The Federal Reserve System on Friday released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified […]
Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate. A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in […]
The European Commission today presented a package of tax transparency measures as part of its ambitious agenda to tackle corporate tax avoidance and harmful tax competition in the EU. This marks the start of a new era of transparency. Today’s package includes a legislative proposal introducing the automatic exchange of information between Member States on […]
SENDAI, JAPAN, March 16, 2015 – With developing countries the hardest hit by disasters like floods, cyclones, droughts and earthquakes, a new competitive challenge fund is being launched today to help developing countries design and implement ground-breaking solutions to overcome problems they face assessing disaster risks. The Global Facility for Disaster Reduction and Recovery (GFDRR), […]
The Executive Board of the International Monetary Fund (IMF) today approved a four-year extended arrangement under the Extended Fund Facility for Ukraine. The arrangement amounts to the equivalent of SDR 12.348 billion (about US$17.5 billion, 900 percent of quota) and was approved under the Fund’s exceptional access policy. The Board also took note of Ukraine’s […]
Benjamin M. Lawsky, Superintendent of Financial Services, announced today that Commerzbank will pay a $1.45 billion penalty, terminate individual employees who engaged in misconduct, and install an independent monitor for Banking Law violations in connection with transactions on behalf of Iran, Sudan, and a Japanese corporation that engaged in accounting fraud. The overall $1.45 billion […]
The Council granted France two extra years to bring its government deficit below 3% of GDP, the EU’s reference value for deficits. In a recommendation adopted on 10 March 2015 under the excessive deficit procedure, it called on France to correct the deficit by 2017. The Council called on France to fully implement measures already […]
WASHINGTON—Today, Administrator Maria Contreras-Sweet, the head of the U.S. Small Business Administration (SBA) and Dan Berger, President of the National Association of Federal Credit Unions (NAFCU), signed a Memorandum of Understanding (MOU) to invest in America’s future entrepreneurs and economy. “The SBA and NAFCU are formalizing a national partnership to promote small business lending. Credit […]
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference, here, in Nicosia. I would like to thank Governor Georghadji for her kind hospitality and to express our special gratitude to her staff for the excellent organisation of today’s meeting of the Governing Council. Based on our regular […]
CHICAGO, – The Financial Solutions Lab at the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. today announced a $3 million competition for technology innovators working to address consumer financial challenges. This cross-sector initiative will identify technology-enabled financial solutions and provide winners with direct and indirect support to test and […]
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