European Union – Page 724

MIL-OSI Russia: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

February 11, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Andorra La Vella – February 11, 2025

The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

Economic Outlook

The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

Policy priorities

The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

Maintaining a solid fiscal framework given spending pressures over the medium term

Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

· Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

Consolidating banking performance in a changing environment

Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

A comprehensive set of structural measures is important and should focus on the following:

Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

*

The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

Andorra: Selected Social and Economic Indicators

	I. Social Indicators
	Population (2023)	85101		Population at risk of poverty (percent, 2020)					13
	Per capita income (2023, euros)	40511		Human Development Index Rank (2021)					40 (out of 189)
	Gini Index (2020)	32		Life expectancy at birth (2024)						83.9

	II. Economic Indicators
					Projections
		2022	2023	2024	2025	2026	2027	2028	2029		2030

	NATIONAL ACCOUNTS AND PRICES		(annual change, percent, unless otherwise indicated)
	Real GDP	9.6	2.6	2.1	1.7	1.6	1.5	1.5	1.5		1.5
	Nominal GDP	14.2	9.0	5.0	3.7	3.4	3.3	3.2	3.2		3.2
	GDP deflator	4.2	6.3	2.9	1.9	1.8	1.7	1.7	1.7		1.7
		(contribution to nominal GDP growth, percentage points)
	Consumption	6.5	7.0	3.6	2.5	2.5	2.5	2.5	2.4		2.4
	Private	6.2	3.5	1.7	1.5	1.5	1.5	1.5	1.4		1.4
	Public	0.3	3.4	1.9	1.0	1.0	1.0	1.0	1.0		1.0
	Investment	6.8	-2.2	0.9	0.5	0.6	0.3	0.3	0.4		0.5
	Private 1/	6.4	-3.1	0.2	0.0	0.4	0.1	0.1	0.2		0.3
	Public	0.4	0.9	0.7	0.5	0.2	0.2	0.2	0.2		0.2
	Net exports of goods and services	0.9	4.3	0.7	0.6	0.4	0.4	0.4	0.4		0.4
	Exports	18.8	10.4	4.2	3.3	2.8	2.8	2.9	2.9		2.8
	Imports	18.0	6.1	3.5	2.7	2.5	2.4	2.5	2.5		2.4

	Prices
	Inflation (percent, period average)	6.2	5.6	3.1	2.2	1.8	1.7	1.7	1.7		1.7
	Inflation (percent, end of period)	7.2	4.6	2.6	2.0	1.7	1.7	1.7	1.7		1.7

	Unemployment rate (percent)	2.1	1.6	1.6	1.6	1.8	1.8	1.9	2.0		2.0

	EXTERNAL SECTOR	(percent of GDP, unless otherwise indicated)

	Current account	11.6	14.2	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Balance on goods and services	8.8	12.0	12.0	12.2	12.1	12.1	12.1	12.1		12.1
	Exports of goods and services	80.9	83.7	83.7	83.9	83.8	83.9	84.1	84.2		84.3
	Imports of goods and services	72.2	71.8	71.6	71.7	71.7	71.8	71.9	72.1		72.2
	Primary income, net	4.3	3.5	4.3	6.1	6.1	6.1	6.1	6.1		6.1
	Secondary income, net	-1.4	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3		-1.3
	Capital account	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Financial account	12.7	13.5	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Errors and omissions	1.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Gross international reserves (millions of euros) 2/	338.4	338.7	399.0	399.0	399.0	399.0	399.0	399.0		399.0

	FISCAL SECTOR	(percent of GDP, unless otherwise indicated)

	General Government 3/
	Revenue	39.7	38.0	37.9	37.8	37.7	37.8	37.8	37.7		37.8
	Expenditure	34.9	35.9	36.5	36.7	36.6	36.9	36.9	37.0		37.0
	Interest	0.7	0.6	0.6	0.6	0.6	0.8	0.8	0.8		0.8
	Primary balance	5.6	2.7	2.0	1.7	1.6	1.6	1.7	1.6		1.6
	Net lending/borrowing (overall balance)	4.8	2.1	1.5	1.1	1.1	0.8	0.9	0.8		0.8
	Public debt	38.9	35.5	33.7	32.5	31.5	30.5	30.0	29.5		29.0

	Central Government 4/
	Revenue	21.7	19.8	21.3	20.8	20.8	20.8	20.8	20.8		20.9
	Expenditure	18.7	19.1	20.4	20.5	20.5	20.6	20.7	20.6		20.7
	Interest	0.7	0.5	0.5	0.5	0.5	0.7	0.7	0.7		0.7
	Primary balance	3.6	1.2	1.4	0.8	0.8	0.9	0.8	0.9		0.9
	Net lending/borrowing (overall balance)	2.9	0.7	0.9	0.3	0.3	0.2	0.1	0.2		0.2
	Public debt	37.1	34.0	32.3	31.2	30.1	29.2	28.7	28.3		27.9

	BANKING SECTOR5 /	(percent, unless otherwise indicated)

	Regulatory capital to risk-weighted assets	20.3	21.7	21.2	…	…	…	…	…		…
	Nonperforming loans to total gross loans	3.3	2.2	2.1	…	…	…	…	…		…
	Credit to nonfinancial private sector
	Level (percent of GDP)	116.4	101.3	94.5	…	…	…	…	…		…
	Corporates	61.8	55.1	51.1	…	…	…	…	…		…
	Households	54.6	46.2	43.4	…	…	…	…	…		…
	Growth (nominal)	-1.7	-5.2	-2.0	…	…	…	…	…		…
	Corporates	2.6	-2.8	-2.5	…	…	…	…	…		…
	Households	-6.1	-7.8	-1.3	…	…	…	…	…		…
	Credit to public sector
	Level (percent of GDP)	2.2	1.8	1.5	…	…	…	…	…		…
	Growth (nominal)	-8.4	-10.0	-13.0	…	…	…	…	…		…

	Memorandum items
	Exchange rate (€/USD, period average) 6/	0.95	0.92	0.92	0.97	0.97	0.97	0.97	0.97		0.97
	Nominal GDP (millions of euros)	3,210	3,501	3,676	3,811	3,942	4,070	4,202	4,338		4,478

	Sources: Andorran authorities, Eurostat, and IMF staff calculations.
	1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.
	2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.
	3/ The general government comprises the central government, local governments, and the social security fund.
	4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.
	5/ 2024 data corresponds to 2024Q3.
	6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

https://www.imf.org/en/News/Articles/2025/02/11/andorra-cs-2025

MIL OSI

MIL OSI Russia News –

February 12, 2025

MIL-OSI: NNIT A/S: Publication of financial estimates gathered from equity analysts covering the NNIT share

Source: GlobeNewswire (MIL-OSI)

Today, NNIT has published financial estimates gathered from the four equity analysts covering the NNIT share ahead of the Q4/FY 2024 announcement scheduled for publication on February 18.

The analyst estimates is available on NNIT’s investor site through this link: https://www.nnit.com/investors-media/investors/share/analyst-coverage/

NNIT will host its webcast about the Q4/FY 2024 results on February 19 at 9:30 AM CET. Details can be found via this link: https://www.nnit.com/investors-media/investors/calendar/

For more information, please contact:

Investor Relations
Carsten Ringius
EVP & CFO
Tel: +45 3077 8888
carr@nnit.com

Media Relations
Sofie Mand Steffens
Senior Communications Consultant
Tel: +45 3077 8337
smst@nnit.com

ABOUT NNIT
NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

NNIT consists of group company NNIT A/S and the subsidiary SCALES. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

Attachment

NNIT_Analyst estimates_11Feb25

The MIL Network –

February 12, 2025

MIL-OSI Economics: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

Source: International Monetary Fund

February 11, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Andorra La Vella – February 11, 2025

The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

Economic Outlook

The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

Policy priorities

The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

Maintaining a solid fiscal framework given spending pressures over the medium term

Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

· Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

Consolidating banking performance in a changing environment

Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

A comprehensive set of structural measures is important and should focus on the following:

Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

*

The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

Andorra: Selected Social and Economic Indicators

	I. Social Indicators
	Population (2023)	85101		Population at risk of poverty (percent, 2020)					13
	Per capita income (2023, euros)	40511		Human Development Index Rank (2021)					40 (out of 189)
	Gini Index (2020)	32		Life expectancy at birth (2024)						83.9

	II. Economic Indicators
					Projections
		2022	2023	2024	2025	2026	2027	2028	2029		2030

	NATIONAL ACCOUNTS AND PRICES		(annual change, percent, unless otherwise indicated)
	Real GDP	9.6	2.6	2.1	1.7	1.6	1.5	1.5	1.5		1.5
	Nominal GDP	14.2	9.0	5.0	3.7	3.4	3.3	3.2	3.2		3.2
	GDP deflator	4.2	6.3	2.9	1.9	1.8	1.7	1.7	1.7		1.7
		(contribution to nominal GDP growth, percentage points)
	Consumption	6.5	7.0	3.6	2.5	2.5	2.5	2.5	2.4		2.4
	Private	6.2	3.5	1.7	1.5	1.5	1.5	1.5	1.4		1.4
	Public	0.3	3.4	1.9	1.0	1.0	1.0	1.0	1.0		1.0
	Investment	6.8	-2.2	0.9	0.5	0.6	0.3	0.3	0.4		0.5
	Private 1/	6.4	-3.1	0.2	0.0	0.4	0.1	0.1	0.2		0.3
	Public	0.4	0.9	0.7	0.5	0.2	0.2	0.2	0.2		0.2
	Net exports of goods and services	0.9	4.3	0.7	0.6	0.4	0.4	0.4	0.4		0.4
	Exports	18.8	10.4	4.2	3.3	2.8	2.8	2.9	2.9		2.8
	Imports	18.0	6.1	3.5	2.7	2.5	2.4	2.5	2.5		2.4

	Prices
	Inflation (percent, period average)	6.2	5.6	3.1	2.2	1.8	1.7	1.7	1.7		1.7
	Inflation (percent, end of period)	7.2	4.6	2.6	2.0	1.7	1.7	1.7	1.7		1.7

	Unemployment rate (percent)	2.1	1.6	1.6	1.6	1.8	1.8	1.9	2.0		2.0

	EXTERNAL SECTOR	(percent of GDP, unless otherwise indicated)

	Current account	11.6	14.2	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Balance on goods and services	8.8	12.0	12.0	12.2	12.1	12.1	12.1	12.1		12.1
	Exports of goods and services	80.9	83.7	83.7	83.9	83.8	83.9	84.1	84.2		84.3
	Imports of goods and services	72.2	71.8	71.6	71.7	71.7	71.8	71.9	72.1		72.2
	Primary income, net	4.3	3.5	4.3	6.1	6.1	6.1	6.1	6.1		6.1
	Secondary income, net	-1.4	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3		-1.3
	Capital account	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Financial account	12.7	13.5	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Errors and omissions	1.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Gross international reserves (millions of euros) 2/	338.4	338.7	399.0	399.0	399.0	399.0	399.0	399.0		399.0

	FISCAL SECTOR	(percent of GDP, unless otherwise indicated)

	General Government 3/
	Revenue	39.7	38.0	37.9	37.8	37.7	37.8	37.8	37.7		37.8
	Expenditure	34.9	35.9	36.5	36.7	36.6	36.9	36.9	37.0		37.0
	Interest	0.7	0.6	0.6	0.6	0.6	0.8	0.8	0.8		0.8
	Primary balance	5.6	2.7	2.0	1.7	1.6	1.6	1.7	1.6		1.6
	Net lending/borrowing (overall balance)	4.8	2.1	1.5	1.1	1.1	0.8	0.9	0.8		0.8
	Public debt	38.9	35.5	33.7	32.5	31.5	30.5	30.0	29.5		29.0

	Central Government 4/
	Revenue	21.7	19.8	21.3	20.8	20.8	20.8	20.8	20.8		20.9
	Expenditure	18.7	19.1	20.4	20.5	20.5	20.6	20.7	20.6		20.7
	Interest	0.7	0.5	0.5	0.5	0.5	0.7	0.7	0.7		0.7
	Primary balance	3.6	1.2	1.4	0.8	0.8	0.9	0.8	0.9		0.9
	Net lending/borrowing (overall balance)	2.9	0.7	0.9	0.3	0.3	0.2	0.1	0.2		0.2
	Public debt	37.1	34.0	32.3	31.2	30.1	29.2	28.7	28.3		27.9

	BANKING SECTOR5 /	(percent, unless otherwise indicated)

	Regulatory capital to risk-weighted assets	20.3	21.7	21.2	…	…	…	…	…		…
	Nonperforming loans to total gross loans	3.3	2.2	2.1	…	…	…	…	…		…
	Credit to nonfinancial private sector
	Level (percent of GDP)	116.4	101.3	94.5	…	…	…	…	…		…
	Corporates	61.8	55.1	51.1	…	…	…	…	…		…
	Households	54.6	46.2	43.4	…	…	…	…	…		…
	Growth (nominal)	-1.7	-5.2	-2.0	…	…	…	…	…		…
	Corporates	2.6	-2.8	-2.5	…	…	…	…	…		…
	Households	-6.1	-7.8	-1.3	…	…	…	…	…		…
	Credit to public sector
	Level (percent of GDP)	2.2	1.8	1.5	…	…	…	…	…		…
	Growth (nominal)	-8.4	-10.0	-13.0	…	…	…	…	…		…

	Memorandum items
	Exchange rate (€/USD, period average) 6/	0.95	0.92	0.92	0.97	0.97	0.97	0.97	0.97		0.97
	Nominal GDP (millions of euros)	3,210	3,501	3,676	3,811	3,942	4,070	4,202	4,338		4,478

	Sources: Andorran authorities, Eurostat, and IMF staff calculations.
	1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.
	2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.
	3/ The general government comprises the central government, local governments, and the social security fund.
	4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.
	5/ 2024 data corresponds to 2024Q3.
	6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

MIL OSI Economics –

February 12, 2025

MIL-OSI United Kingdom: Construction begins on £1million new fish pass at chalk stream

Source: United Kingdom – Government Statements

The Environment Agency has started construction of a £1million new fish pass at Turf Lock on the River Lark at Mildenhall in Suffolk.

The River Lark is a chalk stream and one of just over 200 in the world.

The aim of the work is to enable the free flow of native wild brown trout, eels and coarse fish. This will allow them to access habitat in the River Lark upstream of Mildenhall for spawning and foraging.

The project is part of the Brecks Fen Edge & Rivers Landscape Partnership Scheme, supported by the National Lottery Heritage Fund.

The partnership is hosted by Suffolk County Council and includes local councils, the Environment Agency, Anglian Water, Natural England, and many more.

Work will be carried out to remove two weirs that are currently impeding the fish and eels’ progress at Turf Lock. Once this work is done a new fish passage known as a rip rap rock ramp will be created using natural limestone boulders. A rip rap rock ramp provides shelter to the fish as they go between them. This work will take around three months to complete.

Chalk streams are a ‘valuable natural resource’

Lou Mayer, Environment Programme Manager for the Environment Agency said:

It’s fantastic to see work beginning on this important nature recovery project, as part of the catchment-based approach.

Chalk streams are an incredibly valuable natural resource which the Environment Agency are working hard to restore and protect through working in partnership.

Turf Lock is one of three structures in Mildenhall that will need modification for fish passage. Through consultation with Mildenhall Town Council, West Suffolk Council, landowners and local residents we are hopeful that we can continue to work in partnership to improve the biodiversity of the land around the river as well.

Councillor Philip Faircloth-Mutton, Suffolk County Council’s Cabinet Member for Environment, Communities and Equality said:

Suffolk County Council is proud to support excellent partnership projects such as this, that deliver meaningful, and lasting outcomes to protect and enhance Suffolk’s biodiversity through the restoration of our valuable chalk steam habitats.

Ian Shipp, West Suffolk’s Cabinet Member for Leisure and Culture said:

We welcome this work which will benefit the river and support biodiversity in line with our own strategic priority for environmental resilience and thank all of those involved for their hard work in delivering such a complex scheme.

Whilst this work is carried out the footpath from the path adjacent to the works will be closed, on the North side of the River Lark, from the bridge at Mill Street, to the access track adjacent to the cricket field. An alternative route will be signposted.

Background

The Environment Agency is funding this project from the Water Environment Improvement Fund, which has been used to unlock £3million of Lottery Heritage Fund for the Brecks Fen Edge and Rivers Landscape Partnership scheme, delivering heritage conservation projects on the Breck’s fenland fringe, key freshwater habitats and primary river corridors.
The Catchment based approach is about working together, through engaging people, groups and organisations from across society to help improve our precious water environments. The Environment Agency is a partner organisation of the River Lark Catchment Partnership.
The River Lark’s Catchment Partnership objective is to make improvements to habitat and ecological status of the river. The River Lark Catchment Partnership
The River Lark has been identified as a flagship river for The Chalk Stream Restoration Project nominated as a Flagship catchment by Anglian Water and supported by the River Lark Catchment Partnership.
One of the ways to do that is by removing restrictions to migratory fish species and unlocking river habitat improvements further upstream as part of a holistic approach to nature recovery.

About The Brecks Fen Edge & Rivers Landscape Partnership Scheme

The Brecks Fen Edge & Rivers Landscape Partnership Scheme is a National Lottery Heritage Fund (NLHF) funded Landscape Partnership Scheme for the Brecks.
BFER is hosted by Suffolk County Council and has delivered a series of new and exciting community-based landscape and heritage conservation projects, focused on the Brecks’ fen edge and river corridors over a 5 year period (2020-2024). The partnership is made up of regional, national and local organisations with an interest in the area, community groups and members of the community.
The Scheme outputs have concentrated on the key Fen Edge and Freshwater habitat areas within the Brecks, with the aim of delivering real understanding of water-based heritage and conservation issues, and positive conservation changes on the ground. This area encompasses a unique landscape in Britain with an incredible and much overlooked heritage and biodiversity.

About The National Lottery Heritage Fund

Brecks Fen Edge and Rivers (BFER) Landscape Partnership scheme has been awarded £1.97 million by The National Lottery Heritage Fund
Using money raised by the National Lottery players, the NHLF inspires, leads and resources the UK’s heritage to create positive and lasting change for people and communities, now and in the future. National Lottery Heritage Fund.

Published 11 February 2025

MIL OSI United Kingdom –

February 12, 2025

MIL-OSI China: Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

Source: Republic of Taiwan – Ministry of Foreign Affairs

Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

Date：2025-02-05
Data Source：Department of European Affairs

No. 032

February 5, 2025

Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 4 for an Estonian defense industry delegation led by Chair of the Estonia-Taiwan Support Group of the Parliament of Estonia Kristo Enn Vaga. The delegation included senior parliamentarian Kalle Laanet—who previously served as minister of defense, minister of the interior, and minister of justice—as well as representatives of the defense industry. During the event, the two sides exchanged views on cooperation in defense industry innovation, whole-of-society resilience, the Russia-Ukraine war, and other issues.

Minister Lin noted that Taiwan and Estonia had both experienced authoritarian rule and therefore greatly cherished their hard-won freedoms and democracy. Commenting on authoritarian expansionism in recent years, he pointed out that the ongoing Russia-Ukraine war, China’s recurrent military exercises in the waters around Taiwan, and frequent incidents of sabotage of underwater cables in the Baltic Sea and the waters off Taiwan underscored the importance of enhancing collaboration among democratic nations. Minister Lin also spoke about having led a delegation of the Taiwanese drone industry to Lithuania last November to demonstrate Taiwan’s determination to build democratic supply chains together with like-minded nations. He welcomed this visit by the Estonian defense industry delegation, which, he said, would open up additional areas for cooperation.

Chair Vaga stated that the democratic community had realized that if like-minded partners did not work together to establish supply chains, national security could become susceptible to potential threats. Observing that Taiwan and Estonia were both the targets of massive daily disinformation attacks and that underwater cables serving each had recently been damaged, Chair Vaga urged the democratic community to become more united against all manner of threats and challenges. He also pledged to steadily promote relations between Taiwan and Estonia.

At the luncheon, Minister Lin thanked the representatives of Motex Healthcare and Taiwan Comfort Champ Manufacturing for their joint donation of 1.11 million masks to Ukraine and Estonia during the Estonian delegation’s visit to Taiwan, adding that it highlighted the Taiwanese spirit of humanitarian assistance. Deputy Minister of Foreign Affairs François Chihchung Wu witnessed the donation ceremony on behalf of Minister Lin.

Deputy Minister Wu said that, since the outbreak of the Russia-Ukraine war, Taiwan had worked proactively with like-minded countries to support Ukraine. He stated that the Taipei Mission in the Republic of Latvia and the Estonian Centre for International Development had signed a partnership agreement last June, under which Taiwan would donate €1.1 million to support the construction of homes for orphans in Ukraine. Deputy Minister Wu expressed pleasure that Taiwanese companies had shown a commitment to corporate social responsibility and demonstrated that Taiwan could help and that Taiwan was helping. His views were echoed by Chairman of Motex Healthcare Y. C. Cheng and Chairman of Taiwan Comfort Champ Manufacturing Andy Chen, both of whom expressed a willingness to work with the government to assist Ukraine. (E)

MIL OSI China News –

February 11, 2025

MIL-OSI United Kingdom: UK response to national security emergency tested through nationwide exercise

Source: United Kingdom – Executive Government & Departments

More than 120 members of the armed forces, policing and government have taken part in an exercise to practise responding to a national security emergency.

The nation’s preparations for a large-scale security incident were put to the test last week as the Home Office, Ministry of Defence and Counter Terrorism Policing planned and conducted a national exercise to simulate their response to an extreme national security emergency.

Taking place between 5 and 7 February, more than 120 members of the armed forces, policing and government simulated their joint response to a national emergency, such as a major terrorist incident.

The exercise – known as Octacine 2 – was part of the government’s regular counter-terrorism efforts. The focus was to test the ability of police and military to work together in extreme circumstances, as well as familiarising personnel with different sites and participating in joint briefings.

Octacine 2 built on a previous, similar exercise and was designed to simulate the deployment of military personnel to support the Strategic Armed Policing Reserve.

Armed police officers were temporarily redeployed from their routine roles in order to respond to a major national security incident, protecting and reassuring the public in a time of heightened tension.

It simulated the response that would be deployed under Operation Temperer, a contingency plan drawn up in 2015 to provide military support to the police in extreme national emergency circumstances, such as surge support in response to a major domestic terrorist attack or threat. It covers all of Great Britain, and is directed by the National Police Chiefs’ Council Counter Terrorism Coordination Committee.

The exercise included a live-play exercise, when the Operation Temperer national mobilisation coordination centre was stood up and military and police personnel were deployed to 11 sites across Great Britain.

Security Minister, Dan Jarvis, said:

Exercises like Octacine 2 are vital to ensure that our armed forces and policing partners are able to work well together to protect the British public from ever present threats.

I am grateful for their tireless and dedicated work in serving our country, and their ongoing preparation to perform those critical roles that keep us safe.

Minister for Armed Forces, Luke Pollard, said:

Our national security is the foundation for this government’s Plan for Change and exercises like this are critically important to ensure we can respond to threats quickly and effectively.

I’d like to thank all members of our armed forces who are held at readiness throughout the year, ready to keep the public and country safe at a moment’s notice.

The training, while routine, is crucial for the armed forces to support policing partners and respond effectively in case of a major incident. This routine exercise allows us to test coordination and teamwork with various partners while also providing a visible presence to reassure and protect the public in instances of high-risk and national security incidents.

Published 11 February 2025

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Building consensus on Council Tax reform

Source: Scottish Government

Future of local taxation to be considered.

The public will be invited to submit their views on how to make the Council Tax system fairer, as part of wider efforts to explore options and build a consensus for potential reform.

As part of a joint programme of engagement by the Scottish Government and COSLA, independent analysis will also be commissioned to examine the Council Tax system accounting for market changes, reforms, and improvements.

This will inform public engagement later this year, followed by a Scottish Parliament debate on the findings and proposed policy reforms.

Finance Secretary Shona Robison said:

“Partnering with COSLA, we want to examine ways to make Council Tax fairer, which will help to continue to deliver better public services across Scotland.

“By working closely with local authorities and listening to the public, we will be seeking a consensus on a local taxation system that is fairer, financially sustainable and fits a modern Scotland.”

COSLA Resources Spokesperson Cllr Katie Hagmann said:

“Local Authorities wish to see a fair and proportionate Council Tax, which benefits people and communities.

“COSLA is looking forward to working with the Scottish Government on a programme of engagement with the public, with the shared goal of achieving a better, fairer system of local taxation.”

Background

Programme of engagement:

Expert and independent analysis will be commissioned, including to provide high level analysis and modelling on alternative scenarios and reforms of the system.

Following that, a range of activities to seek the views from a wide range of people from across Scotland will be undertaken, consisting of three key elements:

A formal public consultation process.
A number of public events or ‘town hall’ meetings held over the autumn months, ensuring a reasonable geographical spread and diversity.
A set of focused discussions with key stakeholders and experts.

The public engagement will aim to capture a wide spectrum of opinions and considered responses, ensuring a diverse range of perspectives, including representation from those paying Council Tax across different bands.

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Funding boost to tackle gender-based violence

Source: Scottish Government

Delivering Equally Safe Fund increased.

More than 100 organisations across Scotland working to tackle violence against women and girls will share in a funding uplift of £2.4 million.

The funding boost will bring the total Scottish Government investment in Delivering Equally Safe, which funds projects to prevent violence and support survivors, up to £21.6 million for the year ahead subject to the 2025-26 Budget being approved.

Equalities Minister Kaukab Stewart announced the funding increase on a visit to SAY Women – a Glasgow charity offering safe accommodation and emotional support for young survivors of sexual abuse who are facing homelessness.

Ms Stewart said:

“Grassroots organisations across Scotland are at the heart of tackling violence against women and girls. Their work is fundamental to creating a country free from gender-based abuse.

“This funding boost will support these organisations, will help prevent abuse occurring and ensure that women and girls who have experienced violence can continue to access the support they deserve.”

SAY Women CEO Pam Hunter said:

“SAY Women is delighted to receive the additional funds. This will go towards increasing our investment into projects for the young women within our services.

“In the face of the rising cost of living, increase in N.I contributions and inflation, the organisation made the challenging executive decision to limit the variety of activities on offer to those in our care so that we may allow the staff to have a fair living wage. This additional funding will reinstate many of the services that were temporarily paused so that SAY Women may continue to do the good work supporting young women affected by sexual violence and homelessness.”

Background

The Delivering Equally Safe Fund supports organisations across Scotland in their work to tackle violence against women and girls, and has done since 2021.

The Delivering Equally Safe fund is the Scottish Government’s funding programme to support third sector organisations and public bodies to contribute to the objectives, priorities and outcomes of the Equally Safe strategy – Scotland’s strategy to prevent and eradicate violence against women and girls.

A £19.2 million funding extension to allow these organisations to continue their work until March 2026 was announced in December 2024, provided the Scottish Budget 2025-26 is approved by parliament: Preventing violence against women and girls – gov.scot

This funding uplift of £2.4 million brings the fund total for 2025-26 to £21.6 million.

The organisations funded through Delivering Equally Safe are as follows:

Organisation

Aberdeen City Council

Aberdeen Cyrenians Ltd

Aberlour Child Care Trust

Action for Children

Amina – the Muslim Women’s Resource Centre

Angus Women’s Aid

Argyll & Bute Rape Crisis

Argyll & Bute Violence against Women and Girls Partnership

Argyll & Bute Women’s Aid SCIO

ASSIST, Glasgow City Council

Barnardo’s Tayside

Barnardo’s Falkirk

Border Women’s Aid Ltd

British Red Cross Society

Caithness & Sutherland Women’s Aid

CEA Committed To Ending Abuse

Central Advocacy Partners

Children 1st

Clackmannanshire Women’s Aid

Close the Gap (SCIO)

Deaf Links

Dumbarton District Women’s Aid

Dumfries & Galloway Council

Dumfries & Galloway Rape Crisis and Sexual Abuse Support Centre

Dumfriesshire & Stewartry Women’s Aid

Dundee City Council

Dundee International Women’s Centre

Dundee Women’s Aid

East Ayrshire Health & Social Care Partnership

East Ayrshire Women’s Aid

East Dunbartonshire Association For Mental Health

East Dunbartonshire Women’s Aid SCIO

East Lothian and Midlothian Public Protection Committee

Edinburgh Rape Crisis Centre

Edinburgh Women’s Aid Ltd

EmilyTest

Engender

FENIKS Counselling, Personal Development & Support Service Ltd

Fife Council

Fife Rape and Sexual Assault Centre

Fife Women’s Aid

Forth Valley Rape Crisis Centre

GEMAP Scotland Ltd

Glasgow and Clyde Rape Crisis

Glasgow Women’s Aid

Grampian Women’s Aid

Hemat Gryffe Women’s Aid Limited

INVERCLYDE WOMEN’S AID SCIO

Inverness Women’s Aid

JustRight Scotland SCIO

Kenyan Women in Scotland Association (CIC)

Kibble Education and Care Centre

Kingdom Abuse Survivors Project

Lanarkshire Rape Crisis Centre

LGBT Youth Scotland

Liber8 (Lanarkshire) Ltd

Lochaber Women’s Aid

Monklands Women’s Aid

Moray Rape Crisis

Moray Women’s Aid

Motherwell & District Women’s Aid

Multi-Cultural Family Base

North Ayrshire Women’s Aid

North Lanarkshire Council

Cumbernauld & District Women’s Aid SCIO

Orkney Rape & Sexual Assault Service (ORSAS) SCIO

Perth & Kinross Council

Perthshire Women’s Aid

Rape and Sexual Abuse Centre, Perth & Kinross

Rape and Sexual Abuse Service Highland

Rape Crisis Grampian

Rape Crisis Scotland

Renfrewshire Council

Renfrewshire Council, Children’s Services, Women and Children First

Renfrewshire Women’s Aid SCIO

Respect

Ross-Shire Women’s Aid

Rowan Alba Ltd

Sacro

SafeLives

Saheliya

Sandyford – NHS Greater Glasgow and Clyde

SAY Women

Scottish Borders Council

Scottish Borders Rape Crisis Centre (SBRCC)

Scottish Commission for Learning Disability

Scottish Women’s Aid

Shakti Women’s Aid

Shetland Rape Crisis

Shetland Women’s Aid (SCIO)

South Ayrshire Women’s Aid

South Lanarkshire Council

South West Grid for Learning Trust Ltd

Stirling & District Women’s Aid

The Highland Council

The Improvement Service

The Star Centre

The Venture Trust

West Dunbartonshire Council

Western Isles Rape Crises Centre

Western Isles Women’s Aid SCIO

West Lothian Council

West Lothian Women’s Aid (WLWA)

White Ribbon Scotland

Wigtownshire Women’s Aid

Women’s Aid East and Midlothian Ltd

Women’s Aid Orkney

Women’s Aid South Lanarkshire and East Renfrewshire

Women’s Rape and Sexual Abuse Centre Dundee and Angus

Women’s Support Project

YWCA Scotland

Zero Tolerance

The latest Equally Safe Delivery Plan, published in August 2024, sets out next steps to address violence against women and girls.

Frontline projects funded through the Delivering Equally Safe Fund have supported 67,004 adults, children and young people since 2021.

SAY Women is a charity that offers safe semi-supported accommodation and emotional support for young women aged 16 to 25 who are survivors of sexual abuse, rape or sexual assault and who are homeless, or threatened with homelessness.

SAY Women receive funding through the Delivering Equally Safe Fund, and with this uplift this will increase from £52,009 to £58,770 in 2025/26. Funding is in place to support a full Sessional Team to support young women to participate in additional mental health/wellbeing activities contributing to wellbeing improvements aiding in preventing homelessness.

SAY Women are also supported by the Scottish Government’s Survivors of Childhood Abuse Support (SOCAS) Fund. The fund supports 22 organisations across Scotland who work with adult survivors of childhood abuse. SAY Women have been allocated £190,000 for the period of the Fund (1 October 2024 – 31 March 2026) to provide specialised support to young women survivors of childhood sexual abuse who are homeless or at risk of becoming homeless.

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Big Brush Club expands to all primary schools in Devon

Source: City of Plymouth

A supervised toothbrushing scheme, known as the Big Brush Club, has been running in some areas of Devon, Plymouth and Torbay since 2023. However, the scheme, which is provided for children aged 3 to 5-years old, is now being rolled out to all primary schools in Devon who have an early years nursery, pre-school or reception class provision.

Children at Ernesettle School with Bob the Badger, mascot of the Big Brush Club

It is funded by NHS Devon, in partnership with Devon County Council, Plymouth City Council and Torbay Council, and delivered by dentist provider At Home Dental.

Jonathan Bouwer-Davies, Clinical Dental Adviser for NHS Devon said: “We know a quarter of five-year-olds have tooth decay which can, in severe cases, lead to children needing hospital treatment.

“Understanding how to brush your teeth properly is an important life skill for children. It takes schools five minutes a day and the benefits can be life-long.

“I am proud that Devon is the first area in the south west to extend the scheme to all primary schools thanks to the collaboration between NHS Devon, Devon County Council, Plymouth City Council and Torbay Council.”

Councillor Mary Aspinall, Cabinet Member for Health and Adult Social Care at Plymouth City Council, said: “We’re absolutely delighted that the supervised toothbrushing scheme will now be available to all schools across Plymouth.

“When it comes to dental health, we know that prevention is better than cure and this is exacerbated by the difficulties our residents are experiencing when they try to access NHS dental care, so it’s absolutely vital that children create healthy habits at a young age.

“We really hope that all schools across the city take up this offer, as it has such a huge benefit for children.”

L-R: Clare Foster, Project Manager at At Home Dental, Bob the Badger mascot, Councillor Mary Aspinall, Reena Patel, South West Consultant in Dental Public Health at NHS England and Anna Mansfield, Project Facilitator at At Home Dental.

Under the scheme, teachers hold short, daily toothbrushing sessions for three- to-five-year-olds alongside lessons about self-care, healthy eating and reducing sugar.

Chief Operations Officer from At Home Dental, Hayley Beaumont, said: “Our team of dental nurses work closely with teachers, pupils and parents to provide advice, support and training on promoting oral health.

“Each child is provided with a toothbrush and toothpaste pack to take home, encouraging toothbrushing to be a part of their normal daily routine.

“The children love doing it with their friends and the teachers report that it not only reduces problems with teeth but also school absence.”

Rapper and health activist Professor Green is helping the NHS raise awareness among families about the importance of children looking after their teeth, by launching an exciting competition to all primary schools across the south west.

Every child aged between three – five years old has been invited to take part in a competition with a music category and a colouring category. The competition, which will run until the end of May, will give children the chance to win some fantastic prizes for both themselves and their school. Professor Green will join a judging panel for the competition.

Professor Green said: “I am chuffed to be able to support the NHS supervised toothbrushing in schools scheme, and to be judging a competition which gives young children a creative outlet, while also teaching them the importance of brushing their teeth at least twice a day.”

He says he only realised later in life how not brushing properly twice a day affected his own physical and mental health – so now takes this seriously with his own son alongside a healthy diet.

Oral health is seen as a marker of wider health and social care inequalities including poor nutrition and obesity.

Prof. Maggie Rae, South West Deputy Public Health Director at the Office for Health Improvement and Disparities, concludes: “The Big Brush Club is a fantastic example of forward-thinking, early intervention work that supports the government’s mission to improve the health of the nation.

“The NHS in the south west is absolutely committed to tackling the many unfair disparities of health outcomes across our society.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Aberdeen awarded major award from Arts and Humanities Research Council The University of Aberdeen has secured a major award from the Arts and Humanities Research Council (AHRC) to support PhD research across the arts and humanities disciplines.

Source: University of Aberdeen

The University of Aberdeen has secured a major award from the Arts and Humanities Research Council (AHRC) to support PhD research across the arts and humanities disciplines.

This award underscores the University’s international reputation for research excellence in the arts and humanities, and also our commitment to supporting and preparing the next generation of scholars to ensure the vitality of arts and humanities disciplines.” Professor Nicholas Forsyth

The five-year £500K award will provide 15 scholarships to outstanding PhD candidates, with a further £1M provided to foster collaboration with other Scottish Universities through a regional training hub. The PhD candidates will come from a range of disciplines at the University including the School of Divinity, History, Philosophy and Art History, the School of Law, the School of Language, Literature, Music and Visual Culture, and the Archaeology department within the School of Geosciences.

Professor Nicholas Forsyth, the University of Aberdeen’s Vice-Principal for Research said: “This award underscores the University’s international reputation for research excellence in the arts and humanities, and also our commitment to supporting and preparing the next generation of scholars to ensure the vitality of arts and humanities disciplines.”

The AHRC Executive Chair, Professor Christopher Smith said: “The AHRC doctoral landscape awards provide flexible funding to allow universities to build on existing excellence in research and opportunities for innovation across the arts and humanities.”

This AHRC award follows other recent successes in securing support for PhD research and training. The Natural Environment Research Council (NERC) and Biotechnology and Biological Sciences Research Council (BBSRC) have confirmed a combined £9M investment in a PhD research and training programme led by the University of Aberdeen to prepare the next generation of environmental scientists who can tackle global environmental grand challenges such as the climate crisis and biodiversity loss.

This combined success has been welcomed in a motion raised in the Scottish Parliament by Kevin Stewart, MSP for Aberdeen Central, highlighting that “Investment recognises the excellence of the University of Aberdeen’s research and its commitment to training PhD students as innovative research leaders.”

Professor Stuart Piertney, the University’s Dean for Postgraduate Research said: “Securing funding for PhD research and training that spans science to arts subjects allows the University to deliver on its commitments to grow a vibrant and diverse postgraduate community that is empowered to make high-impact contributions to both academia and society.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Director of Public Health Report05 February 2025 Professor Peter Bradley has today published his second Director of Public Health Report which looks at the evidence for investing in prevention. This year’s Director of Public Health Report considers… Read more

Source: Channel Islands – Jersey

05 February 2025

Professor Peter Bradley has today published his second Director of Public Health Report which looks at the evidence for investing in prevention.

This year’s Director of Public Health Report considers the case for prevention in the Jersey context and details:

the current burden of disease faced by Islanders
how that burden is not equally spread across the Island
how the Island’s aging population is likely impact on future health
an estimate of the costs of this aging population
a summary of the evidence of the effectiveness of a preventative approach.

Director of Public Health, Professor Peter Bradley, said: “I am pleased to be publishing this report and raise awareness of the importance of investing in health prevention. This report highlights that prevention is not just about avoiding illness; Investing in prevention means Islanders can enjoy better health and wellbeing, employers have a healthier workforce, and healthcare systems can allocate resources more effectively to those in greatest need.

“Building on existing work and improvements already made, we can embed prevention into our policies across government, as well as into the community, ensuring our Island remains an attractive place to live, work, and visit.”

The full report and executive summary are attached and will be made available online at Public Health reports.

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Howard Davis Hall update10 February 2025 Jersey Property Holdings, JPH, has been overseeing the relocation and display of memorabilia within the Howard Davis Hall. The portraits, including that of TB Davis, will be positioned securely. Restoration… Read more

Source: Channel Islands – Jersey

10 February 2025

Jersey Property Holdings, JPH, has been overseeing the relocation and display of memorabilia within the Howard Davis Hall.

The portraits, including that of TB Davis, will be positioned securely. Restoration of TB Davis’s portrait is currently in progress under the expert supervision of Jersey Heritage, and it will be reinstated in its original place upon completion.

To enhance public access, JPH is arranging for the hall to be open to visitors:

When: Starting Saturday 15 February 2025

Time: 11am to 3pm on Weekends, for the following seven weekends.

Additionally, discussions are underway with Jersey Heritage to manage the hall.

Infrastructure Minister, Constable Andy Jehan, said: “The Howard Davis Hall holds significant historical and cultural value for our Island. Ensuring its preservation while increasing public access is a key priority. I’m pleased to see progress on this work and look forward to seeing the hall brought back into greater use for the community.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Revision to Planning guidance11 February 2025 Enhancing Jersey’s Planning ServiceDeputy Steve Luce, Minister for the Environment, MENV, has introduced revisions to various aspects of planning guidance as part of Goverment CSP to reforming the Island’s… Read more

Source: Channel Islands – Jersey

11 February 2025

Enhancing Jersey’s Planning Service

Deputy Steve Luce, Minister for the Environment, MENV, has introduced revisions to various aspects of planning guidance as part of Goverment CSP to reforming the Island’s planning service.

These changes are aimed at creating positive development while ensuring clarity and flexibility in planning policies.

Removal of 3,000 sq ft Floorspace Limit

The Minister has removed the 3,000 sq ft (279 sqm) floorspace limit on new residential developments, a restriction introduced by the previous administration.

Deputy Luce said: “I have been concerned that there is a perception that this is an absolute cap on development, limiting homeowners from extending or improving their dwellings. This is not the case, and the position is more nuanced.

“The continuation of this restriction in planning guidance is unhelpful. There is already a robust policy framework within the Island Plan, supplemented by additional planning guidance, which effectively manages the development of new or extended large dwellings across the island.”

To implement this decision, three pieces of supplementary planning guidance have been revised:

Housing Outside the Built-Up Area
Density Standards
Residential Space Standards

Greater Flexibility for Windows and Doors in Listed Buildings

The Minister has also revised planning guidance to provide more flexibility regarding changes to windows and doors in certain listed buildings.

Windows and doors are key elements of Jersey’s historic buildings. In the 1990s, the Island Development Committee introduced controls to regulate their replacement, responding to the widespread installation of modern PVCu windows that resulted in the loss of many original features.

With advancements in material performance and adaptability, planning policies for replacing windows in listed buildings have evolved. Greater flexibility already exists for the introduction of double-glazing where original historic windows are beyond repair. The Minister has now further revised planning guidance to allow additional flexibility in replacing plastic windows in listed buildings.

Deputy Luce said: “Modern materials and technologies now offer improved thermal performance while better replicating the design and appearance of historic windows and doors.

“I want to enable the replacement of existing plastic windows in Grade 3 and Grade 4 listed buildings with windows made from composite materials — provided they deliver an overall improvement to the character and appearance of the building. This ensures improved thermal performance while also repairing the damage caused when original windows were lost.”

These revisions aim to balance heritage conservation with modern energy efficiency improvements, ensuring Jersey’s historic buildings can be preserved while adapting to contemporary needs.

The revised planning guidelines are available on the government website:

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Council seeking public’s feedback on leisure facilities

Source: Northern Ireland – City of Derry

Council seeking public’s feedback on leisure facilities

11 February 2025

Derry City and Strabane District Council are inviting the public to have their say on its leisure services through an online survey.
The Customer Satisfaction survey aims to gather customer feedback on a range of factors including the quality of facilities, value for money, cleanliness and quality of service.
Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, urged as many people as possible to complete the surveys to allow them to provide the best possible service in the future.
“We want to get a better understanding of what the public’s expectations are from our leisure services so we can tailor them to meet user needs and make informed decisions about future projects,” she said.
“We want as many service users as possible to take the survey – the more people who give us feedback the more we can give the public what they want.
“The survey is open to anyone and we want everyone to give us their feedback regardless of your level of fitness and physical activity.”
Derry and Strabane District Council operate ten Leisure facilities in the region offering a wide range of both indoor and outdoor sporting activities.
The centres are Foyle Arena, Bishop’s Field, Templemore Sports Complex, Brooke Park, Derg Valley Leisure Centre, Riversdale Leisure Centre, Melvin Sports Complex, Brandywell Stadium, Waterside Shared Village and City Baths.
The closing date for the surveys is Sunday March 2nd and you can access online at derrystrabane.com/leisure or at the following link: https://www.surveymonkey.com/r/HV9JWGV

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Deputy Mayor attends Strabane Health and Wellbeing event

Source: Northern Ireland – City of Derry

Deputy Mayor attends Strabane Health and Wellbeing event

11 February 2025

There was a great turn out at a special health and wellbeing event held this week in Strabane, featuring helpful advice and information from a range of local organisations.

The event was delivered in partnership with Derry City and Strabane District Council’s Age Friendly Programme, Sports Development team, the Strabane Health Improvement Project, Neighbourhood Health Improvement Project and Strabane District Caring Services.

As well as information stands offering advice on support available locally, those attending took part in cookery demonstrations and talks on nutrition, and found out more about complementary therapies, advice on avoiding trips and falls, and skin scanning.

The event was attended by Deputy Mayor of Derry and Strabane, Alderman Darren Guy, who took the opportunity to remind people how important it was to regularly check for any signs or symptoms that could be of concern.

“I found the health and wellbeing event at Melvin extremely informative, with lots of experts on hand to advise and offer support in relation to a number of health areas,” he said afterwards.

“Sometimes going to a doctor can be intimidating and lots of people feel they don’t want to add to the pressures on the health service by asking advice about minor issues. But those smaller problems can be signs of more serious conditions and it’s vitally important that we get them checked out.

“By taking part in regular screenings we can keep on top of our health, and there is lots of support out there when it comes to fitness, nutrition and alternative therapies that have wide-ranging benefits. I want to thank everyone who took part in this week’s session, and encourage people to keep an eye out for future events in their area.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Nominate an amazing young person in the first London Youth Achievement Awards

Source: Mayor of London

Londoners are urged to nominate the young people making a difference in their city for the inaugural London Youth Achievement Awards.

The Awards are an opportunity for the London Assembly, in close collaboration with the London Youth Assembly (LYA), to recognise the valuable impact that young people make in the capital.

This awards programme will showcase and celebrate the breadth of inspirational activities and achievements accomplished by young people across London.

The categories are:

Innovative Initiative Award
Young Leader Award
Greener London Award 
Young Carer or Care Leaver Award
Community Safety award 
Youth Voice of London Award
Inclusion and Diversity Award
Outstanding Achievement Award 
Best Youth Campaign Award  
Young Media Champion Award

The deadline to nominate a young person for the award is 21 February.

The Awards will be presented at a City Hall ceremony in May.

Chair of the London Assembly, Andrew Boff AM, said:

“There are a huge number of young Londoners who make such a positive difference, but their achievements are not celebrated nearly as often as they should be.

“If you know a young person who is helping make your community and our city a better place to live, this is your chance to make sure they get the recognition they deserve.

“It only takes a few minutes to nominate someone and you can put them forward for as many categories as you wish. So please, don’t miss your chance to show a young Londoner some appreciation.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Scientific approaches to reduce methane emissions from farm animals

Source: United Kingdom – Executive Government & Departments

February 10, 2025

In November 2024, a social media storm saw people posting videos of themselves pouring milk down their sinks citing food safety fears. The health scare went viral after an announcement by Arla that they were trialling a new animal feed additive called Bovaer, which is scientifically proven to reduce methane in farm animals. What should have been a good news story about how science and innovation can help agriculture to get to net zero very quickly turned into a health scare complete with conspiracy theories about Bill Gates trying to poison us.

In fact adding additives to animal feed is just one of a myriad of exciting new science and innovation ideas in the works exploring different approaches to reducing methane emissions from farm animals. This Background Briefing will bring in experts across the agricultural field to explain the science behind some of these techniques, which include genetic breeding approaches, vaccine candidates and ways to alter the ruminant microbiome as well as the feed additives. The FSA’s Chief Scientist will also be with us to answer any remaining questions around Bovaer and the systems in place to test for the safety of dairy products.

Irish and UK based journalists came to this SMC briefing to hear the science behind some of these approaches.

Speakers included:

Prof Robin May, Chief Scientific Advisor, Food Standards Agency (FSA)

Prof Chris Reynolds, Professor of Animal & Dairy Science, University of Reading

Prof Richard Dewhurst, Professor of Ruminant Nutrition & Production Systems and Head of the Dairy Research Centre, Scotland’s Rural College (SRUC)

Prof John Hammond, Director of Research, The Pirbright Institute

Dr Sinead Waters, Senior Researcher in Host Microbiome Interactions, University of Galway

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Stand a chance to be High Commissioner for a Day

Source: United Kingdom – Executive Government & Departments

The British High Commission is calling for young Malaysian women to participate in its ‘High Commissioner for a Day’ competition where 2 Malaysians will have the unique opportunity to “head” a diplomatic mission, lead meetings, and get involved in a wide range of diplomatic engagements.

High Commissioner for a Day’

This competition is held in conjunction with International Women’s Day and Commonwealth Day on 8 and 11 March respectively.

Eligibility

Applicants must be Malaysian women residing in Malaysia, between the ages of 18 and 25.

How to enter competition

Submit a one-minute video answering the question, “If you were High Commissioner in a Commonwealth country, what issue would you champion and why?”.

Post the entry video on either X, Instagram, Facebook, or LinkedIn with the hashtag #HCforADayMY and tag @UKinMalaysia. You can also email the video link to UKinMalaysia@fcdo.gov.uk.

Follow the British High Commission on X for more details of the competition.

The deadline for entries is 19 February 2025, and each individual is only permitted one entry.

Acting British High Commissioner to Malaysia, David Wallace said:

Our High Commissioner for a Day campaign is back after an overwhelming response last year. We started this programme last year to empower girls, engage young leaders and provide a money-can’t-buy experience to participate in the world of diplomacy. We want to give aspiring women leaders a platform to advocate for the cause of your choice.

One of last year’s winner, Devana Zamain said:

Winning the High Commissioner for A Day competition pushed me out of my comfort zone, broadened my horizons, and helped me break into the impact industry in Sabah as a fresh graduate.

It empowered me to empower others. If you’re doubting yourself, just remember that nobody is a nobody. Your passion and voice matter.

Take the chance because you never know where it might lead you.

Another winner, Aqila Alya said:

It has been a unique experience for me. From a parliamentary meeting with YB Hannah Yeoh, followed by networking lunch and fireside chat, and lastly the Royal Commonwealth Society reception, I learned a lot about diplomatic settings and making genuine connections.

This programme really acts as an eye-opener for youth that’s still exploring their career paths and those interested in diplomatic relations.

Published 11 February 2025

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Met Commissioner to face Assembly questions

Source: Mayor of London

The Met Police Commissioner’s December report to the London Policing Board highlighted a series of “tough choices” which may have to be implemented to meet the expected budget gap of £450m in the Met’s 2025-26 budget.^[1]

The report suggests some of these tough choices could include scaling back the ability to tackle serious violence and organised crime, making cuts to teams that track down wanted offenders and gather vital evidence, and reducing the ability to respond and proactively police incidents on our roads.

The Commissioner has said that the impact of these tough choices could result in a reduction of 2,300 officers along with 400 staff.^[2]

Tomorrow, the London Assembly Police and Crime Committee will question the Met Police Commissioner on the “tough choices”, whether they will save the amount of money required, and how the Met will secure further funding to minimise these cuts. The Committee will also explore grooming gangs and stop and search.

The guests are:

Sir Mark Rowley, Commissioner of the Metropolitan Police
Kaya Comer-Schwartz, Deputy Mayor for Policing and Crime

The meeting will take place on Wednesday 12 February 2025 from 10am in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

Media and members of the public are invited to attend.

The meeting can also be viewed LIVE or later via webcast or YouTube.

Follow us @LondonAssembly.

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Jobs on wheels: Mobile Jobcentre vans deliver work support directly to local communities in drive to boost employment

Source: United Kingdom – Government Statements

New scheme comes as part of the government’s drive to help people back into work and kickstart economic growth under its Plan for Change

New ‘Jobcentre on wheels’ service launched to drive up employment across Great Britain.
Any member of the public – as well as DWP customers – can access job support through the mobile Jobcentres being tested in Bolton and parts of Wales.

New mobile Jobcentres are pulling up to football matches and retail parks to deliver vital employment support directly to local communities.

The vans have been visiting family hubs, retail car parks and mosques in regions with particularly high levels of unemployment and inactivity as the Department for Work and Pensions (DWP) tests new and inclusive ways to help people back into work. This includes a van pitching up at Bolton Wanderers Football Club last weekend to provide job support to fans on match day.

In Bolton alone, nearly 1-in-3 of people are currently inactive, with unemployment significantly higher than the national average. This van and others like it are performing a vital service to areas like Bolton, breaking down barriers to opportunity and bringing the expertise and support of the DWP straight into the heart of the communities that need it most.

The mobile Jobcentres are staffed by experienced Work Coaches who offer expert support with job searching, training opportunities and can provide information to those with health conditions or disabilities and accessing childcare costs.

As well as existing customers, the service is open and accessible to all members of the public and forms part of the government’s wider plans to tackle inactivity, support people into jobs and make everyone better off under its Plan for Change.

With the vans in Bolton, Flintshire, Denbighshire and Wrexham already proving a success, a van in Scotland will launch later this month and cover Moray and the Highlands.

The Minister for Employment, Alison McGovern, saw the Bolton mobile Jobcentre in action today (Monday 10 February) as members of the local community received advice outside the Great Lever Family Hub, a Start Well Children’s Centre.

Minister for Employment, Alison McGovern, said:

For too long, people have been denied the opportunity of securing a good job and getting on in their career. Under our major employment reforms, we want to see everyone, in every corner of the country, become better off.

This mobile Jobcentre is a perfect example of an inclusive and accessible DWP solution that ensures no one misses out on the job support they deserve. Getting more people back into work is a key part of our Plan for Change to deliver economic growth, create better opportunities and put more money into the pockets of working people.

Sam Ashton, a Work Coach based on the Bolton mobile Jobcentre, added:

The new Bolton mobile Jobcentre hit the road in January and has already pulled up in various locations across the town including at the Toughsheet Community Stadium. We have been supporting customers with a whole host of needs, whether that is with their job search, or accessing childcare costs.

We’re really looking forward to helping even more people in harder to reach areas and make it much easier for them to access our services.

The government is delivering on the biggest reforms to employment support in a generation as set out in the Get Britain Working White Paper. Key measures include overhauling Jobcentres, introducing a Youth Guarantee to ensure all people aged 18 to 21 are earning or learning and connecting local work, health and skills plans.

Published 11 February 2025

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: BP’s polluting and profiteering is destroying our planet

Source: Scottish Greens

11 Feb 2025 Climate

It is time to leave fossil fuels behind.

The astronomical profits of BP and other oil and gas giants are destroying our planet and chaining us to a broken energy market, says the Scottish Greens’ climate spokesperson, Mark Ruskell MSP.

Mr Ruskell’s comments come as BP has published profits for Q4 2024.

Mr Ruskell said:

“Households and families across our country are suffering from eye-watering bills and a broken energy market, while BP and other fossil fuel giants are reporting astronomical profits.

“Our reliance on fossil fuels is hammering household budgets, and it is destroying our planet. Global temperatures are breaking records while extreme weather events are becoming the new normal.

“Yet, at the same time, as these companies have been raking in obscene profits, they have squandered the opportunity to invest in renewables. They have stuck to a broken system that is harmful for people and planet.

“It is time for Labour to close the loopholes in the windfall tax and ensure that these climate wreckers are paying their fair share so that we can support people who are being trapped in fuel poverty.”

Mr Ruskell added:

“Our best defence against global oil and gas prices is to make the investment that is needed in clean, green renewable energy so that we can have proper energy security and lower bills.

“Leaving fossil fuels in the ground and going green is the only way that we can ensure a liveable future for generations to come.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Home Office ‘clickbait’ deportation videos are exploitative and cruel

Source: Scottish Greens

11 Feb 2025 Equality

Labour are normalising hatred and division through state sponsored scapegoating.

The Home Office’s decision to share footage of people being deported is “exploitative” and “obscene” says Scottish Green MSP Maggie Chapman.

Ms Chapman has accused the UK government of using the cruel footage as clickbait as part of its hostile environment agenda.

Ms Chapman said:

“Even by the disgraceful standards of the Home Office this is obscene. Our migrant communities are not a prop to be dehumanised and exploited by Keir Starmer in these sickening videos.

“How did the Labour leader go from being a human rights lawyer to using exploitative footage of people being deported as clickbait?

“It is the oldest and most cynical trick in the book. Labour are pointing the finger at marginalised people at the same time as they are attacking pensioners by cutting winter fuel payments and hammering households with even greater energy costs.

“Nigel Farage will be rubbing his hands together. The last thing we need is more state sponsored scapegoating, racism and division, but that is all that Labour is offering.

“The policies and the practices of the Home Office are an affront to human rights and the values that Labour is supposed to stand for.

“It is impossible to defeat the far right by normalising their hatred and implementing all of their policies for them.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI United Kingdom: Ombudsman should be resigning in light of judgement, not appealing it

Source: Traditional Unionist Voice – Northern Ireland

TUV leader and North Antrim MP Jim Allister said:

“The Ombudsman – having been slapped down on a number of occasions on the issue of her findings of collusion – should be resigning, not appealing this judgment.

“An appeal will see yet further waste of public money in what is increasingly appearing to be a mission to damage the reputation of a proud police force which stood between Northern Ireland and anarchy for 30 years and paid a shocking price for so doing.

“In light of this appeal, the Justice Minister needs to revisit her comments in the Assembly today and withdraw her support for the Ombudsman.”

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI: Jan De Witte joins GHO Capital as Operating Partner

Source: GlobeNewswire (MIL-OSI)

Jan De Witte joins GHO Capital as Operating Partner

Former CEO of Integra LifeSciences with significant strategic and operational experience to support GHO Capital’s portfolio

London, UK – 11 February 2025: Global Healthcare Opportunities, or GHO Capital Partners LLP (“GHO”), the European specialist investor in global healthcare, is pleased to announce the appointment of Jan De Witte as Operating Partner.

Jan is an accomplished senior executive with extensive experience leading international growth and transformation for global technology and life sciences companies. Prior to joining GHO, he was Chief Executive Officer and member of the Board of Directors at Integra LifeSciences (“Integra”, NASDAQ: IART), a global leader in regenerative tissue technologies, and neurosurgical and ENT solutions. At Integra Jan drove international expansion and operational excellence, and through strategic acquisitions and innovation added $1 billion to the total addressable market of the company’s offerings.

Prior to Integra, Jan served as CEO of Barco N.V. (EBR: BAR), directing the advanced visualisation technology company’s digital transformation and global market expansion. He strengthened Barco’s position in the healthcare, entertainment, and enterprise sectors through new product launches and operational improvements and global market expansions. Earlier in his career, he spent 18 years at GE Healthcare leading global teams in Digital Health, Services, Manufacturing, Quality and Supply Chain across the Americas, EMEA, and Asia. Jan’s career started with foundational roles in Operations at Procter & Gamble and as Senior Consultant at McKinsey in Europe.

Jan currently serves as a Director of ResMed Inc. (NYSE: RMD), a digital health and medical device leader. His board experience includes previous roles at Barco N.V. and international joint ventures. He holds an M.B.A. from Harvard Business School and Master’s and Bachelor’s degrees in electromechanical engineering with highest distinction from KU Leuven, Belgium.

As Operating Partner, Jan will leverage his extensive leadership experience and global network to support and grow GHO’s portfolio companies, as well as supporting with the firm’s transatlantic deal origination.

The Partners at GHO Capital commented: “Jan brings a wealth of healthcare industry expertise and a strong track record to our team as we look to implement our proven operational playbook and drive expansion and growth across our portfolio. The healthcare sector is experiencing significant innovation, supported by favourable market conditions, and Jan’s experience will help us identify businesses with the most substantial growth potential. On behalf of the entire GHO team, we warmly welcome him and look forward to the positive impact he will make.”

Commenting on his new appointment, Jan De Witte, Operating Partner at GHO Capital, said: “My focus throughout my career has always been to support innovative healthcare companies as they grow and transform, whilst creating long-term investor value. I am excited to be joining GHO Capital, one of Europe’s leading healthcare specialist private equity firms, who are committed to driving the highest standards across the healthcare sector. I look forward to working with the team and leveraging my expertise to support GHO’s portfolio companies realise their full potential.”

-Ends-

Further information:

GHO Capital Partners LLP

T +44 20 3700 7440

E IR@ghocapital.com

About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. GHO Capital applies global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. GHO Capital’s proven investment track record reflects the unrivalled depth of our industry expertise and network. GHO Capital partners with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit www.ghocapital.com.

The MIL Network –

February 11, 2025

MIL-OSI United Kingdom: Innovative Access Permit launched to make car parking easier for older people

Source: St Albans City and District

Publication date: 11 Feb 2025

Residents in St Albans District aged 70 or over can apply for a brand new Access Permit to make car parking easier.

St Albans City and District Council has introduced the permit to help people who have difficulty with digital payment methods such as a mobile phone app.

The decision to provide it, taken after feedback that car park permits had a wider purpose than just value for money, is aimed at ensuring that these residents do not feel digitally excluded.

Costing £190 a year, the permit is valid for one visit a day for up to three hours at 15 off-street car parks in St Albans and Harpenden.

That includes car parks at Drover’s Way, Russell Avenue, the Civic Centre, Westminster Lodge and Verulamium, in St Albans, and Amenbury Lane and Bowers Way East and West, in Harpenden.

To be eligible for the permit, you need to be aged 70 or above and be a resident of the District.

Councillor Helen Campbell, Lead for Car Parking, said:

There is no statutory duty placed on us to provide such a permit and I am not aware of any Councils that do, so this is quite an innovation.

We are an inclusive Council, responsive to the needs of all our community, and the permit is a demonstration of that.

Many of our older citizens are more than happy to pay by contactless cards or apps, but there are some who struggle with these modern methods.

The Access Permit will help by providing them with a more traditional way of paying. The price of £190 per year is designed to reflect a fair price for an average driver over a year’s use.

Anyone eligible for the Access Permit can apply here: https://www.stalbans.gov.uk/access-permit-council-car-parks.

Those who have difficulty making an online application, or need further information and advice about applying, please contact the Council’s customer service team on 01727 866100.

You can find more details about the Council’s car parks here: https://www.stalbans.gov.uk/car-parks-and-street-pay-and-display

Lydekker car park in Harpenden,owned by Harpenden Town Council, is not covered by the permit.

Photo: Westminster Lodge car park.

Contact for the media: John McJannet, Principal Communications Officer: 01727-819533; john.mcjannet@stalbans.gov.uk.

MIL OSI United Kingdom –

February 11, 2025

MIL-OSI Europe: Day of Remembrance ceremony at the Quirinale Palace

Source: Government of Italy (English)

10 Febbraio 2025

The President of the Council of Ministers, Giorgia Meloni, attended the ceremony at the Quirinale Palace today to mark the day of remembrance for the victims of the Foibe massacres and the exodus from Istria, Rijeka and Dalmatia, in the presence of the President of the Republic, Sergio Mattarella.

MIL OSI Europe News –

February 11, 2025

MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

Source: Republic of China Taiwan 3

Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

Date：2025-02-05
Data Source：Department of European Affairs

No. 032
February 5, 2025

Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 4 for an Estonian defense industry delegation led by Chair of the Estonia-Taiwan Support Group of the Parliament of Estonia Kristo Enn Vaga. The delegation included senior parliamentarian Kalle Laanet—who previously served as minister of defense, minister of the interior, and minister of justice—as well as representatives of the defense industry. During the event, the two sides exchanged views on cooperation in defense industry innovation, whole-of-society resilience, the Russia-Ukraine war, and other issues.

Minister Lin noted that Taiwan and Estonia had both experienced authoritarian rule and therefore greatly cherished their hard-won freedoms and democracy. Commenting on authoritarian expansionism in recent years, he pointed out that the ongoing Russia-Ukraine war, China’s recurrent military exercises in the waters around Taiwan, and frequent incidents of sabotage of underwater cables in the Baltic Sea and the waters off Taiwan underscored the importance of enhancing collaboration among democratic nations. Minister Lin also spoke about having led a delegation of the Taiwanese drone industry to Lithuania last November to demonstrate Taiwan’s determination to build democratic supply chains together with like-minded nations. He welcomed this visit by the Estonian defense industry delegation, which, he said, would open up additional areas for cooperation.

Chair Vaga stated that the democratic community had realized that if like-minded partners did not work together to establish supply chains, national security could become susceptible to potential threats. Observing that Taiwan and Estonia were both the targets of massive daily disinformation attacks and that underwater cables serving each had recently been damaged, Chair Vaga urged the democratic community to become more united against all manner of threats and challenges. He also pledged to steadily promote relations between Taiwan and Estonia.

At the luncheon, Minister Lin thanked the representatives of Motex Healthcare and Taiwan Comfort Champ Manufacturing for their joint donation of 1.11 million masks to Ukraine and Estonia during the Estonian delegation’s visit to Taiwan, adding that it highlighted the Taiwanese spirit of humanitarian assistance. Deputy Minister of Foreign Affairs François Chihchung Wu witnessed the donation ceremony on behalf of Minister Lin.

Deputy Minister Wu said that, since the outbreak of the Russia-Ukraine war, Taiwan had worked proactively with like-minded countries to support Ukraine. He stated that the Taipei Mission in the Republic of Latvia and the Estonian Centre for International Development had signed a partnership agreement last June, under which Taiwan would donate €1.1 million to support the construction of homes for orphans in Ukraine. Deputy Minister Wu expressed pleasure that Taiwanese companies had shown a commitment to corporate social responsibility and demonstrated that Taiwan could help and that Taiwan was helping. His views were echoed by Chairman of Motex Healthcare Y. C. Cheng and Chairman of Taiwan Comfort Champ Manufacturing Andy Chen, both of whom expressed a willingness to work with the government to assist Ukraine. (E)

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI: Recording of LHV Group’s 11 February investor webinar

Source: GlobeNewswire (MIL-OSI)

To give an overview of the 2024 Q4 and 12 month financial results, LHV Group organised an investor meeting webinar on 11 February. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

The live coverage was followed by 44 participants, the live feed of the presentation was broadcast over Zoom.

Recording of the investor meeting (in Estonian) is available at: https://www.youtube.com/watch?v=jmt0XVLumrU

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

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

The MIL Network –

February 11, 2025

MIL-OSI: AMD and the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) to Collaborate on the Future of AI Compute

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 11, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today announced the signing of a Letter of Intent (LOI) with the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) of France to collaborate on the advanced technologies, component and system architectures that will shape the future of AI computing. The collaboration will leverage the strengths of both organizations to push the boundaries on energy-efficient systems needed to support the world’s most compute-intensive AI workloads in fields from energy to medicine.

Through this initiative, AMD and CEA will engage in a structured collaboration, focused on technological advancements on next generation AI compute infrastructure. AMD and CEA also are planning a symposium on the future of AI compute in 2025 that will convene European stakeholders and global technology providers, startups, supercomputing centers, universities and policy makers to accelerate collaboration around state-of-the-art and emerging AI computing technologies.

“AI computing continues to drive innovation across industries, and international collaboration is critical to pushing the boundaries of what’s possible,” said Ralph Wittig, Corporate Fellow and head of research, AMD. “Through this collaboration with CEA and leading French engineers, we aim to bring cutting-edge AI research closer to real-world applications by advancing system architectures that meet the demands of tomorrow’s AI workloads, while growing the joint research and development opportunities between the U.S. and France.”

“CEA is committed to driving innovation in AI computing by advancing next-generation technologies opening the road for disruptive architectures that balance performance and energy efficiency. Our collaboration with AMD represents a significant step toward fostering international cooperation in high-performance computing, bringing together world-class expertise to address the growing demands of AI workloads,” said Julie Galland, Director of the Technological Research division at CEA, “By combining CEA’s research leadership with AMD’s cutting-edge technology, we aim to develop breakthrough solutions that will shape the future of AI computing in Europe and beyond.”

This effort underscores the AMD commitment to fostering international collaborations that accelerate AI innovation, making AI more inclusive and sustainable, and strengthening cooperation, in particular, between the United States and European research institutions.

Supporting Resources

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

AMD, the AMD Arrow logo, and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

The MIL Network –

February 11, 2025

MIL-OSI Economics: Denis Beau: The foundations of trustworthy AI in the financial sector

Source: Bank for International Settlements

Ladies and gentlemen,

First of all, I’d like to thank the organizers for their invitation to launch this event focusing on the Paris financial centre’s AI strategy: just days before the international AI Action Summit, this gives me the opportunity to reiterate our determination at the Banque de France and the ACPR to take action on this major issue for the industry – and to do so in concert with all financial sector players. The summit will also be an opportunity for the Banque de France to reaffirm its commitment by organising a side event on 11 February, featuring a round table discussion on ethical and inclusive AI.

AI – as you are already well aware, is being increasingly used in the financial sector, whether to assess credit risk, set insurance rates or estimate asset volatility. For a supervisor, its impact is potentially double-edged: while AI is a source of opportunities for the sector – including for its supervisor – it is also a new vector of risk. This ambivalent impact partly explains the regulatory framework that has just been introduced in Europe.

The European Union has proven itself a pioneer in this area by adopting the AI Act in the summer of 2024. However, this legislation raises legitimate questions, especially for the financial sector: is there not a risk of hampering innovation in the name of controlling risk? I would like to reiterate, before you today, a strongly held conviction that may seem iconoclastic in the current environment: in the long run, regulating AI-related risks is good for competitiveness in both Europe and France. Without regulation, there can be no trust – and therefore no sustainable innovation.

Because my opening remarks this morning are from a supervisor’s perspective, I will discuss the opportunities and risks (I), then the conditions necessary for effective regulation of AI in the financial sector (II).

I/ To get a bit of perspective on things, I would like to revisit an initial observation: AI, combined with an abundance of available data, is a powerful vector of transformation for the financial sector.

1/ Our observations show that AI is increasingly being used by financial institutions along all segments of the value chain: i) to improve the “user experience”, ii) to automate and streamline internal processes, and iii) to control risks, particularly in the battle against fraud and against money laundering and the financing of terrorism.

The emergence of generative AI two years ago has triggered a revolution in the accessibility of AI technology, thanks to the possibility of interacting with algorithms using natural language – via Large Language Models (LLMs) – which makes adoption considerably easier. Generative AI is also boosting innovation within companies as computer code can now be written by a much broader group of people.

If harnessed properly, AI can therefore boost the efficiency of financial institutions, increase their revenues and provide them with risk management solutions.

2/ However, there is a downside, and the power of the solutions developed is accompanied by significant risks, both for each of the players in the financial system and for the stability of the system as a whole. I would like to mention three of these risks.

The first is that these technologies may be put to improper use. The complexity and newness of certain modelling techniques can result in more errors, either in systems design or use. This poses a risk not only for customers, but also for institutions’ financial health, as a poorly calibrated model could generate systematic losses. These risks are compounded by two factors. First, the adjustment of the parameters of certain models in real-time, which is one of their strengths, can also result in rapid drift. Second, certain AI systems are particularly opaque, generating a “black box” phenomenon.

The second risk I would like to highlight is cyber risk, which has become the number one operational risk in the financial sector over the past few years. AI amplifies this risk – both in terms of the danger posed by attackers and because it represents a new area of vulnerability. Conversely, we should be aware that AI can also enhance IT security, for example, by helping to detect suspicious behaviour.

Lastly, I’d like to highlight a third risk, which could become increasingly significant in the future, namely environmental risk. In the absence of reliable data provided by businesses or a commonly accepted basis of calculation, quantification of this risk is still subject to considerable variability. Nevertheless, it is clear that training the most recent generative AI models is a very energy-intensive process… and that if current trends continue, their regular use by billions of customers will be even more so. These factors naturally suggest that AI should be used rather frugally. In other words, AI systems should only be used when necessary.

II/ I would now like to turn to aspects of regulation, legislation and control, and primarily to the European AI Act. This will mainly concern the financial sector for two use cases: creditworthiness assessment for granting loans to individuals, and risk assessment and pricing in health and life insurance. The main impacts of this legislation will be felt from August 2026, and as market surveillance authority, the ACPR should be responsible for ensuring that it is properly applied.

With this in mind, I would like to share two simple messages with you this morning: i) the risks linked to AI can essentially be handled within the existing risk management frameworks; ii) however, we should not underestimate certain new AI-related technical challenges.

1/ The AI Act will not lead to any major upheaval in the way risks are managed in the financial sector.

Financial institutions have a sound risk management culture, as well as robust governance and internal control systems. The Digital Operational Resilience Act (DORA), which has just come into force, rounds out the traditional regulatory framework with specific rules on operational resilience and IT risk management. The financial sector is therefore well equipped to meet the challenge of complying with the new regulations.

Admittedly, the objectives of the AI Act – first and foremost the protection of fundamental rights – and those of sectoral regulation – financial stability and the ability to meet commitments to customer– differ. But operationally, when the AI Act requires “high-risk systems” to have data governance, traceability and auditability, or guarantees of robustness, accuracy and cyber-security throughout the lifecycle, clearly, we are not in uncharted waters.

Rather, I would like to reiterate that the usual principles of sound risk management and governance continue to apply under the AI Act. Naturally these will guide the ACPR in assessing systems compliance when it is called upon to exercise its role of market surveillance authority. More specifically, our vision for deploying this new mission will be underpinned by three simple principles: (i) implementing “market surveillance” in accordance with the AI Act, i.e. primarily aimed at identifying systems likely to pose compliance problems; (ii) defining supervision priorities using a risk-based approach to ensure that the resources deployed are proportionate to the expected outcomes; and (iii) unlocking all possible synergies with prudential supervision. I believe that this was the intention of the European legislator when it entrusted national financial supervisors with the role of “market surveillance authority”. It is also the best way of ensuring that we don’t make the regulations any more complex at a time when our common objective should be to simplify them.

Naturally, the principles of good governance and internal control also apply to algorithms not considered high-risk by the AI Act, if they pose risks to the organisations concerned – think of the use of AI systems in market activities, for example. Here, lessons learned from implementing the AI Act and the resulting best practices will be invaluable for both supervisors and supervised entities.

2/ Nevertheless, the challenges posed by the use of AI should not be underestimated

Some of the issues raised by this technology are definitely new. Let me give you two examples. Firstly, explainability: with each advance in this field, artificial intelligence algorithms have become increasingly opaque and in a regulated sector like the financial sector, this is a problem. More specifically, day-to-day users of AI tools need to have a sufficient understanding of how they work and of their limitations if they are to make appropriate use of them and avoid the twin pitfalls of either blindly trusting the machine or systematically mistrusting it.

The second example is fairness. AI can accentuate biases present in data. Indeed, one of the aims of the AI Act is to detect and prevent such biases before they cause harm to citizens. This is a technically complex issue, as banning the use of certain protected variables is not enough to guarantee safe algorithms. This is particularly true for activities such as granting loans or pricing insurance, where customer segmentation is part of normal business and risk management practices in a competitive environment.

To address these new challenges and comply with the various regulatory requirements, financial institutions will need to acquire new human and technical resources and upskill. As market surveillance authority and prudential regulator, the ACPR will ensure that risks are effectively managed. Compliance with the AI Act will have to be more than just an internal administrative labelling exercise, and financial institutions will have to ensure that the algorithms are managed and monitored by competent people who understand their inner workings.

This means that the financial supervisor itself has to upskill and adapt its tools and methods. The ACPR has already published certain proposals in the past concerning the issue of explainability. It will eventually have to establish a doctrine on this topic as well as on algorithm fairness. We will also need to develop a specific methodology for auditing AI systems.

We cannot and must not take this methodological step forward alone. In addition to unlocking synergies with other AI supervisors in France and Europe, we need to cooperate with the financial sector. Supervisors and supervised entities share many challenges and they will overcome them more effectively if they are able to move forward together.

Events like today provide an opportunity to channel our collective efforts into a widely shared project. It is by working together that we will be able to lay the foundations for trustworthy AI in the financial sector.
I wish you fruitful discussions throughout this morning.

MIL OSI Economics –

February 11, 2025

Category: European Union

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