EIOPA proposals on CMBS ‘undermine financial stability’

first_imgThe regulator’s Technical Report on Standard Formula Design and Calibration for Certain Long-Term Investments under Solvency II, published in late December, could discourage insurers from investing in CMBS, which would be “unfortunate, both for insurers and for the CRE sector and wider economy”, the response added.The associations admitted CMBS was a fairly new instrument to the European market and said it had suffered due to “inconsistent alignment of interests” between issuers and investors, as well as inaccurate disclosure on the assets backing any securities.The response said they were “acutely aware” of the problems, which were currently being addressed, but that EIOPA’s report risked undermining their efforts.However, the associations were also keen to stress the importance to financial stability in allowing insurers to invest in the market in greater volume, noting that the over-realiance on bank funding proved problematic when there were “peaks and troughs” in the economy.“This proved to be a source of material systemic risk within the EU and for the global economy,” they said.“Improving diversity in sources of finance would help build market resilience and support financial stability. EIOPA’s revised proposal is likely to have precisely the opposite effect.” Placing stringent Solvency II capital requirements on all types of commercial mortgage-backed securities (CMBS) risks the stability of the commercial real estate (CRE) market, INREV and the Commercial Real Estate Finance Council (CREFC) have jointly argued.The industry associations said allowing insurance companies to easily invest into CMBS would diversify the sources of funding for the European CRE market, currently “dominated” by banks.Responding to a report on long-term investing by the European Insurance and Occupational Pensions Authority (EIOPA), the bodies added: “The result is a market that lacks resilience, as too many debt providers react to market signals in the same way at the same time, exaggerating the peaks and troughs of the cycle.”The response argued that certain types of CMBS should qualify for the less arduous ‘Type A’ capital treatment “by reference to objective criteria, and not to condemn all CMBS, regardless of their actual characteristics, to ‘Type B’ treatment”.last_img read more

GKN seals £190m buyout with Pension Insurance Corporation

first_imgMatt Richards, actuary at PIC, said: “The trustee has moved proactively and in a considered manner to achieve a strong outcome. This transaction is part of a long-term de-risking strategy undertaken by the trustee, which allowed them to take advantage of a window of favourable pricing.“The trustee should be congratulated for acting in a decisive manner to reduce risk across all pensions, not just those that have been insured.” David Ellis, UK leader for bulk pensions insurance advisory at Mercer and adviser to the GKN trustees, praised the scheme for its willingness to innovate.“This latest transaction is testament to the long-lasting benefit of taking proactive action to manage pension risk,” he said.GKN’s main defined benefit schemes in the UK, the US and Germany had combined liabilities of more than £4bn at the end of 2015, its annual report said.The GKN Group Pension Scheme’s liabilities were £848m, primarily relating to pensioner members.GKN’s trustees completed two buy-ins with Rothesay Life in 2014 and 2015, worth £123m and £53m, respectively.The scheme also enacted a pension increase exchange in 2015, agreeing to raise benefits for members in exchange for their giving up guaranteed increases. Engineering firm GKN has agreed a £190m (€222.7m) buyout with Pension Insurance Corporation (PIC) and begun to wind up its pension scheme.The transaction covers 20% of the GKN Group Pension Scheme’s liabilities, which were £848m at the end of 2015, according to the company’s annual report.Remaining members of the scheme will be transferred to a new fund, allowing the legacy pension scheme to be wound up.Members with small pension pots will be offered a lump-sum transfer to exit the scheme altogether.last_img read more

Spanish legend Aduriz retires at 39 after record breaking career

first_img It’s a sad end to a quite brilliant career for the authentic living legend of Basque football. It all promised to end so well with a cup final against their old rivals Real Sociedad, but that dream is now over. The numbers from his career are quite incredible – 780 games and 285 goals, with more than 400 league games for Athletic Club alone. 177 of his goals came after the age of 30, as he signed off his career with his best spell yet back in Bilbao. Loading… The forward posted the following on his Twitter account to confirm the bad news: The statement explains that his hip problems are becoming so serious that even playing these last matches of the season when La Liga resumes is impossible now.Advertisement Read Also: Bundesliga: 14 players suffer injuries in first weekend of restart He signed off in the best way possible – his final goal for the club was a bicycle kick against Barcelona in a 1-0 win. Not only did he give Athletic their first win against the Catalans since 2013, he also joined Lionel Messi as the two players to have scored in 15 consecutive La Liga seasons. FacebookTwitterWhatsAppEmail分享 center_img Legendary Athletic Club Aritz Aduriz has just announced his retirement, with mounting injury problems preventing him even from completing this season when it restarts. Promoted ContentPlaying Games For Hours Can Do This To Your BodyWho Is The Most Powerful Woman On Earth?Kendall Jenner’s Photos Have Never Looked This Good!8 Ways Drones Will Automate Our Future10 Risky Jobs Some Women Do9 Facts You Should Know Before Getting A TattooThe 6 Weirdest Things You Can Learn On WikiHowThis Guy Photoshopped Himself Into Celeb Pics And It’s HystericalEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouWho Earns More Than Ronaldo?The Biggest Cities In The World So Far10 TV Characters Who Were Destined To Become Iconiclast_img read more

Chelsea convinced Werner wants to join Liverpool

first_imgChelsea do not believe they are the club that Germany striker, Timo Werner, wants to join. Promoted ContentIs This The Most Delicious Food In The World?11 Most Immersive Game To Play On Your Table Top8 Things That Will Happen If An Asteroid Hits EarthEverything You Need To Know About Asteroid Armageddon6 Interesting Ways To Make Money With A Drone20 Completely Unexpected Facts About ‘The Big Bang Theory’7 Ways To Understand Your Girlfriend Better6 Extreme Facts About HurricanesWhat Is A Black Hole In Simple Terms?Top Tastiest Foods From All Over The World7 Ways To Understand Your Girlfriend Better8 Superfoods For Growing Hair Back And Stimulating Its Growth Loading… The Blues are in the hunt for a starting striker for next season, and they are willing to spend a lot of money to secure that player. But 90Min suggests that Chelsea accept they are far behind Liverpool in the chase to sign Werner. The attacker wants to play for Jurgen Klopp at Anfield, and is waiting for Liverpool to make their move.Advertisement He has a £52 million release-clause that any club can trigger. read also:Man Utd, Chelsea get Timo Werner transfer boost But the German wants to go to Liverpool and compete with Mohamed Salah, Sadio Mane and Roberto Firmino for a starting spot. Chelsea have not given up on Werner, but accept the ball is in Liverpool’s court. FacebookTwitterWhatsAppEmail分享 last_img read more

Former Nigeria coach lauds Arteta’s FA Cup win

first_imgFormer Nigeria coach, Sunday Oliseh, is elated that Mikel Arteta proved his worth by leading Arsenal to a 2-1 win over Chelsea in the FA Cup final on Saturday. Arteta, who won the FA Cup as a player with the Gunners, secured his first silverware as a manager as the North London heavyweights triumphed at an empty Wembley Stadium. After Christian Pulisic’s opening strike in the sixth minute, Pierre-Emerick Aubameyang’s brace inspired Arsenal’s fight-back at Wembley Stadium as they lifted a record 14th FA Cup title. Loading… The Spaniard took over at the helm of the Emirates Stadium outfit in December 2019 after working under Pep Guardiola at Manchester City where he won two Premier League titles, an FA Cup and two League Cups as an assistant manager. read also:Arteta still on cloud nine after Arsenal’s Europa League qualification After seeing how Arteta turned around Arsenal’s 2019-20 campaign to secure qualification for next season’s Europa League thanks to their FA Cup triumph, Oliseh expressed his delight and respect for the 38-year-old coach. “Congrats and respect to Arsenal and coach, Arteta,” Oliseh tweeted. “What seemed a season to forget just days ago, ends a huge success for Arsenal: FA Cup winners, Europa League qualification, beat Liverpool and holders Manchester City. FacebookTwitterWhatsAppEmail分享 center_img Promoted ContentWho Is The Most Powerful Woman On Earth?6 Ridiculous Health Myths That Are Actually TrueCouples Who Celebrated Their Union In A Unique, Unforgettable WayWhat Happens To Your Brain When You Play Too Much Video Games?7 Worst Things To Do To Your PhoneTop 10 Tiniest Phones Ever Made9 Talented Actors Who Are Only Associated With One RoleCan Playing Too Many Video Games Hurt Your Body?7 Of The Wealthiest Universities In The World15 Celebs Whose Careers Were Thwarted After One Simple MistakePlaying Games For Hours Can Do This To Your BodyIs This The Most Delicious Food In The World?last_img read more

Rooney earns Vidic plaudits

first_img Unsurprisingly, Rooney was the central topic of David Moyes’ first media engagement since being confirmed as Sir Alex Ferguson’s successor in May. Moyes stated his intention to guide Rooney towards legendary status as a Manchester United player, yet could not offer any assurance the striker actually wants to stay. Vidic said: “Wayne is in the best shape I have seen him in the last five years, I haven’t talked to Wayne about his future but I have seen him train extremely well over the last few days and am looking forward to him playing for the club and playing his best.” Nemanja Vidic has claimed Wayne Rooney is in better shape than he has been in for five years. Whether that actually happens remains open to debate, if only because Moyes had to skirt around the issue, preferring instead to highlight what the 27-year-old could become. “When I went down to the training ground, I looked at the pictures of the legends that have played for this club,” said Moyes. “I could see George Best, Denis Law, Bobby Charlton, Roy Keane and I thought Wayne isn’t too far away from that. “It’s not too difficult to get the goals and he could be near to that. If he could do that he could be seen in the same light as those people.” Moyes has also challenged Rooney to get the 40 and 52 goals he still needs to equal Denis Law and Sir Bobby Charlton, the top two goalscorers in United history. However, together with the soothing words and the cajoling, Moyes also made it perfectly clear United are not interested in letting him go. “I’ve had several meetings with Wayne,” said Moyes. “I’m fortunate, I’ve known him since he was 16. He is not for sale. He’s a Manchester United player and will remain a Manchester United player.” center_img Press Associationlast_img read more

City hit seven past Norwich

first_imgManchester City rendered replacement goalkeeper Costel Pantilimon a bystander as they crushed Norwich 7-0 with a brilliant attacking display. Press Association It was an emphatic return to form for City after last week’s loss at Chelsea and the continued absence of captain Vincent Kompany was barely noticed as Norwich struggled to muster an attack. And while Pantilimon had little to do after being preferred to England number one Hart after much speculation, his opposite number John Ruddy had a match to forget. In the absence of Hart, Ruddy might have hoped to audition for Hart’s international place for this month’s friendlies against Chile and Germany, but he fared badly as the Canaries fell 4-0 behind inside 36 minutes. So strong was City’s start that Norwich were probably fortunate to keep the game goalless for 16 minutes. The tone was set early on as City won a corner and Martin Demichelis glanced a header wide from Samir Nasri’s cross. Silva then weaved his way into the box on a tricky run but could not pick out a team-mate with his cross. Nasri then played a nice one-two with Silva and powered forward only to slam a shot against the post. They were stark warnings for Norwich, but the visitors could do little except sit back and try to soak up the pressure. Manager Manuel Pellegrini’s decision to drop Joe Hart was the focus of pre-match attention but it was at the other end where the action was centred in a one-sided Barclays Premier League clash. A Bradley Johnson own goal set City on their way before David Silva, Matija Nastasic, Alvaro Negredo, Yaya Toure, Sergio Aguero and Edin Dzeko all got on the scoresheet at the Etihad Stadium. It proved to no avail as Silva cut through on the right and picked out Aguero, whose shot was blocked by Michael Turner and then rebounded off Johnson to loop over Ruddy for the opener. The second followed in quick succession as Aguero raced onto a long ball from Nasri and pulled back a fine ball for Silva. The Spaniard did not break stride as he connected with a first-time shot which whistled through Ruddy’s fingers. The third goal came as Nastasic rose unchallenged to meet a Nasri corner and head past Ruddy, albeit with the aid of a wicked deflection off Russell Martin. Ruddy’s horror show continued as he dropped a corner to present Aguero with another shooting chance but the Argentinian fired into a crowd of bodies. It was not long before the Canaries were breached again as Toure chipped through for Aguero and he pulled back for Negredo to tap in a fine fourth. After 38 minutes, Norwich finally showed some life and gave Pantilimon some work to do as the Romanian was called upon to tip a long-range Anthony Pilkington shot wide. Normal service was soon resumed as Aguero fed Toure but the Ivorian turned to shoot straight at Ruddy, earning the Norwich keeper a round of sarcastic applause. Norwich at least started the second half brightly and Pantilimon came off his line to punch away a floated free-kick from Pilkington. Substitute Johan Elmander should then have done better after a Demichelis mistake allowed Johnson to cross but the Swede shot wide from close range. City went back on the attack and Ruddy saved well from Nasri before Aguero put the rebound into the side-netting. When substitute Dzeko was fouled on the edge of the box, Toure immediately fancied his chances of adding a fifth. In what is almost becoming a trademark finish, the Ivorian curled a fine shot into the top-left corner, a strike almost identical to efforts against Newcastle, Hull and Wigan already this season. Aguero finally, and deservedly, got on the scoresheet after 71 minutes when Sebastien Bassong’s poor attempt to cut out a Silva cross fell to the Argentinian and he lashed in a volley. City did not ease up and Jesus Navas raced onto a long ball to bring a fine save from Ruddy. The besieged Ruddy then did well to save again from Demichelis after another Toure free-kick had hit the wall but he was beaten again four minutes from time. This time Dzeko was the scorer, turning sharply from a Navas pass to fire home. last_img read more

Diego Costa will be marked man after Arsenal antics, warns George Graham

first_img Graham told BBC Radio Five Live’s Sportsweek: “I think (Costa) is going to be targeted man now by the officials and probably rightly so. “(Didier) Drogba was the main (Chelsea) man for nearly 10 years and he was very, very physical but he didn’t take to the extremes that Costa has taken it to. “Although you’ve got to keep that physical intensity, once you step over the mark he’s got to be dealt with by officials, it’s as simple as that – and I think he will be.” But Graham also suggested Arsenal manager Arsene Wenger ought to be stricter with his own players, with Santi Cazorla’s second-half dismissal taking the number of Gunners players dismissed in the Premier League to 79. Graham added: “(Wenger) is not the most strict manager and he really needs to get hold of his own players because there’s no way he (Gabriel) should have been sent off – it’s his own stupidity that got him sent off and they’ve got to handle that. “(But) Arsene does it his way and look at the record he has got in English football – he has been instrumental in getting a certain way of playing, the diet – he’s brought all these things and trophies as well so how can you fault him?” Graham is adamant the Spain striker should have been sent off for bumping the chest of Laurent Koscielny and raising his hands to the Frenchman’s face in the first half at Stamford Bridge before Gunners defender Gabriel saw red for retaliation. Although Costa got away with only a yellow card, Graham says referees are now likely to seek to ensure he does not escape stricter punishment in future. Press Associationcenter_img Former Arsenal boss George Graham has warned Diego Costa he faces being targeted by officials after his indiscretions in Chelsea’s 2-0 win over the Gunners on Saturday.last_img read more

Black CNN Reporter Arrested While Covering Floyd Protest LIVE

first_imgA CNN crew has been arrested while reporting on protests in Minneapolis.The arrests were carried out on live television this morning by state police as correspondent Omar Jimenez reported on protests that have engulfed the city since the death of George Floyd, a black man who was in police custody. Police say they arrested the crew because they were told to move but didn’t.Jimenez is clearly heard asking where the police would like his crew to move to prior to the arrest.last_img

Cricket News Sourav Ganguly’s First Reaction On Dhoni’s Retirement After Taking Over As BCCI Chief

first_imgNew Delhi: Newly elected BCCI president and former Indian skipper Sourav Ganguly on Wednesday spoke for the first time about MS Dhoni’s future and said that he will speak to the selectors during his first meeting on October 24. Ganguly, who would be officially appointed as the BCCI chief on October 22 will hold his first meeting with the selectors on October 24 when they choose India’s squad for Bangladesh T20 series.Dhoni, one of the most successfull Indian captains, has not been available for selection since India’s exit from the 2019 World Cup after losing to New Zealand in the semi-final. Dhoni, who is also an Indian Army officer, missed the away West Indies tour as he had to go for training. He was not selected for the recently concluded T20I series against South Africa.Ganguly was is his home town Kolkata when reporters asked him about 38-year-old Dhoni’s future and he was quite clear in his answers. When asked about Dhoni’s absence from cricket for a long time, he said, “I will find out from the selectors when I meet them on 24th. I will find out what the selectors are thinking. Then I will put my opinion.”It was Ganguly under whose captainship Dhoni flourished in his early days. Ganguly was the captain of team India and had already given up his opening slot for Virender Sehwag when Dhoni joined the team. He recognised his capabilities and promoted Dhoni ahead of himself.Also Read | Cricket World Cup Every 3 Years? This Is What Ganguly Has To Say On ICC PlanGanguly said that he will talk to Dhoni about his future and then the board will take a call. “Let’s see what Dhoni wants,” he added. He also spoke about the other aspect of the game-day-night Tests – and said that Indian team under Virat Kohli is capable of doing well in the format.”Day-night Test is the way forward. Every country has to play day-night Test, that’s a long-term future for Test cricket. They (India) are a good side, they will win day-night Test matches also. There is no difference in day-night Test matches and day Tests. It’s just a different ball. They are such class players, they can win,” Ganguly said. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more