European pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”.Pension schemes will not be expected to comply with requirements to trade derivatives through clearing houses until 2020, the commission announced yesterday as it unveiled amendments to the European Market Infrastructure Regulation (EMIR).In its proposed amendments, the commission said “no viable technical solution facilitating the participation of [pension schemes] in central clearing has emerged to date”.The delay will give central clearing houses, pension schemes, and other players more time to come up with solutions, the European Commission said. However, Valdis Dombrovskis, vice-president responsible for financial stability, financial services, and the capital markets union, said central clearing for pension funds remained “a clear goal”.He added that the delay would help pension schemes “avoid estimated losses of up to €1.6bn”.The decision marks the third time the European Commission has delayed bringing pension funds into EMIR’s scope. It originally pushed back the deadline by two years to August this year, before adding another year to this revised timetable.A spokesman for PensionsEurope, the continent-wide trade body, said: “The prolongation of the exemption is good news for pension funds. We appreciate that the European Commission has taken seriously into consideration the undue financial burden that would have resulted from [the] clearing obligation when only cash can be used as collateral. Now we need to use these extra years of exemption to find good permanent solutions.”James Walsh, policy lead for EU and international at the UK’s Pensions and Lifetime Savings Association, welcomed the exemption.“This extension recognises that the market has not yet developed a practicable solution for clearing by pension schemes,” he said. “While this development removes the worrying prospect of compulsory clearing from August 2018, it does not present a solution to the underlying problem. Derivatives are an essential tool for pension funds, who use them to hedge their risks and ensure they can pay pensioners.”In a speech announcing the EMIR amendments, Dombrovskis also outlined regulatory effects on non-EU-based central clearing houses, a particularly important issue with the UK’s impending exit from the EU. London is a key hub of derivatives trading in Europe, with the commission estimating that as much as 75% of euro-denominated interest rate derivatives are traded in the UK capital.Dombrovskis said the European Commission was considering whether to require clearing houses “of key systemic importance” to be domiciled within the EU. Alternatively, the commission could request “enhanced supervisory powers” over clearing houses in non-EU countries.He added that detailed discussions on this issue would begin soon, with a view to proposing legislation in June.In addition to the exemption for pension funds, the commission also announced a streamlining of reporting requirements to alleviate the burden on smaller players in the derivatives markets, particularly non-financial companies.
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREPettersson scores another winner, Canucks beat KingsFor the past 26 years, Congress has prohibited exploration and development of extensive areas of the federal outer continental shelf by not funding the needed studies to conduct leasing auctions. Additionally, Presidents George H.W. Bush and Bill Clinton issued executive orders for a blanket moratorium from 1990 through 2012, although George W. Bush canceled part of the edict in 2005. But congressional action was still required. Currently, the United States uses about 21million barrels of oil each day, or about 7.6billion barrels per year. About 5 billion barrels are imported and 2.6 billion barrels come from domestic sources, of which about one third is from offshore. Imports consist of about 40 percent from the Organization of Petroleum Exporting Countries (Nigeria, Saudi Arabia, Venezuela and Iraq) and 60 percent from non-OPEC nations (Canada, Mexico and Russia providing the most). Most imported natural gas also comes from Canada. In 1980, yearly domestic production was 3.15billion barrels, decreasing to 2.6 billion barrels in 2006, about 75 percent of peak output of 3.52 billion barrels in 1970. This was the result of diminishing output from existing land and offshore fields, and the prohibition against developing 95 percent of known and highly probable new resources on federal land and federal and state offshore tracts. Domestic reserves In 1980, proven U.S. reserves totaled 30billion barrels, diminishing to 22 billion barrels by 2005, primarily because of the extensive prohibitions against new development. Not counting the potential recovery of tens of billions of barrels of oil from recently explored Colorado oil sands and Utah oil shale, or the deep Gulf of Mexico oil discovery, the Mineral Management Service conservatively estimated in 2003 that there exists 406 trillion cubic feet of natural gas and 76billion barrels of oil recoverable in the prohibited regions of the lower 48 states and Alaska. Several energy acts were adopted during those 25 years, encouraging efficiency and conservation, increasing research and development of alternative fuels and renewable energy, all supposed to decrease dependence on foreign sources, but omitting the most immediate and effective measure by continuing to prohibit opening the Arctic National Wildlife Refuge (ANWR) and offshore prohibited regions. This was due to the undue influence of small but vocal groups of environmental extremists. Also, in 1996, Clinton vetoed legislation approved by the Republican-controlled Congress to open ANWR to drilling. Decreasing oil production ignored Between 2001 and 2006, U.S. annual oil use increased from 7.2 billion barrels to 7.6 billion barrels while domestic production decreased from 2.9billion barrels to 2.6 billion barrels and imports increased from 4.3 billion barrels to 5billion barrels. Experts predicted that if prohibited fields were opened to normal drilling and recovery, domestic production could be increased from 7.1 million barrels per day to 9 million to 10 million barrels per day, thereby significantly reducing dependence on foreign oil, especially that from unreliable sources. So, for more than 25 years, in clear view of decreasing domestic production and increasing dependence on imports from foreign nations, some unfriendly or politically unstable, the politicians played games with oil, loudly proclaiming we should reduce dependence on foreign oil while doing almost nothing but increasing dependence on foreign oil. Stan Katten is a former RAND Corp. analyst and a San Pedro resident.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! First of two parts. Federal and state politicians are responsible for the approaching energy crisis and have placed this nation in a very precarious position. While speculators drive up the prices of oil and natural gas whenever they can dream up a possible reduction in “import supply,” the real problem is one of “domestic access.” The resulting unnecessary dependence on unreliable foreign oil sources threatens our infrastructure because oil and natural gas underlie the economic and social fabric of this country. Offshore resources off limits “Today natural gas and oil drilling is prohibited in all offshore regions along the North Atlantic coast, most of the Pacific coast, parts of the Alaska coast and most of the eastern Gulf of Mexico,” the Energy Information Administration stated in 2005. “The central and western portions of the Gulf of Mexico account for almost all current domestic offshore natural gas and oil production.”
RTE One have announced a brand new interview series and Majella O’Donnell is to be one of the first to star in the show.The series will be hosted by Cutting Edge’s Brendan O’Connor.The show, titled Brendan O’Connor’s Time Out, is a three-part series filmed in Ireland and the UK. It features in-depth, one-to-one interviews with interviewees who the broadcaster say “have lived full lives, have a story to tell and something to say about the world we live in”.Discussing the big moments that have turned out to be life-defining events for them, Majella is to reveal the moments in her life that changed her forever.Majella to star in RTE’s new television series was last modified: August 7th, 2018 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Majella O’DonnellRTE