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Indonesian banks have sufficient liquidity despite loan restructuring, pandemic: Economists

first_img“We believe that lower loan growth together with various relief measures introduced by the central bank should help to mitigate any potential pressure on funding and liquidity as a result of the coronavirus,” Hannify told The Jakarta Post on Monday. “We expect these ratios to continue to be maintained with a satisfactory buffer throughout 2020.”Read also: State banks say debt relief program could harm bottom lineLoan growth reached 7.95 percent year-on-year (yoy) in the first quarter, higher than the 6.08 percent recorded at the end of last year. However, no new loan demand was recorded in the period as the growth came from the disbursement of existing credit facilities, Financial Services Authority (OJK) chairman Wimboh Santoso said on Monday.The OJK and Bank Indonesia (BI) previously set a loan growth target of around 11 percent this year. The central bank recently slashed its projection to between 6 and 8 percent. The liquidity of Indonesian banks will remain in check despite economic risks brought by the COVID-19 pandemic and loan restructuring program that defers credit repayments, economists have said.Fitch Ratings director for banks Gary Hannify said Indonesia’s 12-largest banks had ample liquidity as reflected in liquidity coverage ratios of about 180 percent at the end of 2019, adding that the industry had above the 100 percent minimum liquidity requirement in recent years.The liquidity coverage ratio is the requirement in which banks must hold an amount of high-quality liquid assets that is enough to fund cash outflows for 30 days. Hannify went on to say that key sources of risk to the banks’ liquidity could stem from a greater-than-expected deterioration in asset quality or a considerable increase in restructuring that defers repayments.“Both would lower incoming cashflow,” he said. “However, loans that need and qualify for restructuring should remain a smaller proportion of the large banks’ loan books and the impact on liquidity should remain manageable for the banks.”The OJK revealed on Monday that 88 banks had provided 3.88 million debtors with credit restructuring worth Rp 336.97 trillion (US$22.57 billion), following the issuance of OJK Regulation No. 11/2020, which instructs financial institutions to provide relief for borrowers affected by the COVID-19 pandemic.Nearly 3.5 million applicants are micro, small and medium businesses (MSMEs) as the pandemic forced businesses to close amid large-scale social restrictions to curb the spread of the virus.Read also: Indonesia’s financial system at risk amid pandemic: KSSKMeanwhile, Wimboh said 7.8 million debtors might apply for credit restructuring worth Rp 1.11 quadrillion in 110 banks, adding that the banks had committed to taking part in the program.“We guarantee that the banks’ health would not be shaken because of rising NPL risks,” Wimboh told reporters, referring to non-performing loans or bad debt ratio. “We would help [banks improve their] liquidity together with Bank Indonesia and the Finance Ministry so they do not have liquidity issues.”Under Government Regulation (PP) No. 23/2020 on the national economic recovery program, which took effect on Monday, the government can place funds with certain interest rates at domestic banks, called participant banks, which provide loan restructuring and disburse additional loans to businesses to provide more liquidity to the banks.“The participant banks will later function as supporting banks to provide liquidity for [other] banks, including secondary banks [BPR] that have also provided loan restructuring and disbursed additional loans to businesses,” the PP reads.The liquidity provision will be in the form of a business-to-business scheme.BI has also lowered the reserve requirement ratio for banks that provide loans to export-import businesses, to small and medium businesses and to other prioritized sectors in a bid to provide more liquidity.BI Governor Perry Warjiyo said in April that the policy would boost banks’ liquidity by Rp 117.8 trillion.Read also: Government issues regulation on economic recovery program, focuses on SOEs, MSMEsBanks’ liquidity was deemed adequate after the central bank lowered the reserve requirement ratios, freeing up liquidity for banks to cope with the impacts of the COVID-19 pandemic, said Bank Central Asia (BCA) chief economist David Sumual.“Risks still loom for the banking industry, including higher NPL level and lower capital flows,” David told the Post.The OJK recorded an increase in NPL ratio to 2.77 percent during the first quarter, still below the 3 percent threshold, versus 2.53 percent recorded in December last year.Contacted separately, Permata Bank economist Josua Pardede said falling consumer demand for credit would cause NPLs to skyrocket and pressure banks’ liquidity.“Reopening the economy would help banks thrive amid the coronavirus outbreak, but it needs thorough preparation to prevent a second wave of the crisis,” Josua said.Topics :last_img read more

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Finnish pension funds defend domestic investment stance

first_imgFor Finland to interest investors, he said, the country must make sure the market functions and that all aspects of the environment are attractive for investment. “I have been particularly worried about the competitiveness of Finnish industry, as well as the regulatory and tax environment affecting the owners,” he said.“The fact private ownership in listed companies has been hit by several tax hikes in the past is a particular concern.”Timo Ritakallio, president and chief executive of pensions insurance company Ilmarinen, said he did not agree Finnish investors were increasingly investing outside the country.“The Finnish pension investors have invested almost 30% of their equity investments in the Finnish equities,” he said.“The share of Finnish equity investments is only slightly lower level that it was 10 years ago.”Looking at other asset classes, particularly real estate, he acknowledged that Finnish pension insurers were increasingly diversifying their investments outside Finland, adding that this was also the case for Ilmarinen.Of its total investment assets of more than €37bn, 30% is invested in Finland.“Ilmarinen is, for example, a key anchor investor in several listed companies and a major infrastructure investor,” Ritakallio said.“Therefore, we do not see any need to increase the share of the Finnish investments in our investment portfolio.”Timo Viherkenttä, chief executive of state pension fund VER (Valtion Eläkerahasto), said those investors that had not started diversifying their investments internationally now seemed to be doing so.But he added that Finnish pension funds did have a substantial share of their investments in the domestic market, even though the funds are relatively big in comparison to the domestic investment universe.“However, it is our job to take care of the pension money in an efficient way that enables pensions to be financed without needlessly high contribution rates,” he said.This, he said, is the most direct way to help the Finnish economy.“There are sometimes too high hopes on how investment in the domestic market would bolster the economy,” Viherkenttä said.“If we think of buying shares in a domestic listed company, the mechanisms through which this would actually help our economy are pretty unclear.”Viherkenttä said the notion that the pension fund would nominate “patriotic” directors to the board, who would favour investing in the home country regardless of the investment calculus, was rather “disturbing”. Ritakallio said Ilmarinen’s goal was to keep pension contributions on a reasonable level and the Finnish national economy competitive. “Diversification is a key element in our investment strategy,” he said. Finnish pension funds VER and Ilmarinen have defended their levels of investment in the local economy in the face of concern that Finnish institutions are becoming less able to invest in domestic equities.Kari Järvinen, managing director of state investment company Solidium, expressed concerns that investment bias of consumers and corporations in the country away from Finland was working against a domestic economic recovery.He told IPE: “Life companies, pension companies and P/C (property and casualty insurance) companies all have a diminishing capacity for various regulatory and portfolio reasons to invest in Finnish equities.”He said Varma and Ilmarinen had both said that, for portfolio reasons, their share of Finnish equities was likely to be smaller in future, while KEVA was likely to be a net seller in the coming years due to pension outflows.last_img read more

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Dossier ‘sent over a week ago’

first_img Ouseley said football continued to be “tainted” with discrimination and that “the football establishment knows and condones it”. He also said that when private exchanges become public knowledge that “the individuals concerned must accept the full consequences of their actions”. He added: “What you see at face value is not always reflective of the attitudes which are actually held deep down. It’s easy to present yourself as being reasonable and fair, and to behave in ways that hide prejudice and bias. “However, any in-depth forensic examination or analysis of hidden views would be likely to reveal otherwise. That is what makes it difficult to eliminate and eradicate such prejudices, bigotry and even hatred. “The governing bodies and the clubs must denounce such attitudes prevalent in the game, and take the appropriate action.” Tim Hartley, chairman of the Cardiff City Supporters’ Trust, said: “The Trust condemns without reservation any racist, homophobic and sexist comments whenever and wherever they are made. “We are not privileged to the details of the dossier concerning alleged comments made by our former manager Malky Mackay. “The Football Association has been sent documents by the club and we await the outcome of any investigation. It would be wrong of us to speculate further at this stage without any detailed information being made available.” Moody followed Mackay to Cardiff from Watford following the Scot’s appointment in the summer of 2011. Moody had worked as a football writer and agent before joining the Watford press office. He later became head of football operations at the Hertfordshire club. Earlier this week Palace were fined by the Premier League for their part in the ‘spygate’ saga involving Cardiff last April. The Premier League determined that Palace had breached its ‘good faith’ rule – B16 – by obtaining information about Cardiff’s team ahead of their 3-0 win when the two clubs were relegation rivals. The Welsh club had complained to the Premier League that Moody had contacted Cardiff employees for information in the build-up to the game, an accusation Moody denied. The Daily Mail has reported that the document contains allegations of racist, sexist and homophobic text messages and Mackay now looks to be out of the running to succeed Tony Pulis at Palace. The Welsh club have sent a report to the Football Association detailing a number of issues related to when former manager Mackay and Iain Moody, the Bluebirds’ former head of recruitment, were at Cardiff. Moody resigned as Palace sporting director on Thursday as the FA revealed it was investigating allegations of misconduct during his time at Cardiff. Press Association Sport understands the dossier was filed more than a week ago and its timing had nothing to do with Mackay being strongly linked with the Palace job. Cardiff owner Vincent Tan sacked Mackay in December 2013, just a few months after the Scot had ended the Bluebirds’ 51-year wait for top-flight football. Two months earlier Moody had been placed on gardening leave before being subsequently dismissed. Mackay launched a £7.5million legal claim against Tan for compensation and wrongful dismissal after his sacking but suddenly dropped the claim in May and issued an apology to the Malaysian businessman. Cardiff have declined to make any public comment on the dossier and the matter is now in the hands of the football authorities. An FA spokesman said: “The FA can confirm it is currently investigating this matter.” Kick It Out chairman Lord Herman Ouseley believes it is vital that, in cases where wrongdoing is proven, those involved in the game should not be able to excuse themselves by pointing to the fact that their comments or actions were not intended for public consumption. Cardiff’s dossier to the Football Association was not deliberately timed to have any effect on Malky Mackay’s candidacy for the Crystal Palace job, Press Association Sport understands. Press Associationlast_img read more

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Syracuse’s strong defensive performance overshadowed in 2-2 draw against No. 22 New Hampshire

first_img Published on September 8, 2019 at 11:36 pm Contact David: [email protected] Syracuse had defended well all game, but misplays and poor marking jobs could mean its once two-goal lead would vanish. The Orange were five minutes away from escaping with a win when one final mistake cost them a win over a ranked opponent.New Hampshire’s Donnett Sackie, a stocky, 6-foot-3 target man, snuck in front of SU’s Sondre Norheim at the front post and connected with a Fabian Lutz cross, sending it over the head of goalkeeper Jake Leahy and into the back netting. “Their best header of the ball had a free header,” SU head coach Ian McIntyre said. “There’s a big sign over him saying, ‘I’m going to head the ball.’ And he did.”Syracuse (1-1-2) defended convincingly but drew No. 22 New Hampshire (2-0-2), 2-2, with mental lapses at the center of both of the visitors’ goals Sunday night at SU Soccer Stadium. The Wildcats registered two shots on target, scoring both. After UNH’s two second-half goals, the sides played a full 20 minutes of overtime, the second time each squad has gone to extra time in the last three days.The first half belonged to the home team, both on offense and defense. Syracuse used through balls down the wings to unlock New Hampshire’s defense. The passes often found Hilli Goldhar or Ryan Raposo, whose crosses directly led to the Orange’s two goals. The visitors didn’t have the same success on the opposing end. Tidy marking from SU defenders Norheim, Nyal Higgins, and Noah Singelmann kept UNH’s forwards from receiving balls sent by the Wildcats’ midfield.AdvertisementThis is placeholder text“We had a very good first half,” McIntyre said. “If we score a third goal, I think the game is over. We didn’t, and we stopped playing (like we had been) in the second half.”Sackie attacked 50-50s at full speed like a battering ram, sometimes fouling the defender trying to shield him. Chris Arling, 6-foot-2, posed a similar threat but played more as a hold-up man rather than a runner. Bilal Kamal pulled the strings just behind the two forwards, using quick, elusive movements to try and evade SU’s physically-superior backs.“It gives them a lot of variety,” Norheim said about the different players in UNH’s attack. “They were strong and quick and good on the ball.”But regardless of what was thrown at them, the Orange’s defense was unwavering in the first half. When New Hampshire possessed the ball in its attacking third, SU typically had seven players back — all but the two forwards and attacking midfielder — in a compact defensive system. The Wildcats’ forwards and midfielders were often met with a Syracuse player on their back the moment they received the ball.Higgins found himself in a constant battle with Sackie, coming out on top in foot races and aerial battles. New Hampshire logged just its second shot of the night with 25 minutes remaining in the game. Over the following four-minute span, the Wildcats rattled off four of its eight total shots, the last of which was their opening goal. After two failed clearances by the Orange, SU’s Brian Hawkins brought down Lutz a few yards outside the penalty area. On the ensuing free kick, Antonio Colacci’s ball found Rory O’Driscoll’s head, then Leahy’s glove before falling to Kamal’s feet. The freshman poked it in, and the Wildcats had 20 minutes to generate an equalizer.“We gave away a sloppy free-kick, we gave balls away in our half,” McIntyre said about the UNH’s first goal. “And they’ve done us on a restart, which is very avoidable. We’ve had too many big guys in the wall.”Syracuse’s defense after New Hampshire’s first goal reverted back to its form from the first half, with its sole mistake coming on Sackie’s goal. The senior’s header was the only shot the Wildcats recorded between its first goal and the end of regulation.If 90 minutes weren’t enough, the Orange were forced to resist the Wildcats for two more 10-minute overtime periods. On its last legs after playing 110 minutes on Friday against Yale, SU sat back and absorbed UNH’s attack, showing little ambition to possess the ball further up the field.“I’m very proud of the way the guys hung in there at the end,” McIntyre said. “It would have been very easy to concede again and lose that game.”Just as it did in the first half, Syracuse’s defense stayed compact and organized, with Higgins, Norheim and substitute Michael Lantry directing from the backline. And unlike the end of regulation, the Orange were able to see out the final stages of the second overtime without conceding, escaping with a point. “We have to move on from this draw,” Raposo said. “They’re a ranked team, so a draw against them is not the worst thing. But we have to move on.” Comments Facebook Twitter Google+last_img read more

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All change atop SBC’s League of Legends as Kane continues scoring spree

first_imgShare MansionBet adds Bristol City to sponsorship portfolio August 20, 2020 Related Articles Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020 Share SBC’s Charlie Cole has continued his recent good form in the League of Legends to displace longtime leader James Birch, and take his place at the summit.Harry Kane, who top scored with 16 points following a two goal and one assist man of the match display in the 4-1 thumping of Liverpool, was disappointingly overlooked in favour of Romelu Lukaku (10 points) as captain, but his 60 point total was enough to take the lead by a solitary point.One of the biggest movers of the weekend was Ladbrokes Coral’s Lewis Palmer, who’s 81 points saw him top score for the weekend.  Led by Kane (16 points), who again was overlooked as captain in favour of David De Gea (2 points), the Manchester City duo of Nicolas Otamendi (15 points and second highest round score) and Leroy Sane (12 points and second in the total score table) helped Palmer leapfrog his way into 18th overall.Another big mover is Yosef Salameh, who recorded 73 points and eased into the top ten in the process.  Kane (16 points) the man to thank once again, flanked by captain Lukaku (10 points), with Sane (12 points), Kevin De Bruyne (6 points) and Rob Elliot (7 points) usefully chipping in.It’s second vs third to kick off this weekend’s action, with Tottenham Hotspur taking their confidence up to Old Trafford hoping to heap more misery on a Manchester United side fresh off a 2-1 defeat to Huddersfield Town.  League leaders City head to The Hawthorns to face off against Tony Pulis’ West Brom, while Jamie Vardy and co will be hoping to fill their boots as struggling Everton take on the managerless Leicester City. Submit ESI Digital – No Drama Please… Esports growth should be treated as business as usual  August 20, 2020 StumbleUponlast_img read more

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