 million of long-term borrowings with the FHLB.
Shareholders’ equity increased to $216.3 million at September 30, 2024 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $6.3 million and a decrease in accumulated other comprehensive loss of $5.6 million, partially offset by dividends declared and paid of $1.5 million.

Corporate Overview

Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit http://www.tbogc.com.

Forward-Looking Statements

This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 8 for Non-GAAP to GAAP reconciliations.

(END)

Greene County Bancorp, Inc.
Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

	At or for the Three Months
	Ended September 30,
(Dollars in thousands, except share and per share data)		2024			2023
Interest income	$	27,769		$	24,672
Interest expense		14,633			11,233
Net interest income		13,136			13,439
Provision for credit losses		634			457
Noninterest income		3,737			3,299
Noninterest expense		9,550			8,845
Income before taxes		6,689			7,436
Tax provision		428			967
Net Income	$	6,261		$	6,469

Basic and diluted EPS	$	0.37		$	0.38
Weighted average shares outstanding		17,026,828			17,026,828
Dividends declared per share⁽⁴⁾	$	0.09		$	0.08

Selected Financial Ratios
Return on average assets⁽¹⁾		0.93	%		0.99	%
Return on average equity⁽¹⁾		11.86	%		14.09	%
Net interest rate spread⁽¹⁾		1.76	%		1.89	%
Net interest margin⁽¹⁾		2.03	%		2.12	%
Fully taxable-equivalent net interest margin⁽²⁾		2.29	%		2.37	%
Efficiency ratio⁽³⁾		56.60	%		52.84	%
Non-performing assets to total assets		0.13	%		0.22	%
Non-performing loans to net loans		0.25	%		0.38	%
Allowance for credit losses on loans to non-performing loans		542.39	%		369.10	%
Allowance for credit losses on loans to total loans		1.32	%		1.40	%
Shareholders’ equity to total assets		7.52	%		6.85	%
Dividend payout ratio⁽⁴⁾		24.32	%		21.05	%
Actual dividends paid to net income⁽⁵⁾		24.48	%		21.05	%
Book value per share	$	12.70		$	10.82

⁽¹⁾ Ratios are annualized when necessary.
⁽²⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
⁽³⁾ The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
⁽⁴⁾ The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
⁽⁵⁾ Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended September 30, 2023 and September 30, 2024 were paid to the MHC.

Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)

	At September 30, 2024			At June 30, 2024
(Dollars In thousands, except share data)
Assets
Cash and due from banks	$	24,824		$	13,897
Interest-bearing deposits		188,645			176,498
Total cash and cash equivalents		213,469			190,395

Long term certificate of deposit		2,579			2,831
Securities available-for-sale, at fair value		364,526			350,001
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $466 and $483 at September 30, 2024 and June 30, 2024		701,919			690,354
Equity securities, at fair value		339			328
Federal Home Loan Bank stock, at cost		4,795			7,296

Loans receivable		1,501,212			1,499,473
Less: Allowance for credit losses on loans		(19,781	)		(19,244	)
Net loans receivable		1,481,431			1,480,229

Premises and equipment, net		15,498			15,606
Bank owned life insurance		57,898			57,249
Accrued interest receivable		14,909			14,269
Prepaid expenses and other assets		17,258			17,230
Total assets	$	2,874,621		$	2,825,788

Liabilities and shareholders’ equity
Noninterest bearing deposits	$	132,897		$	125,442
Interest bearing deposits		2,352,977			2,263,780
Total deposits		2,485,874			2,389,222

Borrowings, short-term		63,000			115,300
Borrowings, long-term		29,781			34,156
Subordinated notes payable, net		49,727			49,681
Accrued expenses and other liabilities		29,941			31,429
Total liabilities		2,658,323			2,619,788
Total shareholders’ equity		216,298			206,000
Total liabilities and shareholders’ equity	$	2,874,621		$	2,825,788
Common shares outstanding		17,026,828			17,026,828
Treasury shares		195,852			195,852

^{The above information is preliminary and based on the Company’s data available at the time of presentation}^.

Non-GAAP to GAAP Reconciliations

The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

	For the three months ended September 30,
(Dollars in thousands)		2024			2023
Net interest income (GAAP)	$	13,136		$	13,439
Tax-equivalent adjustment⁽¹⁾		1,713			1,563
Net interest income-fully taxable-equivalent basis (non-GAAP)	$	14,849		$	15,002

Average interest-earning assets (GAAP)	$	2,589,580		$	2,534,918
Net interest margin-fully taxable-equivalent basis (non-GAAP)		2.29	%		2.37	%

⁽¹⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three months ended September 30, 2024 and 2023, 4.44% for New York State income taxes for the three months ended September 30, 2024 and 2023.

The following table summarizes the adjustments made to arrive at pre-provision net income.

	For the three months ended
(Dollars in thousands)	September 30, 2024		June 30, 2024			September 30, 2023
Net income (GAAP)	$	6,261	$	6,732		$	6,469
Provision for credit losses on loans		634		(151	)		457
Pre-provision net income (non-GAAP)	$	6,895	$	6,581		$	6,926

^{The above information is preliminary and based on the Company’s data available at the time of presentation.}

For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@tbogc.com

Nick Barzee
SVP & CFO
(518) 943-2600
nickb@tbogc.com

The MIL Network –

January 24, 2025

MIL-OSI USA: UConn Health Community Programs Helping Under Insured and Uninsured with Breast Cancer Screenings

Source: US State of Connecticut

Rosa Agosto and Maggie Donohue, community health workers are part of the community outreach and engagement program at the Carole & Ray Neag Comprehensive Cancer Center at UConn Health making a difference in the lives of Connecticut residents.

In their roles Agosto and Donohue attend events in the community and other UConn Health offices to provide educational information about prevention and screening of breast cancer. They help those who are uninsured or underinsured find the resources to schedule important mammogram screenings and follow up appointments.

At one such event, the YWCA literacy group, in New Britain, Agosto had the opportunity to present about breast cancer prevention and screenings and the services that UConn Health can provide to the uninsured and underinsured. Following the presentation Agosto was approached by Vanessa Neira, a New Britain resident who indicated “that’s me you are talking about.”

Neira is from a large family from Peru with a history of cancer. One of her five sisters was diagnosed at 35 years old and was able to receive treatment, her other sister currently in Peru has a lump in her breast but does not have insurance. “I am concerned about her due to our family history, including our father who survived prostate cancer that was diagnosed early,” says Neira.

Her sister diagnosed at 35 had her left breast removed and chemotherapy, Neira was concerned for herself and wanted to have a mammogram, but did not have insurance at the time.

“I am very grateful to Rosa Agosto who helped connect me with the UConn Health free mammogram program,” says Neira.

Women who are either uninsured or underinsured can receive free and potentially life-saving mammograms from funding donated to UConn Health from the Linda Clemens Breast Cancer Foundation. The Foundation has been donating funds since 2015 to UConn Health’s breast cancer program focusing on early detection through annual screenings.

“Our comprehensive breast team educates women at various community outreach events throughout the year on 3D mammography and early detection,’’ says Kim Hamilton, program coordinator, community outreach and engagement at UConn Health. “To tell a woman with no insurance we can offer her a free mammogram can be life changing.’’

Neira’s mammogram found a concerning spot that required further testing including an ultrasound and a biopsy to rule out cancer. In her case, she did not have breast cancer but was able to have a baseline mammogram that her doctor has now advised her to have repeated annually.

“I am grateful to the UConn Health team for their support throughout the process as I required more than a screening mammogram and as you can imagine, due to family history of breast cancer with my sister, I wanted to relieve my fears and doubts,” says Neira.

“We know that early detection helps saves lives,” says Agosto. “Lack of insurance should not be a barrier to mammograms and here at UConn Health we are proud to be able to provide assistance to those who need mammograms, so they have access to early diagnosis, interventions and treatment.”

Breast Cancer Awareness month is a good time to remember to schedule your appointment for a mammogram at UConn Health by calling 860-679-2784. 3D Mammograms are provided at the Beekley Imaging Center at UConn Health offering the latest technologies, including all-digital mammography and a computer-aided detection system, which uses new technology to search for patterns that are typically recognized as indicators for cancer.

UConn Health offers a financial assistance program to patients without insurance for medically necessary services. Patients can contact Rosa Agosto at 860-679-1694 for assistance with scheduling their mammogram.

MIL OSI USA News –

January 24, 2025
MIL-OSI Economics: Global Financial Stability Report, October 2024 – Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability 

Source: International Monetary Fund

Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty 

Chapter 1 delves into the financial vulnerabilities and imbalances challenging financial stability. With the expectation that monetary policy will continue to ease globally, financial conditions have remained accommodative, emerging markets have remained resilient and asset price volatility has stayed low, on net. However, accommodative financial conditions that keep near-term risks contained also facilitate the buildup of vulnerabilities, such as lofty asset valuations, the global rise in private and government debt, and increased use of leverage by nonbank financial institutions. These vulnerabilities could worsen future downside risks by amplifying adverse shocks, which have become more probable due to the widening disconnect between elevated economic uncertainty and low financial volatility. Furthermore, access to funding for economies with weaker fiscal buffers may become more constrained, and the slowing growth outlook in China, along with fragilities in its financial system, is a key downside risk to the global economy. Pressures on the commercial real estate sector also continue to be acute, and some midsized companies’ borrowings are becoming increasingly strained. These mounting vulnerabilities highlight the urgency for policymakers to address them. 

MIL OSI Economics –

January 24, 2025
MIL-OSI Economics: Mortgage Lenders See Immense Value in Simplifying and Standardizing Closing-Cost Descriptions
Source: Fannie Mae

Closing costs are fees and charges paid by borrowers in connection with the closing of a home purchase or a mortgage refinancing.¹ Examples include mortgage origination fees, borrower credit report fees, appraisal fees, title insurance premiums, settlement fees, and real estate agent commissions. In recent years, these costs have risen considerably,² posing a significant challenge for many first-time and lower-income homebuyers hoping to purchase a home.³

In late July, we surveyed over 200 senior mortgage executives via our Mortgage Lender Sentiment Survey® to gather insights from lenders about opportunities to simplify and standardize closing cost line-item descriptions, as well as their opinions on which cost areas would benefit from clearer definitions to increase transparency for borrowers. Additionally, we asked lenders to provide feedback on areas where they believe costs can be reduced.

Among the key findings:
- While 60% of lenders believe it’s easy to accurately estimate closing costs, their experience explaining these costs to borrowers is mixed: Only half of lenders told us that it’s easy to explain closing costs to borrowers.
- The majority of lenders (81%) agreed that simplifying and standardizing closing cost line-item descriptions would be valuable for the mortgage industry. Respondents indicated that increasing transparency, particularly for borrowers, would be the most important benefit of such an effort, followed by decreasing compliance costs, and helping consumers comparison-shop.
Click image above for larger view
- Lenders said “getting key players to align on standardization” is the biggest implementation challenge, followed by making the necessary technology updates (e.g., integrating with loan origination systems or industry data portals).
- To help improve transparency for borrowers, several closing cost types were highlighted by lenders as being especially likely to benefit from further clarity, including lender fees, settlement/closing fees, lender’s title insurance premium or attorney opinion letter (AOL) fees, and borrower credit report and verification of income/employment/assets (VOI/E/A) fees.⁴
Click image above for larger view
- We asked lenders to identify the areas where they believe closing costs can be reduced, and the most common responses were borrower credit report and VOI/E/A fees⁵, lender’s title insurance premium or AOL fees, and real estate agent commissions, in that order.
Click image above for larger view

As part of the survey, we also encouraged lenders to provide write-in commentary on the closing-cost concerns that are top of mind for them. Some lenders noted that certain costs charged by third parties, such as credit reports and employment verification fees, have climbed significantly, despite technological advancements intended to make the process more efficient and cost-effective. Others expressed the opinion that some closing costs were overpriced relative to the associated risk, while some observed that costs charged to borrowers can vary considerably, even for effectively the same service. A few lenders noted that while the individual fees charged by the transacting parties are often relatively low, when aggregated the closing costs typically add up to a significant amount. Finally, many lenders concluded that simplifying and standardizing closing cost line-item descriptions would be an important value-add for the entire mortgage industry, asserting that it would help increase transparency, reduce compliance costs, and enable consumers to both better understand the costs and shop around for better prices.

Based on these findings, we believe meaningful opportunities exist for the mortgage industry to increase transparency around closing costs and potentially help save consumers money. In recent years, the mortgage industry has made some strides in this space, including introducing tools to help borrowers better understand (and calculate for themselves) the various mortgage costs and fees, deploying property valuation modernization efforts to streamline the home-valuation process and reduce appraisal costs for borrowers, and allowing lenders to use an Attorney Opinion Letter (AOL) as an alternative to a lender’s title insurance policy. Still, we believe much more can be done, and we’re committed to working with our industry partners to help improve transparency and reduce closing costs for borrowers.

To learn more, read the full research deck.

Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group or survey respondents included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group or survey respondents as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

¹ These fees are typically itemized under “Closing Cost Details” on the Closing Disclosure document. The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule requires all settlement fees to be disclosed in the form of a Loan Estimate and the integrated Closing Disclosure. The objective of the Loan Estimate and Closing Disclosure documents is to simplify and clarify the terms of the loan that a borrower is applying for while also showing how much money is needed at closing and for what purpose.

² According to a CFPB analysis, from 2021 to 2023, median total loan costs for home mortgages increased by over 36%.

³ “Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers,” Fannie Mae, December 2021,
https://www.fanniemae.com/research-and-insights/publications/barriers-entry-closing-costs-first-time-and-low-income-homebuyers
https://www.fanniemae.com/media/document/pdf/barriers-entry-homebuyer-closing-costs

⁴ Larger lenders (37%) are significantly more likely than smaller lenders (15%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency. Mortgage banks (34%) are significantly more likely than depository institutions (14%) and credit unions (16%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency.

⁵ Larger lenders (56%) are significantly more likely than smaller lenders (36%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs. Mortgage banks (53%) are significantly more likely than credit unions (29%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs.
MIL OSI Economics –
January 24, 2025
MIL-OSI: Setting the Stage for Growth: Bank of Glen Burnie Names New Director of Commercial Banking and Vice President of Cash Management

Source: GlobeNewswire (MIL-OSI)

GLEN BURNIE, Md., Oct. 22, 2024 (GLOBE NEWSWIRE) — The Bank of Glen Burnie^®, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), expanded its business banking team. Jonathan Shearin was named director of commercial banking and Ed Abedi was named vice president of cash management, announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie.

Hanna commented, “We are thrilled to welcome Jonathan and Ed to the team. Growing our ability to serve the businesses of Anne Arundel County is goal number one for the Bank. As an independent, community-driven bank, we’re uniquely positioned to support small businesses—the backbone of job creation. Jonathan will champion this message in his role, ensuring that local companies know we have the products, services and people to meet their needs. Ed will play a key role in enhancing our digital services to keep pace with continually evolving demands.”

Jonathan Shearin most recently served as a commercial relationship manager at Shore United Bank, where he worked with companies to provide banking solutions tailored to their operations and growth. Prior to this, he was a commercial relationship manager at Primis, overseeing and developing a portfolio of over $220 million. His banking career began with roles in treasury management and commercial lending at Eastern Virginia Bankshares, where he supported credit analysis and client management. He is a graduate of Randolph-Macon College in Ashland, Virginia, where he earned a Bachelor of Science in business with a concentration in finance.

Shearin shared, “I am pleased to join the Bank of Glen Burnie. With a 75-year legacy of commitment to community and service, the Bank has deep roots in supporting local businesses. My focus will be on carrying forward that tradition, helping businesses thrive as we strengthen those connections.”

Ed Abedi has over two decades of experience in commercial banking and treasury management. Most recently, he served as vice president of commercial banking at HTLF, a regional bank headquartered in Denver, Colorado. His previous roles include positions at First Horizon Bank, EagleBank, PNC, and Bank of America Merrill Lynch (now BofA Securities), where he specialized in treasury management and commercial banking solutions. Ed is a graduate of California’s San Francisco State University.

Abedi shared, “The right digital banking tools enable companies to operate more efficiently and strategically. My role is to ensure businesses fully leverage these technologies to their advantage, which will enhance their overall experience with the Bank of Glen Burnie. I’m excited to join this team and to serve our valued customers as we continue to innovate.”

About Glen Burnie Bancorp

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie^® is a locally owned community bank with eight Anne Arundel County branches. The Bank is engaged in commercial and retail banking, including accepting demand and time deposits and originating loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the Company’s reports filed with the Securities and Exchange Commission.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/634043fc-d456-4ff0-ab1a-e933cc748e3d

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2fe23ee6-9936-4985-ad76-c6f68b1003f0

The MIL Network –

January 24, 2025
MIL-OSI: WithSecure Corporation, Inside information: Cyber security consulting goodwill impairment of EUR 15.5 million

Source: GlobeNewswire (MIL-OSI)

WithSecure Corporation, Inside information, 22 October 2024, 17:30 EEST

WithSecure Corporation, Inside information: Cyber security consulting goodwill impairment of EUR 15.5 million

As part of the preparation of its third quarter interim report, WithSecure has tested the values of its intangible assets and goodwill. As a result of this testing, an impairment of EUR 15.5 million of the goodwill related to Cyber security consulting business will be recognized as part of the third quarter interim report result. The impairment will not have an impact on WithSecure cashflow or Adjusted EBITDA.

Consulting goodwill is resulting from the acquisition of nSense (Denmark) in 2015, Inverse Path (Italy) in 2017, Digital Assurance (UK) in 2017, and MWR Infosecurity (UK) in 2018.

In 2024, WithSecure lowered the revenue outlook of its consulting business, due to financial constraints in some key accounts. At the same time, increased equity market risk has increased the average cost of capital applied to estimate the current value of future cash flows related to the consulting business.

Carrying value of the consulting-related goodwill after the transaction is EUR 28.7 million.

Contact information:

Laura Viita,
Vice President, Controlling, investor relations and sustainability
WithSecure Corporation
+358 50 487 1044
investor-relations@withsecure.com

The MIL Network –

January 24, 2025
MIL-OSI: ARC Capital Venture LLC Sees Attractive Fixed Income Opportunities Amid Market Stability

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 22, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has identified a growing wave of opportunity within the fixed-income investment market, as stabilizing economic conditions provide a more favorable environment for investors seeking both security and diversification. With bond markets benefiting from reduced volatility, government and corporate bonds have once again become essential components of diversified portfolios.

The convergence of higher interest rates, central bank easing, and inflation control has created a uniquely attractive landscape for fixed-income investors. Bonds now offer a stable alternative to riskier assets, providing consistent returns while also serving as a hedge against potential stock market fluctuations. ARC Capital’s research indicates that the correlation between risk assets and bonds has normalized, enabling bonds to perform their traditional role as a stabilizing force within investment portfolios.

Nicos Kezarides, Chief Executive Officer of ARC Capital Venture LLC, emphasized the current market climate as a prime time to explore the full potential of fixed-income investments. “The current economic environment is ideal for investors to explore the value that fixed-income investments provide, from government bonds to corporate bonds and innovative income solutions,” Kezarides stated. “We’re witnessing a resurgence of confidence in the bond market as it continues to provide balanced portfolios with both protection and competitive returns.”

The combination of stabilizing inflation and anticipated rate cuts by central banks, such as the Federal Reserve, has contributed to strong demand for bonds. Investment-grade bonds are currently yielding between 4% and 5%, while high-yield bonds offer more attractive returns of around 7%. The improved economic backdrop has bolstered both investment-grade and high-yield bonds, which have outperformed the broader bond market in the past year.

Corporate bonds, in particular, have been a standout in the fixed-income space. As businesses adjust to the evolving economic conditions, corporate bonds have benefited from tightening spreads and robust demand. Lower yields during periods of market risk aversion and tighter spreads in risk-on scenarios have made corporate bonds a stable and attractive option for income-focused investors. These dynamics have positioned corporate bonds as a preferred investment, offering both higher yields and less volatility compared to other fixed-income assets.

Kezarides noted, “Both investment-grade and high-yield bonds have outperformed expectations this year, and we anticipate continued strength in the corporate bond space as investor demand remains high. This environment offers an excellent opportunity for those looking to add fixed-income solutions to their portfolios.”

ARC Capital Venture LLC also highlighted the innovation occurring within the fixed-income sector. A growing number of income-oriented products, such as absolute return funds and target-date maturity funds, are helping investors achieve their financial goals. These products are designed to deliver returns regardless of benchmark performance, giving investors more control over outcomes and helping them navigate periods of economic uncertainty.

The strategic use of derivatives in fixed-income portfolios has also emerged as a valuable tool, enabling investors to manage interest rate risks while taking advantage of inefficiencies in the bond market. By combining these strategies with traditional fixed-income investments, ARC Capital is providing a comprehensive approach that balances risks and maximizes returns.

“As the economy continues to evolve, fixed income remains an essential tool for portfolio diversification and wealth preservation,” said Kezarides. “At ARC Capital, we are committed to helping our clients navigate this landscape, providing tailored fixed-income solutions designed to meet their financial goals.”

With a positive outlook for fixed-income markets heading into 2025, ARC Capital Venture LLC remains optimistic about the continued strength of the bond market. The expected rate cuts and easing monetary policies from central banks, combined with stabilizing inflation, will likely fuel sustained growth in both government and corporate bonds. As central banks take steps to support economic stability, ARC Capital expects long-duration bonds to provide attractive yields, making fixed income an increasingly vital component of investor portfolios.

For investors looking to capitalize on the opportunities within the fixed-income market, ARC Capital Venture LLC offers a range of strategies that cater to various risk appetites and financial goals. The firm’s approach emphasizes the importance of bonds as a means of safeguarding against market volatility while generating steady, long-term returns.

For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

Media Relations
ARC Capital Venture LLC
Max Harrington, Head of Marketing
max.harrington@arc-capital.com
+1 (312) 820-1040
10 South Riverside Plaza
Suite 875
Chicago, IL 60606

The MIL Network –

January 24, 2025
MIL-OSI USA: Casten, Beatty Introduce Legislation to Financially Empower Women in Abusive Situations

Source: United States House of Representatives – Representative Sean Casten (IL-06)

October 22, 2024

Washington, D.C. — Today, U.S. Representatives Sean Casten (IL-06) and Joyce Beatty (OH-03) introduced the Financial Empowerment and Protection Act, legislation aimed at removing barriers to the financial insights often necessary for people to safely leave abusive relationships.

“Far too often, we hear stories of victims of abuse who feel trapped in their situation due to limited or no insight into their household finances,” said Congressman Casten. “This legislation, which came out of one such story from a constituent who called in, aims to take away that lever of control from an abuser, empowering women to make their own financial decisions.”

“Financial control is often used to trap women in abusive relationships by limiting their economic and physical independence,” said Congresswoman Beatty. “This bill provides crucial protection by ensuring equal access to and control over shared household finances, empowering women to make decisions for their wellbeing and future. I’m proud to join Congressman Casten in introducing this bill to help protect and support women, especially those in crisis, in building secure, independent lives.”

“For too long, financial abuse has been used by abusers to hold on to power and control over women—with laws on the books that allow them to withhold financial information women need to leave abusive relationships and build security of their own,” said Christian F. Nunes, president of the National Organization for Women. “Rep. Casten’s bill will finally correct this dangerous gap in our laws, and unlock doors to financial freedom women urgently need.”

“Survivors of domestic violence deserve safeguards that sustain their financial stability and security. Maintaining survivors’ access to shared accounts, such as cell phone, utility and mortgage accounts, is one of many policy solutions needed to better preserve their economic well-being,” said Jocelyn Frye, president of the National Partnership for Women & Families. “The Financial Empowerment and Protection Act would give power back to survivors by providing them with the tools to regain or retain their independence. We are grateful to Representatives Casten and Beatty for their tremendous efforts to support survivors and their families.”

“This legislation is important for sexual violence survivors in their efforts to regain independence from their abusers,” said Carrie Ward, CEO of the Illinois Coalition Against Sexual Assault. “Far too frequently, survivors are manipulated and coerced by abusers due to financial factors. If approved, this legislation would demonstrate that our society does not tolerate such manipulation and instead provides every opportunity for survivors to regain their independence. Illinois rape crisis centers support Rep. Casten as he introduces this legislation and believe it is another step forward in supporting survivors.”

Under the Financial Empowerment and Protection Act, mortgage lenders, landlords, utility providers, and childcare providers would be required to offer joint accounts for cohabitating or co-parenting couples. Oftentimes, abusive partners use financial limitations as a method of control to prevent a victim from leaving the situation. This means that people leaving abusive relationships may have limited access to pay their own bills; and may lose access to housing and childcare. Domestic violence shelters report that information about these accounts is commonly withheld during the dissolution of abusive relationships. This legislation aims to circumvent this, allowing victims equal insight into their household finances.

This bill has endorsements from the National Partnership for Women & Families, National Organization for Women (NOW), the Illinois Coalition Against Domestic Violence, and the Illinois Coalition Against Sexual Assault.

Text of the legislation can be found here.

# # #

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Breaking Financial Chains: Beatty & Casten’s New Bill Helps Women in Abusive Situations

Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)

WASHINGTON, DC – Today, during Domestic Violence Awareness Month, Congresswoman Joyce Beatty (OH-03) and Congressman Sean Casten (IL-06) introduced the Financial Empowerment and Protection Act, legislation aimed at removing barriers to the financial information often necessary for women to safely leave abusive relationships.

Under the Financial Empowerment and Protection Act, mortgage lenders, landlords, utility providers, and childcare providers would be required to offer joint accounts for cohabitating or co-parenting couples. Oftentimes, abusive partners use financial limitations as a method of control to prevent a victim from leaving the situation. This means that people leaving abusive relationships may have limited access to pay their own bills; and may lose access to housing, childcare, and transportation. Domestic violence shelters report that information about these accounts is commonly withheld during the dissolution of abusive relationships. This legislation aims to circumvent this, allowing victims equal access and visibility into their household finances.

“Financial control is often used to trap women in abusive relationships by limiting their economic and physical independence,” said Congresswoman Beatty. “This bill provides crucial protection by ensuring equal access to and control over shared household finances, empowering women to make decisions for their wellbeing and future. I’m proud to join Congressman Casten in introducing this bill to help protect and support women, especially those in crisis, in building secure, independent lives.”

“Far too often, we hear stories of victims of abuse who feel trapped in their situation due to limited or no insight into their household finances,” said Congressman Casten. “This legislation, which came out of one such story from a constituent who called in, aims to take away that lever of control from an abuser, empowering women to make their own financial decisions.”

“For too long, financial abuse has been used by abusers to hold on to power and control over women—with laws on the books that allow them to withhold financial information women need to leave abusive relationships and build security of their own,” said Christian F. Nunes, president of the National Organization for Women. “Rep. Casten’s bill will finally correct this dangerous gap in our laws and unlock doors to financial freedom women urgently need.”

“Survivors of domestic violence deserve safeguards that sustain their financial stability and security. Maintaining survivors’ access to shared accounts, such as cell phone, utility and mortgage accounts, is one of many policy solutions needed to better preserve their economic well-being,” said Jocelyn Frye, president of the National Partnership for Women & Families. “The Financial Empowerment and Protection Act would give power back to survivors by providing them with the tools to regain or retain their independence. We are grateful to Representatives Casten and Beatty for their tremendous efforts to support survivors and their families.”

This bill has endorsements from the National Partnership for Women & Families, National Organization for Women (NOW), the Illinois Coalition Against Domestic Violence, and the Illinois Coalition Against Sexual Assault.

Text of the legislation can be found here.

October is Domestic Violence Awareness Month, an opportunity to raise awareness of domestic violence and its impact on individuals, families, and communities and work together to create change.

For more media inquiries, please contact Cassandra.Johnson@mail.house.gov.

###

MIL OSI USA News –

January 24, 2025
MIL-OSI Canada: Piloting New Ways to Make Homes More Energy-Efficient and Affordable
Source: Government of Canada News

News release

Today, Parliamentary Secretary Julie Dabrusin, on behalf of the honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a federal investment totalling $4.3 million for five projects , funded under the Greener Neighbourhoods Pilot Program (GNPP) and the Energy Innovation Program (EIP), to support and inform deep energy retrofits.
October 22, 2024 Ottawa, Ontario Natural Resources Canada

Canada’s buildings sector is the third-largest contributor to greenhouse gas emissions across the country. We must increase the scale and pace of retrofitting buildings across the country to make them more energy-efficient, increasing savings and reducing emissions.

Today, Parliamentary Secretary Julie Dabrusin, on behalf of the honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a federal investment totalling $4.3 million for five projects , funded under the Greener Neighbourhoods Pilot Program (GNPP) and the Energy Innovation Program (EIP), to support and inform deep energy retrofits.

The announcement was hosted with EnviroCentre at Gloucester’s Carver Place neighbourhood. EnviroCentre received over $2 million from NRCan’s programs for its project, which will develop the local building sector’s capacity to perform deep retrofits faster, saving time and money for retrofits in social housing across eastern Ontario. By customizing renovations for homes in eastern Ontario, this project will help save money for the families who need it most while also increasing the energy efficiency of their homes.

Gloucester’s Carver Place neighbourhood showcases how deep energy retrofits can deliver economic and environmental benefits for affordable housing, leading the way for future work that will create better and more affordable homes. Retrofits through the federally funded project will include:
- replacement of traditional furnaces with electric heat pumps
- upgrades to attic insulation and air sealing
- installation of new heat recovery ventilation systems to improve indoor air quality
Other projects announced today include:
- $1 million for the ReCover Initiative to develop a practical approach to deep energy retrofits for the most common types of residential buildings in Atlantic Canada.
- $1 million for the First Nations Power Authority of Saskatchewan to support the adoption of community-scale deep energy retrofits in Indigenous communities.
- $602,836 for Sustainable Buildings Canada to accelerate deep energy retrofits for Ontario’s social housing.
- $775,897 for Retrofit Canada Society for development of a National Retrofit Repository of case studies and solutions to inform on deep energy retrofits across Canada.
These projects will save money for building owners while reducing emissions that contribute to climate change.
Quotes

“By retrofitting buildings across the country, we can make communities more resilient to climate-related impacts while reducing emissions and utility bills for Canadians, increasing energy efficiency and creating good-paying jobs in construction and maintenance.”

Julie Dabrusin

Parliamentary Secretary to the Ministers of Environment and Climate Change and Natural Resources

“Energy efficiency means cost savings for Canadians. At a time when we are facing challenges with affordability and climate change, affordable energy efficiency projects like the ones announced today meet Canadians where they are at and delivers the action they need, at the pace and scale they are demanding. Programs like the GNPP help deliver on the commitments announced recently in Canada’s first-ever Green Buildings Strategy, which is a plan to save Canadians money, create jobs and seize the economic opportunities that a clean and sustainable economy presents.”

The Honourable Jonathan Wilkinson

Minister of Energy and Natural Resources

Quick facts
- A deep energy retrofit is an extensive overhaul of a building’s systems that can generate large savings in energy costs, improve comfort and help decarbonize buildings. Measures may include:
  
  o   replacing the roof
  
  o   adding insulation in exterior walls
  
  o   replacing the heating, ventilation and air-conditioning system with a more efficient system like an electric heat pump
- Deep energy retrofits typically save at least 50 percent in energy consumption, reduce emissions by 80 percent, reduce utility costs and may in some circumstances improve resiliency and adaptation to climate change.
- Results from Carver Place neighbourhood test cases are promising, demonstrating an average annual energy reduction of 42 percent — approximately 35.5 gigajoules — and 2.4 tonnes of greenhouse gas (GHG) emissions, an 82-percent improvement
- EnviroCentre received $1 million in funding through GNPP, through today’s announcement, and an additional $1 million dollars in funding through the Toward Net-Zero Homes and Communities (TNZ) funding program to retrofit over 80 townhomes for low-income residents. This TNZ funding was previously announced in July during the release of the Canada Green Building Strategy.
- Since 2016, the federal government has dedicated more than $10 billion toward decarbonizing homes and buildings through energy-efficient retrofits.
- With $35.5 million in total funding over five years, GNPP is piloting the Energiesprong deep energy retrofit model in the Canadian market, which accelerates the pace and scale of retrofits by aggregating similar homes and buildings in a neighbourhood to create mass demand for deep energy retrofits.
- NRCan’s Energy Innovation Program advances clean energy technologies that will help Canada meet its climate change targets while supporting the transition to a low-carbon economy. It funds research, development and demonstration projects and other related scientific activities.
Associated links

Contacts

Natural Resources Canada
Media Relations
343-292-6096
media@nrcan-rncan.gc.ca

Cindy Caturao
Press Secretary
Office of the Minister of Energy and Natural Resources
Cindy.caturao@nrcan-rncan.gc.ca

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MIL OSI Canada News –
January 24, 2025
MIL-OSI Canada: Bringing balance to Alberta’s financial system
Source: Government of Canada regional news

Balance Trust Company has officially been registered as an Alberta-based trust corporation under the Loan and Trust Corporations Act. On Oct. 17, Alberta’s government issued the company its certificate of registration, enabling it to offer cryptocurrency and other digital asset custodial services to investors in Alberta and other authorized jurisdictions.

“We are proud to support innovative companies like Balance Trust Company. With its registration, Alberta strengthens its position as a leader in the finance and financial technology sector. Our commitment to the sector’s growth keeps us at the forefront of financial innovation, boosts our economy and provides greater security for investors.”

Nate Horner, President of Treasury Board and Minister of Finance

Balance Trust Company leveraged Alberta’s financial services concierge, a service designed to guide financial services and fintech companies through the province’s regulatory landscape. Alberta’s government established the financial services concierge and regulatory sandbox to help companies set up shop in Alberta.

With Canada’s digital asset market continuing to grow, the presence of more licensed custodians reduces Canadian investors’ reliance on foreign entities, enhancing compliance and control over their investments. Balance Trust Company’s presence in Alberta will promote healthy competition, attract further investment and reinforce the province’s reputation as a hub for financial innovation.

“Since 2021, public fund managers and restricted dealers have sent more than $5 billion worth of investor assets to the U.S. due to the lack of local custodians. It’s time to bring them back, and I can’t think of a better home for those assets than Alberta. We’re grateful to Minister Horner and the entire team at the Alberta Treasury Board and Finance for recognizing the criticality of this task and for enabling us to bring this much-needed infrastructure to our local ecosystem.”

George Bordianu, president and CEO of Balance

Quick facts
- Balance Trust Company is a subsidiary of Balance, Canada’s oldest and largest digital asset custodian.
- Balance Trust Company is Alberta’s second registered digital asset custodian, after Tetra Trust which was registered in 2021.
- Balance Trust Company is the only custodian with a proprietary technology platform developed entirely in-house through more than seven years of continuous research and development.
MIL OSI Canada News –
January 24, 2025
MIL-OSI USA: Maryland Delegation Announces $48.7 Million for Maryland-Based Non-Profits to Expand Workforce Development Opportunities
Source: United States House of Representatives – Congressman C.A. Dutch Ruppersberger (2nd District of Maryland)

WASHINGTON – U.S. Senators Ben Cardin and Chris Van Hollen and Congressmen Dutch Ruppersberger, John Sarbanes, Jamie Raskin and David Trone (all D-Md.) today announced $48,722,721 in Department of Labor (DOL) funding to bolster workforce development opportunities for underrepresented groups in Maryland and across the country including older adults, young adults with disabilities and women.

The funding is administered through three DOL grant programs.
- Senior Community Service Employment Program (SCSEP) grants provide training and career services to low-income older individuals who are seeking to enter or re-enter the workforce.
- Workforce Pathways for Youth(WPY) grants help out-of-school time organizations partner with state and local organizations that serve historically marginalized and underserved youth to provide workforce readiness programming.
- Womenin Apprenticeship and Nontraditional Occupations(WANTO) grants provide technical assistance to support women’s participation in fields where they are traditionally underrepresented, such as construction, advanced manufacturing, energy, technology and transportation.
“Supporting pathways to competitive, good-paying jobs through opportunities like apprenticeships and other training initiatives helps ensure everyone can contribute to a thriving economy,” said the lawmakers. “These workforce development programs provide inclusive training options that can serve as a bridge between skilled workers and career opportunities. We’re investing in these efforts led by Maryland-based organizations so that workers here and across the country can reach their full potential and employers can tap into a diverse pipeline of talent.”

The following projects received awards:
- $30,071,551 for the Center for Workforce Inclusion, Inc., Silver Spring, MD: Toprovide training for low-income, unemployed people aged 55 and older in a variety of community service activities at non-profit and public agencies, including schools, hospitals, day-care centers, senior centers in Maryland and service areas across 11 other states: Alabama, Illinois, Indiana, Massachusetts, Minnesota, Mississippi, New York, North Carolina, Tennessee, Texas and Wisconsin.
- $14,640,900 for Goodwill Industries International, Inc., Rockville, MD: To provide training and employment services for older workers in service areas across 10 states: Illinois, Indiana, Kentucky, Missouri, Montana, New Mexico, Ohio, South Carolina, Virginia and Washington.
- $3,294,240 for Bridges from School to Work, Inc., Bethesda, MD: Toexpand workforce development services for youth with disabilities aged 16 to 21 across 10 Bridge cities: Los Angeles, CA; Oakland, CA; San Francisco, CA; Atlanta, GA; Chicago, IL; Boston, MA; New York City, NY; Philadelphia, PA; Dallas, TX; and Fort Worth, TX.
- $716,030 for the Maryland Center for Construction Education and Innovation, Parkton, MD: To use the state’s existing infrastructure to expand women’s participation in quality registered apprenticeship programs through equity-focused, pre-apprenticeship programs with a focus on the two regions with the highest rates of child poverty: Baltimore City and Somerset County.
“The funding we’re announcing today advances the Biden-Harris administration’s goal of promoting worker-focused training programs that incorporate industry and worker voices,” said Acting Labor Secretary Julie Su. “The grants will help enhance access to quality jobs for care workers and people in critical sectors, broaden job training and career opportunities for youth and strengthen public-private partnerships that prepare workers for high-quality infrastructure jobs.”

###

MIL OSI USA News –
January 24, 2025
MIL-OSI United Kingdom: Manx National Insurance Fund – sustainability report
Source: United Kingdom – Executive Government & Departments

A new report on the Manx National Insurance Fund includes analysis from GAD. It includes options to ensure long-term funding sustainability.
Credit: Unsplash

The Isle of Man Treasury has published ‘The Manx National Insurance Fund – Addressing the long-term sustainability of the Island’s Social Security Benefits and National Insurance Scheme’.

This report includes analysis carried out by the Government Actuary’s Department (GAD).

Background

GAD carries out a review of the Manx National Insurance Fund every 5 years for the Isle of Man Treasury. These reviews assess the financial position of the Fund and project how it is expected to change over the next 60 years.

The most recent review was carried out in 2022 and showed that, without any additional financing, the Fund is projected to be exhausted by 2048. Following this, the Isle of Man Treasury worked with GAD exploring how potential changes to the benefits paid out of the Fund would impact its financial position.

Credit: Shutterstock

Sustainability report

The Isle of Man Treasury has used GAD’s analysis to feed into its considerations around the long-term sustainability of the Fund and has now published a report summarising its position.

The report sets out the background of the Isle of Man’s Social Security scheme. It also includes the options the Isle of Man Treasury is considering, to ensure the long-term funding is sustainable and Fund exhaustion is prevented.

GAD actuary, Laura Young, has been leading the actuarial work and said: “It has been very interesting to work on the Manx National Insurance Fund and see our calculations being used by the Isle of Man Treasury to consider key policy decisions.

“Knowing our analysis will be read and discussed by senior figures within the Isle of Man government is really exciting and I am proud that GAD’s work is feeding directly into such an important debate.”

GAD showed the impact of various changes in benefit increases which have been included in the sustainability report. The Isle of Man Treasury plans to engage with Tynwald Members and provide a further report ahead of their next budget in February 2025.

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Published 22 October 2024
MIL OSI United Kingdom –
January 24, 2025
MIL-OSI USA: Rep. Gabe Vasquez Returns Over $1 Million to Constituents, Secures Millions to Strengthen Public Safety, Support the Economy

Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

LAS CRUCES, N.M. – Today, October 17, 2024, U.S. Representative Gabe Vasquez (NM-02) highlighted his ongoing commitment to helping New Mexicans navigate federal bureaucracy and securing funding for community projects. The event brought together constituents who have directly benefited from his office’s assistance with federal agencies as well as local leaders whose projects have received significant federal support through Community Project Funding (CPF).

Since taking office, Vasquez has returned over $1 million to constituents, successfully resolving over 1,200 cases involving IRS disputes, Social Security benefits and VA assistance for veterans. Several constituents shared their stories of how Vasquez helped them overcome obstacles when dealing with federal agencies.

“I’m excited to announce that my office has returned over $1 million to hard-working New Mexicans,” said Vasquez. “My office has helped seniors access hard-earned Social Security benefits, resolved IRS issues for families and helped countless veterans. I’m here to fight for everyone in southern New Mexico. Every success story shows the real impact we can have when we prioritize people over politics and ensure the federal government works for them.”

“My husband was a Vietnam veteran. He was very, very sick, and he died in Texas because that’s where they sent him, and I waited and waited for my benefits. Every time I contacted the VA, they told me they’re working on it, but it never moved. I came here, filled out paperwork. Congressman Vasquez’s office sent it. On Thursday, your office sent me a letter saying that you heard from them, and on Saturday, I got my money. I can’t thank you enough for what you’ve done,” said Karen of Las Cruces.

“My husband and I are both veterans. I started getting heart issues in 1998. Recently, I was told I needed a transplant, and they told me I needed to go to Utah. My husband and I are pretty close to retirement and by us having to temporarily move and lose our employment, would mean our house and our car would be gone. All of the things that we’ve worked for for retirement in a few years would be out the window. I called Congressman Vasquez and within the same week, the doctor called me back with an option to stay in state. It’s amazing how fast things worked for us. I really appreciate your intervention, because without that, I would have been dead within a week or two” said Cyprina of Alamogordo.

“Congressman Vasquez helped me with a Post Office issue,” said John of Las Cruces. “Our mailbox on our block got vandalized, and for months, we had to pick up our mail at the Post Office. I contacted the office and within days we got a new mailbox. It was crazy!”

In addition to casework success, Vasquez highlighted over $14.2 million he has secured for Community Project Funding. Vasquez’s submission of fifteen CPF projects for Fiscal Year 2024 marked the first time that New Mexico’s second congressional district has participated in the CPF process in recent years. Local leaders in attendance praised Vasquez’s leadership in bringing federal dollars back to New Mexico to fund essential community programs that will grow the economy and keep New Mexicans safe.

“Unlike my predecessor, I have secured millions of dollars in Community Project Funding for our district for the first time,” said Vasquez. “These investments are supporting critical infrastructure upgrades, public safety initiatives and strengthening New Mexico’s economy and families.”

“I’ve been on the City Council while we’ve had a representative who was unresponsive to our community’s needs, and I don’t ever want to go back to that. Because of the impact that Representative Vasquez has talked about here today, I just couldn’t be more grateful for how you are representing us and for the support that you’re bringing, of course, to Las Cruces, but also to rural communities all across the southern part of our state. Thank you,” said Las Cruces City Councilor Johana Bencomo.

“We’re here to work together at a local level, at a state level, at a federal level, and really here for our community and for our people. I think that just Congressman Vasquez being there to do that, it acknowledges that, and I can’t thank you enough for that. Our little community of Mesilla in the past has not actually gone after any type of federal dollars, but Congressman Vasquez really opened that door and that opportunity, and it’s been a breath of fresh air to see what’s available and out there. I can’t thank you more for that because it’s great for our community and the future of the town,” said Mesilla Mayor Russell Hernandez.

Vasquez remains committed to helping constituents navigate federal agencies, securing federal funding for local projects and ensuring that the voices of southern New Mexico are heard in Washington. For assistance with federal agencies, please visit vasquez.house.gov/help.

###

MIL OSI USA News –

January 24, 2025
MIL-OSI: Caisse Française de Financement Local EMTN 2019-2 C
Source: GlobeNewswire (MIL-OSI)

Paris, 18 October 2024

Capitalised terms used herein shall have the meaning specified for such terms in the Caisse Française de Financement Local base prospectus to the €75,000,000,000 Euro Medium Term Note Programme dated 8 July 2024 (the “Base Prospectus”).

Caisse Française de Financement Local has decided to issue on 22 October 2024 – Euro 150,000,000 Fixed Rate Obligations Foncières due 16 January 2034 to be assimilated upon listing and form a single series with the existing Euro 500,000,000 Fixed Rate Obligations Foncières due 16 January 2034 issued on 16 January 2019 and the existing Euro 150,000,000 Fixed Rate Obligations Foncières due 16 January 2034 issued on 14 February 2019.

The Base Prospectus dated 8 July 2024 and the supplements to the Base Prospectus dated 13 September 2024 and 30 September 2024 approved by the Autorité des Marchés Financiers are available on the website of the Issuer (https://www.caissefrancaisedefinancementlocal.fr/), at the registered office of the Issuer: 112-114, avenue Emile Zola, 75015 Paris, France, and at the office of the Paying Agent indicated in the Base Prospectus.

The Final Terms relating to the issue will be available on the website of the AMF (http://www.amf-france.org) and of the Luxembourg Stock Exchange (www.bourse.lu), at the office of the issuer and at the office of the Paying Agent.

Attachment
- COMMUNIQUE_CAFFIL EMTN 2019-2 C_VF
The MIL Network –
January 24, 2025
MIL-OSI Security: Open Dialogue Key to Local Support in Nuclear Projects

Source: International Atomic Energy Agency – IAEA

Open dialogue is key to earning the support of local communities to host nuclear power projects, ranging from power reactors to research laboratories and deep geological repositories for spent fuel, a side event at the IAEA’s General Conference heard.

“Host communities are a key protagonist in the nuclear story,” said IAEA Director General Rafael Mariano Grossi, who delivered opening remarks at the event. “We want to highlight their role in energy transitions and the strong support for the facilities they host. We need even broader local backing – the world needs more ‘yes in my backyard’ for nuclear to thrive.”

The IAEA will also host the first International Conference on Stakeholder Engagement for Nuclear Power Programmes from 26 to 30 May 2025 at its headquarters in Vienna. The conference will bring together a wide range of participants including policymakers, regulators, communication experts, technical support organizations, waste management organizations, community representatives, industry leaders, academic researchers, NGOs and international organizations.

At the General Conference side event speakers from Argentina, Canada, Hungary, Japan and the United States of America considered the challenges and opportunities presented to nuclear facility host communities and highlighted success stories and lessons learned. Participants heard how the success of large infrastructure projects typically relies on social licence and nuclear power projects are no exception. Open dialogue among all stakeholders is vital, especially with host communities, and can help keep projects on time and budget while addressing local concerns.

The recording of the event can be viewed here.

Panellists provided examples illustrating how proactive, cooperative engagement between community members, government bodies and implementing organizations led to positive outcomes and laid the foundation for long-term success.

The town of Ignace in Canada recently confirmed its willingness to host a deep geological repository (DGR) for Canada’s spent nuclear fuel. This expression of interest came after a long process emphasizing dialogue and providing resources for the community to learn what hosting a repository would involve.

“In 2010, our mayor and council brought Ignace forth as one of 22 communities potentially interested in a DGR. We want our community to prosper and thrive, but we also had some concerns about safety, and it was clear that Ignace wanted to have a strong voice in the process,” said Chantal Moore, a resident committee member in Ignace’s Willingness Ad Hoc Committee, which was established to determine residents’ willingness to move forward with hosting. Canada’s National Waste Management Organization (NWMO) and the municipality worked with the community to provide information about what the project would entail and a local committee was established to engage the community in learning about the process.

“After 14 years, we are one of the two communities in Canada being considered for a DGR, and 77% of the community members who participated in the voting process has voted in favour of the project.”

Ongoing discussions with NWMO have been an important component of successful engagement. “We have a large geography, very good geology. And it was key for this to be a voluntary process,” said Isaac Werner, Senior Advisor for Government Relations at NWMO. “We have very clearly stated that we will not move forward with our project without willing and informed host communities. We plan to announce our preferred location by the end of this year.”

Mayor Rebecca Casper of Idaho Falls, the city which hosts the US Department of Energy’s (DOE) Idaho National Laboratory (INL), said local engagement is essential. INL is a major nuclear energy research laboratory that has hosted numerous demonstration reactors and is set to act as the testing ground for several advanced reactors in the near future. “Mayors tend to consider themselves partners,” Casper said. “Unlike the many other players who will be a part of a project, only the local community will be around for the entire 100 year relationship.”

Host communities and nuclear operators often share a common goal and work together to achieve it, explained Csaba Dohoczki, Vice President of the Group of European Municipalities with Nuclear Facilities. “In Hungary, for example, municipalities across the river from the Paks Nuclear Power Plant identified the need to have easier access to the site. They worked together with the operator and government, and opened a bridge last March, connecting the two sides of the river and providing more access to jobs for the community and a larger offer of services to the operator and the new nuclear project Paks II.”

Disruption caused by construction is often one of the top concerns of the host communities, as well as the challenge of developing the community infrastructure fast enough to meet the needs of a growing economy. “Zarate municipality and its town of Lima are proud to host nuclear power reactors,” said Marcelo Matzkin, Mayor of Zarate municipality in Argentina, site of Atucha nuclear power plant and a small modular reactor under construction. “Lima grew together with the nuclear projects – it used to be a town, now it is a city. The nuclear power plant brought jobs, good salaries and new shops, but the challenge is to provide adequate infrastructure to this growing city and we are working with the operator of the plant to find solutions.”

Masahiro Sakurai, Mayor of Kashiwazaki, home to Japan’s largest nuclear power plant, added: “There are many positive sides of hosting nuclear power plant, such as supporting the country’s economic growth and local employment. However, sometimes there are divisions within the community in terms of support and this has to be discussed. While safety reviews are crucial for the restart of reactors that were shut down after the Fukushima Daiichi accident, it is the local community that must consent to the restart.”

The relationship between the national government and municipalities with nuclear facilities extends beyond nuclear operation. “Our priority is to have a regular dialogue with the municipalities and provide various forms of support tailored to their needs,” said Masahiro Yagi, Special Research Officer in the Japanese Ministry of Economy, Trade and Industry. “For example, after the shutdown of nuclear power plants, we supported the diversification of the industrial structure in Hokkaido through using locally grown rice to produce high-value bioplastics, in order to increase the impact of agriculture and the number of people involved in agriculture,” he added.

A community’s reaction to the idea of hosting a nuclear facility often depends on the type of facility. “The local communities are proud of our nuclear power plants, but if we go the other way in terms of establishing a DGR, there could be a lot of opposition,” said German Guido Lavalle, President of Argentina’s National Atomic Energy Commission. “There are different local communities, but in the end, there is a common concept that you have to engage, you have to discuss. Talking with the community about all kinds of nuclear facilities is very important.”

More information on International Conference on Stakeholder Engagement for Nuclear Power Programmes registration and participation is available here.

MIL Security OSI –

January 24, 2025
MIL-OSI Security: New IAEA Report on Climate Change and Nuclear Power Focuses on Financing

Source: International Atomic Energy Agency – IAEA

The 2024 edition of the IAEA’s Climate Change and Nuclear Power report has been released, highlighting the need for a significant increase in investment to achieve goals for expanding nuclear power. The new report was launched last week on the margins of the Clean Energy Ministerial (CEM) in Brazil.

Nuclear power is enjoying increasing interest around the world as countries seek to strengthen energy security and decarbonize their economies. A rapid expansion of clean energy technologies is required to achieve net zero emissions by 2050 and nuclear power is expected to play a key role, with the IAEA projecting a capacity increase of 2.5 times the current level by mid-century in its high case scenario.

According to the report, global investment in nuclear energy must increase to 125 billion USD annually, up from the around 50 billion USD invested each year from 2017-2023, to meet the IAEA’s high case projection for nuclear capacity in 2050. The more aspirational goal of tripling of capacity, which more than 20 countries pledged to work towards at COP28 last year, would require upwards of USD 150 billion in annual investment.

“Across its near century-long lifetime, a nuclear power plant is affordable and cost competitive. Financing the upfront costs can be a challenge however, especially in market driven economies and developing countries,” said IAEA Director General Rafael Mariano Grossi. “The private sector will increasingly need to contribute to financing, but so too will other institutions. The IAEA is engaging multilateral development banks to highlight their potential role in making sure that developing countries have more and better financing options when it comes to investing in nuclear energy.”

The new report also examines ways to unlock private sector finance, a topic that is gaining increasing attention worldwide. Last month, 14 major financial institutions including some of the world’s largest banks came together during a New York Climate Week event to signal a willingness to help finance nuclear newbuild projects.

The report was presented at a side event jointly organized by the Agency and the CEM’s Nuclear Innovation: Clean Energy Future (NICE) initiative on the margins of the 15th CEM in Brazil. The CEM is a high-level global forum that promotes policies and programmes to advance clean energy technology, and share lessons learned and best practices.

“The CEM is bringing together key stakeholders to discuss concrete steps to make clean energy—including nuclear power—affordable, attractive and accessible for all and accelerate clean energy transitions around the world,” said Jean-Francois Garnier, Head of the CEM Secretariat. “Financing the necessary expansion of nuclear power to help integrate other sources of clean electricity is key to this success and I am happy to see the IAEA and CEM/NICE Future partnering to launch this report which highlights some innovative approaches to attract investments from both the public and private sectors.”

The side event featured speakers from Brazil, the IAEA, the International Energy Agency (IEA) and the United States of America sharing their thoughts on how best to secure capital for nuclear power projects and looking ahead to COP29 in Baku, Azerbaijan, where financing the clean energy transition is set to be a major topic of discussion.

“IAEA energy system modelling and planning tools and publications are fundamental to decision-making processes for nuclear power plants,” said Giovani Machado, Advisor to the President of Brazil’s Energy Research Office (EPE). “IAEA publications on full cost analyses for electricity provision and financing of nuclear power plants were very useful to an EPE study on the Angra-3 nuclear power reactor for the National Energy Policy Council of Brazil.”

Nuclear power’s inclusion in sustainable financing frameworks, including the European Union (EU) taxonomy for sustainable activities, is having a tangible impact. In the EU, the first green bonds have been issued for nuclear power in Finland and France in 2023. Electricité de France (EDF) was one of the first recipients, with the award of €4 billion in green bonds and around €7 billion in green loans between 2022 and 2024.

To achieve climate change goals, global nuclear capacity needs to increase rapidly, increasing by a factor of 1.8 by 2035, said Sylvia Beyer, a Senior Energy Policy Analyst at the IEA. “Financing mechanisms that support scale, work force and supply chain development are going to be needed,” she added.

The report makes the case for policy reform and international partnerships to help bridge the financing gap and accelerate nuclear power expansion into emerging markets and developing economies, including for small modular reactors. Robust regulatory frameworks, new delivery models, skilled labour development and stakeholder engagement can unlock new avenues for sustainable energy investments towards development goals.

“Accelerating the transition process is a multifaceted challenge that needs to be addressed within the broader framework of energy transition plans,” said Celso Cunha, President of the Brazilian Association for the Development of Nuclear Activities.

MIL Security OSI –

January 24, 2025
MIL-OSI USA: Leading Federal Response to Hurricane Helene in Georgia, Senator Reverend Warnock Pushes President Biden to Kickstart Bipartisan Disaster Funding Effort

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Leading Federal Response to Hurricane Helene in Georgia, Senator Reverend Warnock Pushes President Biden to Kickstart Bipartisan Disaster Funding Effort

Senator Reverend Warnock is urging the White House Office of Management and Budget (OMB) to submit a request for supplemental appropriations to Congress to support Hurricane Helene and Milton recovery efforts
Senator Reverend Warnock to President Biden: “Congress stands ready to ensure the federal government and our communities have what they need to recover from Hurricanes Helene and Milton, and future natural disasters”
Separately, Senator Reverend Warnock also urged senior Biden Administration officials to prioritize investigating and sharing information about disaster-related frauds and scams, monitoring incidents of price gouging and other unfair or illegal pricing following natural disasters, and addressing intravenous (IV) fluids supply challenges impacting frontline health workers and patients
ICYMI from Politico: Senators Want A Supp
ICYMI from Capitol Beat News Service: Southeastern senators urge passage of disaster relief for Helene victims
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) led a bipartisan group of Senators in urging the White House to rapidly submit a government funding request to Congress that will fully cover costs associated with clean-up and recovery following Hurricanes Helene and Milton so that affected communities can begin to heal. In a new bipartisan letter to the White House Office of Management and Budget (OMB), Senator Warnock, joined by Senators Thom Tillis (R-NC), Jon Ossoff (D-GA), Tim Kaine (D-VA), Mark Warner (D-VA), and Ted Budd (R-NC), highlighted the heartbreak facing southern communities recovering from the destruction of these hurricanes, and requested the White House to rapidly submit a detailed supplemental government funding request to Congress that considers the full cost of recovering from these storms so Congress can quickly pass aid for American families. Senator Warnock has called for Congress to return to Washington from the October in-state work period to approve federal disaster relief legislation, despite opposition from U.S. House leadership.
“We urgently request the White House’s Office of Management and Budget rapidly submit to Congress a detailed supplemental appropriations request that considers the full cost of recovering from Hurricanes Helene and Milton, as well as other devastating natural disasters, so Congress can quickly consider supplemental appropriations this year, and affected communities can begin to heal,” wrote the Senators.
“Given the immense need, we respectfully ask that the Office of Management and Budget work quickly to determine the costs of recovering from Hurricane Helene and Milton and immediately submit a supplemental appropriations request to Congress that includes this full cost. Congress stands ready to ensure the federal government and our communities have what they need to recover from Hurricanes Helene and Milton and future natural disasters,” concluded the lawmakers.
In three additional, separate letters to regulators and agencies across the federal government responsible for consumer protection and more, Senator Warnock urged federal officials to prioritize investigating and sharing information about disaster-related frauds and scams, monitoring incidents of price gouging and other unfair or illegal pricing following natural disasters, and addressing intravenous (IV) fluids supply challenges impacting frontline workers and patients, including successfully pushing President Biden to invoke the Defense Production Act to ramp up production of needed supplies.
Read the Senator’s letter on price gouging HERE, on banking difficulties HERE, on scams and frauds HERE, and on addressing IV fluids shortage HERE.
Read his letter to President Biden HERE and below:
Dear President Biden,
As the Southeastern United States continues to respond to life-threatening conditions in the aftermath of Hurricanes Helene and Milton, the sheer scope of the destruction from these hurricanes is heartbreaking. We urgently request the White House’s Office of Management and Budget rapidly submit to Congress a detailed supplemental appropriations request that considers the full cost of recovering from Hurricanes Helene and Milton, as well as other devastating natural disasters, so Congress can quickly consider supplemental appropriations this year, and affected communities can begin to heal.
Hurricane Helene struck Florida’s coast as a Category 4 storm on September 27 before devastating communities across Florida, Georgia, South Carolina, North Carolina, Tennessee, and Virginia. Tragically, the death toll continues to rise, with 228 being confirmed to date. Hurricane Milton struck Florida on October 9, bringing life-threatening storm surges and wind gusts and causing 24 deaths to date.
We are immensely grateful to first responders and federal workers as they perform life-saving work. However, the task of recovering from these storms has overwhelmed state and local governments. Federal support will be needed to restore and rebuild our communities.
While the recovery costs are still being determined, estimates of Hurricane Helene’s damage range from $34 billion to $47 billion. Hurricane Milton is likewise expected to cost billions more in damages.
The Federal Emergency Management Agency will require significant additional funding to ensure it has the resources it needs for Hurricane Helene and Milton recovery, and additional federal funding will be required to support states and federal agencies’ emergency response efforts. Likewise, as communities begin to rebuild, uninterrupted access to key disaster assistance loans from the U.S. Small Business Administration is imperative. Agricultural producers will also need financial assistance to help them recover from yet another natural disaster that is further compounding their already tenuous economic situation, and small businesses will need support to help cover the damage to their livelihoods and rebuild, so they can reopen their doors to communities.
Given the immense need, we respectfully ask that the Office of Management and Budget work quickly to determine the costs of recovering from Hurricane Helene and Milton and immediately submit a supplemental appropriations request to Congress that includes this full cost.
Congress stands ready to ensure the federal government and our communities have what they need to recover from Hurricanes Helene and Milton and future natural disasters.

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Manchin Announces $19.2 Million From Appalachian Regional Commission For 14 West Virginia Projects

US Senate News:

Source: United States Senator for West Virginia Joe Manchin
October 18, 2024
Charleston, WV – Today, U.S. Senator Joe Manchin (I-WV), member of the Senate Appropriations Committee, announced $19,243,249 from the Appalachian Regional Commission (ARC) for 14 projects in West Virginia. The funding will support economic and workforce development, outdoor recreation, and historical restoration across the state.
“The Appalachian Regional Commission’s continued commitment to revitalizing and strengthening Appalachia is good for West Virginia and the entire region. The more than $19 million announced today will bolster economic and workforce development, as well revitalize our outdoor recreation and historical landmarks,” said Senator Manchin. “I look forward to seeing the positive impacts of these projects and, as a member of the Senate Appropriations Committee, I remain dedicated to boosting economic growth across Appalachia.”
Individuals awards listed below:
$2,000,000 – West Virginia Health Right, Charleston
This funding will support the Helping Individuals Retain Employment Dignity (HIRED) Program.

$1,990,600 – Fairmont State University, Fairmont
This funding will support the Building Connections to Grow Capacity: Breaking Down Regional Barriers in the STEM Workforce Pipeline project.

$1,982,460 – West Virginia Department of Economic Development, Charleston
This funding will support the Childcare West Virginia: Building the Business That Supports Business project.

$1,897,137 – Woodland Community Lenders, Elkins
This funding aims to achieve long-term economic success for the 12 gateway towns in eight counties surrounding the Monongahela National Forest by advancing the local outdoor economy through technical assistance in the key areas of connectivity, communication, capital, and capacity.

$1,839,750 – Wheeling Convention & Visitors Bureau, Wheeling
This project will prepare and implement a visitor experience and engagement master plan for a newly built visitors center, complementing the city’s broader tourism and downtown redevelopment strategies.

$1,750,000 – International Association of Bridge Structure and Ornamental Ironworkers Local 549, Wheeling
This project will fund a 7,840-square-foot expansion of the apprenticeship training facility.

$1,650,800 – Advantage Valley Inc, Charleston
This funding will support creating a more resilient and diversified regional economy by increasing the market potential and growth of the existing manufacturing and business services sectors.

$1,385,205 – Coalfield Development Corporation, Huntington
This funding will support establishing a food system workforce development program based on three areas of need: training/readiness and employability, transportation services, and housing for individuals in recovery.

$1,260,000 – Partner Community Capital, Charles Town
This funding will support expanding on PCAP’s successful WV Women’s Business Center.

$1,232,256 – West Virginia University Research Corporation, Morgantown
This funding will support expanding West Virginia’s outdoor economy through supporting and increasing capacity of local outdoor businesses, communities, and current and emerging non-profit organizations.

$1,105,041 – Tamarack Foundation, Charleston
This project will build critical infrastructure to address gaps in access to services, resources, capital, markets, and consumers for arts to foster entrepreneurial activities in all 55 counties of the state.

$1,050,000 – West Virginia University Research Corporation, Morgantown
This funding will support cybersecurity accessibility, implementation, and education through establishing a statewide hub for direct cybersecurity resources and support for businesses in West Virginia.

$50,000 – Alpine Heritage Preservation, Thomas
This funding will support completing the design, development, and construction documents for the full restoration of the historic opera house.

$50,000 – City of New Martinsville
This funding will support the Northern Panhandle Clean Energy Futures Workforce Needs Assessment project.

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Pappas, Shaheen, Hassan Join EPA in Celebrating $31 Million for NH School Districts to Upgrade to Clean School Buses, Bringing Healthier Air to NH Children and Families

Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

Today, during Children’s Health Month, Congressman Chris Pappas (NH-01) joinedSenator Maggie Hassan (NH),U.S. Environmental Protection Agency (EPA) New England Regional Administrator David W. Cash, and the Derry Cooperative School District to celebrate $31 million in funding for 110 new clean school buses across nine school districts in New Hampshire. This funding is from the EPA’s Clean School Bus Program, which was made possible by the bipartisan infrastructure law, and includes $8.6 million in rebate funding for Derry to purchase 25 zero-emission buses.

“Clean school buses safeguard the well-being of New Hampshire children, save taxpayer dollars, help keep our air and environment clean, and make a big difference in the long-term health of our communities,” said Congressman Chris Pappas. “The EPA’s Clean School Bus Program was created by the bipartisan infrastructure law and is providing New Hampshire school districts with resources to upgrade their bus fleet to cleaner, safer vehicles, including rebate funding for Derry to purchase 25 zero-emission buses. This is an important step in the right direction for our children, taxpayers, and communities.”

“Replacing older diesel buses makes a big difference for kids’ health and air quality in our communities. That’s why I’m so glad New Hampshire is receiving more than $33 million for 11 school districts to supply 117 new, zero-emission electric school buses. I couldn’t be prouder to help deliver this lasting investment from the Bipartisan Infrastructure Law in the future of New Hampshire communities,” said Senator Jeanne Shaheen.

Today’s event showcased Derry’s new clean energy school buses, which will address climate change, improve public health, and lower costs for New Hampshire schools,” said Senator Maggie Hassan. “I worked with my colleagues to negotiate and pass the bipartisan infrastructure law to help make smart investments like this possible, and I will continue to work to support New Hampshire’s clean energy economy and lower costs.”

“When I was a kid, I remember the acrid smell of the stinky diesel school bus that picked me up at my bus stop. No kid, no matter where they live, should have to breathe in the unhealthy exhaust from a diesel bus,” said EPA New England Regional Administrator David W. Cash. “EPA’s Clean School Bus Program is making it easier for kids to breathe better, cleaner air on the way to and from school. With October being Children’s Health Month, this is a great opportunity to continue amplifying the relationship between cleaner environments and the well-being of our communities, particularly our children. By transforming our nation’s diesel school bus fleet, we’re not only protecting our students, but saving school districts money, improving air quality, and uplifting American innovation and manufacturing.”

“We are thrilled to be part of this initiative and grateful for the support of the EPA in helping us transition to clean energy. These new buses represent our commitment to reducing our environmental impact while ensuring safe, reliable transportation for our students. This grant allows us to take a significant step toward a greener future for our community and the next generation,” said Derry Cooperative School District Transportation Coordinator, Dr. Clifton Dancy.

“At First Student, our top priority is ensuring each student we transport to and from school arrives ready to learn and returns home safely. Students across the state will soon have cleaner, quieter rides thanks to this funding, which will deliver 25 new electric school buses,” said Kevin Matthews, head of electrification for First Student. “As the company with the most electric school buses on the road today, we are pleased to work with the EPA and school officials in Derry to get these electric school buses in service. Reducing exposure to harmful tailpipe pollution will improve student health and better position them to succeed in school.”

EPA’s Clean School Bus Program was created by the bipartisan infrastructure law, which Congressman Pappas and the New Hampshire Congressional delegation supported and provides an unprecedented $5 billion in funding to transform the nation’s fleet of school buses. The Clean School Bus Program is a key player in advancing the transition to zero-emission vehicles and replacing older diesel-fueled buses that contribute to asthma and other respiratory conditions, particularly affecting children in overburdened communities. These new electric buses will not only reduce greenhouse gas emissions but also enhance the air quality for students, bus drivers, and nearby communities, leading to healthier outcomes for children and Granite Staters. Over the lifespan of the vehicles, clean school buses can also cost less to maintain and fuel than the older buses they are replacing – freeing up needed resources for schools and saving taxpayer dollars. For more information click here.

MIL OSI USA News –

January 24, 2025
MIL-OSI Africa: Afreximbank announces aim to double Creative Africa Nexus (CANEX) funding to $2 billion to boost Africa’s creative economy

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

ALGIERS, Algeria, October 18, 2024/APO Group/ —

President and Chairman of the Board of Directors of Afreximbank (www.AfreximBank.com), Professor Benedict Oramah, has announced that Afreximbank will increase its funding to the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion for the next three years. The announcement was made during the CANEX WKND 2024 opening ceremony in Algiers, Algeria, and underscores the Bank’s dedication to Africa’s growing creative economy.

The decision to double CANEX funding arises from a marked surge in demand across Africa’s creative sectors. Since 2022, Afreximbank has seen a significant increase in opportunities within industries from film production and music to fashion manufacturing and sports. With the newly increased $2 billion fund, Afreximbank aims to fulfil these verticals’ growing needs by providing infrastructure, financing, and other resources that will help Africa’s creative industries flourish on a global scale.

Professor Oramah observed that this expansion marks a historic progression in Afreximbank’s strategy to support the creative economy – from the Bank’s initial commitment of $500 million to the sector when CANEX launched in 2020. That figure, the President noted, increased to $1 billion in 2022 to satisfy demand. This upward trend reflects Afreximbank’s profound belief in the power of African creativity to drive economic growth and generate employment.

Commenting on the funding decision, Prof. Oramah said:

“As with many things in Africa, opportunities in the African creative industries abound but remain untapped. This is why Afreximbank has adopted a proactive approach to catalysing the industry. Today, I am pleased to announce a further doubling of our creative industry finance window to 2 billion US dollars for the next three years. This will enable us to support significant infrastructure investments for film production, stadia, arenas, manufacturing facilities for fashion, and training centres.”

The new funding will primarily focus on infrastructure development, which remains a key challenge in the creative sectors. Afreximbank plans to invest in film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs across the continent. These projects aim to equip African creatives with the necessary tools and spaces to produce content and goods that can compete internationally.

Moreover, the fund will also support talent development. Afreximbank’s goal is to help nurture and train African creative professionals to international best-standards, ensuring they have the skills and resources to thrive.

Afreximbank also recognizes the need for innovative financing solutions tailored to the unique challenges of the creative economy. In response, the Bank is developing a $500 million private equity film fund through its impact equity arm, Fund for Export Development in Africa (FEDA). This initiative will finance film production and distribution, giving African filmmakers access to critical resources for creating content that can attract global audiences.

Another focus area for the Fund will be the fostering of collaborations between Africa and the Diaspora. The viability of this model has been demonstrated by partnerships such as that between African musicians and global artists like the Afro-Brazilian band OLODUM, which led to the production of the acclaimed “ONE Drum” EP. The expanded fund will enable more collaborations of this kind, amplifying African cultural expression and visibility on the global stage.

MIL OSI Africa –

January 24, 2025
MIL-OSI USA: Golden leads 68 lawmakers pressing Biden administration on threats to domestic shipbuilding

Source: United States House of Representatives – Congressman Jared Golden (ME-02)

WASHINGTON — Congressman Jared Golden (ME-02) today led a letter to President Joe Biden and U.S. Trade Representative (USTR) Katherine Tai urging swift action to counter China’s domination of maritime industries. His letter comes as the USTR’s office investigates unfair Chinese trade practices in the maritime, logistics and shipbuilding sectors after accepting a petition sent from a coalition of unions.

Golden’s letter was co-led by Representatives Debbie Dingell (MI-06), Donald Norcross (NJ-01), Steven Horsford (NV-04), and Mark Pocan (WI-02), Rosa DeLauro (CT-03), Joe Courtney (CT-02), and Val Hoyle (OR-04). It was signed by 68 representatives.

“China’s cheating — and its resulting outsize maritime capacities in the face of our own shipbuilding crisis — has led to our nation’s military leadership sounding the alarm,” the lawmakers wrote. “According to U.S. Secretary of the Navy Carlos Del Toro, China operates 13 large shipyards, with a single yard representing more capacity than all American yards combined.Even more shockingly, the U.S. Navy estimates that China’s shipbuilding capacity is roughly 232 times greater than the United States.”

“Our nation has recently turned the page on decades of inaction, working to rebuild our critical infrastructure and strengthen the supply chains critical to the safety and livelihood of the American people,” the lawmakers wrote. “However, a key component of that infrastructure – our shipbuilding, repair, maintenance, and logistics sectors – has languished in the face of overwhelming efforts by the Chinese government to dominate the global maritime industry. It is time to rectify that.”

Specifically, the lawmakers highlighted a March proposal by labor unions to create a U.S. Commercial Shipbuilding Revitalization Fund. This program would support existing measures that incentivize domestic shipbuilding while investing in stronger supply chains and increased workforce development.

“Our national security, and thousands of good IAM Union jobs, depends on standing up to predatory Chinese trade practices in the shipbuilding industry,” International Association of Machinists and Aerospace Workers (IAM) Eastern Territory General Vice President David T. Sullivan said. “As a native Mainer and IAM Local S6 shipbuilder by trade, I have been proud to work with Congressman Golden as we push USTR to take on China’s takeover of shipbuilding. The IAM Union stands ready to defend our national security and the dedicated workforce that makes it possible.”

Golden has been an ardent supporter of U.S. shipbuilding and a leading voice for the need to revitalize American manufacturing at large. In addition to securing authorization for Bath Iron Works to build a DDG-51 destroyer in 2025 and ensuring the shipyard continues to be a leader in naval warship production, Golden helped secure authorization for $50 million for shipyard infrastructure and technological improvements and more than $150 million for shipyard research and development in this year’s federal budget. This authorization represents years of additional work for Maine shipbuilding on top of existing orderssecuredby Golden in the past.

In September he introduced legislation that would implement a 10 percent tariff on all imports, which followed legislation in May that would raise tariffs on Chinese-made automobiles and energy components to ensure America’s industrial base, and thus its future, is strong. He published an essay the same month on the importance of a robust production economy for national security and middle-class prosperity.

Golden’s newest letter can be found here, and is included below in full:

+++

October 18, 2024

President Joseph R. Biden, Jr.
The White House
1600 Pennsylvania Ave
Washington, DC 20500

Dear President Biden:

We write in strong support of the Office of the U.S. Trade Representative’s (USTR) investigation into discriminatory and unreasonable trade practices by the government of the People’s Republic of China (PRC or China) concerning the maritime, logistics and shipbuilding sectors. We urge you to reach a swift conclusion in this investigation and to consider strong and effective remedies to begin to turn the tide on our decades-long domestic shipbuilding crisis.

In the face of China’s unfair, predatory and highly discriminatory practices, U.S. shipbuilding and maritime supply chain industries have been forced to compete on an uneven playing field, facing shipyards and order books that have benefited from hundreds of billions of dollars of state-directed funding. China’s industry is insulated from market forces, utilizes state-owned enterprises to provide cheap inputs and cut yard production costs, and strengthens the People’s Liberation Army’s Navy with expansive shipbuilding, repair, and maintenance capacities. Meanwhile, U.S. shipyards have been shuttered or forced to compete for a handful of remaining contracts. While the U.S. produces fewer than 10 ocean-going vessels annually, Chinese yards churned out over a thousand.

China’s cheating — and its resulting outsize maritime capacities in the face of our own shipbuilding crisis — has led to our nation’s military leadership sounding the alarm. According to U.S. Secretary of the Navy Carlos Del Toro, China operates 13 large shipyards, with a single yard representing more capacity than all American yards combined.2 Even more shockingly, the U.S. Navy estimates that China’s shipbuilding capacity is roughly 232 times greater than the United States’.

To meet the immense challenge of rebuilding U.S. maritime capabilities, we need a robust, highly-trained workforce. Tens of thousands of jobs have been lost as shipyards have closed and experienced workers have been forced out of the industrial base. The United States needs a healthy and revitalized maritime industry capable of meeting the commercial and defense needs of our nation for years to come. That will require making the investments needed to recruit, train and expand our world-class industrial workforce. Breaking the boom-and-bust cycle that has plagued U.S. shipbuilders is critical to maintaining that workforce and growing critical supply chains.

The shipbuilding sector is still enduring the aftershocks from the closure of the Avondale shipyard in Louisiana in 2014. At one time, that yard employed over 26,000 people and was one of the top employers in the state of Louisiana. With that closure, the U.S. lost a key shipyard capable of building, repairing, and maintaining large commercial and specialty vessels. That workforce and capacity loss has yet to be restored.

While U.S. workers were laid off and our capacity and know-how were lost, China’s shipbuilders were capturing additional market share and extending their growing domination of the global shipbuilding industry. According to the Chinese Communist Party (CCP), in the first six months of this year, their shipyards accounted for almost 75% of the world’s new orders, while holding almost 60% of existing orders on their books.

Our nation has recently turned the page on decades of inaction, working to rebuild our critical infrastructure and strengthen the supply chains critical to the safety and livelihood of the American people. However, a key component of that infrastructure – our shipbuilding, repair, maintenance, and logistics sectors – has languished in the face of overwhelming efforts by the Chinese government to dominate the global maritime industry. It is time to rectify that.

The March 2024 petition submitted by a coalition of labor unions includes potential measures to revitalize America’s shipbuilding capacity through the creation of a U.S. Commercial Shipbuilding Revitalization Fund to (1) support existing U.S. government programs such as Construction Differential Subsidies, the Federal Ship Financing Program, and small shipyard grants; (2) expand the Maritime Security Program and the Tanker Security Program’s enrolled vessels with a premium on enrolling U.S.-built vessels; and (3) implement measures to increase demand for U.S.-built ships including through graduated requirements to transport U.S. energy products on U.S. built, flagged, and crewed vessels; and (4) promote the revitalization of shipbuilding supply chains and invest in training and workforce development.

We believe that USTR’s investigation will conclude that China’s predatory actions demonstrate a clear and unambiguous intent to dominate global markets to the detriment of American workers and industry. The result of the investigation, with your help, can lead to measures being put in place to restore American capacity in these sectors.

We strongly urge you to swiftly conclude this investigation and to implement resolute measures to remedy decades of unfair and discriminatory policies by the CCP that have harmed our members and the economic and national security of the United States. The remedies must be commensurate in scope and magnitude to the large-scale harm caused to U.S. industry over the past several decades. We look forward to joining you as we commit to a brighter future for the U.S. shipbuilding, maritime, and logistics sector.

CC: Ambassador Katherine Tai, U.S. Trade Representative

###

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Three WA Grid Enhancement Projects Get $208M from Cantwell-Authored Program
US Senate News:
Source: United States Senator for Washington Maria Cantwell
10.18.24

Three WA Grid Enhancement Projects Get $208M from Cantwell-Authored Program

Federal grants covering about half of project costs include $85M for Avista, $45M for Puget Sound Energy, $77M for coalition of PNW/Mountain utilities Funds will help make Washington state electric grid more efficient and resistant to wildfires and extreme weather

SEATTLE, WA – Today, U.S. Senator Maria Cantwell (D-WA) announced three new federal grants totaling $208.4 million that will help utility providers in Washington state modernize their electricity grids and ensure homes and businesses can count on affordable and reliable electricity service, particularly during natural disasters.

The funds come from the Department of Energy’s Grid Resilience and Innovation Partnerships (GRIP) Program, a $10.5 billion dollar program authored in part by Cantwell in 2007, which was subsequently expanded and funded with Sen. Cantwell’s assistance in the 2021 Bipartisan Infrastructure Law (BIL).

“A smarter grid is a more efficient and reliable grid, and key to meeting our region’s need for 30% more affordable electricity over the next decade,” said Sen. Cantwell. “Upgrading transmission lines with technologies like sensors and advanced controls will not only help prevent wildfires but also keep the lights on during extreme weather and natural disasters.”

The following Washington state organizations received funding:

Puget Sound Energy (PSE) received $45,781,599 for the Skagit River Valley Transformation for Climate Resiliency Project: This funding will allow PSE to underground approximately 32 miles of power lines, as well as deploy cameras and sensing technologies for real-time monitoring that can help prevent forest fires. It will also enable PSE to make grid updates that ensure power delivery from the Baker River Hydroelectric Project to communities in Skagit County and help quickly restore power after major outages. Sen. Cantwell wrote a letter in support of the project to DOE Secretary Jennifer Granholm in April 2024. This federal grant will cover 50% of the total cost of the project.

Avista Utilities received $85,664,781 for the Lolo-Oxbow Transmission Upgrade and Optimization Project: This funding will allow Avista Utilities and Idaho Power Company to reconstruct a vital power line connecting the Pacific Northwest and Mountain regions, using designs and materials that make the line more resistant to wildfires and make outages exceedingly rare – projected to be fewer than one per year. Avista Utilities plans to use drones to string the new lines, which will limit outages during construction. Additionally, the project will deploy advanced technology that controls and optimizes the flow of power and increases capacity for the whole region, enabling the Nez Perce Tribe to increase their capacity for renewable energy generation on their reservation. This federal grant will cover 49.5% of the total cost of the project.

E Source received $77,021,741 for the Increasing Energy Resilience Via Technology Investment Acceleration (INERTIA) Project: The INERTIA project brings together a diverse coalition of grid operators, technology providers, and community partners in the Pacific Northwest and Mountain regions to enhance grid resilience and safeguard high-risk communities from natural disasters like wildfires, windstorms, ice storms, and extreme heat. This funding will help the coalition deploy microgrids across the region to provide backup power technology for high-risk areas, reducing the frequency and duration of power shutoffs by approximately 85%. The funding will also integrate advanced sensing technologies and AI-driven analytics to detect faults in the grid in less than half the previous time and identify dangerous vegetation before it causes an outage. This federal grant will cover 46.5% of the total cost of the project.

A full list of project recipients is HERE.

Sen. Cantwell has long championed investments in smart grid technologies that can improve the efficiency and resiliency of our nation’s electricity grid. She authored the Smart Grid Title of the 2007 Energy Bill, pioneering smart grid legislation that created the smart grid R&D program at the Department of Energy (which was expanded in the BIL); required the development of an interoperability framework; established a federal matching grant program; created a Smart Grid Advisory Committee to advise the federal government on the deployment of smart grid technologies; initiated a Smart Grid Task Force to coordinate the federal government’s smart grid policies; and encouraged state utility regulatory commissions to allow for rate recovery for smart grid investments.

This July, Sen. Cantwell joined U.S. Senator Ron Wyden (D-OR) and regional energy stakeholders to discuss technological and policy solutions that will ensure NW ratepayers and our regional economy continue to benefit from abundant, affordable, and reliable clean energy. More than 200 business, government, and non-profit energy professionals attended the event, including BPA Administrator John Hairston. On the day of the event, Sen. Cantwell released a snapshot report highlighting the key energy technology areas that the Pacific Northwest is poised to lead.

In 2009, Sen. Cantwell pushed to include $4.5 billion in the American Recovery and Reinvestment Act for smart grid investments, funding which was authorized by Sen. Cantwell’s Smart Grid Title in the 2007 Energy Bill. In February 2009, Sen. Cantwell organized a Smart Grid Conference in Spokane attended by around 300 regional stakeholders to help coordinate a regional bid for a Smart Grid Demonstration Project. In November 2009, the Energy Department awarded $88 million, the largest award in the country, to launch the Pacific Northwest Smart Grid Demonstration Project which was used to install a smart grid framework including a digital telecommunications network, substation automation, and a robust distribution system infrastructure.

In July 2021, Sen. Cantwell authored and fought for passage of a bipartisan amendment that eventually resulted in a $10 billion increase in the Bonneville Power Administration’s borrowing authority being included in the BIL. The measure allowed BPA to continue to borrow at low-interest rates at no ultimate cost to the taxpayer. Sen. Cantwell’s amendment also linked expanded borrowing authority to new financial oversight requirements and opportunities for increased stakeholder engagement. Since then, BPA has announced investments totaling more than $5 billion in the nation’s electricity grid (a more than $2 billion investment in July 2023 and a $3 billion investment in October 2024), made possible by their expanded borrowing authority.

The GRIP Program, managed by the Department of Energy’s Grid Deployment Office, funds activities to modernize the electric grid to reduce impacts of natural disasters and extreme weather worsened by climate change; increase the flexibility, efficiency, and reliability of the electric power system with a particular focus on unlocking more solar, wind, and other clean energy and reducing faults that may lead to wildfires; and improve reliability by deploying innovative approaches to electricity transmission, storage, and distribution.
MIL OSI USA News –
January 24, 2025
MIL-OSI United Nations: Note to Correspondents: 7th Annual Consultative Meeting of the African Union Peace and Security Council (PSC) and the United Nations Peacebuilding Commission (PBC)

Source: United Nations secretary general

Category: Economy

Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty

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Three WA Grid Enhancement Projects Get $208M from Cantwell-Authored Program

Federal grants covering about half of project costs include $85M for Avista, $45M for Puget Sound Energy, $77M for coalition of PNW/Mountain utilities Funds will help make Washington state electric grid more efficient and resistant to wildfires and extreme weather

Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty 