Nikolas Economou Insurance and Financial Planning Advisor’s Post

Lebanon’s Financial Crisis and Its Impact on Banks Since October 2019, Lebanon’s economic collapse has severely impacted its banking sector, leading to unprecedented financial struggles for many citizens. Depositors have faced restrictions on withdrawals, while borrowers grapple with loan repayments at unrealistic exchange rates. 🏦💸 Without a clear legal solution from Parliament, many have turned to lawsuits against banks, seeking to recover their funds. But, over time, court rulings have evolved, balancing the rights of both depositors and banks, often leading to settlements as the best way forward. ⚖️🤝 At Issa-Mansour Law Firm, we have extensive experience navigating these complex disputes. We urge anyone involved in financial disputes, particularly with outstanding loans, to pursue amicable settlements. A well-negotiated solution can protect the interests of all parties involved. Let’s find solutions that work for everyone. 💼📈 https://lnkd.in/dckraghF Christian Mansour #Lebanon #FinancialCrisis #BankingSector #LegalAdvice #IssaMansourLaw #CapitalControl #EconomicCrisis #LebaneseBanks #LegalDisputes #LawyersInLebanon #AmicableSettlement

The House of Representatives of the Republic of #Cyprus enacted a package of legislative bills, introducing substantial reforms to the credit management and credit market regime. This new #regulatory framework is part of the Republic’s commitment to align with Directive (EU) 2021/216, which establishes a unified and supervised system governing credit purchasers and managers across the European Union (#EU). The new #legislation further aims to foster the development of secondary markets for non-performing loans (#NPLs) and to institute licensing and oversight mechanisms for credit managers, while safeguarding borrower rights in cases of loan transfers. Marina K. Vassiliou and Michalis Antoniou provide a summary on the new reforms. Click to read their article: https://lnkd.in/dH9DfuiM Also available in Greek: https://lnkd.in/dxmvQd6a #gzg #legalservices #lawfirm #bankinglaw #loanrestructuring #banking #financialservices #boc #cypruslaw #newdirective #creditmanagement #creditmarkets #borrowerrights

#DidyouKnow @bankofuganda licences and regulates how CRBs gather & share credit data to support the growth of the credit sector & build confidence among financial institutions, lenders and borrowers. #crbaUgandaltd #thursdaythoughts.

The recent history of financial crises highlights an unsettling truth about the security of our assets. As seen in Cyprus, drastic governmental measures can jeopardize private property rights and trust in banks. This situation has raised alarming questions about the safety of deposits during economic downturns. Reflecting on my own experiences, I remember my hesitance to keep large sums in bank accounts after learning about the bail-in laws that could allow governments to access those funds in times of crisis. The need for alternative storage solutions became clear. What we take away from Cyprus is a crucial lesson: always be proactive about asset protection. In an era when financial stability is far from guaranteed, consider safer options for safeguarding wealth. How prepared are you for potential financial turbulence? Engage with the community and share your thoughts on secure financial practices. https://lnkd.in/eRr_pmgU

🇨🇦🚨Today Budget 2024 was announced. In Chapter 7 you will find the Government's plan to protect Canadians from financial crimes. Here are some of them. 🍁Enhancing REs ability to share information with each other to detect and deter money laundering and terrorist financing while maintaining privacy protections; 🍁Permit FINTRAC to make disclosures to civil forfeiture offices to support asset seizures related to unlawful activity; 🍁Allow FINTRAC to publicize more information around violations when issuing fines to enhance transparency; 🍁Update to criminal code to allow courts to order financial institutions to keep an account open to assist with law enforcement investigations; 🍁Allow courts to issue a repeating production to obtain ongoing information to support investigations; 🍁Finalize the design and legal framework for the Canada Financial Crimes Agency; 🍁Funding for the CBSA to fight trade-based money laundering. This was just a few of the actions. The rest can be found at the link below. Congratulations to our Finance Canada / Finances Canada colleagues for another successful report 👏 https://lnkd.in/giZ4qG_X

Published on June 18, 2024 by the Single Resolution Board (#SRB) as part of the Single Resolution Mechanism (#SRM) in the #EU, this document includes the latest regarding the #Bail-in process and framework in case of a bank failure or likely to fail declaration. Bail-in is a key resolution tool, which allows the write-down of debt owed by a bank to creditors or its conversion into equity to #absorb losses and stabilise the bank. Following a failing or likely to fail (#FOLTF) declaration, the SRB drafts and adopts a #resolution scheme. In turn, the relevant national resolution authority adopts a resolution scheme implementing act. This document, addressed to the bank, guides operations within the bank (internal execution) and with external stakeholders (external execution) for executing the SRB’s bail-in decision. These operations are subject to the national bail-in mechanic applied to the bank under resolution. #bankresolution #bailin #lossabsorption #bankcapital #capitaladequacy #insolvency #Basel #operationalresilience #recovery #depositorprotection #bankfailure

On July 1, 2024, significant changes are set to impact the taking and enforcement of security in Vietnam with the amended Law on Credit Institutions (Amended LCI) coming into effect. The alterations outlined below highlight crucial implications for stakeholders: - **Recognition of Security Agents:** Vietnamese banking law now acknowledges the role of security agents for lending transactions exclusively, requiring approval from the State Bank of Vietnam for non-lending transactions, creating uncertainty due to unspecified procedures and timeframes. - **Operational Scope of Security Agents:** The lack of specific guidance could limit the operational scope of security agents, potentially affecting onshore-offshore financing structures, especially concerning securing immovable property in Vietnam. - **Enforcement of Mortgaged Assets:** Banks are no longer authorized to directly seize mortgaged assets. Instead, legal action against the mortgagor is necessary to obtain collateral without their cooperation, marking a significant departure from previous practices. - **Transfer of Real Estate Projects:** Provisions facilitating the transfer of real estate projects have been eliminated, potentially complicating project transfers during security enforcement, which may lead banks to be more cautious about accepting real estate projects as security. The amendments to the Law on Credit Institutions herald substantial changes in the processes of taking and enforcing security in Vietnam. Stakeholders are advised to prepare adequately for these impending shifts. #Vietnambankinglaw #takingsecurity #onshoreoffshorestructure #securityinVietnam

Some modest policy changes to UK securitisation rules! As a long term true believer in securitisation as both a valuable funding and/or capital management tool for bank treasurers, I am pleased to see that there are no radical changes to the UK rule set just published by the PRA and FCA. What does slightly depress me though is just how verbose all bank regulation is nowadays (I am not including the disclosure templates in this criticism where prescription is helpful). Back in February 1989, the first ever Bank of England rules for full risk-transfer securitisation could be printed on two sides of a piece of A4 paper. Oh for such principle based days again! #principles #bankregulation #securitisation #PRA

Montenegro proposes new development bank legislation: What you need to know #BankLegislation #Finances #Montenegro #Parliament https://lnkd.in/dAx2_KYp

NCLAT Affirms Validity of Co-operative Banks' Debt Assignments to Asset Reconstruction Companies Under SARFAESI Act The National Company Law Appellate Tribunal (NCLAT), Principal Bench led by Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra and Mr. Arun Baroka (Technical Members) reviewed an appeal and observed that co-operative banks, including multi-state co-operative banks, are classified as "banks" under the SARFAESI Act, 2002, thereby validating their ability to assign debts to asset reconstruction companies, which was affirmed by both statutory provisions and judicial precedent. Explore: https://lnkd.in/giDJfFg9