Minister of Defense Juan Carlos Pinzón praised the approval and assured legislators that “they have voted for a legitimate bill, which responds to international questioning.” Just like urgent measures have been taken to stimulate peace conversations, the Armed Forces should also be stimulated with the same purpose, which will lead to actual peace and will protect social justice, in order to achieve a new nation that is fairer and more democratic. By Dialogo June 19, 2013 The bill’s text only needs to be reconciled in formal proceedings by both Congressional chambers to pass through the Legislative power. Currently, “false positives” are under investigation under criminal law, and they might be transferred to the Ministry of Defense for further investigation and impeachment of authorities,” he told the United Nations. The Constitutional Court will analyze the reform bill in order to determine if it concurs with the Magna Carta and, if so, Colombian President Juan Manuel Santos will sign it into law. Furthermore, he confirmed that with this bill, the so-called “false positives” (murders of civilians by military that are reported as killed in combat with illegal armed groups) “are excluded from military justice forever.” On June 17, the Colombian Congress House of Representatives passed a constitutional reform bill that will extend the military code of law. The 100 articles of the bill were approved by 103 votes in favor and six votes against, after an eight hour debate in a plenary session. The prosecution is now investigating 1,295 crimes attributed to the Army; 26 to the Police and 12 to the National Navy. He added that “clear and strict rules for public forces when enforcing the state of law” are contemplated in the bill.
4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Lutter D. James (Jim) Lutter is the Senior Vice President of Trading and Operations at PMA Financial Network and PMA Securities where he oversees PMA Funding, a service of both companies … Web: pmafunding.com Details A decade after the great recession, the financial institution landscape has changed greatly. At the onset of the crisis, financial institutions sought to build out diversified liquidity to even the spread of detriment. The uncertainty of the crisis, both in depth and duration, forced financial institutions to secure multiple sources of funding and borrowings that may not have been traditional pre-crisis. As a result, the industry as a whole has grown; it is more profitable and better capitalized. With the economy still in growth mode and a friendly regulatory environment, funding has moved back into the forefront of issues in 2019. Supply is becoming constrained and financial institutions have to reach beyond core markets to support loan growth and stay competitive. The traditional model of serving customers within a local footprint continues to erode because of technology and other nonfinancial services. With continued evolution of competition and technology, there is more strain for funding, both core and wholesale. For example, there are a variety of services that require balance minimums that would otherwise be deposits at financial institutions. Typical balance minimums could range from $10-$40 depending on service, such as Uber for example, which over a broad population, can be significant. In addition, many of the larger institutions are utilizing their own listing service or portal to attract retail depositors. These portals have become user friendly and offer competitive rates. Once convinced, they can begin to sell other services. In order to stay competitive, financial institutions need to be aware of other competing sources and determine ways to offset through diversification and footprint expansion. By using technology, financial institutions can expand their footprint without the addition of brick and mortar and can offset shortfalls by leveraging the wholesale market.Having said this, not all wholesale funding sources are the same, therefore vetting should be conducted prior to engagement. The key is to determine each source’s role in the deposit process and an ongoing relationship with the depositor. The more clarity provided at the onset of engagement will help eliminate unexpected surprises during times of stress. Depending on the relationship with the depositor, the source may be influenced by how the depositor reacts in various stressed situations. Political subdivisions can be used as a stable source of funding. Comprised of municipalities, schools, libraries, water and park districts, they are typically large depositors from within the community. Political subdivisions are depositors that often utilize money managers to help in the investment process, due to the myriad of other pressing tasks they face in serving their communities. Through a money manager, political subdivisions are often viewed as wholesale funding options. They are funded through county sales, property taxes, user fees and state and federal sources and receive funding throughout the year, and then invest it to meet obligations. Funding is repeated on an annual basis, making political subdivisions reliable and consistent sources of deposits. There are two main challenges with political subdivision deposits. Their balances are cyclical in nature and usually require some form of collateralization. In addition, political subdivisions are usually limited by investment policy and/or state statute to low risk fixed income investments, and most require collateralization on funds in excess of insurance limitations. This is one type of wholesale funding option. An overview of other options is listed below: Referral Services – Commonly referred to as a broker’s broker, typically matches advisors (money managers, trusts, escrows, etc.) or depositor with banks. These services are usually limited to no direct relationship with the end depositor. Thus, they possess limited knowledge of depositor’s investment policy, deposit stability and/or the impact of stressed situations on the deposits. Broker-Dealer – Underwrites DTC deliverable certificates of deposit for the issuing bank. The broker-dealer then sells shares of the certificate/issue to retail and wholesale clients. The issuing bank does not have a direct relationship with the end depositor. The certificate is held in a street account through a custodian for the benefit of the depositor. Also, the certificate can continually be bought and sold throughout the life of the term. The certificate typically cannot be redeemed prior to maturity without death or adjudication. In stressed situations, the active certificates remain stable, but new/replacement issues can become expensive and even unattainable.Money Managers – A direct relationship with the depositor and the bank. The money manager possesses a good understanding of the depositor’s investment policy, deposit stability and the impact of stressed situations on deposit availability. The money manager may even apply additional credit standards or concentration limits beyond that of the investment policy of the depositor. The examples above are not inclusive, but provide a broad overview to consider. Wholesale funding can be a good complement to traditional funding, but it is critical that banks understand the source behind the deposit. Prior to participating, an operating plan/template should be constructed to outline the rules of engagement, specifically covering the various sources and types of brokered funding:When should wholesale funding be utilized; Establishment of concentration limits;Defining the relationship of the source to the depositor. By utilizing wholesale funding in conjunction with technology, it will help level the competitive playing field. Pressure on core funding will continue and, through technology, one can stave off competition and even mount an offensive. In addition, wholesale funding can be layered to mitigate cyclically and offer alternative solutions. The better prepared, the greater the probability of success. read more
Canal flooding…farmers maintain call for REO’s removalAfter farmers in Canal Number One Polder, West Bank Demerara had bashed the Administration of Region Three (Essequibo Islands-West Demerara) over its reported failure to address the flooding situation, that administration and the Neighbourhood Democratic Council have thrown all the blame for the flooding on the contractor responsible for clearing the main drainage canal.Fom left: Canals Polder NDC Chairman Shameer Baksh; Regional Executive Officer Dennis Jaikaran, and Naushad Ali Boodhoo, Overseer of the Water Users AssociationGuyana Times visited the L’Esperance area last Saturday and met farmers, who complained bitterly about the administration’s lack of monitoring. The farmers told this publication that the water inundation of their farms has left them with millions of dollars in damages.According to the farmers, the flooding has been caused by a number of factors, chief of which is the lack of proper maintenance of the main drainage canal. They said the Canals Polder Water Users Association had burst the control dam to install tubes, and this had also contributed to the flooding.The farmers reported that their farms have been flooded for weeks now, and they suspect that Regional Executive Officer Dennis Jaikaran has been hiding from them, thus they are calling for his removal as well.In response to farmers’ criticisms, Jaikaran assembled Canals Polder NDC Chairman Shameer Baksh and Water Users Association Overseer Naushad Ali Boodhoo, and together the trio issued a joint statement exculpating themselves from blame.A section of Dharamdeo Singh’s farm under water“We are not the body responsible for the main drainage Canals Numbers 1 and 2, nor are we in any position to make award on contracts for the clearing. All residents, farmers and other beneficiaries of Canals Polder have said to us that the flooding was mainly because of the grossly substandard and inefficient work from the contractor responsible for cleaning and maintenance of the Canals. We are forced to believe the same,” Jaikaran said.Additionally, Boodhoo said the tubes were placed where they are many years ago, and the farmers have been urged to make a formal request to have the tubes removed.Baksh, meanwhile, said the contractor has been derelict in performing his job, and this dereliction has been reported to the National Drainage and Irrigation Authority, (NDIA) but nothing has been done.While the regional authorities continue to cast blame, the farmers continue to suffer; and according to 87-year-old farmer Dharamdeo Singh, the floodwater shows no sign of receding. He said farmers are maintaining their call for the removal of both the NDC Chairman and the REO, since they are of no assistance to the community.He further related that farmers are calling for Deokinandan to be reinstated as the contractor to clear the main drainage canal.Farmers say the current contractor cleans the main access canal haphazardly. They contend that the canal is laden with “shrimp moss,” which hampers the flow of water, and that the contractor neglects to clear this moss.The farmers also claim to have been told by the NDC Chairman that the NDC is bankrupt, and no assistance can be rendered them.Just last December, the residents of Canals Polder experienced a devastating period of flooding, resulting in them incurring millions of dollars in losses. Government is yet to assist those farmers, and this current flooding has come just as they were getting back on their feet. read more