Category: housing

  • MIL-OSI United Kingdom: Home Office hits 500 jobs milestone in Stoke-on-Trent

    Source: City of Stoke-on-Trent

    Published: Thursday, 24th October 2024

    More than 500 government jobs have been created in Stoke-on-Trent over the last two years.

    The huge employment boost comes as part of a long-term commitment by the Home Office to create hundreds of new roles in the city.

    The 500 new jobs include roles that are pivotal in operational activity across the country, as well as corporate functions.

    Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “We are so pleased to see that the Home Office has hit its target of bringing 500 new jobs to the city in such a short space of time. This is a huge milestone for Stoke-on-Trent.

    “We want to ensure our residents have access to good jobs with higher wages, so we are delighted that the Home Office has made this commitment to our city.”

    In 2023, the Home Office signed a lease for 38,000 sq ft of office space at the Two Smithfield building in the city centre – initially creating around 200 new jobs.

    Eighteen months on, that number has risen to more than 500 employees, most of which are local to Stoke-on-Trent.

    The government department had been in talks with the city council about building a brand-new base in the city which would house all of its Stoke-on-Trent workforce.

    Now the Home Office has confirmed that it is looking to sign a long-term lease for existing office space in the city instead, in line with its firm commitment to remain in the city.

    Cllr Ashworth added: “We will continue to work with the Home Office to ensure they can find a permanent home in the city and will look at how we can potentially use existing or repurposed sites while doing everything we can to ensure these new jobs remain in the city for the long-term.”

    Minister of State, Lord David Hanson said: “We are committed to having a strong presence in Stoke-on-Trent and by fulfilling our commitment to bring more than 500 jobs to the city, we will ensure the region has a huge part to play in tackling some of the biggest challenges facing the UK.

    “Since taking office I have held constructive discussions with local partners in the region and I look forward to building on these relationships to explore how the Home Office can provide further opportunities to Stoke-on-Trent.”

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Light housing contract awarded

    Source: Hong Kong Information Services

    The Housing Bureau and the Architectural Services Department announced today that the last design and construction contract for Light Public Housing (LPH) has been awarded to Yau Lee Construction Company upon assessment.

    Apart from providing around 1,500 units, the contract comprises six projects, including Hang Kwong Street in Ma On Shan and the conversion of five vacant or to-be-vacant school premises.

    Additionally, the construction works are expected to commence in phases by November at the earliest.

    The bureau indicated that the construction works of LPH is proceeding at full speed, with a total of about 28,500 units in seven projects having commenced since December 2023.

    They are at Yau Pok Road in Yuen Long, Tuen Mun Area 3A, Choi Hing Road in Ngau Tau Kok, Olympic Avenue in Kai Tak, Lok On Pai in Siu Lam, Tuen Mun Area 54 and Sheung On Street/Sheung Ping Street in Chai Wan. The first LPH project at Yau Pok Road will be completed for intake in the first quarter next year.

    The bureau highlighted that the award of the last design and construction contract marks the new stage towards the progressive completion and intake of LPH, which could improve the living conditions and quality of life of the people living in inadequate housing.

    Together with the Architectural Services Department, it added that it will press ahead with relevant works at full speed to achieve the Government’s target of providing about 30,000 LPH units by 2027-28. 

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: AFRICA/BURKINA FASO – Violence spreads: hundreds killed in an armed attack in the village of Manni

    Source: Agenzia Fides – MIL OSI

    Thursday, 24 October 2024

    Ouagadougou (Agenzia Fides) – For some time now, Burkina Faso has been confronted with several violence attacks by armed groups. In recent months the situation seems to be out of control.According to what was reported to Fides last October 6, the village of Manni, in the province of Gnagna in the eastern region of the country, suffered a serious attack.“More than 150 people lost their lives in the attack in Manni, including many Christians – reports the local source who requests anonymity for security reasons. Before the attack, the village’s mobile networks was interrupted to prevent any communication. The terrorists first hit the local market where many inhabitants had gathered after mass. Then they went into the houses and shops to kill those who had taken refuge there, and set fire on them, burning the victims alive. The next day they returned, setting fire on cars, shooting at medical personnels and other individuals. Many of the victims came from surrounding villages, which had already been driven out by the terrorists and had come to seek refuge in Manni.”“Deep sorrow and sincere compassion to all the bereaved families”, was expressed by the bishop of the diocese of Fada N’Gourma, Pierre Claver Malgo, who described the attack as ‘barbaric’. “Unfortunately – the source points out – these attacks are increasing the number of internally displaced people in the country.”More recently, in the month of August, terrorist attacks were recorded in Burkina Faso in the province of Nayala, in the village of Nimina, Mogwentenga and Gnipiru, until the end of August when the country experienced the worst massacre in its history in Barsalogho which, according to reports, caused at least 400 deaths.Since 2015, Burkina Faso has been under siege by terrorist groups, resulting in a constant state of insecurity and fear. Since interim President Ibrahim Traoré came to power on September 30, 2022, there have been at least six failed coup attempts against him, the last one in chronological order dates back to the end of August 2024.(AP) (Agenzia Fides, 24/10/2024)
    Share:

    MIL OSI Europe News

  • MIL-OSI Europe: ASIA/PHILIPPINES – Parishes welcome displaced people, hit by Typhoon Kristine

    Source: Agenzia Fides – MIL OSI

    Caritas Philippines

    Naga (Agenzia Fides) – More than 25 parishes and church facilities, such as the Basilica of Our Lady of Peñafrancia and the Ateneo de Naga University of the Archdiocese of Caceres, managed by the Jesuit Order, have opened their doors and are acting as temporary evacuation centers for displaced persons and families affected by the effects of Typhoon Kristine (international name: Trami), which is devastating the northeastern Philippines. The floods and landslides caused by the tropical storm, which began yesterday, October 23, have claimed at least 24 lives in the Bilcol region, while thousands are trapped in the villages. The government has closed schools and offices throughout the island of Luzon to protect the population. The “National Council for Disaster Risk Reduction and Management” reported that about 78,000 families in 14 provinces were affected by the devastating effects of the typhoon, after which initial relief efforts were immediately activated by institutions, non-governmental organizations and the church. As Caritas Philippines reports, the Catholic dioceses in the affected areas have activated teams of volunteers to assess the extent of the damage and take appropriate measures. “Our priority is to ensure the fastest possible aid for the most needy and weakest,” said Bishop Colin Bagaforo, President of Caritas Philippines. He points out that the structures of the local churches have agreed to welcome the refugees.The Archdiocese of Cáceres, meanwhile, made a public appeal to parishes, schools and institutions that can temporarily provide rooms for the displaced. In the diocese of Legazpi, several parish churches have been flooded but, despite the floods, have opened the doors of their parish centers, which are still accessible: the parish church of Polangui, for example, although affected, is hosting nearly 300 people, the most vulnerable displaced, such as pregnant and breastfeeding women with their children, the sick and the elderly. Some of them are housed in the parish priest’s home.Caritas Philippines has also launched a nationwide appeal for donations to provide essentials and humanitarian aid to the displaced. (PA (Agenzia Fides, 24/10/2024)

    Share:

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Council asked to approve £6.3m boost to Landbank Fund

    Source: Scotland – Highland Council

    Members will be asked to approve the repayment of £6.308m to the Landbank Fund from income from Council Tax on 2nd homes, at the Highland Council meeting on 31 October. The additional money will support the Council in finding solutions to the Highland Housing Challenge.

    Chair of the Council’s Economy and Infrastructure Committee, Cllr Ken Gowans said: “The Landbank Fund is a valuable mechanism which allows us to invest further in housing supply in the Highlands. The additional £6.308 million will boost our capacity to bring housing back into communities and help to address the housing challenge.” 

    The Highland Council has in recent years sought flexibility to the Council to utilise income from council tax on second homes to support the revenue budget. 

    Scottish Government granted flexibility to the Council to utilise income in 2022/23 and 2023/24 to support the revenue budget, rather than for affordable housing purposes, given the financial challenges being faced by the Council at that time. That flexibility was however conditional on repayment of income into the Landbank Fund within 3 years of the flexibility being exercised.  

    Through its budget plans, the Council has made provision for repayment back into the Landbank Fund, this through a combination of budget provision made in 2024/25 and reserves earmarked for this purpose.  In total, the sum due to be paid back is £6.308m covering the two financial years.

    24 Oct 2024

    MIL OSI United Kingdom

  • MIL-OSI USA: Deadline Approaching for the 2024 Congressional App Competition for Middle and High School Students in the District

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    Rep. Espaillat Hosts Annual App Competition for Students in New York’s 13th Congressional District.
    October 24th (Thursday) Marks 2024 Deadline to Submit Entries

    NEW YORK, NY – Representative Adriano Espaillat (NY-13) has launched the 2024 Congressional App Challenge, an annual competition designed to encourage student participation in computer science and coding. This year’s competition is open to middle and high school students from New York’s 13th congressional district, who may register via the online portal to have their app considered by the October 24th deadline.

    Officially launched by the U.S. House of Representatives in 2015, this nationwide effort allows students to compete against their peers by creating an application (also known as an “app”). The Challenge is designed to promote innovation and engagement in computer science and accepts any programming language, such as C, C++, Java, JavaScript, Python, Ruby, or “block code.” 

    The Congressional App Challenge is open to all middle and high school students in the 13th Congressional District of New York. 

    The winner from the New York’s 13th congressional district will be featured on CongressionalAppChallenge.us among winners from across the country.

    For more information, please visit the official Congressional App Challenge website at CongressionalAppChallenge.us or contact Maximo Diaz, (212) 497-5959 or by email at Maximo.Diaz@mail.house.gov for more information.

    # # #

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fourth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 118th Congress. He is also a member of the House Budget Committee and the Congressional Hispanic Caucus (CHC), where he serves in a leadership role as the Deputy Chair as well as Chair of the Congressional Hispanic Caucus Institute (CHCI). Rep. Espaillat is a member of the Congressional Progressive Caucus (CPC) and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.

    Media inquiries: Candace Person at Candace.Person@mail.house.gov

    MIL OSI USA News

  • MIL-OSI: Amalgamated Financial Corp. Reports Record Third Quarter 2024 Financial Results; Margin Expands to 3.51%; Return on Average Assets of 1.32%

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (on a linked quarter basis)

    • Net income of $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share.
    • Core net income1 of $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share.

    Deposits and Liquidity

    • Total deposits increased $145.6 million, or 2.0%, to $7.6 billion including a $51.3 million decline in Brokered CDs.
    • Excluding Brokered CDs, on-balance sheet deposits increased $196.9 million, or 2.7%, to $7.5 billion.
    • Political deposits increased $231.9 million, or 13%, to $2.0 billion, which includes both on and off-balance sheet deposits.
    • Off-balance sheet deposits increased $114.1 million, or 11%, to $1.2 billion, comprised of both transactional political deposits and other segment deposits.
    • Average cost of deposits, excluding Brokered CDs, increased 3 basis points to 151 basis points, where non-interest-bearing deposits comprised 51% of total deposits excluding Brokered CDs.

    Assets and Margin

    • Net loans receivable increased $78.0 million, or 1.8%, to $4.5 billion.
    • Excluding a $40.9 million package of low yielding residential loans marked-to-market and moved to held-for-sale, net loans receivable increased $118.9 million or 2.7%.
    • Total PACE assessments grew $10.6 million, or 0.9%, to $1.2 billion.
    • Net interest income grew $2.9 million, or 4.2%, to $72.1 million.
    • Net interest margin increased 5 basis points to 3.51%.

    Capital and Returns

    • Tier 1 leverage ratio of 8.63%, increased by 21 basis points, and Common Equity Tier 1 ratio of 13.82%.
    • Tangible common equity1 ratio of 8.14%, representing an eighth consecutive quarter of improvement.
    • Tangible book value per share1 increased $1.69, or 8.2%, to $22.29, and has increased $4.87, or 27.9% since September 2023.
    • Strong core return on average tangible common equity1 of 17.04% and core return on average assets1 of 1.33%.

    ________________________
    1 Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “Our third quarter financial results continue to demonstrate that Amalgamated remains positioned to achieve sustainable earnings and profitability.   During the quarter, we delivered outstanding deposit and loan growth, strong profitability and returns, and a growing capital base that positions us to invest in our strategic initiatives which will sustain our growth into the future.”

    Third Quarter Earnings

    Net income for the third quarter of 2024 was $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share, for the second quarter of 2024. The $1.1 million increase during the quarter was primarily driven by a $3.2 million increase in non-core ICS One-Way Sell fee income from our off-balance sheet deposits, a $2.9 million increase in net interest income, a $1.3 million decrease in provision for credit losses, and a $0.7 million increase in non-core income from solar tax equity investments, which was expected. This was offset by a $4.3 million reduction in fair value on a pool of lower yielding residential loans moved to held for sale, a $1.5 million increase in non-interest expense, and a $1.3 million increase in income tax expense, and a $0.5 million increase in losses on securities sales.

    Core net income1 for the third quarter of 2024 was $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share, for the second quarter of 2024. Excluded from core net income for the quarter, pre-tax, was $8.1 million of ICS One-Way Sell fee income, a $4.3 million reduction in fair value of held for sale residential loans, $3.2 million of losses on the sale of securities, $1.1 million of accelerated depreciation from solar tax equity investments, $0.7 million of gains on subordinated debt repurchases, and $0.2 million in severance costs. Excluded from core net income for the second quarter of 2024, pre-tax, was $4.9 million of ICS One-Way Sell fee income, $2.7 million of losses on the sale of securities, $1.8 million of accelerated depreciation from our solar tax equity investments, $0.4 million of gains on subordinated debt repurchases.

    Net interest income was $72.1 million for the third quarter of 2024, compared to $69.2 million for the second quarter of 2024. Loan interest income increased $2.8 million and loan yields increased 11 basis points mainly as a result of a $86.7 million increase in average loan balances. Adjusted for two discrete items; the effect of $2.1 million of accelerated amortization related to purchase premiums last quarter and the recognition in the current quarter of a $1.3 million acceleration of deferred costs on certain loans, loan interest income increased by $2.1 million in the quarter. Interest income on securities increased $1.7 million driven by an increase in the average balance of securities of $79.7 million. Interest expense on total interest-bearing deposits increased $1.2 million driven by a 26 basis point increase in cost despite a decrease in the average balance of total interest-bearing deposits of $235.6 million. The increase in deposit cost was primarily related to adjustments to rates on money market products and select non-time deposit accounts late in second quarter and early in the current quarter.   The decrease in the average balance of interest-bearing deposits was primarily driven by a mix shift as newly raised political deposits were mainly non-interest-bearing whereas related outflows were mainly interest-bearing. Additionally, the average balance on Brokered CD’s declined $25.0 million as certain long-term issuances were called. The average balance of borrowings also decreased $32.6 million, now substantially consisting of lower-cost subordinated debt.

    Net interest margin was 3.51% for the third quarter of 2024, an increase of 5 basis points from 3.46% in the second quarter of 2024. As noted above, there were two discrete items that affected the third quarter and second quarter margin. Excluding these discrete items, net interest margin improved 2 basis points from the prior quarter, all else equal. Prepayment penalties had no impact on our net interest margin in the third quarter of 2024, which is the same as in the prior quarter.

    Provision for credit losses totaled an expense of $1.8 million for the third quarter of 2024 compared to an expense of $3.2 million in the second quarter of 2024. The expense in the third quarter was primarily driven by charge-offs on our consumer solar and small business portfolios, and updates to CECL model assumptions, offset by decreases in reserves for unfunded loan commitments.

    Non-interest income was $8.9 million for the third quarter of 2024, compared to $9.3 million in the second quarter of 2024. Excluding all non-core income adjustments noted above, core non-interest income1 was $8.8 million for the third quarter of 2024, compared to $8.5 million in the second quarter of 2024. The increase was primarily related to higher commercial banking fees, increased fees from our treasury investment services, and modestly higher income from our trust business.

    Non-interest expense for the third quarter of 2024 was $41.0 million, an increase of $1.5 million from the second quarter of 2024. Core non-interest expense1 for the third quarter of 2024 was $40.7 million, an increase of $1.3 million from the second quarter of 2024. This was mainly driven by a $0.7 million increase in compensation and employee benefits expense due to strategic new hires and corporate performance accruals, as well as higher data processing expense related to the advance of digital initiatives scheduled for 2025.

    Our provision for income tax expense was $10.3 million for the third quarter of 2024, compared to $9.0 million for the second quarter of 2024. The effective tax rate for the third quarter of 2024 was 26.9%. In the prior quarter, there were $0.5 million of discrete tax benefits resulting in an effective tax rate of 25.2%, or 26.6% excluding the discrete items.

    Balance Sheet Quarterly Summary

    Total assets were $8.4 billion at September 30, 2024, compared to $8.3 billion at June 30, 2024, which modestly grew the balance sheet above its target range but also carried $40.9 million in loans held for sale related to the residential loan sale that settled shortly after the quarter closed. Notable changes within individual balance sheet line items include a $91.2 million increase in cash and cash equivalents, a $24.1 million increase in securities, and a $78.0 million increase in net loans receivable. Additionally, deposits excluding Brokered CDs increased by $196.9 million while Brokered CDs decreased $51.3 million, and borrowings decreased by $8.8 million. Our off-balance sheet deposits increased by $114.1 million, or 11%, to $1.2 billion.

    Total net loans receivable, at September 30, 2024 were $4.5 billion, an increase of $78.0 million, or 1.8% for the quarter. The increase in loans is primarily driven by a $60.8 million increase in multifamily loans, a $46.0 million increase in commercial and industrial loans, and a $37.6 million increase in commercial real estate loans, offset by an $11.1 million decrease in consumer solar loans, and a $54.3 million decrease in residential loans, primarily due to the noted loan pool sale. During the quarter, criticized or classified loans decreased $5.9 million, largely related to a $6.9 million note sale (with a related fully reserved $4.5 million charge-off) on a legacy non-accrual leveraged loan. Additionally, payoffs of two delinquent commercial and industrial loans totaling $1.7 million and charge-offs of smaller commercial and industrial loans totaling $1.0 million were offset by the downgrade of one $3.2 million multifamily loan to substandard and accruing and downgrades of small business loans totaling $1.1 million.

    Total deposits at September 30, 2024 were $7.6 billion, an increase of $145.6 million, or 2.0%, during the quarter. Total deposits excluding Brokered CDs increased by $196.9 million to $7.5 billion, or a 2.7% increase. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $2.0 billion as of September 30, 2024, an increase of $231.9 million during this quarter. Non-interest-bearing deposits represented 50% of average total deposits and 51% of ending total deposits for the quarter, excluding Brokered CDs, contributing to an average cost of total deposits of 158 basis points. Super-core deposits2 totaled approximately $4.5 billion, had a weighted average life of 16 years, and comprised 60% of total deposits, excluding Brokered CDs. Total uninsured deposits were $4.5 billion, comprising 59% of total deposits.

    Nonperforming assets totaled $28.6 million, or 0.34% of period-end total assets at September 30, 2024, a decrease of $7.1 million, compared with $35.7 million, or 0.43% on a linked quarter basis. The decrease in nonperforming assets was primarily driven by the note sale mentioned above, a $0.2 million decrease in residential real estate nonaccrual loans, a $0.2 million decrease in consumer and consumer solar nonaccrual loans, offset by a $0.3 million increase in commercial and industrial nonaccrual loans.

    During the quarter, the allowance for credit losses on loans decreased $1.9 million to $61.5 million. The ratio of allowance to total loans was 1.35%, a decrease of 7 basis points from 1.42% in the second quarter of 2024. The decrease was primarily the result of a release of reserves from the previously noted legacy leveraged commercial and industrial note sale, which carried a reserve of $4.5 million.

    ________________________
    2 Refer to Terminology on page 6 for definitions of certain terms used in this release.


    Capital Quarterly Summary

    As of September 30, 2024, the Common Equity Tier 1 Capital ratio was 13.82%, the Total Risk-Based Capital ratio was 16.25%, and the Tier 1 Leverage Capital ratio was 8.63%, compared to 13.48%, 16.04% and 8.42%, respectively, as of June 30, 2024. Stockholders’ equity at September 30, 2024 was $698.3 million, an increase of $52.2 million during the quarter. The increase in stockholders’ equity was primarily driven by $27.9 million of net income for the quarter and a $26.9 million improvement in accumulated other comprehensive loss due to the tax effected mark-to-market on our available for sale securities portfolio, offset by $3.7 million in dividends paid at $0.12 per outstanding share.

    Tangible book value per share was $22.29 as of September 30, 2024 compared to $20.61 as of June 30, 2024. Tangible common equity1 improved to 8.14% of tangible assets, compared to 7.66% as of June 30, 2024.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its third quarter 2024 results today, October 24, 2024 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Third Quarter 2024 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13748697. The telephonic replay will be available until October 31, 2024.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of our website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2024, our total assets were $8.4 billion, total net loans were $4.5 billion, and total deposits were $7.6 billion. Additionally, as of September 30, 2024, our trust business held $35.4 billion in assets under custody and $14.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Our management utilizes this information to compare our operating performance for September 30, 2024 versus certain periods in 2024 and 2023 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities portfolio” is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “approximately,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “possible,” and “intend,” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following: (i) uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; (ii) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (iii) deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; (iv) changes in our deposits, including an increase in uninsured deposits; (v) our ability to maintain sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital; (vi) unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; (vii) negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; (viii) fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; (ix) the general decline in the real estate and lending markets, particularly in commercial real estate in our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; (x) changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures; (xi) the outcome of any legal proceedings that may be instituted against us (xii) our inability to achieve organic loan and deposit growth and the composition of that growth; (xiii) the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate; (xiv) inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses; (xv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xvi) any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; (xvii) limitations on our ability to declare and pay dividends; (xviii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; (xix) increased competition for experienced members of the workforce including executives in the banking industry; (xx) a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxi) increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; (xxii) downgrade in our credit rating; (xxiii) “greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices; (xxiv) any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters)affecting the markets in which we operate; (xxv) physical and transitional risks related to climate change as they impact our business and the businesses that we finance; (xxvi) future repurchase of our shares through our common stock repurchase program; and (xxvii) descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands)   2024       2024       2023       2024       2023  
    INTEREST AND DIVIDEND INCOME                  
    Loans $ 54,110     $ 51,293     $ 49,578     $ 157,355     $ 139,744  
    Securities   46,432       44,978       39,971       133,801       118,989  
    Interest-bearing deposits in banks   2,274       2,690       1,687       7,556       3,360  
    Total interest and dividend income   102,816       98,961       91,236       298,712       262,093  
    INTEREST EXPENSE                  
    Deposits   30,105       28,882       23,158       84,879       55,809  
    Borrowed funds   604       887       4,350       4,497       12,292  
    Total interest expense   30,709       29,769       27,508       89,376       68,101  
    NET INTEREST INCOME   72,107       69,192       63,728       209,336       193,992  
    Provision for credit losses   1,849       3,161       2,014       6,598       10,913  
    Net interest income after provision for credit losses   70,258       66,031       61,714       202,738       183,079  
    NON-INTEREST INCOME                  
    Trust Department fees   3,704       3,657       3,678       11,215       11,613  
    Service charges on deposit accounts   12,091       8,614       2,731       26,841       7,897  
    Bank-owned life insurance income   613       615       727       1,837       2,054  
    Losses on sale of securities   (3,230 )     (2,691 )     (1,699 )     (8,695 )     (5,052 )
    Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net   (4,223 )     69       26       (4,107 )     30  
    Equity method investments income (loss)   (823 )     (1,551 )     550       (301 )     1,261  
    Other income   807       545       767       1,636       2,127  
    Total non-interest income   8,939       9,258       6,780       28,426       19,930  
    NON-INTEREST EXPENSE                  
    Compensation and employee benefits   23,757       23,045       21,345       69,075       64,525  
    Occupancy and depreciation   3,423       3,379       3,349       9,705       10,184  
    Professional fees   2,575       2,332       2,222       7,284       7,211  
    Data processing   5,087       4,786       4,545       14,503       13,176  
    Office maintenance and depreciation   651       580       685       1,894       2,130  
    Amortization of intangible assets   183       182       222       548       666  
    Advertising and promotion   1,023       1,175       816       3,417       3,431  
    Federal deposit insurance premiums   900       1,050       1,200       3,000       3,018  
    Other expense   3,365       2,983       2,955       9,203       9,154  
    Total non-interest expense   40,964       39,512       37,339       118,629       113,495  
    Income before income taxes   38,233       35,777       31,155       112,535       89,514  
    Income tax expense   10,291       9,024       8,847       30,591       24,230  
    Net income $ 27,942     $ 26,753     $ 22,308     $ 81,944     $ 65,284  
    Earnings per common share – basic $ 0.91     $ 0.88     $ 0.73     $ 2.68     $ 2.13  
    Earnings per common share – diluted $ 0.90     $ 0.87     $ 0.73     $ 2.65     $ 2.12  

    Consolidated Statements of Financial Condition

    ($ in thousands) September 30,
    2024
      June 30,
    2024
      December 31,
    2023
    Assets (unaudited)   (unaudited)    
    Cash and due from banks $ 3,946     $ 4,081     $ 2,856  
    Interest-bearing deposits in banks   145,261       53,912       87,714  
    Total cash and cash equivalents   149,207       57,993       90,570  
    Securities:          
    Available for sale, at fair value          
    Traditional securities   1,617,045       1,581,338       1,429,739  
    Property Assessed Clean Energy (“PACE”) assessments   149,500       112,923       53,303  
        1,766,545       1,694,261       1,483,042  
    Held-to-maturity, at amortized cost:          
    Traditional securities, net of allowance for credit losses of $51, $53, and $54, respectively   583,788       606,013       620,232  
    PACE assessments, net of allowance for credit losses of $641, $655, and $667, respectively   1,028,588       1,054,569       1,076,602  
        1,612,376       1,660,582       1,696,834  
               
    Loans held for sale   38,623       1,926       1,817  
    Loans receivable, net of deferred loan origination costs   4,547,903       4,471,839       4,411,319  
    Allowance for credit losses   (61,466 )     (63,444 )     (65,691 )
    Loans receivable, net   4,486,437       4,408,395       4,345,628  
               
    Resell agreements   74,883       137,461       50,000  
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   4,625       4,823       4,389  
    Accrued interest receivable   54,268       52,575       55,484  
    Premises and equipment, net   6,413       6,599       7,807  
    Bank-owned life insurance   107,365       106,752       105,528  
    Right-of-use lease asset   16,125       17,971       21,074  
    Deferred tax asset, net   38,510       47,654       56,603  
    Goodwill   12,936       12,936       12,936  
    Intangible assets, net   1,669       1,852       2,217  
    Equity method investments   11,514       12,710       13,024  
    Other assets   32,144       26,214       25,371  
    Total assets $ 8,413,640     $ 8,250,704     $ 7,972,324  
    Liabilities          
    Deposits $ 7,594,564     $ 7,448,988     $ 7,011,988  
    Borrowings   68,436       77,252       304,927  
    Operating leases   22,292       24,784       30,646  
    Other liabilities   30,016       53,568       39,399  
    Total liabilities   7,715,308       7,604,592       7,386,960  
    Stockholders’ equity          
    Common stock, par value $.01 per share   308       307       307  
    Additional paid-in capital   287,167       286,021       288,232  
    Retained earnings   459,398       435,202       388,033  
    Accumulated other comprehensive loss, net of income taxes   (46,702 )     (73,579 )     (86,004 )
    Treasury stock, at cost   (1,972 )     (1,972 )     (5,337 )
    Total Amalgamated Financial Corp. stockholders’ equity   698,199       645,979       585,231  
    Noncontrolling interests   133       133       133  
    Total stockholders’ equity   698,332       646,112       585,364  
    Total liabilities and stockholders’ equity $ 8,413,640     $ 8,250,704     $ 7,972,324  

    Select Financial Data

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    (Shares in thousands)   2024       2024       2023       2024       2023  
    Selected Financial Ratios and Other Data:                  
    Earnings per share                  
    Basic $ 0.91     $ 0.88     $ 0.73     $ 2.68     $ 2.13  
    Diluted   0.90       0.87       0.73       2.65       2.12  
    Core net income (non-GAAP)                  
    Basic $ 0.91     $ 0.86     $ 0.76     $ 2.61     $ 2.23  
    Diluted   0.91       0.85       0.76       2.59       2.22  
    Book value per common share (excluding minority interest) $ 22.77     $ 21.09     $ 17.93     $ 22.77     $ 17.93  
    Tangible book value per share (non-GAAP) $ 22.29     $ 20.61     $ 17.43     $ 22.29     $ 17.43  
    Common shares outstanding, par value $.01 per share(1)   30,663       30,630       30,459       30,663       30,459  
    Weighted average common shares outstanding, basic   30,646       30,551       30,481       30,558       30,601  
    Weighted average common shares outstanding, diluted   30,911       30,832       30,590       30,868       30,738  
                       
    (1) 70,000,000 shares authorized; 30,776,163, 30,743,666, and 30,736,141 shares issued for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023 respectively, and 30,662,883, 30,630,386, and 30,458,781 shares outstanding for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Select Financial Data

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
      2024   2024   2023   2024   2023
    Selected Performance Metrics:                  
    Return on average assets 1.32 %   1.30 %   1.12 %   1.33 %   1.11 %
    Core return on average assets (non-GAAP) 1.33 %   1.27 %   1.17 %   1.29 %   1.17 %
    Return on average equity 16.63 %   17.27 %   16.43 %   17.35 %   16.69 %
    Core return on average tangible common equity (non-GAAP) 17.04 %   17.34 %   17.67 %   17.31 %   18.02 %
    Average equity to average assets 7.96 %   7.53 %   6.82 %   7.65 %   6.67 %
    Tangible common equity to tangible assets (non-GAAP) 8.14 %   7.66 %   6.72 %   8.14 %   6.72 %
    Loan yield 4.79 %   4.68 %   4.56 %   4.74 %   4.43 %
    Securities yield 5.25 %   5.22 %   4.94 %   5.23 %   4.84 %
    Deposit cost 1.58 %   1.55 %   1.33 %   1.53 %   1.08 %
    Net interest margin 3.51 %   3.46 %   3.29 %   3.48 %   3.40 %
    Efficiency ratio (1) 50.54 %   50.37 %   52.96 %   49.89 %   53.05 %
    Core efficiency ratio (non-GAAP) 50.35 %   50.80 %   51.71 %   50.52 %   51.88 %
                       
    Asset Quality Ratios:                  
    Nonaccrual loans to total loans 0.61 %   0.78 %   0.79 %   0.61 %   0.79 %
    Nonperforming assets to total assets 0.34 %   0.43 %   0.46 %   0.34 %   0.46 %
    Allowance for credit losses on loans to nonaccrual loans 222.30 %   182.83 %   197.58 %   222.30 %   197.58 %
    Allowance for credit losses on loans to total loans 1.35 %   1.42 %   1.56 %   1.35 %   1.56 %
    Annualized net charge-offs to average loans 0.61 %   0.25 %   0.27 %   0.35 %   0.27 %
                       
    Capital Ratios:                  
    Tier 1 leverage capital ratio 8.63 %   8.42 %   7.89 %   8.63 %   7.89 %
    Tier 1 risk-based capital ratio 13.82 %   13.48 %   12.63 %   13.82 %   12.63 %
    Total risk-based capital ratio 16.25 %   16.04 %   15.28 %   16.25 %   15.28 %
    Common equity tier 1 capital ratio 13.82 %   13.48 %   12.63 %   13.82 %   12.63 %
                       
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At September 30, 2024   At June 30, 2024   At September 30, 2023
      Amount   % of total   Amount   % of total   Amount   % of total
    Commercial portfolio:                      
    Commercial and industrial $ 1,058,376     23.3 %   $ 1,012,400     22.6 %   $ 1,050,355     24.1 %
    Multifamily   1,291,380     28.4 %     1,230,545     27.5 %     1,094,955     25.1 %
    Commercial real estate   415,077     9.1 %     377,484     8.4 %     324,139     7.4 %
    Construction and land development   22,224     0.5 %     23,254     0.5 %     28,326     0.6 %
    Total commercial portfolio   2,787,057     61.3 %     2,643,683     59.0 %     2,497,775     57.2 %
                           
    Retail portfolio:                      
                           
    Residential real estate lending   1,350,347     29.7 %     1,404,624     31.4 %     1,409,530     32.3 %
    Consumer solar   374,499     8.2 %     385,567     8.6 %     415,324     9.5 %
    Consumer and other   36,000     0.8 %     37,965     1.0 %     42,116     1.0 %
    Total retail portfolio   1,760,846     38.7 %     1,828,156     41.0 %     1,866,970     42.8 %
    Total loans held for investment   4,547,903     100.0 %     4,471,839     100.0 %     4,364,745     100.0 %
                           
    Allowance for credit losses   (61,466 )         (63,444 )         (67,815 )    
    Loans receivable, net $ 4,486,437         $ 4,408,395         $ 4,296,930      
                           
    PACE assessments:                      
    Available for sale, at fair value                      
    Residential PACE assessments   149,500     12.7 %     112,923     9.7 %     38,526     3.5 %
                           
    Held-to-maturity, at amortized cost                      
    Commercial PACE assessments   256,128     21.7 %     256,663     22.0 %     270,020     24.3 %
    Residential PACE assessments   773,101     65.6 %     798,561     68.4 %     800,484     72.2 %
    Total Held-to-maturity PACE assessments   1,029,229     87.3 %     1,055,224     90.4 %     1,070,504     96.5 %
    Total PACE assessments   1,178,729     100.0 %     1,168,147     100.0 %     1,109,030     100.0 %
                           
    Allowance for credit losses   (641 )         (655 )         (670 )    
    Total PACE assessments, net $ 1,178,088         $ 1,167,492         $ 1,108,360      
                           
                           
    Loans receivable, net and total PACE assessments, net as a % of Deposits   74.6 %         74.9 %         77.3 %    
    Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs   75.6 %         76.4 %         81.9 %    

    Net Interest Income Analysis

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (In thousands) Average
    Balance
    Income /
    Expense
    Yield /
    Rate
      Average
    Balance
    Income /
    Expense
    Yield /
    Rate
      Average
    Balance
    Income /
    Expense
    Yield /
    Rate
                                       
    Interest-earning assets:                                  
    Interest-bearing deposits in banks $ 182,981   $ 2,274   4.94 %   $ 213,725   $ 2,690   5.06 %   $ 170,830   $ 1,687   3.92 %
    Securities(1)   3,388,580     44,678   5.25 %     3,308,881     42,937   5.22 %     3,208,334     39,971   4.94 %
    Resell agreements   104,933     1,754   6.65 %     122,618     2,041   6.69 %           0.00 %
    Loans receivable, net (2)   4,493,520     54,110   4.79 %     4,406,843     51,293   4.68 %     4,314,767     49,578   4.56 %
    Total interest-earning assets   8,170,014     102,816   5.01 %     8,052,067     98,961   4.94 %     7,693,931     91,236   4.70 %
    Non-interest-earning assets:                                  
    Cash and due from banks   6,144             6,371             6,129        
    Other assets   217,332             217,578             204,506        
    Total assets $ 8,393,490           $ 8,276,016           $ 7,904,566        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW and money market deposits $ 3,506,499   $ 26,168   2.97 %   $ 3,729,858   $ 24,992   2.69 %   $ 3,446,027   $ 17,157   1.98 %
    Time deposits   223,337     2,148   3.83 %     210,565     1,898   3.63 %     176,171     1,122   2.53 %
    Brokered CDs   131,103     1,789   5.43 %     156,086     1,992   5.13 %     371,329     4,879   5.21 %
    Total interest-bearing deposits   3,860,939     30,105   3.10 %     4,096,509     28,882   2.84 %     3,993,527     23,158   2.30 %
    Borrowings   71,948     604   3.34 %     104,560     887   3.41 %     376,585     4,350   4.58 %
    Total interest-bearing liabilities   3,932,887     30,709   3.11 %     4,201,069     29,769   2.85 %     4,370,112     27,508   2.50 %
    Non-interest-bearing liabilities:                                  
    Demand and transaction deposits   3,721,398             3,390,941             2,920,737        
    Other liabilities   70,804             60,982             74,964        
    Total liabilities   7,725,089             7,652,992             7,365,813        
    Stockholders’ equity   668,401             623,024             538,753        
    Total liabilities and stockholders’ equity $ 8,393,490           $ 8,276,016           $ 7,904,566        
                                       
    Net interest income / interest rate spread     $ 72,107   1.90 %       $ 69,192   2.09 %       $ 63,728   2.20 %
    Net interest-earning assets / net interest margin $ 4,237,127       3.51 %   $ 3,850,998       3.46 %   $ 3,323,819       3.29 %
                                       
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,451,234       1.51 %   $ 7,331,364       1.48 %   $ 6,542,935       1.11 %
    Total deposits / total cost of deposits $ 7,582,337       1.58 %   $ 7,487,450       1.55 %   $ 6,914,264       1.33 %
    Total funding / total cost of funds $ 7,654,285       1.60 %   $ 7,592,010       1.58 %   $ 7,290,849       1.50 %
                                                   

    (1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
    (2) No material impact of prepayment penalty interest income in 3Q2024, 2Q2024, or 3Q2023

    Net Interest Income Analysis

      Nine Months Ended
      September 30, 2024   September 30, 2023
    (In thousands) Average
    Balance
    Income /
    Expense
    Yield /
    Rate
      Average
    Balance
    Income /
    Expense
    Yield /
    Rate
                           
    Interest-earning assets:                      
    Interest-bearing deposits in banks $ 200,627   $ 7,556   5.03 %   $ 125,560   $ 3,360   3.58 %
    Securities   3,289,635     128,679   5.23 %     3,276,065     118,557   4.84 %
    Resell agreements   102,197     5,122   6.69 %     8,003     432   7.22 %
    Total loans, net (1)(2)   4,431,801     157,355   4.74 %     4,216,391     139,744   4.43 %
    Total interest-earning assets   8,024,260     298,712   4.97 %     7,626,019     262,093   4.60 %
    Non-interest-earning assets:                      
    Cash and due from banks   5,862             5,067        
    Other assets   219,096             210,112        
    Total assets $ 8,249,218           $ 7,841,198        
                           
    Interest-bearing liabilities:                      
    Savings, NOW and money market deposits $ 3,608,927   $ 73,033   2.70 %   $ 3,248,278   $ 40,010   1.65 %
    Time deposits   207,374     5,622   3.62 %     161,756     2,030   1.68 %
    Brokered CDs   159,041     6,224   5.23 %     383,521     13,769   4.80 %
    Total interest-bearing deposits   3,975,342     84,879   2.85 %     3,793,555     55,809   1.97 %
    Borrowings   154,564     4,497   3.89 %     365,262     12,292   4.50 %
    Total interest-bearing liabilities   4,129,906     89,376   2.89 %     4,158,817     68,101   2.19 %
    Non-interest-bearing liabilities:                      
    Demand and transaction deposits   3,417,970             3,086,482        
    Other liabilities   70,476             72,821        
    Total liabilities   7,618,352             7,318,120        
    Stockholders’ equity   630,866             523,078        
    Total liabilities and stockholders’ equity $ 8,249,218           $ 7,841,198        
                           
    Net interest income / interest rate spread     $ 209,336   2.08 %       $ 193,992   2.41 %
    Net interest-earning assets / net interest margin $ 3,894,354       3.48 %   $ 3,467,202       3.40 %
                           
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,234,271       1.45 %   $ 6,496,516       0.87 %
    Total deposits / total cost of deposits $ 7,393,312       1.53 %   $ 6,880,037       1.08 %
    Total funding / total cost of funds $ 7,547,876       1.58 %   $ 7,245,299       1.26 %
                                   

    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in September YTD 2024 and September YTD 2023 of $18 thousand and $0, respectively.

    Deposit Portfolio Composition

      Three Months Ended
    (In thousands) September 30, 2024   June 30, 2024   September 30, 2023
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance
      Ending
    Balance
      Average
    Balance
    Non-interest-bearing demand deposit accounts $ 3,801,834   $ 3,721,398   $ 3,445,068   $ 3,390,941   $ 2,808,300   $ 2,920,737
    NOW accounts   186,557     188,250     192,452     191,253     192,654     192,883
    Money market deposit accounts   2,959,264     2,986,434     3,093,644     3,202,365     3,059,982     2,893,930
    Savings accounts   327,935     331,816     336,943     336,240     357,470     359,214
    Time deposits   216,901     223,337     227,437     210,565     180,529     176,171
    Brokered certificates of deposit (“CDs”)   102,073     131,103     153,444     156,086     391,919     371,329
    Total deposits $ 7,594,564   $ 7,582,338   $ 7,448,988   $ 7,487,450   $ 6,990,854   $ 6,914,264
                           
    Total deposits excluding Brokered CDs $ 7,492,491   $ 7,451,235   $ 7,295,544   $ 7,331,364   $ 6,598,935   $ 6,542,935
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (In thousands) Average
    Rate Paid(1)
      Cost of
    Funds
      Average
    Rate Paid(1)
      Cost of
    Funds
      Average
    Rate Paid(1)
      Cost of
    Funds
                           
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
    NOW accounts 0.90 %   1.09 %   1.07 %   1.07 %   0.95 %   1.01 %
    Money market deposit accounts 3.00 %   3.24 %   3.08 %   2.93 %   2.31 %   2.14 %
    Savings accounts 1.42 %   1.64 %   1.67 %   1.37 %   1.16 %   1.14 %
    Time deposits 3.83 %   3.83 %   3.50 %   3.63 %   2.88 %   2.53 %
    Brokered CDs 4.89 %   5.43 %   4.98 %   5.13 %   5.14 %   5.21 %
    Total deposits 1.43 %   1.58 %   1.59 %   1.55 %   1.46 %   1.33 %
                           
    Interest-bearing deposits excluding Brokered CDs 2.80 %   3.02 %   2.88 %   2.74 %   2.16 %   2.00 %
                                       

    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.

    Asset Quality

    (In thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
    Loans 90 days past due and accruing $     $     $  
    Nonaccrual loans held for sale   989       989       2,189  
    Nonaccrual loans – Commercial   17,108       23,778       28,041  
    Nonaccrual loans – Retail   10,542       10,924       6,283  
    Nonaccrual securities   8       29       31  
    Total nonperforming assets $ 28,647     $ 35,720     $ 36,544  
               
    Nonaccrual loans:          
    Commercial and industrial $ 1,849     $ 8,428     $ 7,575  
    Multifamily                
    Commercial real estate   4,146       4,231       4,575  
    Construction and land development   11,113       11,119       15,891  
    Total commercial portfolio   17,108       23,778       28,041  
               
    Residential real estate lending   7,578       7,756       3,009  
    Consumer solar   2,848       2,794       2,817  
    Consumer and other   116       374       457  
    Total retail portfolio   10,542       10,924       6,283  
    Total nonaccrual loans $ 27,650     $ 34,702     $ 34,324  

    Credit Quality

      September 30,
    2024
      June 30,
    2024
      September 30,
    2023
    ($ in thousands)          
    Criticized and classified loans          
    Commercial and industrial $ 45,329     $ 53,940     $ 45,959  
    Multifamily   13,386       10,242       10,999  
    Commercial real estate   8,186       8,311       8,762  
    Construction and land development   11,113       11,119       15,891  
    Residential real estate lending   7,578       7,756       3,009  
    Consumer solar   2,848       2,794       2,817  
    Consumer and other   116       374       457  
    Total loans $ 88,556     $ 94,536     $ 87,894  
    Criticized and classified loans to total loans          
    Commercial and industrial 1.00 %   1.21 %   1.05 %
    Multifamily 0.29 %   0.23 %   0.25 %
    Commercial real estate 0.18 %   0.19 %   0.20 %
    Construction and land development 0.24 %   0.25 %   0.36 %
    Residential real estate lending 0.17 %   0.17 %   0.07 %
    Consumer solar 0.06 %   0.06 %   0.06 %
    Consumer and other %   0.01 %   0.01 %
    Total loans 1.94 %   2.12 %   2.00 %
      September 30, 2024   June 30, 2024   September 30, 2023
      Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance   Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance   Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance
    Commercial and industrial 2.14 %   1.01 %   0.32 %   1.44 %   %   1.71 %
    Multifamily %   0.37 %   %   0.38 %   0.45 %   0.46 %
    Commercial real estate %   0.40 %   %   0.40 %   %   0.64 %
    Construction and land development %   3.73 %   %   3.60 %   %   3.68 %
    Residential real estate lending (0.03 )%   0.91 %   (0.18 )%   0.88 %   (0.07 )%   1.13 %
    Consumer solar 1.58 %   7.68 %   2.57 %   7.00 %   1.88 %   6.72 %
    Consumer and other 1.05 %   6.44 %   0.01 %   6.49 %   0.04 %   6.00 %
    Total loans 0.61 %   1.35 %   0.25 %   1.42 %   0.27 %   1.60 %

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
    (in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
    Core operating revenue                  
    Net Interest Income (GAAP) $ 72,107     $ 69,192     $ 63,728     $ 209,336     $ 193,992  
    Non-interest income (GAAP)   8,939       9,258       6,780       28,426       19,930  
    Add: Securities loss   3,230       2,691       1,699       8,695       5,052  
    Less: ICS One-Way Sell Fee Income(1)   (8,085 )     (4,859 )           (15,847 )      
    Less: Changes in fair value of loans held-for-sale   4,265                   4,265        
    Less: Subdebt repurchase gain(2)   (669 )     (406 )     (637 )     (1,076 )     (1,417 )
    Add: Tax (credits) depreciation on solar investments(3)   1,089       1,815             1,095        
    Core operating revenue (non-GAAP)   80,876       77,691       71,570       234,894       217,557  
                       
    Core non-interest expense                  
    Non-interest expense (GAAP) $ 40,964     $ 39,512     $ 37,339     $ 118,629     $ 113,495  
    Add: Gain on settlement of lease termination(4)                     499        
    Less: Severance costs(5)   (241 )     (44 )     (332 )     (471 )     (617 )
    Core non-interest expense (non-GAAP)   40,723       39,468       37,007       118,657       112,878  
                       
    Core net income                  
    Net Income (GAAP) $ 27,942     $ 26,753     $ 22,308     $ 81,944     $ 65,284  
    Add: Securities loss   3,230       2,691       1,699       8,695       5,052  
    Less: ICS One-Way Sell Fee Income(1)   (8,085 )     (4,859 )           (15,847 )      
    Less: Changes in fair value of loans held-for-sale   4,265                   4,265        
    Less: Gain on settlement of lease termination(4)                     (499 )      
    Less: Subdebt repurchase gain(2)   (669 )     (406 )     (637 )     (1,076 )     (1,417 )
    Add: Severance costs(5)   241       44       332       471       617  
    Add: Tax (credits) depreciation on solar investments(3)   1,089       1,815             1,095        
    Less: Tax on notable items   (19 )     180       (396 )     764       (1,151 )
    Core net income (non-GAAP)   27,994       26,218       23,306       79,812       68,385  
                       
    Tangible common equity                  
    Stockholders’ equity (GAAP) $ 698,332     $ 646,112     $ 546,291     $ 698,332     $ 546,291  
    Less: Minority interest   (133 )     (133 )     (133 )     (133 )     (133 )
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )
    Less: Core deposit intangible   (1,669 )     (1,852 )     (2,439 )     (1,669 )     (2,439 )
    Tangible common equity (non-GAAP)   683,594       631,191       530,783       683,594       530,783  
                       
    Average tangible common equity                  
    Average stockholders’ equity (GAAP) $ 668,401     $ 623,024     $ 538,753     $ 630,866     $ 523,078  
    Less: Minority interest   (133 )     (133 )     (133 )     (133 )     (133 )
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )
    Less: Core deposit intangible   (1,759 )     (1,941 )     (2,547 )     (1,940 )     (2,768 )
    Average tangible common equity (non-GAAP)   653,573       608,014       523,137       615,857       507,241  
                                           

    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income
    (2) Included in other income in the Consolidated Statements of Income
    (3) Included in equity method investments income in the Consolidated Statements of Income
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
    (in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
                       
    Core return on average assets                  
    Numerator: Core net income (non-GAAP) $ 27,994     $ 26,218     $ 23,306     $ 79,812     $ 68,385  
    Denominator: Total average assets (GAAP) $ 8,393,490     $ 8,276,016     $ 7,904,566       8,249,218       7,841,198  
    Core return on average assets (non-GAAP)   1.33 %     1.27 %     1.17 %     1.29 %     1.17 %
                       
    Core return on average tangible common equity                  
    Numerator: Core net income (non-GAAP) $ 27,994     $ 26,218     $ 23,306     $ 79,812     $ 68,385  
    Denominator: Average tangible common equity (non-GAAP) $ 653,573     $ 608,014     $ 523,137       615,857       507,241  
    Core return on average tangible common equity (non-GAAP)   17.04 %     17.34 %     17.67 %     17.31 %     18.02 %
                       
    Core efficiency ratio                  
    Numerator: Core non-interest expense (non-GAAP) $ 40,723     $ 39,468     $ 37,007     $ 118,657     $ 112,878  
    Denominator: Core operating revenue (non-GAAP)   80,876       77,691       71,570       234,894       217,557  
    Core efficiency ratio (non-GAAP)   50.35 %     50.80 %     51.71 %     50.52 %     51.88 %

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – The ‘Rwanda plan’ as an innovative solution for tackling illegal migration – E-001440/2024(ASW)

    Source: European Parliament

    The Commission welcomes constructive approaches to achieve a fair and stable legal framework on migration provided that they fully uphold the respect for fundamental rights and EU and international law, while achieving efficient asylum and return procedures in line with the adopted Pact on Migration and Asylum[1].

    The Commission will continue to support reflections on innovative strategies which contribute to acceptable and durable solutions for migrant and for partner countries as long as they are rooted in EU and international law.

    The EU pursues comprehensive, balanced and tailor-made partnerships with third countries where migration should be built in as one of the core issues, and works with reliable stakeholders with whom it shares interests.

    • [1] https://home-affairs.ec.europa.eu/policies/migration-and-asylum/pact-migration-and-asylum/legislative-files-nutshell_en
    Last updated: 24 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Impact of Regulation (EU) 2024/573 (on fluorinated greenhouse gases) on European industry – E-002128/2024

    Source: European Parliament

    17.10.2024

    Question for written answer  E-002128/2024
    to the Commission
    Rule 144
    Isabella Tovaglieri (PfE)

    Annex IV to Regulation (EU) 2024/573 on fluorinated greenhouse gases bans all gases (including HFOs).

    Owing to the sudden need to cut the use of fluorinated gases, many European companies are announcing delays to investments in new heat pump production lines[1] and experiencing slumps in sales of air-conditioning and refrigeration systems[2].

    The development of the new generation of heat pumps and air-conditioning systems is also crucial for the implementation of the Energy Performance of Buildings Directive.

    Article 35(5) of the Regulation provides that the entry into force of those bans is conditional on a re-evaluation of the technologies available on the market and their effectiveness on the basis of a report to be published by 2030, which implies that there will be six years of deadlock and uncertainty for industry.

    In the light of the above:

    • 1.Given the six-year wait for the report, with a view to giving industry greater regulatory certainty and enabling it to plan, can the Commission provide it with reassurance?
    • 2.In the light of the objectives of the Energy Performance of Buildings Directive with regard to the decarbonisation of buildings, should the phasing out of HFOs not be reconsidered?

    Submitted: 17.10.2024

    • [1] https://www.coolingpost.com/world-news/daikin-to-axe-500-jobs-as-heat-pump-demand-falls/#:~:text=BELGIUM%3A%20Daikin%20Europe%20has%20said,before%20the%20end%20of%20December.
    • [2] https://www.ehpa.org/market-data/#:~:text=Heat%20pump%20sales%20fell%20by,seen%20in%20the%20annual%20sales.
    Last updated: 24 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Minutes – Wednesday, 23 October 2024 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2024-10-23

    EN

    EN

    iPlPv_Sit

    Minutes
    Wednesday, 23 October 2024 – Strasbourg

    IN THE CHAIR: Sabine VERHEYEN
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:00.


    2. Managing migration in an effective and holistic way through fostering returns (debate)

    Commission statement: Managing migration in an effective and holistic way through fostering returns (2024/2882(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Tomas Tobé, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Kinga Gál, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Tineke Strik, on behalf of the Verts/ALE Group, Estrella Galán, on behalf of The Left Group, Sarah Knafo, on behalf of the ESN Group, Jeroen Lenaers, Ana Catarina Mendes, who also answered a blue-card question from João Oliveira, Marieke Ehlers, Jadwiga Wiśniewska, Malik Azmani, Diana Riba i Giner, Ilaria Salis, who also declined to take blue-card questions from Susanna Ceccardi and Anna Maria Cisint, Mary Khan, Erik Kaliňák, Lena Düpont, who also answered a blue-card question from András László, Cecilia Strada, Jean-Paul Garraud, Assita Kanko, Fabienne Keller, who also declined to take a blue-card question from Fabrice Leggeri, Erik Marquardt, Konstantinos Arvanitis, Monika Beňová, Dolors Montserrat, Matjaž Nemec, Paolo Borchia, who also answered a blue-card question from Maria Grapini, Charlie Weimers, Abir Al-Sahlani, who also answered a blue-card question from Rihards Kols, Ignazio Roberto Marino, Siegfried Mureşan, Jorge Buxadé Villalba, Elena Yoncheva, Elissavet Vozemberg-Vrionidi, Tom Vandendriessche, Rasa Juknevičienė, Harald Vilimsky, François-Xavier Bellamy, who also answered a blue-card question from Malika Sorel, Paulo Cunha, Bartłomiej Sienkiewicz and Loránt Vincze.

    The following spoke under the catch-the-eye procedure: Paulius Saudargas, Juan Fernando López Aguilar, Susanna Ceccardi, Sebastian Tynkkynen, Hilde Vautmans and João Oliveira.

    IN THE CHAIR: Sophie WILMÈS
    Vice-President

    The following spoke under the catch-the-eye procedure: Lukas Sieper, Matej Tonin and Vytenis Povilas Andriukaitis.

    The following spoke: Helena Dalli.

    The debate closed.


    3. Tackling the steel crisis: boosting competitive and sustainable European steel and maintaining quality jobs (debate)

    Commission statement: Tackling the steel crisis: boosting competitive and sustainable European steel and maintaining quality jobs (2024/2883(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Christian Ehler, on behalf of the PPE Group, Dan Nica, on behalf of the S&D Group, Paolo Borchia, on behalf of the PfE Group, Daniel Obajtek, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Terry Reintke, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, René Aust, on behalf of the ESN Group, Juan Ignacio Zoido Álvarez, Estelle Ceulemans, Ondřej Knotek, Elena Donazzan, Brigitte van den Berg, Sara Matthieu, Rudi Kennes, Marcin Sypniewski, Adam Jarubas, Jens Geier, Anna Bryłka, Anna Zalewska, Marie-Pierre Vedrenne, Dennis Radtke, Raphaël Glucksmann, Tom Berendsen, Giorgio Gori, Letizia Moratti, Elena Sancho Murillo, Radan Kanev, Eero Heinäluoma, Johan Danielsson and Idoia Mendia, who also answered a blue-card question from Bogdan Rzońca.

    The following spoke under the catch-the-eye procedure: Susana Solís Pérez, Jadwiga Wiśniewska, Michał Kobosko, Branislav Ondruš, Massimiliano Salini, Michele Picaro, Kateřina Konečná, Manuela Ripa, Sebastian Tynkkynen, Seán Kelly, Ondřej Krutílek, Diego Solier and Mirosława Nykiel.

    The following spoke: Helena Dalli.

    The debate closed.

    (The sitting was suspended at 11:57.)


    IN THE CHAIR: Roberta METSOLA
    President

    4. Resumption of the sitting

    The sitting resumed at 12:03.


    5. Statement by the President

    The President made a statement to mark the 68th anniversary of the Hungarian Uprising of 1956. She paid tribute to the victims and to those who had suffered under Soviet oppression.

    The following spoke: Ondřej Knotek and Peter Liese (the President made some clarifications).


    6. Voting time

    For detailed results, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    6.1. Deforestation Regulation: provisions relating to the date of application ***I (vote)

    Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/1115 as regards provisions relating to the date of application [COM(2024)0452 – C10-0119/2024 – 2024/0249(COD)] – ENVI Committee

    REQUEST FOR AN URGENT DECISION from the ENVI Committee (Rule 170(6))

    Parliament approved the request for urgent procedure.

    The following tabling deadlines had been set:
    – amendments: Wednesday 6 November 2024 at 13:00
    – requests for separate votes and split votes: Thursday 12 November 2024 at 16:00.

    Vote: at a later part-session.


    6.2. Draft general budget of the European Union for the financial year 2025 all sections (vote)

    (Majority of Parliament’s component Members required)

    DRAFT AMENDMENTS

    (The draft amendments adopted would appear as an annex to the Texts Adopted)

    The following had spoken:

    After the vote, Péter Benő Banai (President-in-Office of the Council) had noted the differences between the positions of Parliament and of the Council and had agreed to the President’s convening of the Conciliation Committee in accordance with Article 314(4)(c) of the Treaty on the Functioning of the European Union.

    (‘Results of votes’, item 1)


    6.3. General budget of the European Union for the financial year 2025 – all sections (vote)

    Report on the Council position on the draft general budget of the European Union for the financial year 2025 [12084/2024 – C10-0099/2024 – 2024/0176(BUD)] – Committee on Budgets. Rapporteurs: Victor Negrescu and Niclas Herbst (A10-0008/2024)

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Rejected

    The following had spoken:

    Before the vote, Victor Negrescu (rapporteur) on the basis of Rule 189(4).

    Leila Chaibi, to move an oral amendment to paragraph 68. Parliament had not agreed to put the oral amendment to the vote as more than 39 Members had opposed it.

    (‘Results of votes’, item 2)


    6.4. Guidelines for the employment policies of the Member States * (vote)

    Report on the proposal for a Council decision on guidelines for the employment policies of the Member States [COM(2024)0599 – C10-0084/2024 – 2024/0599(NLE)] – Committee on Employment and Social Affairs. Rapporteur: Li Andersson (A10-0004/2024)

    (Majority of the votes cast)

    COMMISSION PROPOSAL

    Approved as amended (P10_TA(2024)0027)

    (‘Results of votes’, item 3)


    6.5. Urgent need to revise the Medical Devices Regulation (vote)

    Motions for resolutions RC-B9-0123/2024/REV1, B10-0121/2024, B10-0122/2024, B10-0123/2024, B10-0124/2024, B10-0125/2024, B10-0126/2024, B10-0127/2024 and B10-0128/2024 (minutes of 23.10.2023, item I) (2024/2849(RSP))

    The debate had taken place on 9 October 2024 (minutes of 9.10.2024, item 15).

    (Majority of the votes cast)

    JOINT MOTION FOR A RESOLUTION

    Adopted (P10_TA(2024)0028)

    (Motions for resolutions B10-0121/2024, B10-0122/2024 and B10-0127/2024 fell.)

    (‘Results of votes’, item 4)

    (The sitting was suspended at 12:53.)


    IN THE CHAIR: Roberts ZĪLE
    Vice-President

    7. Resumption of the sitting

    The sitting resumed at 12:56.


    8. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    9. Continued war crimes committed by the Russian Federation, notably killing Ukrainian prisoners of war (debate)

    Commission statement: Continued war crimes committed by the Russian Federation, notably killing Ukrainian prisoners of war (2024/2897(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Sandra Kalniete, on behalf of the PPE Group, Chloé Ridel, on behalf of the S&D Group, Tomasz Buczek, on behalf of the PfE Group, Adam Bielan, on behalf of the ECR Group, Petras Auštrevičius, on behalf of the Renew Group, and Sergey Lagodinsky, on behalf of the Verts/ALE Group.

    The following spoke: Didier Reynders.

    The following spoke: Lukas Sieper on the allocation of speaking time in the debate (the President made some clarifications).

    The debate closed.


    10. U-turn on EU bureaucracy: the need to axe unnecessary burdens and reporting to unleash competitiveness and innovation (topical debate)

    The following spoke: Jörgen Warborn to open the debate proposed by the PPE Group.

    The following spoke: Helena Dalli (Member of the Commission).

    The following spoke: Markus Ferber, on behalf of the PPE Group, René Repasi, on behalf of the S&D Group, Klara Dostalova, on behalf of the PfE Group, Antonella Sberna, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Jutta Paulus, on behalf of the Verts/ALE Group, Jussi Saramo, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, Tom Berendsen, Lara Wolters, Vilis Krištopans, Kosma Złotowski, Svenja Hahn, Kim Van Sparrentak, Stanislav Stoyanov, Branislav Ondruš, Christine Schneider, Lina Gálvez, Ondřej Knotek, Stephen Nikola Bartulica, João Cotrim De Figueiredo, Marie Toussaint, Anja Arndt and Katarína Roth Neveďalová.

    IN THE CHAIR: Younous OMARJEE
    Vice-President

    The following spoke: Lídia Pereira, Nikos Papandreou, Raffaele Stancanelli, Stefano Cavedagna, Katri Kulmuni, Mirosława Nykiel, Tiemo Wölken, Julie Rechagneux, Ľudovít Ódor, Aura Salla, Jorge Martín Frías, Angelika Niebler, Susanna Ceccardi, Isabella Tovaglieri and Barbara Bonte.

    The following spoke: Helena Dalli.

    The debate closed.


    11. Presentation of the Court of Auditors’ annual report 2023 (debate)

    Presentation of the Court of Auditors’ annual report 2023 (2024/2784(RSP))

    Tony Murphy (President of the Court of Auditors) made the presentation.

    The following spoke: Helena Dalli (Member of the Commission).

    The following spoke: Tomáš Zdechovský, on behalf of the PPE Group, José Cepeda, on behalf of the S&D Group, Csaba Dömötör, on behalf of the PfE Group, Dick Erixon, on behalf of the ECR Group, Olivier Chastel, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Niclas Herbst, Giuseppe Lupo, Virginie Joron, Marco Squarta, Joachim Streit, Giuseppe Antoci, Monika Hohlmeier, Eero Heinäluoma, Julien Sanchez, Bogdan Rzońca, Ciaran Mullooly, Jacek Protas, Fernand Kartheiser, Caterina Chinnici and Dirk Gotink.

    The following spoke under the catch-the-eye procedure: Sebastian Tynkkynen and Grzegorz Braun.

    The following spoke: Helena Dalli and Tony Murphy.

    The debate closed.


    12. Findings of the Committee on the Elimination of Discrimination against Women on Poland’s abortion law (debate)

    Commission statement: Findings of the Committee on the Elimination of Discrimination against Women on Poland’s abortion law (2024/2867(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Ewa Kopacz, on behalf of the PPE Group, Joanna Scheuring-Wielgus, on behalf of the S&D Group, Anna Bryłka, non-attached Member, Marlena Maląg, on behalf of the ECR Group, Abir Al-Sahlani, on behalf of the Renew Group, Alice Kuhnke, on behalf of the Verts/ALE Group, Manon Aubry, on behalf of The Left Group, Ewa Zajączkowska-Hernik, on behalf of the ESN Group (the President reminded the House of the rules on conduct), Arba Kokalari, Ana Catarina Mendes, Margarita de la Pisa Carrión, who also answered blue-card questions from Bruno Gonçalves, Raquel García Hermida-Van Der Walle and Irene Montero, Małgorzata Gosiewska, who also declined to take a blue-card question from Abir Al-Sahlani, Michał Kobosko, Mélissa Camara, Irene Montero, who also answered a blue-card question from Alvise Pérez, and Tomasz Froelich.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: Grzegorz Braun, Elżbieta Katarzyna Łukacijewska, Heléne Fritzon, Laurence Trochu, who also answered a blue-card question from Manon Aubry, Raquel García Hermida-Van Der Walle, who also answered a blue-card question from Margarita de la Pisa Carrión, Benedetta Scuderi, Hanna Gedin, Maria Walsh, Krzysztof Śmiszek, Paolo Inselvini, who also answered a blue-card question from Hilde Vautmans, Lucia Yar, who also answered a blue-card question from Robert Biedroń, Mirosława Nykiel, Lina Gálvez, Birgit Sippel, Elisabeth Grossmann, Evin Incir, who also answered a blue-card question from Margarita de la Pisa Carrión, and Alessandra Moretti.

    The following spoke under the catch-the-eye procedure: Łukasz Kohut, Juan Fernando López Aguilar, Emma Fourreau, Lukas Sieper, Magdalena Adamowicz, Bruno Gonçalves and João Oliveira.

    The following spoke: Helena Dalli.

    The debate closed.


    13. Seven years from the assassination of Daphne Caruana Galizia: lack of progress in restoring the rule of law in Malta (debate)

    Commission statement: Seven years from the assassination of Daphne Caruana Galizia: lack of progress in restoring the rule of law in Malta (2024/2868(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: David Casa, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Fabrice Leggeri, on behalf of the PfE Group, Alessandro Ciriani, on behalf of the ECR Group, Moritz Körner, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Ana Miguel Pedro, Juan Fernando López Aguilar, Sophie Wilmès, Gaetano Pedulla’, Judita Laššáková, Peter Agius, Daniel Attard, Veronika Cifrová Ostrihoňová, Isabel Wiseler-Lima, who also answered a blue-card question from Alex Agius Saliba, Evin Incir, Sunčana Glavak and Thomas Bajada.

    The following spoke under the catch-the-eye procedure: Sandro Ruotolo, Katarína Roth Neveďalová and Lukas Sieper.

    The following spoke: Didier Reynders.

    IN THE CHAIR: Martin HOJSÍK
    Vice-President

    The debate closed.


    14. The important role of cities and regions in the EU – for a green, social and prosperous local development (debate)

    Commission statement: The important role of cities and regions in the EU – for a green, social and prosperous local development (2024/2869(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Andrey Novakov, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Rody Tolassy, on behalf of the PfE Group, Denis Nesci, on behalf of the ECR Group, Ľubica Karvašová, on behalf of the Renew Group, Gordan Bosanac, on behalf of the Verts/ALE Group, Valentina Palmisano, on behalf of The Left Group, Arno Bausemer, on behalf of the ESN Group, Elena Nevado del Campo, Jean-Marc Germain, Jorge Buxadé Villalba, Şerban-Dimitrie Sturdza, Ciaran Mullooly, Vladimir Prebilič, Younous Omarjee, who also answered a blue-card question from Ana Miranda Paz, Nora Junco García, Krzysztof Hetman, Marcos Ros Sempere, Anne-Sophie Frigout, Waldemar Buda, Raquel García Hermida-Van Der Walle, Ana Miranda Paz, Elena Kountoura, Isabelle Le Callennec, Nora Mebarek, Raffaele Stancanelli, Ruggero Razza, Oihane Agirregoitia Martínez, Mārtiņš Staķis, Gabriella Gerzsenyi, Carla Tavares, Mireia Borrás Pabón, Barry Cowen, Fredis Beleris, René Repasi, Nikolina Brnjac, Javi López, Marco Falcone, Camilla Laureti, Antonio Decaro, Rosa Serrano Sierra, Dario Nardella, Sabrina Repp, Raffaele Topo, Marko Vešligaj, Aodhán Ó Ríordáin, Stefano Bonaccini, Sakis Arnaoutoglou, Sofie Eriksson and Alex Agius Saliba.

    The following spoke under the catch-the-eye procedure: Nina Carberry, Maria Grapini, Sebastian Tynkkynen, Niels Geuking, Juan Fernando López Aguilar and Maravillas Abadía Jover.

    The following spoke: Didier Reynders.

    The debate closed.


    15. Foreign interference and hybrid attacks: the need to strengthen EU resilience and internal security (debate)

    Commission statement: Foreign interference and hybrid attacks: the need to strengthen EU resilience and internal security (2024/2884(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Lena Düpont, on behalf of the PPE Group, Hannes Heide, on behalf of the S&D Group, András László, on behalf of the PfE Group, Beata Szydło, on behalf of the ECR Group, Helmut Brandstätter, on behalf of the Renew Group, Alexandra Geese, on behalf of the Verts/ALE Group, Petar Volgin, on behalf of the ESN Group, and Mirosława Nykiel.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Tobias Cremer, who also answered a blue-card question from Reinier Van Lanschot, Aleksandar Nikolic, Rihards Kols, Reinier Van Lanschot, Kateřina Konečná, Ana Miguel Pedro, Brando Benifei, Nikola Bartůšek, Geadis Geadi, Javier Zarzalejos, Mathilde Androuët, Ivaylo Valchev, Pekka Toveri, Aurelijus Veryga, Salvatore De Meo and Patryk Jaki.

    The following spoke under the catch-the-eye procedure: Michał Szczerba, Juan Fernando López Aguilar, Majdouline Sbai, András Tivadar Kulja, Vytenis Povilas Andriukaitis and Magdalena Adamowicz.

    The following spoke: Didier Reynders.

    The debate closed.


    16. Proposals for Union acts

    The President announced that the President of Parliament had declared the following proposals for Union acts to be admissible under Rule 47(2):

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Jorge Martín Frías, Margarita de la Pisa Carrión, Hermann Tertsch, on classifying the activity of military personnel, police officers, prison officers and private security guards as dangerous professions in the Union (B10-0018/2024)

    committee responsible: EMPL

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Hermann Tertsch, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Jorge Martín Frías, on the need to protect families, businesses and self-employed persons from the rise in fuel prices in Europe (B10-0077/2024)

    committee responsible: ECON
    committee asked for opinion: ITRE

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Hermann Tertsch, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Jorge Martín Frías, on the need for cheaper access to housing (B10-0078/2024)

    committee responsible: ECON
    committee asked for opinion: EMPL


    17. EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia (debate)

    Commission statement: EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia (2024/2885(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Sandra Kalniete, on behalf of the PPE Group, Thijs Reuten, on behalf of the S&D Group, András László, on behalf of the PfE Group, Reinis Pozņaks, on behalf of the ECR Group, Gerben-Jan Gerbrandy, on behalf of the Renew Group, Isabella Lövin, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Zsuzsanna Borvendég, on behalf of the ESN Group, Francisco José Millán Mon, Heléne Fritzon, Veronika Vrecionová, Karin Karlsbro, Ville Niinistö, Li Andersson, Pekka Toveri, Sérgio Gonçalves, Arkadiusz Mularczyk, Ivars Ijabs, Per Clausen, Mika Aaltola, Emma Wiesner, Ondřej Kolář, Lukas Mandl and Tom Berendsen.

    The following spoke under the catch-the-eye procedure: Vytenis Povilas Andriukaitis.

    The following spoke: Didier Reynders.

    Motions for resolutions to be tabled under Rule 136(2) would be announced at a later stage.

    The debate closed.

    Vote: next part-session.


    18. Need to strengthen rail travel and the railway sector in Europe (debate)

    Commission statement: Need to strengthen rail travel and the railway sector in Europe (2024/2896(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    The following spoke: Dariusz Joński, on behalf of the PPE Group, François Kalfon, on behalf of the S&D Group, Margarita de la Pisa Carrión, on behalf of the PfE Group, Marlena Maląg, on behalf of the ECR Group, Cynthia Ní Mhurchú, on behalf of the Renew Group, Kai Tegethoff, on behalf of the Verts/ALE Group, Elena Kountoura, on behalf of The Left Group, Arno Bausemer, on behalf of the ESN Group, Sophia Kircher, Vivien Costanzo, Jana Nagyová, Adrian-George Axinia, Ana Vasconcelos, who also answered a blue-card question from João Oliveira, Tilly Metz, Arash Saeidi, Luis-Vicențiu Lazarus, Nikolina Brnjac, Ondřej Krutílek, Pär Holmgren, Sebastian Everding, Kostas Papadakis and Krzysztof Hetman.

    The following spoke under the catch-the-eye procedure: Marta Wcisło, Vytenis Povilas Andriukaitis, Ana Miranda Paz, João Oliveira, Elżbieta Katarzyna Łukacijewska, Per Clausen, Carmen Crespo Díaz and Magdalena Adamowicz.

    The following spoke: Didier Reynders.

    The debate closed.


    19. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    20. Agenda of the next sitting

    The next sitting would be held the following day, 24 October 2024, starting at 09:00. The agenda was available on Parliament’s website.


    21. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    22. Closure of the sitting

    The sitting closed at 21:57.


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Urgent need to revise the Medical Devices Regulation

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0121/2024)
    Catarina Martins
    on behalf of The Left Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0122/2024)
    Christine Anderson
    on behalf of the ESN Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0123/2024)
    Tiemo Wölken
    on behalf of the S&D Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0124/2024)
    Andreas Glück
    on behalf of the Renew Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0125/2024)
    Peter Liese
    on behalf of the PPE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0126/2024)
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0127/2024)
    Ondřej Knotek, Viktória Ferenc
    on behalf of the PfE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0128/2024)
    Ruggero Razza, Pietro Fiocchi, Michele Picaro, Laurence Trochu, Aurelijus Veryga

    on behalf of the ECR Group

    Joint motion for a resolution tabled under Rule 136(2) and (4):

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (RC-B10-0123/2024/REV1) (replacing motions for resolutions B10-0123/2024, B10-0124/2024, B10-0125/2024, B10-0126/2024 and B10-0128/2024):

    Peter Liese
    on behalf of the PPE Group
    Tiemo Wölken
    on behalf of the S&D Group
    Ondřej Knotek
    on behalf of the PfE Group
    Ruggero Razza
    on behalf of the ECR Group
    Andreas Glück
    on behalf of the Renew Group
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group


    II. Delegated acts (Rule 114(2))

    Draft delegated acts forwarded to Parliament

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards on information to be exchanged between competent authorities (C(2024)06766 – 2024/2875(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 10 October 2024

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2020/688 as regards certain animal health requirements for movements within the Union of terrestrial animals (C(2024)06985 – 2024/2870(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 9 October 2024

    referred to committee responsible: AGRI

    – Commission Delegated Regulation amending Regulation (EU) No 649/2012 of the European Parliament and of the Council as regards the listing of pesticides and industrial chemicals (C(2024)07071 – 2024/2880(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 15 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2019/1241 as regards short-necked clam and red seabream (C(2024)07102 – 2024/2876(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 11 October 2024

    referred to committee responsible: PECH

    – Commission Delegated Regulation amending Regulation (EC) No 1013/2006 as regards changes on shipments of electrical and electronic waste agreed under the Basel Convention (C(2024)07198 – 2024/2900(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 18 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2024/1157 as regards changes on shipments of electrical and electronic waste agreed under the Basel Convention (C(2024)07199 – 2024/2899(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 18 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2015/757 of the European Parliament and of the Council as regards the rules for the monitoring of greenhouse gas emissions from offshore ships and the zero-rating of sustainable fuels (C(2024)07210 – 2024/2894(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 16 October 2024

    referred to committee responsible: ENVI


    III. Implementing measures (Rule 115)

    Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

    – Commission Regulation amending Annex II to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for fenbuconazole and penconazole in or on certain products (D096823/04 – 2024/2898(RPS) – deadline: 18 December 2024)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex I to Regulation (EC) No 1334/2008 of the European Parliament and of the Council as regards the removal of the flavouring substance 4-Methyl-2-phenylpent-2-enal (FL No 05.100) from the Union list (D099950/02 – 2024/2873(RPS) – deadline: 11 January 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex I to Regulation (EC) No 1334/2008 of the European Parliament and of the Council as regards the inclusion of (E)‐3‐benzo[1,3]dioxol‐5‐yl‐N,N‐diphenyl‐2‐propenamide in the Union list of flavourings (D099953/02 – 2024/2874(RPS) – deadline: 11 December 2024)
    referred to committee responsible: ENVI

    – Commission Regulation amending Regulations (EC) No 2150/2002 and (EC) No 1552/2005 of the European Parliament and of the Council, as well as Commission Regulations (EC) No 1726/1999, (EC) No 1916/2000, (EC) No 198/2006, (EC) No 1062/2008 and (EU) No 349/2011, as regards references to the statistical classification of economic activities NACE Revision 2 established by Regulation (EC) No 1893/2006 of the European Parliament and of the Council (D100325/01 – 2024/2901(RPS) – deadline: 21 January 2025)
    referred to committees responsible: EMPL, ENVI


    IV. Documents received

    The following documents had been received:

    – Proposal for transfer of appropriations DEC 12/2024 – Section III – Commission (N10-0019/2024 – C10-0122/2024 – 2024/2059(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations DEC 13/2024 – Section III – Commission (N10-0021/2024 – C10-0135/2024 – 2024/2060(GBD))
    referred to committee responsible: BUDG


    V. Transfers of appropriations and budgetary decisions

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations INF 5/2024 – Section VI – European Economic and Social Committee.

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations INF 3/2024 – Section VII – Committee of the Regions.

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations No 1/2024 – Section VIII – European Ombudsman.

    In accordance with Article 31(3) of the Financial Regulation, the Committee on Budgets had decided to approve Commission transfers of appropriations DEC 09/2024 and DEC 10/2024 – Section III – Commission.

    In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve Commission transfers of appropriations DEC 09/2024 and DEC 10/2024 – Section III – Commission.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Antoci Giuseppe, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Bryłka Anna, Buczek Tomasz, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Burkhardt Delara, Buxadé Villalba Jorge, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Everding Sebastian, Ezcurra Almansa Alma, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guetta Bernard, Guzenina Maria, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Christophe, Hansen Niels Flemming, Hassan Rima, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubilius Andrius, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Lagodinsky Sergey, Lakos Eszter, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Maij Marit, Maląg Marlena, Mandl Lukas, Maniatis Yannis, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Martusciello Fulvio, Marzà Ibáñez Vicent, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Mînzatu Roxana, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moratti Letizia, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Nardella Dario, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual De La Parte Nicolás, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban-Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Turek Filip, Tynkkynen Sebastian, Uhrík Milan, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Virkkunen Henna, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Gómez López Sandra, Homs Ginel Alicia, Lalucq Aurore

    MIL OSI Europe News

  • MIL-OSI Europe: Press release – María Corina Machado and Edmundo González Urrutia awarded 2024 Sakharov Prize

    Source: European Parliament

    The leader of Venezuela’s democratic forces and the opposition candidate in the July presidential elections will receive the 2024 Sakharov Prize for Freedom of Thought.

    Parliament’s President Roberta Metsola announced the winners of the 2024 Sakharov Prize for Freedom of Thought in the chamber on Thursday, following the meeting of the Conference of Presidents, which took the decision.

    President Metsola said: “The 2024 Sakharov Prize for Freedom of Thought is awarded to María Corina Machado and President-elect Edmundo González Urrutia for their brave fight to restore freedom and democracy in Venezuela. In their quest for a fair, free and peaceful transition of power, they have fearlessly upheld values that millions of Venezuelans and the European Parliament hold so dear: justice, democracy and the rule of law. The European Parliament stands with the people of Venezuela and with María Corina Machado and President-elect Edmundo González Urrutia in their struggle for the democratic future of their country. This award is for them.”

    María Corina Machado was elected as the Venezuelan opposition’s presidential candidate on behalf of the ‘Unity Democratic Platform’ in 2023 but was later disqualified by the regime-controlled National Electoral Council.

    Edmundo González Urrutia, a diplomat and politician who succeeded her as the ‘Unity Democratic Platform’ candidate, denounced the Venezuelan government’s failure to publish the official results of the presidential elections and contested Nicolás Maduro’s declared victory. Mr González Urrutia left the country in September after a warrant was issued to arrest him.

    In a resolution adopted on 19 September 2024, MEPs stressed that international election observation missions made it clear that the Venezuelan presidential election did not comply with international standards of electoral integrity. They recognised Edmundo González Urrutia as the legitimate and democratically-elected president of the country, and María Corina Machado as the leader of the democratic forces.

    Parliament condemned “the electoral fraud” and the serious and systematic human rights violations perpetrated against the democratic opposition, the Venezuelan people, and civil society.

    According to the Venezuelan government, 2 400 people were arrested during demonstrations that followed the election and non-governmental organisations have reported the deaths of 24 people. María Corina Machado remains in hiding, while Edmundo González Urrutia fled to Spain, which granted him political asylum on 7 September.

    In its September 2024 resolution, Parliament called on the EU to extend sanctions against the Venezuelan regime and to apply targeted sanctions through the EU Global Human Rights Sanctions Regime against Nicolás Maduro and his inner circle. Before the elections, the European Parliament urged member states to maintain the sanctions imposed on the Maduro regime and criticised the unconstitutional decision to prevent prominent political opposition figures such as María Corina Machado from running in the 2024 elections.

    Award ceremony on 18 December

    The award ceremony for the Sakharov Prize for Freedom of Thought will take place on 18 December in Strasbourg, during Parliament’s plenary session.

    Background

    Named after Soviet physicist and political dissident Andrei Sakharov, the Sakharov Prize for Freedom of Thought is the EU’s highest human rights award. Created in 1988, it is awarded every year by Parliament to individuals or organisations, in recognition of their work in one of the following areas: the defence of human rights and fundamental rights, in particular freedom of expression, the safeguarding of minority rights, respect for international law, the development of democracy and the defence of the rule of law.

    MIL OSI Europe News

  • MIL-OSI Europe: Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN

    Source: European Investment Bank

    EIB

    • The $15 million financing will enable BURN to produce and distribute its industry-leading ECOA Induction Cooker to over 1 million households across East Africa.
    • The investment will positively impact 6.5 million people, avoiding 12 million tons of carbon emissions over a period of 5 years.

    Today BURN, the world’s leading clean cooking appliance manufacturer, distributor, and carbon project developer, and the European Investment Bank signed an agreement to invest $15 million from the EIB to fund the distribution of BURN’s ECOA Electric Induction cooker to households across the East African region.

    Announced at a signature ceremony on the margins of the World Bank/IMF Annual Meetings in Washington, the US$15 million debt investment from EIB Global will finance a solution that could significantly reduce indoor air pollution in homes across the world – a problem that currently causes 4 million premature deaths a year, and disproportionally affects the health of women living in developing countries.

    Speaking from Washington the EIB Group President, Nadia Calviño said, “The investment that we have agreed today is not just about improving lives, but saving them as well. With relatively simple technology for clean cooking we will strengthen communities, especially by protecting the health of women, and their families.

    This will have a positive impact on the climate as well by lowering carbon emissions. Supporting potentially transformative projects like BURN’s expansion of affordable clean cooking for more than a million households in Africa is the kind of initiative that the European Union aims to support more of under our Global Gateway Initiative.” 

    From Washington, Peter Scott, Founder and CEO of BURN, stated, “BURN has already brought our unique PAYC electric cooking solution to thousands of households in Kenya and Tanzania that were previously relying on traditional charcoal stoves.   This investment by EIB will help us transition over a million low-income households to cooking with electricity, allowing them to cook on grids that are 80-95% powered by renewable energy.”

    The EIB financing announced today in Washington will enable the appliances to be offered via BURN’s innovative, Pay-As-You-Cook payment offering. This tech-enabled payment solution enables affordable financing for low-income households currently using solid biomass as their primary cooking fuel but who are unable to afford full upfront payments typically required for clean electric cooking appliances.

    This project is also actively supporting the empowerment of women – and has been qualified as a gender lens investment by the 2X Challenge, a global initiative launched at the G7 summit in 2018, with the EIB as one of  its members. The 2X Challenge aims to accelerate private sector investments that support women in low- and middle-income countries, using a standardized set of criteria known as the 2X criteria.

    The financing support to BURN is through the Desiree Investment Envelope under the African, Caribbean and Pacific (ACP) Impact Finance Envelope (“IFE”).

    The financing package from the European Commission aims to support the participation by the EIB in high-risk projects in ACP countries to support greater investments in energy efficiency and electrification ventures. The IFE supports projects that generate superior developmental impact with the overarching objective of poverty reduction through developing the private sector by taking a higher risk of investment for high developmental impact.

    The ECOA Induction cooker is bundled with a high-quality, 3-piece stainless steel induction cookware set, fully manufactured in Kenya. The appliances reduce indoor air pollution by 100%, decrease cooking time by 70%, and save households money on cooking fuels.

    BURN’s electric cooking appliances generate high-integrity carbon credits by using integrated cellular-enabled IoT technology which allows for effective, real-time and end-to-end monitoring of energy usage. These electric appliances reduce ~2.5 tonnes of carbon emissions annually, and contribute to EIB’s climate action, gender equality, and economic development objectives.

    The company, which is also exporting its products to other countries, is also showcasing Africa’s untapped manufacturing opportunities, that create sustainable job opportunities for many young people.

    To date, BURN has distributed over 5 million clean cookstoves across Africa, transforming the lives of 25 million people and preventing 26 million tons of CO2 emissions from entering the atmosphere. 

    ABOUT BURN

     Founded in 2011, BURN is Africa’s leading producer of clean cookstoves, committed to saving lives, protecting forests, and reducing CO2 emissions. Headquartered in Nairobi, Kenya, BURN operates in 9 countries and employs over 3,500 people, with a mission to revolutionize the clean cooking sector and provide sustainable cooking solutions across the continent.

    The efficiency, safety, and benefits of BURN’s clean cooking appliances have been independently verified through peer-reviewed Randomized Control Trial (RCT) by the University of Pennsylvania and the University of Chicago.

    The study found a match to BURN’s usage and consumption measurements, finding a fuel savings of 39% against the baseline, saving families US$119 per year, with each cookstove reducing CO2 emissions by approximately 3.5 tons per year (their recent update to the study found these savings to be robust for 3 years and counting, with 98% of the stoves still in use). This study was peer-reviewed and published in the world’s leading economics journal, The American Economic Review (AER).

    Learn more at burnstoves.com

    ABOUT the EIB

     The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

    The EIB Group aims to embed gender equality and in particular women’s economic empowerment in its business model and is also committed to driving gender equality in its workplace. The EIB financed a total of 63 projects across the globe in 2023 that significantly contributed to gender equality and women’s economic empowerment, providing €5.8 billion of investment, more than half of which also supported climate action.

    MIL OSI Europe News

  • MIL-OSI Europe: ‘We try not to think about the future or the past’

    Source: European Investment Bank

    Vadym Chursin’s mother died long before the war. His father, Dmytro, has been his parent and best friend since he was very young. The two have grown even closer since their town near Ukraine’s southern border was occupied by Russian soldiers.

    “There is barely anything left of our house today and not a single building still standing in our old town,” says Vadym, who is 16 years old and had lived in Oleshky, a city near Kherson, where his father ran a business building trendy tiny homes on wheels. For the past two years, father and son have been renting half a house about 220 kilometres to the west in Odesa, near Vadym’s new school. “We’re what people call displaced persons. There are many of us here and all of us are helping each other.”

    Vadym attends Odesa School No. 41, one of the first schools repaired in 2021 under the European Investment Bank’s first Ukraine recovery programme. The Bank has helped modernise a group of Odesa schools since then and a city hospital.

    Schools are a focus for the dozens of engineers, economists, loan officers and advisory specialists at the European Investment Bank who are trying to meet the urgent needs of Ukraine. Other critical work involves electricity lines, heating, water, roads, hospitals, community centres and bomb shelters. These types of projects allow people to go to work, drive to the doctor, buy groceries, get an education and stay safe during bomb attacks.

    The Russian invasion has caused widespread devastation and created a humanitarian crisis in Ukraine and surrounding countries. Roads, bridges, hospitals, schools and residential buildings need repair in Ukraine, particularly in areas of intense fighting such as Kharkiv and the Donbas region. One study estimates economic damage in Ukraine at more than $150 billion since Russia invaded in February 2022. The cost of recovery over the next decade is estimated at about $500 billion.

    The European Investment Bank is helping to renovate more than 300 schools, kindergartens, hospitals and social housing facilities in about 150 Ukrainian cities. It has improved electricity, gas, water, sanitation and solid waste management in more than a dozen regions, and has finished more than 100 projects. It receives new requests for help every week.

    Pavel Novak, a public sector engineer at the European Investment Bank who is from Kyiv, where his parents still live, says a friend who was disabled in the war reminded him that soldiers are fighting to beat Russia, but also to see that other Ukrainians can continue to live normal lives in their home cities and communities today.

    “My friend said to me, ‘Look, Pavel, we are doing this to keep life going on, bakeries and restaurants open, keep kids going to school and ensure that something beyond war still exists in this country.’”

    In September 2024, the European Union’s financing arm proposed a €600 million energy rescue plan to help Ukraine as winter approaches, ensuring that businesses and homes have electricity and heat. Shelters will be built to protect electricity substations from bombings. The European Investment Bank is in regular discussions with Ukrhydroenergo, Ukraine’s largest hydropower company, and Ukrenergo, the national electricity transmission operator, to repair damaged power networks. It’s common for some parts of Ukraine to lose electricity for half of every day.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Sutton Connect – a new Green Travel District to encourage sustainable travel

    Source: City of Birmingham

    Sutton Connect, a new Green Travel District for the Sutton Walmley, Minworth & Reddicap area, has been launched to help encourage sustainable travel.

    Developed alongside the Peddimore employment park and Langley Sustainable Urban Extension (SUE) developments, which will bring thousands of new jobs and homes to the area, Sutton Connect brings a range of partners and stakeholders together to coordinate activity and ensure both developments are well connected and sustainable with the necessary infrastructure, policies and supporting initiatives in place.

    The vision of Sutton Connect is for less congestion, less pollution, fewer accidents and healthier, safer, more productive communities.

    Councillor Majid Mahmood, Cabinet Member for Transport at Birmingham City Council said: “I am so pleased we have worked closely with partners to set up a Green Travel District (Sutton Connect) for this part of Sutton Coldfield, bringing everyone together to discuss transport issues and collaborate on opportunities to enhance sustainable travel across the area. This is exciting news for the entire region and will see investment in schemes and initiatives that benefit all those living, working and travelling locally.” 

    David Smith, Director, Planning & Communities, IM Properties, development partner for Peddimore site, said: “Sustainable travel that prioritises walking, cycling and public transport is central to the Peddimore vision, connecting local people in Birmingham, Royal Sutton Coldfield and neighbouring North Warwickshire with new employment opportunities. We‘ve created a striking landscape setting that sensitively links with the surrounding area and provides attractive, safe, and accessible active travel routes. This contributes to an engaging and welcoming workplace, supporting the wellbeing of employees and visitors, while minimising impact on the environment.”

    Royal Sutton Coldfield Town Council are also backing the Green Travel District approach, seeing the benefits it will bring to the town. Councillor Simon Ward, Leader of Royal Sutton Coldfield Town Council, said: “The Green Travel District clearly supports our Active Travel Vision across the town where residents and visitors can leave the car at home if they wish and move safely and efficiently through our streets and spaces. Providing real green transport choices supports better health, economic and environmental outcomes and will ensure future generations can continue to enjoy the rich heritage, biodiversity and natural beauty of our town.”

    People can sign up for regular Sutton Connect updates for more information about this initiative and to find out what support and activities will be available in future.  

    To enable people to travel by public transport two new bus services have been launched to serve the Peddimore site.  The 64/X64 Birmingham – Peddimore/Minworth via Erdington, The Fort, Bromford & Castle Vale.  Also, the 68 Birmingham – Peddimore/Minworth via Lichfield Road, Tyburn Road is in line with Amazon shift times at Peddimore but may be suitable for those living/travelling locally.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Lebanon Support Conference 2024: Minister Falconer intervention

    Source: United Kingdom – Executive Government & Departments 3

    The Minister for the Middle East attended the Lebanon Support Conference in Paris on 24 October 2024 to reiterate calls for a ceasefire in Lebanon.

    The situation in Lebanon is worsening daily, and civilian casualties are mounting.

    The risks of further escalation cannot be overstated. We cannot let Lebanon become another Gaza.

    This is why today the UK repeats our call for an immediate ceasefire between Israel and Lebanese Hizballah.

    Let us not forget that this conflict started when Hizballah launched rockets at northern Israel, forcing the Israelis to flee their homes.

    The UK stands with Israel and recognises its right of self defence in the face of unlawful Iranian attacks.

    Iran must immediately halt those attacks, and stand down its proxies.

    Meanwhile, we are working with the Lebanese Armed Forces, the sole legitimate defender of that state, to support security and stability.

    I am pleased to be joined today by one of our most senior military officers, Air Marshal Harvey Smyth, who leads our work to support the Lebanese Armed Forces. We stand ready to do more.

    We are also committing £15 million to respond to the humanitarian emergency in Lebanon, supporting food, medicine and clean water.

    Many generous British citizens are now donating to the Disasters Emergency Committee appeal for Gaza, Lebanon and the wider region – my government will now pledge to match that generosity up to £10 million.

    The aid workers striving to alleviate suffering in Lebanon must be able to carry out their duties in safety – including UN workers, who have a vital role to play in resolving armed conflict and mitigating its impact.

    Britain condemns all threats to the security of UNIFIL.

    We call on all parties engaged in this conflict to take all necessary precautions to avoid civilian deaths and injuries and protect essential infrastructure.

    Before I conclude, let me reflect briefly on the wider crisis in the region.

    Following the death of the terrorist leader Yahya Sinwar, it is time for a new chapter in Gaza.

    We reiterate our call for an immediate ceasefire, the release of all hostages, and an increase in humanitarian aid.

    We must focus all our efforts on stopping this cycle of violence.

    A political solution consistent with 1701 is the only answer – and the only way to secure a stable future for those on both sides of the Blue Line.

    Thank you.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Russia: Dmitry Chernyshenko: BRICS summit showed colossal success of President Vladimir Putin

    Translation. Region: Russian Federation –

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

    Previous news Next news

    Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow

    Deputy Prime Minister Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow on October 24–25.

    At the beginning of his speech, the Deputy Prime Minister quoted President Vladimir Putin, noting that today science is the basis for solving many large-scale problems of the country. He also recalled the mission of a civil servant – service, the connection of his life with Russia and the people.

    “It is symbolic that this conference is taking place within the walls of the Presidential Academy, which trains professionals for public service according to the highest standards. Today, about 274 thousand students study at the Academy and its 47 branches,” noted Dmitry Chernyshenko.

    The Deputy Prime Minister emphasized that this is a difficult historical period, but Russia will be able to effectively confront challenges: this is evidenced by the unprecedentedly low level of unemployment and many other parameters.

    “We see the colossal success of President Vladimir Putin in terms of recognition of Russia. 35 countries arrived in Kazan to participate in the BRICS summit, 22 are represented at the highest level – by their presidents. It is clear that Russia has become a center of attraction instead of an outcast. The entire progressive world has appreciated how our economy has not only withstood unprecedented pressure and the largest number of sanctions in the world, but also shows growth,” the Deputy Prime Minister emphasized.

    The economies of the BRICS countries are developing at an accelerated pace. The share of the BRICS countries in the world economy in terms of purchasing power parity confidently exceeds the share of the “Big Seven”.

    The plan to isolate Russia and ban everything Russian has failed. All countries want to live in a multipolar and fair world. Our policy is based on mutual respect, the sovereign equality of our states.

    “The effective work of civil servants will determine how Russia will realize the window of opportunity. President Vladimir Putin said that the authorities must work constantly and intensely, like fighters on the front lines of the SVO. Such a comparison obliges us to do a lot. We must do everything in our place to achieve results and correspond to our spiritual and moral values,” noted Dmitry Chernyshenko.

    The Deputy Prime Minister recalled that such traditional spiritual and moral values include serving the Fatherland and responsibility for its fate. Role models are needed to protect state sovereignty. To increase the number of such specialists, a Center for training managers for scientific and technological development and their teams was created this year at the Higher School of Public Administration of the Russian Presidential Academy of National Economy and Public Administration.

    “I consider it important to create and improve mechanisms to ensure a strong connection between the Government’s management decisions and the advanced achievements of Russian science,” concluded Dmitry Chernyshenko.

    The first international scientific conference “Science for Public Administration in Russia” brings together more than 2.8 thousand participants and 205 speakers. The event is dedicated to current issues of public administration and prospects for effective interaction between the economy, law and the social sphere in the context of modern global challenges.

    “Development of the scientific potential of the Presidential Academy is one of the most important tasks for the coming years. Today, RANEPA is a leader in training civil servants in Russia. The President has instructed us to prepare the country’s new elite. I am confident that the accumulated knowledge and work experience will allow us to conduct the most modern and relevant scientific research. So that decisions can be made on their basis on how to counter new threats and challenges. The international scientific conference “Public Administration in Russia” is an important step in the implementation of this plan and the first such large-scale scientific event in the history of our country dedicated to the topic of public administration,” said Alexey Komissarov, Rector of the Presidential Academy.

    Participants will also discuss priorities for scientific and technological development, strategic objectives for the development of science to ensure national security and technological independence of Russia, the economics of the scientific sphere, and much more.

    The conference will feature the presentation of five books, including the first Russian textbook on management, prepared by the authors’ collective of the Presidential Academy, a meeting of the expert council on the development of the creative economy, and the signing of a number of agreements.

    Participants in the plenary session included Vice President of the Russian Academy of Sciences Vladimir Ivanov, Rector of the Presidential Academy Alexey Komissarov, Dean of the Faculty of Economics of Lomonosov Moscow State University Alexander Auzan, Deputy Secretary of the Public Chamber of Russia Alexander Galushka. The moderator was Nikita Marchenkov, Chairman of the Coordination Council for Youth Affairs in Science and Education of the Presidential Council for Science and Education.

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

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Mormugao Port Authority recognized globally as an incentive provider on the Environmental Ship Index (ESI) platform

    Source: Government of India

    Mormugao Port Authority recognized globally as an incentive provider on the Environmental Ship Index (ESI) platform

    Mormugao becomes India’s pioneering port to implement Green Ship Incentives under the ESI

    ‘Harit Shrey’ scheme launched in October 2023, offering port fee discounts based on ESI ratings of commercial ships

    The “Harit Shrey” initiative has provided benefits to numerous vessels, encouraging eco-friendly practices

    Posted On: 24 OCT 2024 1:20PM by PIB Delhi

    Mormugao Port Authority has gained global recognition by being listed as an incentive provider on the Environment Ship Index (ESI) portal, acknowledged by the International Association of Ports and Harbours (IAPH). This achievement highlights the port’s commitment to promoting environmentally friendly practices for seagoing vessels.

    Mormugao Port is India’s first port to introduce Green Ship Incentives through the ESI, aligning with global efforts to reduce air emissions in shipping. The port’s incentive program, ‘Harit Shrey,’ launched in October 2023, offers discounts on port charges based on ESI scores, rewarding ships with higher environmental performance.

    In August 2024, the Secretary General of IAPH praised Mormugao Port’s efforts in joining the ESI Programme and raising awareness of green shipping incentives in the region. Mormugao stands out in Asia alongside Japan and Oman, which also offer similar incentives.

    Since the introduction of the “Harit Shrey scheme,” many ships have benefited from the incentives aimed at reducing greenhouse gas emissions. This initiative supports the broader goal of achieving long-term emission reductions in maritime operations. The port authority has also submitted the scheme for the IAPH Sustainability Awards under the World Port Sustainability Programme (WPSP), emphasizing its dedication to sustainable practices.

    This recognition positions Mormugao Port as a key player in advancing sustainable maritime practices, contributing to international efforts in reducing carbon emissions and improving air quality.

    ****

    NKK/AK

    (Release ID: 2067621) Visitor Counter : 92

    MIL OSI Asia Pacific News

  • MIL-OSI Video: Haiti: the situation has worsened – BINUH Briefing | United Nations

    Source: United Nations (Video News)

    Briefing by María Isabel Salvador, Special Representative of the Secretary-General for Haiti and Head of BINUH, on the question concerning Haiti – Security Council, 9757th meeting.

    ———————–

    Addressing the Security Council, Salvador said, “The situation in Haiti has regrettably worsened. There are more than 700,000 internally displaced persons, which represents a 22 per cent increase in the last 3 months. The political process, despite initial advances, which I reported in July, is now facing significant challenges, turning hope into deep concern.”

    She also said, “The security situation remains extremely fragile, with renewed peaks of acute violence. Haitians continue to suffer across the country as criminal gang activities escalate and expand beyond Port-au-Prince, spreading terror and fear, overwhelming the national security apparatus. The humanitarian situation is even more dire.”
    She continued, “The MSS mission remains critically under-resourced, which could impact deployment and impede it from carrying out its tasks in support of the Haitian National Police and of the Forces Armées d’Haïti.”

    Also addressing the Council Catherine Russell, UNICEF Executive Director, said, “So far, this year, we have seen a staggering increase in reported incidents of sexual violence against women and children, including gender-based violence. Armed groups are also actively recruiting and using children in their operations. We estimate that children account for 30 to 50 percent of armed group members. They are being used as informants, cooks, and sex slaves, and they are being forced to perpetrate armed violence themselves.”

    She concluded, “This is a pivotal moment for the country … with the Transitional Presidential Council and the Government now in place leading the effort … and with the Multinational Security Support Mission supporting security initiatives. These are important steps. Now we must do our part. The international community has the tools, and the resources to help Haiti emerge from this crisis, and to embark on a sustained road to recovery. The question is one of will.”

    Antonio Rodrigue, Haitian Permanent Representative to the United Nations, said “I would like to take this opportunity to express my deep concern regarding the alarming situation of mass deportations of our compatriots by the Dominican Republic. While we acknowledge the inalienable right of any state to manage its borders and enforce its migration policies, these actions must align with the fundamental principles of international law, especially those that safeguard human dignity and the rights of migrants.”

    Roberto Álvarez Gil, Minister for Foreign Affairs of Dominican Republic, said, “The Dominican government cannot accept the reckless call to halt repatriations, as this would be equivalent to declaring an open border, encouraging greater irregular migration to the country. We will never allow this.”

    He also said, “The crisis enveloping Haiti is its own responsibility, exacerbated by the lack of timely and sustained support from the international community.”

    Erastus Ekitela Lokaale, Permanent Representative of Kenya to the United Nations, said, “While the MSS is a critical and innovative intervention, it is only part of the solution. Haiti’s stability will only be accomplished through a multi-pronged approach that addresses the root causes of its challenges.”

    https://www.youtube.com/watch?v=2z2IZLJYstU

    MIL OSI Video

  • MIL-OSI United Kingdom: Coventry shows its support for National Adoption Week by highlighting adoption journeys of all kinds

    Source: City of Coventry

    Adoption Central England (ACE), the regional adoption agency for Herefordshire, Worcestershire, Warwickshire, Coventry, and Solihull, is supporting this year’s National Adoption Week campaign

    Sponsored by Adoption England, and which continues until Sunday 27 October.

    The national campaign, YouCanAdopt, aims to raise awareness of adoption and dispel myths around who is eligible to adopt, as more adoptive parents are needed for those children who are waiting to join new families.

    A heartwarming video from the campaign demonstrates this through the stories of three adoptive families sharing their experiences in conversations onboard a train. This setting symbolises the adoption journey that conveys, despite the ups and downs and detours on the way, that it is overwhelmingly a positive and rewarding to do to provide a permanent family home to a child who is waiting for this opportunity. The film can be viewed at www.youcanadopt.co.uk

    Cllr Pat Seaman, Cabinet Member, Children and Young People said:

    It remains vitally important that regional campaigns such as this continue to highlight the need, and reinforce the message, for families to step forward to provide that loving care and support that children of all ages are looking for.

    “There are around 60 children in the region currently waiting for adoptive families and we urgently need more people to come forward and welcome these children into their families.

    “The need to support and provide a loving and caring environment for children in care sadly remains a pressing need for many cities and towns, including Coventry.

    “Adoption Central England is a well-established adoption service with experienced staff who can guide and support you through the process and beyond and is keen to hear from anyone who is thinking about adoption.”

    “Therefore, I would encourage people out there in the local community to watch the new ‘Journey’ film and consider adoption, as it can play a massive and important role in improving many children’s lives.”

    Adopters can be any age, from any background, and can be single or in a couple. The most important thing is that they can provide a secure and loving home to a child, or children, and can be there to support them to thrive.

    Adoption Central England recognises the importance of supporting people on their adoption journeys and ensures adoptive parents are never alone and that there is a network of ongoing support around them. The nature of adoption has changed over the years and help is available for adoptive families as they deal with unique issues that only adoptive families experience.

    ACE welcomes enquiries about adoption from all section of the community and experienced adoption social workers are available to answer any questions you may have. The ACE website contains a wealth of information about becoming an adoptive parent, the children who are waiting, and of the ongoing support that is available to you through the service.

    To find out more about National Adoption Week, or to seek information or support, visit  www.youcanadopt.co.uk or contact Adoption Central England on ACE 0300 369 0556 or though the website on www.aceadoption.com

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Hong Kong Customs detects four large-scale sea smuggling cases with suspected illicit cigarettes and duty-not-paid manufactured tobacco seizure worth about $240 million (with photos)

    Source: Hong Kong Government special administrative region

         Hong Kong Customs stepped up efforts to combat illicit cigarette smuggling activities by sea. Through risk assessment and intelligence analysis, four related cases involving sea containers were detected from October 3 to 21. A total of about 51 million suspected illicit cigarettes and about 1 700 kilograms of suspected duty-not-paid manufactured tobacco with an estimated total market value of about $240 million and a duty potential of about $180 million were seized.
          
         In the first case, Customs on October 3 selected and inspected a 40-foot container, arriving from Thailand to Hong Kong and declared as carrying rice noodles, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers seized about 8 million suspected illicit cigarettes inside the container, and a 63-year-old man suspected to be connected with the case was arrested.
          
         In the second case, on October 10, Customs selected and inspected two 40-foot containers, arriving from Singapore via the Mainland to Hong Kong and declared as carrying lighting accessories and kitchen utensils, at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound. Upon inspection, Customs officers seized about 21 million suspected illicit cigarettes inside the containers.
          
         In the third case, Customs inspected a 40-foot container declared as carrying kitchen utensils and arriving in Hong Kong from Vietnam via the Mainland on October 16. About 10 million suspected illicit cigarettes were seized, and a 66-year-old truck driver was arrested. During the subsequent control delivery operation on the same day, Customs officers further arrested a 44-year-old man at a metal hut in Tong Yan San Tsuen, Yuen Long. The next day, they seized about 1.8 million suspected illicit cigarettes and about 1 700kg of suspected duty-not-paid manufactured tobacco at another metal hut in Kwu Tung, New Territories.
          
         In the fourth case, after a follow-up investigation, Customs on October 21 inspected a 40-foot container, arriving in Hong Kong from Vietnam via the Mainland and declared as carrying kitchen utensils, at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound. Upon inspection, Customs officers seized about 11 million suspected illicit cigarettes inside.
          
         Investigations of the four cases are ongoing.
          
         Customs will continue its risk assessment and intelligence analysis for interception at source as well as through its multipronged enforcement strategy targeting storage, distribution and peddling to spare no effort in combating illicit cigarette activities.
          
         Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.

         Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
         â€‹
         Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 80 80 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).            

    MIL OSI Asia Pacific News

  • MIL-OSI USA: CHP recovers more than 2,000 stolen vehicles in Oakland since February

    Source: US State of California 2

    Oct 23, 2024

    What you need to know: California Highway Patrol officers conducted blitz operations this weekend, targeting sideshows that led to 22 arrests and the seizure of 36 vehicles. These actions are part of the state’s ongoing enforcement surge in the region, in partnership with the city, which has resulted in 1,125 arrests, and the seizure of 2,213 stolen vehicles and 110 illegal guns since February 2024. 

    OAKLAND – The California Highway Patrol cracked down on sideshows in Oakland this weekend as part of Governor Newsom’s enforcement surge to improve public safety in Alameda County and the East Bay. This week, CHP responded to and subsequently conducted investigations arising from multiple sideshows in the region, arresting 22 individuals and seizing 36 vehicles.

    Governor Newsom launched the CHP operation in February in partnership with the City of Oakland, in response to increased public safety needs in the region, including organized retail theft and sideshows. He then again quadrupled the shifts of CHP officers in Alameda County in July to provide CHP support to the city seven days per week. The most recent surge in officers has led to a 57% increase in arrests, a 44% increase in stolen vehicles recovered, and a 188% increase in guns seized compared to the previous three-month period.

    This builds on CHP’s ongoing work in the region, which has led to the arrest of 1,125 suspects, the seizure of 2,123 stolen vehicles, and the seizure of 110 illegal firearms since February.

    “California has provided robust investments to support the Oakland community by cracking down on crime and uplifting programs that help prevent it. Our recent work in Oakland should send a strong message that lawlessness and crime will not be tolerated in our state. I thank our CHP officers for their work on the ground to help make the East Bay safer for all its residents.”

    Governor Gavin Newsom

    According to the California Department of Justice’s most recent verified data, unlike most communities in California, crime spiked considerably in Alameda County last year. Alameda County had the highest homicide, violent crime, and property crime rates of California’s 10 largest counties in 2023. While new verified data will not be available until next year, local reporting indicates that crime appears to be going down in 2024.

     In July, Governor Newsom announced the state was ramping up efforts to crack down on crime in the East Bay by increasing the deployment of CHP officers in Oakland, quadrupling the number of CHP officer shifts over four months to help local agencies target organized crime, sideshows, carjacking, and other criminal activity seven days a week.

    In just the three months since Governor Newsom announced the deployment of additional officers to the area, CHP has made 524 arrests and seized 920 stolen vehicles, and taken 52 firearms off the street. 

    Technology to investigate illegal sideshows

    As part of this work, California installed a network of cameras on state highways, completed in September. The new cameras, announced by Governor Newsom in April, improve vehicle identification, allowing law enforcement agencies to search for vehicles suspected to be linked to crimes and receive real-time alerts about their movement. These cameras have contributed to multiple investigations of sideshows in the area, including the following operations:

    On October 20 at approximately 3:15 a.m., a CHP airplane observed a sideshow in progress at the intersection of 98th Avenue and Edes Avenue in Oakland. A vehicle was identified as a participant, and when an enforcement stop was attempted, the suspect fled from the officers. With constant aerial surveillance and assistance from cameras near the sideshow, ground units safely pursued the suspect and successfully arrested two individuals for attempting to evade law enforcement and impounded the vehicle for 30 days.

    CHP video footage of sideshow on 98th and Edes Avenue 

    CHP video footage of arrest of individual after pursuit on the Bay Bridge

    • Later that evening, at approximately 9:30 p.m., a CHP helicopter observed a sideshow in progress on West Grand Avenue under I-880 in Oakland. Spectators were shining laser lights at the law enforcement aircraft, and upon breaking up the sideshow, 14 individuals were arrested for being spectators at a sideshow and six vehicles were towed.

    Today, CHP conducted investigations into the recent sideshows, issuing a number of search warrants that will result in the seizure of additional vehicles owned by participants and spectators of the sideshows that occurred over the weekend.
     

    “The dedicated men and women of the CHP are working tirelessly to combat crime, improve public safety, and hold sideshow participants accountable for their reckless actions,” said CHP Commissioner Sean Duryee. “We remain committed to ensuring the streets of Oakland are safer for everyone, and we will continue to use every tool at our disposal to uphold the law and protect our residents.”

    Stronger enforcement. Serious penalties. Real consequences.

    Recently, the Governor signed into law a bipartisan package of bills to impose stricter penalties, increase accountability, and strengthen law enforcement’s ability to combat sideshows and deter illegal activities such as drifting, street racing, and blocking intersections. The new laws expand vehicle impoundment authority for law enforcement, including for spectators and those aiding in illegal speed contests and sideshows, standardize terminology for “sideshows” and “street takeovers” statewide, and target reckless driving activities on highways and parking lots.

    The Governor also recently signed into law the most significant bipartisan legislation to crack down on property crime in modern California. Building on the state’s robust laws and record public safety funding, these bipartisan bills establish tough new penalties for repeat offenders, provide additional tools for felony prosecutions, and crack down on serial shoplifters, retail thieves, and auto burglars. 

    Supporting and investing in Oakland 

    In March, the Governor released Caltrans’ 10-Point Action Plan to support the city’s efforts to improve street safety and beautification. The comprehensive plan outlines actionable steps the state is taking to further support the city through blight abatement efforts, homeless encampment resolutions, community outreach initiatives, employment opportunities, and other beautification and safety efforts. A detailed overview of the state’s investments in Oakland and Alameda County is available here.

    California has invested in violence intervention and prevention efforts in the city — including through CalVIP, which provides funding for cities and community-based organizations with the goal of reducing violence in the city and adjacent areas. The state has also expanded opportunities for youth by transforming Oakland’s schools into community schools, mandating and funding after-school programs, awarding Oakland grants for youth coaches, establishing targeted college and career savings accounts, and providing tuition-free community college for students at Oakland community colleges. 

    Videos above may be attributed to the California Highway Patrol. 

    Recent news

    News What you need to know: State and federal partners today signed a Memorandum of Understanding (MOU) to boost cooperation on multi-benefit water projects in the Sacramento River Basin.  SACRAMENTO – Governor Gavin Newsom today highlighted a new agreement between…

    News What you need to know: Since January 2024, California has seized more than $191 million worth of illegal cannabis, with $70.7 million worth of illegal cannabis seized in the last three months alone.  SACRAMENTO – Governor Gavin Newsom today announced the…

    News What you need to know: California is deploying 10,000 service members in the upcoming service year, offering paid positions and higher education financial support for young Californians looking to give back to their communities.  SACRAMENTO – Governor Gavin…

    MIL OSI USA News

  • MIL-OSI: Virtu Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the third quarter ended September 30, 2024.

    Third Quarter 2024:

    • Net income of $119.0 million; Normalized Adjusted Net Income1 of $132.1 million
    • Basic and diluted earnings per share of $0.65 and $0.64, respectively; Normalized Adjusted EPS1 of $0.82
    • Total revenues of $706.8 million; Trading income, net, of $444.0 million; Net income Margin of 16.8%2
      • Adjusted Net Trading Income1 of $388.0 million
    • Adjusted EBITDA1 of $214.8 million; Adjusted EBITDA Margin1 of 55.4%
    • Share buybacks of $48.4 million, or 1.7 million shares, under the Share Repurchase Program3

    The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2024 to shareholders of record as of December 1, 2024.

    Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
    Note 2: Calculated by dividing Net income by Total revenue
    Note 3: Shares repurchased calculated on a settlement date basis.

    Financial Results

    Third Quarter 2024:

    Total revenues increased 12.2% to $706.8 million for this quarter, compared to $630.2 million for the same period in 2023. Trading income, net, increased 40.5% to $444.0 million for the quarter compared to $316.1 million for the same period in 2023. Net income totaled $119.0 million for this quarter, compared to net income of $117.6 million in the prior year quarter.

    Basic and diluted earnings per share for this quarter were $0.65 and $0.64, respectively, compared to basic and diluted earnings per share of $0.63 and $0.63, respectively, for the same period in 2023.

    Adjusted Net Trading Income increased 30.2% to $388.0 million for this quarter, compared to $298.0 million for the same period in 2023. Adjusted EBITDA increased 54.0% to $214.8 million for this quarter, compared to $139.5 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 76.8% to $132.1 million for this quarter, compared to $74.7 million for the same period in 2023.

    Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.82 for this quarter, compared to $0.45 for the same period in 2023.

    Operating Segment Information

    The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

    Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

    Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

    Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

    The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and nine months ended September 30, 2024 and 2023.

    Total revenues by segment
    (in thousands, unaudited)

        Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
        Market
    Making
      Execution
    Services
      Corporate   Total   Market
    Making
      Execution
    Services
      Corporate   Total
    Trading income, net   $ 440,442   $ 3,555   $   $ 443,997   $ 310,523   $ 5,562   $   $ 316,085
    Commissions, net and technology services     12,721     118,900         131,621     6,343     103,933         110,276
    Interest and dividends income     122,065     3,164         125,229     124,803     2,890         127,693
    Other, net     1,432     108     4,453     5,993     75,682     68     360     76,110
    Total Revenues   $ 576,660   $ 125,727   $ 4,453   $ 706,840   $ 517,351   $ 112,453   $ 360   $ 630,164
                                                     
                                     
        Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
        Market
    Making
      Execution
    Services
      Corporate   Total   Market
    Making
      Execution
    Services
      Corporate   Total
    Trading income, net   $ 1,264,214   $ 14,273   $   $ 1,278,487   $ 1,021,179   $ 13,585   $     $ 1,034,764
    Commissions, net and technology services     29,203     347,130         376,333     22,677     318,546           341,223
    Interest and dividends income     330,178     8,109         338,287     300,086     7,830           307,916
    Other, net     43,855     1,063     4,639     49,557     77,580     84     (4,171 )     73,493
    Total Revenues   $ 1,667,450   $ 370,575   $ 4,639   $ 2,042,664   $ 1,421,522   $ 340,045   $ (4,171 )   $ 1,757,396
                                                       

    Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
    (in thousands, unaudited)

        Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
        Market
    Making
      Execution Services   Corporate   Total   Market
    Making
      Execution Services   Corporate   Total
    Trading income, net   $ 440,442     $ 3,555     $   $ 443,997     $ 310,523     $ 5,562     $   $ 316,085  
    Commissions, net and technology services     12,721       118,900           131,621       6,343       103,933           110,276  
    Interest and dividends income     122,065       3,164           125,229       124,803       2,890           127,693  
    Brokerage, exchange, clearance fees and payments for order flow, net     (152,316 )     (24,429 )         (176,745 )     (101,077 )     (22,168 )         (123,245 )
    Interest and dividends expense     (134,912 )     (1,158 )         (136,070 )     (132,523 )     (279 )         (132,802 )
    Adjusted Net Trading Income   $ 288,000     $ 100,032     $   $ 388,032     $ 208,069     $ 89,938     $   $ 298,007  
                                                                 
        Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
        Market
    Making
      Execution Services   Corporate   Total   Market
    Making
      Execution Services   Corporate   Total
    Trading income, net   $ 1,264,214     $ 14,273     $   $ 1,278,487     $ 1,021,179     $ 13,585     $   $ 1,034,764  
    Commissions, net and technology services     29,203       347,130           376,333       22,677       318,546           341,223  
    Interest and dividends income     330,178       8,109           338,287       300,086       7,830           307,916  
    Brokerage, exchange, clearance fees and payments for order flow, net     (394,154 )     (73,177 )         (467,331 )     (323,868 )     (67,370 )         (391,238 )
    Interest and dividends expense     (382,200 )     (3,591 )         (385,791 )     (340,954 )     (1,942 )         (342,896 )
    Adjusted Net Trading Income   $ 847,241     $ 292,744     $   $ 1,139,985     $ 679,120     $ 270,649     $   $ 949,769  
                                                                 

    Financial Condition

    As of September 30, 2024, Virtu had $738.2 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,769.4 million.

    Share Repurchase Program

    Since inception of the program in November 2020 through settlement date October 22, 2024, the Company repurchased approximately 49.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,240.7 million. The Company has approximately $479.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

    Earnings Conference Call Information

    Virtu Financial will host a conference call to review its third quarter 2024 financial performance today, October 24th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

    Website Information

    We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our Twitter account (twitter.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

    Non-GAAP Financial Measures and Other Items

    To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

    • “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
    • “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
    • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
    • “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

    • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
    • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
    • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
    • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
    • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

    Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Comprehensive Income (Unaudited)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands, except share and per share data)     2024       2023       2024       2023  
                     
    Revenues:                
    Trading income, net   $ 443,997     $ 316,085     $ 1,278,487     $ 1,034,764  
    Interest and dividends income     125,229       127,693       338,287       307,916  
    Commissions, net and technology services     131,621       110,276       376,333       341,223  
    Other, net     5,993       76,110       49,557       73,493  
    Total revenues     706,840       630,164       2,042,664       1,757,396  
                     
    Operating Expenses:                
    Brokerage, exchange, clearance fees and payments for order flow, net     176,745       123,245       467,331       391,238  
    Communication and data processing     59,601       57,066       177,110       170,837  
    Employee compensation and payroll taxes     107,646       97,221       314,185       296,214  
    Interest and dividends expense     136,070       132,802       385,791       342,896  
    Operations and administrative     24,939       22,416       69,346       72,204  
    Depreciation and amortization     16,486       15,815       48,640       47,076  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Termination of office leases     17       364       50       314  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Transaction advisory fees and expenses     69       6       264       30  
    Financing interest expense on long-term borrowings     24,492       25,361       71,154       74,499  
    Total operating expenses     559,680       492,059       1,600,299       1,449,059  
                     
    Income before income taxes and noncontrolling interest     147,160       138,105       442,365       308,337  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
                     
    Noncontrolling interest     (59,071 )     (55,678 )     (176,093 )     (120,722 )
                     
    Net income available for common stockholders   $ 59,952     $ 61,915     $ 182,355     $ 136,498  
                     
    Earnings per share:                
    Basic   $ 0.65     $ 0.63     $ 1.95     $ 1.36  
    Diluted   $ 0.64     $ 0.63     $ 1.95     $ 1.36  
                     
    Weighted average common shares outstanding                
    Basic     87,152,658       93,408,537       88,093,082       95,376,590  
    Diluted     87,536,847       93,408,537       88,340,592       95,376,590  
                     
    Comprehensive income:                
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
    Other comprehensive income                
    Foreign exchange translation adjustment, net of taxes     6,835       (4,005 )     3,745       170  
    Net change in unrealized cash flow hedges gain (loss), net of taxes     (19,568 )     (7,646 )     (30,931 )     (12,612 )
    Comprehensive income   $ 106,290     $ 105,942     $ 331,262     $ 244,778  
    Less: Comprehensive income attributable to noncontrolling interest     (54,083 )     (50,832 )     (164,990 )     (115,557 )
    Comprehensive income available for common stockholders   $ 52,207     $ 55,110     $ 166,272     $ 129,221  
                                     
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands, except percentages)     2024       2023       2024       2023  
                     
    Reconciliation of Trading income, net to Adjusted Net Trading Income                
    Trading income, net   $ 443,997     $ 316,085     $ 1,278,487     $ 1,034,764  
    Commissions, net and technology services     131,621       110,276       376,333       341,223  
    Interest and dividends income     125,229       127,693       338,287       307,916  
    Brokerage, exchange, clearance fees and payments for order flow, net     (176,745 )     (123,245 )     (467,331 )     (391,238 )
    Interest and dividends expense     (136,070 )     (132,802 )     (385,791 )     (342,896 )
    Adjusted Net Trading Income   $ 388,032     $ 298,007     $ 1,139,985     $ 949,769  
                     
    Reconciliation of Net Income to EBITDA and Adjusted EBITDA                
    Net income     119,023       117,593       358,448       257,220  
    Financing interest expense on long-term borrowings     24,492       25,361       71,154       74,499  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Depreciation and amortization     16,486       15,815       48,640       47,076  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    EBITDA   $ 201,753     $ 197,044     $ 628,587     $ 483,663  
    Severance     690       1,346       3,651       5,256  
    Transaction advisory fees and expenses     69       6       264       30  
    Termination of office leases     17       364       50       314  
    Other     (5,669 )     (74,599 )     (48,334 )     (67,396 )
    Share based compensation     17,945       15,353       50,941       47,108  
    Adjusted EBITDA   $ 214,805     $ 139,514     $ 635,159     $ 468,975  
                     
    Selected Operating Margins                
    GAAP Net income Margin (1)     16.8 %     18.7 %     17.5 %     14.6 %
    Non-GAAP Net income Margin (2)     30.7 %     39.5 %     31.4 %     27.1 %
    EBITDA Margin (3)     52.0 %     66.1 %     55.1 %     50.9 %
    Adjusted EBITDA Margin (4)     55.4 %     46.8 %     55.7 %     49.4 %
                     
    1 Calculated by dividing Net income by Total revenue.                
    2 Calculated by dividing Net income by Adjusted Net Trading Income.                
    3 Calculated by dividing EBITDA by Adjusted Net Trading Income.                
    4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.                
                     
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)
    (Continued)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands, except share and per share data)     2024       2023       2024       2023  
                     
    Reconciliation of Net Income to Normalized Adjusted Net Income                
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    Income before income taxes and noncontrolling interest   $ 147,160     $ 138,105     $ 442,365     $ 308,337  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Severance     690       1,346       3,651       5,256  
    Transaction advisory fees and expenses     69       6       264       30  
    Termination of office leases     17       364       50       314  
    Other     (5,669 )     (74,599 )     (48,334 )     (67,396 )
    Share based compensation     17,945       15,353       50,941       47,108  
    Normalized Adjusted Net Income before income taxes   $ 173,827     $ 98,338     $ 515,365     $ 347,400  
    Normalized provision for income taxes (1)     41,719       23,601       123,688       83,374  
    Normalized Adjusted Net Income   $ 132,108     $ 74,737     $ 391,677     $ 264,026  
                     
    Weighted Average Adjusted shares outstanding (2)     161,709,295       167,164,049       162,322,747       169,101,067  
                     
    Normalized Adjusted EPS   $ 0.82     $ 0.45     $ 2.41     $ 1.56  
                     
    (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
    (2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three and six months ended September 30, 2024 and 2023.
    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Financial Condition (Unaudited)
             
    (in thousands, except share data)   September 30,
    2024
      December 31,
    2023
             
    Assets        
    Cash and cash equivalents   $ 701,405   $ 820,436  
    Cash and securities segregated under regulations and other     36,823     35,024  
    Securities borrowed     2,301,690     1,722,440  
    Securities purchased under agreements to resell     708,773     1,512,114  
    Receivables from broker-dealers and clearing organizations     1,194,193     737,724  
    Receivables from customers     169,565     106,245  
    Trading assets, at fair value     7,186,027     7,358,611  
    Property, equipment and capitalized software, net     93,899     100,365  
    Operating lease right-of-use assets     190,261     229,499  
    Goodwill     1,148,926     1,148,926  
    Intangibles (net of accumulated amortization)     214,971     257,520  
    Deferred taxes     122,399     133,760  
    Assets of business held for sale     4,637      
    Other assets     327,137     303,720  
    Total assets     14,400,706     14,466,384  
             
    Liabilities and equity        
    Liabilities        
    Short-term borrowings, net     128,761      
    Securities loaned     2,109,164     1,329,446  
    Securities sold under agreements to repurchase     1,045,811     1,795,994  
    Payables to broker-dealers and clearing organizations     619,640     1,167,712  
    Payables to customers     97,774     23,229  
    Trading liabilities, at fair value     6,335,171     6,071,352  
    Tax receivable agreement obligations     196,254     216,480  
    Accounts payable and accrued expenses and other liabilities     469,796     451,293  
    Operating lease liabilities     236,253     278,317  
    Long-term borrowings, net     1,741,543     1,727,205  
    Liabilities of business held for sale     1,184      
    Total liabilities     12,981,351     13,061,028  
             
    Total equity     1,419,355     1,405,356  
             
    Total liabilities and equity   $ 14,400,706   $ 14,466,384  
             
        As of September 30, 2024
    Ownership of Virtu Financial LLC Interests:   Interests   %
    Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units     91,902,168     57.2 %
    Non-controlling Interests (Virtu Financial LLC)     68,666,792     42.8 %
    Total Virtu Financial LLC Interests     160,568,960     100.0 %
                   

    About Virtu Financial, Inc.

    Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of recent SEC proposals focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

    CONTACT         

    Investor & Media Relations
    Andrew Smith
    investor_relations@virtu.com
    media@virtu.com

    The MIL Network

  • MIL-OSI: Valley National Bancorp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2024 of $97.9 million, or $0.18 per diluted common share, as compared to the second quarter 2024 net income of $70.4 million, or $0.13 per diluted common share, and net income of $141.3 million, or $0.27 per diluted common share, for the third quarter 2023. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $96.8 million, or $0.18 per diluted common share, for the third quarter 2024, $71.6 million, or $0.13 per diluted common share, for the second quarter 2024, and $136.4 million, or $0.26 per diluted common share, for the third quarter 2023. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

    Ira Robbins, CEO, commented, “The third quarter’s financial results highlight the significant progress that we continue to make towards achieving our strategic balance sheet goals. On October 23, 2024, we entered into an agreement to sell performing commercial real estate loans expected to total over $800 million at a very modest discount of approximately 1 percent to a single investor. This economically compelling transaction is expected to close in the fourth quarter 2024 and reflects the strength and desirability of our commercial real estate portfolio. We have executed on a variety of strategic transactions this year that have notably strengthened our balance sheet and enhanced our financial flexibility.”

    Mr. Robbins continued, “This quarter’s results also indicated the early stages of normalized profitability which we expect will accelerate as we enter 2025. Net interest income and non-interest income both improved meaningfully from the second quarter 2024, and our operating expenses were well-controlled and effectively unchanged on a year-over-year basis. While recent weather events weighed on the sequential provision improvement that we anticipated, our pre-provision earnings continued to improve during the third quarter and could set the stage for more stable results in the near future. And most importantly, our thoughts are with those affected by the recent hurricanes in our Florida markets and the other areas in the southeast. We are strongly committed to supporting our associates, clients and communities throughout the rebuilding and recovery process.”

    Key financial highlights for the third quarter 2024:

    • Net Interest Income and Margin: Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Our net interest margin on a tax equivalent basis also increased by 2 basis points to 2.86 percent in the third quarter 2024 as compared to 2.84 percent for the second quarter 2024. The increases from the second quarter 2024 were mostly due to continued yield expansion on average loans and additional interest income and higher yields from targeted growth within our available for sale securities portfolio. See the “Net Interest Income and Margin” section below for more details.
    • Loan Portfolio: Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024 mostly due to the transfer of performing commercial real estate loans totaling $823.1 million, net of unearned fees, to loans held for sale at September 30, 2024 and normal repayment activity mainly within the commercial real estate non-owner occupied and multi-family loans, as we continue to actively reduce these loan categories. Our commercial and industrial loans grew $320.1 million, or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 due to solid organic growth during the third quarter 2024. Residential mortgage and total consumer loans also increased modestly during the third quarter 2024. See the “Loans” section below for more details.
    • Deposits: Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 as compared to $50.1 billion at June 30, 2024 mainly due to higher period-end direct commercial customer money market and non-interest bearing deposits, partially offset by a decline in time deposits. See the “Deposits” section below for more details.
    • Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $564.7 million and $532.5 million at September 30, 2024 and June 30, 2024, respectively, representing 1.14 percent and 1.06 percent of total loans at each respective date. During the third quarter 2024, we recorded a provision for credit losses for loans of $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The third quarter 2024 provision reflects, among other factors, increased quantitative reserves allocated to commercial real estate loans, significant commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene, which hit Florida in late September 2024.
    • Credit Quality: Non-accrual loans totaled $296.3 million, or 0.60 percent of total loans at September 30, 2024 as compared to $303.3 million, or 0.60 percent of total loans at June 30, 2024. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased to 0.35 percent of total loans at September 30, 2024 as compared to 0.14 percent at June 30, 2024 largely due to two well-secured commercial real estate loans at various stages of expected collection within the early stage delinquency categories. Net loan charge-offs totaled $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and third quarter 2023, respectively. The loan charge-offs in the third quarter 2024 included partial charge-offs totaling a combined $30.1 million related to two commercial real estate loan relationships. See the “Credit Quality” section below for more details.
    • Non-Interest Income: Non-interest income increased $9.5 million to $60.7 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to increases in other income; wealth management and trust fees; and service charges on deposits totaling $11.2 million, $2.0 million, and $1.6 million, respectively. The increases in the aforementioned categories were partially offset by a $5.8 million mark to market loss (recorded within net losses on sales of loans) associated with the performing commercial real estate loans transferred to loans held for sale at September 30, 2024, as well as lower swap fees related to commercial loan transactions (within capital market fees) and insurance commissions. The increase in other income was mostly the result of income from litigation settlements totaling $7.3 million for the third quarter 2024.
    • Non-Interest Expense: Non-interest expense decreased $8.0 million to $269.5 million for the third quarter 2024 as compared to the second quarter 2024 largely due to a $6.2 million decrease in technology, furniture and equipment expense and a $3.8 million decrease in professional and legal expenses, partially offset by higher net occupancy expense during the third quarter 2024.
    • Efficiency Ratio: Our efficiency ratio was 56.13 percent for the third quarter 2024 as compared to 59.62 percent and 56.72 percent for the second quarter 2024 and third quarter 2023, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
    • Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.63 percent, 5.70 percent and 8.06 percent for the third quarter 2024, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.62 percent, 5.64 percent and 7.97 percent for the third quarter 2024, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.

    Net Interest Income and Margin

    Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Interest income on a tax equivalent basis increased $27.1 million to $861.9 million for the third quarter 2024 as compared to the second quarter 2024. The increase was mostly due to higher yields on both new loan originations and adjustable rate loans, as well as higher yields and additional interest income from targeted purchases of taxable investments within the available for sale securities portfolio during the second and third quarter 2024. Total interest expense increased $18.3 million to $450.1 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to an increase in average time deposit balances coupled with higher costs on most interest bearing deposit products. See the “Deposits” and “Other Borrowings” sections below for more details.

    Net interest margin on a tax equivalent basis of 2.86 percent for the third quarter 2024 increased by 2 basis points from 2.84 percent for the second quarter 2024 and decreased 5 basis points from 2.91 percent for the third quarter 2023. The increase as compared to the second quarter 2024 was largely driven by the higher yield on average interest earning assets largely offset by an increase in the cost of average interest bearing liabilities. The yield on average interest earning assets increased by 10 basis points to 5.98 percent on a linked quarter basis largely due to higher yielding investment purchases and new loan originations during the second and third quarter 2024. The overall cost of average interest bearing liabilities increased 7 basis points to 4.22 percent for the third quarter 2024 as compared to the second quarter 2024 largely due to higher interest rates on deposits. Our cost of total average deposits was 3.25 percent for the third quarter 2024 as compared to 3.18 percent and 2.94 percent for the second quarter 2024 and the third quarter 2023, respectively.

    Loans, Deposits and Other Borrowings

    Loans. Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024. Commercial and industrial loans grew by $320.1 million , or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 largely due to our continued strategic focus on the expansion of new loan production within this category. Total commercial real estate (including construction) loans decreased $1.4 billion to $30.4 billion at September 30, 2024 from June 30, 2024. This decline was primarily driven by the transfer of $823.1 million of commercial real estate loans, net of unearned loan fees, from the loans held for investment portfolio to loans held for sale as of September 30, 2024. In addition, we remained highly selective on new originations and projects in an effort to reduce commercial real estate loan concentrations, mainly within the non-owner occupied and multifamily loan categories. Automobile loan balances increased by $60.9 million, or 13.8 percent on an annualized basis, to $1.8 billion at September 30, 2024 from June 30, 2024 mainly due to continued consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Other consumer loans decreased $42.4 million, or 15.3 percent on an annualized basis, to $1.1 billion at September 30, 2024 from June 30, 2024 primarily due to the negative impact of the high level of market interest rates on the demand and usage of collateralized personal lines of credit.

    Deposits. Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 from June 30, 2024 mainly due to an increase of $358.3 million in savings, NOW and money market deposits and an increase of $36.0 million in non-interest bearing deposits, partially offset by a decrease of $110.5 million in time deposits. Non-interest bearing deposit and savings, NOW and money market deposit balances increased at September 30, 2024 from June 30, 2024 mostly due to increases in national specialized deposits and higher direct commercial customer deposit accounts. Total indirect customer deposits (including both brokered money market and time deposits) totaled $9.1 billion in both September 30, 2024 and June 30, 2024. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 22 percent, 50 percent and 28 percent of total deposits as of September 30, 2024, respectively, as compared to 22 percent, 49 percent and 29 percent of total deposits as of June 30, 2024, respectively.

    Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $5.5 million to $58.3 million at September 30, 2024 from June 30, 2024. Long-term borrowings totaled $3.3 billion at September 30, 2024 and also remained relatively unchanged as compared to June 30, 2024.

    Credit Quality

    Hurricanes Helene and Milton. In the early stages of the fourth quarter 2024, the credit quality of our Florida loan portfolio has remained resilient in the aftermath of Hurricane Helene, which hit Florida in late September 2024, and Hurricane Milton, which made landfall on October 9, 2024. At this time, there have been relatively few loan concessions (mostly in the form of loan payment deferrals up to 90 days) for distressed borrowers impacted by the hurricanes. However, we continue to assess the impact of the hurricanes on our Florida client base and, where appropriate, we will work constructively with individual borrowers.

    Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $7.8 million to $305.1 million at September 30, 2024 as compared to June 30, 2024. Non-accrual loans decreased $7.0 million to $296.3 million at September 30, 2024 as compared to $303.3 million at June 30, 2024. Non-accrual construction and commercial real estate loans decreased $20.7 million and $9.3 million to $24.7 million and $113.8 million, respectively, at September 30, 2024 as compared to June 30, 2024 mainly due to loan payoffs during the third quarter 2024. The decreases in these loan categories were partially offset by two new non-accrual commercial and industrial loans totaling $19.0 million, as well as moderate increases in non-accrual residential mortgage and consumer loans at September 30, 2024. OREO decreased $887 thousand at September 30, 2024 from June 30, 2024 mostly due to the sale of one commercial property, which resulted in the recognition of an immaterial loss for the third quarter 2024.

    Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $102.3 million to $174.7 million, or 0.35 percent of total loans, at September 30, 2024 as compared to $72.4 million, or 0.14 percent of total loans at June 30, 2024. Loans 30 to 59 days past due increased $69.1 million to $115.1 million at September 30, 2024 as compared to June 30, 2024 mainly due to a $74.5 million increase in commercial real estate loans, partially offset by a $7.0 million decline in consumer loan delinquencies. The increase in commercial real estate loans 30 to 59 days past due was mostly due to one new delinquent loan totaling $40.9 million, which is expected to be fully repaid, subject to the borrower’s pending sale of certain collateral, as well as a few other new loan delinquencies. Loans 60 to 89 days past due increased $42.9 million to $54.8 million at September 30, 2024 as compared to June 30, 2024 mostly due to one well-secured commercial real estate loan totaling $43.9 million currently in the process of loan modification. Loans 90 days or more past due and still accruing interest decreased $9.7 million to $4.8 million at September 30, 2024 as compared to June 30, 2024 largely due to one $4.0 million construction loan that was fully repaid and one $4.2 million commercial real estate loan that migrated from this past due category to non-accrual loans during the third quarter 2024. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

    Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2024, June 30, 2024 and September 30, 2023:

        September 30, 2024   June 30, 2024   September 30, 2023
            Allocation       Allocation       Allocation
            as a % of       as a % of       as a % of
        Allowance   Loan   Allowance   Loan   Allowance   Loan
      Allocation   Category   Allocation   Category   Allocation   Category
      ($ in thousands)
    Loan Category:                      
    Commercial and industrial loans $ 166,365   1.70 %   $ 149,243   1.57 %   $ 133,988   1.44 %
    Commercial real estate loans:                      
      Commercial real estate   249,608   0.93       246,316   0.87       191,562   0.68  
      Construction   59,420   1.70       54,777   1.54       53,485   1.40  
    Total commercial real estate loans   309,028   1.02       301,093   0.95       245,047   0.77  
    Residential mortgage loans   51,545   0.91       47,697   0.85       44,621   0.80  
    Consumer loans:                      
      Home equity   3,303   0.57       3,077   0.54       3,689   0.67  
      Auto and other consumer   18,086   0.63       18,200   0.63       14,830   0.52  
    Total consumer loans   21,389   0.62       21,277   0.62       18,519   0.55  
    Allowance for loan losses   548,327   1.11       519,310   1.03       442,175   0.88  
    Allowance for unfunded credit commitments   16,344         13,231         20,170    
    Total allowance for credit losses for loans $ 564,671       $ 532,541       $ 462,345    
    Allowance for credit losses for loans as a % total loans     1.14 %       1.06 %       0.92 %
                                 

    Our loan portfolio, totaling $49.4 billion at September 30, 2024, had net loan charge-offs totaling $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and the third quarter 2023, respectively. Total gross loan charge-offs in the third quarter 2024 included partial charge-offs totaling $30.1 million related to two non-performing commercial real estate loan relationships that had combined specific reserves of $25.9 million within the allowance for loan losses at June 30, 2024.

    The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.14 percent at September 30, 2024, 1.06 percent at June 30, 2024, and 0.92 percent at September 30, 2023. For the third quarter 2024, the provision for credit losses for loans totaled $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The provision for credit losses remained somewhat elevated for the third quarter 2024 largely due to higher quantitative reserves allocated to commercial real estate loans, commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene.

    The allowance for unfunded credit commitments increased to $16.3 million at September 30, 2024 from $13.2 million at June 30, 2024 mainly due to increases in both non-cancellable construction commitments and commercial and industrial standby letters of credit.

    As previously noted, we are currently evaluating the impact of Hurricane Milton, and we also continue to evaluate any further impact of Hurricane Helene, on our loan portfolio. While not anticipated based on information currently available, Hurricane Milton and unexpected losses from Hurricane Helene could result in a significant increase to the current hurricane related reserves within the allowance, loan charge-offs and our provision for the fourth quarter 2024.

    Capital Adequacy

    Valley’s total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 12.56 percent, 9.57 percent, 10.29 percent and 8.40 percent, respectively, at September 30, 2024 as compared to 12.18 percent, 9.55 percent, 9.99 percent and 8.19 percent, respectively, at June 30, 2024. The increases in the total risk-based capital, Tier 1 capital and Tier 1 leverage ratios as compared to June 30, 2024 were largely due to Valley’s issuance of 6.0 million shares of its 8.250 percent Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C on August 5, 2024. Net proceeds to Valley after deducting underwriting discounts, commissions and offering expenses were approximately $144.7 million.

    Investor Conference Call

    Valley will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss the third quarter 2024 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, December 2, 2024. Investor presentation materials will be made available prior to the conference call at www.valley.com.

    About Valley

    As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

    Forward-Looking Statements

    The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

    • the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with the prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
    • the impact of unfavorable macroeconomic conditions or downturns, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, increased business disruptions or failures, reductions in employment, and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as the outcome of the 2024 U.S. presidential election, geopolitical instabilities or events (including the Israel-Hamas war and the escalation and regional expansion thereof); natural and other disasters (including severe weather events, such as Hurricanes Helene and Milton); health emergencies; acts of terrorism; or other external events;
    • the impact of potential instability within the U.S. financial sector in the aftermath of the banking failures in 2023 and continued volatility thereafter, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
    • the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
    • changes in the statutes, regulations, policy, or enforcement priorities of the federal bank regulatory agencies;
    • the loss of or decrease in lower-cost funding sources within our deposit base;
    • damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
    • a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
    • higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
    • the inability to grow customer deposits to keep pace with loan growth;
    • a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
    • the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
    • changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
    • greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
    • cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks;
    • results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
    • application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
    • our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
    • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
    • our ability to successfully execute our business plan and strategic initiatives; and
    • unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

    A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

    We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

    -Tables to Follow-

    VALLEY NATIONAL BANCORP
    CONSOLIDATED FINANCIAL HIGHLIGHTS

    SELECTED FINANCIAL DATA

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data and stock price) 2024   2024   2023   2024   2023
    FINANCIAL DATA:                  
    Net interest income – FTE(1) $ 411,812     $ 402,984     $ 413,657     $ 1,209,643     $ 1,272,390  
    Net interest income $ 410,498     $ 401,685     $ 412,418     $ 1,205,731     $ 1,268,203  
    Non-interest income   60,671       51,213       58,664       173,299       173,038  
    Total revenue   471,169       452,898       471,082       1,379,030       1,441,241  
    Non-interest expense   269,471       277,497       267,133       827,278       822,270  
    Pre-provision net revenue   201,698       175,401       203,949       551,752       618,971  
    Provision for credit losses   75,024       82,070       9,117       202,294       29,604  
    Income tax expense   28,818       22,907       53,486       84,898       162,410  
    Net income   97,856       70,424       141,346       264,560       426,957  
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031  
    Net income available to common shareholders $ 91,739     $ 66,316     $ 137,219     $ 250,216     $ 414,926  
    Weighted average number of common shares outstanding:                  
    Basic   509,227,538       509,141,252       507,650,668       508,904,353       507,580,197  
    Diluted   511,342,932       510,338,502       509,256,599       510,713,205       509,204,051  
    Per common share data:                  
    Basic earnings $ 0.18     $ 0.13     $ 0.27     $ 0.49     $ 0.82  
    Diluted earnings   0.18       0.13       0.27       0.49       0.81  
    Cash dividends declared   0.11       0.11       0.11       0.33       0.33  
    Closing stock price – high   9.34       8.02       10.30       10.80       12.59  
    Closing stock price – low   6.58       6.52       7.63       6.52       6.59  
    FINANCIAL RATIOS:                  
    Net interest margin   2.85 %     2.83 %     2.90 %     2.82 %     2.99 %
    Net interest margin – FTE(1)   2.86       2.84       2.91       2.83       3.00  
    Annualized return on average assets   0.63       0.46       0.92       0.57       0.93  
    Annualized return on avg. shareholders’ equity   5.70       4.17       8.56       5.20       8.72  
    NON-GAAP FINANCIAL DATA AND RATIOS:(2)                  
    Basic earnings per share, as adjusted $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Diluted earnings per share, as adjusted   0.18       0.13       0.26       0.50       0.84  
    Annualized return on average assets, as adjusted   0.62 %     0.47 %     0.89 %     0.58 %     0.96 %
    Annualized return on average shareholders’ equity, as adjusted   5.64       4.24       8.26       5.27       8.94  
    Annualized return on avg. tangible shareholders’ equity   8.06       5.95       12.39       7.40       12.71  
    Annualized return on average tangible shareholders’ equity, as adjusted   7.97       6.05       11.95       7.50       13.04  
    Efficiency ratio   56.13       59.62       56.72       58.26       55.34  
                       
    AVERAGE BALANCE SHEET ITEMS:                  
    Assets $ 62,242,022     $ 61,518,639     $ 61,391,688     $ 61,674,588     $ 61,050,973  
    Interest earning assets   57,651,650       56,772,950       56,802,565       57,016,790       56,510,997  
    Loans   50,126,963       50,020,901       50,019,414       50,131,468       49,120,153  
    Interest bearing liabilities   42,656,956       41,576,344       40,829,078       41,932,616       39,802,966  
    Deposits   50,409,234       49,383,209       49,848,446       49,459,617       48,165,152  
    Shareholders’ equity   6,862,555       6,753,981       6,605,786       6,781,022       6,531,424  
                                           
      As Of
    BALANCE SHEET ITEMS: September 30,   June 30,   March 31,   December   September 30,
    (In thousands) 2024   2024   2024   2023   2023
    Assets $ 62,092,332     $ 62,058,974     $ 61,000,188     $ 60,934,974     $ 61,183,352  
    Total loans   49,355,319       50,311,702       49,922,042       50,210,295       50,097,519  
    Deposits   50,395,966       50,112,177       49,077,946       49,242,829       49,885,314  
    Shareholders’ equity   6,972,380       6,737,737       6,727,139       6,701,391       6,627,299  
                       
    LOANS:                  
    (In thousands)                  
    Commercial and industrial $ 9,799,287     $ 9,479,147     $ 9,104,193     $ 9,230,543     $ 9,274,630  
    Commercial real estate:                  
    Non-owner occupied   12,647,649       13,710,015       14,962,851       15,078,464       14,741,668  
    Multifamily   8,612,936       8,976,264       8,818,263       8,860,219       8,863,529  
    Owner occupied   5,654,147       5,536,844       4,367,839       4,304,556       4,435,853  
    Construction   3,487,464       3,545,723       3,556,511       3,726,808       3,833,269  
    Total commercial real estate   30,402,196       31,768,846       31,705,464       31,970,047       31,874,319  
    Residential mortgage   5,684,079       5,627,113       5,618,355       5,569,010       5,562,665  
    Consumer:                  
    Home equity   581,181       566,467       564,083       559,152       548,918  
    Automobile   1,823,738       1,762,852       1,700,508       1,620,389       1,585,987  
    Other consumer   1,064,838       1,107,277       1,229,439       1,261,154       1,251,000  
    Total consumer loans   3,469,757       3,436,596       3,494,030       3,440,695       3,385,905  
    Total loans $ 49,355,319     $ 50,311,702     $ 49,922,042     $ 50,210,295     $ 50,097,519  
                       
    CAPITAL RATIOS:                  
    Book value per common share $ 13.00     $ 12.82     $ 12.81     $ 12.79     $ 12.64  
    Tangible book value per common share(2)   9.06       8.87       8.84       8.79       8.63  
    Tangible common equity to tangible assets(2)   7.68 %     7.52 %     7.62 %     7.58 %     7.40 %
    Tier 1 leverage capital   8.40       8.19       8.20       8.16       8.08  
    Common equity tier 1 capital   9.57       9.55       9.34       9.29       9.21  
    Tier 1 risk-based capital   10.29       9.99       9.78       9.72       9.64  
    Total risk-based capital   12.56       12.18       11.88       11.76       11.68  
                                           
      Three Months Ended   Nine Months Ended
    ALLOWANCE FOR CREDIT LOSSES: September 30,   June 30,   September 30,   September 30,
    ($ in thousands) 2024   2024   2023   2024   2023
    Allowance for credit losses for loans                  
    Beginning balance $ 532,541     $ 487,269     $ 458,676     $ 465,550     $ 483,255  
    Impact of the adoption of ASU No. 2022-02                           (1,368 )
    Beginning balance, adjusted   532,541       487,269       458,676       465,550       481,887  
    Loans charged-off:                  
    Commercial and industrial   (7,501 )     (14,721 )     (7,487 )     (36,515 )     (37,399 )
    Commercial real estate   (33,292 )     (22,144 )     (255 )     (56,640 )     (2,320 )
    Construction   (4,831 )     (212 )           (12,637 )     (9,906 )
    Residential mortgage               (20 )           (169 )
    Total consumer   (2,597 )     (1,262 )     (1,156 )     (5,668 )     (3,024 )
    Total loans charged-off   (48,221 )     (38,339 )     (8,918 )     (111,460 )     (52,818 )
    Charged-off loans recovered:                  
    Commercial and industrial   3,162       742       3,043       4,586       6,615  
    Commercial real estate   66       150       5       457       33  
    Construction   1,535                   1,535        
    Residential mortgage   29       5       30       59       186  
    Total consumer   521       603       362       1,521       1,513  
    Total loans recovered   5,313       1,500       3,440       8,158       8,347  
    Total net charge-offs   (42,908 )     (36,839 )     (5,478 )     (103,302 )     (44,471 )
    Provision for credit losses for loans   75,038       82,111       9,147       202,423       24,929  
    Ending balance $ 564,671     $ 532,541     $ 462,345     $ 564,671     $ 462,345  
    Components of allowance for credit losses for loans:                  
    Allowance for loan losses $ 548,327     $ 519,310     $ 442,175     $ 548,327     $ 442,175  
    Allowance for unfunded credit commitments   16,344       13,231       20,170       16,344       20,170  
    Allowance for credit losses for loans $ 564,671     $ 532,541     $ 462,345     $ 564,671     $ 462,345  
    Components of provision for credit losses for loans:                  
    Provision for credit losses for loans $ 71,925     $ 86,901     $ 11,221     $ 205,549     $ 29,359  
    Provision (credit) for unfunded credit commitments   3,113       (4,790 )     (2,074 )     (3,126 )     (4,430 )
    Total provision for credit losses for loans $ 75,038     $ 82,111     $ 9,147     $ 202,423     $ 24,929  
    Annualized ratio of total net charge-offs to total average loans   0.34 %     0.29 %     0.04 %     0.27 %     0.12 %
    Allowance for credit losses for loans as a % of total loans   1.14 %     1.06 %     0.92 %     1.14 %     0.92 %
                                           
      As Of
    ASSET QUALITY: September 30,   June 30,   March 31,   December 31,   September 30,
    ($ in thousands) 2024   2024   2024   2023   2023
    Accruing past due loans:                  
    30 to 59 days past due:                  
    Commercial and industrial $ 4,537     $ 5,086     $ 6,202     $ 9,307     $ 10,687  
    Commercial real estate   76,370       1,879       5,791       3,008       8,053  
    Residential mortgage   19,549       17,389       20,819       26,345       13,159  
    Total consumer   14,672       21,639       14,032       20,554       15,509  
    Total 30 to 59 days past due   115,128       45,993       46,844       59,214       47,408  
    60 to 89 days past due:                  
    Commercial and industrial   1,238       1,621       2,665       5,095       5,720  
    Commercial real estate   43,926             3,720       1,257       2,620  
    Residential mortgage   6,892       6,632       5,970       8,200       9,710  
    Total consumer   2,732       3,671       1,834       4,715       1,720  
    Total 60 to 89 days past due   54,788       11,924       14,189       19,267       19,770  
    90 or more days past due:                  
    Commercial and industrial   1,786       2,739       5,750       5,579       6,629  
    Commercial real estate         4,242                    
    Construction         3,990       3,990       3,990       3,990  
    Residential mortgage   1,931       2,609       2,884       2,488       1,348  
    Total consumer   1,063       898       731       1,088       391  
    Total 90 or more days past due   4,780       14,478       13,355       13,145       12,358  
    Total accruing past due loans $ 174,696     $ 72,395     $ 74,388     $ 91,626     $ 79,536  
    Non-accrual loans:                  
    Commercial and industrial $ 120,575     $ 102,942     $ 102,399     $ 99,912     $ 87,655  
    Commercial real estate   113,752       123,011       100,052       99,739       83,338  
    Construction   24,657       45,380       51,842       60,851       62,788  
    Residential mortgage   33,075       28,322       28,561       26,986       21,614  
    Total consumer   4,260       3,624       4,438       4,383       3,545  
    Total non-accrual loans   296,319       303,279       287,292       291,871       258,940  
    Other real estate owned (OREO)   7,172       8,059       88       71       71  
    Other repossessed assets   1,611       1,607       1,393       1,444       1,314  
    Total non-performing assets $ 305,102     $ 312,945     $ 288,773     $ 293,386     $ 260,325  
    Total non-accrual loans as a % of loans   0.60 %     0.60 %     0.58 %     0.58 %     0.52 %
    Total accruing past due and non-accrual loans as a % of loans   0.95       0.75       0.72       0.76       0.68  
    Allowance for losses on loans as a % of non-accrual loans   185.05       171.23       163.33       152.83       170.76  
                                           

    NOTES TO SELECTED FINANCIAL DATA

    (1)   Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.  
    (2)   Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.  
           
    Non-GAAP Reconciliations to GAAP Financial Measures
     
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data) 2024   2024   2023   2024   2023
    Adjusted net income available to common shareholders (non-GAAP):                  
    Net income, as reported (GAAP) $ 97,856     $ 70,424     $ 141,346     $ 264,560     $ 426,957  
    Add: FDIC Special assessment (a)         1,363             8,757        
    Add: Losses on available for sale and held to maturity debt securities, net (b)   1       4       443       12       476  
    Add: Restructuring charge (c)         334       (675 )     954       10,507  
    Add: Mark to market loss on commercial real estate loans transferred to loans held for sale (d)   5,794                   5,794        
    Add: Provision for credit losses for available for sale securities (e)                           5,000  
    Add: Merger related expenses (f)                           4,133  
    Less: Litigation settlements (g)   (7,334 )                 (7,334 )      
    Less: Gain on sale of commercial premium finance lending division (h)                     (3,629 )      
    Less: Net gains on sales of office buildings (h)               (6,721 )           (6,721 )
    Total non-GAAP adjustments to net income   (1,539 )     1,701       (6,953 )     4,554       13,395  
    Income tax adjustments related to non-GAAP adjustments (i)   437       (482 )     1,970       (1,269 )     (2,378 )
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031  
    Net income available to common shareholders, as adjusted (non-GAAP) $ 90,637     $ 67,535     $ 132,236     $ 253,501     $ 425,943  
    __________                  
    (a) Included in the FDIC insurance expense.
    (b) Included in gains (losses) on securities transactions, net.
    (c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
    (d) Included in (losses) gains on sales of loans, net.
    (e) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
    (f) Included in salary and employee benefits expense during the first quarter 2023.
    (g) Represents recoveries from legal settlements included in other income.
    (h) Included in gains (losses) on sales of assets, net within non-interest income.
    (i) Calculated using the appropriate blended statutory tax rate for the applicable period.
     
    Adjusted per common share data (non-GAAP):                  
    Net income available to common shareholders, as adjusted (non-GAAP) $ 90,637     $ 67,535     $ 132,236     $ 253,501     $ 425,943  
    Average number of shares outstanding   509,227,538       509,141,252       507,650,668       508,904,353       507,580,197  
    Basic earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Average number of diluted shares outstanding   511,342,932       510,338,502       509,256,599       510,713,205       509,204,051  
    Diluted earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Less: Average goodwill and other intangible assets   2,008,692       2,016,766       2,042,486       2,016,790       2,051,727  
    Average tangible shareholders’ equity $ 4,853,863     $ 4,737,215     $ 4,563,300     $ 4,764,232     $ 4,479,697  
    Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)   7.97 %     6.05 %     11.95 %     7.50 %     13.04 %
                                           
    Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
     
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data) 2024   2024   2023   2024   2023
    Adjusted annualized return on average assets (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average assets $ 62,242,022     $ 61,518,639     $ 61,391,688     $ 61,674,588     $ 61,050,973  
    Annualized return on average assets, as adjusted (non-GAAP)   0.62 %     0.47 %     0.89 %     0.58 %     0.96 %
    Adjusted annualized return on average shareholders’ equity (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Annualized return on average shareholders’ equity, as adjusted (non-GAAP)   5.64 %     4.24 %     8.26 %     5.27 %     8.94 %
    Annualized return on average tangible shareholders’ equity (non-GAAP):                  
    Net income, as reported (GAAP) $ 97,856     $ 70,424     $ 141,346     $ 264,560     $ 426,957  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Less: Average goodwill and other intangible assets   2,008,692       2,016,766       2,042,486       2,016,790       2,051,727  
    Average tangible shareholders’ equity $ 4,853,863     $ 4,737,215     $ 4,563,300     $ 4,764,232     $ 4,479,697  
    Annualized return on average tangible shareholders’ equity (non-GAAP)   8.06 %     5.95 %     12.39 %     7.40 %     12.71 %
    Efficiency ratio (non-GAAP):                  
    Non-interest expense, as reported (GAAP) $ 269,471     $ 277,497     $ 267,133     $ 827,278     $ 822,270  
    Less: FDIC Special assessment (pre-tax)         1,363             8,757        
    Less: Restructuring charge (pre-tax)         334       (675 )     954       10,507  
    Less: Merger-related expenses (pre-tax)                           4,133  
    Less: Amortization of tax credit investments (pre-tax)   5,853       5,791       4,191       17,206       13,462  
    Non-interest expense, as adjusted (non-GAAP) $ 263,618     $ 270,009     $ 263,617     $ 800,361     $ 794,168  
    Net interest income, as reported (GAAP)   410,498       401,685       412,418       1,205,731       1,268,203  
    Non-interest income, as reported (GAAP)   60,671       51,213       58,664       173,299       173,038  
    Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)   1       4       443       12       476  
    Add: Mark-to-market loss on commercial real estate loans transferred to loans held for sale (pre-tax)   5,794                   5,794        
    Less: Litigation settlements (pre-tax)   (7,334 )                 (7,334 )      
    Less: Gain on sale of premium finance division (pre-tax)                     (3,629 )      
    Less: Net gains on sales of office buildings (pre-tax)               (6,721 )           (6,721 )
    Non-interest income, as adjusted (non-GAAP) $ 59,132     $ 51,217     $ 52,386     $ 168,142     $ 166,793  
    Gross operating income, as adjusted (non-GAAP) $ 469,630     $ 452,902     $ 464,804     $ 1,373,873     $ 1,434,996  
    Efficiency ratio (non-GAAP)   56.13 %     59.62 %     56.72 %     58.26 %     55.34 %
                                           
      As of
      September 30,   June 30,   March 31,   December 31,   September 30,
    ($ in thousands, except for share data) 2024   2024   2024   2023   2023
    Tangible book value per common share (non-GAAP):                  
    Common shares outstanding   509,252,936       509,205,014       508,893,059       507,709,927       507,660,742  
    Shareholders’ equity (GAAP) $ 6,972,380     $ 6,737,737     $ 6,727,139     $ 6,701,391     $ 6,627,299  
    Less: Preferred stock   354,345       209,691       209,691       209,691       209,691  
    Less: Goodwill and other intangible assets   2,004,414       2,012,580       2,020,405       2,029,267       2,038,202  
    Tangible common shareholders’ equity (non-GAAP) $ 4,613,621     $ 4,515,466     $ 4,497,043     $ 4,462,433     $ 4,379,406  
    Tangible book value per common share (non-GAAP) $ 9.06     $ 8.87     $ 8.84     $ 8.79     $ 8.63  
    Tangible common equity to tangible assets (non-GAAP):                  
    Tangible common shareholders’ equity (non-GAAP) $ 4,613,621     $ 4,515,466     $ 4,497,043     $ 4,462,433     $ 4,379,406  
    Total assets (GAAP)   62,092,332       62,058,974       61,000,188       60,934,974       61,183,352  
    Less: Goodwill and other intangible assets   2,004,414       2,012,580       2,020,405       2,029,267       2,038,202  
    Tangible assets (non-GAAP) $ 60,087,918     $ 60,046,394     $ 58,979,783     $ 58,905,707     $ 59,145,150  
    Tangible common equity to tangible assets (non-GAAP)   7.68 %     7.52 %     7.62 %     7.58 %     7.40 %
                                           

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (in thousands, except for share data)

      September 30,   December 31,
      2024   2023
      (Unaudited)    
    Assets      
    Cash and due from banks $ 511,945     $ 284,090  
    Interest bearing deposits with banks   527,960       607,135  
    Investment securities:      
    Equity securities   73,071       64,464  
    Trading debt securities   3,996       3,973  
    Available for sale debt securities   2,602,260       1,296,576  
    Held to maturity debt securities (net of allowance for credit losses of $1,076 at September 30, 2024 and $1,205 at December 31, 2023)   3,573,960       3,739,208  
    Total investment securities   6,253,287       5,104,221  
    Loans held for sale (includes fair value of $17,153 at September 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)   843,201       30,640  
    Loans   49,355,319       50,210,295  
    Less: Allowance for loan losses   (548,327 )     (446,080 )
    Net loans   48,806,992       49,764,215  
    Premises and equipment, net   356,649       381,081  
    Lease right of use assets   335,032       343,461  
    Bank owned life insurance   730,081       723,799  
    Accrued interest receivable   250,131       245,498  
    Goodwill   1,868,936       1,868,936  
    Other intangible assets, net   135,478       160,331  
    Other assets   1,472,640       1,421,567  
    Total Assets $ 62,092,332     $ 60,934,974  
    Liabilities      
    Deposits:      
    Non-interest bearing $ 11,153,754     $ 11,539,483  
    Interest bearing:      
    Savings, NOW and money market   25,069,405       24,526,622  
    Time   14,172,807       13,176,724  
    Total deposits   50,395,966       49,242,829  
    Short-term borrowings   58,268       917,834  
    Long-term borrowings   3,274,340       2,328,375  
    Junior subordinated debentures issued to capital trusts   57,368       57,108  
    Lease liabilities   394,971       403,781  
    Accrued expenses and other liabilities   939,039       1,283,656  
    Total Liabilities   55,119,952       54,233,583  
    Shareholders’ Equity      
    Preferred stock, no par value; 50,000,000 authorized shares:      
    Series A (4,600,000 shares issued at September 30, 2024 and December 31, 2023)   111,590       111,590  
    Series B (4,000,000 shares issued at September 30, 2024 and December 31, 2023)   98,101       98,101  
    Series C (6,000,000 shares issued at September 30, 2024)   144,654        
    Common stock (no par value, authorized 650,000,000 shares; issued 509,252,936 shares at September 30, 2024 and 507,896,910 shares at December 31, 2023)   178,661       178,187  
    Surplus   5,002,718       4,989,989  
    Retained earnings   1,551,428       1,471,371  
    Accumulated other comprehensive loss   (114,772 )     (146,456 )
    Treasury stock, at cost (186,983 common shares at December 31, 2023)         (1,391 )
    Total Shareholders’ Equity   6,972,380       6,701,391  
    Total Liabilities and Shareholders’ Equity $ 62,092,332     $ 60,934,974  
                   

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (in thousands, except for share data)

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
      2024   2024   2023   2024   2023
    Interest Income                  
    Interest and fees on loans $ 786,680     $ 770,964     $ 753,638     $ 2,329,197     $ 2,124,036
    Interest and dividends on investment securities:                  
    Taxable   49,700       40,460       32,383       125,957       96,591
    Tax-exempt   4,855       4,799       4,585       14,450       15,485
    Dividends   5,929       6,341       5,299       19,098       18,001
    Interest on federal funds sold and other short-term investments   13,385       10,902       17,113       33,969       66,594
    Total interest income   860,549       833,466       813,018       2,522,671       2,320,707
    Interest Expense                  
    Interest on deposits:                  
    Savings, NOW and money market   235,371       231,597       201,916       699,474       517,524
    Time   174,741       160,442       164,336       486,248       370,398
    Interest on short-term borrowings   451       691       5,189       21,754       89,345
    Interest on long-term borrowings and junior subordinated debentures   39,488       39,051       29,159       109,464       75,237
    Total interest expense   450,051       431,781       400,600       1,316,940       1,052,504
    Net Interest Income   410,498       401,685       412,418       1,205,731       1,268,203
    (Credit) provision for credit losses for available for sale and held to maturity securities   (14 )     (41 )     (30 )     (129 )     4,675
    Provision for credit losses for loans   75,038       82,111       9,147       202,423       24,929
    Net Interest Income After Provision for Credit Losses   335,474       319,615       403,301       1,003,437       1,238,599
    Non-Interest Income                  
    Wealth management and trust fees   15,125       13,136       11,417       46,191       32,180
    Insurance commissions   2,880       3,958       2,336       9,089       7,895
    Capital markets   6,347       7,779       7,141       19,796       35,000
    Service charges on deposit accounts   12,826       11,212       10,952       35,287       31,970
    Gains (losses) on securities transactions, net   47       3       (398 )     99       197
    Fees from loan servicing   3,443       2,691       2,681       9,322       8,054
    (Losses) gains on sales of loans, net   (3,644 )     884       2,023       (1,142 )     3,752
    Gains (losses) on sales of assets, net   55       (2 )     6,653       3,747       6,938
    Bank owned life insurance   5,387       4,545       2,709       13,167       7,736
    Other   18,205       7,007       13,150       37,743       39,316
    Total non-interest income   60,671       51,213       58,664       173,299       173,038
    Non-Interest Expense                  
    Salary and employee benefits expense   138,832       140,815       137,292       421,478       431,872
    Net occupancy expense   26,973       24,252       24,675       75,548       73,880
    Technology, furniture and equipment expense   28,962       35,203       37,320       99,627       106,304
    FDIC insurance assessment   14,792       14,446       7,946       47,474       27,527
    Amortization of other intangible assets   8,692       8,568       9,741       26,672       30,072
    Professional and legal fees   14,118       17,938       17,109       48,521       55,329
    Amortization of tax credit investments   5,853       5,791       4,191       17,206       13,462
    Other   31,249       30,484       28,859       90,752       83,824
    Total non-interest expense   269,471       277,497       267,133       827,278       822,270
    Income Before Income Taxes   126,674       93,331       194,832       349,458       589,367
    Income tax expense   28,818       22,907       53,486       84,898       162,410
    Net Income   97,856       70,424       141,346       264,560       426,957
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031
    Net Income Available to Common Shareholders $ 91,739     $ 66,316     $ 137,219     $ 250,216     $ 414,926
                                         

    VALLEY NATIONAL BANCORP
    Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
    Net Interest Income on a Tax Equivalent Basis

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average       Avg.   Average       Avg.   Average       Avg.
    ($ in thousands) Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate
    Assets                                  
    Interest earning assets:                              
    Loans (1)(2) $ 50,126,963   $ 786,704     6.28 %   $ 50,020,901   $ 770,987     6.17 %   $ 50,019,414   $ 753,662     6.03 %
    Taxable investments (3)   5,977,211     55,629     3.72       5,379,101     46,801     3.48       4,915,778     37,682     3.07  
    Tax-exempt investments (1)(3)   573,059     6,145     4.29       575,272     6,075     4.22       620,439     5,800     3.74  
    Interest bearing deposits with banks   974,417     13,385     5.49       797,676     10,902     5.47       1,246,934     17,113     5.49  
    Total interest earning assets   57,651,650     861,863     5.98       56,772,950     834,765     5.88       56,802,565     814,257     5.73  
    Other assets   4,590,372             4,745,689             4,589,123        
    Total assets $ 62,242,022           $ 61,518,639           $ 61,391,688        
    Liabilities and shareholders’ equity                                  
    Interest bearing liabilities:                                  
    Savings, NOW and money market deposits $ 25,017,504   $ 235,371     3.76 %   $ 24,848,266   $ 231,597     3.73 %   $ 23,016,737   $ 201,916     3.51 %
    Time deposits   14,233,209     174,741     4.91       13,311,381     160,442     4.82       14,880,311     164,336     4.42  
    Short-term borrowings   81,251     451     2.22       97,502     691     2.83       436,518     5,189     4.75  
    Long-term borrowings (4)   3,324,992     39,488     4.75       3,319,195     39,051     4.71       2,495,512     29,159     4.67  
    Total interest bearing liabilities   42,656,956     450,051     4.22       41,576,344     431,781     4.15       40,829,078     400,600     3.92  
    Non-interest bearing deposits   11,158,521             11,223,562             11,951,398        
    Other liabilities   1,563,990             1,964,752             2,005,426        
    Shareholders’ equity   6,862,555             6,753,981             6,605,786        
    Total liabilities and shareholders’ equity $ 62,242,022           $ 61,518,639           $ 61,391,688        
                                       
    Net interest income/interest rate spread (5)     $ 411,812     1.76 %       $ 402,984     1.73 %       $ 413,657     1.81 %
    Tax equivalent adjustment       (1,314 )             (1,299 )             (1,239 )    
    Net interest income, as reported     $ 410,498             $ 401,685             $ 412,418      
    Net interest margin (6)         2.85             2.83             2.90  
    Tax equivalent effect         0.01             0.01             0.01  
    Net interest margin on a fully tax equivalent basis (6)         2.86 %           2.84 %           2.91 %

    _________

    (1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
    (2) Loans are stated net of unearned income and include non-accrual loans.
    (3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
    (4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of condition.
    (5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
    (6) Net interest income as a percentage of total average interest earning assets.
       

    SHAREHOLDERS RELATIONS
    Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

    Contact:   Michael D. Hagedorn
        Senior Executive Vice President and
        Chief Financial Officer
        973-872-4885

    The MIL Network

  • MIL-OSI Economics: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion

    Source: Thales Group

    Headline: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion

    • Developed in collaboration with the Max Planck Institute for Plasma Physics specifically for the Wendelstein 7-X stellarator1, Thales’s TH1507U gyrotron has achieved a significant milestone by reaching a total output of 1.3 megawatts in radiofrequency at a frequency of 140 gigahertz for 360 seconds.
    • Thales’s gyrotron plays a crucial role in the Wendelstein 7-X stellarator project by providing heating and stabilization of the plasma, which are essential for reaching the temperatures required for magnetic confinement nuclear fusion.
    • The Wendelstein 7-X project not only aims to enhance the fundamental understanding of plasmas, but also to contribute to the development of commercial fusion reactors, thereby providing a pathway to a clean and sustainable energy source.
    View into the plasma vessel of Wendelstein 7 – X (November 2021) ©MPI for Plasma Physics, Jan Michael Hosan

    To achieve nuclear fusion, a process in which two light nuclei combine to form a heavier nucleus that releases massive energy, the magnetic confinement process requires heating a gas to create a plasma, which is then confined by a powerful magnetic field.

    Thales, a global leader in the design and manufacture of plasma heating systems, is the only European manufacturer of ‘gyrotron’ electronic tubes. These are high-power vacuum tubes used to heat plasma and reach temperatures 10 times higher than the sun’s core. This equipment is therefore essential to initiate nuclear fusion reactions by magnetic confinement. It was developed in collaboration with the European Gyrotron Consortium (EGYC), which aims to create an autonomous European source of highly reliable gyrotrons.

    The Wendelstein 7-X, world’s largest stellarator, launched its experimental campaign (OP2.2) in September 2024, following a year of maintenance. This research center is at the forefront of studying nuclear fusion through magnetic confinement. Located in Germany, its activities focus on the exploration and optimization of plasmas, which can reach temperatures of several million degrees Celsius in a stable and controlled state.

    Thales, a global leader in the design and manufacturing of plasma heating systems, is the only European manufacturer of “Gyrotron” electronic tubes. These high-power vacuum tubes are used to heat plasma to temperatures ten times greater than that of the sun’s core. This equipment is essential for initiating nuclear fusion reactions through magnetic confinement. It was developed in collaboration with the European GYrotron Consortium (EGYC)2, which aims to create an, autonomous European source of highly reliable gyrotrons. Operating at a strategic nominal frequency of 140 gigahertz (GHz), theses reactors can also adapt to other frequencies.

    Wendelstein 7-X, the world’s largest stellarator, is a cutting-edge research center for the study of nuclear fusion by magnetic confinement, inaugurated in 2015. Located in Germany, its activities focus on exploring and optimizing plasmas, which can reach temperatures of several million degrees Celsius, in a stable and controlled state. In September 2024, Wendelstein 7-X launched its experimental campaign.

    “The world record set by our Gyrotron marks a significant milestone in the race for fusion and illustrates our commitment to technological innovation and excellence. This technological breakthrough positions Thales at the forefront of high-power plasma heating solutions, essential for addressing the energy challenges of tomorrow.” said Charles-Antoine Goffin, Vice President of Microwave & Imaging Sub-Systems at Thales.

    Nuclear fusion is considered an opportunity to create a clean energy source as it does not generate greenhouse gases and is abundant as its resources being present in large quantities in nature. It is therefore identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-growing demand for energy in various sectors of the economy, such as transportation, construction, agriculture, and the digital industry.

    1A stellarator is a magnetic confinement device used in nuclear fusion research. It maintains a hot plasma by using a complex network of external coils to generate a helical magnetic field, without requiring internal electrical current. This configuration allows for continuous operation and reduces the risk of instabilities.

    2The European Gyrotron Consortium (EGYC) includes the Swiss Plasma Center (SPC), the École Polytechnique Fédérale de Lausanne (EPFL), the Karlsruhe Institute of Technology (KIT), the Euratom-Hellenic Association (HELLAS), the Institute for Plasma Science and Technology of the Italian National Research Council (ISTP-CNR), the Polytechnic University of Turin, and Thales, the industrial partner.

    MIL OSI Economics

  • MIL-Evening Report: Caitlin Johnstone: Israel continues its war on journalism

    Report by Dr David Robie – Café Pacific.

    COMMENTARY: By Caitlin Johnstone

    An Israeli airstrike destroyed the press office of the Lebanese news broadcaster Al Mayadeen on Wednesday night, continuing Israel’s historically unprecedented military assault on the press.

    Also in continuation of Israel’s war on journalism, the IDF has published the names of six Al Jazeera reporters who it claims are actually members of Hamas and Palestinian Islamic Jihad, citing as evidence documents which it claims Israeli forces found in Gaza.

    These allegations would mark these journalists as legitimate military targets.

    Al Jazeera has denounced these claims as unfounded, saying in a statement: “The Network views these fabricated accusations as a blatant attempt to silence the few remaining journalists in the region, thereby obscuring the harsh realities of the war from audiences worldwide.”

    There is of course no reason to ever believe any claim Israel makes about anything whatsoever absent mountains of independently verifiable evidence, after the mountains of lies it has churned out over the last year.

    The fact that Western news outlets are treating these allegations as plausible is evidence of their propagandistic nature.

    Israel claims everyone it wants to kill is Hamas. The journalists are Hamas, the hospitals are Hamas, the UN is Hamas, the aid trucks are Hamas, the schools are Hamas, the mosques are Hamas, the water infrastructure is Hamas, the civilian homes are all Hamas, and Hamas is hiding behind every woman and child in Gaza.

    The only exception to this rule is in Lebanon, in which case everyone Israel wants to kill is Hezbollah.


    “Israel hates truth” . . . Gaza: The Al Jazeera investigation into Israeli war crimes.

    Why journalists are killed
    Israel hates truth, which is why it kills journalists at every opportunity and blocks them from entering Gaza. This is because truth tends to have a marked anti-Israel bias.

    We saw this illustrated recently when Israel announced that there is a secret Hezbollah bunker underneath a hospital in Beirut, so the press simply sent a bunch of reporters to go and investigate because Israel can’t block the press from entering Lebanon like it can in Gaza.

    Even Western outlets like the BBC and Sky News entered the hospital and interviewed medical staff, reporting that they found no trace of evidence supporting Israel’s claims and that the hospital staff all denied the existence of any Hezbollah bunker on the premises.

    And you may be sure those outlets would have eagerly reported any sign of Hezbollah if they were given the opportunity.

    Criminal institutions need to function in the dark. They cannot function in the light of visibility and critical journalism and inconvenient video footage.

    That’s why the mafia murders witnesses. That’s why the inner workings of the US war machine are shrouded in government secrecy. That’s why Julian Assange spent five years in a maximum security prison.

    And that’s why Israel does everything it can to kill and obstruct journalists who tell the truth about its crimes.

    Caitlin Johnstone is an Australian independent journalist and poet. Her articles include The UN Torture Report On Assange Is An Indictment Of Our Entire Society. She publishes a website and Caitlin’s Newsletter. This article is republished with permission.

    This article was first published on Café Pacific.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Submissions: WHO – Regional health leaders agree to improve financing to achieve universal health coverage, prioritize digital health

    Source: World Health Organization (WHO)

    MANILA, 24 October 2024 – Health leaders from nations across Asia and the Pacific today endorsed action frameworks on health financing and digital health at the seventy-fifth session of the World Health Organization (WHO) Regional Committee for the Western Pacific.

    Health financing to achieve universal health coverage and sustainable development

    Despite recent reforms in health financing, public health spending in the Western Pacific Region remains inadequate to meet growing needs. In many countries, current policies have not yet achieved the goals of equitable service access and financial protection. As a result, families are being pushed into poverty from the financial burden of paying for health services. In 2019 alone, more than 300 million people in the Western Pacific faced catastrophic health costs. Medicines and outpatient care are the primary drivers of out-of-pocket spending, exposing critical coverage gaps in primary health care (PHC) systems.

    Increasing public health spending, prioritizing PHC and adopting comprehensive financing strategies to promote health in national development are essential to achieving universal health coverage(UHCUHC) and sustainable development.

    The Regional Committee, WHO’s governing body in the Western Pacific, today endorsed the Regional Action Framework for Health Financing to Achieve Universal Health Coverage and Sustainable Development in the Western Pacific. The Framework aims to improve health financing through five action domains: 1) greater reliance on public funding for health; 2) more equitable and efficient health spending; 3) financing PHC now and into the future; 4) strengthening governance for health financing; and 5) promoting health for all in economic and social policy.

    Accelerating digital health transformation

    The Regional Committee also considered digital health – the use of information and communications technology to manage health and promote well-being – which is playing an increasingly significant role in transforming health care by leveraging technology to increase access to care. Digital health is growing rapidly in the Western Pacific Region. However, these changes bring about new challenges related to governance, coordination with a wide range of actors, sustainable financing, and the ethical and secure use of digital health tools and data.

    The Regional Action Framework on Digital Health in the Western Pacificendorsed by the Region’s health leaders today will guide countries and areas in developing national digital health plans. It will also facilitate collaboration with WHO to advance national digital health strategies aligned with country priorities. The Framework calls on countries to prioritize governance, socio-technical infrastructure, financing and economics, digital health solutions, and data in strengthening health systems in the era of digital transformation.

    Achieving transformative primary health care

    Although more than 45 years have passed since primary health care (PHC) was identified as the cornerstone for achieving Health for All in theDeclaration of Alma-Ata, many health systems in our Region remain hospital-centric, while PHC is understaffed and under resourced. With countries facing rapidly ageing populations, an increased burden of NCDs and health security risks, a worsening economic outlook and other changes, transformative PHC is more critical than ever.

    In a panel discussion held at the Regional Committee on Tuesday, delegates from Cambodia and Singapore and a representative of the Asian Development Bank discussed how a transformative PHC approach – which emphasizes keeping people healthy rather than only treating the sick, and the importance of active community engagement and effective communication – can improve health outcomes.

    Recognizing the need to support countries in achieving transformative PHC, the Regional Committee in 2022 endorsed the Regional Framework on the Future of Primary Health Care in the Western Pacific. It highlights five strategic areas for health system transformation, covering models of service delivery, individual and community empowerment, the health workforce, health financing and enabling healthy environments. WHO is supporting countries with implementation of the Regional Framework.

    Improving oral health

    On Wednesday, delegates from Malaysia, Tonga and Vanuatu participated in a panel discussion on oral health. In the Western Pacific Region, the rate of oral diseases such as tooth decay, gum disease and tooth loss has grown by 30% over the past 30 years. One in five adults over the age of 60 has lost all their teeth, causing difficulty in eating, poor nutrition and a lower quality of life.

    Oral diseases disproportionally affect poor and disadvantaged populations. But they are mostly preventable and can be treated in their early stages. Left unaddressed, they cause pain and reduce the quality of life of individuals affected. At the population level, they add to the burden of noncommunicable diseases and impact health systems and economies in the Region.

    The WHO Global Strategy and Action Plan on Oral Health (2023–2030)was developed in response to a 2021 World Health Assembly resolution calling for a shift in oral health policy planning from traditional restorative dental care to a focus on promoting oral health and preventing oral diseases. WHO is working to accelerate the implementation of the Global Strategy in the Western Pacific, making oral health an integral part of universal health coverage and improving access to essential oral health services for everyone, especially the vulnerable.

    Accreditation of non-State actors to attend Regional Committee meetings

    The Regional Committee for the Western Pacific also adopted a decision to formalize the procedure for non-State actors that are not already in official relations with WHO to be accredited as observers at their meetings. The decision highlights the valuable role that non-State actors play in society, recognizes their contributions to advancing public health and to supporting the achievement of WHO’s strategic objectives. It marks an important step towards strengthening regional health governance, and a more inclusive approach to knowledge sharing, dialogue and health policy making.

    Expected closure of the session, time and place of next year’s meeting

    The seventy-fifth session of the Regional Committee for the Western Pacific is expected to conclude tomorrow.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee began on 21 October and is scheduled to conclude on 25 October at WHO’s Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    MIL OSI – Submitted News

  • MIL-OSI United Kingdom: Home Secretary launches new support for Windrush victims

    Source: United Kingdom – Executive Government & Departments

    Home Secretary commits to a ‘fundamental reset’ in the government’s response to the appalling Windrush scandal.

    Victims of the Windrush scandal will be better supported to apply for compensation through a £1.5 million fund as the Home Secretary sets out a ‘fundamental reset’ to the Windrush generation.

    The Home Secretary has today set out the first steps that the new government is taking to ensure justice is finally delivered for victims of the Windrush scandal. She will commit to working more closely with communities affected, and to appointing a new Windrush Commissioner to hold the government to account on the delivery of the recommendations in the Wendy Williams Lessons Learned Review. The Commissioner will act as a trusted voice for victims and Windrush communities and also champion improvements and lasting change.

    In a written statement, Yvette Cooper has published details of £1.5million in government grant funding, which will be used to increase advocacy support for victims applying to the Windrush Compensation Scheme.

    Within weeks of taking office, the Home Secretary re-established the Windrush Unit within the Home Office, to oversee its response to the scandal and embed lasting cultural change across the department. The unit was disbanded under the previous government in July 2023.

    These actions come as the Home Secretary later today chairs a roundtable discussion with key stakeholders and sets out the government’s renewed commitment to work with them to achieve justice for victims. This follows a separate meeting the Home Secretary has had with Wendy Williams, to discuss her vision for a changed Home Office.

    Home Secretary Yvette Cooper said:

    The Windrush scandal caused terrible pain and heartache for so many families in the Windrush generation and in wider Commonwealth communities. It is rightly recognised as a period of national shame.

    The hurt and anguish felt by so many has been compounded further for those who haven’t received the compensation and justice they are owed. The Windrush generation have been let down and we are committed to a fundamental reset of the response to this scandal.

    We are changing the government’s approach – working more closely with victims, stakeholders, and communities, as well as those affected by all the department’s work, to ensure a scandal of this kind can never happen again and dignity can be restored to those so tragically affected.

    The government is determined to hear first hand from the Windrush generation, their families and wider commonwealth communities to ensure that their experiences are listened to and learned from.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Europe: Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ

    Source: The Holy See

    Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ, 24.10.2024
    ENCYCLICAL LETTER
    DILEXIT NOS
    OF THE HOLY FATHER
    FRANCIS
    ON THE HUMAN AND DIVINE LOVE
    OF THE HEART OF JESUS CHRIST
    1. HE LOVED US”, Saint Paul says of Christ (cf.Rom8:37), in order to make us realize that nothing can ever “separate us” from that love (Rom8:39).Paul could say this with certainty because Jesus himself had told his disciples, “I have loved you” (Jn15:9, 12).Even now, the Lord says to us, “I have called you friends” (Jn15:15).His open heart has gone before us and waits for us, unconditionally, asking only to offer us his love and friendship.For “he loved us first” (cf.1 Jn4:10).Because of Jesus, “we have come to know and believe in the love that God has for us” (1 Jn4:16).
    CHAPTER ONE
    THE IMPORTANCE OF THE HEART
    2. The symbol of the heart has often been used to express the love of Jesus Christ.Some have questioned whether this symbol is still meaningful today.Yet living as we do in an age of superficiality, rushing frenetically from one thing to another without really knowing why, and ending up as insatiable consumers and slaves to the mechanisms of a market unconcerned about the deeper meaning of our lives, all of us need to rediscover the importance of the heart.[1]
    WHAT DO WE MEAN BY “THE HEART”?
    3. In classical Greek, the wordkardíadenotes the inmost part of human beings, animals and plants.For Homer, it indicates not only the centre of the body, but also the human soul and spirit.In the Iliad, thoughts and feelings proceed from the heart and are closely bound one to another.[2]The heart appears as the locus of desire and the place where important decisions take shape.[3]In Plato, the heart serves, as it were, to unite the rational and instinctive aspects of the person, since the impulses of both the higher faculties and the passions were thought to pass through the veins that converge in the heart.[4]From ancient times, then, there has been an appreciation of the fact that human beings are not simply a sum of different skills, but a unity of body and soul with a coordinating centre that provides a backdrop of meaning and direction to all that a person experiences.
    4. The Bible tells us that, “the Word of God is living and active… it is able to judge the thoughts and intentions of the heart” (Heb4:12).In this way, it speaks to us of the heart as a core that lies hidden bene ath all outward appearances, even beneath the superficial thoughts that can lead us astray.The disciples of Emmaus, on their mysterious journey in the company of the risen Christ, experienced a moment of anguish, confusion, despair and disappointment.Yet, beyond and in spite of this, something was happening deep within them: “Were not our hearts burning within us while he was talking to us on the road?” (Lk 24:32).
    5. The heart is also the locus of sincerity, where deceit and disguise have no place.It usually indicates our true intentions, what we really think, believe and desire, the “secrets” that we tell no one: in a word, the naked truth about ourselves.It is the part of us that is neither appearance or illusion, but is instead authentic, real, entirely “who we are”.That is why Samson, who kept from Delilah the secret of his strength, was asked by her, “How can you say, ‘I love you’, when your heart is not with me?” (Judg16:15).Only when Samson opened his heart to her, did she realize “that he had told her his whole secret” (Judg16:18).
    6. This interior reality of each person is frequently concealed behind a great deal of “foliage”, which makes it difficult for us not only to understand ourselves, but even more to know others: “The heart is devious above all else; it is perverse, who can understand it?” (Jer17:9).We can understand, then, the advice of the Book of Proverbs: “Keep your heart with all vigilance, for from it flow the springs of life; put away from you crooked speech” (4:23-24).Mere appearances, dishonesty and deception harm and pervert the heart.Despite our every attempt to appear as something we are not, our heart is the ultimate judge, not of what we show or hide from others, but of who we truly are.It is the basis for any sound life project; nothing worthwhile can be undertaken apart from the heart.False appearances and untruths ultimately leave us empty-handed.
    7. As an illustration of this, I would repeat a story I have already told on another occasion.“For the carnival, when we were children, my grandmother would make a pastry using a very thin batter.When she dropped the strips of batter into the oil, they would expand, but then, when we bit into them, they were empty inside.In the dialect we spoke, those cookies were called ‘lies’…My grandmother explained why: ‘Like lies, they look big, but are empty inside; they are false, unreal’”.[5]
    8. Instead of running after superficial satisfactions and playing a role for the benefit of others, we would do better to think about the really important questions in life.Who am I, really?What am I looking for?What direction do I want to give to my life, my decisions and my actions?Why and for what purpose am I in this world?How do I want to look back on my life once it ends?What meaning do I want to give to all my experiences?Who do I want to be for others?Who am I for God?All these questions lead us back to the heart.
    RETURNING TO THE HEART
    9. In this “liquid” world of ours, we need to start speaking once more about the heart and thinking about this place where every person, of every class and condition, creates a synthesis, where they encounter the radical source of their strengths, convictions, passions and decisions.Yet, we find ourselves immersed in societies of serial consumers who live from day to day, dominated by the hectic pace and bombarded by technology, lacking in the patience needed to engage in the processes that an interior life by its very nature requires.In contemporary society, people “risk losing their centre, the centre of their very selves”.[6]“Indeed, the men and women of our time often find themselves confused and torn apart, almost bereft of an inner principle that can create unity and harmony in their lives and actions.Models of behaviour that, sadly, are now widespread exaggerate our rational-technological dimension or, on the contrary, that of our instincts”.[7]No room is left for the heart.
    10. The issues raised by today’s liquid society are much discussed, but this depreciation of the deep core of our humanity – the heart – has a much longer history.We find it already present in Hellenic and pre-Christian rationalism, in post-Christian idealism and in materialism in its various guises.The heart has been ignored in anthropology, and the great philosophical tradition finds it a foreign notion, preferring other concepts such as reason, will or freedom.The very meaning of the term is imprecise and hard to situate within our human experience.Perhaps this is due to the difficulty of treating it as a “clear and distinct idea”, or because it entails the question of self-understanding, where the deepest part of us is also that which is least known.Even encountering others does not necessarily prove to be a way of encountering ourselves, inasmuch as our thought patterns are dominated by an unhealthy individualism.Many people feel safer constructing their systems of thought in the more readily controllable domain of intelligence and will.The failure to make room for the heart, as distinct from our human powers and passions viewed in isolation from one another, has resulted in a stunting of the idea of a personal centre, in which love, in the end, is the one reality that can unify all the others.
    11. If we devalue the heart, we also devalue what it means to speak from the heart, to act with the heart, to cultivate and heal the heart.If we fail to appreciate the specificity of the heart, we miss the messages that the mind alone cannot communicate; we miss out on the richness of our encounters with others; we miss out on poetry.We also lose track of history and our own past, since our real personal history is built with the heart.At the end of our lives, that alone will matter.
    12. It must be said, then, that we have a heart, a heart that coexists with other hearts that help to make it a “Thou”.Since we cannot develop this theme at length, we will take a character from one of Dostoevsky’s novels, Nikolai Stavrogin.[8]Romano Guardini argues that Stavrogin is the very embodiment of evil, because his chief trait is his heartlessness: “Stavrogin has no heart, hence his mind is cold and empty and his body sunken in bestial sloth and sensuality.He has no heart, hence he can draw close to no one and no one can ever truly draw close to him.For only the heart creates intimacy, true closeness between two persons.Only the heart is able to welcome and offer hospitality.Intimacy is the proper activity and the domain of the heart.Stavrogin is always infinitely distant, even from himself, because a man can enter into himself only with the heart, not with the mind.It is not in a man’s power to enter into his own interiority with the mind.Hence, if the heart is not alive, man remains a stranger to himself”.[9]
    13. All our actions need to be put under the “political rule” of the heart.In this way, our aggressiveness and obsessive desires will find rest in the greater good that the heart proposes and in the power of the heart to resist evil.The mind and the will are put at the service of the greater good by sensing and savouring truths, rather than seeking to master them as the sciences tend to do.The will desires the greater good that the heart recognizes, while the imagination and emotions are themselves guided by the beating of the heart.
    14. It could be said, then, that I am my heart, for my heart is what sets me apart, shapes my spiritual identity and puts me in communion with other people.The algorithms operating in the digital world show that our thoughts and will are much more “uniform” than we had previously thought.They are easily predictable and thus capable of being manipulated.That is not the case with the heart.
    15. The word “heart” proves its value for philosophy and theology in their efforts to reach an integral synthesis.Nor can its meaning be exhausted by biology, psychology, anthropology or any other science.It is one of those primordial words that “describe realities belonging to man precisely in so far as he is one whole (as a corporeo-spiritual person)”.[10]It follows that biologists are not being more “realistic” when they discuss the heart, since they see only one aspect of it; the whole is not less real, but even more real.Nor can abstract language ever acquire the same concrete and integrative meaning.The word “heart” evokes the inmost core of our person, and thus it enables us to understand ourselves in our integrity and not merely under one isolated aspect.
    16. This unique power of the heart also helps us to understand why, when we grasp a reality with our heart, we know it better and more fully.This inevitably leads us to the love of which the heart is capable, for “the inmost core of reality is love”.[11]For Heidegger, as interpreted by one contemporary thinker, philosophy does not begin with a simple concept or certainty, but with a shock: “Thought must be provoked before it begins to work with concepts or while it works with them.Without deep emotion, thought cannot begin.The first mental image would thus be goose bumps.What first stirs one to think and question is deep emotion.Philosophy always takes place in a basic mood (Stimmung)”.[12]That is where the heart comes in, since it “houses the states of mind and functions as a ‘keeper of the state of mind’.The ‘heart’ listens in a non-metaphoric way to ‘the silent voice’ of being, allowing itself to be tempered and determined by it”.[13]
    THE HEART UNITES THE FRAGMENTS
    17. At the same time, the heart makes all authentic bonding possible, since a relationship not shaped by the heart is incapable of overcoming the fragmentation caused by individualism.Two monads may approach one another, but they will never truly connect.A society dominated by narcissism and self-centredness will increasingly become “heartless”.This will lead in turn to the “loss of desire”, since as other persons disappear from the horizon we find ourselves trapped within walls of our own making, no longer capable of healthy relationships.[14]As a result, we also become incapable of openness to God.As Heidegger puts it, to be open to the divine we need to build a “guest house”.[15]
    18. We see, then, that in the heart of each person there is a mysterious connection between self-knowledge and openness to others, between the encounter with one’s personal uniqueness and the willingness to give oneself to others.We become ourselves only to the extent that we acquire the ability to acknowledge others, while only those who can acknowledge and accept themselves are then able to encounter others.
    19. The heart is also capable of unifying and harmonizing our personal history, which may seem hopelessly fragmented, yet is the place where everything can make sense.The Gospel tells us this in speaking of Our Lady, who saw things with the heart.She was able to dialogue with the things she experienced by pondering them in her heart, treasuring their memory and viewing them in a greater perspective.The best expression of how the heart thinks is found in the two passages in Saint Luke’s Gospel that speak to us of how Mary “treasured (synetérei) all these things and pondered (symbállousa) them in her heart” (cf.Lk2:19 and 51).The Greek verbsymbállein, “ponder”, evokes the image of putting two things together (“symbols”) in one’s mind and reflecting on them, in a dialogue with oneself.In Luke 2:51, the verb used isdietérei, which has the sense of “keep”.What Mary “kept” was not only her memory of what she had seen and heard, but also those aspects of it that she did not yet understand; these nonetheless remained present and alive in her memory, waiting to be “put together” in her heart.
    20. In this age of artificial intelligence, we cannot forget that poetry and love are necessary to save our humanity.No algorithm will ever be able to capture, for example, the nostalgia that all of us feel, whatever our age, and wherever we live, when we recall how we first used a fork to seal the edges of the pies that we helped our mothers or grandmothers to make at home. It was a moment of culinary apprenticeship, somewhere between child-play and adulthood, when we first felt responsible for working and helping one another.Along with the fork, I could also mention thousands of other little things that are a precious part of everyone’s life: a smile we elicited by telling a joke, a picture we sketched in the light of a window, the first game of soccer we played with a rag ball, the worms we collected in a shoebox, a flower we pressed in the pages of a book, our concern for a fledgling bird fallen from its nest, a wish we made in plucking a daisy.All these little things, ordinary in themselves yet extraordinary for us, can never be captured by algorithms.The fork, the joke, the window, the ball, the shoebox, the book, the bird, the flower: all of these live on as precious memories “kept” deep in our heart.
    21. This profound core, present in every man and woman, is not that of the soul, but of the entire person in his or her unique psychosomatic identity.Everything finds its unity in the heart, which can be the dwelling-place of love in all its spiritual, psychic and even physical dimensions.In a word, if love reigns in our heart, we become, in a complete and luminous way, the persons we are meant to be, for every human being is created above all else for love.In the deepest fibre of our being, we were made to love and to be loved.
    22. For this reason, when we witness the outbreak of new wars, with the complicity, tolerance or indifference of other countries, or petty power struggles over partisan interests, we may be tempted to conclude that our world is losing its heart.We need only to see and listen to the elderly women – from both sides – who are at the mercy of these devastating conflicts.It is heart-breaking to see them mourning for their murdered grandchildren, or longing to die themselves after losing the homes where they spent their entire lives.Those women, who were often pillars of strength and resilience amid life’s difficulties and hardships, now, at the end of their days, are experiencing, in place of a well-earned rest, only anguish, fear and outrage.Casting the blame on others does not resolve these shameful and tragic situations.To see these elderly women weep, and not feel that this is something intolerable, is a sign of a world that has grown heartless.
    23. Whenever a person thinks, questions and reflects on his or her true identity, strives to understand the deeper questions of life and to seek God, or experiences the thrill of catching a glimpse of truth, it leads to the realization that our fulfilment as human beings is found in love.In loving, we sense that we come to know the purpose and goal of our existence in this world.Everything comes together in a state of coherence and harmony.It follows that, in contemplating the meaning of our lives, perhaps the most decisive question we can ask is, “Do I have a heart?”
    FIRE
    24. All that we have said has implications for the spiritual life.For example, the theology underlying the Spiritual Exercises of Saint Ignatius Loyola is based on “affection” (affectus).The structure of the Exercises assumes a firm and heartfelt desire to “rearrange” one’s life, a desire that in turn provides the strength and the wherewithal to achieve that goal.The rules and the compositions of place that Ignatius furnishes are in the service of something much more important, namely, the mystery of the human heart.Michel de Certeau shows how the “movements” of which Ignatius speaks are the “inbreaking” of God’s desire and the desire of our own heart amid the orderly progression of the meditations.Something unexpected and hitherto unknown starts to speak in our heart, breaking through our superficial knowledge and calling it into question.This is the start of a new process of “setting our life in order”, beginning with the heart.It is not about intellectual concepts that need to be put into practice in our daily lives, as if affectivity and practice were merely the effects of – and dependent upon – the data of knowledge.[16]
    25. Where the thinking of the philosopher halts, there the heart of the believer presses on in love and adoration, in pleading for forgiveness and in willingness to serve in whatever place the Lord allows us to choose, in order to follow in his footsteps.At that point, we realize that in God’s eyes we are a “Thou”, and for that very reason we can be an “I”.Indeed, only the Lord offers to treat each one of us as a “Thou”, always and forever.Accepting his friendship is a matter of the heart; it is what constitutes us as persons in the fullest sense of that word.
    26. Saint Bonaventure tells us that in the end we should not pray for light, but for “raging fire”.[17]He teaches that, “faith is in the intellect, in such a way as to provoke affection.In this sense, for example, the knowledge that Christ died for us does not remain knowledge, but necessarily becomes affection, love”.[18]Along the same lines, Saint John Henry Newman took as his motto the phraseCor ad cor loquitur, since, beyond all our thoughts and ideas, the Lord saves us by speaking to our hearts from his Sacred Heart.This realization led him, the distinguished intellectual, to recognize that his deepest encounter with himself and with the Lord came not from his reading or reflection, but from his prayerful dialogue, heart to heart, with Christ, alive and present.It was in the Eucharist that Newman encountered the living heart of Jesus, capable of setting us free, giving meaning to each moment of our lives, and bestowing true peace: “O most Sacred, most loving Heart of Jesus, Thou art concealed in the Holy Eucharist, and Thou beatest for us still…I worship Thee then with all my best love and awe, with my fervent affection, with my most subdued, most resolved will.O my God, when Thou dost condescend to suffer me to receive Thee, to eat and drink Thee, and Thou for a while takest up Thy abode within me, O make my heart beat with Thy Heart.Purify it of all that is earthly, all that is proud and sensual, all that is hard and cruel, of all perversity, of all disorder, of all deadness.So fill it with Thee, that neither the events of the day nor the circumstances of the time may have power to ruffle it, but that in Thy love and Thy fear it may have peace”.[19]
    27. Before the heart of Jesus, living and present, our mind, enlightened by the Spirit, grows in the understanding of his words and our will is moved to put them into practice.This could easily remain on the level of a kind of self-reliant moralism.Hearing and tasting the Lord, and paying him due honour, however, is a matter of the heart. Only the heart is capable of setting our other powers and passions, and our entire person, in a stance of reverence and loving obedience before the Lord.
    THE WORLD CAN CHANGE, BEGINNING WITH THE HEART
    28. It is only by starting from the heart that our communities will succeed in uniting and reconciling differing minds and wills, so that the Spirit can guide us in unity as brothers and sisters.Reconciliation and peace are also born of the heart.The heart of Christ is “ecstasy”, openness, gift and encounter.In that heart, we learn to relate to one another in wholesome and happy ways, and to build up in this world God’s kingdom of love and justice.Our hearts, united with the heart of Christ, are capable of working this social miracle.
    29. Taking the heart seriously, then, has consequences for society as a whole.The Second Vatican Council teaches that, “every one of us needs a change of heart; we must set our gaze on the whole world and look to those tasks we can all perform together in order to bring about the betterment of our race”.[20]For “the imbalances affecting the world today are in fact a symptom of a deeper imbalance rooted in the human heart”.[21]In pondering the tragedies afflicting our world, the Council urges us to return to the heart.It explains that human beings “by their interior life, transcend the entire material universe; they experience this deep interiority when they enter into their own heart, where God, who probes the heart, awaits them, and where they decide their own destiny in the sight of God”.[22]
    30. This in no way implies an undue reliance on our own abilities.Let us never forget that our hearts are not self-sufficient, but frail and wounded.They possess an ontological dignity, yet at the same time must seek an ever more dignified life.[23]The Second Vatican Council points out that “the ferment of the Gospel has aroused and continues to arouse in human hearts an unquenchable thirst for human dignity”.[24]Yet to live in accordance with this dignity, it is not enough to know the Gospel or to carry out mechanically its demands.We need the help of God’s love.Let us turn, then, to the heart of Christ, that core of his being, which is a blazing furnace of divine and human love and the most sublime fulfilment to which humanity can aspire.There, in that heart, we truly come at last to know ourselves and we learn how to love.
    31. In the end, that Sacred Heart is the unifying principle of all reality, since “Christ is the heart of the world, and the paschal mystery of his death and resurrection is the centre of history, which, because of him, is a history of salvation”.[25]All creatures “are moving forward with us and through us towards a common point of arrival, which is God, in that transcendent fullness where the risen Christ embraces and illumines all things”.[26]In the presence of the heart of Christ, I once more ask the Lord to have mercy on this suffering world in which he chose to dwell as one of us.May he pour out the treasures of his light and love, so that our world, which presses forward despite wars, socio-economic disparities and uses of technology that threaten our humanity, may regain the most important and necessary thing of all: its heart.
    CHAPTER TWO
    ACTIONS AND WORDS OF LOVE
    32. The heart of Christ, as the symbol of the deepest and most personal source of his love for us, is the very core of the initial preaching of the Gospel.It stands at the origin of our faith, as the wellspring that refreshes and enlivens our Christian beliefs.
    ACTIONS THAT REFLECT THE HEART
    33. Christ showed the depth of his love for us not by lengthy explanations but by concrete actions.By examining his interactions with others, we can come to realize how he treats each one of us, even though at times this may be difficult to see.Let us now turn to the place where our faith can encounter this truth: the word of God.
    34. The Gospel tells us that Jesus “came to his own” (cf.Jn1:11).Those words refer to us, for the Lord does not treat us as strangers but as a possession that he watches over and cherishes.He treats us truly as “his own”.This does not mean that we are his slaves, something that he himself denies: “I do not call you servants” (Jn15:15).Rather, it refers to the sense of mutual belonging typical of friends.Jesus came to meet us, bridging all distances; he became as close to us as the simplest, everyday realities of our lives.Indeed, he has another name, “Emmanuel”, which means “God with us”, God as part of our lives, God as living in our midst.The Son of God became incarnate and “emptied himself, taking the form of a slave” (Phil2:7).
    35. This becomes clear when we see Jesus at work.He seeks people out, approaches them, ever open to an encounter with them.We see it when he stops to converse with the Samaritan woman at the well where she went to draw water (cf.Jn4:5-7).We see it when, in the darkness of night, he meets Nicodemus, who feared to be seen in his presence (cf.Jn3:1-2).We marvel when he allows his feet to be washed by a prostitute (cf.Lk7:36-50), when he says to the woman caught in adultery, “Neither do I condemn you” (Jn8:11), or again when he chides the disciples for their indifference and quietly asks the blind man on the roadside, “What do you want me to do for you?” (Mk10:51).Christ shows that God is closeness, compassion and tender love.
    36. Whenever Jesus healed someone, he preferred to do it, not from a distance but in close proximity: “He stretched out his hand and touched him” (Mt8:3).“He touched her hand” (Mt8:15).“He touched their eyes” (Mt9:29).Once he even stopped to cure a deaf man with his own saliva (cf.Mk7:33), as a mother would do, so that people would not think of him as removed from their lives.“The Lord knows the fine science of the caress.In his compassion, God does not love us with words; he comes forth to meet us and, by his closeness, he shows us the depth of his tender love”.[27]
    37. If we find it hard to trust others because we have been hurt by lies, injuries and disappointments, the Lord whispers in our ear: “Take heart, son!” (Mt9:2), “Take heart, daughter!” (Mt9:22).He encourages us to overcome our fear and to realize that, with him at our side, we have nothing to lose.To Peter, in his fright, “Jesus immediately reached out his hand and caught him”, saying, “You of little faith, why did you doubt?” (Mt14:31).Nor should you be afraid.Let him draw near and sit at your side.There may be many people we distrust, but not him.Do not hesitate because of your sins.Keep in mind that many sinners “came and sat with him” (Mt9:10), yet Jesus was scandalized by none of them.It was the religious élite that complained and treated him as “a glutton and a drunkard, a friend of tax collectors and sinners” (Mt11:19).When the Pharisees criticized him for his closeness to people deemed base or sinful, Jesus replied, “I desire mercy, not sacrifice” (Mt9:13).
    38. That same Jesus is now waiting for you to give him the chance to bring light to your life, to raise you up and to fill you with his strength.Before his death, he assured his disciples, “I will not leave you orphaned; I am coming to you.In a little while the world will no longer see me, but you will see me” (Jn14:18-19).Jesus always finds a way to be present in your life, so that you can encounter him.
    JESUS’ GAZE
    39. The Gospel tells us that a rich man came up to Jesus, full of idealism yet lacking in the strength needed to change his life.Jesus then “looked at him” (Mk10:21).Can you imagine that moment, that encounter between his eyes and those of Jesus?If Jesus calls you and summons you for a mission, he first looks at you, plumbs the depths of your heart and, knowing everything about you, fixes his gaze upon you.So it was when, “as he walked by the Sea of Galilee, he saw two brothers… and as he went from there, he saw two other brothers” (Mt4:18, 21).
    40. Many a page of the Gospel illustrates how attentive Jesus was to individuals and above all to their problems and needs.We are told that, “when he saw the crowds, he had compassion for them, because they were harassed and helpless” (Mt9:36).Whenever we feel that everyone ignores us, that no one cares what becomes of us, that we are of no importance to anyone, he remains concerned for us.To Nathanael, standing apart and busy about his own affairs, he could say, “I saw you under the fig tree before Philip called you” (Jn1:48).
    41. Precisely out of concern for us, Jesus knows every one of our good intentions and small acts of charity.The Gospel tells us that once he “saw a poor widow put in two small copper coins” in the Temple treasury (Lk21:2) and immediately brought it to the attention of his disciples.Jesus thus appreciates the good that he sees in us. When the centurion approached him with complete confidence, “Jesus listened to him and was amazed” (Mt8:10).How reassuring it is to know that, even if others are not aware of our good intentions or actions, Jesus sees them and regards them highly.
    42. In his humanity, Jesus learned this from Mary, his mother.Our Lady carefully pondered the things she had experienced; she “treasured them… in her heart” (Lk2:19, 51) and, with Saint Joseph, she taught Jesus from his earliest years to be attentive in this same way.
    JESUS’ WORDS
    43. Although the Scriptures preserve Jesus’ words, ever alive and timely, there are moments when he speaks to us inwardly, calls us and leads us to a better place.That better place is his heart.There he invites us to find fresh strength and peace: “Come to me, all who are weary and are carrying heavy burdens, and I will give you rest” (Mt11:28).In this sense, he could say to his disciples, “Abide in me” (Jn15:4).
    44. Jesus’ words show that his holiness did not exclude deep emotions.On various occasions, he demonstrated a love that was both passionate and compassionate.He could be deeply moved and grieved, even to the point of shedding tears.It is clear that Jesus was not indifferent to the daily cares and concerns of people, such as their weariness or hunger: “I have compassion for this crowd… they have nothing to eat… they will faint on the way, and some of them have come from a great distance” (Mk8:2-3).
    45. The Gospel makes no secret of Jesus’ love for Jerusalem: “As he came near and saw the city, he wept over it” (Lk19:41).He then voiced the deepest desire of his heart: “If you had only recognized on this day the things that make for peace” (Lk19:42).The evangelists, while at times showing him in his power and glory, also portray his profound emotions in the face of death and the grief felt by his friends.Before recounting how Jesus, standing before the tomb of Lazarus, “began to weep” (Jn11:35), the Gospel observes that, “Jesus loved Martha and her sister and Lazarus” (Jn11:5) and that, seeing Mary and those who were with her weeping, “he was greatly disturbed in spirit and deeply moved” (Jn11:33).The Gospel account leaves no doubt that his tears were genuine, the sign of inner turmoil.Nor do the Gospels attempt to conceal Jesus’ anguish over his impending violent death at the hands of those whom he had loved so greatly: he “began to be distressed and agitated” (Mk14:33), even to the point of crying out, “I am deeply grieved, even to death” (Mk14:34).This inner turmoil finds its most powerful expression in his cry from the cross: “My God, my God, why have you forsaken me?” (Mk15:34).
    46. At first glance, all this may smack of pious sentimentalism.Yet it is supremely serious and of decisive importance, and finds its most sublime expression in Christ crucified.The cross is Jesus’ most eloquent word of love.A word that is not shallow, sentimental or merely edifying.It is love, sheer love.That is why Saint Paul, struggling to find the right words to describe his relationship with Christ, could speak of “the Son of God, who loved me and gave himself for me” (Gal2:20).This was Paul’s deepest conviction: the knowledge that he was loved.Christ’s self-offering on the cross became the driving force in Paul’s life, yet it only made sense to him because he knew that something even greater lay behind it: the fact that “he loved me”.At a time when many were seeking salvation, prosperity or security elsewhere, Paul, moved by the Spirit, was able to see farther and to marvel at the greatest and most essential thing of all: “Christ loved me”.
    47. Now, after considering Christ and seeing how his actions and words grant us insight into his heart, let us turn to the Church’s reflection on the holy mystery of the Lord’s Sacred Heart.
    CHAPTER THREE
    THIS IS THE HEART THAT HAS LOVED SO GREATLY
    48. Devotion to the heart of Christ is not the veneration of a single organ apart from the Person of Jesus.What we contemplate and adore is the whole Jesus Christ, the Son of God made man, represented by an image that accentuates his heart.That heart of flesh is seen as the privileged sign of the inmost being of the incarnate Son and his love, both divine and human.More than any other part of his body, the heart of Jesus is “the natural sign and symbol of his boundless love”.[28]
    WORSHIPING CHRIST
    49. It is essential to realize that our relationship to the Person of Jesus Christ is one of friendship and adoration, drawn by the love represented under the image of his heart.We venerate that image, yet our worship is directed solely to the living Christ, in his divinity and his plenary humanity, so that we may be embraced by his human and divine love.
    50. Whatever the image employed, it is clear that the living heart of Christ – not its representation – is the object of our worship, for it is part of his holy risen body, which is inseparable from the Son of God who assumed that body forever.We worship it because it is “the heart of the Person of the Word, to whom it is inseparably united”.[29]Nor do we worship it for its own sake, but because with this heart the incarnate Son is alive, loves us and receives our love in return.Any act of love or worship of his heart is thus “really and truly given to Christ himself”,[30]since it spontaneously refers back to him and is “a symbol and a tender image of the infinite love of Jesus Christ”.[31]
    51. For this reason, it should never be imagined that this devotion may distract or separate us from Jesus and his love.In a natural and direct way, it points us to him and to him alone, who calls us to a precious friendship marked by dialogue, affection, trust and adoration.The Christ we see depicted with a pierced and burning heart is the same Christ who, for love of us, was born in Bethlehem, passed through Galilee healing the sick, embracing sinners and showing mercy.The same Christ who loved us to the very end, opening wide his arms on the cross, who then rose from the dead and now lives among us in glory.
    VENERATING HIS IMAGE
    52. While the image of Christ and his heart is not in itself an object of worship, neither is it simply one among many other possible images.It was not devised at a desk or designed by an artist; it is “no imaginary symbol, but a real symbol which represents the centre, the source from which salvation flowed for all humanity”.[32]
    53. Universal human experience has made the image of the heart something unique.Indeed, throughout history and in different parts of the world, it has become a symbol of personal intimacy, affection, emotional attachment and capacity for love.Transcending all scientific explanations, a hand placed on the heart of a friend expresses special affection: when two persons fall in love and draw close to one another, their hearts beat faster; when we are abandoned or deceived by someone we love, our hearts sink.So too, when we want to say something deeply personal, we often say that we are speaking “from the heart”.The language of poetry reflects the power of these experiences.In the course of history, the heart has taken on unique symbolic value that is more than merely conventional.
    54. It is understandable, then, that the Church has chosen the image of the heart to represent the human and divine love of Jesus Christ and the inmost core of his Person.Yet, while the depiction of a heart afire may be an eloquent symbol of the burning love of Jesus Christ, it is important that this heart not be represented apart from him.In this way, his summons to a personal relationship of encounter and dialogue will become all the more meaningful.[33]The venerable image portraying Christ holding out his loving heart also shows him looking directly at us, inviting us to encounter, dialogue and trust; it shows his strong hands capable of supporting us and his lips that speak personally to each of us.
    55. The heart, too, has the advantage of being immediately recognizable as the profound unifying centre of the body, an expression of the totality of the person, unlike other individual organs.As a part that stands for the whole, we could easily misinterpret it, were we to contemplate it apart from the Lord himself.The image of the heart should lead us to contemplate Christ in all the beauty and richness of his humanity and divinity.
    56. Whatever particular aesthetic qualities we may ascribe to various portrayals of Christ’s heart when we pray before them, it is not the case that “something is sought from them or that blind trust is put in images as once was done by the Gentiles”.Rather, “through these images that we kiss, and before which we kneel and uncover our heads, we are adoring Christ”.[34]
    57. Certain of these representations may indeed strike us as tasteless and not particularly conducive to affection or prayer.Yet this is of little importance, since they are only invitations to prayer, and, to cite an Eastern proverb, we should not limit our gaze to the finger that points us to the moon.Whereas the Eucharist is a real presence to be worshiped, sacred images, albeit blessed, point beyond themselves, inviting us to lift up our hearts and to unite them to the heart of the living Christ.The image we venerate thus serves as a summons to make room for an encounter with Christ, and to worship him in whatever way we wish to picture him.Standing before the image, we stand before Christ, and in his presence, “love pauses, contemplates mystery, and enjoys it in silence”.[35]
    58. At the same time, we must never forget that the image of the heart speaks to us of the flesh and of earthly realities.In this way, it points us to the God who wished to become one of us, a part of our history, and a companion on our earthly journey.A more abstract or stylized form of devotion would not necessarily be more faithful to the Gospel, for in this eloquent and tangible sign we see how God willed to reveal himself and to draw close to us.
    A LOVE THAT IS TANGIBLE
    59. On the other hand, love and the human heart do not always go together, since hatred, indifference and selfishness can also reign in our hearts.Yet we cannot attain our fulfilment as human beings unless we open our hearts to others; only through love do we become fully ourselves.The deepest part of us, created for love, will fulfil God’s plan only if we learn to love.And the heart is the symbol of that love.
    60. The eternal Son of God, in his utter transcendence, chose to love each of us with a human heart.His human emotions became the sacrament of that infinite and endless love.His heart, then, is not merely a symbol for some disembodied spiritual truth.In gazing upon the Lord’s heart, we contemplate a physical reality, his human flesh, which enables him to possess genuine human emotions and feelings, like ourselves, albeit fully transformed by his divine love.Our devotion must ascend to the infinite love of the Person of the Son of God, yet we need to keep in mind that his divine love is inseparable from his human love.The image of his heart of flesh helps us to do precisely this.
    61. Since the heart continues to be seen in the popular mind as the affective centre of each human being, it remains the best means of signifying the divine love of Christ, united forever and inseparably to his wholly human love.Pius XII observed that the Gospel, in referring to the love of Christ’s heart, speaks “not only of divine charity but also human affection”.Indeed, “the heart of Jesus Christ, hypostatically united to the divine Person of the Word, beyond doubt throbbed with love and every other tender affection”.[36]
    62. The Fathers of the Church, opposing those who denied or downplayed the true humanity of Christ, insisted on the concrete and tangible reality of the Lord’s human affections.Saint Basil emphasized that the Lord’s incarnation was not something fanciful, and that “the Lord possessed our natural affections”.[37]Saint John Chrysostom pointed to an example: “Had he not possessed our nature, he would not have experienced sadness from time to time”.[38]Saint Ambrose stated that “in taking a soul, he took on the passions of the soul”.[39]For Saint Augustine, our human affections, which Christ assumed, are now open to the life of grace: “The Lord Jesus assumed these affections of our human weakness, as he did the flesh of our human weakness, not out of necessity, but consciously and freely…lest any who feel grief and sorrow amid the trials of life should think themselves separated from his grace”.[40]Finally, Saint John Damascene viewed the genuine affections shown by Christ in his humanity as proof that he assumed our nature in its entirety in order to redeem and transform it in its entirety: Christ, then, assumed all that is part of human nature, so that all might be sanctified.[41]
    63. Here, we can benefit from the thoughts of a theologian who maintains that, “due to the influence of Greek thought, theology long relegated the body and feelings to the world of the pre-human or sub-human or potentially inhuman; yet what theology did not resolve in theory, spirituality resolved in practice.This, together with popular piety, preserved the relationship with the corporal, psychological and historical reality of Jesus.The Stations of the Cross, devotion to Christ’s wounds, his Precious Blood and his Sacred Heart, and a variety of Eucharist devotions… all bridged the gaps in theology by nourishing our hearts and imagination, our tender love for Christ, our hope and memory, our desires and feelings.Reason and logic took other directions”.[42]
    A THREEFOLD LOVE
    64. Nor do we remain only on the level of the Lord’s human feelings, beautiful and moving as they are.In contemplating Christ’s heart we also see how, in his fine and noble sentiments, his kindness and gentleness and his signs of genuine human affection, the deeper truth of his infinite divine love is revealed.In the words of Benedict XVI, “from the infinite horizon of his love, God wished to enter into the limits of human history and the human condition.He took on a body and a heart.Thus, we can contemplate and encounter the infinite in the finite, the invisible and ineffable mystery in the human heart of Jesus the Nazarene”.[43]
    65. The image of the Lord’s heart speaks to us in fact of a threefold love.First, we contemplate his infinite divine love.Then our thoughts turn to the spiritual dimension of his humanity, in which the heart is “the symbol of that most ardent love which, infused into his soul, enriches his human will”.Finally, “it is a symbol also of his sensible love”.[44]
    66. These three loves are not separate, parallel or disconnected, but together act and find expression in a constant and vital unity.For “by faith, through which we believe that the human and divine nature were united in the Person of Christ, we can see the closest bonds between the tender love of the physical heart of Jesus and the twofold spiritual love, namely human and divine”.[45]
    67. Entering into the heart of Christ, we feel loved by a human heart filled with affections and emotions like our own.Jesus’ human will freely chooses to love us, and that spiritual love is flooded with grace and charity.When we plunge into the depths of his heart, we find ourselves overwhelmed by the immense glory of his infinite love as the eternal Son, which we can no longer separate from his human love.It is precisely in his human love, and not apart from it, that we encounter his divine love: we discover “the infinite in the finite”.[46]
    68. It is the constant and unequivocal teaching of the Church that our worship of Christ’s person is undivided, inseparably embracing both his divine and his human natures.From ancient times, the Church has taught that we are to “adore one and the same Christ, the Son of God and of man, consisting of and in two inseparable and undivided natures”.[47]And we do so “with one act of adoration… inasmuch as the Word became flesh”.[48]Christ is in no way “worshipped in two natures, whereby two acts of worship are introduced”; instead, we venerate “by one act of worship God the Word made flesh, together with his own flesh”.[49]
    69. Saint John of the Cross sought to explain that in mystical experience the infinite love of the risen Christ is not perceived as alien to our lives.The infinite in some way “condescends” to enable us, through the open heart of Christ, to experience an encounter of truly reciprocal love, for “it is indeed credible that a bird of lowly flight can capture the royal eagle of the heights, if this eagle descends with the desire of being captured”.[50]He also explains that the Bridegroom, “beholding that the bride is wounded with love for him, because of her moan he too is wounded with love for her.Among lovers, the wound of one is the wound of both”.[51]John of the Cross regards the image of Christ’s pierced side as an invitation to full union with the Lord.Christ is the wounded stag, wounded when we fail to let ourselves be touched by his love, who descends to the streams of water to quench his thirst and is comforted whenever we turn to him:
    “Return, dove!
    The wounded stag
    is in sight on the hill,
    cooled by the breeze of your flight”.[52]
    TRINITARIAN PERSPECTIVES
    70. Devotion to the heart of Jesus, as a direct contemplation of the Lord that draws us into union with him, is clearly Christological in nature.We see this in the Letter to the Hebrews, which urges us to “run with perseverance the race that is set before us, looking to Jesus” (12:2).At the same time, we need to realize that Jesus speaks of himself as the way to the Father: “I am the way…No one comes to the Father except through me” (Jn14:6).Jesus wants to bring us to the Father.That is why, from the very beginning, the Church’s preaching does not end with Jesus, but with the Father.As source and fullness, the Father is ultimately the one to be glorified.[53]
    71. If we turn, for example, to the Letter to the Ephesians, we can see clearly how our worship is directed to the Father: “I bow my knees before the Father” (3:14).There is “one God and Father of all, who is above all and through all and in all” (4:6).“Give thanks to God the Father at all times and for everything” (5:20).It is the Father “for whom we exist” (1 Cor8:6).In this sense, Saint John Paul II could say that, “the whole of the Christian life is like a greatpilgrimage to the house of the Father”.[54]This too was the experience of Saint Ignatius of Antioch on his path to martyrdom: “In me there is left no spark of desire for mundane things, but only a murmur of living water that whispers within me, ‘Come to the Father’”.[55]
    72. The Father is, before all else, the Father of Jesus Christ: “Blessed be the God and Father of our Lord Jesus Christ”(Eph1:3).He is “the God of our Lord Jesus Christ, the Father of glory” (Eph1:17).When the Son became man, all the hopes and aspirations of his human heart were directed towards the Father.If we consider the way Christ spoke of the Father, we can grasp the love and affection that his human heart felt for him, this complete and constant orientation towards him.[56]Jesus’ life among us was a journey of response to the constant call of his human heart to come to the Father.[57]
    73. We know that the Aramaic word Jesus used to address the Father was “Abba”, an intimate and familiar term that some found disconcerting (cf.Jn5:18).It is how he addressed the Father in expressing his anguish at his impending death: “Abba,Father, for you all things are possible; remove this cup from me; yet, not what I want, but what you want” (Mk14:36).Jesus knew well that he had always been loved by the Father: “You loved me before the foundation of the world” (Jn17:24).In his human heart, he had rejoiced at hearing the Father say to him: “You are my Son, the Beloved; with you I am well pleased” (Mk1:11).
    74. The Fourth Gospel tells us that the eternal Son was always “close to the Father’s heart” (Jn1:18).[58]Saint Irenaeus thus declares that “the Son of God was with the Father from the beginning”.[59]Origen, for his part, maintains that the Son perseveres “in uninterrupted contemplation of the depths of the Father”.[60]When the Son took flesh, he spent entire nights conversing with his beloved Father on the mountaintop (cf.Lk6:12).He told us, “I must be in my Father’s house” (Lk2:49).We see too how he expressed his praise: “Jesus rejoiced in the Holy Spirit and said, ‘I thank you, Father, Lord of heaven and earth’ (Lk10:21).His last words, full of trust, were, “Father, into your hands I commend my spirit” (Lk23:46).
    75. Let us now turn to the Holy Spirit, whose fire fills the heart of Christ.As Saint John Paul II once said, Christ’s heart is “the Holy Spirit’s masterpiece”.[61]This is more than simply a past event, for even now “the heart of Christ is alive with the action of the Holy Spirit, to whom Jesus attributed the inspiration of his mission (cf.Lk4:18;Is61:1) and whose sending he had promised at the Last Supper.It is the Spirit who enables us to grasp the richness of the sign of Christ’s pierced side, from which the Church has sprung (cf.Sacrosanctum Concilium, 5)”.[62]In a word, “only the Holy Spirit can open up before us the fullness of the ‘inner man’, which is found in the heart of Christ.He alone can cause our human hearts to draw strength from that fullness, step by step”.[63]
    76. If we seek to delve more deeply into the mysterious working of the Spirit, we learn that he groans within us, saying “Abba!”Indeed,“the proof that you are children is that God has sent the Spirit of his Son into our hearts, crying, ‘Abba! Father!’” (Gal4:6).For “the Spirit bears witness with our spirit that we are children of God” (Rom8:16).The Holy Spirit at work in Christ’s human heart draws him unceasingly to the Father.When the Spirit unites us to the sentiments of Christ through grace, he makes us sharers in the Son’s relationship to the Father, whereby we receive “a spirit of adoption through which we cry out, ‘Abba! Father!’” (Rom8:15).
    77.Our relationship with the heart of Christ is thus changed, thanks to the prompting of the Spirit who guides us to the Father, the source of life and the ultimate wellspring of grace.Christ does not expect us simply to remain in him.His love is “the revelation of the Father’s mercy”,[64]and his desire is that, impelled by the Spirit welling up from his heart, we should ascend to the Father “with him and in him”.We give glory to the Father “through” Christ,[65]“with” Christ,[66]and “in” Christ.[67]Saint John Paul II taught that, “the Saviour’s heart invites us to return to the Father’s love, which is the source of every authentic love”.[68]This is precisely what the Holy Spirit, who comes to us through the heart of Christ, seeks to nurture in our hearts.For this reason, the liturgy, through the enlivening work of the Spirit, always addresses the Father from the risen heart of Christ.
    RECENT TEACHINGS OF THE MAGISTERIUM
    78.In numerous ways, Christ’s heart has always been present in the history of Christian spirituality.In the Scriptures and in the early centuries of the Church’s life, it appeared under the image of the Lord’s wounded side, as a fountain of grace and a summons to a deep and loving encounter.In this same guise, it has reappeared in the writings of numerous saints, past and present.In recent centuries, this spirituality has gradually taken on the specific form of devotion to the Sacred Heart of Jesus.
    79. A number of my Predecessors have spoken in various ways about the heart of Christ and exhorted us to unite ourselves to it.At the end of the nineteenth century, Leo XIII encouraged us to consecrate ourselves to the Sacred Heart, thus uniting our call to union with Christ and our wonder before the magnificence of his infinite love.[69]Some thirty years later, Pius XI presented this devotion as a “summa” of the experience of Christian faith.[70]Pius XII went on to declare that adoration of the Sacred Heart expresses in an outstanding way, as a sublime synthesis, the worship we owe to Jesus Christ.[71]
    80. More recently, Saint John Paul II presented the growth of this devotion in recent centuries as a response to the rise of rigorist and disembodied forms of spirituality that neglected the richness of the Lord’s mercy.At the same time, he saw it as a timely summons to resist attempts to create a world that leaves no room for God.“Devotion to the Sacred Heart, as it developed in Europe two centuries ago, under the impulse of the mystical experiences of Saint Margaret Mary Alacoque, was aresponse to Jansenist rigor, which ended up disregarding God’s infinite mercy…The men and women of the third millennium need the heart of Christin order to know God and to know themselves; they need it to build the civilization of love”.[72]
    81. Benedict XVI asked us to recognize in the heart of Christ an intimate and daily presence in our lives: “Every person needs a ‘centre’ for his or her own life, a source of truth and goodness to draw upon in the events, situations and struggles of daily existence.All of us, when we pause in silence, need to feel not only the beating of our own heart, but deeper still, the beating of a trustworthy presence, perceptible with faith’s senses and yet much more real: the presence of Christ, the heart of the world”.[73]
    FURTHER REFLECTIONS AND RELEVANCE FOR OUR TIMES
    82. The expressive and symbolic image of Christ’s heart is not the only means granted us by the Holy Spirit for encountering the love of Christ, yet it is, as we have seen, an especially privileged one.Even so, it constantly needs to be enriched, deepened and renewed through meditation, the reading of the Gospel and growth in spiritual maturity.Pius XII made it clear that the Church does not claim that, “we must contemplate and adore in the heart of Jesus a ‘formal’ image, that is, a perfect and absolute sign of his divine love, for the essence of this love can in no way be adequately expressed by any created image whatsoever”.[74]
    83. Devotion to Christ’s heart is essential for our Christian life to the extent that it expresses our openness in faith and adoration to the mystery of the Lord’s divine and human love.In this sense, we can once more affirm that the Sacred Heart is a synthesis of the Gospel.[75]We need to remember that the visions or mystical showings related by certain saints who passionately encouraged devotion to Christ’s heart are not something that the faithful are obliged to believe as if they were the word of God.[76]Nonetheless, they are rich sources of encouragement and can prove greatly beneficial, even if no one need feel forced to follow them should they not prove helpful on his or her own spiritual journey.At the same time, however, we should be mindful that, as Pius XII pointed out, this devotion cannot be said “to owe its origin to private revelations”.[77]
    84. The promotion of Eucharistic communion on the first Friday of each month, for example, sent a powerful message at a time when many people had stopped receiving communion because they were no longer confident of God’s mercy and forgiveness and regarded communion as a kind of reward for the perfect.In the context of Jansenism, the spread of this practice proved immensely beneficial, since it led to a clearer realization that in the Eucharist the merciful and ever-present love of the heart of Christ invites us to union with him.It can also be said that this practice can prove similarly beneficial in our own time, for a different reason.Amid the frenetic pace of today’s world and our obsession with free time, consumption and diversion, cell phones and social media, we forget to nourish our lives with the strength of the Eucharist.
    85. While no one should feel obliged to spend an hour in adoration each Thursday, the practice ought surely to be recommended.When we carry it out with devotion, in union with many of our brothers and sisters and discover in the Eucharist the immense love of the heart of Christ, we “adore, together with the Church, the sign and manifestation of the divine love that went so far as to love, through the heart of the incarnate Word, the human race”.[78]
    86. Many Jansenists found this difficult to comprehend, for they looked askance on all that was human, affective and corporeal, and so viewed this devotion as distancing us from pure worship of the Most High God.Pius XII described as “false mysticism”[79]the elitist attitude of those groups that saw God as so sublime, separate and distant that they regarded affective expressions of popular piety as dangerous and in need of ecclesiastical oversight.
    87. It could be argued that today, in place of Jansenism, we find ourselves before a powerful wave of secularization that seeks to build a world free of God.In our societies, we are also seeing a proliferation of varied forms of religiosity that have nothing to do with a personal relationship with the God of love, but are new manifestations of a disembodied spirituality.I must warn that within the Church too, a baneful Jansenist dualism has re-emerged in new forms.This has gained renewed strength in recent decades, but it is a recrudescence of that Gnosticism which proved so great a spiritual threat in the early centuries of Christianity because it refused to acknowledge the reality of “the salvation of the flesh”.For this reason, I turn my gaze to the heart of Christ and I invite all of us to renew our devotion to it.I hope this will also appeal to today’s sensitivities and thus help us to confront the dualisms, old and new, to which this devotion offers an effective response.
    88. I would add that the heart of Christ also frees us from another kind of dualism found in communities and pastors excessively caught up in external activities, structural reforms that have little to do with the Gospel, obsessive reorganization plans, worldly projects, secular ways of thinking and mandatory programmes.The result is often a Christianity stripped of the tender consolations of faith, the joy of serving others, the fervour of personal commitment to mission, the beauty of knowing Christ and the profound gratitude born of the friendship he offers and the ultimate meaning he gives to our lives.This too is the expression of an illusory and disembodied otherworldliness.
    89. Once we succumb to these attitudes, so widespread in our day, we tend to lose all desire to be cured of them.This leads me to propose to the whole Church renewed reflection on the love of Christ represented in his Sacred Heart.For there we find the whole Gospel, a synthesis of the truths of our faith, all that we adore and seek in faith, all that responds to our deepest needs.
    90. As we contemplate the heart of Christ, the incarnate synthesis of the Gospel, we can, following the example of Saint Therese of the Child Jesus, “place heartfelt trust not in ourselves but in the infinite mercy of a God who loves us unconditionally and has already given us everything in the cross of Jesus Christ”.[80]Therese was able to do this because she had discovered in the heart of Christ that God is love: “To me he has granted his infinite mercy, and through it I contemplate and adore the other divine perfections”.[81]That is why a popular prayer, directed like an arrow towards the heart of Christ, says simply: “Jesus, I trust in you”.[82]No other words are needed.
    91. In the following chapters, we will emphasize two essential aspects that contemporary devotion to the Sacred Heart needs to combine, so that it can continue to nourish us and bring us closer to the Gospel: personal spiritual experience and communal missionary commitment.
    CHAPTER FOUR
    A LOVE THAT GIVES ITSELF AS DRINK
    92. Let us now return to the Scriptures, the inspired texts where, above all, we encounter God’s revelation.There, and in the Church’s living Tradition, we hear what the Lord has wished to tell us in the course of history.By reading several texts from the Old and the New Testaments, we will gain insight into the word of God that has guided the great spiritual pilgrimage of his people down the ages.
    A GOD WHO THIRSTS FOR LOVE
    93. The Bible shows that the people that journeyed through the desert and yearned for freedom received the promise of an abundance of life-giving water: “With joy you will draw water from the wells of salvation” (Is12:3).The messianic prophecies gradually coalesced around the imagery of purifying water: “I will sprinkle clean water upon you, and you shall be clean… a new spirit I will put within you” (Ezek36:25-26).This water would bestow on God’s people the fullness of life, like a fountain flowing from the Temple and bringing a wealth of life and salvation in its wake.“I saw on the bank of the river a great many trees on the one side and on the other… and wherever that river goes, every living creature will live… and when that river enters the sea, its waters will become fresh; everything will live where the river goes” (Ezek47:7-9).
    94. The Jewish festival of Booths (Sukkot), which recalls the forty-year sojourn of Israel in the desert, gradually adopted the symbolism of water as a central element.It included a rite of offering water each morning, which became most solemn on the final day of the festival, when a great procession took place towards the Temple, the altar was circled seven times and the water was offered to God amid loud cries of joy.[83]
    95. The dawn of the messianic era was described as a fountain springing up for the people: “I will pour out a spirit of compassion and supplication on the house of David and the inhabitants of Jerusalem, and they shall look on him whom they have pierced…On that day, a fountain shall be opened for the house of David and the inhabitants of Jerusalem, to cleanse them from sin and impurity” (Zech12:10; 13:1).
    96. One who is pierced, a flowing fountain, the outpouring of a spirit of compassion and supplication: the first Christians inevitably considered these promises fulfilled in the pierced side of Christ, the wellspring of new life.In the Gospel of John, we contemplate that fulfilment.From Jesus’ wounded side, the water of the Spirit poured forth: “One of the soldiers pierced his side with a spear, and at once blood and water flowed out” (Jn19:34).The evangelist then recalls the prophecy that had spoken of a fountain opened in Jerusalem and the pierced one (Jn19:37; cf.Zech12:10).The open fountain is the wounded side of Christ.
    97. Earlier, John’s Gospel had spoken of this event, when on “the last day of the festival” (Jn7:37), Jesus cried out to the people celebrating the great procession: “Let anyone who is thirsty come to me and drink… out of his heart shall flow rivers of living water” (Jn7:37-38).For this to be accomplished, however, it was necessary for Jesus’ “hour” to come, for he “was not yet glorified” (Jn7:39).That fulfilment was to come on the cross, in the blood and water that flowed from the Lord’s side.
    98. The Book of Revelation takes up the prophecies of the pierced one and the fountain: “every eye will see him, even those who pierced him” (Rev1:7); “Let everyone who is thirsty come; let anyone who wishes take the water of life as a gift” (Rev22:17).
    99. The pierced side of Jesus is the source of the love that God had shown for his people in countless ways.Let us now recall some of his words:
    “Because you are precious in my sight and honoured, I love you” (Is43:4).
    “Can a woman forget her nursing child, or show no compassion for the child of her womb?Even if these may forget, yet I will not forget you.See, I have inscribed you on the palms of my hands” (Is49:15-16).
    “For the mountains may depart, and the hills be removed, but my steadfast love shall not depart from you, and my covenant of peace shall not be removed” (Is54:10).
    “I have loved you with an everlasting love; therefore I have continued my faithfulness to you” (Jer31:3).
    “The Lord, your God, is in your midst, a warrior who gives you victory; he will rejoice over you with gladness, he will renew you in his love; he will exult over you with loud singing” (Zeph3:17).
    100.The prophet Hosea goes so far as to speak of the heart of God, who “led them with cords of human kindness, with bands of love” (Hos11:4).When that love was spurned, the Lord could say, “My heart is stirred within me; my compassion grows warm and tender (Hos11:8).God’s merciful love always triumphs (cf.Hos11:9), and it was to find its most sublime expression in Christ, his definitive Word of love.
    101.The pierced heart of Christ embodies all God’s declarations of love present in the Scriptures.That love is no mere matter of words; rather, the open side of his Son is a source of life for those whom he loves, the fount that quenches the thirst of his people.As Saint John Paul II pointed out, “the essential elements of devotion [to the Sacred Heart] belong in a permanent fashion to the spirituality of the Church throughout her history; for since the beginning, the Church has looked to the heart of Christ pierced on the Cross”.[84]
    ECHOES OF THE WORD IN HISTORY
    102.Let us consider some of the ways that, in the history of the Christian faith, these prophecies were understood to have been fulfilled.Various Fathers of the Church, especially those in Asia Minor, spoke of the wounded side of Jesus as the source of the water of the Holy Spirit: the word, its grace and the sacraments that communicate it.The courage of the martyrs is born of “the heavenly fount of living waters flowing from the side of Christ”[85]or, in the version of Rufinus, “the heavenly and eternal streams that flow from the heart of Christ”.[86]We believers, reborn in the Spirit, emerge from the cleft in the rock; “we have come forth from the heart of Christ”.[87]His wounded side, understood as his heart, filled with the Holy Spirit, comes to us as a flood of living water. “The fount of the Spirit is entirely in Christ”.[88]Yet the Spirit whom we have received does not distance us from the risen Lord, but fills us with his presence, for by drinking of the Spirit we drink of the same Christ.In the words of Saint Ambrose: “Drink of Christ, for he is the rock that pours forth a flood of water.Drink of Christ, for he is the source of life.Drink of Christ, for he is the river whose streams gladden the city of God.Drink of Christ, for he is our peace.Drink of Christ, for from his side flows living water”.[89]
    103.Saint Augustine opened the way to devotion to the Sacred Heart as the locus of our personal encounter with the Lord.For Augustine, Christ’s wounded side is not only the source of grace and the sacraments, but also the symbol of our intimate union with Christ, the setting of an encounter of love.There we find the source of the most precious wisdom of all, which is knowledge of him.In effect, Augustine writes that John, the beloved disciple, reclining on Jesus’ bosom at the Last Supper, drew near to the secret place of wisdom.[90]Here we have no merely intellectual contemplation of an abstract theological truth.As Saint Jerome explains, a person capable of contemplation “does not delight in the beauty of that stream of water, but drinks of the living water flowing from the side of the Lord”.[91]
    104.Saint Bernard takes up the symbolism of the pierced side of the Lord and understands it explicitly as a revelation and outpouring of all of the love of his heart.Through that wound, Christ opens his heart to us and enables us to appropriate the boundless mystery of his love and mercy: “I take from the bowels of the Lord what is lacking to me, for his bowels overflow with mercy through the holes through which they stream.Those who crucified him pierced his hands and feet, they pierced his side with a lance.And through those holes I can taste wild honey and oil from the rocks of flint, that is, I can taste and see that the Lord is good…A lance passed through his soul even to the region of his heart.No longer is he unable to take pity on my weakness.The wounds inflicted on his body have disclosed to us the secrets of his heart; they enable us to contemplate the great mystery of his compassion”.[92]
    105.This theme reappears especially in William of Saint-Thierry, who invites us to enter into the heart of Jesus, who feeds us from his own breast.[93]This is not surprising if we recall that for William, “the art of arts is the art of love…Love is awakened by the Creator of nature, and is a power of the soul that leads it, as if by its natural gravity, to its proper place and end”.[94]That proper place, where love reigns in fullness, is the heart of Christ: “Lord, where do you lead those whom you embrace and clasp to your heart?Your heart, Jesus, is the sweet manna of your divinity that you hold within the golden jar of your soul (cf.Heb9:4), and that surpasses all knowledge.Happy those who, having plunged into those depths, have been hidden by you in the recess of your heart”.[95]
    106.Saint Bonaventure unites these two spiritual currents.He presents the heart of Christ as the source of the sacraments and of grace, and urges that our contemplation of that heart become a relationship between friends, a personal encounter of love.
    107.Bonaventure makes us appreciate first the beauty of the grace and the sacraments flowing from the fountain of life that is the wounded side of the Lord.“In order that from the side of Christ sleeping on the cross, the Church might be formed and the Scripture fulfilled that says: ‘They shall look upon him whom they pierced’, one of the soldiers struck him with a lance and opened his side.This was permitted by divine Providence so that, in the blood and water flowing from that wound, the price of our salvation might flow from the hidden wellspring of his heart, enabling the Church’s sacraments to confer the life of grace and thus to be, for those who live in Christ, like a cup filled from the living fount springing up to life eternal”.[96]
    108.Bonaventure then asks us to take another step, in order that our access to grace not be seen as a kind of magic or neo-platonic emanation, but rather as a direct relationship with Christ, a dwelling in his heart, so that whoever drinks from that source becomes a friend of Christ, a loving heart.“Rise up, then, O soul who are a friend of Christ, and be the dove that nests in the cleft in the rock; be the sparrow that finds a home and constantly watches over it; be the turtledove that hides the offspring of its chaste love in that most holy cleft”.[97]
    THE SPREAD OF DEVOTION TO THE HEART OF CHRIST
    109.Gradually, the wounded side of Christ, as the abode of his love and the wellspring of the life of grace, began to be associated with his heart, especially in monastic life.We know that in the course of history, devotion to the heart of Christ was not always expressed in the same way, and that its modern developments, related to a variety of spiritual experiences, cannot be directly derived from the mediaeval forms, much less the biblical forms in which we glimpse the seeds of that devotion.This notwithstanding, the Church today rejects nothing of the good that the Holy Spirit has bestowed on us down the centuries, for she knows that it will always be possible to discern a clearer and deeper meaning in certain aspects of that devotion, and to gain new insights over the course of time.
    110.A number of holy women, in recounting their experiences of encounter with Christ, have spoken of resting in the heart of the Lord as the source of life and interior peace.This was the case with Saints Lutgarde and Mechtilde of Hackeborn, Saint Angela of Foligno and Dame Julian of Norwich, to mention only a few.Saint Gertrude of Helfta, a Cistercian nun, tells of a time in prayer when she reclined her head on the heart of Christ and heard its beating.In a dialogue with Saint John the Evangelist, she asked him why he had not described in his Gospel what he experienced when he did the same.Gertrude concludes that “the sweet sound of those heartbeats has been reserved for modern times, so that, hearing them, our aging and lukewarm world may be renewed in the love of God”.[98]Might we think that this is indeed a message for our own times, a summons to realize how our world has indeed “grown old”, and needs to perceive anew the message of Christ’s love?Saint Gertrude and Saint Mechtilde have been considered among “the most intimate confidants of the Sacred Heart”.[99]
    111.The Carthusians, encouraged above all by Ludolph of Saxony, found in devotion to the Sacred Heart a means of growth in affection and closeness to Christ.All who enter through the wound of his heart are inflamed with love.Saint Catherine of Siena wrote that the Lord’s sufferings are impossible for us to comprehend, but the open heart of Christ enables us to have a lively personal encounter with his boundless love.“I wished to reveal to you the secret of my heart, allowing you to see it open, so that you can understand that I have loved you so much more than I could have proved to you by the suffering that I once endured”.[100]
    112.Devotion to the heart of Christ slowly passed beyond the walls of the monasteries to enrich the spirituality of saintly teachers, preachers and founders of religious congregations, who then spread it to the farthest reaches of the earth.[101]
    113.Particularly significant was the initiative taken by Saint John Eudes, who, “after preaching with his confrères a fervent mission in Rennes, convinced the bishop of that diocese to approve the celebration of the feast of the Adorable Heart of our Lord Jesus Christ.This was the first time that such a feast was officially authorized in the Church.Following this, between the years 1670 and 1671, the bishops of Coutances, Evreux, Bayeux, Lisieux and Rouen authorized the celebration of the feast for their respective dioceses”.[102]
    SAINT FRANCIS DE SALES
    114.In modern times, mention should be made of the important contribution of Saint Francis de Sales.Francis frequently contemplated Christ’s open heart, which invites us to dwell therein, in a personal relationship of love that sheds light on the mysteries of his life.In his writings, the saintly Doctor of the Church opposes a rigorous morality and a legalistic piety by presenting the heart of Jesus as a summons to complete trust in the mysterious working of his grace.We see this expressed in his letter to Saint Jane Francis de Chantal: “I am certain that we will remain no longer in ourselves… but dwell forever in the Lord’s wounded side, for apart from him not only can we do nothing, but even if we were able, we would lack the desire to do anything”.[103]
    115.For Francis de Sales, true devotion had nothing to do with superstition or perfunctory piety, since it entails a personal relationship in which each of us feels uniquely and individually known and loved by Christ.“This most adorable and lovable heart of our Master, burning with the love which he professes to us, [is] a heart on which all our names are written…Surely it is a source of profound consolation to know that we are loved so deeply by our Lord, who constantly carries us in his heart”.[104]With the image of our names written on the heart of Christ, Saint Francis sought to express the extent to which Christ’s love for each of us is not something abstract and generic, but utterly personal, enabling each believer to feel known and respected for who he or she is.“How lovely is this heaven, in which the Lord is its sun and his breast a fountain of love from which the blessed drink to their heart’s content!Each of us can look therein and see our name carved in letters of love, which true love alone can read and true love has written.Dear God!And what too, beloved daughter, of our loved ones?Surely they will be there too; for even if our hearts have no love, they nonetheless possess a desire for love and the beginnings of love”.[105]
    116.Francis saw this experience of Christ’s love as essential to the spiritual life, indeed one of the great truths of faith: “Yes, my beloved daughter, he thinks of you and not only, but even the smallest hair of your head: this is an article of faith and in no way must it be doubted”.[106]It follows that the believer becomes capable of complete abandonment in the heart of Christ, in which he or she finds repose, comfort and strength: “Oh God!What happiness to be thus embraced and to recline in the bosom of the Saviour.Remain thus, beloved daughter, and like another little one, Saint John, while others are tasting different kinds of food at the table of the Lord, lay your head, your soul and your spirit, in a gesture of utter trust, on the loving bosom of this dear Lord”.[107]“I hope that you are resting in the cleft of the turtledove and in the pierced side of our beloved Saviour…How good is this Lord, my beloved daughter!How loving is his Heart!Let us remain here, in this holy abode”.[108]
    117.At the same time, faithful to his teaching on the sanctification of ordinary life, Francis proposes that this experience take place in the midst of the activities, tasks and obligations of our daily existence.“You asked me how souls that are attracted in prayer to this holy simplicity, to this perfect abandonment in God, should conduct themselves in all their actions?I would reply that, not only in prayer, but also in the conduct of everyday life they should advance always in the spirit of simplicity, abandoning and completely surrendering their soul, their actions and their accomplishments to God’s will.And to do so with a love marked by perfect and absolute trust, abandoning themselves to grace and to the care of the eternal love that divine Providence feels for them”.[109]
    118.For this reason, when looking for a symbol to convey his vision of spiritual life, Francis de Sales concluded: “I have thought, dear Mother, if you agree, that we should take as our emblem a single heart pierced by two arrows, the whole enclosed in a crown of thorns”.[110]
    A NEW DECLARATION OF LOVE
    119.Under the salutary influence of this Salesian spirituality, the events of Paray-le-Monial took place at the end of the seventeenth century.Saint Margaret Mary Alacoque reported a remarkable series of apparitions of Christ between the end of December 1673 and June of 1675.Fundamental to these was a declaration of love that stood out in the first apparition.Jesus said: “My divine Heart is so inflamed with love for men, and for you in particular, that, no longer able to contain in itself the flames of its ardent charity, it must pour them out through you and be manifested to them, in order to enrich them with its precious treasures which I now reveal to you”.[111]
    120.Saint Margaret Mary’s account is powerful and deeply moving: “He revealed to me the wonders of his love and the inexplicable secrets of his Sacred Heart which he had hitherto kept hidden from me, until he opened it to me for the first time, in such a striking and sensible manner that he left me no room for doubt”.[112]In subsequent appearances, that consoling message was reiterated: “He revealed to me the ineffable wonders of his pure love and to what extremes it had led him to love mankind”.[113]
    121.This powerful realization of the love of Jesus Christ bequeathed to us by Saint Margaret Mary can spur us to greater union with him.We need not feel obliged to accept or appropriate every detail of her spiritual experience, in which, as often happens, God’s intervention combines with human elements related to the individual’s own desires, concerns and interior images.[114]Such experiences must always be interpreted in the light of the Gospel and the rich spiritual tradition of the Church, even as we acknowledge the good they accomplish in many of our brothers and sisters.In this way, we can recognize the gifts of the Holy Spirit present in those experiences of faith and love.More important than any individual detail is the core of the message handed on to us, which can be summed up in the words heard by Saint Margaret Mary: “This is the heart that so loved human beings that it has spared nothing, even to emptying and consuming itself in order to show them its love”.[115]
    122.This apparition, then, invites us to grow in our encounter with Christ, putting our trust completely in his love, until we attain full and definitive union with him.“It is necessary that the divine heart of Jesus in some way replace our own; that he alone live and work in us and for us; that his will… work absolutely and without any resistance on our part; and finally that its affections, thoughts and desires take the place of our own, especially his love, so that he is loved in himself and for our sakes.And so, this lovable heart being our all in all, we can say with Saint Paul that we no longer live our own lives, but it is he who lives within us”.[116]
    123.In the first message that Saint Margaret Mary received, this invitation was expressed in vivid, fervent and loving terms.“He asked for my heart, which I asked him to take, which he did and then placed myself in his own adorable heart, from which he made me see mine like a little atom consumed in the fiery furnace of his own”.[117]
    124.At another point, we see that the one who gives himself to us is the risen and glorified Christ, full of life and light.If indeed, at different times, he spoke of the suffering that he endured for our sake and of the ingratitude with which it is met, what we see here are not so much his blood and painful wounds, but rather the light and fire of the Lord of life.The wounds of the passion have not disappeared, but are now transfigured.Here we see the paschal mystery in all its splendour: “Once, when the Blessed Sacrament was exposed, Jesus appeared, resplendent in glory, with his five wounds that appeared as so many suns blazing forth from his sacred humanity, but above all from his adorable breast, which seemed a fiery furnace.Opening his robe, he revealed his most loving and lovable heart, which was the living source of those flames.Then it was that I discovered the ineffable wonders of his pure love, with which he loves men to the utmost, yet receives from them only ingratitude and indifference”.[118]
    SAINT CLAUDE DE LA COLOMBIÈRE
    125.When Saint Claude de La Colombière learned of the experiences of Saint Margaret Mary, he immediately undertook her defence and began to spread word of the apparitions.Saint Claude played a special role in developing the understanding of devotion to the Sacred Heart and its meaning in the light of the Gospel.
    126.Some of the language of Saint Margaret Mary, if poorly understood, might suggest undue trust in our personal sacrifices and offerings.Saint Claude insists that contemplation of the heart of Jesus, when authentic, does not provoke self-complacency or a vain confidence in our own experiences or human efforts, but rather an ineffable abandonment in Christ that fills our life with peace, security and decision.He expressed this absolute confidence most eloquently in a celebrated prayer:
    “My God, I am so convinced that you keep watch over those who hope in you, and that we can want for nothing when we look for all in you, that I am resolved in the future to live free from every care and to turn all my anxieties over to you…I shall never lose my hope.I shall keep it to the last moment of my life; and at that moment all the demons in hell will strive to tear it from me…Others may look for happiness from their wealth or their talents; others may rest on the innocence of their life, or the severity of their penance, or the amount of their alms, or the fervour of their prayers.As for me, Lord, all my confidence is confidence itself.This confidence has never deceived anyone…I am sure, therefore, that I shall be eternally happy, since I firmly hope to be, and because it is from you, O God, that I hope for it”.[119]
    127.In a note of January 1677, after mentioning the assurance he felt regarding his mission, Claude continued: “I have come to know that God wanted me to serve him by obtaining the fulfilment of his desires regarding the devotion that he suggested to a person to whom he communicates in confidence, and for whose sake he has desired to make use of my weakness.I have already used it to help several persons”.[120]
    128.It should be recognized that the spirituality of Blessed Claude de La Colombière resulted in a fine synthesis of the profound and moving spiritual experience of Saint Margaret Mary and the vivid and concrete form of contemplation found in the Spiritual Exercises of Saint Ignatius Loyola.At the beginning of the third week of the Exercises, Claude reflected:“Two things have moved me in a striking way.First, the attitude of Christ towards those who sought to arrest him.His heart is full of bitter sorrow; every violent passion is unleashed against him and all nature is in turmoil, yet amid all this confusion, all these temptations, his heart remains firmly directed to God.He does not hesitate to take the part that virtue and the highest virtue suggested to him.Second, the attitude of that same heart towards Judas who betrayed him, the apostles who cravenly abandoned him, the priests and the others responsible for the persecution he suffered; none of these things was able to arouse in him the slightest sentiment of hatred or indignation.I present myself anew to this heart free of anger, free of bitterness, filled instead with genuine compassion towards its enemies”.[121]
    SAINT CHARLES DE FOUCAULD AND SAINT THERESE OF THE CHILD JESUS
    129.Saint Charles de Foucauld and Saint Therese of the Child Jesus, without intending to, reshaped certain aspects of devotion to the heart of Christ and thus helped us understand it in an even more evangelical spirit.Let us now examine how this devotion found expression in their lives.In the following chapter, we will return to them, in order to illustrate the distinctively missionary dimension that each of them brought to the devotion.
    Iesus Caritas
    130.In Louye, Charles de Foucauld was accustomed to visit the Blessed Sacrament with his cousin, Marie de Bondy.One day she showed him an image of the Sacred Heart.[122]His cousin played a fundamental role in Charles’s conversion, as he himself acknowledged: “Since God has made you the first instrument of his mercies towards me, from you everything else began.Had you not converted me, brought me to Jesus and taught me little by little, letter by letter, all that is holy and good, where would I be today?”[123]What Marie awakened in him was an intense awareness of the love of Jesus.That was the essential thing, and centred on devotion to the heart of Jesus, in which he encountered unbounded mercy: “Let us trust in the infinite mercy of the one whose heart you led me to know”.[124]
    131.Later, his spiritual director, Father Henri Huvelin, helped Charles to deepen his understanding of the inestimable mystery of “this blessed heart of which you spoke to me so often”.[125]On 6 June 1889, Charles consecrated himself to the Sacred Heart, in which he found a love without limits.He told Christ, “You have bestowed on me so many benefits, that it would appear ingratitude towards your heart not to believe that it is disposed to bestow on me every good, however great, and that your love and your generosity are boundless”.[126]He was to become a hermit “under the name of the heart of Jesus”.[127]
    132.On 17 May 1906, the same day in which Brother Charles, alone, could no longer celebrate Mass, he wrote of his promise “to let the heart of Jesus live in me, so that it is no longer I who live, but the heart of Jesus that lives in me, as he lived in Nazareth”.[128]His friendship with Jesus, heart to heart, was anything but a privatized piety.It inspired the austere life he led in Nazareth, born of a desire to imitate Christ and to be conformed to him.His loving devotion to the heart of Jesus had a concrete effect on his style of life, and his Nazareth was nourished by his personal relationship with the heart of Christ.
    Saint Therese of the Child Jesus
    133.Like Saint Charles de Foucauld, Saint Therese of the Child Jesus was influenced by the great renewal of devotion that swept nineteenth-century France.Father Almire Pichon, the spiritual director of her family, was seen as a devoted apostle of the Sacred Heart.One of her sisters took as her name in religion “Sister Marie of the Sacred Heart”, and the monastery that Therese entered was dedicated to the Sacred Heart.Her devotion nonetheless took on certain distinctive traits with regard to the customary piety of that age.
    134.When Therese was fifteen, she could speak of Jesus as the one “whose heart beats in unison with my own”.[129]Two years later, speaking of the image of Christ’s heart crowned with thorns, she wrote in a letter: “You know that I myself do not see the Sacred Heart as everyone else.I think that the Heart of my Spouse is mine alone, just as mine is his alone, and I speak to him then in the solitude of this delightful heart to heart, while waiting to contemplate him one day face to face”.[130]
    135.In one of her poems, Therese voiced the meaning of her devotion, which had to do more with friendship and assurance than with trust in her sacrifices:
    “I need a heart burning with tenderness,
    Who will be my support forever,
    Who loves everything in me, even my weakness…
    And who never leaves me day or night…
    I must have a God who takes on my nature,
    And becomes my brother and is able to suffer! …
    Ah! I know well, all our righteousness
    Is worthless in your sight…
    So I, for my purgatory,
    Choose your burning love, O heart of my God!”[131]
    136.Perhaps the most important text for understanding the devotion of Therese to the heart of Christ is a letter that she wrote three months before her death to her friend Maurice Bellière.“When I see Mary Magdalene walking up before the many guests, washing with her tears the feet of her adored Master, whom she is touching for the first time, I feel that her hearthas understood the abysses of love and mercy of the heart of Jesus, and, sinner though she is, this heart of love was disposed not only to pardon her but to lavish on her the blessings of his divine intimacy, to lift her to the highest summits of contemplation.Ah! dear little Brother, ever since I have been given the grace to understand also the love of the heart of Jesus, I admit that it has expelled all fear from my heart.The remembrance of my faults humbles me, draws me never to depend on my strength which is only weakness, but this remembrance speaks to me of mercy and love even more”.[132]
    137.Those moralizers who want to keep a tight rein on God’s mercy and grace might claim that Therese could say this because she was a saint, but a simple person could not say the same.In that way, they excise from the spirituality of Saint Therese its wonderful originality, which reflects the heart of the Gospel.Sadly, in certain Christian circles we often encounter this attempt to fit the Holy Spirit into a certain preconceived pattern in a way that enables them to keep everything under their supervision.Yet this astute Doctor of the Church reduces them to silence and directly contradicts their reductive view in these clear words: “If I had committed all possible crimes, I would always have the same confidence; I feel that this whole multitude of offenses would be like a drop of water thrown into a fiery furnace”.[133]
    138.To Sister Marie, who praised her generous love of God, prepared even to embrace martyrdom, Therese responded at length in a letter that is one of the great milestones in the history of spirituality.This page ought to be read a thousand times over for its depth, clarity and beauty.There, Therese helps her sister, “Marie of the Sacred Heart”, to avoid focusing this devotion on suffering, since some had presented reparation primarily in terms of accumulating sacrifices and good works.Therese, for her part, presents confidence as the greatest and best offering, pleasing to the heart of Christ: “My desires of martyrdom are nothing; they are not what give me the unlimited confidence that I feel in my heart.They are, to tell the truth, the spiritual riches that render one unjust, when one rests in them with complacence and one believes that they are something great…what pleases [Jesus] is that he sees me loving my littleness and my poverty, the blind hope that I have in his mercy…That is my only treasure…If you want to feel joy, to have an attraction for suffering, it is your consolation that you are seeking…Understand that to be his victim of love, the weaker one is, without desires or virtues, the more suited one is for the workings of this consuming and transforming Love…Oh!How I would like to be able to make you understand what I feel! …It is confidence and nothing but confidence that must lead us to Love”.[134]
    139.In many of her writings, Therese speaks of her struggle with forms of spirituality overly focused on human effort, on individual merit, on offering sacrifices and carrying out certain acts in order to “win heaven”.For her, “merit does not consist in doing or in giving much, but rather in receiving”.[135]Let us read once again some of these deeply meaningful texts where she emphasizes this and presents it as a simple and rapid means of taking hold of the Lord “by his heart”.
    140.To her sister Léonie she writes, “I assure you that God is much better than you believe.He is content with a glance, a sigh of love…As for me, I find perfection very easy to practise because I have understood it is a matter of taking hold of Jesus by his heart…Look at a little child who has just annoyed his mother… If he comes to her, holding out his little arms, smiling and saying: ‘Kiss me, I will not do it again’, will his mother be able not to press him to her heart tenderly and forget his childish mischief?However, she knows her dear little one will do it again on the next occasion, but this does not matter; if he takes her again by her heart, he will not be punished”.[136]
    141.So too, in a letter to Father Adolphe Roulland she writes, “[M]y way is all confidence and love.I do not understand souls who fear a friend so tender.At times, when I am reading certain spiritual treatises in which perfection is shown through a thousand obstacles, surrounded by a crowd of illusions, my poor little mind quickly tires; I close the learned book that is breaking my head and drying up my heart, and I take up Holy Scripture.Then all seems luminous to me; a single word uncovers for my soul infinite horizons, perfection seems simple to me.I see that it is sufficient to recognize one’s nothingness and to abandon oneself like a child into God’s arms”.[137]
    142.In yet another letter, she relates this to the love shown by a parent: “I do not believe that the heart of [a] father could resist the filial confidence of his child, whose sincerity and love he knows.He realizes, however, that more than once his son will fall into the same faults, but he is prepared to pardon him always, if his son always takes him by his heart”.[138]
    RESONANCES WITHIN THE SOCIETY OF JESUS
    143.We have seen how Saint Claude de La Colombière combined the spiritual experience of Saint Margaret Mary with the aim of the Spiritual Exercises.I believe that the place of the Sacred Heart in the history of the Society of Jesus merits a few brief words.
    144.The spirituality of the Society of Jesus has always proposed an “interior knowledge of the Lord in order to love and follow him more fully”.[139]Saint Ignatius invites us in his Spiritual Exercises to place ourselves before the Gospel that tells us that, “[Christ’s] side was pierced by the lance and blood and water flowed forth”.[140]When retreatants contemplate the wounded side of the crucified Lord, Ignatius suggests that they enter into the heart of Christ.Thus we have a way to enlarge our own hearts, recommended by one who was a “master of affections”, to use the words of Saint Peter Faber in one of his letters to Saint Ignatius.[141]Father Juan Alfonso de Polanco echoed that same expression in his biography of Saint Ignatius: “He [Cardinal Gasparo Contarini] realized that in Father Ignatius he had encountered a master of affections”.[142]The colloquies that Saint Ignatius proposed are an essential part of this training of the heart, for in them we sense and savour with the heart a Gospel message and converse about it with the Lord.Saint Ignatius tells us that we can share our concerns with the Lord and seek his counsel.Anyone who follows the Exercises can readily see that they involve a dialogue, heart to heart.
    145.Saint Ignatius brings his contemplations to a crescendo at the foot of the cross and invites the retreatant to ask the crucified Lord with great affection, “as one friend to another, as a servant to his master”, what he or she must do for him.[143]The progression of the Exercises culminates in the “Contemplation to Attain Love”, which gives rise to thanksgiving and the offering of one’s “memory, understanding and will” to the heart which is the fount and origin of every good thing.[144]This interior contemplation is not the fruit of our understanding and effort, but is to be implored as a gift.
    146.This same experience inspired the great succession of Jesuit priests who spoke explicitly of the heart of Jesus: Saint Francis Borgia, Saint Peter Faber, Saint Alphonsus Rodriguez, Father Álvarez de Paz, Father Vincent Carafa, Father Kasper Drużbicki and countless others.In 1883, the Jesuits declared that, “the Society of Jesus accepts and receives with an overflowing spirit of joy and gratitude the most agreeable duty entrusted to it by our Lord Jesus Christ to practise, promote and propagate devotion to his divine heart”.[145]In September 1871, Father Pieter Jan Beckx consecrated the Society to the Sacred Heart of Jesus and, as a sign that it remains an outstanding element in the life of the Society, Father Pedro Arrupe renewed that consecration in 1972, with a conviction that he explained in these words: “I therefore wish to say to the Society something about which I feel I cannot remain silent.From my novitiate on, I have always been convinced that what we call devotion to the Sacred Heart contains a symbolic expression of what is most profound in Ignatian spirituality, and of an extraordinary efficacy –ultra quam speraverint– both for its own perfection and for its apostolic fruitfulness.I continue to have this same conviction…In this devotion I encounter one of the deepest sources of my interior life”.[146]
    147.When Saint John Paul II urged “all the members of the Society to be even more zealous in promoting this devotion, which corresponds more than ever to the expectations of our time”, he did so because he recognized the profound connection between devotion to the heart of Christ and Ignatian spirituality.For “the desire to ‘know the Lord intimately’ and to ‘have a conversation’ with him, heart to heart, is characteristic of the Ignatian spiritual and apostolic dynamism, thanks to the Spiritual Exercises, and this dynamism is wholly at the service of the love of the heart of God”.[147]
    A BROAD CURRENT OF THE INTERIOR LIFE
    148.Devotion to the heart of Christ reappears in the spiritual journey of many saints, all quite different from each other; in every one of them, the devotion takes on new hues.Saint Vincent de Paul, for example, used to say that what God desires is the heart: “God asks primarily for our heart – our heart – and that is what counts.How is it that a man who has no wealth will have greater merit than someone who has great possessions that he gives up?Because the one who has nothing does it with greater love; and that is what God especially wants…”[148]This means allowing one’s heart to be united to that of Christ.“What blessing should a Sister not hope for from God if she does her utmost to put her heart in the state of being united with the heart of our Lord!”[149]
    149.At times, we may be tempted to consider this mystery of love as an admirable relic from the past, a fine spirituality suited to other times.Yet we need to remind ourselves constantly that, as a saintly missionary once said, “this divine heart, which let itself be pierced by an enemy’s lance in order to pour forth through that sacred wound the sacraments by which the Church was formed, has never ceased to love”.[150]More recent saints, like Saint Pius of Pietrelcina, Saint Teresa of Calcutta and many others, have spoken with deep devotion of the heart of Christ.Here I would also mention the experiences of Saint Faustina Kowalska, which re-propose devotion to the heart of Christ by greatly emphasizing the glorious life of the risen Lord and his divine mercy.Inspired by her experiences and the spiritual legacy of Saint Józef Sebastian Pelczar (1842-1924),[151]Saint John Paul II intimately linked his reflections on divine mercy with devotion to the heart of Christ: “The Church seems in a singular way to profess the mercy of God and to venerate it when she directs herself to the heart of Christ.In fact, it is precisely this drawing close to Christ in the mystery of his heart which enables us to dwell on this point of the revelation of the merciful love of the Father, a revelation that constituted the central content of the messianic mission of the Son of Man”.[152]Saint John Paul also spoke of the Sacred Heart in very personal terms, acknowledging that, “it has spoken to me ever since my youth”.[153]
    150.The enduring relevance of devotion to the heart of Christ is especially evident in the work of evangelization and education carried out by the numerous male and female religious congregations whose origins were marked by this profoundly Christological devotion.Mentioning all of them by name would be an endless undertaking. Let us simply consider two examples taken at random: “The Founder [Saint Daniel Comboni] discovered in the mystery of the heart of Jesus the source of strength for his missionary commitment”.[154]“Caught up as we are in the desires of the heart of Jesus, we want people to grow in dignity, as human beings and as children of God.Our starting point is the Gospel, with all that it demands from us of love, forgiveness and justice, and of solidarity with those who are poor and rejected by the world”.[155]So too, the many shrines worldwide that are consecrated to the heart of Christ continue to be an impressive source of renewal in prayer and spiritual fervour.To all those who in any way are associated with these spaces of faith and charity I send my paternal blessing.
    THE DEVOTION OF CONSOLATION
    151.The wound in Christ’s side, the wellspring of living water, remains open in the risen body of the Saviour.The deep wound inflicted by the lance and the wounds of the crown of thorns that customarily appear in representations of the Sacred Heart are an inseparable part of this devotion, in which we contemplate the love of Christ who offered himself in sacrifice to the very end.The heart of the risen Lord preserves the signs of that complete self-surrender, which entailed intense sufferings for our sake.It is natural, then, that the faithful should wish to respond not only to this immense outpouring of love, but also to the suffering that the Lord chose to endure for the sake of that love.
    With Jesus on the cross
    152.It is fitting to recover one particular aspect of the spirituality that has accompanied devotion to the heart of Christ, namely, the interior desire to offer consolation to that heart.Here I will not discuss the practice of “reparation”, which I deem better suited to the social dimension of this devotion to be discussed in the next chapter.I would like instead to concentrate on the desire often felt in the hearts of the faithful who lovingly contemplate the mystery of Christ’s passion and experience it as a mystery which is not only recollected but becomes present to us by grace, or better, allows us to be mystically present at the moment of our redemption.If we truly love the Lord, how could we not desire to console him?
    153.Pope Pius XI wished to ground this particular devotion in the realization that the mystery of our redemption by Christ’s passion transcends, by God’s grace, all boundaries of time and space.On the cross, Jesus offered himself for all sins, including those yet to be committed, including our own sins.In the same way, the acts we now offer for his consolation, also transcending time, touch his wounded heart.“If, because of our sins too, as yet in the future but already foreseen, the soul of Jesus became sorrowful unto death, it cannot be doubted that at the same time he derived some solace from our reparation, likewise foreseen, at the moment when ‘there appeared to him an angel from heaven’ (Lk22:43), in order that his heart, oppressed with weariness and anguish, might find consolation.And so even now, in a wondrous yet true manner, we can and ought to console that Most Sacred Heart, which is continually wounded by the sins of thankless men”.[156]
    Reasons of the heart
    154.It might appear to some that this aspect of devotion to the Sacred Heart lacks a firm theological basis, yet the heart has its reasons.Here thesensus fideliumperceives something mysterious, beyond our human logic, and realizes that the passion of Christ is not merely an event of the past, but one in which we can share through faith.Meditation on Christ’s self-offering on the cross involves, for Christian piety, something much more than mere remembrance.This conviction has a solid theological grounding.[157]We can also add the recognition of our own sins, which Jesus took upon his bruised shoulders, and our inadequacy in the face of that timeless love, which is always infinitely greater.
    155.We may also question how we can pray to the Lord of life, risen from the dead and reigning in glory, while at the same time comforting him in the midst of his sufferings.Here we need to realize that his risen heart preserves its wound as a constant memory, and that the working of grace makes possible an experience that is not restricted to a single moment of the past.In pondering this, we find ourselves invited to take a mystical path that transcends our mental limitations yet remains firmly grounded in the word of God.Pope Pius XI makes this clear: “How can these acts of reparation offer solace now, when Christ is already reigning in the beatitude of heaven?To this question, we may answer in the words of Saint Augustine, which are very apposite here – ‘Give me the one who loves, and he will understand what I say’.Anyone possessed of great love for God, and who looks back to the past, can dwell in meditation on Christ, and see him labouring for man, sorrowing, suffering the greatest hardships, ‘for us men and for our salvation’, well-nigh worn out with sadness, with anguish, nay ‘bruised for our sins’ (Is53:5), and bringing us healing by those very bruises.The more the faithful ponder all these things the more clearly they see that the sins of mankind, whenever they were committed, were the reason why Christ was delivered up to death”.[158]
    156.Those words of Pius XI merit serious consideration.When Scripture states that believers who fail to live in accordance with their faith “are crucifying again the Son of God” (Heb6:6), or when Paul, offering his sufferings for the sake of others, says that, “in my flesh I am completing what is lacking in Christ’s afflictions” (Col1:24), or again, when Christ in his passion prays not only for his disciples at that time, but also for “those who will believe in me through their word” (Jn17:20), all these statements challenge our usual way of thinking.They show us that it is not possible to sever the past completely from the present, however difficult our minds find this to grasp.The Gospel, in all its richness, was written not only for our prayerful meditation, but also to enable us to experience its reality in our works of love and in our interior life.This is certainly the case with regard to the mystery of Christ’s death and resurrection.The temporal distinctions that our minds employ appear incapable of embracing the fullness of this experience of faith, which is the basis both of our union with Christ in his suffering and of the strength, consolation and friendship that we enjoy with him in his risen life.
    157.We see, then, the unity of the paschal mystery in these two inseparable and mutually enriching aspects.The one mystery, present by grace in both these dimensions, ensures that whenever we offer some suffering of our own to Christ for his consolation, that suffering is illuminated and transfigured in the paschal light of his love.We share in this mystery in our own life because Christ himself first chose to share in that life.He wished to experience first, as Head, what he would then experience in his Body, the Church: both our wounds and our consolations.When we live in God’s grace, this mutual sharing becomes for us a spiritual experience.In a word, the risen Lord, by the working of his grace, mysteriously unites us to his passion.The hearts of the faithful, who experience the joy of the resurrection, yet at the same time desire to share in the Lord’s passion, understand this.They desire to share in his sufferings by offering him the sufferings, the struggles, the disappointments and the fears that are part of their own lives.Nor do they experience this as isolated individuals, since their sufferings are also a participation in the suffering of the mystical Body of Christ, the holy pilgrim People of God, which shares in the passion of Christ in every time and place.The devotion of consolation, then, is in no way ahistorical or abstract; it becomes flesh and blood in the Church’s pilgrimage through history.
    Compunction
    158.The natural desire to console Christ, which begins with our sorrow in contemplating what he endured for us, grows with the honest acknowledgment of our bad habits, compulsions, attachments, weak faith, vain goals and, together with our actual sins, the failure of our hearts to respond to the Lord’s love and his plan for our lives.This experience proves purifying, for love needs the purification of tears that, in the end, leave us more desirous of God and less obsessed with ourselves.
    159.In this way, we see that the deeper our desire to console the Lord, the deeper will be our sincere sense of “compunction”.Compunction is “not a feeling of guilt that makes us discouraged or obsessed with our unworthiness, but a beneficial ‘piercing’ that purifies and heals the heart.Once we acknowledge our sin, our hearts can be opened to the working of the Holy Spirit, the source of living water that wells up within us and brings tears to our eyes…This does not mean weeping in self-pity, as we are so often tempted to do…To shed tears of compunction means seriously to repent of grieving God by our sins; recognizing that we always remain in God’s debt…Just as drops of water can wear down a stone, so tears can slowly soften hardened hearts.Here we see the miracle of sorrow, that ‘salutary sorrow’ which brings great peace…Compunction, then, is not our work but a grace and, as such, it must be sought in prayer.”[159]It means, “asking for sorrow in company with Christ in his sorrow, for anguish with Christ in his anguish, for tears and a deep sense of pain at the great pains that Christ endured for my sake”.[160]
    160.I ask, then, that no one make light of the fervent devotion of the holy faithful people of God, which in its popular piety seeks to console Christ.I also encourage everyone to consider whether there might be greater reasonableness, truth and wisdom in certain demonstrations of love that seek to console the Lord than in the cold, distant, calculated and nominal acts of love that are at times practised by those who claim to possess a more reflective, sophisticated and mature faith.
    Consoled ourselves in order to console others
    161.In contemplating the heart of Christ and his self-surrender even to death, we ourselves find great consolation.The grief that we feel in our hearts gives way to complete trust and, in the end, what endures is gratitude, tenderness, peace; what endures is Christ’s love reigning in our lives.Compunction, then, “is not a source of anxiety but of healing for the soul, since it acts as a balm on the wounds of sin, preparing us to receive the caress of the Lord”.[161]Our sufferings are joined to the suffering of Christ on the cross.If we believe that grace can bridge every distance, this means that Christ by his sufferings united himself to the sufferings of his disciples in every time and place.In this way, whenever we endure suffering, we can also experience the interior consolation of knowing that Christ suffers with us.In seeking to console him, we will find ourselves consoled.
    162.At some point, however, in our contemplation, we should likewise hear the urgent plea of the Lord: “Comfort, comfort my people!” (Is40:1).As Saint Paul tells us, God offers us consolation “so that we may be able to console those who are in any affliction, with the consolation by which we ourselves are consoled by God” (2 Cor1:4).
    163.This then challenges us to seek a deeper understanding of the communitarian, social and missionary dimension of all authentic devotion to the heart of Christ.For even as Christ’s heart leads us to the Father, it sends us forth to our brothers and sisters.In the fruits of service, fraternity and mission that the heart of Christ inspires in our lives, the will of the Father is fulfilled.In this way, we come full circle: “My Father is glorified by this, that you bear much fruit” (Jn15:8).
    CHAPTER FIVE
    LOVE FOR LOVE
    164.In the spiritual experiences of Saint Margaret Mary Alacoque, we encounter, along with an ardent declaration of love for Jesus Christ, a profoundly personal and challenging invitation to entrust our lives to the Lord.The knowledge that we are loved, and our complete confidence in that love, in no way lessens our desire to respond generously, despite our frailty and our many shortcomings.
    A LAMENT AND A REQUEST
    165.Beginning with his second great apparition to Saint Margaret Mary, Jesus spoke of the sadness he feels because his great love for humanity receives in exchange “nothing but ingratitude and indifference”, “coldness and contempt”.And this, he added, “is more grievous to me than all that I endured in my Passion”.[162]
    166.Jesus spoke of his thirst for love and revealed that his heart is not indifferent to the way we respond to that thirst.In his words, “I thirst, but with a thirst so ardent to be loved by men in the Most Blessed Sacrament, that this thirst consumes me; and I have not encountered anyone who makes an effort, according to my desire, to quench my thirst, giving back a return for my love”.[163]Jesus asks for love.Once the faithful heart realizes this, its spontaneous response is one of love, not a desire to multiply sacrifices or simply discharge a burdensome duty: “I received from my God excessive graces of his love, and I felt moved by the desire to respond to some of them and to respond with love for love”.[164]As my Predecessor Leo XIII pointed out, through the image of his Sacred Heart, the love of Christ “moves us to return love for love”.[165]
    EXTENDING CHRIST’S LOVE TO OUR BROTHERS AND SISTERS
    167.We need once more to take up the word of God and to realize, in doing so, that our best response to the love of Christ’s heart is to love our brothers and sisters.There is no greater way for us to return love for love.The Scriptures make this patently clear:
    “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).
    “For the whole law is summed up in a single commandment: ‘You shall love your neighbour as yourself’” (Gal5:14).
    “We know that we have passed from death to life because we love one another. Whoever does not love abides in death” (1Jn3:14).
    “Those who do not love a brother or sister whom they have seen, cannot love God whom they have not seen” (1 Jn4:20).
    168.Love for our brothers and sisters is not simply the fruit of our own efforts; it demands the transformation of our selfish hearts.This realization gave rise to the oft-repeated prayer: “Jesus, make our hearts more like your own”.Saint Paul, for his part, urged his hearers to pray not for the strength to do good works, but “to have the same mind among you that was in Christ Jesus” (Phil2:5).
    169.We need to remember that in the Roman Empire many of the poor, foreigners and others who lived on the fringes of society met with respect, affection and care from Christians.This explains why the apostate emperor Julian, in one of his letters, acknowledged that one reason why Christians were respected and imitated was the assistance they gave the poor and strangers, who were ordinarily ignored and treated with contempt.For Julian, it was intolerable that the Christians whom he despised, “in addition to feeding their own, also feed our poor and needy, who receive no help from us”.[166]The emperor thus insisted on the need to create charitable institutions to compete with those of the Christians and thus gain the respect of society: “There should be instituted in each city many accommodations so that the immigrants may enjoy our philanthropy… and make the Greeks accustomed to such works of generosity”.[167]Julian did not achieve his objective, no doubt because underlying those works there was nothing comparable to the Christian charity that respected the unique dignity of each person.
    170.By associating with the lowest ranks of society (cf.Mt25:31-46), “Jesusbrought the great novelty of recognizing the dignity of every person, especially those who were considered ‘unworthy’.This new principle in human history – which emphasizes that individuals are even more ‘worthy’ of our respect and love when they are weak, scorned, or suffering, even to the point of losing the human ‘figure’ – has changed the face of the world.It has given life to institutions that take care of those who find themselves in disadvantaged conditions, such as abandoned infants, orphans, the elderly who are left without assistance, the mentally ill, people with incurable diseases or severe deformities, and those living on the streets”.[168]
    171.In contemplating the pierced heart of the Lord, who “took our infirmities and bore our diseases” (Mt8:17), we too are inspired to be more attentive to the sufferings and needs of others, and confirmed in our efforts to share in his work of liberation as instruments for the spread of his love.[169]As we meditate on Christ’s self-offering for the sake of all, we are naturally led to ask why we too should not be ready to give our lives for others: “We know love by this, that he laid down his life for us – and that we ought to lay down our lives for one another” (1 Jn3:16).
    ECHOES IN THE HISTORY OF SPIRITUALITY
    172.This bond between devotion to the heart of Jesus and commitment to our brothers and sisters has been a constant in the history of Christian spirituality.Let us consider a few examples.
    Being a fountain from which others can drink
    173.Starting with Origen, various Fathers of the Church reflected on the words of John 7:38 – “out of his heart shall flow rivers of living water” – which refer to those who, having drunk of Christ, put their faith in him.Our union with Christ is meant not only to satisfy our own thirst, but also to make us springs of living water for others.Origen wrote that Christ fulfils his promise by making fountains of fresh water well up within us: “The human soul, made in the image of God, can itself contain and pour forth wells, fountains and rivers”.[170]
    174.Saint Ambrose recommended drinking deeply of Christ, “in order that the spring of water welling up to eternal life may overflow in you”.[171]Marius Victorinus was convinced that the Holy Spirit has given of himself in such abundance that, “whoever receives him becomes a heart that pours forth rivers of living water”.[172]Saint Augustine saw this stream flowing from the believer as benevolence.[173]Saint Thomas Aquinas thus maintained that whenever someone “hastens to share various gifts of grace received from God, living water flows from his heart”.[174]
    175.Although “the sacrifice offered on the cross in loving obedience renders most abundant and infinite satisfaction for the sins of mankind”,[175]the Church, born of the heart of Christ, prolongs and bestows, in every time and place, the fruits of that one redemptive passion, which lead men and women to direct union with the Lord.
    176.In the heart of the Church, the mediation of Mary, as our intercessor and mother, can only be understood as “a sharing in the one source, which is the mediation of Christ himself”,[176]the sole Redeemer.For this reason, “the Church does not hesitate to profess the subordinate role of Mary”.[177]Devotion to the heart of Mary in no way detracts from the sole worship due the heart of Christ, but rather increases it: “Mary’s function as mother of humanity in no way obscures or diminishes this unique mediation of Christ, but rather shows its power”.[178]Thanks to the abundant graces streaming from the open side of Christ, in different ways the Church, the Virgin Mary and all believers become themselves streams of living water.In this way, Christ displays his glory in and through our littleness.
    Fraternity and mysticism
    177.Saint Bernard, in exhorting us to union with the heart of Christ, draws upon the richness of this devotion to call for a conversion grounded in love.Bernard believed that our affections, enslaved by pleasures, may nonetheless be transformed and set free, not by blind obedience to a commandment but rather in response to the delectable love of Christ.Evil is overcome by good, conquered by the flowering of love: “Love the Lord your God with the full and deep affection of all your heart; love him with your mind wholly alert and intent; love him with all your strength, so much so that you would not even fear to die for love of him…Your affection for the Lord Jesus should be both sweet and intimate, to oppose the sweet enticements of the sensual life.Sweetness conquers sweetness, as one nail drives out another”.[179]
    178.Saint Francis de Sales was particularly taken by Jesus’ words, “Learn from me; for I am gentle and humble in heart” (Mt11:29).Even in the most simple and ordinary things, he said, we can “steal” the Lord’s heart.“Those who would serve him acceptably must give heed not only to lofty and important matters, but to things mean and little, since by both alike we may win his heart and love…I mean the acts of daily forbearance, the headache, the toothache, the heavy cold; the tiresome peculiarities of a husband or wife, the broken glass, the loss of a ring, a handkerchief, a glove; the sneer of a neighbour; the effort of going to bed early in order to rise early for prayer or communion, the little shyness some people feel in openly performing religious duties… Be sure that all these sufferings, small as they are, if accepted lovingly, are most pleasing to God’s goodness”.[180]Ultimately, however, our response to the love of the heart of Christ is manifested in love of our neighbour: “a love that is firm, constant, steady, unconcerned with trivial matters or people’s station in life, not subject to changes or animosity…Our Lord loves us unceasingly, puts up with so many of our defects and our flaws.Precisely because of this, we must do the same with our brothers and sisters, never tiring of putting up with them”.[181]
    179.Saint Charles de Foucauld sought to imitate Jesus by living and acting as he did, in a constant effort to do what Jesus would have done in his place.Only by being conformed to the sentiments of the heart of Christ could he fully achieve this goal.Here too we find the idea of “love for love”.In his words, “I desire sufferings in order to return love for love, to imitate him… to enter into his work, to offer myself with him, the nothingness that I am, as a sacrifice, as a victim, for the sanctification of men”.[182]The desire to bring the love of Jesus to others, his missionary outreach to the poorest and most forgotten of our world, led him to take as his emblem the words, “Iesus-Caritas”, with the symbol of the heart of Christ surmounted by a cross.[183]Nor was this a light decision: “With all my strength I try to show and prove to these poor lost brethren that our religion is all charity, all fraternity, and that its emblem is a heart”.[184]He wanted to settle with other brothers “in Morocco, in the name of the heart of Jesus”.[185]In this way, their evangelizing work could radiate outwards: “Charity has to radiate from our fraternities, as it radiates from the heart of Jesus”.[186]This desire gradually made him a “universal brother”.Allowing himself to be shaped by the heart of Christ, he sought to shelter the whole of suffering humanity in his fraternal heart: “Our heart, like that of Jesus, must embrace all men and women”.[187]“The love of the heart of Jesus for men and women, the love that he demonstrated in his passion, this is what we need to have for all human beings”.[188]
    180.Father Henri Huvelin, the spiritual director of Saint Charles de Foucauld, observed that, “when our Lord dwells in a heart, he gives it such sentiments, and this heart reaches out to the least of our brothers and sisters.Such was the heart of Saint Vincent de Paul…When our Lord lives in the soul of a priest, he makes him reach out to the poor”.[189]It is important to realize that the apostolic zeal of Saint Vincent, as Father Huvelin describes it, was also nurtured by devotion to the heart of Christ.Saint Vincent urged his confreres to “find in the heart of our Lord a word of consolation for the poor sick person”.[190]If that word is to be convincing, our own heart must first have been changed by the love and tenderness of the heart of Christ.Saint Vincent often reiterated this conviction in his homilies and counsels, and it became a notable feature of the Constitutions of his Congregation: “We should make a great effort to learn the following lesson, also taught by Christ: ‘Learn from me, for I am gentle and humble of heart’.We should remember that he himself said that by gentleness we inherit the earth.If we act on this, we will win people over so that they will turn to the Lord.That will not happen if we treat people harshly or sharply”.[191]
    REPARATION: BUILDING ON THE RUINS
    181.All that has been said thus far enables us to understand in the light of God’s word the proper meaning of the “reparation” to the heart of Christ that the Lord expects us, with the help of his grace, to “offer”.The question has been much discussed, but Saint John Paul II has given us a clear response that can guide Christians today towards a spirit of reparation more closely attuned to the Gospels.
    The social significance of reparation to the heart of Christ
    182.Saint John Paul explained that by entrusting ourselves together to the heart of Christ, “over the ruins accumulated by hatred and violence, the greatly desired civilization of love, the Kingdom of the heart of Christ, can be built”.This clearly requires that we “unite filial love for God and love of neighbour”, and indeed this is “the true reparation asked by the heart of the Saviour”.[192]In union with Christ, amid the ruins we have left in this world by our sins, we are called to build a new civilization of love.That is what it means to make reparation as the heart of Christ would have us do.Amid the devastation wrought by evil, the heart of Christ desires that we cooperate with him in restoring goodness and beauty to our world.
    183.All sin harms the Church and society; as a result, “every sin can undoubtedly be considered as a social sin” and this is especially true for those sins that “by their very matter constitute a direct attack on one’s neighbour”.[193]Saint John Paul II explained that the repetition of these sins against others often consolidates a “structure of sin” that has an effect on the development of peoples.[194]Frequently, this is part of a dominant mind-set that considers normal or reasonable what is merely selfishness and indifference.This then gives rise to social alienation: “A society is alienated if its forms of social organization, production and consumption make it more difficult to offer the gift of self and to establish solidarity between people”.[195]It is not only a moral norm that leads us to expose and resist these alienated social structures and to support efforts within society to restore and consolidate the common good.Rather, it is our “conversion of heart” that “imposes the obligation”[196]to repair these structures.It is our response to the love of the heart of Jesus, which teaches us to love in turn.
    184.Precisely because evangelical reparation possesses this vital social dimension, our acts of love, service and reconciliation, in order to be truly reparative, need to be inspired, motivated and empowered by Christ.Saint John Paul II also observed that “to build the civilization of love”,[197]our world today needs the heart of Christ.Christian reparation cannot be understood simply as a congeries of external works, however indispensable and at times admirable they may be.These need a “mystique”, a soul, a meaning that grants them strength, drive and tireless creativity.They need the life, the fire and the light that radiate from the heart of Christ.
    Mending wounded hearts
    185.Nor is a merely outward reparation sufficient, either for our world or for the heart of Christ.If each of us considers his or her own sins and their effect on others, we will realize that repairing the harm done to this world also calls for a desire to mend wounded hearts where the deepest harm was done, and the hurt is most painful.
    186.A spirit of reparation thus “leads us to hope that every wound can be healed, however deep it may be.Complete reparation may at times seem impossible, such as when goods or loved ones are definitively lost, or when certain situations have become irremediable.Yet the intention to make amends, and to do so in a concrete way, is essential for the process of reconciliation and a return to peace of heart”.[198]
    The beauty of asking forgiveness
    187.Good intentions are not enough.There has to be an inward desire that finds expression in our outward actions.“Reparation, if it is to be Christian, to touch the offended person’s heart and not be a simple act of commutative justice, presupposes two demanding things:acknowledging our guiltandasking forgiveness…It is from the honest acknowledgment of the wrong done to our brother or sister, and from the profound and sincere realization that love has been compromised, that the desire to make amends arises”.[199]
    188.We should never think that acknowledging our sins before others is somehow demeaning or offensive to our human dignity.On the contrary, it demands that we stop deceiving ourselves and acknowledge our past for what it is, marred by sin, especially in those cases when we caused hurt to our brothers and sisters.“Self-accusation is part of Christian wisdom…It is pleasing to the Lord, because the Lord accepts a contrite heart”.[200]
    189.Part of this spirit of reparation is the custom of asking forgiveness from our brothers and sisters, which demonstrates great nobility amid our human weakness.Asking forgiveness is a means of healing relationships, for it “re-opens dialogue and manifests the will to re-establish the bond of fraternal charity…It touches the heart of our brother or sister, brings consolation and inspires acceptance of the forgiveness requested. Even if the irreparable cannot be completely repaired, love can always be reborn, making the hurt bearable”.[201]
    190.A heart capable of compunction will grow in fraternity and solidarity.Otherwise, “we regress and grow old within”, whereas when “our prayer becomes simpler and deeper, grounded in adoration and wonder in the presence of God, we grow and mature.We become less attached to ourselves and more attached to Christ.Made poor in spirit, we draw closer to the poor, those who are dearest to God”.[202]This leads to a true spirit of reparation, for “those who feel compunction of heart increasingly feel themselves brothers and sisters to all the sinners of the world; renouncing their airs of superiority and harsh judgments, they are filled with a burning desire to show love and make reparation”.[203]The sense of solidarity born of compunction also enables reconciliation to take place.The person who is capable of compunction, “rather than feeling anger and scandal at the failings of our brothers and sisters, weeps for their sins.There occurs a sort of reversal, where the natural tendency to be indulgent with ourselves and inflexible with others is overturned and, by God’s grace, we become strict with ourselves and merciful towards others”.[204]
    REPARATION: AN EXTENSION OF THE HEART OF CHRIST
    191.There is another, complementary, approach to reparation, which allows us to set it in an even more direct relationship with the heart of Christ, without excluding the aspect of concrete commitment to our brothers and sisters.
    192.Elsewhere I have suggested that, “God has in some way sought to limit himself in such a way that many of the things we think of as evils, dangers or sources of suffering, are in reality part of the pains of childbirth which he uses to draw us into the act of cooperation with the Creator”.[205]This cooperation on our part can allow the power and the love of God to expand in our lives and in the world, whereas our refusal or indifference can prevent it.Several passages of the Bible express this metaphorically, as when the Lord cries out, “If only you would return to me, O Israel!” (cf.Jer4:1).Or when, confronted with rejection by his people, he says, “My heart recoils within me; my compassion grows warm and tender” (Hos11:8).
    193.Even though it is not possible to speak of new suffering on the part of the glorified Lord,“the paschal mystery of Christ… and all that Christ is – all that he did and suffered for all men – participates in the divine eternity, and so transcends all times while being made present in them all”.[206]We can say that he has allowed the expansive glory of his resurrection to be limited and the diffusion of his immense and burning love to be contained, in order to leave room for our free cooperation with his heart.Our rejection of his love erects a barrier to that gracious gift, whereas our trusting acceptance of it opens a space, a channel enabling it to pour into our hearts.Our rejection or indifference limits the effects of his power and the fruitfulness of his love in us.If he does not encounter openness and confidence in me, his love is deprived – because he himself has willed it – of its extension, unique and unrepeatable, in my life and in this world, where he calls me to make him present.Again, this does not stem from any weakness on his part but rather from his infinite freedom, his mysterious power and his perfect love for each of us.When God’s power is revealed in the weakness of our human freedom, “only faith can discern it”.[207]
    194.Saint Margaret Mary recounted that, in one of Christ’s appearances, he spoke of his heart’s passionate love for us, telling her that, “unable to contain the flames of his burning charity, he must spread them abroad”.[208]Since the Lord, who can do all things, desired in his divine freedom to require our cooperation, reparation can be understood as our removal of the obstacles we place before the expansion of Christ’s love in the world by our lack of trust, gratitude and self-sacrifice.
    An Oblation to Love
    195.To help us reflect more deeply on this mystery, we can turn once more to the luminous spirituality of Saint Therese of the Child Jesus.Therese was aware that in certain quarters an extreme form of reparation had developed, based on a willingness to offer oneself in sacrifice for others, and to become in some sense a “lightning rod” for the chastisements of divine justice.In her words, “I thought about the souls who offer themselves as victims of God’s justice in order to turn away the punishments reserved to sinners, drawing them upon themselves”.[209]However, as great and generous as such an offering might appear, she did not find it overly appealing: “I was far from feeling attracted to making it”.[210]So great an emphasis on God’s justice might eventually lead to the notion that Christ’s sacrifice was somehow incomplete or only partly efficacious, or that his mercy was not sufficiently powerful.
    196.With her great spiritual insight, Saint Therese discovered that we can offer ourselves in another way, without the need to satisfy divine justice but by allowing the Lord’s infinite love to spread freely: “O my God!Is your disdained love going to remain closed up within your heart?It seems to me that if you were to find souls offering themselves as victims of holocaust to your love, you would consume them rapidly; it seems to me, too, that you would be happy not to hold back the waves of infinite tenderness within you”.[211]
    197.While nothing need be added to the one redemptive sacrifice of Christ, it remains true that our free refusal can prevent the heart of Christ from spreading the “waves of his infinite tenderness” in this world.Again, this is because the Lord wishes to respect our freedom.More than divine justice, it was the fact that Christ’s love might be refused that troubled the heart of Saint Therese, because for her, God’s justice is understood only in the light of his love.As we have seen, she contemplated all God’s perfections through his mercy, and thus saw them transfigured and resplendent with love.In her words, “even his justice (and perhaps this even more so than the others) seems to me clothed in love”.[212]
    198.This was the origin of her Act of Oblation, not to God’s justice but to his merciful love.“I offer myself as a victim of holocaust to your merciful love, asking you to consume me incessantly, allowing the waves of infinite tenderness shut up within you to overflow into my soul, and that thus I may become a martyr of your love”.[213]It is important to realize that, for Therese, this was not only about allowing the heart of Christ to fill her heart, through her complete trust, with the beauty of his love, but also about letting that love, through her life, spread to others and thus transform the world.Again, in her words, “In the heart of the Church, my Mother, I shall be love… and thus my dream will be realized”.[214]The two aspects were inseparably united.
    199.The Lord accepted her oblation.We see that shortly thereafter she stated that she felt an intense love for others and maintained that it came from the heart of Christ, prolonged through her.So she told her sister Léonie: “I love you a thousand times more tenderly than ordinary sisters love each other, for I can love you with the heart of our celestial spouse”.[215]Later, to Maurice Bellière she wrote, “How I would like to make you understand the tenderness of the heart of Jesus, what he expects from you!”[216]
    Integrity and Harmony
    200.Sisters and brothers, I propose that we develop this means of reparation, which is, in a word, to offer the heart of Christ a new possibility of spreading in this world the flames of his ardent and gracious love.While it remains true that reparation entails the desire to “render compensation for the injuries inflicted on uncreated Love, whether by negligence or grave offense”,[217]the most fitting way to do this is for our love to offer the Lord a possibility of spreading, in amends for all those occasions when his love has been rejected or refused.This involves more than simply the “consolation” of Christ of which we spoke in the previous chapter; it finds expression in acts of fraternal love by which we heal the wounds of the Church and of the world.In this way, we offer the healing power of the heart of Christ new ways of expressing itself.
    201.The sacrifices and sufferings required by these acts of love of neighbour unite us to the passion of Christ.In this way, “by that mystic crucifixion of which the Apostle speaks, we shall receive the abundant fruits of its propitiation and expiation, for ourselves and for others”.[218]Christ alone saves us by his offering on the cross; he alone redeems us, for “there is one God; there is also one mediator between God and men, the man Christ Jesus, who gave himself as a ransom for all” (1Tim2:5-6).The reparation that we offer is a freely accepted participation in his redeeming love and his one sacrifice.We thus complete in our flesh “what is lacking in Christ’s afflictions for the sake of his body, that is, the Church” (Col1:24); and Christ himself prolongs through us the effects of his complete and loving self-oblation.
    202.Often, our sufferings have to do with our own wounded ego.The humility of the heart of Christ points us towards the path of abasement.God chose to come to us in condescension and littleness.The Old Testament had already shown us, with a variety of metaphors, a God who enters into the heart of history and allows himself to be rejected by his people.Christ’s love was shown amid the daily life of his people, begging, as it were, for a response, as if asking permission to manifest his glory.Yet “perhaps only once did the Lord Jesus refer to his own heart, in his own words.And he stresses this sole feature: ‘gentleness and lowliness’, as if to say that only in this way does he wish to win us to himself”.[219]When he said, “Learn from me, for I am gentle and humble in heart” (Mt11:29), he showed us that “to make himself known, he needs our littleness, our self-abasement”.[220]
    203.In what we have said, it is important to note several inseparable aspects.Acts of love of neighbour, with the renunciation, self-denial, suffering and effort that they entail, can only be such when they are nourished by Christ’s own love.He enables us to love as he loved, and in this way he loves and serves others through us.He humbles himself to show his love through our actions, yet even in our slightest works of mercy, his heart is glorified and displays all its grandeur.Once our hearts welcome the love of Christ in complete trust, and enable its fire to spread in our lives, we become capable of loving others as Christ did, in humility and closeness to all.In this way, Christ satisfies his thirst and gloriously spreads the flames of his ardent and gracious love in us and through us.How can we fail to see the magnificent harmony present in all this?
    204.Finally, in order to appreciate this devotion in all of its richness, it is necessary to add, in the light of what we have said about its Trinitarian dimension, that the reparation made by Christ in his humanity is offered to the Father through the working of the Holy Spirit in each of us.Consequently, the reparation we offer to the heart of Christ is directed ultimately to the Father, who is pleased to see us united to Christ whenever we offer ourselves through him, with him and in him.
    BRINGING LOVE TO THE WORLD
    205.The Christian message is attractive when experienced and expressed in its totality: not simply as a refuge for pious thoughts or an occasion for impressive ceremonies.What kind of worship would we give to Christ if we were to rest content with an individual relationship with him and show no interest in relieving the sufferings of others or helping them to live a better life?Would it please the heart that so loved us, if we were to bask in a private religious experience while ignoring its implications for the society in which we live?Let us be honest and accept the word of God in its fullness.On the other hand, our work as Christians for the betterment of society should not obscure its religious inspiration, for that, in the end, would be to seek less for our brothers and sisters than what God desires to give them.For this reason, we should conclude this chapter by recalling the missionary dimension of our love for the heart of Christ.
    206.Saint John Paul II spoke of the social dimension of devotion to the heart of Christ, but also about “reparation, which is apostolic cooperation in the salvation of the world”.[221]Consecration to the heart of Christ is thus “to be seen in relation to the Church’s missionary activity, since it responds to the desire of Jesus’ heart to spread throughout the world, through the members of his Body, his complete commitment to the Kingdom”.[222]As a result, “through the witness of Christians, love will be poured into human hearts, to build up the body of Christ which is the Church, and to build a society of justice, peace and fraternity”.[223]
    207.The flames of love of the Sacred Heart of Jesus also expand through the Church’s missionary outreach, which proclaims the message of God’s love revealed in Christ.Saint Vincent de Paul put this nicely when he invited his disciples to pray to the Lord for “this spirit, this heart that causes us to go everywhere, this heart of the Son of God, the heart of our Lord, that disposes us to go as he went…he sends us, like [the apostles], to bring fire everywhere”.[224]
    208.Saint Paul VI, addressing religious Congregations dedicated to the spread of devotion to the Sacred Heart, made the following observation.“There can be no doubt that pastoral commitment and missionary zeal will fan into flame, if priests and laity alike, in their desire to spread the glory of God, contemplate the example of eternal love that Christ has shown us, and direct their efforts to make all men and women sharers in the unfathomable riches of Christ”.[225]As we contemplate the Sacred Heart, mission becomes a matter of love.For the greatest danger in mission is that, amid all the things we say and do, we fail to bring about a joyful encounter with the love of Christ who embraces us and saves us.
    209.Mission, as a radiation of the love of the heart of Christ, requires missionaries who are themselves in love and who, enthralled by Christ, feel bound to share this love that has changed their lives.They are impatient when time is wasted discussing secondary questions or concentrating on truths and rules, because their greatest concern is to share what they have experienced.They want others to perceive the goodness and beauty of the Beloved through their efforts, however inadequate they may be.Is that not the case with any lover?We can take as an example the words with which Dante Alighieri sought to express this logic of love:
    “Io dico che, pensando al suo valore
    amor si dolce si mi si fa sentire,
    che s’io allora non perdessi ardire
    farei parlando innamorar la gente”.[226]
    210.To be able to speak of Christ, by witness or by word, in such a way that others seek to love him, is the greatest desire of every missionary of souls.This dynamism of love has nothing to do with proselytism; the words of a lover do not disturb others, they do not make demands or oblige, they only lead others to marvel at such love.With immense respect for their freedom and dignity, the lover simply waits for them to inquire about the love that has filled his or her life with such great joy.
    211.Christ asks you never to be ashamed to tell others, with all due discretion and respect, about your friendship with him.He asks that you dare to tell others how good and beautiful it is that you found him.“Everyone who acknowledges me before others, I also will acknowledge before my Father in heaven” (Mt10:32).For a heart that loves, this is not a duty but an irrepressible need: “Woe to me if I do not proclaim the Gospel!” (1 Cor9:16).“Within me there is something like a burning fire shut up in my bones; I am weary with holding it in, and I cannot” (Jer20:9).
    In communion of service
    212.We should not think of this mission of sharing Christ as something only between Jesus and me.Mission is experienced in fellowship with our communities and with the whole Church.If we turn aside from the community, we will be turning aside from Jesus.If we turn our back on the community, our friendship with Jesus will grow cold.This is a fact, and we must never forget it.Love for the brothers and sisters of our communities – religious, parochial, diocesan and others – is a kind of fuel that feeds our friendship with Jesus.Our acts of love for our brothers and sisters in community may well be the best and, at times, the only way that we can witness to others our love for Jesus Christ.He himself said, “By this everyone will know that you are my disciples, if you have love for one another” (Jn13:35).
    213.This love then becomes service within the community.I never tire of repeating that Jesus told us this in the clearest terms possible: “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).He now asks you to meet him there, in every one of our brothers and sisters, and especially in the poor, the despised and the abandoned members of society.What a beautiful encounter that can be!
    214.If we are concerned with helping others, this in no way means that we are turning away from Jesus.Rather, we are encountering him in another way.Whenever we try to help and care for another person, Jesus is at our side.We should never forget that, when he sent his disciples on mission, “the Lord worked with them” (Mk16:20).He is always there, always at work, sharing our efforts to do good.In a mysterious way, his love becomes present through our service.He speaks to the world in a language that at times has no need of words.
    215.Jesus is calling you and sending you forth to spread goodness in our world.His call is one of service, a summons to do good, perhaps as a physician, a mother, a teacher or a priest.Wherever you may be, you can hear his call and realize that he is sending you forth to carry out that mission.He himself told us, “I am sending you out” (Lk10:3).It is part of our being friends with him.For this friendship to mature, however, it is up to you to let him send you forth on a mission in this world, and to carry it out confidently, generously, freely and fearlessly.If you stay trapped in your own comfort zone, you will never really find security; doubts and fears, sorrow and anxiety will always loom on the horizon.Those who do not carry out their mission on this earth will find not happiness, but disappointment.Never forget that Jesus is at your side at every step of the way.He will not cast you into the abyss, or leave you to your own devices.He will always be there to encourage and accompany you.He has promised, and he will do it: “For I am with you always, to the end of the age” (Mt28:20).
    216.In your own way, you too must be a missionary, like the apostles and the first disciples of Jesus, who went forth to proclaim the love of God, to tell others that Christ is alive and worth knowing.Saint Therese experienced this as an essential part of her oblation to merciful Love: “I wanted to give my Beloved to drink and I felt myself consumed with a thirst for souls”.[227]That is your mission as well.Each of us must carry it out in his or her own way; you will come to see how you can be a missionary.Jesus deserves no less.If you accept the challenge, he will enlighten you, accompany you and strengthen you, and you will have an enriching experience that will bring you much happiness.It is not important whether you see immediate results; leave that to the Lord who works in the secret of our hearts.Keep experiencing the joy born of our efforts to share the love of Christ with others.
    CONCLUSION
    217.The present document can help us see that the teaching of the social EncyclicalsLaudato Si’andFratelli Tuttiis not unrelated to our encounter with the love of Jesus Christ.For it is by drinking of that same love that we become capable of forging bonds of fraternity, of recognizing the dignity of each human being, and of working together to care for our common home.
    218.In a world where everything is bought and sold, people’s sense of their worth appears increasingly to depend on what they can accumulate with the power of money.We are constantly being pushed to keep buying, consuming and distracting ourselves, held captive to a demeaning system that prevents us from looking beyond our immediate and petty needs.The love of Christ has no place in this perverse mechanism, yet only that love can set us free from a mad pursuit that no longer has room for a gratuitous love.Christ’s love can give a heart to our world and revive love wherever we think that the ability to love has been definitively lost.
    219.The Church also needs that love, lest the love of Christ be replaced with outdated structures and concerns, excessive attachment to our own ideas and opinions, and fanaticism in any number of forms, which end up taking the place of the gratuitous love of God that liberates, enlivens, brings joy to the heart and builds communities.The wounded side of Christ continues to pour forth that stream which is never exhausted, never passes away, but offers itself time and time again to all those who wish to love as he did.For his love alone can bring about a new humanity.
    220.I ask our Lord Jesus Christ to grant that his Sacred Heart may continue to pour forth the streams of living water that can heal the hurt we have caused, strengthen our ability to love and serve others, and inspire us to journey together towards a just, solidary and fraternal world.Until that day when we will rejoice in celebrating together the banquet of the heavenly kingdom in the presence of the risen Lord, who harmonizes all our differences in the light that radiates perpetually from his open heart.May he be blessed forever.
    Given in Rome, at Saint Peter’s, on 24 October of the year 2024, the twelfth of my Pontificate.
    FRANCIS
    ______________________________
    [1]Many of the reflections in this first chapter were inspired by the unpublished writings of the late Father Diego Fares, S.J.May the Lord grant him eternal rest.
    [2]Cf. HOMER,Iliad, XXI, 441.
    [3]Cf.Iliad, X, 244.
    [4]Cf. PLATO,Timaeus, 65 c-d; 70.
    [5]Homily at Morning Mass in Domus Sanctae Marthae, 14 October 2016:L’Osservatore Romano, 15 October 2016, p. 8.
    [6]SAINT JOHN PAUL II,Angelus, 2 July 2000:L’Osservatore Romano, 3-4 July 2000, p. 4.
    [7]ID.,Catechesis, 8 June 1994:L’Osservatore Romano, 9 June 1994, p. 5.
    [8]The Demons(1873).
    [9]ROMANO GUARDINI,Religiöse Gestalten in Dostojewskijs Werk, Mainz/Paderborn, 1989, pp. 236ff.
    [10]KARL RAHNER,“Some Theses for a Theology of Devotion to the Sacred Heart”, inTheological Investigations, vol. III, Baltimore-London, 1967, p. 332.
    [11]Ibid., p. 333.
    [12]BYUNG-CHUL HAN,Heideggers Herz.Zum Begriff der Stimmung bei Martin Heidegger, München, 1996, p. 39.
    [13]Ibid., p. 60; cf. p. 176.
    [14]Cf. ID.,Agonie des Eros, Berlin, 2012.
    [15]Cf. MARTIN HEIDEGGER,Erläuterungen zu Hölderlins Dichtung, Frankfürt a. M., 1981, p. 120.
    [16]Cf. MICHEL DE CERTEAU,L’espace du désir ou le «fondement» des Exercises Spirituels:Christus77 (1973), pp. 118-128.
    [17]Itinerarium Mentis in Deum, VII, 6.
    [18]ID.,Proemium in I Sent.,q. 3.
    [19]SAINT JOHN HENRY NEWMAN,Meditations and Devotions, London, 1912, Part III [XVI], par. 3, pp. 573-574.
    [20]Pastoral ConstitutionGaudium et Spes, 82.
    [21]Ibid., 10.
    [22]Ibid., 14.
    [23]Cf.DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 8.Cf.L’Osservatore Romano, 8 April 2024.
    [24]Pastoral ConstitutionGaudium et Spes, 26.
    [25]SAINT JOHN PAUL II,Angelus, 28 June 1998:L’Osservatore Romano, 30 June-1 July 1998, p. 7.
    [26]Encyclical LetterLaudato Si’(24 May 2015),83: AAS 107 (2015), 880.
    [27]Homily at Morning Mass in Domus Sanctae Marthae, 7 June 2013:L’Osservatore Romano, 8 June 2013, p. 8.
    [28]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 316.
    [29]PIUS VI, ConstitutionAuctorem Fidei(28 August 1794), 63: DH 2663.
    [30]LEO XIII,Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [31]Ibid:“Inest in Sacro Corde symbolum et expressa imago infinitæ Iesu Christi caritatis”.
    [32]Angelus, 9 June 2013:L’Osservatore Romano, 10-11 June 2013, p. 8.
    [33]We canthus understand why the Church has forbidden placing on the altar representations of the heart of Jesus or Mary alone (cf. Response of the Congregation of Sacred Rites to the Reverend Charles Lecoq, P.S.S., 5 April 1879:Decreta Authentica Congregationis Sacrorum Rituum ex Actis ejusdem Collecta, vol. III, 107-108, n. 3492).Outside the liturgy, “for private devotion” (ibid.), the symbolism of a heart can be used as a teaching aid, an aesthetic figure or an emblem that invites one to meditate on the love of Christ, but this risks taking the heart as an object of adoration or spiritual dialogue apart from the Person of Christ.On 31 March 1887, the Congregation gave another, similar response (ibid., 187, n. 3673).
    [34]ECUMENICAL COUNCIL OF TRENT, Session XXV, DecreeMandat Sancta Synodus(3 December 1563): DH 1823.
    [35]FIFTH GENERAL CONFERENCE OF THE LATIN AMERICAN AND CARIBBEAN BISHOPS,Aparecida Document(29 June 2007), n. 259.
    [36]Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 323-324.
    [37]Ep. 261, 3: PG 32, 972.
    [38]In Io. homil.63, 2: PG 59, 350.
    [39]De fide ad Gratianum, II, 7, 56: PL 16, 594 (ed. 1880).
    [40]Enarr. in Ps. 87, 3: PL 37, 1111.
    [41]Cf.De fide orth. 3, 6, 20: PG 94, 1006, 1081.
    [42]OLEGARIO GONZÁLEZ DE CARDEDAL,La entraña del cristianismo, Salamanca, 2010, 70-71.
    [43]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [44]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), II: AAS 48 (1956), 327-328.
    [45]Ibid.: AAS 48 (1956), 343-344.
    [46]BENEDICT XVI,Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [47]VIGILIUS,ConstitutionInter Innumeras Sollicitudines(14 May 553):DH 420.
    [48]ECUMENICAL COUNCIL OF EPHESUS,Anathemas of Cyril of Alexandria, 8: DH 259.
    [49]SECOND ECUMENICAL COUNCIL OF CONSTANTINOPLE, Session VIII (2 June 553), Canon 9: DH 431.
    [50]SAINT JOHN OF THE CROSS,Spiritual Canticle, red.A, Stanza 22, 4.
    [51]Ibid., Stanza 12, 8.
    [52]Ibid., Stanza 12, 1.
    [53]“There is one God, the Father, from whom are all things and for whom we exist” (1 Cor8:6).“To our God and Father be glory forever and ever. Amen”(Phil4:20).“Blessed be the God and Father of our Lord Jesus Christ, the Father of mercies and the God of all consolation”(2 Cor1:3).
    [54]Apostolic LetterTertio Millennio Adveniente(10 November 1994), 49: AAS 87 (1995), 35.
    [55]Ad Rom., 7: PG 5, 694.
    [56]“That the world may know that I love the Father” (Jn14:31); “The Father and I are one” (Jn10:30); “I am in the Father and the Father is in me” (Jn14:10).
    [57]“Iam going to the Father” (pros ton Patéra:Jn16:28).“I am coming to you” (pros se:Jn17:11).
    [58]“eis ton kolpon tou Patrós”.
    [59]Adv. Haer., III, 18, 1: PG 7, 932.
    [60]In Joh.II, 2: PG 14, 110.
    [61]Angelus, 23 June 2002:L’Osservatore Romano, 24-25 June 2002, p. 1.
    [62]SAINT JOHN PAUL II,Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 3:L’Osservatore Romano, 12 June 1999, p. 5.
    [63]ID.,Angelus, 8 June 1986:L’Osservatore Romano, 9-10 June 1986, p. 5
    [64]Homily, Visit to the Gemelli Hospital and to the Faculty of Medicine of the Catholic University of the Sacred Heart, 27 June 2014:L’Osservatore Romano, 29 June 2014, p. 7.
    [65]Eph1:5, 7; 2:18; 3:12.
    [66]Eph2:5, 6; 4:15.
    [67]Eph1:3, 4, 6, 7, 11, 13, 15; 2:10, 13, 21, 22; 3:6, 11, 21.
    [68]Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 2:L’Osservatore Romano, 12 June 1999, p. 5.
    [69]“Since there is in the Sacred Heart a symbol and the express image of the infinite love of Jesus Christ that moves us to love one another, it is fit and proper that we should consecrate ourselves to his most Sacred Heart – an act that is nothing else than an offering and a binding of oneself to Jesus Christ, for whatever honour, veneration and love is given to this divine Heart is really and truly given to Christ himself…And now, today, behold another blessed and heavenly token is offered to our sight – the most Sacred Heart of Jesus, with a cross rising from it and shining forth with dazzling splendour amidst flames of love.In that Sacred Heart all our hopes should be placed, and from it the salvation of men is to be confidently besought” (Encyclical LetterAnnum Sacrum[25 May 1899]: ASS 31 [1898-1899], 649, 651).
    [70]“For is not the sum of all religion and therefore the pattern of more perfect life, contained in that most auspicious sign and in the form of piety that follows from it inasmuch as it more readily leads the minds of men to an intimate knowledge of Christ our Lord, and more efficaciously moves their hearts to love him more vehemently and to imitate him more closely?”(Encyclical LetterMiserentissimus Redemptor[8 May 1928]: AAS 20 [1928], 167).
    [71]“For it is perfectly clear that this devotion, if we examine its proper nature, is a most excellent act of religion, inasmuch as it demands the full and absolute determination of surrendering and consecrating oneself to the love of the divine Redeemer whose wounded heart is the living sign and symbol of that love…In it, we can contemplate not only the symbol, but also, as it were, the synthesis of the whole mystery of our redemption…Christ expressly and repeatedly pointed to his heart as the symbol by which men are drawn to recognize and acknowledge his love, and at the same time constituted it as the sign and pledge of his mercy and his grace for the needs of the Church in our time” (Encyclical LetterHaurietis Aquas[15 May 1956], Proemium, III, IV: AAS 48 [1956], 311, 336, 340).
    [72]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 9 June 1994, p. 5.
    [73]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [74]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 344.
    [75]Cf.ibid.: AAS 48 (1956), 336.
    [76]“The value of private revelations is essentially different from that of the one public revelation: the latter demands faith…A private revelation… is a help which is proffered, but its use is not obligatory” (BENEDICT XVI, Apostolic ExhortationVerbum Domini[30 September 2010], 14: AAS 102 [2010]), 696).
    [77]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 340.
    [78]Ibid.: AAS 48 (1956), 344.
    [79]Ibid.
    [80]Apostolic ExhortationC’est la Confiance(15 October 2023), 20:L’Osservatore Romano, 16 October 2023.
    [81]SAINT THERESE OF THE CHILD JESUS,Autobiography, Ms A, 83v°.
    [82]SAINT MARIA FAUSTINA KOWALSKA,Diary, 47 (22 February 1931),Marian Press, Stockbridge, 2011, p. 46.
    [83]Mishnah Sukkah, IV, 5, 9.
    [84]Letter to the Superior General of the Society of Jesus, Paray-le-Monial (France), 5 October 1986:L’Osservatore Romano, 7 October 1986, p. IX.
    [85]Acta Martyrum Lugdunensium, in EUSEBIUS OF CAESARIA,Historia Ecclesiastica, V, 1: PG 20, 418.
    [86]RUFINUS, V, 1, 22, in GCS,EusebiusII, 1, p. 411, 13ff.
    [87]SAINT JUSTIN,Dial.135,3: PG 6, 787
    [88]NOVATIAN,De Trinitate, 29: PL 3, 994; cf. SAINT GREGORY OF ELVIRA,Tractatus Origenis de libris Sanctarum Scripturarum, XX, 12: CSSL 69, 144.
    [89]Expl. Ps.1:33: PL 14, 983-984.
    [90]Cf.Tract. in Ioannem61, 6: PL 35, 1801.
    [91]Ep. ad Rufinum, 3, 4.3: PL 22, 334.
    [92]Sermones in Cant.61, 4: PL 183, 1072.
    [93]Expositio altera super Cantica Canticorum, c. 1: PL 180, 487.
    [94]WILLIAM OF SAINT-THIERRY,De natura et dignitate amoris, 1: PL 184, 379.
    [95]ID.,Meditivae Orationes, 8, 6: PL 180, 230.
    [96]SAINT BONAVENTURE,Lignum Vitae.De mysterio passionis, 30.
    [97]Ibid., 47.
    [98]Legatus divinae pietatis, IV, 4, 4: SCh 255, 66.
    [99]LÉON DEHON,Directoire spirituel des prêtres su Sacré Cœur de Jésus, Turnhout, 1936, II, ch. VII, n. 141.
    [100]Dialogue on Divine Providence, LXXV: FIORILLI M.-CARAMELLA S., eds., Bari, 1928, 144.
    [101]Cf., for example, ANGELUS WALZ,De veneratione divini cordis Iesu in Ordine Praedicatorum, Pontificium Institutum Angelicum, Rome, 1937.
    [102]RAFAEL GARCÍA HERREROS, Vida de San Juan Eudes, Bogotá, 1943, 42.
    [103]SAINT FRANCIS DE SALES,Letter to Jane Frances de Chantal, 24 April 1610.
    [104]Sermon forthe Second Sunday of Lent, 20 February 1622.
    [105]Letter to Jane Frances de Chantal, Solemnity of the Ascension, 1612.
    [106]Letter to Marie Aimée de Blonay, 18 February 1618.
    [107]Letter to Jane Frances de Chantal, late November 1609.
    [108]Letter to Jane Frances de Chantal, ca. 25 February 1610.
    [109]Entretien XIV, on religious simplicity and prudence.
    [110]Letter to Jane Frances de Chantal,10 June 1611.
    [111]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 53.
    [112]Ibid.
    [113]Ibid., n. 55.
    [114]Cf. DICASTERY FOR THE DOCTRINE OF THE FAITH,Norms for Proceeding in the Discernment of Alleged Supernatural Phenomena, 17 May 2024, I, A, 12.
    [115]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 92.
    [116]Letter to Sœur de la Barge, 22 October 1689.
    [117]Autobiography, n. 53.
    [118]Ibid., n. 55.
    [119]Sermon on Trust in God, inŒuvres du R.P de La Colombière, t. 5, Perisse, Lyon, 1854, p. 100.
    [120]Spiritual Exercises in London, 1-8 February 1677, inŒuvres du R.P de La Colombière, t. 7, Seguin, Avignon, 1832, p. 93.
    [121]Spiritual Exercises in Lyon, October-November 1674, ibid., p. 45.
    [122]SAINT CHARLES DE FOUCAULD,Letter to Madame de Bondy, 27 April 1897.
    [123]Letter to Madame de Bondy, 28 April 1901.Cf.Letter to Madame de Bondy, 5 April 1909: “Through you I came to know the adoration of the Blessed Sacrament, the benedictions and the Sacred Heart”.
    [124]Letter to Madame de Bondy, 7 April 1890.
    [125]Letter to l’Abbé Huvelin, 27 June 1892.
    [126]SAINT CHARLES DE FOUCAULD,Méditations sur l’Ancien Testament (1896-1897), XXX, 1-21.
    [127]ID.,Letter to l’Abbé Huvelin, 16 May 1900.
    [128]ID.,Diary, 17 May 1906.
    [129]Letter 67 to Mme. Guérin, 18 November 1888.
    [130]Letter 122 to Céline, 14 October 1890.
    [131]Poem 23, “To the Sacred Heart of Jesus”, June or October 1895.
    [132]Letter 247 to l’Abbé Maurice Bellière, 21 June 1897.
    [133]Last Conversations. Yellow Notebook, 11 July 1897, 6.
    [134]Letter 197 to Sister Marie of the Sacred Heart, 17 September 1896.This does not mean that Therese did not offer sacrifices, sorrows and troubles as a way of associating herself with the suffering of Christ, but that, in the end, she was concerned not to give these offerings an importance they did not have.
    [135]Letter 142 to Céline, 6 July 1893.
    [136]Letter 191 to Léonie, 12 July 1896.
    [137]Letter 226 to Father Roulland, 9 May 1897.
    [138]Letter 258 to l’Abbé Maurice Bellière, 18 July 1897.
    [139]Cf. SAINT IGNATIUS LOYOLA,Spiritual Exercises, 104.
    [140]Ibid., 297.
    [141]Cf.Letter to Ignatius Loyola, 23 January 1541.
    [142]De Vita P. Ignatii et Societatis Iesu initiis, ch. 8.96.
    [143]Spiritual Exercises, 54.
    [144]Ibid., 230ff.
    [145]THIRTY-THIRD GENERAL CONGREGATION OF THE SOCIETY OF JESUS, Decree 46, 1:Institutum Societatis Iesu, 2, Florence, 1893, 511.
    [146]In Him Alone is Our Hope. Texts on the Heart of Christ, St. Louis, 1984.
    [147]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [148]Conference to Priests, “Poverty”, 13 August 1655.
    [149]Conference to the Daughters of Charity, “Mortification, Correspondence, Meals and Journeys (Common Rules,art. 24-27), 9 December 1657.
    [150]SAINT DANIELE COMBONI,Gli scritti,Bologna, 1991, 998 (n. 3324).
    [151]Homily at the Mass of Canonization, 18 May 2003:L’Osservatore Romano, 19-20 May 2003, p. 6.
    [152]SAINT JOHN PAUL II, Encyclical LetterDives in Misericordia(30 November 1980), 1: AAS 72 (1980), 1219.
    [153]ID.,Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, 1.
    [154]COMBONIAN MISSIONARIES OF THE HEART OF JESUS,Rule of Life, 3.
    [155]SOCIETY OF THE SACRED HEART,Constitutions of 1982, 7.
    [156]Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [157]The believer’s act of faith has as its object not simply the doctrine proposed, but also union with Christ himself in the reality of his divine life (cf. SAINT THOMAS AQUINAS,Summa Theologiae, II-II, q. 1, a. 2, ad 2; q. 4, a. 1).
    [158]PIUS XI, Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [159]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [160]SAINT IGNATIUS LOYOLA,Spiritual Exercises, 203.
    [161]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [162]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 55.
    [163]Letter 133 to Father Croiset.
    [164]Autobiography, n. 92.
    [165]Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [166]IULIANUS IMP.,Ep. XLIX ad Arsacium Pontificem Galatiae, Mainz, 1828, 90-91.
    [167]Ibid.
    [168]DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 19:L’Osservatore Romano, 8 April 2024.
    [169]Cf. BENEDICT XVI,Letter to the Superior General of the Society of Jesus on the Fiftieth Anniversary of the Encyclical“Haurietis Aquas”(15 May 2006): AAS 98 (2006), 461.
    [170]In Num. homil.12, 1: PG 12, 657.
    [171]Epist. 29, 24: PL 16, 1060.
    [172]Adv.Arium1, 8: PL 8, 1044.
    [173]Tract. in Joannem32, 4: PL 35, 1643.
    [174]Expos. in Ev. S. Joannis, cap. VII, lectio 5.
    [175]PIUS XII, Encyclical LetterHaurietis Aquas, 15 May 1956: AAS 48 (1956), 321.
    [176]SAINT JOHN PAUL II, Encyclical LetterRedemptoris Mater(25 March 1987), 38: AAS 79 (1987), 411.
    [177]SECOND VATICAN ECUMENICAL COUNCIL, Dogmatic ConstitutionLumen Gentium, 62.
    [178]Ibid., 60.
    [179]Sermones super Cant.,XX, 4: PL 183, 869.
    [180]Introduction to the Devout Life, Part III, xxxv.
    [181]Sermon for the XVII Sunday after Pentecost.
    [182]Écrits spirituels, Paris 1947, 67.
    [183]After 19 March 1902, all his letters begin with the wordsJesus Caritasseparated by a heart surmounted by the cross.
    [184]Letter to l’Abbé Huvelin, 15 July 1904.
    [185]Letter to Dom Martin, 25 January 1903.
    [186]Cited in RENÉVOILLAUME, Les fraternités du Père de Foucauld, Paris, 1946, 173.
    [187]Méditations des saints Évangiles sur les passages relatifs à quinze vertus, Nazareth, 1897-1898,Charité(Mt13:3), 60.
    [188]Ibid.,Charité(Mt22:1), 90.
    [189]H. HUVELIN,Quelques directeurs d’âmes au XVII siècle, Paris, 1911, 97.
    [190]Conference, “Service of the Sick and Care of One’s own Health”, 11 November 1657.
    [191]Common Rules of the Congregation of the Mission, 17 May 1658, c. 2, 6.
    [192]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [193]SAINT JOHN PAUL II, Post-Synodal Apostolic ExhortationReconciliatio et Paenitentia(2 December 1984), 16: AAS 77 (1985), 215.
    [194]Cf. Encyclical LetterSollicitudo Rei Socialis(30 December 1987), 36: AAS 80 (1988), 561-562.
    [195]Encyclical LetterCentesimus Annus(1 May 1991), 41: AAS 83 (1991), 844-845.
    [196]Catechism of the Catholic Church, 1888.
    [197]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 4 May 1994, p. 5.
    [198]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [199]Ibid.
    [200]Homily at Morning Mass in Domus Sanctae Marthae, 6 March 2018:L’Osservatore Romano, 5-6 March 2018, p. 8.
    [201]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [202]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [203]Ibid.
    [204]Ibid.
    [205]Encyclical LetterLaudato Si’(24 May 2015), 80: AAS 107 (2015), 879.
    [206]Catechism of the Catholic Church, No. 1085.
    [207]Ibid., No. 268.
    [208]Autobiography, n. 53.
    [209]Ms A, 84r.
    [210]Ibid.
    [211]Ibid.
    [212]Ms A, 83v.; cf.Letter 226 to Father Roulland, 9 May 1897.
    [213]Act of Oblation to Merciful Love, 9 June 1895, 2r-2v.
    [214]Ms B, 3v.
    [215]Letter 186 to Léonie,11 April 1896.
    [216]Letter 258 to l’Abbé Bellière, 18 July 1897.
    [217]Cf. PIUS XI, Encyclical LetterMiserentissimus Redemptor, 8 May 1928: AAS 20 (1928), 169.
    [218]Ibid.: AAS 20 (1928), 172.
    [219]SAINT JOHN PAUL II, Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, p. 1.
    [220]Homily at Mass in Domus Sanctae Marthae, 27 June 2014:L’Osservatore Romano, 28 June 2014, p. 8.
    [221]Message for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus.L’Osservatore Romano, 12 June 1999, p. 5.
    [222]Ibid.
    [223]Letter to the Archbishop of Lyon on the occasion of the Pilgrimage of Paray-le-Monial for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, 4 June 1999:L’Osservatore Romano, 12 June 1999, p. 4.
    [224]Conference,“Repetition of Prayer”, 22 August 1655.
    [225]LetterDiserti interpretes(25 May 1965), 4:Enchiridion della Vita Consacrata, Bologna-Milano, 2001, n. 3809.
    [226]Vita NuovaXIX, 5-6: “I declare that, in thinking of its worth, love so sweet makes me feel that, if my courage did not fail me, I would speak out and make everyone else fall in love”.
    [227] Ms A, 45v.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Launch of new Chell Heath Family Hub provides vital early help to children and families

    Source: City of Stoke-on-Trent

    Published: Thursday, 24th October 2024

    Families in Stoke-on-Trent are benefitting from help and support from a range of city council, NHS and voluntary sector services, thanks to the continued rollout of Family Hubs in the city.

    Chell Heath Family Hub officially launches on 24 October at the site of the former Stoke North Children’s Centre, Bishop Road, Chell Heath, as part of a project being delivered with over £3.5 million of Government funding.

    Family Hubs offer bespoke advice and guidance to local communities, empowering families and offering advice, guidance and support.

    They are also an important part of the city council’s Family Matters programme, which provides families in the city with all the tips, advice and opportunities they need to thrive.

    Councillor Sarah Hill, cabinet member for children’s services, said: “It’s great news that a brand-new Family Hub is launching in Chell Heath. The vision for Family Hubs is to create easily accessible family support for everyone, in the knowledge that strong family relationships enhance the wellbeing of individuals and communities alike. 

    “We know that more early support means more children can remain with their families and fewer children need to come into care. This means every Family Hub is extra vital early help to keep children safely with their families.

    “A Family Hub means that families in the area will have access to a wider range of services and activities with the ability to drop in and link with services to support families. It’s also a new and improved centre after we’ve carried out works to the building so I’d encourage families in the area to come down on 24 October and find out what’s on offer.”

    Alongside supporting children’s educational attainment, wellbeing and life chances, the Family Hub will provide activities and groups for children and families as well as help with household budgeting, discounted food, pregnancy advice and support. Previously these services could be disjointed and hard to navigate but Family Hubs provide a single access point to support from a range of services.

    At the launch event there was:

    • A market stall event for organisations to promote their services and talk to families about how these can be accessed
    • The Bread and Butter Thing offering affordable food
    • Activities and taster sessions for children and families including:
      • Taster sessions of free universal groups we offer for families (sensory activities, babbling babies sessions, craft activities etc)
      •  Parenting courses – practitioners will be on hand to talk about the group work offer, what sessions cover, share feedback from families and explain how families can access these groups
      • Peer support groups who will speak to families about the services and support they offer
      • Outdoor activities for children and families run by partner agencies  

    Family Hubs are currently open in Tunstall, Normacot and Bentilee with other sites currently being developed. For 24/7 access to services, or for families that prefer to access online, the city council’s Digital Family Hub is available at https://familyhub.stoke.gov.uk/

    MIL OSI United Kingdom

  • MIL-OSI Video: UK Lord Butler of Brockwell: Lord Speaker’s Corner | House of Lords | Episode 22

    Source: United Kingdom UK House of Lords (video statements)

    ‘I’d heard bombs before, so I knew it was a bomb.’

    Forty years ago this month, Robin Butler – Principle Private Secretary to Margaret Thatcher – was in the room with the prime minister when the Brighton bomb exploded nearby in their hotel.

    ‘This is our opportunity to show that terrorism can’t defeat democracy’

    Now Lord Butler of Brockwell tells the Lord Speaker about his experience, from their initial reaction to the blast, to going back to retrieve the prime minister’s papers, and shares Margaret Thatcher’s response to his suggestion she postpone the start of the Conservative Party Conference the next morning.

    ‘I devoted my life to assisting politicians with government.’

    Lord Butler worked closely with five prime ministers, from Edward Heath to Tony Blair. In this episode he shares his experience of working with each of them either as private secretary or cabinet secretary. He speaks about later work of prime ministers on Northern Ireland, negotiations with Europe, why he joined the civil service and the growing role of special advisers. He also shares his thoughts on reforming the Civil Service, arguing that ‘you’ve got to reform it constantly… But you’ve got to lead the Civil Service in my view, and not drive them’

    See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

    #HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers

    https://www.youtube.com/watch?v=XIws-4TrWLE

    MIL OSI Video