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Category: Europe

  • MIL-OSI United Kingdom: Temporary closure as Derby Road upgrades continue

    Source: City of Derby

    Upgrades are continuing along Derby Road and Nottingham Road to deliver better transport choices for Derby.

    As part of the next phase of works, Derby Road will be closed twice to allow for kerbing, footway and drainage works, and resurfacing. These closures will be:

    • Between Raynesway/Acorn Way roundabout and Oregon Way. 7am Saturday 26 October to 8pm Sunday 3 November.
    • Between Raynesway/Acorn Way roundabout and Lime Grove. 7am Saturday 16 November to 8pm Sunday 17 November.

    Both closures will be in place 24/7 with no through routes for vehicles. Pedestrian access will be maintained. Traffic will still be able to use the Raynesway Roundabout in other directions.

    During the closures, a signed diversion route will be in place via the A52, Pentagon Island and Nottingham Road for through traffic.

    There will also be local diversion routes in place for the weekend of the 16 and 17 November when the Derby Road/Oregon away junction is closed.

    For bus users, trentbarton are providing a shuttle bus to the city centre. Details can be found on their website.

    The closures have been planned for the half term week and a weekend to minimise disruption and make the most of lighter traffic. This also means school runs and bus services are not affected.

    These works are part of Nottingham and Derby’s Transforming Cities programme, a wider package of works that is creating a more sustainable transport network for the city. 

    For Derby Road and Nottingham Road this means the creation of new active travel provision through improved pedestrian and cycle routes.

    Councillor Nadine Peatfield, Leader of Derby City Council, said:

    Sustainable transport is an essential part of our mission to create a greener, better-connected Derby, and we have embarked on a wide range of schemes to improve infrastructure around the city.

    I’m glad to see work progressing well on both Nottingham and Derby Road, but to allow it to continue some temporary road closures are necessary.

    We know the impact that roadworks can have in busy areas, so we have worked hard with our contractors to reduce the duration of the closures to the half-term week and a weekend to help minimise disruption.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Strengthening police canine capabilities to detect and prevent illicit trafficking of small arms and light weapons in South-Eastern Europe focus of OSCE high-level meeting

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Strengthening police canine capabilities to detect and prevent illicit trafficking of small arms and light weapons in South-Eastern Europe focus of OSCE high-level meeting

    Strengthening police canine capabilities to detect and prevent illicit trafficking of small arms and light weapons in South-Eastern Europe focus of OSCE high-level meeting | OSCE
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    MIL OSI Europe News –

  • MIL-Evening Report: RSF tackles Taiwan’s media freedom ‘Achilles heel’, boosts Asia Pacific monitoring action

    SPECIAL REPORT: By David Robie in Taipei

    It was a heady week for the Paris-based global media freedom watchdog Reporters Without Borders (RSF) — celebration of seven years of its Taipei office, presenting a raft of proposals to the Taiwan government, and hosting its Asia-Pacific network of correspondents.

    Director general Thibaut Bruttin and the Taipei bureau chief Cedric Alviani primed the Taipei media scene before last week’s RSF initiatives with an op-ed in the Taiwan Times by acknowledging the country’s media freedom advances in the face of Chinese propaganda.

    Taiwan rose eight places to 27th in the RSF World Press Freedom Index this year — second only to Timor-Leste in the Asia-Pacific region.

    But the co-authors also warned over the credibility damage caused by media “too often neglect[ing] journalistic ethics for political or commercial reasons”.

    As a result, only three in 10 Taiwanese said they trusted the news media, according to a Reuters Institute survey conducted in 2022, one of the lowest percentages among democracies.

    “This climate of distrust gives disproportionate influence to platforms, in particular Facebook and Line, despite them being a major vector of false or biased information,” Bruttin and Alviani wrote.

    “This credibility deficit for traditional media, a real Achilles heel of Taiwanese democracy, puts it at risk of being exploited for malicious purposes, with potentially dramatic consequences.”

    Press freedom programme
    At a meeting with Taiwanese President Lai Ching-te and senior foreign affairs officials, Bruttin and his colleagues presented RSF’s innovative programme for improving press freedom, including the Journalism Trust Initiative (JTI), the first ISO-certified media quality standard; the Paris Charter on Artificial Intelligence and Journalism; and the Propaganda Monitor, a project aimed at combating propaganda and disinformation worldwide.

    RSF director-general Thibaut Bruttin speaking at the reception celebrating seven years of Taipei’s Asia Pacific office. Image: Pacific Media Watch

    The week also highlighted concerns over the export of the China’s “New World Media Order”, which is making inroads in some parts of the Asia-Pacific region, including the Pacific.

    At the opening session of the Asia-Pacific correspondents’ seminar, delegates referenced the Chinese disinformation and assaults on media freedom strategies that have been characterised as the “great leap backwards for journalism” in China.

    “Disinformation — the deliberate spreading of false or biased news to manipulate minds — is gaining ground around the world,” Bruttin and Alviani warned in their article.

    “As China and Russia sink into authoritarianism and export their methods of censorship and media control, democracies find themselves overwhelmed by an incessant flow of propaganda that threatens the integrity of their institutions.”

    Both Bruttin and Alviani spoke of these issues too at the celebration of the seventh anniversary of the Asia-Pacific office in Taipei.

    Why Taipei? Hongkong had been an “likely choice, but not safe legally”, admitted Bruttin when they were choosing their location, so the RSF team are happy with the choice of Taiwan.

    Hub for human rights activists
    “I think we were among the first NGOs to have established a presence here. We kind of made a bet that Taipei would be a hub for human rights activists, and we were right.”

    About 200 journalists, media workers and press freedom and human rights advocates attended the birthday bash in the iconic Grand Hotel’s Yuanshan Club. So it wasn’t surprising that there was a lot of media coverage raising the issues.

    RSF director-general Thibaut Bruttin (centre) with correspondents Dr David Robie and Dr Joseph Fernandez in Taipei. Image: Pacific Media Watch

    In an interview with Voice of America’s Joyce Huang, Bruttin was more specific about the “insane” political propaganda threats from China faced by Taiwan.

    However, Taiwan “has demonstrated resilience and has rich experience in resisting cyber information attacks, which can be used as a reference for the world”.

    Referencing China as the world’s “biggest jailer of journalists”, Bruttin said: “We’re very worried, obviously.” He added about some specific cases: “We’ve had very troublesome reports about the situation of Zhang Zhan, for example, who was the laureate of the RSF’s [2021 press freedom] awards [in the courage category] and had been just released from jail, now is sent back to jail.

    “We know the lack of treatment if you have a medical condition in the Chinese prisons.

    “Another example is Jimmy Lai, the Hongkong press freedom mogul, he’s very likely to die in jail if nothing happens. He’s over 70.

    “And there is very little reason to believe that, despite his dual citizenship, the British government will be able to get him a safe passage to Europe.”

    Problem for Chinese public
    Bruttin also expressed concern about the problem for the general public, especially in China where he said a lot of people had been deprived of the right to information “worthy of that name”.

    “And we’re talking about hundreds of millions of people. And it’s totally scandalous to see how bad information is treated in the People’s Republic of China.”

    Seventeen countries in the Asia-Pacific region were represented in the network seminar.

    Representatives of Australia, Cambodia, Hongkog, Indonesia, Japan, Myanmar, Mongolia, New Zealand, Papua New Guinea, Philippines, South Korea, Tibet, Thailand and Vietnam were present. However, three correspondents (Malaysia, Singapore and Timor-Leste) were unable to be personally present.

    Discussion and workshop topics included the RSF Global Strategy; the Asia-Pacific network and the challenges being faced; best practice as correspondents; “innovative solutions” against disinformation; public advocacy (for authoritarian regimes; emerging democracies, and “leading” democracies); “psychological support” – one of the best sessions; and the RSF Crisis Response.

    RSF Oceania colleagues Dr David Robie (left) and Dr Joseph Fernandez . . . mounting challenges. Image: Pacific Media Watch

    What about Oceania (including Australia and New Zealand) and its issues? Fortunately, the countries being represented have correspondents who can speak our publicly, unlike some in the region facing authoritarian responses.

    Australia
    Australian correspondent Dr Joseph M Fernandez, visiting associate professor at Curtin University and author of the book Journalists and Confidential Sources: Colliding Public Interests in the Age of the Leak, notes that Australia sits at 39th in the RSF World Press Freedom Index — a drop of 12 places from the previous year.

    “While this puts Australia in the top one quarter globally, it does not reflect well on a country that supposedly espouses democratic values. It ranks behind New Zealand, Taiwan, Timor-Leste and Bhutan,” he says.

    “Australia’s press freedom challenges are manifold and include deep-seated factors, including the influence of oligarchs whose own interests often collide with that of citizens.

    “While in opposition the current Australian federal government promised reforms that would have improved the conditions for press freedom, but it has failed to deliver while in government.

    “Much needs to be done in clawing back the over-reach of national security laws, and in freeing up information flow, for example, through improved whistleblower law, FOI law, source protection law, and defamation law.”

    Dr Fernandez criticises the government’s continuing culture of secrecy and says there has been little progress towards improving transparency and accountability.

    “The media’s attacks upon itself are not helping either given the constant moves by some media and their backers to undermine the efforts of some journalists and some media organisations, directly or indirectly.”

    A proposal for a “journalist register” has also stirred controversy.

    Dr Fernandez also says the war on Gaza has “highlighted the near paralysis” of many governments of the so-called established democracies in “bringing the full weight of their influence to end the loss of lives and human suffering”.

    “They have also failed to demonstrate strong support for journalists’ ability to tell important stories.”


    An English-language version of this tribute to the late RSF director-general Christophe Deloire, who died from cancer on 8 June 2024, was screened at the RSF Taipei reception. He was 53. Video: RSF

    Aotearoa New Zealand
    In New Zealand (19th in the RSF Index), although journalists work in an environment free from violence and intimidation, they have increasingly faced online harassment. Working conditions became tougher in early 2022 when, during protests against covid-19 vaccinations and restrictions and a month-long “siege” of Parliament, journalists were subjected to violence, insults and death threats, which are otherwise extremely rare in the country.

    Research published in December 2023 revealed that high rates of abuse and threats directed at journalists put the country at risk of “mob censorship” – citizen vigilantism seeking to “discipline” journalism. Women journalists bore the brunt of the online abuse with one respondent describing her inbox as a “festering heap of toxicity”.

    While New Zealand society is wholeheartedly multicultural, with mutual recognition between the Māori and European populations enshrined in the 1840 Treaty of Waitangi, this balance is under threat from a draft Treaty Principles Bill.

    The nation’s bicultural dimension is not entirely reflected in the media, still dominated by the English-language press. A rebalancing is taking place, as seen in the success of the Māori Television network and many Māori-language programmes in mass media, such as Te Karere, The Hui and Te Ao Māori News.

    Media plurality and democracy is under growing threat with massive media industry cuts this year.

    New Zealand media also play an important role as a regional communications centre for other South Pacific nations, via Tagata Pasifika, Pacific Media Network and others.

    Papua New Guinea’s Belinda Kora (left) with RSF colleagues . . . “collaborating in our Pacific efforts in seeking the truth”. Image: Belinda Kora

    Papua New Guinea
    The Papua New Guinea correspondent, Belinda Kora, who is secretary of the revised PNG Media Council and an ABC correspondent in Port Moresby, succeeded former South Pacific Post Ltd chief executive Bob Howarth, the indefatigable media freedom defender of both PNG and Timor-Leste.

    Currently PNG (91st in the RSF Index) is locked in a debate over a controversial draft government media policy – now in its fifth version – that critics regard as a potential tool to crack down on media freedom. But Kora is optimistic about RSF’s role.

    “I am excited about what RSF is able and willing to bring to a young Pacific region — full of challenges against the press,” she says.

    “But more importantly, I guess, is that the biggest threat in PNG would be itself, if it continues to go down the path of not being able to adhere to simple media ethics and guidelines.

    “It must hold itself accountable before it is able to hold others in the same way.

    “We have a small number of media houses in PNG but if we are able to stand together as one and speak with one voice against the threats of ownership and influence, we can achieve better things in future for this industry.

    “We need to protect our reporters if they are to speak for themselves and their experiences as well. We need to better provide for their everyday needs before we can write the stories that need to be told.

    “And this lies with each media house.

    The biggest threat for the Pacific as a whole? “I guess the most obvious one would be being able to remain self-regulated BUT not being accountable for breaching our individual code of ethics.

    “Building public trust remains vital if we are to move forward. The lack of media awareness also contributes to the lack of ensuring media is given the attention it deserves in performing its role — no matter how big or small our islands are,” Kora says.

    “The press should remain free from government influence, which is a huge challenge for many island industries, despite state ownership.

    Kora believes that although Pacific countries are “scattered in the region”, they are able to help each other more, to better enhance capacity building and learning from their mistakes with collaboration.

    “By collaborating in our efforts in seeking the truth behind many of our big stories that is affecting our people. This I believe will enable us to improve our performance and accountability.”

    Example to the region
    Meanwhile, back in Taiwan on the day that RSF’s Thibaut Bruttin flew out, he gave a final breakfast interview to China News Agency (CNA) reporter Teng Pei-ju who wrote about the country building up its free press model as an example to the region.

    “Taiwan really is one of the test cases for the robustness of journalism in the world,” added Bruttin, reflecting on the country’s transformation from an authoritarian regime that censored information into a vibrant democracy that fights disinformation.

    Dr David Robie, convenor of the Asia Pacific Media Network’s Pacific Media Watch project and author of several media and politics books, including Don’t Spoil My Beautiful Face: Media, Mayhem and Human Rights in the Pacific, has been an RSF correspondent since 1996.

    RSF Asia Pacific correspondents and staff pictured at the Grand Hotel’s Yuanshan Club. Image: RSF

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: Congratulations to the first-ever cohort of students of the College of Europe in Tirana.

    Source: European Commission (video statements)

    College of Europe has opened its doors in Tirana, Albania.
    And its first-ever cohort of students is making history.

    We wish them a great year!

    #collegeofeurope

    https://www.youtube.com/watch?v=GADq2FdxKX0

    MIL OSI Video –

  • MIL-OSI United Kingdom: Big day for Derriford as new units handed over

    Source: City of Plymouth

    It’s a big day for the north of Plymouth and a big day for the Council with the first units at the new district centre at Derriford now being handed over from the developer to the landlord, Plymouth City Council.

    Shoppers have been waiting with excitement for the new stores to open their doors, with Aldi’s now open and the count down on for the new Marks & Spencer Foodhall to open next month. Ahead of that, the Council has formally taken ownership of the first three units of the site, which was developed by ADC Kimberley on behalf of the Council.

    Councillor Evans said: “This is a massive deal for the north of the city and for the Council.

    “We’ve been keen to see more facilities for people in the north of the city for a long time. This ambition has been part of the Plymouth and South West Devon Joint Local Plan to make this happen in a measured and thoughtful way.

    “Not only is this good news for people living nearby, but it is great news for the 100 or so people who will be employed here and the centre will bring a longer-term rental income into the Council.”

    Council leader Tudor Evans with developer Jonathan Banham

    Other businesses taking space in the centre are also well on the way to completion. Tenants include a Marks & Spencer Foodhall, a Costa Coffee, PureGym, and an Oggy Oggy pasty shop.

    There are 12 electric vehicle charging points installed by Gridserve and sustainable transport links to and from the centre are being created to help reduce car use, with cycle lanes and easy pedestrian access to bus stops.

    Councillor Evans added: “As with all exciting, shiny new shops opening, we expect to see a rush of interest with people checking out what’s on offer. We know it could be busy in and around this new centre when it first opens, so are asking people who would automatically come up Tavistock Road, to consider getting off the A38 a junction earlier and heading up the Forder Valley link road. There’s a choice now!”

    Jonathan Banham of ADC Kimberley said: “This is a project that will provide much needed new facilities for the growing population in the north of Plymouth,”

    “As well as bringing essential new facilities to the people who live and work in this area, the project has given a significant boost to the construction industry locally and regenerated a brownfield site that had sat unused for over quarter of a century.

    The district centre builds on previous investments at Derriford made by Plymouth City Council which has resulted in the Range Head Office being built, new housing and NHS facilities popping up on Council owned land, including the new Royal Eye Infirmary on William Prance Road. It is near some of Plymouth’s biggest employers, including Derriford Hospital and the Land Registry.

    Timeline

    • 2009 – Plans for a district centre at Derriford unveiled as part of Local Development Framework. People invited to give their views
    • 2019 – The new district centre for Derriford has been a strategic city objective and Seaton Barracks was designated as the preferred site for the district centre in the Joint Local Plan, which was adopted in March
    • 2019 – ADC Kimberley Ltd, selected as the Council’s preferred developer following a competitive bidding process
    • 2021 – big-name brands secured Marks and Spencer (M&S) for a new foodhall, supermarket Aldi and Costa, which will operate a café and drive through. Other features proposed a gym, pet shop, a further, smaller retail unit and 12 rapid EV charging points.
    • 2022 – planning application for a new district centre on former Seaton Barracks Parade Ground site approved
    • 2023 – Following renegotiations with occupiers which led to increased rental income, the Council agrees £1 million investment deal to close a funding gap as project has hit by rising construction costs. 
    • June 2023 – work starts
    • October 2024 –Aldi opens for trade

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Slip way to be repaired and ferry service to resume

    Source: City of Plymouth

    Repairs to fix the Mount Edgcumbe slipway will begin next week and the ferry will resume tomorrow (Saturday 26 October).  

    During a review of the slipway at Mount Edgcumbe, Plymouth City Council surveyors identified cracks that needed to be repaired. Whilst plans were being put in place to carry out the works, a further survey was carried out following the recent bad weather.  

    The surveyors found that the storms have caused further deterioration beneath the slipway, resulting in the main concrete walkway coming loose and collapsing in places.  

    Repairs are now urgent, so the slipway has been closed and repair works will commence from Monday 28 October. Works include removing and replacing loose stone work, reinforcing the propping of the concrete slab and filling in any voids or gaps. It is hoped that the repairs will take around eight weeks, but this will be dependent on the weather.   

    The Council has been working with the Cremyll Ferry to identify an alternative landing site. From Saturday 26 October, the ferry service will operate from the beach next to the slipway at low tide, rather than the slipway. Boats have been adapted to enable passengers to get on and off from the beach. Users are encouraged to take care when getting on and off the ferry. 

    Councillor Chris Penberthy, the Plymouth City Council Cabinet Member with responsibility for facilities management, said: “As the owner of the slipway at Mount Edgcumbe, we have been planning for some time to carry out repairs. Unfortunately, the situation became urgent earlier this week when we found further damage due to the recent storms.  

    “We closed the slipway straight away and worked with the ferry operator to put together an alternative plan to enable them to continue operate. I would like to thank them for their patience and support, particularly as they had to suspend their services for two days.  

    “We will work as fast as we can to repair the slipway, but obviously it is winter and the weather might impact how long it will take.”  

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Chernyshenko: Open week Nauka 0 in China is another bridge of friendship between our countries

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    October 25, 2024

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    October 25, 2024

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    October 25, 2024

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    October 25, 2024

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    October 25, 2024

    Previous news Next news

    Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China

    Deputy Prime Minister of Russia Dmitry Chernyshenko sent greetings to the participants of the Nauka 0 festival, which opened in the city of Shenzhen in China. The event is being held as part of the foreign program of the Decade of Science and Technology, announced by the President of Russia.

    “This year, the Open Week is dedicated to the 75th anniversary of the People’s Republic of China and the establishment of diplomatic relations between Russia and China. 10 years ago, Russian President Vladimir Putin and Chinese President Xi Jinping made a historic decision to establish a joint university, MSU-PPI. During this time, it has become the flagship of bilateral cooperation in higher education, science and innovation. Today, more than 3.4 thousand undergraduate and graduate students study at 14 faculties at MSU-PPI, and large advanced research centers have been created. The landmark initiative of MSU and its rector Viktor Antonovich Sadovnichy – the Open Week Nauka 0 in China – is another bridge of friendship between our countries, their university and academic communities,” the Deputy Prime Minister said.

    Dmitry Chernyshenko added that the main theme of the week – “Science Around Us” – will unite more than 500 different events. Leading Russian and Chinese scientists, popularizers of science and representatives of science-intensive companies will share their knowledge and practices in the field of research and development.

    Rector of Moscow University, Academician Viktor Sadovnichy, speaking about the Nauka 0 Open Week in Shenzhen, noted the importance of the event for the development of science and education.

    “This is the second time that we are holding the Nauka 0 Open Week at the joint Russian-Chinese university MSU-PPI. This is a gift from the university community of Russia and China to all those who share our conviction that science and education are the key areas of civilization development and the basis for cooperation between peoples in the modern world. As part of the Nauka 0 Open Week, our students and teachers, as well as leading scientists from academic institutes, will take part in hundreds of popular science and educational events. Their goal is to once again remind society of the results and significance of the researcher’s work. It is important to demonstrate, using outstanding scientific achievements as an example, how scientists’ discoveries affect our present and future,” Viktor Sadovnichy emphasized.

    On the Russian side, the festival is organized by the Ministry of Education and Science of Russia with the support of Lomonosov Moscow State University, the Russian Academy of Sciences, scientific and educational organizations and corporations. On the Chinese side, the organizers are the joint Russian-Chinese university MSU-PPI in Shenzhen, and the government of Shenzhen.

    Leading Russian scientists will give popular science lectures from October 25 to 27. During master classes, festival visitors will also learn what liquid wires are, create a magnet, feed a single-celled hydra, and extract DNA from a banana. They will see a unique FNIRS device designed to read brain parameters in several people at the same time. Visitors will also try to determine the age of a fish by its scales, print their own DNA on a 3D printer, and learn Chinese calligraphy. And during a “bio tour,” participants will learn about the flora of the MSU-PPI campus.

    The festival aims to tell the general public in a clear and accessible language what science is, what scientists do, how scientific research improves the quality of life and what prospects it opens up for modern man.

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: DIO and Royal Navy sign contract for construction project in Cornwall

    Source: United Kingdom – Executive Government & Departments

    The Defence Infrastructure Organisation and Royal Navy mark milestones in major project at Royal Naval Air Station Culdrose.

    Representatives of RNAS Culdrose, Royal Navy Infrastructure, Kier Construction, Mott MacDonald and Defence Infrastucture Organisation inspect plans to demolish and replace the Engineering Training School. Credit: Crown Copyright

    The Defence Infrastructure Organisation (DIO) and the Royal Navy have concluded a contract-signing and groundbreaking ceremony for a major construction project at Royal Naval Air Station (RNAS) Culdrose in Cornwall. 

    This marks the beginning of work on a £99.5 million project to replace and refurbish the 820 Naval Air Squadron (NAS) hangars, associated office buildings, and the full replacement of the Engineering Training School (ETS).  The contract was awarded to Keir Construction with Mott MacDonald as the designated Technical Services Provider.

    DIO and its contractors will deliver the project on behalf of the Royal Navy, with the first phase seeing the construction of a new air Engineering Training School, a new hangar and refurbishment of existing buildings for 820 Naval Air Squadron, the helicopter unit dedicated to protecting the Navy’s aircraft carrier strike groups. The project covers a combination of demolition, a new build within the same site footprint, and the refurbishment of existing infrastructure. 

    Sustainability will be a key feature of the project which will include integrated water-saving measures, Net Zero carbon emissions, solar photovoltaic panels, energy efficient lighting, and air source heat pumps to improve energy efficiency and contribute to carbon reduction.

    RNAS Culdrose is integral to the UK’s defence posture and is home to the Royal Navy’s anti-submarine warfare helicopter fleet. RNAS Culdrose also houses the Engineering Training School responsible for Air Engineering (AE) specialist training, delivering fully trained engineers to support Merlin helicopter operations.

    L to R: Andy Roberts of Mott MacDonald; Stu Johnson, Head of Navy Infrastructure; Cpt Stuart Irwin, Culdrose CO; Doug Lloyd of Kier Construction; and Dan Ross of DIO. Credit: Crown Copyright

    Daniel Ross, DIO Programme Director, Major Programmes and Projects, said:

    “I am delighted that we can celebrate this significant milestone at RNAS Culdrose, marking the next phase of collaboration with our suppliers and the Royal Navy. Building on the sustainable designs already delivered, the project will continue to contribute towards defence’s Net Zero targets and ultimately enhance our military capability.”

    Captain Stuart Irwin, Commanding Officer, Royal Naval Air Station Culdrose said:

    “This project marks the start of an exciting regeneration and investment in RNAS Culdrose with new, modern facilities. The Engineering Training School is at the heart of our operations to maintain the Merlin helicopter fleet. Our young people, many of whom are just at the start of their naval careers, will learn how to maintain aircraft in a high-tech and modern teaching environment.

    The refurbishment of aircraft hangars and buildings at 820 Naval Air Squadron is another significant investment. It will provide us with more suitable and sustainable places to operate Merlin Helicopter Force now, and into the future.”

    Stu Johnston, Deputy Head, Navy Infrastructure and Projects, Senior Responsible Officer, said:

    “The DIO and Navy infrastructure teams have worked closely to develop what will be hangar and training facilities fit for the 21st Century Royal Navy.  The project will reflect our wider sustainability and energy efficiency ambitions. The team has embraced a collaborative and agile approach built on years of hard work by stakeholders.”

    Doug Lloyd, Regional Director, Kier Construction, said:

    “We are delighted to have the opportunity to work with the Defence Infrastructure Organisation and the Royal Navy to deliver these new facilities.  We have a wealth of experience in delivering buildings of the highest quality across the defence estate and are proud to be creating this important enabler to the UK’s future defence capability.”

    Chris Ackerman, DIO Account Lead for Mott MacDonald, said:

    “We are really pleased to be working for DIO as their Technical Service Provider and alongside Kier, the Principal Contractor.  This project will provide a suite of modern and sustainable infrastructure for the Royal Navy in accordance with the Defence Operational Energy Strategy.”

    The project is scheduled for delivery in the spring of 2028.

    A proposed impression of the new Engineering Training School at RNAS Culdrose. Credit: Crown Copyright

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: National Apprenticeship Week 2025 website and toolkit launched

    Source: United Kingdom – Executive Government & Departments

    New website and toolkit launched ahead of next annual celebration of skills and apprenticeships

    Preparations are underway for the 18th annual celebration of apprenticeships and skills and the contributions they make to businesses and communities.

    Individuals, employers, and partners from across England are gearing up for National Apprenticeship Week (NAW) 2025 following the launch of a new website and communications toolkit.

    National Apprenticeship Week will take place 10-16 February 2025, with people from across the country being asked to get involved by sharing the good work apprentices do. NAW will highlight how apprenticeships are an excellent option to consider for young people wishing to start a career, for employees looking to progress in their current role or retrain for a new career, or for employers needing to fill skills gaps to help grow their business.

    The NAW website and toolkit contain support and guidance on how to get involved. This includes social media graphics, key apprenticeship messages, facts and figures, graduation toolkits, and advice so that individuals and businesses can explore the full range of benefits that apprenticeships offer.

    Apprenticeships and skills programmes are a key element of the government’s aim of boosting opportunities for young people following the recent announcement of apprenticeship reforms in England.

    Skills Minister Jacqui Smith said:

    We are focused on apprenticeships all year round, and I am looking forward to celebrating the achievements of the thousands who take on apprenticeships every year this coming National Apprenticeship Week.

    They wouldn’t have these opportunities without the support of employers who train these talented individuals in the skills we need for the future.

    With our new Growth and Skills Levy, we are giving these businesses greater flexibility over their training, and through Skills England we will boost opportunities across the country so even more people can get on in life and drive our economic recovery.

    From November, an events map will be available online for organisers to register their own celebrations so that local communities can also get involved, followed by the announcement of the National Apprenticeship Week 2025 Supporters Club – a list of leading employers sharing how apprenticeships are benefiting their organisation and    how they’re lending their support to NAW 2025.

    The week itself will also shine a spotlight on other government skills and training programmes, such as Higher Technical Qualifications and Skills Bootcamps. T Level Thursday will return, with a focus on the experiences of T Level students and the contributions they are making during their industry placements. A dedicated toolkit to support T Level Thursday will also be available.

    National Apprenticeship Week 2025 is part of the Department for Education’s ongoing Skills for Life campaign which is engaging young people, adult learners, and employers with government skills and training programmes and the opportunities they bring.

    Please visit the National Apprenticeship Week 2025 website for more information, to download the toolkits, and to get involved.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bridge Strike Guidance

    Source: United Kingdom – Executive Government & Departments

    A few years ago, after a high number of bridge strikes across the country, the Senior Traffic Commissioner, Richard Turfitt, wrote a letter to all operators across the country.

    Whilst the number of incidents has declined, many new operators have joined the industry and bridge strikes still remain a serious issue. The advice forms an integral part of the messaging sent to all operators joining the industry. The STC has now chosen to make it available to all current operators and drivers, through the Traffic Commissioners website.

    Bridge strikes are avoidable, and their cost is huge, both in monetary and safety terms.

    Commercial vehicle operators and drivers have a duty to take all practical steps to ensure that vehicles avoid colliding with infrastructure. This starts at the very basics with adequate training on risk assessment.

    The Senior Commissioner suggests some control measures which operators and drivers can take, including the information which should be given to those planning or altering a route. Network Rail also publishes useful good practice guides.

    Operators and drivers who fail to take appropriate measures can find themselves subject to significant regulatory action.

    The letter can be found here: https://draft-origin.publishing.service.gov.uk/government/publications/letter-to-operators-of-large-vehicle-regarding-bridge-strikes

    For any further details or enquiries, please contact:

    pressoffice@otc.gov.uk

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: IMF’s Sub-Saharan Africa Regional Economic Outlook: Reform Amid Great Expectations

    Source: IMF – News in Russian

    October 25, 2024

    • Growth in sub-Saharan Africa is projected at 3.6% in 2024, unchanged from 2023, with a modest increase to 4.2% in 2025 — insufficient to significantly reduce poverty or address development challenges.
    • Macroeconomic vulnerabilities persist and inflation remains high in many countries, while elevated public debt and rising debt service costs are crowding-out resources for development spending.
    • Policymakers face a tough balancing act in reducing vulnerabilities while addressing development needs and ensuring socially acceptable reforms amid tight financing constraints.

    Washington, DC: Sub-Saharan Africa’s economic growth is projected to remain subdued at 3.6 percent in 2024, unchanged from 2023, with a modest pickup to 4.2 percent expected in 2025, according to the latest IMF Regional Economic Outlook for Sub-Saharan Africa published today. The report notes that countries in the region are still grappling with macroeconomic imbalances, tight financing conditions, amid rising social pressures, leaving policymakers facing difficult choices in implementing reforms.

    “Sub-Saharan African countries are navigating a complex economic landscape marked by both progress and persistent vulnerabilities,” said Abebe Aemro Selassie, Director of the IMF’s African Department. “While many of the region’s countries are among the world’s fastest-growing economies, resource-intensive countries —particularly oil exporters— continue to struggle with lower growth rates. Inflation is declining but remains in double digits in nearly one-third of countries. Public debt has stabilized at a high level, with rising debt service burdens crowding out resources for development spending.”

    “While we are seeing some improvement in macroeconomic imbalances, growth remains insufficient to significantly reduce poverty or address substantial developmental challenges in the region.”

    The report includes focused notes addressing critical issues facing the region: the urgent need for job creation, the economic divergence between resource-rich and non-resource-rich countries, and the positive effects of striving for greater gender equality.

    Against this backdrop, Mr. Selassie pointed to priorities for policymakers in the region:

    “The policy mix should be consistent with the size of macroeconomic imbalances, while taking into account the political economy constraints that will affect the pace of reforms.

    “Countries with high macroeconomic imbalances are more likely to resort to relatively large and frontloaded fiscal reforms, given the tight financing constraints. The need for financial support from the international community is most acute for this group.

    “For countries with lower imbalances, policymakers should consider easing monetary policy toward a more neutral stance, while rebuilding fiscal and external buffers over time.”

    “Policymakers need to focus on designing reforms that are socially acceptable, including effective communication and consultation strategies and measures to protect the most vulnerable.

    “With continued efforts, sub-Saharan Africa can address its current challenges and move towards more sustainable and inclusive growth,” Mr. Selassie concluded. “However, the path ahead requires careful policy calibration and a strong commitment to implementing necessary reforms while managing social pressures.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/25/pr-24395-ssa-imf-ssa-reo-reform-amid-great-expectations

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Global: Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    The recent Brics summit in the Russian city of Kazan was less notable for what happened at the meeting than for what happened before, on the margins, or not at all. Among the notable things that did not happen was another expansion of the organisation.

    Since the addition of Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) at the 2023 Brics summit in Johannesburg, which almost doubled the number of member countries from the original five (Brazil, Russia, India, China and South Africa), further enlargement has stalled.

    Argentina, which was also invited in 2023, declined to join. Saudi Arabia, another 2023 invitee, has not acted on the offer to become a member either. Its de-facto ruler, crown prince Mohammad bin Salman, was among the notable absentees in Kazan.

    And Kazakhstan, Russia’s largest neighbour in Central Asia, decided not to join shortly before the summit. This drew Russia’s ire, resulting in a prompt ban on imports of a range of agricultural products from Kazakhstan in retaliation.

    While invitees have declined the opportunity to join Brics, a long list of applicants have not been offered membership. According to a statement by Russia’s president, Vladimir Putin, at a meeting of senior Brics security officials in September, 34 countries have expressed an interest in closer relations with Brics in some form.

    This appears to be a substantial increase in interest in Brics membership compared to a year ago, when South Africa’s foreign minister, Naledi Pandor, listed 23 applicants ahead of the 2023 summit.

    But the fact that, since then, only six invitations have been extended – and four accepted – indicates that formal enlargement of the organisation, at least for now, has been stymied by the inability of current members to forge consensus over the next round of expansion and the reluctance on the part of some invitees to be associated with the organisation.

    Meetings on the margins

    The summit declaration may offer little of substance. But there were a number of bilateral meetings before and in the margins of the gathering that are more indicative of the direction of Brics. Perhaps most importantly, India’s prime minister, Narendra Modi, and China’s president, Xi Jinping, held their first face-to-face discussion in five years.

    This is a remarkable change from just a few months ago, when tensions between New Delhi and Beijing were intense enough for Modi to cancel his participation in the summit of the Shanghai Cooperation Organisation in Astana, Kazakhstan. Yet, with a deal now reached over their countries’ longstanding border dispute, the two most populous and, in terms of GDP, economically most powerful members of Brics have an opportunity to rebuild their fraught relations.

    A warming of relations between China and India could generate more momentum for Brics to deliver on its ambitious agenda to develop, and ultimately implement, a vision for a new global order. Implicit in this would be a shift of leadership in Brics from China and Russia to China and India, and with it, potentially a change from an anti-western to a non-western agenda.

    This is, of course, something that exercises Putin. He acknowledged as much when he referred to the global south and global east in his remarks at the summit’s opening meeting. He also emphasised that it was important “to maintain balance and ensure that the effectiveness of Brics mechanisms is not diminished”.

    In his own bilateral meetings before and during the summit, Putin drove home the point that, despite western efforts, Russia was far from isolated on the world stage. One-to-one meetings with Xi, Modi, South Africa’s president, Cyril Ramaphosa, and the president of the UAE, Mohammed bin Zayed Al Nahyan, gave Putin the chance to push his own vision of Brics as a counterpoint to the US-led west.

    This may be a view shared in the global east – Russia, China and Iran, as well as non-Brics members North Korea, Cuba and Venezuela. But many in the global south – particularly India and Brazil – are unlikely to go all in with this agenda. They will focus on benefiting from their Brics membership as much as possible while maintaining close ties with the west.

    Lacking a coherent agenda

    India is the most significant player in Brics when it comes to balancing between east and west. Nato member Turkey is the equivalent on the outside. The country’s president, Recep Tayyip Erdoğan, travelled to Kazan and did not shy away from an hour-long meeting with his “dear friend” Putin.

    The relationship between Moscow and Ankara is fractious and complex across a wide range of crises from the South Caucasus, to Syria, Libya and Sudan. Yet, on perhaps the most divisive issue of all, Russian aggression towards Ukraine, Turkey has consistently maintained opened channels of communication with Russia and remains the only Nato power able to do so.



    Read more:
    Turkey attempts to broker power between east and west as it bids to join Brics

    The fact that there has been relatively little public pressure from official sources in the west on Erdoğan to stop is probably a reflection that such communication channels are still valued in the west. This, and Nato’s continued cooperation with India, point to a hedging strategy by the west. India cooperates with the US, Australia and Japan – the so-called Quad group of nations – on security in the Indo-Pacific, and it has maintained political dialogue with Nato since 2019.

    Turkey and India may not see eye-to-eye with the west on all issues. But neither do they with the global east camp inside Brics, and especially not with Russia. If nothing else, this limits the ability of Brics to forge a coherent agenda, deepen integration and ultimately mount a credible challenge to the existing order.

    Relying on India and Turkey to do the west’s bidding in undermining Brics, however, is not a credible long-term strategy. Brics may have achieved little as an organisation, but the Kazan summit declaration indicates that its key players continue to harbour aspirations for more.

    However, as the flailing expansion drive of the organisation indicates, there is also an internal battle in Brics over its future direction. This, in turn, creates space and time for the west to exercise more positive and constructive influence in the ongoing process of reshaping the international order.

    The global east may be beyond redemption, but there is still a massive opportunity to reengage with the global south.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time – https://theconversation.com/russias-brics-summit-shows-determination-for-a-new-world-order-but-internal-rifts-will-buy-the-west-some-time-241610

    MIL OSI – Global Reports –

  • MIL-OSI Global: From fish to clean water, the ocean matters and here’s how to quantify the benefits

    Source: The Conversation – UK – By Stefanie Broszeit, Senior Scientist, Marine Ecosystem Services, Plymouth Marine Laboratory

    Drake’s Island in Plymouth Sound, Devon, is part of the UK’s first national marine park. Artur Niedzwiedz/Shutterstock

    Nature protection, conservation and restoration is “not a trivial matter but key to human survival,” according to scientists quoted in a 2005 UN report. To demonstrate this, they developed the concept of “ecosystem services” – the benefits that people derive from nature. Over the next 20 years, this concept has been in constant development to reflect our growing understanding of how ecosystems work and how we benefit from them.

    For many people, it feels wrong to take a human-centred view on nature. But for governments and conservation organisations, this concept is a useful tool. It helps us quantify the value of nature and make sure certain aspects are conserved and protected.

    My team and I provide other scientists with information about how coastal areas help to regulate the climate and reduce water pollution. In part, we work with marine conservation experts who restore ecosystems that have been depleted, such as seagrass or oyster beds. This can help choose the best approaches to restoring coastal areas to healthy habitats while providing other benefits, such as shelter for young fish or food for seabirds. Another group of scientists use our data to assess the value of these habitats, now and in the future once they have been restored to good health.

    In my work as a marine ecologist, I split ecosystem services into three different groups. First, provisioning services include the provision of food or timber along many other material gains we get from nature. For marine ecosystem services ,this includes fish and chemicals used for research and medicines. Second, regulating services support our planet and human wellbeing. Mussels clean water by filtering it and seagrass takes up and stores carbon dioxide from the atmosphere, thereby helping to regulate the climate. Third, cultural services include leisure and recreation such as sea swimming or fishing.

    Diving deeper

    A baby crab on seagrass growing at Kingsand, Plymouth Sound.
    Stefanie Broszeit, CC BY-NC-ND

    To better understand these marine ecosystem services and how to use them sustainably, my research delves into some of the more complicated processes that regulate ecosystem services. In terms of the ocean’s role in regulating climate, it’s not just about seagrass.

    Seaweeds such as kelp take up carbon too, but cannot bury it in the soil beneath them due to holding onto rocks rather than having roots. They store carbon by getting buried in the deep sea when they are whipped off the rocks during winter storms and transported by currents into deeper waters. There, worms and crabs can feed on this important food source, drawing the carbon deeper into the sediment.

    Another step is to measure the benefits of particular ecosystem services. Food provision can be relatively easily measured by data collected by harbours to quantify how much fish is being landed and sold. So we can estimate the volume of harvested fish and calculate their market value. Some cultural services, such as measuring the wellbeing benefits people receive from interacting with coastal environments, can be more difficult to measure.

    Plymouth Sound is a great place to assess both benefits to human wellbeing and marine ecology, because not only is this city a hotspot for marine biology research with three internationally recognised marine institutes, it’s also the UK’s first national marine park. Here, I can engage not only with the ecological sciences and datasets but also with environmental psychologists who study how nature affects us and how we affect nature. My team and I have created the marine, social and natural capital laboratory to explore this more.

    Plymouth Sound provides a multitude of ecosystem services.
    Robert Harding Video/Shutterstock

    Because of so many complex variables, it’s important that scientists like me choose the appropriate indicators to estimate the value of contributions from different ecosystem services. Then, we can assess whether interventions such as restoring seagrass or building a port might help or hinder the marine environment.

    Often, different ecosystem services might interact or conflict with each other. Fishing in the northeast Atlantic might, for example, negatively affect marine mammals such as seal if the fish they rely on as food are also being eaten by humans. So we need to look at the bigger picture to assess all of the ecosystem services provided by a particular area of ocean. And as our understanding of ecosystem services develops, we can refine efforts to give nature a helping hand.

    Swimming, sailing, even just building a sandcastle – the ocean benefits our physical and mental wellbeing. Curious about how a strong coastal connection helps drive marine conservation, scientists are diving in to investigate the power of blue health.

    This article is part of a series, Vitamin Sea, exploring how the ocean can be enhanced by our interaction with it.

    Stefanie Broszeit receives funding from the United Kingdom Research and Innovation and from Horizon Europe, funding European research through the European Commission.

    – ref. From fish to clean water, the ocean matters and here’s how to quantify the benefits – https://theconversation.com/from-fish-to-clean-water-the-ocean-matters-and-heres-how-to-quantify-the-benefits-241625

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Invitation letter for the European Political Community summit in Budapest

    Source: Council of the European Union

    European Council President Michel, along with the Prime Minister of Hungary, Viktor Orbán, invited heads of state and government across Europe to the fifth meeting of the European Political Community, which will take place in Budapest on 7 November 2024.

    MIL OSI Europe News –

  • MIL-OSI Russia: Dmitry Grigorenko: The effectiveness of inspections by regulatory authorities has increased

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The effectiveness of inspections by regulatory authorities has increased over the first nine months of 2024. This was discussed at a meeting of Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko with regulatory authorities.

    “The main result is that we have reoriented the work of control bodies to a risk-oriented approach. This means that inspections are carried out only where there is a risk of violating the law. When a business conscientiously complies with mandatory requirements, there is no reason to come to it. The entire inspection system has been digitalized and has become absolutely transparent. Both the Government and the prosecutor’s office – we see when, where and on what grounds the inspector went, what violations he identified during the inspection,” commented Dmitry Grigorenko.

    The most effective checks remain those based on the triggering of risk indicators. Over the first nine months of 2024, the accuracy of checks based on the triggering of indicator signals reached 87%, while for the same period in 2023 it was 69%. For comparison: the average effectiveness of checks for all other reasons today is about 60%. Effectiveness is understood as the ratio of the validity of the check and the violations identified during the inspection.

    A risk indicator is a set of features that reflects compliance by a controlled entity with mandatory requirements. If the indicator gives a signal, then there is a high probability that mandatory requirements may be violated at the facility. The number of risk indicators is steadily growing. Today, there are 481 risk indicators in the arsenal of control and supervisory authorities. By the end of the year, it is planned to introduce 20 more.

    According to the results of the first nine months of the current year, the volume of inspections based on risk indicators has doubled. The total number of inspections (scheduled and unscheduled for other reasons) has been steadily decreasing – by almost 4.2 times since 2019. Over the first nine months of 2024, 284 thousand inspections were carried out, at the level of the same period last year.

    At the meeting, the participants also discussed the need to further improve the supervisory system and the risk system based on feedback from businesses. The government receives it through the service for pre-trial appeal of decisions of regulatory authorities. The service is in high demand, with more than 5,000 applications submitted in the first nine months of 2024, which is the same as in 2023. This year, the ability to challenge the assigned risk category, appeal orders based on the results of events without interaction, and file objections to the announced warning has been added.

    Representatives of the Prosecutor General’s Office and the Ministry of Economic Development also took part in the meeting.

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

    MIL OSI Russia News –

  • MIL-OSI Europe: EU concludes crisis response exercise EU Integrated Resolve 2024

    Source: European Commission – Justice

    European Commission Press release Brussels, 25 Oct 2024 The EU has concluded successfully the EU Integrated Resolve 2024, a joint exercise co-led by the Council of the EU, the European Commission, as well as the European External Action Service.

    MIL OSI Europe News –

  • MIL-OSI Security: Two men charged with murder of Ahmed Deen-Jah

    Source: United Kingdom London Metropolitan Police

    Two men will appear in court charged with the murder of Ahmed Deen-Jah who died after being stabbed in east London in 2017.

    [D] Lekan Akinsoji – 26 (15.01.98) of no fixed abode and [E] Sundjata Keita – 26 (11.03.98) of St Margaret’s Court, E12 will appear at Thames Magistrates’ Court on Saturday, 26 October.

    Both were arrested on Friday, 25 October.

    Ahmed died after being attacked in Freemasons Road, Custom House on 2 April 2017.

    MIL Security OSI –

  • MIL-OSI: Credit Agricole Nord de France – Resultats Financiers au 30 Septembre 2024

    Source: GlobeNewswire (MIL-OSI)

    Lille, le 25 octobre 2024

    Résultats financiers au 30 Septembre 2024
     du Crédit Agricole Mutuel Nord de France

      Septembre 2024 Septembre 2023 Variation

                                             

    Activité :      
    Encours de collecte globale 38 188 M€  37 110 M€ 2,90%
    Encours de crédit 28 749 M€  28 862 M€ -0,39%
           
    Résultats sociaux* :      
    Produit Net Bancaire 494,2 M€  455,6 M€ 8,47%
    Résultat Brut d’Exploitation  206,9 M€ 158,7 M€ 30,38%
    Résultat Net  126,7 M€  114,7 M€ 10,45%
           
    Résultats consolidés IFRS :      
    Produit Net Bancaire 545,8 M€  495,8 M€ 10,08%
    Résultat Brut d’Exploitation  226,8 M€  162,4 M€ 39,66%
    Résultat Net Part du Groupe 157,7 M€  129,1 M€ 22,18%
                     
    Structure financière :      
    Bilan consolidé 38 221 M€  38 273 M€** -0,14%
    Ratio CET1 Bâle 3 28,37%*** 29,05% -0,68 pts
    Ratio de liquidité LCR 1 mois**** 120,97% 156,99%  -36,02 pts
    Ratio Crédit Collecte (yc Greenlease) 124,08% 125,69% -1,61 pts

    Le Conseil d’Administration a arrêté, lors de sa séance du 25 Octobre 2024, les Comptes sociaux et consolidés du Crédit Agricole Nord de France au 30 Septembre 2024.

    • Activité commerciale

    Depuis le 1er janvier plus de 42 380 clients ont rejoint la Caisse régionale, portant le total de clients à 1,15 million. La Caisse régionale devait franchir le seuil symbolique de 1 Million de Clients particuliers à la fin de l’année 2024.

    L’activité crédits progresse de 24,9 % par rapport au troisième trimestre 2023, pour s’établir à 2,7 Mrds€ de réalisations mais les encours de crédits s’affichent en léger recul de 0,4 % à 28,7 Mrds€. Les crédits aux entreprises se maintiennent à un niveau élevé et les réalisations de crédit habitat progressent de 19,1% par rapport au T3 2023, sans pour autant revenir à la dynamique des années antérieures.

    L’encours d’épargne progresse de 2,9 % sur 12 mois, pour s’établir à 38,2 Mrds€. Cette épargne est portée par les dépôts à terme qui s’élèvent désormais à 4,3 Mrds€ (soit 11,2% du total de la collecte). L’encours des dépôts à vue baisse de 8,4% sur un an et l’épargne de nos clients est orientée vers des supports mieux rémunérés. Cette déformation du profil de la collecte impacte la marge d’intermédiation mais la dynamique de notre activité en atténue les effets.

    L’activité assurances s’intensifie, avec un nombre de contrats d’assurance de biens et de personnes qui progresse de 34 500 contrats, soit une hausse de 4,6%. La Caisse régionale devrait franchir le seuil symbolique de 100.000 contrats vendus en 2024.

    • Résultat social

    Le Produit Net Bancaire de la Caisse régionale, à 494,2 M€, est en hausse de 8,5%. Cette évolution est le reflet d’une activité commerciale soutenue, d’une marge d’intermédiation qui montre une inflexion à la hausse et d’une bonne performance des filiales et participations.

    Les charges générales d’exploitation affichent une baisse de -3,2%. La hausse des salaires est compensée partiellement par les efforts d’optimisation et de rationalisation de nos charges et par l’absence de dotation au Fonds de Résolution Unique.

    En 2024, la Caisse régionale est impactée par une hausse significative du coût du risque, qui s’établit à -49,4 M€ en septembre. Elle s’explique notamment par une montée du risque de contrepartie sur le segment des entreprises et des professionnels. Ce coût du risque ne s’améliorera pas sur la fin de l’année 2024 et est le reflet d’une dégradation de la situation économique.

    Le résultat net social intègre une dotation du FRBG (Fonds pour Risques Bancaires Généraux) de 20 M€.

    Après prise en compte des autres incidences sur le résultat, le résultat net social (y compris résultat des titrisations) s’établit à 126,7 M€, en hausse sur un an de 10,5%.

    • Résultat consolidé

    Le résultat net consolidé du Groupe Crédit Agricole Nord de France s’élève à 157,7 M€, en hausse de 22,2% sur un an, en lien principalement avec l’évolution du résultat brut d’exploitation de la Caisse régionale.

    La contribution des Pôles métiers au résultat net consolidé s’établit comme suit : 

    • Pôle Bancassurance : 144,1 M€ contre 120,4 M€ au 30 Septembre 2023,
    • Pôle Capital Investissement : 8,4 M€ contre 8,2 M€ au 30 Septembre 2023,
    • Pôle Presse : 0,4 M€ contre 0,1 M€ au 30 Septembre 2023,
    • Pôle Foncière : 3,7 M€ contre 2,4 M€ au 30 Septembre 2023,
    • Pôle Immobilier : 1,6 M€ contre – 1,2 M€ au 30 Septembre 2023,
    • Pôle Innovation : – 0,4 M€ contre – 0,8 M€ au 30 Septembre 2023.
    • CCI Nord de France

    Le certificat coopératif d’investissement a clôturé à 12,19 € au 30 septembre 2024, en baisse de 4,5 % depuis le 31 décembre 2023.

    • Perspectives

    Depuis l’été 2024, l’environnement des taux est plus favorable à l’investissement mais la dégradation de l’environnement économique peut impacter la dynamique crédits sur les prochains mois. La remontée du rendement de nos encours crédits devrait se poursuivre et le coût de la collecte et du refinancement se stabiliser après avoir été fortement impacté par la transformation de la collecte. Ces effets favorables sur la marge d’intermédiation devraient s’accentuer progressivement. La dégradation du coût du risque reste un élément de prudence et la Caisse régionale poursuit ses efforts pour maintenir un niveau de couverture élevé dans un contexte économique incertain.

    *            *            *

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Analysis: Has Azerbaijan Successfully Domesticated Islam?

    Source: Universities – Science Po in English

    With COP29, hosted by Baku, right around the corner, let’s have a look at Azerbaijan and its secular history with Altay Goyushow, professor of history at Baku State University and visiting scholar at Sciences Po Center for International Studies (CERI).

    A fine observer of the Azerbaijani regime, he answers the questions of Miriam Périer (CERI) about the ruling elite’s attitude toward religion, and Islam in particular, and the need to look back at the Soviet period to understand the current situation.

    > Read the full interview on CERI’s website.

    What is the aim of the current Azerbaijani ruling elite’s policies in the field of religion?

    Azerbaijan is a secular state. A genuine secularist movement was started in Azerbaijan in the mid-nineteenth century by the local Russian and European-educated intelligentsia. The greatest success of this movement was the creation of the first secular republic during the First World War and the Russian Revolution.

    In 1920, the Red Army put an end to this republic. However, during Soviet rule the secularist traditions of Azerbaijani society strengthened further, even though, as I said earlier, the collapse of the Soviet Union was accompanied by the impressive revival of religion. Soviet rule eradicated local sources of religious knowledge and because of this, in the 1990s, the revival was led primarily by foreign actors.

    Then, in the late 1990s, local clerics educated abroad took the leading role in religious proselytism. This situation was unacceptable to Azerbaijani authorities, as they wanted religious learning to be concentrated in the hands of locally educated Muslim clerics. The authorities have been pursuing a policy of domesticating Islam. Unlike the Soviets, the current Azerbaijani government does not intend to get rid of religion; they instead want to make Islamic elites into loyal supporters of the secular system and ruling elite.

    This policy has given birth to a complex religious situation in the country. On the one hand, there is an official Islam loyal to the government. On the other hand, there are Islamic communities that aim to exist without the secular state’s interference. The constitution says that the state and religion are separate; however, the real situation is much more complicated.

    Both the government and independent Islamic communities complain about interference from their counterparts. Islamic communities complain that the state infringes on their freedom of conscience, while the government complains that independent communities are a threat to the secular nature of the state.

    You mention that the current ruling elite of Azerbaijan is particularly concerned by Muharram traditions, partly because these do not correspond to so-called “civilised religion” according to the government. Can you tell us why?

    The Azerbaijani government aims to create distinct characteristics of local Islam which it describes as a “civilised” Islam. The methods used to achieve this goal include the implementation of a unique education programme for training Muslim clerics in the newly established Theological Institute, the adaptation of distinct uniforms for Azerbaijani Muslim clerics, the promotion of joint Sunni-Shi’i prayers, among other things.

    “Correcting” rituals of Muharram commemorations are among the planned reforms. It should be noted that Muharram is the most popular religious commemoration in Azerbaijan. It has been for centuries. However, beginning in the early twentieth century, some practices of Muharram commemorations, such as self-flagellation or striking oneself with swords and knives, have been heavily criticised by the local secular intelligentsia as “uncivilised” rituals.

    The Soviets launched multiple campaigns against Muharram observations like these and others. In the post-Soviet era, this approach has been continued, and some practices have been replaced with novelties, such as making blood donations instead of striking themselves with knives or self-flagellation with metal chains.

    During the last decade, another government concern has been the increased pilgrimage of Azerbaijani believers to Shi’i shrines in Iraq and Iran at the end of annual Muharram commemorations. The government considers the rising number of pilgrims to those places as a security risk. So, by implementing various measures and restrictions, the authorities are trying to curb the number of pilgrims.

    Does the Azerbaijani population support the ruling elite’s policies toward religion? What is the position of secular youth movements in the face of the government’s attitude toward independent Muslim communities?

    It is an interesting question. Azerbaijan, despite the impressive religious revival in the post-Soviet period, remains a largely secular country. So, most Azerbaijanis cherish their society’s secular characteristics and do not appreciate the interference of religion or religious communities in state affairs.

    However, state institutions’ deep interference with the life of religious communities in many instances infringes on people’s freedom of conscience. And in this particular matter, there is a generational disruption within society. While the older Soviet-trained and educated part of the society, especially the urbanised part, is not particularly critical of the excesses of the government’s religious policies, the younger population, especially its quite vocal liberal and progressive representatives, despite appreciating and praising the secular fundamentals of the society, is frequently critical of the tough measures implemented by the government in the promotion of religious conformity.

    It should also be added that ethnic nationalism is a strong feature of Azerbaijani society. And traditionally, secular nationalists have been critical of Islamic movements, and on this issue, they tend to align more with the government than Islamic communities.

    Cover image caption: Baku, Taza-Pir mosque, the seat of the Sheikh-ul-Islam, the head of the Caucasus Muslim Board. (credits: Altay Goyushow)

    MIL OSI Europe News –

  • MIL-OSI Security: Defense News: U.S. Naval Forces Participate in Republic of Korea Multi-National Mine Warfare Exercise

    Source: United States Navy

    Part of an annual series of exercises hosted by the ROK Navy, MNMIWEX 24 increased proficiency in mine countermeasures (MCM) operations within a multi-national naval force.

    This year’s iteration had 19 nations and approximately 100 personnel participating, making MNMIWEX 24 the largest of the series to be held.

    “I was grateful for the opportunity to work with our hosts, the ROK Navy, and our partner nations and allies,” said Capt. Antonio Hyde, commodore of Mine Counter Measures Squadron (MCMRON) Seven, which belongs to Task Force 76, U.S. 7th Fleet’s expeditionary warfare force. “This multi-national training refines how we operate in a complex maritime environment to maintain open sea-lanes and freedom of navigation for all countries in the region.”

    MCM forces from the U.S., Australia, Canada and New Zealand embarked the tank landing ship ROKS Cheon Wang Bong (LST 686), which teamed with the Avenger-class mine countermeasures ship USS Patriot (MCM 7) to conduct mine hunting operations during the eight-day at-sea phase.

    A multinational watch floor directed MNMIWEX operations ashore. This facilitated a command structure that promoted interchangeability and helped build the capacity of multinational MCM forces to operate effectively as a team.

    “Through this exercise, we improve our abilities to carry out multinational mine operations to protect major ports and sea lines of communication from the complex threats of enemy in case of emergency,” said Capt. Lee Taek-sun, commander of ROK Navy Mine Squadron 52. “We will continue to develop the combat capabilities necessary for mine warfare and further improve mine operation abilities and procedures with multinational forces.”

    MNIMIWEX 24 featured participants from the United States, Republic of Korea, Japan, the United Kingdom, Australia, Canada, New Zealand, the Republic of the Philippines, Italy, Greece, Türkiye, Thailand, Belgium, Malaysia, Oman, Colombia, United Arab Emirates, Chile and the Netherlands.

    The exercise took place in U.S. 7th Fleet, the U.S. Navy’s largest forward-deployed numbered fleet, which routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

    MIL Security OSI –

  • MIL-OSI USA: Rep. Panetta’s Statement Calling on Congress to Prioritize the Repeal of Outdated Trade Restrictions with Kazakhstan

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    Monterey, CA – United States Representative Jimmy Panetta (CA-19), chair of the House Kazakhstan Caucus, released the following statement reiterating his call for the repeal of outdated trade restrictions with Kazakhstan:

    “As we approach Kazakhstan’s Republic Day, celebrating its sovereignty from the Soviet Union, I call on the U.S. Congress to prioritize the removal of the Jackson-Vanik Amendment as it applies to Kazakhstan.”

    “The Jackson-Vanik Amendment is a Cold War relic, interfering with the United States’ efforts to grow our trade and diplomatic relationships with countries that surround Russia. This amendment continues to prevent Kazakhstan from receiving Permanent Normal Trade Relations status, despite its full compliance with the Trade Act of 1974 and status as a country annually granted Normal Trade Relations.

    “Following the collapse of the Soviet Union, Congress removed the application of the Jackson-Vanik Amendment to numerous former Soviet states, including Albania, Estonia, Armenia, Ukraine, Georgia, Kyrgyzstan, and notably, Russia. Kazakhstan remains a glaring outlier.

    “Kazakhstan is a respected member of the World Trade Organization and a reliable partner in implementing U.S. sanctions and export control regimes. The bilateral trade relationship between the United States and Kazakhstan totals $2.5 billion each year. Strengthening our trade relationship with Kazakhstan has the potential to open a new trading partner for critical minerals and other resources while fostering greater investment and diplomatic ties between our two nations. It is long overdue to eliminate this outdated amendment’s application to Kazakhstan, and I will continue my efforts to achieve this goal.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: High-Altitude ER-2 Flights Get Down-to-Earth Data

    Source: NASA

    Operating at altitudes above 99% of the Earth’s atmosphere, NASA’s ER-2 aircraft is the agency’s highest-flying airborne science platform. With its unique ability to observe from as high as 65,000 feet, the ER-2 aircraft is often a platform for Earth science that facilitates new and crucial information about our planet, especially when the plane is part of collaborative and multidisciplinary projects.
    “We’re deploying instruments and people everywhere from dry lakebeds in the desert to coastal oceans and from the stratosphere to marine layer clouds just above the surface,” said Kirk Knobelspiesse, an atmospheric scientist at NASA’s Goddard Space Flight Center.  “We live on a changing planet, and it is through collaborative projects that we can observe and understand those changes.”
    One mission that recently benefitted from the ER-2’s unique capabilities is the Plankton, Aerosol, Cloud, ocean Ecosystem Postlaunch Airborne eXperiment (PACE-PAX) project. The PACE-PAX mission uses the ER-2’s capabilities to confirm data collected from the PACE satellite, which launched in February 2024.
    The PACE observatory is making novel measurements of the ocean, atmosphere, and land surfaces, noted Knobelspiesse, the mission scientist for PACE-PAX. This mission is all about checking the accuracy of those new satellite measurements.

    “The ER-2 is the ideal platform for PACE-PAX because it’s about the closest we can get to putting instruments in orbit without actually doing so,” Knobelspiesse said.
    The collaborative project includes a diverse team of researchers from across NASA, plus the National Oceanic and Atmospheric Administration (NOAA), the Netherlands Institute for Space Research (SRON), the University of Maryland, Baltimore County, the Naval Postgraduate School, and other institutions.
    Similarly, the Geological Earth Mapping eXperiment (GEMx) science mission is using the ER-2 over multiple years to collect observations of critical mineral resources across the Western United States.
    “Flying at this altitude means the GEMx mission can acquire wide swaths of data with every overflight,” said Kevin Reath, NASA’s associate project manager for the GEMx mission, a collaboration between the United States Geological Survey (USGS) and NASA.

    The GEMx team collects visible, shortwave infrared, and thermal infrared data using instruments installed onboard the ER-2. Combining these instruments with the aircraft’s capability to fly at high altitudes bears promising results.
    “The dataset being produced is the largest airborne surface mineralogy dataset captured in a single NASA campaign,” Reath said. “These data could help inform federal, tribal, state, and community leaders to make decisions that protect or develop our environment.”
    Learn more about the ER-2 aircraft.
    Learn more about the PACE-PAX mission.
    Learn more about the GEMx mission.
    Learn more about NASA’s Airborne Science Program.

    MIL OSI USA News –

  • MIL-OSI Security: Defense Contractor Sentenced to 15 Months in Prison for Fraud, Money Laundering, and Unlawful Export of Technical Data

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Yuksel Senbol, 36, of Orlando, Florida, was sentenced today to 15 months in prison for conspiracy to defraud the United States, conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, money laundering, conspiracy to violate the Export Control Reform Act, violating the Export Control Reform Act, and violating the Arms Export Control Act. As part of her sentence, the court also entered an order of forfeiture in the amount of $275,430.90, the proceeds of Senbol’s fraud and money laundering scheme. Senbol entered pleaded guilty on May 7.

    According to facts taken from public filings, beginning in approximately April 2019, Senbol operated a front company in the Middle District of Florida called Mason Engineering Parts LLC. She used this front company to assist her co-conspirators, Mehmet Ozcan and Onur Simsek, to fraudulently procure contracts to supply critical military components to the Department of Defense. These components were intended for use in the Navy Nimitz and Ford Class Aircraft Carriers, Navy Submarines, Marine Corps Armored Vehicles, and Army M-60 Series Tank and Abrahams Battle Tanks, among other weapons systems.

    To fraudulently procure the government contracts, Senbol and her co-conspirators falsely represented to the U.S. government and U.S. military contractors that Mason Engineering Parts LLC was a vetted and qualified manufacturer of military components, when in fact, the parts were being manufactured by Ozcan and Simsek in Turkey. As Senbol knew, Simsek’s involvement had to be concealed from the U.S. government because he had been debarred from contracting with the U.S. government after being convicted of a virtually identical scheme in the Southern District of Florida.

    In order to enable Ozcan and Simsek to manufacture the components in Turkey, Senbol assisted them in obtaining sensitive, export-controlled drawings of critical U.S. military technology. Using software that allowed Ozcan to remotely control her computer — and thus evade security restrictions that limited access to these sensitive military drawings to computers within the United States — Senbol knowingly facilitated the illegal export of these drawings. She did so despite having executed numerous agreements promising to safeguard the drawings from unlawful access or export, and in spite of the clear warnings on the face of each drawing that it could not be exported without obtaining a license.

    Once Ozcan and Simsek manufactured the components in Turkey, they shipped them to Senbol, who repackaged them — making sure to remove any reference to their Turkish origin. The conspirators then lied about the origin of the parts to the U.S. government and a U.S. government contractor to receive payment for the parts. Senbol then laundered hundreds of thousands of dollars in criminal proceeds back to Turkey through international wire transfers.

    This scheme continued until uncovered and disrupted by federal investigators. Parts supplied by Senbol were tested by the U.S. military and were determined not to conform with product specifications. Many of the components supplied to the U.S. military by Senbol were “critical application items,” meaning that failure of these components would have potentially rendered the end system inoperable.

    Alleged co-conspirators Mehmet Ozcan and Onur Simsek are fugitives.

    The General Services Administration, Office of Inspector General; Defense Criminal Investigative Service; Department of Commerce, Bureau of Industry and Security; Air Force Office of Special Investigations; FBI; Homeland Security Investigations; and Department of State, Directorate of Defense Trade Controls are investigating the case.

    Assistant U.S. Attorneys Daniel J. Marcet and Lindsey Schmidt for the Middle District of Florida and Trial Attorney Stephen Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Carter lands rail improvement grant for Brunswick Port

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter lands rail improvement grant for Brunswick Port

    SAVANNAH – Following Rep. Earl L. “Buddy” Carter’s (R-GA) letter of support, the Federal Railroad Administration today awarded $26.5 million to the Georgia Ports Authority for construction of a new rail yard at the Port of Brunswick’s Colonel Island Auto Terminal. 


    As the fastest growing Ro/Ro port in the nation, this funding will allow the Port of Brunswick to handle the increased volume of U.S. automotive exports and imports moving through it, while fostering sustainable growth, safety, and environmental stewardship.


    “The entire nation will benefit from this investment in one of the most efficiently run and heavily utilized ports in the country,”     said Rep. Carter. “Georgia’s ports are the economic engine of the southeast. By increasing their capacity to handle the growth of our state’s automotive industry, we will strengthen our economy, create jobs, and export American-made vehicles worldwide.”


    This grant is funded through the Consolidated Rail Infrastructure and Safety Improvements Program.

    Read Rep. Carter’s letter of support here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States Department of Defense

    The following statement can be attributed to Ms. Madeline Mortelmans who is currently performing the duties of the Assistant Secretary of Defense for Strategy, Plans and Capabilities. Her office is lead for both pillars of AUKUS within the department and is in close partnership with all of the DOD stakeholders.

    “Secretary Austin has said several times in the past that our alliances and partnerships are our greatest global strategic advantage. Specifically, AUKUS presents a unique opportunity for Australia, the United Kingdom and the United States to foster a more capable, more combined force of the future. And in so doing, we will strengthen deterrence in the Indo-Pacific.

    Through AUKUS, we are working across the full spectrum of capability development, generating requirements, co-developing new systems, deepening industrial based collaboration and ultimately delivering advanced capabilities to our forces. AUKUS Pillar 1 focuses these co-development efforts on delivering an advanced nuclear power submarine capability through the optimal pathway.

    Pillar 2 focuses on the development and delivery of emerging technology. AUKUS Pillar 2 is designed to harness the combined industrial and innovation bases of the tri-lateral partners to ensure that our forces are equipped with cutting edge interoperable military capabilities and prepared to face down aggression in whatever form it may take.

    In Pillar 2, we’re building a more capable combined joint force for the future, working across the full spectrum of capability development and we’re already delivering. This year, we’re advancing our undersea warfare capabilities by expanding our ability to launch and recover uncrewed underwater systems from torpedo tubes on current classes of British and US submarines, that will increase the range and capability of our undersea forces.

    We’re integrating the Stingray lightweight torpedo into the P-8A maritime patrol aircraft, which will support our forces in being more interchangeable while providing resilience to munitions stockpiles across AUKUS nations. At the same time, we’re also implementing a fundamental shift to more closely integrate our systems and break down barriers to collaboration at every stage and in every part of our systems.

    We’ve welcomed collaboration with the International Joint Requirements Oversight Council or I-JROC, a critical collaborative forum to identify and validate joint and combined requirements. The I-JROC will ensure that we have prioritized combined and joint solutions from the very start and that the capabilities we develop under Pillar 2 address some of the most pressing challenges our forces face.

    A cornerstone of AUKUS Pillar 2 remains the opportunity to leverage the best of our defense industrial bases in combined innovation communities. This year we executed the first office innovation challenge focused on electronic warfare. We announced the winners last month and our teams are working to develop a robust two-year plan to increase the collaboration between and among our innovation centers of excellence.

    By the end of the year, we’ll have convened meetings with the Advanced Capabilities Industry Forum in each country. Engagements provide an opportunity for representatives across government and industry to exchange ideas and deepen industrial based collaboration.

    This week we’re here in Jervis Bay to observe the Maritime Big Play, which is an important demonstration of AUKUS in action. The Maritime Big Play is a series of integrated trilateral experiments and exercises aimed at enhancing capability development, improving interoperability and increasing the sophistication and scale of autonomous systems in the maritime domain. These experiments address the need to expand the reach, capability and capacity of our forces in the maritime environment through the use of artificial intelligence and autonomous systems.

    Over the past several weeks, we’ve been testing and refining the ability to jointly operate uncrewed maritime systems, to share and process maritime data from all three nations, and to provide real time maritime domain awareness to support decision making. The Maritime Big Play allows AUKUS partners to practice fielding and maintaining thousands of uncrewed systems, gaining valuable experience operating in coalitions to solve realistic operational problems such as improving undersea situational awareness.

    Our work will inform AUKUS partners’ understanding of how crewed and uncrewed capabilities can be integrated to get an operational advantage, and where we can achieve cost savings and improved efficiencies in acquisition, maintenance and sustainment activities.

    Maritime Big Play isn’t just a demonstration for demonstration’s sake. It’s our goal to transition cutting edge technologies into capabilities that give our forces decisive advantage as quickly as we can. This year, Japan joined the Maritime Big Play as an observer. We look forward to deepening their participation in the coming years. All of this together underpins a more strategic approach to ensure that AUKUS and like-minded partners can operate new autonomous uncrewed systems more effectively as a coalition force from the start.

    This is only the first in our series of experiments and demonstrations. Over time, Maritime Big Play will grow and evolve to reflect the emerging technologies, new systems and new operational requirements. I want to emphasize that AUKUS is dynamic. It will grow, it will evolve as the world changes around us, and as we break down the old barriers to cooperation and inevitably discover new ones.

    AUKUS is building a foundation for deep defense industrial cooperation and delivering advanced capabilities that can and will ensure our defense forces succeed in enhancing peace and stability in the Indo-Pacific alongside UK and Australia partners both now and in the years ahead. Thank you.”

    MIL OSI USA News –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    3rd Quarter 2024 Highlights:

    • Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
    • Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
    • Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
    • The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
    • Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
    • Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
    • The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
    • Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

    Year-to-date 2024 Highlights:

    • Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
    • Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
    • The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
    • The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
    • Dividends declared in the first nine months of 2024 were $0.99 per share.
    • The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

    Financial Summary  

      At or for the Three Months ended   At or for the Nine months ended
    (Dollars in thousands, except per share and market data) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2023
    Operating results                      
    Net income $ 51,055     44,708     32,627     52,445     128,390     168,611  
    Basic earnings per share $ 0.45     0.39     0.29     0.47     1.14     1.52  
    Diluted earnings per share $ 0.45     0.39     0.29     0.47     1.13     1.52  
    Dividends declared per share $ 0.33     0.33     0.33     0.33     0.99     0.99  
    Market value per share                      
    Closing $ 45.70     37.32     40.28     28.50     45.70     28.50  
    High $ 47.71     40.18     42.75     36.45     47.71     50.03  
    Low $ 35.57     34.35     34.74     26.84     34.35     26.77  
    Selected ratios and other data                      
    Number of common stock shares outstanding   113,394,786     113,394,092     113,388,590     110,879,365     113,394,786     110,879,365  
    Average outstanding shares – basic   113,394,758     113,390,539     112,492,142     110,877,534     113,093,583     110,857,788  
    Average outstanding shares – diluted   113,473,107     113,405,491     112,554,402     110,886,959     113,137,861     110,882,718  
    Return on average assets (annualized)   0.73 %   0.66 %   0.47 %   0.75 %   0.62 %   0.83 %
    Return on average equity (annualized)   6.34 %   5.77 %   4.25 %   7.12 %   5.47 %   7.72 %
    Efficiency ratio   64.92 %   67.97 %   74.41 %   63.31 %   68.98 %   62.10 %
    Loan to deposit ratio   83.16 %   84.03 %   82.04 %   79.25 %   83.16 %   79.25 %
    Number of full time equivalent employees   3,434     3,399     3,438     3,314     3,434     3,314  
    Number of locations   232     231     232     221     232     221  
    Number of ATMs   279     286     285     274     279     274  
     

    KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

    Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

    On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      Wheatland   RMB    
    (Dollars in thousands) January 31,
    2024    		   July 19,
    2024    		   Total
    Total assets $ 777,659   $ 403,052   $ 1,180,711
    Cash and cash equivalents   12,926     76,781     89,707
    Debt securities   187,183     —     187,183
    Loans receivable   450,403     271,569     721,972
    Non-interest bearing deposits   277,651     93,534     371,185
    Interest bearing deposits   339,304     303,156     642,460
    Borrowings   58,500     4,305     62,805
    Core deposit intangible   16,936     9,794     26,730
    Goodwill   38,369     29,794     68,163
     

    Asset Summary

                      $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Cash and cash equivalents $ 987,833     800,779     1,354,342     1,672,094     187,054     (366,509 )   (684,261 )
    Debt securities, available-for-sale   4,436,578     4,499,541     4,785,719     4,741,738     (62,963 )   (349,141 )   (305,160 )
    Debt securities, held-to-maturity   3,348,698     3,400,403     3,502,411     3,553,805     (51,705 )   (153,713 )   (205,107 )
    Total debt securities   7,785,276     7,899,944     8,288,130     8,295,543     (114,668 )   (502,854 )   (510,267 )
    Loans receivable                          
    Residential real estate   1,837,697     1,771,528     1,704,544     1,653,777     66,169     133,153     183,920  
    Commercial real estate   10,833,841     10,713,964     10,303,306     10,292,446     119,877     530,535     541,395  
    Other commercial   3,177,051     3,066,028     2,901,863     2,916,785     111,023     275,188     260,266  
    Home equity   931,440     905,884     888,013     869,963     25,556     43,427     61,477  
    Other consumer   401,158     394,587     400,356     402,075     6,571     802     (917 )
    Loans receivable   17,181,187     16,851,991     16,198,082     16,135,046     329,196     983,105     1,046,141  
    Allowance for credit losses   (205,170 )   (200,955 )   (192,757 )   (192,271 )   (4,215 )   (12,413 )   (12,899 )
    Loans receivable, net   16,976,017     16,651,036     16,005,325     15,942,775     324,981     970,692     1,033,242  
    Other assets   2,456,643     2,453,581     2,094,832     2,153,149     3,062     361,811     303,494  
    Total assets $ 28,205,769     27,805,340     27,742,629     28,063,561     400,429     463,140     142,208  
     

    Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

    The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

    Credit Quality Summary

      At or for the Nine Months ended   At or for the Six Months ended   At or for the Year ended   At or for the Nine Months ended
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Allowance for credit losses              
    Balance at beginning of period $ 192,757     192,757     182,283     182,283  
    Acquisitions   3     3     —     —  
    Provision for credit losses   21,138     14,157     20,790     16,609  
    Charge-offs   (12,406 )   (8,430 )   (15,095 )   (10,284 )
    Recoveries   3,678     2,468     4,779     3,663  
    Balance at end of period $ 205,170     200,955     192,757     192,271  
    Provision for credit losses              
    Loan portfolio $ 21,138     14,157     20,790     16,609  
    Unfunded loan commitments   (1,366 )   (2,390 )   (5,995 )   (4,827 )
    Total provision for credit losses $ 19,772     11,767     14,795     11,782  
    Other real estate owned $ 432     432     1,032     —  
    Other foreclosed assets   201     198     471     48  
    Accruing loans 90 days or more past due   11,551     4,692     3,312     3,855  
    Non-accrual loans   15,937     12,686     20,816     38,380  
    Total non-performing assets $ 28,121     18,008     25,631     42,283  
    Non-performing assets as a percentage of subsidiary assets   0.10 %   0.06 %   0.09 %   0.15 %
    Allowance for credit losses as a percentage of non-performing loans   730 %   1,116 %   799 %   455 %
    Allowance for credit losses as a percentage of total loans   1.19 %   1.19 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.05 %   0.04 %   0.06 %   0.04 %
    Accruing loans 30-89 days past due $ 56,213     49,678     49,967     15,253  
    U.S. government guarantees included in non-performing assets $ 1,802     1,228     1,503     1,057  
     

    Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

    The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

    For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

    The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Third quarter 2024 $ 6,981   $ 2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
    Second quarter 2023   5,254     2,473   1.19 %   0.16 %   0.12 %
    First quarter 2023   6,260     1,939   1.20 %   0.16 %   0.12 %
    Fourth quarter 2022   6,060     1,968   1.20 %   0.14 %   0.12 %
     

    Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Deposits                          
    Non-interest bearing deposits $ 6,407,728   6,093,430   6,022,980   6,465,353   314,298     384,748     (57,625 )
    NOW and DDA accounts   5,363,476   5,219,838   5,321,257   5,253,367   143,638     42,219     110,109  
    Savings accounts   2,801,077   2,862,034   2,833,887   2,872,362   (60,957 )   (32,810 )   (71,285 )
    Money market deposit accounts   2,854,540   2,858,850   2,831,624   2,994,631   (4,310 )   22,916     (140,091 )
    Certificate accounts   3,284,609   3,064,613   2,915,393   2,742,017   219,996     369,216     542,592  
    Core deposits, total   20,711,430   20,098,765   19,925,141   20,327,730   612,665     786,289     383,700  
    Wholesale deposits   3,334   2,994   4,026   67,434   340     (692 )   (64,100 )
    Deposits, total   20,714,764   20,101,759   19,929,167   20,395,164   613,005     785,597     319,600  
    Repurchase agreements   1,831,501   1,629,504   1,486,850   1,499,696   201,997     344,651     331,805  
    Deposits and repurchase agreements, total   22,546,265   21,731,263   21,416,017   21,894,860   815,002     1,130,248     651,405  
    Federal Home Loan Bank advances   1,800,000   2,350,000   —   —   (550,000 )   1,800,000     1,800,000  
    FRB Bank Term Funding   —   —   2,740,000   2,740,000   —     (2,740,000 )   (2,740,000 )
    Other borrowed funds   84,168   88,149   81,695   73,752   (3,981 )   2,473     10,416  
    Subordinated debentures   133,065   133,024   132,943   132,903   41     122     162  
    Other liabilities   397,221   365,459   351,693   347,452   31,762     45,528     49,769  
    Total liabilities $ 24,960,719   24,667,895   24,722,348   25,188,967   292,824     238,371     (228,248 )
     

    Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

    Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

    FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Common equity $ 3,507,356     3,492,096     3,394,394     3,374,961     15,260     112,962     132,395  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )   92,345     111,807     238,061  
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594     107,605     224,769     370,456  
    Goodwill and intangibles, net   (1,106,336 )   (1,066,790 )   (1,017,263 )   (1,019,690 )   (39,546 )   (89,073 )   (86,646 )
    Tangible stockholders’ equity $ 2,138,714     2,070,655     2,003,018     1,854,904     68,059     135,696     283,810  
    Stockholders’ equity to total assets   11.50 %   11.28 %   10.89 %   10.24 %            
    Tangible stockholders’ equity to total tangible assets   7.89 %   7.74 %   7.49 %   6.86 %            
    Book value per common share $ 28.62     27.67     27.24     25.93     0.95   1.38   2.69
    Tangible book value per common share $ 18.86     18.26     18.06     16.73     0.60   0.80   2.13
     

    Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

    Cash Dividends
    On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended September 30, 2024 
    Compared to June 30, 2024, March 31, 2024 and September 30, 2023
     
    Income Summary
      Three Months ended   $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023
    Net interest income                          
    Interest income $ 289,578     273,834     279,402     264,906     15,744   10,176     24,672
    Interest expense   109,347     107,356     112,922     97,852     1,991   (3,575 )   11,495
    Total net interest income   180,231     166,478     166,480     167,054     13,753   13,751     13,177
    Non-interest income                          
    Service charges and other fees   20,587     19,422     18,563     19,304     1,165   2,024     1,283
    Miscellaneous loan fees and charges   4,970     4,821     4,362     4,322     149   608     648
    Gain on sale of loans   4,898     4,669     3,362     4,046     229   1,536     852
    Gain (loss) on sale of securities   26     (12 )   16     (65 )   38   10     91
    Other income   4,223     3,304     3,686     2,633     919   537     1,590
    Total non-interest income   34,704     32,204     29,989     30,240     2,500   4,715     4,464
    Total income $ 214,935     198,682     196,469     197,294     16,253   18,466     17,641
    Net interest margin (tax-equivalent)   2.83 %   2.68 %   2.59 %   2.58 %            
     

    Net Interest Income
    The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

    The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

    Non-interest Income
    Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023
    Compensation and employee benefits $ 85,083   84,434   85,789   77,387   649     (706 )   7,696  
    Occupancy and equipment   11,989   11,594   11,883   10,553   395     106     1,436  
    Advertising and promotions   4,062   4,362   3,983   4,052   (300 )   79     10  
    Data processing   9,196   9,387   9,159   8,730   (191 )   37     466  
    Other real estate owned and foreclosed assets   13   149   25   15   (136 )   (12 )   (2 )
    Regulatory assessments and insurance   5,150   5,393   7,761   6,060   (243 )   (2,611 )   (910 )
    Intangibles amortization   3,367   3,017   2,760   2,428   350     607     939  
    Other expenses   25,848   22,616   30,483   20,351   3,232     (4,635 )   5,497  
    Total non-interest expense $ 144,708   140,952   151,843   129,576   3,756     (7,135 )   15,132  
     

    Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

    Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

    Federal and State Income Tax Expense
    Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

    Efficiency Ratio
    The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

    Operating Results for Nine Months Ended September 30, 2024
    Compared to September 30, 2023
     
    Income Summary
      Nine months ended    
    (Dollars in thousands) Sep 30,
    2024    		   Sep 30,
    2023    		   $ Change   % Change
    Net interest income              
    Interest income $ 842,814     $ 744,159     $ 98,655     13  %
    Interest expense   329,625       218,933       110,692     51  %
    Total net interest income   513,189       525,226       (12,037 )   (2 )%
    Non-interest income              
    Service charges and other fees   58,572       56,042       2,530     5  %
    Miscellaneous loan fees and charges   14,153       12,451       1,702     14  %
    Gain on sale of loans   12,929       9,974       2,955     30  %
    Gain (loss) on sale of securities   30       (202 )     232     (115  )%
    Other income   11,213       8,949       2,264     25  %
    Total non-interest income   96,897       87,214       9,683     11  %
    Total Income $ 610,086     $ 612,440     $ (2,354 )   —  %
    Net interest margin (tax-equivalent)   2.70 %     2.79 %        
     

    Net Interest Income
    Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

    Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

    Non-interest Income  
    Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

      Nine months ended        
    (Dollars in thousands) Sep 30,
    2024    		   Sep 30,
    2023    		   $ Change   % Change
    Compensation and employee benefits $ 255,306   $ 237,628   $ 17,678   7 %
    Occupancy and equipment   35,466     33,045     2,421   7 %
    Advertising and promotions   12,407     12,020     387   3 %
    Data processing   27,742     25,241     2,501   10 %
    Other real estate owned and foreclosed assets   187     41     146   356 %
    Regulatory assessments and insurance   18,304     16,277     2,027   12 %
    Core deposit intangibles amortization   9,144     7,304     1,840   25 %
    Other expenses   78,947     63,606     15,341   24 %
    Total non-interest expense $ 437,503   $ 395,162   $ 42,341   11 %
     

    Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

    Provision for Credit Losses
    The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

    Federal and State Income Tax Expense
    Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

    Forward-Looking Statements  
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Assets              
    Cash on hand and in banks $ 342,105     271,107     246,525     264,067  
    Interest bearing cash deposits   645,728     529,672     1,107,817     1,408,027  
    Cash and cash equivalents   987,833     800,779     1,354,342     1,672,094  
    Debt securities, available-for-sale   4,436,578     4,499,541     4,785,719     4,741,738  
    Debt securities, held-to-maturity   3,348,698     3,400,403     3,502,411     3,553,805  
    Total debt securities   7,785,276     7,899,944     8,288,130     8,295,543  
    Loans held for sale, at fair value   46,126     39,745     15,691     29,027  
    Loans receivable   17,181,187     16,851,991     16,198,082     16,135,046  
    Allowance for credit losses   (205,170 )   (200,955 )   (192,757 )   (192,271 )
    Loans receivable, net   16,976,017     16,651,036     16,005,325     15,942,775  
    Premises and equipment, net   466,977     451,515     421,791     415,343  
    Other real estate owned and foreclosed assets   633     630     1,503     48  
    Accrued interest receivable   114,121     102,279     94,526     104,476  
    Deferred tax asset   125,432     155,834     159,070     203,745  
    Intangibles, net   52,780     43,028     31,870     34,297  
    Goodwill   1,053,556     1,023,762     985,393     985,393  
    Non-marketable equity securities   98,285     121,810     12,755     11,330  
    Bank-owned life insurance   188,971     187,793     171,101     170,175  
    Other assets   309,762     327,185     201,132     199,315  
    Total assets $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Liabilities              
    Non-interest bearing deposits $ 6,407,728     6,093,430     6,022,980     6,465,353  
    Interest bearing deposits   14,307,036     14,008,329     13,906,187     13,929,811  
    Securities sold under agreements to repurchase   1,831,501     1,629,504     1,486,850     1,499,696  
    FHLB advances   1,800,000     2,350,000     —     —  
    FRB Bank Term Funding   —     —     2,740,000     2,740,000  
    Other borrowed funds   84,168     88,149     81,695     73,752  
    Subordinated debentures   133,065     133,024     132,943     132,903  
    Accrued interest payable   35,382     31,000     125,907     91,874  
    Other liabilities   361,839     334,459     225,786     255,578  
    Total liabilities   24,960,719     24,667,895     24,722,348     25,188,967  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,134     1,134     1,109     1,109  
    Paid-in capital   2,447,200     2,445,479     2,350,104     2,348,305  
    Retained earnings – substantially restricted   1,059,022     1,045,483     1,043,181     1,025,547  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594  
    Total liabilities and stockholders’ equity $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Nine months ended
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2023
    Interest Income                      
    Investment securities $ 46,371   42,165     56,218   53,397     144,754   144,697  
    Residential real estate loans   23,118   21,754     20,764   18,594     65,636   51,508  
    Commercial loans   196,901   188,326     181,472   173,437     566,699   493,706  
    Consumer and other loans   23,188   21,589     20,948   19,478     65,725   54,248  
    Total interest income   289,578   273,834     279,402   264,906     842,814   744,159  
    Interest Expense                      
    Deposits   70,607   67,852     67,196   54,697     205,655   98,942  
    Securities sold under agreements to
    repurchase    		   14,737   13,566     12,598   10,972     40,901   24,185  
    Federal Home Loan Bank advances   22,344   24,179     4,249   —     50,772   26,910  
    FRB Bank Term Funding   —   —     27,097   30,229     27,097   63,160  
    Other borrowed funds   252   353     344   489     949   1,428  
    Subordinated debentures   1,407   1,406     1,438   1,465     4,251   4,308  
    Total interest expense   109,347   107,356     112,922   97,852     329,625   218,933  
    Net Interest Income   180,231   166,478     166,480   167,054     513,189   525,226  
    Provision for credit losses   8,005   3,518     8,249   3,539     19,772   11,782  
    Net interest income after provision for credit losses   172,226   162,960     158,231   163,515     493,417   513,444  
    Non-Interest Income                      
    Service charges and other fees   20,587   19,422     18,563   19,304     58,572   56,042  
    Miscellaneous loan fees and charges   4,970   4,821     4,362   4,322     14,153   12,451  
    Gain on sale of loans   4,898   4,669     3,362   4,046     12,929   9,974  
    Gain (loss) on sale of securities   26   (12 )   16   (65 )   30   (202 )
    Other income   4,223   3,304     3,686   2,633     11,213   8,949  
    Total non-interest income   34,704   32,204     29,989   30,240     96,897   87,214  
    Non-Interest Expense                      
    Compensation and employee benefits   85,083   84,434     85,789   77,387     255,306   237,628  
    Occupancy and equipment   11,989   11,594     11,883   10,553     35,466   33,045  
    Advertising and promotions   4,062   4,362     3,983   4,052     12,407   12,020  
    Data processing   9,196   9,387     9,159   8,730     27,742   25,241  
    Other real estate owned and foreclosed assets   13   149     25   15     187   41  
    Regulatory assessments and insurance   5,150   5,393     7,761   6,060     18,304   16,277  
    Intangibles amortization   3,367   3,017     2,760   2,428     9,144   7,304  
    Other expenses   25,848   22,616     30,483   20,351     78,947   63,606  
    Total non-interest expense   144,708   140,952     151,843   129,576     437,503   395,162  
    Income Before Income Taxes   62,222   54,212     36,377   64,179     152,811   205,496  
    Federal and state income tax expense   11,167   9,504     3,750   11,734     24,421   36,885  
    Net Income $ 51,055   44,708     32,627   52,445     128,390   168,611  
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,850,066   $ 23,118   5.00 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   13,957,304     198,556   5.66 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,324,142     23,188   6.97 %     1,290,587     21,589   6.73 %
    Total loans 2   17,131,512     244,862   5.69 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,660,643     14,710   3.54 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   7,073,967     34,001   1.92 %     7,042,885     29,461   1.67 %
    Total earning assets   25,866,122     293,573   4.52 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,092,632             1,068,250        
    Non-earning assets   836,878             754,491        
    Total assets $ 27,795,632           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,237,166   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,314,459     16,221   1.21 %     5,221,883     15,728   1.21 %
    Savings accounts   2,829,203     5,699   0.80 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   2,887,173     15,048   2.07 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,842     33,597   4.16 %     3,037,638     31,593   4.18 %
    Total core deposits   20,479,843     70,565   1.37 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   3,122     42   5.47 %     3,726     50   5.50 %
    Repurchase agreements   1,723,553     14,738   3.40 %     1,597,887     13,566   3.41 %
    FHLB advances   1,828,533     22,344   4.78 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   219,472     1,658   3.01 %     224,778     1,759   3.15 %
    Total funding liabilities   24,254,523     109,347   1.79 %     23,939,344     107,356   1.80 %
    Other liabilities   336,906             344,105        
    Total liabilities   24,591,429             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,204,203             3,117,275        
    Total liabilities and stockholders’ equity $ 27,795,632           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 184,226           $ 170,498    
    Net interest spread (tax-equivalent)         2.73 %           2.57 %
    Net interest margin (tax-equivalent)         2.83 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
    5 Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,850,066   $ 23,118   5.00 %   $ 1,649,947   $ 18,594   4.51 %
    Commercial loans 1   13,957,304     198,556   5.66 %     13,120,479     174,822   5.29 %
    Consumer and other loans   1,324,142     23,188   6.97 %     1,263,775     19,478   6.11 %
    Total loans 2   17,131,512     244,862   5.69 %     16,034,201     212,894   5.27 %
    Tax-exempt debt securities 3   1,660,643     14,710   3.54 %     1,732,227     14,486   3.34 %
    Taxable debt securities 4, 5   7,073,967     34,001   1.92 %     8,485,157     41,052   1.94 %
    Total earning assets   25,866,122     293,573   4.52 %     26,251,585     268,432   4.06 %
    Goodwill and intangibles   1,092,632             1,020,868        
    Non-earning assets   836,878             528,145        
    Total assets $ 27,795,632           $ 27,800,598        
    Liabilities                      
    Non-interest bearing deposits $ 6,237,166   $ —   — %   $ 6,461,350   $ —   — %
    NOW and DDA accounts   5,314,459     16,221   1.21 %     5,231,741     12,906   0.98 %
    Savings accounts   2,829,203     5,699   0.80 %     2,840,620     3,492   0.49 %
    Money market deposit accounts   2,887,173     15,048   2.07 %     3,039,177     12,646   1.65 %
    Certificate accounts   3,211,842     33,597   4.16 %     2,462,266     23,151   3.73 %
    Total core deposits   20,479,843     70,565   1.37 %     20,035,154     52,195   1.03 %
    Wholesale deposits 6   3,122     42   5.47 %     188,523     2,502   5.27 %
    Repurchase agreements   1,723,553     14,738   3.40 %     1,401,765     10,972   3.11 %
    FHLB advances   1,828,533     22,344   4.78 %     —     —   — %
    FRB Bank Term Funding   —     —   — %     2,740,000     30,229   4.38 %
    Subordinated debentures and other borrowed funds   219,472     1,658   3.01 %     208,336     1,954   3.72 %
    Total funding liabilities   24,254,523     109,347   1.79 %     24,573,778     97,852   1.58 %
    Other liabilities   336,906             302,564        
    Total liabilities   24,591,429             24,876,342        
    Stockholders’ Equity                      
    Stockholders’ equity   3,204,203             2,924,256        
    Total liabilities and stockholders’ equity $ 27,795,632           $ 27,800,598        
    Net interest income (tax-equivalent)     $ 184,226           $ 170,580    
    Net interest spread (tax-equivalent)         2.73 %           2.48 %
    Net interest margin (tax-equivalent)         2.83 %           2.58 %

    ______________________________

    1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Nine Months ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,798,202   $ 65,636   4.87 %   $ 1,570,911   $ 51,508   4.37 %
    Commercial loans 1   13,737,866     571,540   5.56 %     12,910,691     498,152   5.16 %
    Consumer and other loans   1,299,463     65,725   6.76 %     1,236,158     54,248   5.87 %
    Total loans 2   16,835,531     702,901   5.58 %     15,717,760     603,908   5.14 %
    Tax-exempt debt securities 3   1,695,965     44,978   3.54 %     1,745,764     44,978   3.44 %
    Taxable debt securities 4, 5   7,429,971     106,939   1.92 %     8,240,041     107,338   1.74 %
    Total earning assets   25,961,467     854,818   4.40 %     25,703,565     756,224   3.93 %
    Goodwill and intangibles   1,071,024             1,023,274        
    Non-earning assets   734,681             510,332        
    Total assets $ 27,767,172           $ 27,237,171        
    Liabilities                      
    Non-interest bearing deposits $ 6,077,392   $ —   — %   $ 6,770,242   $ —   — %
    NOW and DDA accounts   5,270,842     47,866   1.21 %     5,140,668     22,606   0.59 %
    Savings accounts   2,881,273     17,368   0.81 %     2,930,420     5,070   0.23 %
    Money market deposit accounts   2,913,206     43,907   2.01 %     3,253,138     28,654   1.18 %
    Certificate accounts   3,083,866     96,365   4.17 %     1,638,163     34,613   2.82 %
    Total core deposits   20,226,579     205,506   1.36 %     19,732,631     90,943   0.62 %
    Wholesale deposits 6   3,603     149   5.49 %     213,465     7,999   5.01 %
    Repurchase agreements   1,612,021     40,901   3.39 %     1,238,139     24,185   2.61 %
    FHLB advances   1,397,258     50,772   4.77 %     738,004     26,910   4.81 %
    FRB Bank Term Funding   824,672     27,097   4.39 %     1,929,322     63,160   4.38 %
    Subordinated debentures and other borrowed funds   220,835     5,200   3.15 %     208,891     5,737   3.67 %
    Total funding liabilities   24,284,968     329,625   1.81 %     24,060,452     218,934   1.22 %
    Other liabilities   345,822             256,022        
    Total liabilities   24,630,790             24,316,474        
    Stockholders’ Equity                      
    Stockholders’ equity   3,136,382             2,920,697        
    Total liabilities and stockholders’ equity $ 27,767,172           $ 27,237,171        
    Net interest income (tax-equivalent)     $ 525,193           $ 537,290    
    Net interest spread (tax-equivalent)         2.59 %           2.71 %
    Net interest margin (tax-equivalent)         2.70 %           2.79 %

    ______________________________

    1 Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 235,915     $ 233,978     $ 290,572     $ 306,106     1  %   (19) %   (23) %
    Pre-sold and spec construction   203,610       198,219       236,596       287,048     3  %   (14) %   (29) %
    Total residential construction   439,525       432,197       527,168       593,154     2  %   (17) %   (26) %
    Land development   205,704       209,794       232,966       234,995     (2) %   (12) %   (12) %
    Consumer land or lots   189,705       190,781       187,545       184,685     (1) %   1  %   3  %
    Unimproved land   109,237       108,763       87,739       87,089     —  %   25  %   25  %
    Developed lots for operative builders   67,140       57,140       56,142       62,485     18  %   20  %   7  %
    Commercial lots   98,644       99,036       87,185       84,194     —  %   13  %   17  %
    Other construction   689,638       810,536       900,547       982,384     (15) %   (23) %   (30) %
    Total land, lot, and other construction   1,360,068       1,476,050       1,552,124       1,635,832     (8) %   (12) %   (17) %
    Owner occupied   3,121,900       3,087,814       3,035,768       2,976,821     1  %   3  %   5  %
    Non-owner occupied   4,001,430       3,941,786       3,742,916       3,765,266     2  %   7  %   6  %
    Total commercial real estate   7,123,330       7,029,600       6,778,684       6,742,087     1  %   5  %   6  %
    Commercial and industrial   1,387,538       1,400,896       1,363,479       1,363,198     (1) %   2  %   2  %
    Agriculture   1,047,320       962,384       772,458       785,208     9  %   36  %   33  %
    1st lien   2,462,885       2,353,912       2,127,989       2,054,497     5  %   16  %   20  %
    Junior lien   77,029       56,049       47,230       47,490     37  %   63  %   62  %
    Total 1-4 family   2,539,914       2,409,961       2,175,219       2,101,987     5  %   17  %   21  %
    Multifamily residential   921,138       1,027,962       796,538       714,822     (10) %   16  %   29  %
    Home equity lines of credit   1,004,300       974,000       979,891       950,204     3  %   2  %   6  %
    Other consumer   221,517       220,755       229,154       233,980     —  %   (3) %   (5) %
    Total consumer   1,225,817       1,194,755       1,209,045       1,184,184     3  %   1  %   4  %
    States and political subdivisions   993,871       777,426       834,947       833,618     28  %   19  %   19  %
    Other   188,792       180,505       204,111       209,983     5  %   (8) %   (10) %
    Total loans receivable, including
    loans held for sale    		   17,227,313       16,891,736       16,213,773       16,164,073     2  %   6  %   7  %
    Less loans held for sale 1   (46,126 )     (39,745 )     (15,691 )     (29,027 )   16  %   194  %   59  %
    Total loans receivable $ 17,181,187     $ 16,851,991     $ 16,198,082     $ 16,135,046     2  %   6  %   6  %

    ______________________________

    1 Loans held for sale are primarily 1st lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024    		   Sep 30,
    2024
    Custom and owner occupied construction $ 202   206   214   219   202   —   —
    Pre-sold and spec construction   3,705   2,908   763   763   2,942   763   —
    Total residential construction   3,907   3,114   977   982   3,144   763   —
    Land development   583   —   35   80   22   561   —
    Consumer land or lots   458   429   96   314   241   217   —
    Unimproved land   —   —   —   36   —   —   —
    Developed lots for operative builders   531   608   608   608   —   531   —
    Commercial lots   47   47   47   188   —   47   —
    Other construction   —   25   —   12,884   —   —   —
    Total land, lot and other construction   1,619   1,109   786   14,110   263   1,356   —
    Owner occupied   1,903   1,992   1,838   1,445   662   809   432
    Non-owner occupied   1,335   257   11,016   15,105   1,335   —   —
    Total commercial real estate   3,238   2,249   12,854   16,550   1,997   809   432
    Commercial and Industrial   2,455   2,044   1,971   1,367   1,408   1,047   —
    Agriculture   6,040   2,442   2,558   2,450   2,164   3,876   —
    1st lien   6,065   2,923   2,664   2,766   3,724   2,341   —
    Junior lien   279   492   180   363   279   —   —
    Total 1-4 family   6,344   3,415   2,844   3,129   4,003   2,341   —
    Multifamily residential   392   385   395   —   392   —   —
    Home equity lines of credit   2,867   2,145   2,043   1,612   1,903   964   —
    Other consumer   1,111   1,089   1,187   942   663   247   201
    Total consumer   3,978   3,234   3,230   2,554   2,566   1,211   201
    Other   148   16   16   1,141   —   148   —
    Total $ 28,121   18,008   25,631   42,283   15,937   11,551   633
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans,  by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 13   $ 1,323   $ 2,549   $ —   (99) %   (99) %   n/m
    Pre-sold and spec construction   1,250     816     1,219     599   53  %   3  %   109  %
    Total residential construction   1,263     2,139     3,768     599   (41) %   (66) %   111  %
    Land development   157     —     163     44   n/m   (4) %   257  %
    Consumer land or lots   747     411     624     528   82  %   20  %   41  %
    Unimproved land   39     158     —     87   (75) %   n/m   (55) %
    Commercial lots   —     —     2,159     1,245   n/m   (100) %   (100) %
    Other construction   —     21     —     —   (100) %   n/m   n/m
    Total land, lot and other construction   943     590     2,946     1,904   60  %   (68) %   (50) %
    Owner occupied   5,641     4,326     2,222     652   30  %   154  %   765  %
    Non-owner occupied   13,785     8,119     14,471     213   70  %   (5) %   6,372  %
    Total commercial real estate   19,426     12,445     16,693     865   56  %   16  %   2,146  %
    Commercial and industrial   3,125     17,591     12,905     2,946   (82) %   (76) %   6  %
    Agriculture   16,932     5,288     594     604   220  %   2,751  %   2,703  %
    1st lien   6,275     2,637     3,768     1,006   138  %   67  %   524  %
    Junior lien   13     17     1     355   (24) %   1,200  %   (96) %
    Total 1-4 family   6,288     2,654     3,769     1,361   137  %   67  %   362  %
    Home equity lines of credit   4,567     5,432     4,518     3,638   (16) %   1  %   26  %
    Other consumer   2,227     2,192     3,264     1,821   2  %   (32) %   22  %
    Total consumer   6,794     7,624     7,782     5,459   (11) %   (13) %   24  %
    Other   1,442     1,347     1,510     1,515   7  %   (5) %   (5) %
    Total $ 56,213   $ 49,678   $ 49,967   $ 15,253   13  %   13  %   269  %

    ______________________________

    n/m – not measurable
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024
    Pre-sold and spec construction $ (4 )   (4 )   (15 )   (12 )   —   4
    Land development   (21 )   (1 )   (135 )   (134 )   —   21
    Consumer land or lots   (21 )   (22 )   (19 )   (14 )   —   21
    Unimproved land   5     5     —     —     5   —
    Commercial lots   319     319     —     —     319   —
    Other construction   —     —     889     —     —   —
    Total land, lot and other construction   282     301     735     (148 )   324   42
    Owner occupied   (73 )   (73 )   (59 )   (104 )   —   73
    Non-owner occupied   (3 )   (2 )   799     500     —   3
    Total commercial real estate   (76 )   (75 )   740     396     —   76
    Commercial and industrial   1,272     644     364     (11 )   1,839   567
    Agriculture   65     68     —     —     68   3
    1st lien   (34 )   (22 )   66     98     —   34
    Junior lien   (60 )   (55 )   24     32     10   70
    Total 1-4 family   (94 )   (77 )   90     130     10   104
    Multifamily residential   —     —     (136 )   —     —   —
    Home equity lines of credit   (31 )   1     (6 )   20     35   66
    Other consumer   753     493     1,097     816     1,056   303
    Total consumer   722     494     1,091     836     1,091   369
    Other   6,561     4,611     7,447     5,430     9,074   2,513
    Total $ 8,728     5,962     10,316     6,621     12,406   3,678
     

    Visit our website at www.glacierbancorp.com

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706

    The MIL Network –

  • MIL-OSI USA: Senators Collins, Shaheen Call on Navy to Protect Employee Pay and Benefits at Portsmouth Naval Shipyard

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senators Susan Collins and Jeanne Shaheen (D-NH) sent a bipartisan letter to the U.S. Department of the Navy urging the branch to reconsider the Office of Civilian Human Resources’ (OCHR) decision to review and modify civilian workforce position classifications across four public shipyards, including Portsmouth Naval Shipyard. In their letter to Secretary Carlos Del Toro and Chief of Naval Operations Admiral Lisa Franchetti, the Senators noted that the review could result in civilian employees losing pay and benefits as well as negatively impact efforts to eliminate submarine maintenance backlogs.

    “Should OCHR’s review result in position description demotions and salary decreases for a significant population of technical professionals, it would cripple efforts to staff and support the needs of the Navy,” the Senators wrote. “We, therefore, ask for your support in protecting our shipyard employees by reconsidering OCHR’s directive and by engaging with OPM to find a position that both maintains the integrity of the Federal and Department of Navy Classification Programs while protecting the wages and benefits of our valued workforce.”

    “Today’s security environment requires the United States to have a combat-credible undersea fleet to maintain a competitive edge over our adversaries.  The overwhelming production capacity of the People’s Republic of China (PRC), Russia’s steady production progress toward fifth generation submarines, and growing cooperation between these authoritarian regimes will create additional demands on the U.S. submarine force. Meanwhile, the U.S. submarine industrial base continues to face maintenance shortfalls at our four public shipyards that affect the Navy’s ability to get boats back into the fleet on time. Reducing these maintenance backlogs is contingent on a robust, well-trained shipyard workforce,” the Senators concluded.

    The complete text of their letter can be read here.

    MIL OSI USA News –

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Vladimir Putin, President of the Russian Federation

    Source: United Nations secretary general

    On the margins of the BRICS Summit in Kazan, the Secretary-General met with H.E. Mr. Vladimir Putin, President of the Russian Federation.

    The Secretary-General reiterated his position that the Russian invasion of Ukraine was in violation of the United Nations Charter and international law. He further underlined United Nations support for peace, in line with the remarks he delivered at the BRICS summit. **

    The Secretary-General expressed his belief that establishing freedom of navigation in the Black Sea is of paramount importance for Ukraine, the Russian Federation and for the world’s food and energy security. He fully supports the continuation of negotiations in this regard and expresses his deep appreciation for the work being done by Türkiye. 
     
    The Secretary-General and the President also discussed the situation in the Middle East, in particular the absolute need for a ceasefire in Gaza and Lebanon, as well as the need to avoid a further regional escalation.

    The Secretary-General and the President also discussed the questions of development and the international financial system.

    ** From the Secretary-General’s BRICS remarks: “A just peace in line with the UN Charter, international law and General Assembly resolutions.”
     

    MIL OSI United Nations News –

  • MIL-OSI: VAALCO Announces Timing of Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its third quarter 2024 earnings release and conference call.

    The Company will issue its third quarter 2024 earnings release on Monday, November 11, 2024 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Tuesday morning, November 12, 2024 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.)

    Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Third Quarter 2024 Conference Call.” This call will also be webcast on Vaalco’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea and Canada.

    For Further Information

    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI United Kingdom: Secretary of State for Northern Ireland speech at the British-Irish Chamber of Commerce

    Source: United Kingdom – Executive Government & Departments

    Speech by Rt Hon Hilary Benn MP, Secretary of State for Northern Ireland.

    Location:
    Dublin, Republic of Ireland
    Delivered on:
    (Speaker’s notes, may differ from delivered version)

    Good afternoon. It’s a great pleasure to be with you all today.

    Go raibh míle maith agaibh.

    I would like to extend my thanks to John McGrane and Paul Lynam for your very kind invitation and sharing my congratulations to Marie Doyle on her recent appointment as President of this wonderful organisation.

    Now, many people in Britain might assume that the British-Irish Chamber of Commerce has a long and distinguished history. It is certainly distinguished but it’s not very long, having been founded only in 2011. But it feels to me and I’m sure to you much older, such is the strength of the ties that bind our two countries together.

    Two countries that share so much… in terms of history, culture, ideas, politics and friendships.

    And it is a story that runs like a thread through these islands and through the lives of so many of our families, including my own: on my side, it was an Ulster Scot from Fermanagh who took that journey that millions made across the Atlantic to Ohio from where my mother came and, on my wife’s side, Irish Catholics from  Mayo and Kilkenny and Cork, her grandfather was born in Monkstown.

    And talking of families, you may be aware that I come from a family best known for politics. What you may be less aware of is that two of my great grandfathers were Victorian entrepreneurs.

    One – Peter Eadie – designed and made ring travellers for the textile industry working out of the upstairs of a terraced house in Galashiels, in Scotland.

    The other – John Benn – was very good at drawing and decided to found a furniture trade magazine which, with great prescience – given the posts that his son, grandson and great grandson – that’s me – all went on to hold, he decided to call it “ The Cabinet Maker.“ You couldn’t make it up.

    Both of those grandfathers entered politics as elected councillors as they put their business minds, industriousness and civic virtues at the service of the public.

    So, if I may say so, it is in that spirit of innovation and constructive endeavour that I address you today.

    Now the history of these islands has not always been benign. Over the centuries there have been terrible wrongs, great violence, revolution, bitterness but in recent years – reconciliation and progress in ways that would have seemed impossible in the past.

    It was a great pleasure last night to see the play Agreement at the Gate Theatre, which so powerfully depicts the events leading up to that miraculous Good Friday in 1998. That agreement eventually resulted in something – I must be frank – I never thought I would see in my lifetime. I grew up watching reporting of the Troubles on the television, reading about it in the papers, and to witness a unionist and a nationalist sitting side by side in government together – that truly was the impossible made possible. And today Northern Ireland is a very different place. 

    Why? 

    Because of the courageous political leadership shown in the play last night and many others showed.

    We must never lose sight of how far we have come across these shared islands since then. I want to say very clearly and directly: The Government’s commitment to the Good Friday Agreement – in letter and in spirit – is absolute. And that our support for the European Convention on Human Rights, which underpins the Agreement, and to the rule of law is unwavering.

    My priority as Secretary of State for Northern Ireland – above all else – is to support political stability and economic growth. 

    And critical to that stability and critical to that growth in Northern Ireland is a healthy and constructive relationship between the Irish and UK governments.

    And from day one, this new Government has been absolutely determined to seize the opportunity to restore trust, friendship and collaboration between our two countries. And as Paul just set out, the Prime Minister and the Taoiseach have made their joint commitment to this reset,  which will be underpinned by annual summits, in addition to the existing Strand 3 institutions.

    You’ve heard about the visits the British ministers have made and colleagues from here over to Westminster, and all of those are practical expressions of that commitment to a new and better relationship. 

    And talking of new relationships, the restoration of the Executive and Assembly in February was a hugely important moment for Northern Ireland – after too many years in which devolved government was not functioning. And it is vital that we now do all we can to ensure that this stability endures.

    Stable and devolved government and political representation at Stormont matters above all for the people of Northern Ireland  – they need a government and an Assembly that work for them.

    But it also matters enormously for businesses right across Ireland, the United Kingdom and beyond. What do businesses and potential investors say they want? Stability. Political stability. 

    I am really impressed by the partnership that Michelle O’Neill and Emma Little-Pengelly have forged and the Executive now has a Programme for Government and a Fiscal Sustainability Plan.

    And Northern Ireland has a great opportunity to make the most of its unique access to both the British and the European markets to help the economy to grow and to create jobs.

    And that is what you do as the British Irish Chamber in promoting trade, prosperity and progress across these islands.

    Now we are still having to manage the consequences of the UK’s decision to leave the European Union, in a way that does not unnecessarily inhibit trade and commerce across the Irish Sea. That is why this Government is absolutely committed to fully implementing the Windsor Framework, pragmatically and in good faith.

    It is not without its challenges – I think that is probably the understatement of the year – but it is necessary. And there is a much bigger prize in sight.

    The Government is committed to improving the UK’s trading relationship with the EU, including through the negotiation of a sanitary and phyto-sanitary agreement which would have the potential to dramatically smooth the movement of food, animals and plants across the Irish Sea.

    One of the joys of my job is that everywhere I go in Northern Ireland I see talent, ingenuity and enterprise.

    I see world class businesses operating in the life sciences, high-tech engineering, making composite aircraft wings and building the buses of the future – electric and hydrogen – services and film and television, education.

    I am really struck that all these firms have seen something in Northern Ireland and its people.

    And my message to investors is simply this.

    Come, look, see, believe, invest in Northern Ireland.

    Just look at the opportunities for the UK and Irish Governments to work collaboratively on areas and projects to help improve growth in Northern Ireland, in the Republic of Ireland including in its border regions.

    Areas which are summed up by the four pillars which will form the basis of the annual leaders’ summits.

    We need this collaboration not only because it is in our mutual economic interest, but because in these very uncertain times, we face shared challenges which our shared values and our shared commitment to democracy and the rule of law, will help us to face up to.

    What do we need to do?

    We need to ensure stability in an unstable world.

    We need to build economic growth.

    We need to make sure we have the infrastructure to enable that growth and attract that investment.

    We have got to invest in skills. 

    We’ve got to make the transition to net zero – what a fantastic opportunity for businesses if you just think about changing the way we heat our homes. There are a lot of heat pumps that will have to be built and installed, and we together on these islands should be making them.

    Building new energy infrastructure which will be required to power those heat pumps and the electric buses, cooperating on energy resilience – not least given the huge potential across these islands for more wind power – and the investment in Northern Ireland from GB Energy, the UK’s new publicly owned, clean energy company, which in turn will support the Shared Electricity Market.

    At the same time, we only have to look around us to see the risks from conflict, climate change and the loss of biodiversity. Biodiversity is not a like-to-have, it is the very stuff on which human existence is based.  

    If you pause for a moment and look around you, every single thing we see is a gift from what is on the surface of the earth and beneath it. The genius of the human mind is that we have taken those gifts and look at what we have built. Look at what we have created, look at what we have fashioned.  

    And given the increasingly uncertain geopolitics of the world, it also makes sense for the UK and Ireland to collaborate on confronting the threats we face, whether in relation to cyber security, terrorism, organised crime or the threat from Russia and other states.

    And in doing all of this, the sense I get from the vast majority of people is they would like us to move forward and to try and build a better future that we can jointly embrace.

    So let us be bold, let us get on with it and let us take inspiration from those who 26 years ago truly made the impossible possible. 

    Finally, why do the relationships that I have spoken about matter so much?

    They are clearly important economically, but they are also about something else – it’s about building alliances so we can deal with the risks and take advantage of the opportunities.

    All of these are powerful reasons why we should work together closely.

    Ireland and the United Kingdom.

    Two proud nations with everything to gain from a close partnership, for as the great W B Yeats reminded us:

    “There are no strangers here. Only friends you haven’t yet met.”

     Thank you.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –