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ESMA critical of ‘unsatisfactory’ asset-backed security assessment

first_imgESMA’s research found that CRAs were not ensuring that the due diligence underlying issuances was obtained prior to rating the instruments, something the supervisor said prejudiced a rating agency’s ability to conclude whether information on those assets was of “sufficient quality”.“ESMA also noted that, while some CRAs have enhanced the process of collecting such due diligence or third party assessment for new ratings, the same information is not always available for outstanding ratings issued before the entry into force of the [CRA] Regulation.”The supervisor suggested that disclosures on the assessment of the quality of information underpinning issuances be made as each rating was issued.A spokeswoman for Fitch told IPE that it had reviewed the review’s findings of residential mortgage-backed securities (RMBS) with interest.“While we are confident that our policies and procedures are robust and meet regulatory standards, we will continue to co-operate fully with ESMA,” she added.A spokeswoman for Moody’s added: “Moody’s continuously strives to improve its strong analytical processes. We will review our policies and procedures and adjust as appropriate.”Asset-backed securities, such as RMBS and commercial mortgage-backed securities (CMBS), have been controversial in the wake of the credit crisis, which saw a number of large pension investors suffer losses and subsequently sue a number of banks over their holdings.Dutch civil service scheme ABP in late 2013 settled with Credit Suisse and Morgan Stanley over alleged mis-selling of RMBS.The European Commission has recently said it would like to see renewed growth in the European securitisation market in order to stimulate lending to small firms.Read more about the European Central Bank’s attempts to grow the asset-backed securities market in a recent issue of IPE,WebsitesWe are not responsible for the content of external sitesLink to ESMA’s investigation into structured finance ratings Credit ratings agencies’ assessment of structured finance instruments is, at times, unsatisfactory and must be improved, Europe’s markets supervisor has insisted.The European Securities and Markets Authority (ESMA) examined the procedures employed by four large credit ratings agencies (CRAs) – DBRS Ratings, Fitch, Moody’s Investors Services and Standard & Poor’s – and said it found shortcomings in the way the underlying data was reviewed.Steven Maijoor, chairman of ESMA said that the high volume of structured finance instruments and the renewed interest in securitisation, partially stemming from the European Commission, made its nearly year long investigation timely.“All registered CRAs should take note of the problems identified and ensure that they properly incorporate the requirements and objectives of the CRA Regulation into their working practices in order to ensure the quality of credit ratings and maintain investor confidence,” he added.last_img read more

Centro Basket trials begin today

first_imgTHE Guyana Amateur Basketball Federation (GABF), in preparation for the 2017 FIBA Centro Basket U-15 Championships, announced that Lugard Mohan has been appointed Head Coach for Guyana’s male Under-15 team.The Guyana U-16 male team qualified for the Championship by coming in second place in the recently concluded Caribbean Basketball Confederation (CBC) U-16 Championships held in Guyana in July.The GABF and Youth Basketball Guyana (YBG) will host sessions today and tomorrow, beginning at 17:00hrs at the Cliff Anderson Sports Hall.Twenty-three players have been shortlisted for the sessions. The sessions are also opened to other under- 15 players who may try out during the selection process.The final team will be named after the two-day trials.The twenty-three shortlisted players are Jordan Alphonso, Roydon Glasgow, Kwesi Roberts, Anthony Yansen, Corey Graham, Jeter Harris, Josiah Daniels, Jamal Persaud, Shaquawn Gill, Lugard Mohan, Alistair Agrippa (Georgetown), Yannick Tappin, Leon Benjamin, Kobe Tappin, Isiah Adams (Linden), Jermaine King, Matthew Samson, Rafael Sebastian (New Amsterdam), Isaiah Hintzen, Kadeem Dover, Robin Flatts, Nicholoyd Lowden, Joshua Grannum (Kwakwani).Players are asked to walk with their passports on Monday afternoon to aid the selection process.The Centro Basket Championships are scheduled to take place from August 24 to August 28 in Patillas, Puerto Rico.last_img read more

Wellington Fire Department and After School program combine forces for mentoring project

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (5) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. -12 Vote up Vote down Concerned · 256 weeks ago So the fire dept is babysitting instead of fighting fires and going on ems calls? Report Reply 1 reply · active 256 weeks ago +5 Vote up Vote down Guest · 256 weeks ago Apparently you have never been at an event in which the fire/ems department was involved with. If a call goes out they leave and respond to it. Report Reply +2 Vote up Vote down Guest · 256 weeks ago Apparently you’ve never been to an event that the fire/ems is attending. If an emergency arises they leave and respond to it. Report Reply 0 replies · active 256 weeks ago +11 Vote up Vote down bina72003 22p · 256 weeks ago Wow concerned you are exactly what is wrong with our youth. We have respected members of our community, professionals who I as a parent want my children to look up to and respect willing to spend their time that they are not on calls (thank god not on fires) with our youth, and you complain! Far be it from me to step on your toe today but please don’t be ignorant! Report Reply 0 replies · active 256 weeks ago +2 Vote up Vote down Katie · 256 weeks ago Mentoring the youth!! Way to go Wellington EMS/Fire!! The kids are our future…. Report Reply 0 replies · active 256 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Wellington Fire Department at After School programSubmitted to Sumner Newscow — The Wellington Fire Department has partnered with the After School Program for a mentoring program.  Department members will be making a regular appearance in the middle and elementary schools, fostering education and career opportunities.On Wednesday, September 8, paramedics Curt Hasart, Mike Clark, and EMT Andrew Pauly were on hand to encourage the students at the middle school towards these ends.  Mike Clark was very frank about his struggles in school and how he values his higher education. He stressed the importance of higher education to the kids. The fire fighters then spent time interacting with the students.  Rumor has it a Zone student beat the department ping pong champ!  The students had a blast and are looking forward to the next visit.  In the meantime, while students work on math skills, the fire department may want to brush up on their ping pong skills.Follow us on Twitter.last_img read more