FINANCIAL SECTOR POLICIES Sample Clauses

FINANCIAL SECTOR POLICIES. The Coronavirus pandemic and the resulting containment measures will have an impact on the pace of ongoing and past reform initiatives. To alleviate the impact of the crisis on affected businesses and individuals, the authorities have initially extended the procedural and payment deadlines of existing debt settlement schemes for already submitted applications under the Household Insolvency law, the Primary Residence Protection law and the Out of Court Workout law, while they have also proceeded to extend the existing deadlines for the submission of new applications for the Primary Residence Protection law until end of July 2020. They are also contemplating extending the deadline for submission for new applications under the Out of Court Workout law. Moreover, trials before all jurisdictions (civil, penal and administrative) were temporarily suspended, from 13 March to 27 April 2020 due to the lockdown measures; as a result, all enforcement proceedings have been halted, including e-auctions (which would in any event have been cancelled as notaries have closed offices). Similarly, the operations of debt-collecting and debt-servicing agencies were suspended for as long as the confinement measures shall remain in force. All these measures hamper bank’s efforts to reduce non-performing loans. At the same time, the lockdown measures currently applied may cause a delay in outsourcing procedures or other labour-intensive processes in the context of the action plan, related to the processing and payment of called state guarantees. The Coronavirus pandemic has diverted resources at all levels of the public administration, limiting progress and resulting in delays in the advancement of financial sector reforms. Nevertheless, the authorities remain committed to harmonising the insolvency framework and to improving the existing tools for the resolution of non-performing loans. This is welcome as with the Coronavirus pandemic unfolding, an efficient insolvency framework is increasingly important. Given the delays accumulated in a number of areas, also on account of the current crisis, it will be important that the pace of reforms accelerates as soon as possible, in order to fully support the normalisation of the banking sector and the financing of the economy during the recovery. The actions outlined below are monitored and assessed under the enhanced surveillance framework, as part of the continuous specific commitment to “continue to implement reforms aimed at restori...
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Related to FINANCIAL SECTOR POLICIES

  • Certain Policies Prior to the Effective Time, each of Hxxxxx United and its Subsidiaries shall, consistent with U.S. GAAP, the rules and regulations of the SEC and applicable banking laws and regulations, modify or change its loan, OREO, accrual, reserve, tax, litigation and real estate valuation policies and practices (including loan classifications and levels of reserves) so as to be applied on a basis that is consistent with that of TD Banknorth, provided, however, that no such modifications or changes need be made prior to the satisfaction of the conditions set forth in Sections 8.1(a) and 8.1(b); and provided further that in any event, no accrual or reserve made by Hxxxxx United or any of its Subsidiaries pursuant to this Section 7.15 shall constitute or be deemed to be a breach, violation of or failure to satisfy any representation, warranty, covenant, agreement, condition or other provision of this Agreement or otherwise be considered in determining whether any such breach, violation or failure to satisfy shall have occurred. The recording of any such adjustments shall not be deemed to imply any misstatement of previously furnished financial statements or information and shall not be construed as concurrence of Hxxxxx United or its management with any such adjustments.

  • Personnel Policies The School shall adopt, update, and adhere to personnel policies. These policies must be made readily accessible from the School’s website or school office, as described in Section 11.4. 1. If the policy is not available from the School’s website, the School shall submit the current policy to the Commission.

  • General Policies 6.2.4.1 Each Party’s resources are for approved business purposes only. 6.2.4.2 Each Party may exercise at any time its right to inspect, record, and/or remove all information contained in its systems, and take appropriate action should unauthorized or improper usage be discovered. 6.2.4.3 Individuals will only be given access to resources that they are authorized to receive, and which they need to perform their job duties. Users must not attempt to access resources for which they are not authorized. 6.2.4.4 Authorized users must not develop, copy or use any program or code that circumvents or bypasses system security or privilege mechanism or distorts accountability or audit mechanisms. 6.2.4.5 Actual or suspected unauthorized access events must be reported immediately to each Party’s security organization or to an alternate contact identified by that Party. Each Party shall provide its respective security contact information to the other.

  • Rules, Regulations and Policies Employee shall abide by and comply with all of the rules, regulations, and policies of Employer, including without limitation Employer's policy of strict adherence to, and compliance with, any and all requirements of the banking, securities, and antitrust laws and regulations.

  • Employer Policies Employees shall be governed by written policies adopted by the Employer as publicized on bulletin boards, or by general distribution, provided such policies are not in conflict with the provisions of this Agreement.

  • BOARD POLICIES The Borrower shall not modify the terms of any policy or resolutions of its board of directors if such modification could reasonably be expected to have or result in a Material Adverse Effect.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. (b) Pursuant to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master Servicer, or by any Servicer, under any insurance policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with the applicable Servicing Agreement) shall be deposited into the Master Servicer Collection Account, subject to withdrawal pursuant to Section 4.02 and 4.03. Any cost incurred by the Master Servicer or any Servicer in maintaining any such insurance if the Mortgagor defaults in its obligation to do so shall be added to the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so permit; provided, however, that the addition of any such cost shall not be taken into account for purposes of calculating the distributions to be made to Certificateholders and shall be recoverable by the Master Servicer or such Servicer pursuant to Section 4.02 and 4.03.

  • Investment Policies The Borrower is in compliance in all material respects with the Investment Policies.

  • National Environmental Policy Act All subrecipients must comply with the requirements of the National Environmental Policy Act (NEPA) 42 U.S.C. 4321 et seq., and the Council on Environmental Quality (CEQ) Regulations (40 C.F.R. Parts 1500-1508) for Implementing the Procedural Provisions of NEPA, which requires Subrecipients to use all practicable means within their authority, and consistent with other essential considerations of national policy, to create and maintain conditions under which people and nature can exist in productive harmony and fulfill the social, economic, and other needs of present and future generations of Americans.

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