Iberia Securities – The yen extended its recent rally, marking a fresh seven-month high against the dollar and a one-week high on the euro.

Analysts at Iberia Securities said a break below 89.80 yen could send the dollar tumbling again. The U.S. currency fell to 90.65 yen late Friday in New York, from 91.70 yen Thursday, its fifth consecutive decline, while the euro weakened to 132.18 yen from 133.74 yen.

“We continue to view the yen as likely to surprise,” said analysts at Iberia Securities.

The dollar has been sold on falling long-term U.S. interest rates, which signal the market expects the Federal Reserve to keep the yield on the U.S. currency at very low levels well into next year.

The three-month dollar London interbank offered rate, an important gauge of the effectiveness of the Fed’s monetary policy, slipped to 0.299% from Thursday’s 0.29969%, albeit above the record low of 0.29869% on Wednesday.

“The move has been so rapid,” said Iberia Securities currency strategist in New York. “Rates are coming off much faster than the market thought,” he said, which is leading traders to sell the dollar.

A week ago, the dollar traded at 93.02 yen. It has posted five consecutive weekly declines.

UBS said the Bank of Japan may have to tackle the issue of a strong yen at its policy meeting next week.

Meanwhile, the Iberia Securities analysts forecast that a recovery in global production will support Japan’s exporter revenue and increase foreign demand for Japanese stocks. In addition, interest rates for major currency rivals are “too low” to attract local investors out of Japan.

While the euro did advance to a fresh nine-month high of $1.4636 during the day, intraday volatility in stocks and crude oil, as well as profit-taking and the expiration of options contracts, undercut those gains.

Positive U.S. data also provided some momentary support for the U.S. currency. The University of Michigan preliminary consumer sentiment index for September gained to 70.2 from 65.7 in August, compared with economist expectations for a reading of 67.5.

Barclays Capital and other institutions told Iberia Securities they believe the dollar has further to fall in the near term.

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—

Fans were able to watch the landmark match in Ukraine live online by registering at www.ukraineVengland.com..

PayPal handled payments made on the www.ukraineVengland.com website. Fans didn’t need a PayPal account to pay to watch the game: PayPal will also handled payments by credit and debit cards. (But PayPal’s 20 million customers in the UK will have the advantage of not having to type in their payment details.)

The international football agency Kentaro acquired the broadcast rights from the Ukrainian FA and had sold the game to Setanta in December 2007. However the pay-TV broadcaster went into administration over the summer leaving this key match without a UK broadcaster.

With no offers on the table from UK free to air or pay-TV broadcasters Kentaro decided to seek the widest possible online audience, appointing digital sport specialist Perform to market and stream the match online, on a pay-per-view basis.

Commenting, Cameron McLean, PayPal’s general manager for merchant services in the UK, said, “Just weeks after the UK online advertising overtook television advertising revenues for the first time, we’re about to see the first England international screened online but not on television. It’s a natural development, as we’re watching more and more traditional TV content on our home computers. PayPal will make payment a quick and easy option for fans who don’t want to miss the game.”

For more information contact:

Notes to Editors:

For more information about PayPal, please contact:

Rob Skinner

Head of PR, PayPal UK

rskinner@paypal.com

+44 (0)20 8439 2067

Notes to editors

Subscriptions are available at an early-bird price of £4.99 up until end of Thursday 8 October, increasing during the week to a maximum of £11.99 for purchases made on the match day. Pre-match coverage starts at 4.45pm on Saturday 10 October with a special programme charting the Three Lions’ impressive progress through the tournament to date, exclusive interviews with England players and analysis and insights from studio guests.

James Richardson will present the live coverage, alongside ex England manager and Notts County Director of Football Sven Goran Eriksson. Commentary will come from David Pleat and Tony Jones.

About PayPal

PayPal is the faster, safer and easier way to pay and get paid online. PayPal stores your card and bank details, enabling you to pay online without entering your sensitive financial information every time you shop, and you can be confident that it is never shared with the seller.

PayPal (Europe) S.àr.l. et Cie S.C.A. is a Luxembourg-based limited liability partnership, which is regulated by the Commission de Surveillance du Secteur Financier (‘CSSF’) in Luxembourg. PayPal Inc is the ultimate parent of PayPal (Europe) S.àr.l. et Cie S.C.A. and is 100% owned by eBay Inc. PayPal Inc was set up in the US in December 1998 and acquired by eBay Inc in 2002.

· PayPal is accepted on over 165,000 retailers’ websites across Europe

· PayPal’s 2008 full-year revenue was $2.38 billion, up 28 percent year over year

· PayPal’s net Total Payment Volume for 2008, the total value of transactions, was $60 billion, up 27 percent year over year

· PayPal’s Total Payment Volume in 2008 represented nearly 9 percent of global e-commerce and 15 percent of US e-commerce. (Based on Forrester estimates of US e-commerce with the addition of eBay Inc. internal metrics totaling $256B)

More information about the company can be found at http://www.paypal.co.uk or http://www.paypal.co.uk/press

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—

Local authorities are spending up to £1.3m each on private barristers’ and solicitors’ fees and up to £1.2m on their own staff’s time attempting to resist the fight for fair wages.

A survey of 50 authorities by public service union UNISON found that more than £11.5m has been spent to obstruct equal pay – a figure the union believes is “the tip of the iceberg”.

Using the Freedom of Information Act, the union discovered that among the most free-spending authorities is Sandwell Council which has paid out more than £1.3m to external solicitors and barristers after refusing to negotiate equal pay with UNISON. Coventry’s bill for external legal help was more than £1.2m.

Some local authorities have also spent hundreds of thousands on their in-house legal teams. Leeds, for instance has admitted incurring nearly £1.2m in internal costs and paying £300,000 to outside lawyers.

Sandwell council has spent £124 per female employee resisting equal pay, while the equivalent figure at Rotherham is £115 and in Coventry is £104.

The spending is in shocking contrast to the earnings of some of the low-paid members of UNISON. Some local government employees including cleaners, cooks, and care assistants earn as little £6.30 per hour, or £12,145 each year.

All this public money has been spent despite the introduction of the national “Single Status” agreement in 1997 which sought to end the gap between the pay of men and women in council jobs, which were either identical or required the same level of expertise or effort.

Ten years down the line, there are still far too many councils who are resisting equal pay through the courts.

Dave Prentis, UNISON’s General Secretary, said it was a “national disgrace” that local authorities were spending so much money on fighting to keep women’s wages down. Mr Prentis believes the figures that UNISON has unearthed under-estimate the total costs – because some councils “couldn’t or wouldn’t” reveal their expenditure.

He points out that others were only able or willing to provide information covering external spending over the last few years. He believes that a number of local authorities did their best to come up with the lowest possible figure when answering UNISON’s questions.

“What a waste of money. Councils are stuffing money into lawyers’ pockets to put off the inevitable. Expensive lawyers are raising tiny technical points and fighting issues the councils have already been advised they will lose. Cases drag on for years and women have died by the time legal arguments are resolved. Taxpayers’ money is being poured down the drain and low-paid women continue to be underpaid for jobs that society simply couldn’t function without.”

Brian Critchley, lecturer in employment relations at London Metropolitan University, said:

”One of the more shocking things to come out of this exercise is the total lack of coherence among councils on their policy towards equal pay.

“There appears to be no connection between allocation of resources and potential equal pay liabilities. It seems that some councils would rather defend the status quo than face the inevitable.”

COUNCILS SPENDING IN EXCESS OF £50,000 ON EXTERNAL LEGAL ADVICE/LITIGATION

Sandwell: £1,323,363.99 Coventry: £1,237,870 Cumbria: £869,448.03 (internal £421,300.42) Bury: £607,477.96 Rotherham: £473,689.96 Northumberland: £400,000 Leicester: £392,115.99 (internal £30,919.93) Leeds: £298,648.10 (internal £1,170,151.71) York: £279,802.27 Birmingham: £278,662.80 (internal £916,892)) Gateshead: £263,165.32 (since 2003 only) Cardiff: £216,332 Dudley: £167,142 Hartlepool: £165,788.75 (since 2003 only) Newport City: £138,926.47 Nottingham City Council: £131,653.60 Salford: £101,184.53 Liverpool: £90,478.89 Durham (Derwentside): £90,000

Merthyr Tydfil: £82,446.22 Brighton and Hove: £77,999.78 Flintshire: £76,695.72 Bridgend: £76,420.91 (internally 226.40 hours) Walsall: £72,975.16 (excl VAT) (since 2003) (in-house £81,762.50) Norfolk CC: £62,504.63 (internal £23,145.05) Pembrokeshire: £61,000 (internally estimated £5,250) Ceredigion: £55,184.45 Wolverhampton: £54,353.04 (internal £7,868.52) Southampton: £53,422.83 (plus VAT of £8,887.17) (internal £8,000)

COUNCILS WHO HAVE SPENT THE MOST ON INTERNAL LEGAL ADVICE – ONLY A SMALL MINORITY SUPPLIED AN ANSWER TO THE QUESTION)

Leeds: £1,170,151.71 (external £298,648.10) Birmingham City: £916,892 (external £278,662.80) Cumbria: £421,300.42 (external £869,448.03) Oldham: £164,682.30 (external £30,738) Lancashire: £157,320.90 (external £33,618.75) – figures from June 2004 only. Bolton: £100,467.98 (external £40,033.87) Walsall: £81,762.50 (external £72,975.16 (excl VAT)

COUNCILS WHO COULD NOT SUPPLY INFORMATION OR WANTED IN EXCESS OF £450 TO SUPPLY IT

Hackney, Central Bedfordshire, Waltham Forest, Trafford, Warrington, Lewisham, Blackpool, Staffordshire, Caerphilly, Stevenage NO EXTERNAL COSTS

Telford & Wrekin: £8,910.00 (internal) Haringey: £18,860.08 (internal)

NO COSTS AT ALL

East Lindsey District Council, Anglesey County Council, Isle of Wight, Wirral Council, Guildford, Royal Borough of Kensington and Chelsea, Lincolnshire and Herefordshire

Editor’s notes: In 1997 unions signed a national deal with local authority employers covering more than a million workers to even out disparities in pay and conditions between white collar and blue collar workers and between male and female council employees. Individual councils and unions then attempted to thrash out pay systems to suit their own local circumstances. No government money was made available to fund the new pay arrangements because the incoming Labour Government adopted budgets laid down by the previous Tory administration.

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—

Yorkshire,UK, September 17, 2009 — Middleton Dolls began as the seed of an idea 3 decades ago by talented artist Lee Middleton who had an innovative concept. It was to sculpt realistic dolls which looked like her own two children.With her first dolls, Lee’s talent somehow managed to capture the universal beauty and innocence of childhood. With their soft skin, real hair and realistic expressions, these dolls were so life-like they amazed people who saw them and word spread quickly. Relatives and friends asked her to sculpt dolls that looked like their children and Lee soon found herself in charge of an unexpected cottage industry. These amazingly lifelike dolls have since become known as “reborn dolls”.

The popularity of these reborn dolls grew and grew. In 1985 the doll community nominated Lee’s unique work for national awards. Doll Reader Magazine nominated Lee’s first vinyl baby doll, “First Moments,” for a Doll of the Year award. This honor helped establish vinyl as a collectible medium.
Soon, sales expanded to new venues and Middleton Doll released new “reborn dolls” that looked even more realistic, thus creating tales of mistaken identity. Concerned adults who saw “babies” trapped inside hot cars called rescue squads and shoppers would scold parents for leaving their “babies” on store counters.Supply and demand forced Lee to continuously find larger locations for production. In 1989, she opened a manufacturing facility in Belpre, Ohio. The facility produced more baby dolls a year than any other manufacturer in America, and the Mayor of Belpre declared the city to be “The Baby Doll Capital of the World.”

This was one of the factors leading to the “reborn dolls” phenomenon becoming a truly international industry.
Middleton Doll continued to lead the vinyl doll industry for more than a decade, but in 1997 tragedy struck. Lee died suddenly of a heart attack.
Employees were devastated by this unexpected turn of events. But they could not afford to sit back and take no action. To keep the Lee Middleton name alive and the company viable, they were forced to look to the future. They had to find another doll artist who could create the life-like faces that made Lee’s dolls the No.1 in the industry.

Be it divine intervention, or a just a stroke of good luck, a little known Canadian doll artist would soon take Middleton Doll in a whole new direction. In 1998, a death in the family almost kept Canadian doll artist Reva Schick from showing her dolls at the International Toy Fair in New York. Fortunately for Middleton Doll, Reva’s sisters-in-law recognized her talent and insisted that they show the dolls for her.
Middleton Doll was a perfect fit for Reva. Just like Lee, Reva has a strong religious background and credits her artistic talents to God. Lee always tucked a tiny Bible into each doll box, and Reva became the one to continue that tradition.

Every year Middleton Doll now introduces more than 100 new dolls in various skin tones, eye colors, hair colors, and sizes. Designed to look like real babies, each doll is sculpted by an award-winning doll artist who incorporates incredible detail into every crease, fold, and curve. The Middleton Doll Company is recognized by doll enthusiasts as the industry leader of vinyl collectible baby dolls.

Today Lee Middleton dolls are available from doll stores and toyshops throughout the world. A recent development is that they can now also be found on the internet on websites such as the leading online doll retailers www.CollectorReborn.com and www.CollectorReborn.co.uk . Reborn doll enthusiasts and collectors can now choose to buy from a collection of 100’s of dolls without ever leaving the comfort of their own home.
Lee Middleton dolls are now designed by gifted reborn doll artists such as Reva Schick, Eva Helland, Jane Pinkstaff, Michelle Fagan and Pat Moulton as well as several others. They are ensuring the continuing creation of incredibly life-like dolls.

Many of these dolls become far more than just a hobby and an intense emotional bond in created between the collector and the reborn doll. In fact, The Middleton collectible baby dolls are so life-like they are known as “The Babies That Love You Back.”

Lee Middleton’s beautiful Artist Studio Collection includes superb limited edition, hand numbered dolls. Each doll is sculpted by one of Middleton Doll’s award-winning artists and produced in vinyl. They are hand painted, lashed and produced with the same delicate care they were sculpted with. They are jointed and weighted in the appropriate place to make them feel like a real baby.

They are treasured collectibles that will become priceless heirlooms for many years to come.
Lee Middleton dolls are available from: http://collectorreborn.com/index.php?cPath=4 in the USA and from: http://collectorreborn.co.uk/index.php?cPath=4 in the UK and Europe.

Contact:
Linda Whitwam
CollectorReborn
Yorkshire, England
info@collectorreborn.com
http://www.CollectorReborn.com

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—

LANXESS is a leading specialty chemicals company with sales of EUR 6.58 billion in 2008 and currently 14,335 employees in 23 countries. The company is represented at 46 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.
Leverkusen, September 14, 2009
fah (2009-00171e)

Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by LANXESS AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Information for editors:
100 years of synthetic rubber – interesting information about the anniversary and the numerous application areas of the elastic all-rounder can be found at http://www.worldrubberday.com/.
You can find further information concerning LANXESS chemistry in our WebMagazine at http://webmagazine.lanxess.com/.
All LANXESS news releases and accompanying photo, video and audio material can be found at http://press.lanxess.com/. Current photos of the Board of Management can be found at http://imagebase.lanxess.com/.

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—

London, UK, September 17, 2009 — With more and more of our lives being stored on digital media, data loss is becoming a big issue. Data Recovery Systems Ltd have announced the release of a major new version of their popular Media Investigator file recovery tool with their unique “Pay-Per-Use” and “Recover or Refund” approaches, offering comprehensive and cost-effective file recovery to home users.

Jason Quillian, Managing Director of Data Recovery Systems Ltd, said:

“It’s been some time in the making but we are proud to release this major upgrade to Media Investigator.

We’ve taken extensive feedback from our customers and have incorporated many of their ideas into this latest version. We’ve also strengthened our recovery algorithms to support an even broader range of file types than was previously possible, including HD and Blu Ray files, whilst making Media Investigator even easier to use.”

Media Investigator v6 is the most comprehensive file recovery tool on the market for the home user; combining support for over 80 different file types; multiple file systems; and all popular digital media types: including memory cards, DVDs and large hard drives; all in a single tool.

Although the underlying recovery algorithms are technically complex, Media Investigator’s use of “WalkThroughs” and its clean, logical, interface makes file recovery an easy process, regardless of the user’s computer abilities.

Offering a unique “Pay-Per-Use” option alongside standard licensing and its “Recovery or Refund” guarantee, Media Investigator should be viewed as the first-choice application for file recovery.

Media Investigator v6 features include:

• a “Pay-Per-Use” option providing the user with the most cost-effective means of recovering their lost / deleted files.
• a “Recovery or Refund” guarantee ensures customers receive a full refund if Media Investigator is unable to recover their files.
• the ability to save scan results; allowing the user to cancel a scan and to resume it at a later time.
• a “one-click” setup facility allows users to select their device (camera, camcorder, etc) and Media Investigator will automatically select the most relevant file types.
• improved memory usage, allows tens of thousands of files to be recovered in a single scan – supporting even the largest drives.
• the support of over 80 different file types including photos, drawing, audio, multimedia, emails, office files, and archives.
• supports the recovery of HD and Blu-Ray video files.
• unrivalled support whereby additional file types can usually be added within 24hrs if the customer needs a file type that isn’t currently supported – without the need to download a new version of the file recovery tool.
• previews for a number of file types is available, allowing the user to see the recovery results before paying anything.

For more information and to download Media Investigator v6 to scan your drives absolutely free and see what files you can recover, please visit http://www.digitalfilerecovery.com.

Data Recovery Systems Ltd. is a UK based company founded in 2005.

Contact:
Jason Quillian
DRS Support
Data Recovery Systems Ltd
The Meridian
4 Copthall House
Station Square, Coventry CV1 2FL
info@digitalfilerecovery.com
http://www.digitalfilerecovery.com

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—

London, UK, October 07, 2009 — Gocompare.com has launched its pet insurance comparison service for cat and dog owners – one of the first true pet insurance comparison to be provided by any UK comparison site.

Another site offering similar services is www.highstreetchampions.com

Currently, visitors to Gocompare.com can compare 16 different policies, with more to be added in the very near future. The new service allows customers to see at a glance which policy gives them the right cover for the right price.

Lee Griffin, business development director at Gocompare.com, said: “pet insurance used to be considered something of a luxury, however, with veterinary bills often ranging into the hundreds, if not thousands of pounds, more people are looking for cover that will protect both their faithful companion and their wallet.

“Many pet owners probably limit their search for a pet insurance provider to the leaflets they find at their local veterinary practice. With Gocompare’s new service they can quickly compare lots of policies to make sure that they are getting the right cover, at the right price.”

Besides making it easier for people to find lots of pet insurance quotes, Gocompare.com’s new service can also help pet owners to quickly and easily identify what level of cover is provided. Some people may only need a 12 month policy, whereas others will require a lifetime policy – all of which are catered for by the providers on Gocompare.com’s pet insurance panel.

Lee continues, “When looking for pet insurance it is important that you check the policy details carefully. Some insurers won’t cover you for the cost of treatment of a condition more than once, whereas others will set a limit on how much they will pay out per illness. Ask yourself what you’d like to be covered by your pet insurance and don’t overpay for features that you really don’t need. Likewise, don’t assume that your pet is covered against all ailments – it could be a very expensive mistake. Gocompare.com’s pet insurance comparison is designed to help pet owners find a good deal, whilst making it clear what level of cover you can expect for your money.”

Using Gocompare.com’s new service, a one year old Golden Retriever bitch, who has been spayed, security tagged and whose vaccinations are all up to date, can get accident-only cover for as little as £3.70 a month, provided by Animal Friends*.

For £9.45 a month, the same dog can get a ‘lifetime’ policy that provides cover for accidents and illnesses, as well as a £500 payout should the animal not be able to be reunited with its owner due to being lost or stolen**.

For further information please contact:
Lynsey Walden at Gocompare.com on 01633 654 055
Anders Nilsson at Gocompare.com on 01633 657 599

Gordon at MAW Communications on 01603 505 845
Jason Wyer-Smith at MAW Communications on 07824 818 242

Notes to Editors:
to link to our website please use www.gocompare.com/pet-insurance

*Cover provided by Animal Friends Insurance. This is a ‘max benefit’ policy that provides £10,000 worth of cover towards vet’s fees in the event of an accident, up to a maximum of £2,000 per ailment, per year.

**Cover provided by Halifax. This is a ‘lifetime’ policy that provides £1,000 worth of cover for vet’s fees, which is refreshed each year, as well as £500 cover against your pet becoming lost or stolen, as well as providing a myriad of other benefits.

About Gocompare.com:
Gocompare.com launched in November 2006 to help people find the right insurance cover at the right price. It was founded by Hayley Parsons who has worked her entire career in the insurance broking and aggregator markets and was the first comparison site to focus on displaying product features rather than just listing prices. It was this philosophy that led to Gocompare.com becoming the first price comparison site to be invited to join the British Insurance Brokers Association (BIBA) in May 2008 and helped force older comparison sites to change their ‘quick quote’ ways and stop using assumptions to calculate estimated figures.

Today, Gocompare.com provides one of the most comprehensive online car insurance comparison services in the UK as well as comparing home, motorbike, van, pet and breakdown cover.

Gocompare.com is authorised and regulated by the Financial Services Authority.

Contact:
Anders Nilsson
Gocompare.com
Unit 6, Imperial Courtyard
Newpor, Gwent NP10 8UL
01633 657 599
anders@gocompare.com
http://www.gocompare.com/pet-insurance

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The final details of the Government’s scheme to save organisations money on fuel bills and to reduce carbon emissions have been unveiled today by the Department of Energy and Climate Change.

The Carbon Reduction Commitment Energy Efficiency Scheme is a new regulatory incentive to improve energy efficiency in large public and private sector organisations. Large energy users in business and the public sector will be required to take part in the scheme from 1st April 2010.

Following extensive consultation with businesses and trade bodies, DECC has made some improvements to the scheme:

• To smooth the introduction of the scheme and to help ease the upfront costs, organisations will only have to report emissions in the first year (2010/11). In subsequent years organisations will have to buy allowances corresponding to their emissions from energy use, and then surrender them by the end of the year.
• In the second year (2011/12) extra weighting will be given to organisations which take action early to improve energy efficiency.
• Recognition will be given to organisations which use onsite renewable energy like wind turbines or solar panels by publishing the increased carbon savings from such measures.
• Organisations will be given greater flexibility in how they participate. Subsidiaries who are large enough to qualify in own right (at least 6000MWh) may opt to do so separately from their organisational group.
• Given the primary focus of the scheme is energy efficiency, the CRC will now be known as CRC Energy Efficiency Scheme.

The CRC will help to ensure that large organisations play their full role in contributing to our emissions reductions of at least 34% on 1990 levels by 2020 through improved energy efficiency.

The scheme is mandatory and will save participants around £1billion per year by 2020 through cost effective energy efficiency measures that are not yet being taken up.

By 2020 the scheme is expected to have delivered emissions savings of at least 4.4 Mt CO2 per year.

The scheme will target organisations whose annual half hourly metered (HHM) electricity use is at least 6,000 Megawatt hours (MWh) will qualify for the scheme – typically those that spend £0.5 million a year on electricity. The Environment Agency will publish the qualification and registration guidance for potential CRC participants by November.

The basic timeline for CRC remains;

First phase – The three year ‘Introductory Phase’ starts in April 2010. An unlimited number of allowances will be available at a fixed price of £12/tCO2. From the second compliance year onwards, participants will annually have to purchase allowances, monitor energy use, report emissions and surrender allowances. Participants will also receive a revenue recycling payment each year.

Phase 2 –From 2013 Government will cap the number of allowances available each year and all allowances will be auctioned. The cap will be set taking into account advice from the Committee on Climate Change which they will provide in 2010.

-ENDS-

Case Studies

The below organisations fall within the remit for CRC and would be happy to be contacted for media purposes;

• HILTON HOTELS
  Press Office contacts 020 7856 8076 or email: Jules.Kerby@hilton.com
• GUY’S AND ST THOMAS’ NHS FOUNDATION TRUST
  Press Office contacts 020 7188 5577 or email: press@gstt.nhs.uk
• THE NATIONAL THEATRE
  Press Office contact details: 020 7452 3235 or email:   press@nationaltheatre.org.uk
• LONDON FIRE BRIGADE
  Press Office contacts: 020 8536 5922 or email: press@london-fire.gov.uk

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The far-reaching overhaul, designed to enhance firms’ liquidity risk management practices, is based on the lessons learned since the start of the credit crisis in 2007. The new rules will require changes to firms’ business models and will bring about substantial long-term benefits to the competitiveness of the UK financial services sector.

London’s competitive position depends on counterparties’ perception of the financial soundness of the firms that operate in the UK. Low-levels of financial soundness cannot provide sustainable long-term competitive advantage. The FSA’s new requirements are designed to protect customers, counterparties and other participants in financial services markets from the potentially serious consequences of imprudent liquidity risk management practices.

Specifically, the rules include:

• An updated quantitative regime coupled with a narrow definition of liquid assets;
• Over-arching principles of self-sufficiency and adequacy of liquid resources;
• Enhanced systems and controls requirements;
• Granular and more frequent reporting requirements; and,
• A new regime for foreign branches that operate in the UK.

Paul Sharma, FSA director of prudential policy, said:

“The FSA is the first major regulator to introduce tighter liquidity requirements for firms. We must learn the lessons of the financial crisis and we believe that implementing tougher liquidity rules is essential to ensure we are in a better position to face future crises.

“In the current crisis some firms weathered the storm better than others. These firms tended to be those that had policies that were similar to those that we are introducing today – including holding assets that were truly liquid, such as government bonds. Phasing the period in which firms will build up their liquidity buffers should mitigate the knock-on effects to bank lending.”

The FSA will not tighten quantitative standards before economic recovery is assured. It plans to phase in the quantitative aspects of the regime in several stages, over an adjustment period of several years. This is to take into account the fact that all firms at present are experiencing a market-wide stress.

The precise amount of liquidity that each firm will need to hold will be refined over time to ensure that the combined impact of higher capital and liquidity standards is proportionate.

The qualitative aspects of the regime will be put into place by December 2009.

The FSA strongly supports the liquidity workstreams that are underway internationally although recognises that it may be some time before there is international agreement on specific proposals,  Therefore, the structure of the new regime is sufficiently flexible to allow the FSA to amend it through time to reflect any new international standards.

Notes for editors

1. PS09/16: Strengthening liquidity standards can be found on the FSA website.
2. Previous consultation papers on liquidity can be found on the FSA website.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

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The EU has agreed major changes to the structure of regulatory and supervisory cooperation in Europe to introduce greater integration and coordination between regulators.  Lord Turner said that the success of these proposals will depend upon:

• The ability of the proposed European Systemic Risk Board to develop good quality risk analysis and the “willingness of politicians to take its warning seriously and to countenance potentially unpopular responses”;
• Achieving a commonly agreed and enforced rule book.  This needs a balance between political oversight and delegation to technical experts.  It will require “technicians devoted to good regulation and supervision …. independent of apparent national interests (such as influencing the location of activities)”; and
• A robust process of peer review between different regulators that would include resourcing and supervisory processes.

Lord Turner also warned about the risks that remain for host countries from cross-border banking business.  The structures for cross-border business need to recognise the national interests of the host country.  Host states should have the right to receive prudential information about entire groups and should be given powers to restrict the activities of branches where prudential weaknesses are not being adequately addressed by the firm or its home supervisor.

The full text of the speech can be found on the FSA website.

Notes for editors

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

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This article was first published at JKHanok.com
The article can be re-published on your site as long as this message remains intact.

This work by JK Hanok Press Release Center is licensed under a Creative Commons Attribution-No Derivative Works 2.0 UK: England & Wales License.
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