Eurozone finance head questions Brussels power bid over banks
Theglobal banking crisisand wave offinancial regulationthat followed shined a spotlight on the goal of anintegrated enterprise view of riskand this got louder every time news broke of a scandal or crisis in the financial services sector. The benefits of the goal of integration were, and remain, appealing. Not only can integration of risk and finance help institutions meet the increasing data demands from their stakeholders, it can also deliver streamlined reporting and compliance. A report from Chartis Research shows that 88% of risk and finance practitioners in banks see the integration of their functions as a major priority. However, more than half have yet to implement an enterprise-level plan to achieve this integration despite clear business drivers. I believe 2013 is a tipping point that will see the most forward thinking financial institutions start their journey tointegrate their risk and finance functions for the following reasons: The pressure tomanage and foresee riskhas never been greater from within and outside an organization.
Finance Officials Say Tax Breaks For Oil, Gas Industry Cost State Millions
Secretary of FinancePreston Doerflinger released figures Wednesday that show tax rebates and refunds for drilling totaled $173 million in the fiscal year that ended June 30, while state tax credits cost an additional $148 million. The huge drain on state coffers has prompted Doerflinger and other state leaders to call for revisiting the tax credits, especially those for horizontal drilling. The generous credits to the industry were delayed for two years during the economic downturn, but now have resumed, and the state also is paying back the credits that were accrued over the two years.
As the ECB prepares to oversee the banking sector, 60bn of that fund has also been set aside for bank recapitalisation. It is also clear that there is very little intention of using that instrument either. “The 60bn cap is mainly to give a signal that the direct recapitalisation is a means of last resort,” said the Dutch minister. “Once again for too long we have been thinking public backstops are standing right in front We want to change that. The 60bn is basically a political message saying it’s going right to the end.