Satori 34 http://satori34.com/ Mon, 20 Sep 2021 09:39:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://satori34.com/wp-content/uploads/2021/07/icon-10-150x150.png Satori 34 http://satori34.com/ 32 32 MONETA Money Bank announces a new sale of the portfolio of non-performing loans – September 2021 https://satori34.com/moneta-money-bank-announces-a-new-sale-of-the-portfolio-of-non-performing-loans-september-2021/ https://satori34.com/moneta-money-bank-announces-a-new-sale-of-the-portfolio-of-non-performing-loans-september-2021/#respond Mon, 20 Sep 2021 08:42:29 +0000 https://satori34.com/moneta-money-bank-announces-a-new-sale-of-the-portfolio-of-non-performing-loans-september-2021/

September 20, 2021

MONETA Money Bank announces further sale of its portfolio of non-performing loans

MONETA Money Bank, as (“MONETA”) would like to inform that it has successfully completed the disposal of a portfolio of non-performing loans (“NPL”) with a nominal value of CZK 110 million. The portfolio consisted of 1,233 unsecured personal loans. MONETA achieved a pre-tax profit of CZK 20 million on the disposal. The overall recovery of this portfolio reached 68% thanks to the recovery process.

The divestiture was successfully completed through a competitive electronic auction process with 48 participants.

MONETA continues to meet its objectives of managing the quality of the loan portfolio and the bad debt disposal strategy. Since the start of 2021, MONETA has sold a portfolio of NPLs with a total nominal value of CZK 1,293 million on which it generated a pre-tax profit of CZK 136 million.

MONETA Money Bank, as | Vyskočilova 1442 / 1b, 140 28 Praha 4 – Michle | IČO: 25672720 | Registered by the Municipal Court of Prague, Section B part 5403 |

Phone. : +420 224 443 636 | www.moneta.cz

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Moneta Money Bank as published this content on September 20, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 20, 2021 08:41:01 AM UTC.

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Is mortgage the only way to finance real estate? https://satori34.com/is-mortgage-the-only-way-to-finance-real-estate/ https://satori34.com/is-mortgage-the-only-way-to-finance-real-estate/#respond Mon, 20 Sep 2021 07:19:54 +0000 https://satori34.com/is-mortgage-the-only-way-to-finance-real-estate/

NICOLETTE’S NICKELS

In 2019, I participated in an insightful session on employee financial well-being. Home loans were a hot topic. The employer had an agreement with its pension administrator and one of the banks to allow pension-backed home loans to its employees. While we were in the midst of discussing what could go wrong and some benefits of this arrangement, a man who had a calm demeanor about her casually cleared his throat and almost whispered why he needed help. a mortgage to finance a property. Baffled by this question but trying to stay calm, the mortgage bank consultant said, “Well, that’s the only way. “

“I understand you,” replied the gentleman, “but let’s say I’m using a personal loan, there’s a good chance I’ll pay off the house in five years or less, and if I don’t pay off the loan, my house won’t. ‘is not in danger, ”he said. added.

As I sat there watching this comings and goings between the two of them, I thought long and hard about what he had just said. To say that your home would not be in danger if you did not pay off a personal loan is not accurate. It can be a much longer process to tie your home down to debt, and it’s a long and arduous legal process that most financial institutions prefer to avoid. But it is possible. He was right, however, that you could pay off a personal loan in five years. But at what cost ? Assessing the adequacy of credit facilities is one of the building blocks of using credit to build wealth. The problem with credit is that the most convenient way isn’t always the most efficient. But before I explain why it is essential to use a proper credit facility, let me first describe the two types of loans, so that you understand them better.

Personal loan

A personal loan is like a type of flexible credit. It is not intended for any specific use, which means the bank will not regulate how you use the money. Most people use this type of credit to help pay for school fees, plan vacations, or pay unexpected fees. For banks to approve this loan, they look at your credit history and personal information (e.g. are you employed, are you earning enough income to pay off the loan, your lifespan, etc.). You can get up to R300,000 in South Africa as a personal loan from a reputable credit provider. Personal loans are unsecured loans because they have no assets to support the loan and generally attract high interest rates.

Mortgage loan

A home loan is a more fixed type of credit to use for a home purchase. People who are considering buying a home or doing major renovations will consider this type of credit. For the banks to approve this they will do a credit review, yes, but they will also look at the type of property you are considering buying and its value. You won’t be able to go to the bank and ask for 1 million rand when your property is worth 300,000 rand. Likewise, suppose after the bank looks at your credit history and personal information, they feel that you are not worthy of a million Rand loan. . In this case, they may ask you to either downsize your property and find a smaller and cheaper one, or improve your affordability, especially if you are planning to take out a 100% no deposit loan.

Home loans are a type of secured loan because there is an asset associated with the loan. In the event of default, the asset can be repossessed and sold to recover the borrowed funds.

In most cases, home loans enjoy relatively reasonable interest rates.

There may be reasons one would use a personal loan to finance a home purchase, often because many people do not qualify for home loan approvals. It is unfortunate, because it puts a person in a difficult position. The high interest rates on personal loans mean that you end up paying much higher interest charges than if a home loan were used.

Second, to be eligible for Flisp, the government-funded home ownership grant, a home loan must first be approved.

Finally, it is essential to remember that even if the borrowing period of a mortgage is 20 years, it is only the maximum number of years to repay the loan. If you have the privilege of putting additional amounts into the home loan, it will reduce the number of years to pay it off and significantly reduce the amount of interest paid on the overall loan.

The math of how these loans work is also essential. The interest you pay on any loan is calculated using the interest rate you are offered over the outstanding balance you owe. Remember that on a personal loan, it is significantly higher than the interest rate on home loans. The trick is to try to reduce the outstanding balance as much as possible.

At the start of a loan repayment, a significant percentage of the minimum monthly payment you make is allocated to the interest portion of the loan. Any additional amount you make will be used to reduce the balance owing to 100%. A personal loan will have a higher monthly payment than a home loan for the same balance due. This means that on a personal loan you may not have the luxury of paying extra, while the terms and conditions offered on a home loan allow for additional payments.

For example: on a personal loan of R300k over six years and an interest rate of 15%, you will pay a monthly repayment amount of R6,438. For a home loan of R300k (no deposit) over 20 years and a rate of d 9% interest, you will pay back a monthly amount of R2 699. This makes a difference of R3 739 between the two loans. But if you were to pay R6,438 on a home loan and recalculate the down payment term, it is reduced to 4.8 years which is less than the personal loan term. And you can’t argue with math!

Note that a personal loan is not used to accumulate assets that have substance. Think about the end goal and the generational wealth you could build instead of taking shortcuts to have a higher price in the end.

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Gradual reform of the English student loan system “impossible” https://satori34.com/gradual-reform-of-the-english-student-loan-system-impossible/ https://satori34.com/gradual-reform-of-the-english-student-loan-system-impossible/#respond Sun, 19 Sep 2021 23:01:00 +0000 https://satori34.com/gradual-reform-of-the-english-student-loan-system-impossible/

Reforming England’s student loan system is “essentially impossible” without hitting average earners harder than top-paid graduates, according to a respected research institute.

The change in loan terms is seen as a likely part of the Westminster government’s response to the Augar review of post-18 education funding in England, which is to be described as part of the comprehensive spending review next month.

In a briefing released on September 20, the Institute for Fiscal Studies (IFS) said an overhaul of the lending system “now seems almost inevitable” as the Treasury seeks to cut costs in higher education. According to IFS’s own estimates, 44% of the value of student loans taken out by first-year students this fall will ultimately be paid by taxpayers, as under current terms, overdue balances are amortized after 30 years, and four out of five borrowers do not repay their debt in full.

However, the IFS, which has created a calculator that allows users to examine the effects of changing any parameter of the loan system, says it is “essentially impossible for the Chancellor to save money. money without touching graduates with more average incomes than those with the highest earnings ”.

“Despite its many flaws, the current system has the desirable characteristic of being progressive: the highest-paying borrowers by far repay the most for their student loans, and the lowest-paying borrowers pay less,” the briefing states. IFS.

“Because the highest paying borrowers are already paying so much, any plausible way to raise more money from the system will shift the costs onto middle-income borrowers, but will largely spare those with the highest incomes. “

For example, the briefing states that increasing the student loan repayment rate “would be the easiest way to raise more money, but appears to be both politically unpleasant and economically ill-advised.”

“By counting both employer and employee contributions to national insurance and student loan repayments like taxes… employees who repay their loans and earn above the loan repayment threshold (currently 27 £ 295) will already pay half of any extra pound that goes towards their wages in tax once the new tax on health care and social benefits kicks in … This figure rises to 58% for those earning above the threshold for the higher tax rate (currently £ 50,270) and at 64% for those who also have a postgraduate government loan, ”the briefing said.

A “more realistic” alternative, according to the briefing, is to extend the repayment term on student loans, potentially to 40 years, as the Augar review suggests.

However, he continues, “the borrowers most affected by this change would still be those with high but not very high lifetime incomes. The length of the loan does not matter for those with the lowest lifetime incomes, as most of them will not earn above the repayment threshold anyway and therefore will not make additional repayments. It also doesn’t affect higher-income borrowers much, as most of them will pay off their loans in full in less than 30 years. “

Likewise, if the loan repayment threshold were lowered, the lowest paying borrowers would likely not be affected and the highest paid “would even end up paying less because they would pay off their loans faster and earn less interest” .

A final option considered by the IFS is to reduce the interest rates on student loans. The briefing states that prior to the accounting changes introduced in 2019, “any interest accrued on student loans was recorded as a receipt in government accounts, while write-offs were only counted as expenses at the end of the term. of the loan “. Since then, however, “only the portion of student loans that the government expects to repay with interest is treated as a conventional loan; the remainder is considered an expense in the year the loans are issued.

“The higher the interest rate, the lower the portion of loans that will be repaid with interest, and therefore the higher the amount of immediate expenses that counts for the deficit. Lower interest rates would still be a net negative for public finances in the long term, as the interest accrued on the portion of conventional loans would be lower, outweighing the reduction in expenditure when issuing loans. But the Chancellor is perhaps less concerned with the long term and more concerned with the next few years. “

Lower interest rates, according to the briefing, would be “a big giveaway for higher paying borrowers.” Nonetheless, he continues, “there is a strong case for lower rates regardless of any accounting considerations. With the current interest rates on student loans, many high-income graduates end up repaying both far more than they borrowed and far more than it cost the government to lend them.

Ben Waltmann, senior research economist at the IFS who created the loan calculator, said that with a series of changes to the loan system, “successive chancellors have gotten into a corner.

“The system is expensive, but there is essentially no way to make more money out of it without hitting borrowers with higher average incomes than those who earn the most. If he wants to collect more from the highest incomes, the Chancellor will have to use the tax system, ”said Waltmann.

Times Higher Education understands that there has been interest within government in proposals in a recent EDSK think tank report to “encourage students to seek out the courses and institutions that will offer them the most value” by lowering the threshold loan repayment from its current threshold of £ 27,295 in the new system and changing the repayment rate to 9%.

The EDSK report said there should be a “tiered” refund rate system: 0% for winnings up to £ 12,570; 3% for winnings between £ 12,570 and £ 17,570; 6% for income between £ 17,570 and £ 22,570; and 9 percent for winnings over £ 22,570.

chris.havergal@timeshighereducation.com

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Workers with COVID-19 can apply for cash assistance – ECC https://satori34.com/workers-with-covid-19-can-apply-for-cash-assistance-ecc/ https://satori34.com/workers-with-covid-19-can-apply-for-cash-assistance-ecc/#respond Sun, 19 Sep 2021 16:00:00 +0000 https://satori34.com/workers-with-covid-19-can-apply-for-cash-assistance-ecc/
Sheila Crisostomo – The Filipino Star

September 20, 2021 | 00h00

MANILA, Philippines – Employees infected with COVID-19 can now apply for cash assistance from the Employee Compensation Commission (ECC) without visiting its office.

In a notice, the ECC said those who wish to apply can send their application and other relevant documents by mail.

“A request for EC cash assistance can now be submitted by those who have tested positive for COVID-19 using courier services,” he added.

The EC Cash Assistance program is a benefit that ECC provides and administers in its central and regional offices.

Cash assistance usually amounts to P 10,000 or P 15,000 in the event of illness or death, respectively.

Applicants must send their proof of approved EC claim from the Social Security system or government services insurance system, a completed cash assistance form, and copies of two valid government issued ID cards.

Other requirements are one of medical or quarantine certificates – positive RT-PCR test result, rapid antigen test result with confirmed COVID-19 illness medical certificate or CE logbook entry / official report from incident.

For death applications, applicants must include a death certificate and a dependent marriage or birth certificate or Cenomar and a birth certificate, if the deceased is single.

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Center Wedges Andhra Government Over Non-Use Of 960 Crore Loan From Foreign Agencies https://satori34.com/center-wedges-andhra-government-over-non-use-of-960-crore-loan-from-foreign-agencies/ https://satori34.com/center-wedges-andhra-government-over-non-use-of-960-crore-loan-from-foreign-agencies/#respond Sun, 19 Sep 2021 15:55:00 +0000 https://satori34.com/center-wedges-andhra-government-over-non-use-of-960-crore-loan-from-foreign-agencies/

The Center requested a report from the government of Andhra Pradesh on obtaining loans worth 960 crore from foreign agencies for various foreign aid projects (EAPs) that remain unused.

Departments that are supposed to get these funds to run projects have blanked out, while contractors have yet to be paid hundreds of crores for work done so far. The EAPs now remain at an impasse because the State can no longer borrow loans from external agencies due to the poor progress of the works and the non-clearance of payments (contributions).

Taking note of the same, the Department of Economic Affairs (DEA) under the Union Ministry of Finance wrote a letter requesting an explanation from the Andhra Department of Finance.

“The overall situation of the use of advances granted by various authorities is not so encouraging because a very large amount of advances is in the accounts of the government of Andhra Pradesh. As of September 7, the amount released as The advance amounts to US $ 124.65 million, roughly equivalent to 960 crore, ”the DEA noted in its letter to the Principal Secretary of Finance.

The DEA also noted that the use of the loan amount was “not that high”, indicating that the cost of interest was increasing but the execution of the project was at a slow pace. DEA officials also called senior officials from various state departments and “gave them ears” of the grim situation.

“We are bombarded with questions about the state of the work and the use of funds (put forward by foreign agencies), but our bulletin is only filled with blanks. They gave us money but we cannot tell them we don’t have it, ”one bureaucrat observed.

“On the one hand, the state government is struggling to get loans but, on the other hand, secured loans are not being spent for their intended purpose,” he told PTI.

DEA warns Andhra government

Currently, there are 14 EAPs active in Andhra Pradesh, with loans from foreign lenders like World Bank, Asian Infrastructure Investment Bank, International Fund for Agricultural Development (IFAD), Asian Development Bank ( AfDB), the International Bank for Reconstruction and Development (IBRD), Japan International Cooperation Agency, New Development Bank and KfW of Germany.

The DEA in particular referred to six such projects for which the AfDB, AIIB, IBRD and IFAD have already released $ 124.65 million in advance.

According to the DEA letter, $ 43.35 million (approximately 316 crore) is expected to be available to the state as the remaining advance out of the total disbursement of $ 71.13 million. The DEA has warned the state to ensure that EAPs are “completed at a faster rate” by liquidating advances since the closing date for four projects is approaching.

(With contributions from the agency)

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MTB offers an MSME loan at an interest rate of 4% https://satori34.com/mtb-offers-an-msme-loan-at-an-interest-rate-of-4/ https://satori34.com/mtb-offers-an-msme-loan-at-an-interest-rate-of-4/#respond Sun, 19 Sep 2021 15:50:08 +0000 https://satori34.com/mtb-offers-an-msme-loan-at-an-interest-rate-of-4/

MTB is one of the 15 (fifteen) banks participating in this recovery plan

Mutual Trust Bank Limited (MTB) recently signed an agreement with the SME Foundation to disburse a stimulus loan organized by the government of Bangladesh, according to a press release.

MTB is one of the 15 (fifteen) banks participating in this recovery plan of the SME Foundation for micro, small and medium-sized enterprises.

Under this agreement, the fund will be disbursed at an interest rate of 4% to rural and marginal micro, small and medium entrepreneurs, with particular emphasis on marginalized people in rural areas of Bangladesh with a view to raising their standard of living and accelerate recovery from the loss suffered due to the COVID-19 pandemic.

MA Mannan, MP, Minister, Ministry of Planning of the People’s Republic of Bangladesh attended the event as the main guest while Kamal Ahmed Mojumder, MP, Minister of State, Ministry of Industry; Zunaid Ahmed Palak, MP, Minister of State, Ministry of ICT and Zakia Sultana, Secretary, Ministry of Industry were also present as special guests.

Professor Dr Md. Masudur Rahman, President, SME Foundation chaired the event.

Dr Md Mafizur Rahman, Managing Director of SME Foundation and Syed Mahbubur Rahman, CEO of Mutual Trust Bank signed the agreement on behalf of their respective organizations.

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The first loan that was the germ of microcredits celebrates its 45th anniversary https://satori34.com/the-first-loan-that-was-the-germ-of-microcredits-celebrates-its-45th-anniversary/ https://satori34.com/the-first-loan-that-was-the-germ-of-microcredits-celebrates-its-45th-anniversary/#respond Sun, 19 Sep 2021 11:17:34 +0000 https://satori34.com/the-first-loan-that-was-the-germ-of-microcredits-celebrates-its-45th-anniversary/

Dhaka, Sept. 19 (EFE) – 45 years ago, now Bangladeshi Nobel Peace Prize laureate Mohammad Yunus granted a small loan to a poor woman who would start his own bank, the Grameen Bank, with which he would formalize the microcredit system.

Mohammad Babul grew up listening to the stories of his grandmother Sufia Khatun about how her small loan led to the birth of an organization that has transformed the lives of millions of poor people in Bangladesh and around the world.

“I was not yet born when it all happened, but during my childhood I heard many stories from my grandmother about the trials she went through and how the loan (from the future ) from Grameen Bank helped her earn a living, ”Babul, 37, told EFE, who drives an electric rickshaw or three-wheeled taxi.

Sufia, who had been abandoned by her husband with two dependent daughters, was running a small bamboo stool business near a university campus in the village of Jobra, in southern Bangladesh, when she met the professor of Yunus economy.

The woman was struggling to make ends meet, so Yunus loaned her the money, which allowed her to increase her income through the investment. Later, Sufia decided to go to a bank to apply for a new loan, but they laughed at her there because she had no endorsement, so the economist intervened.

This new loan led Sufia to increase her profits, but the banks still did not want to deal with someone like her, with few resources, so Yunus decided to create her own system to give money to the poorest. .

Thus, still informally, on September 19, 1976, “the bank for the poor” was born in Jobra, with a first loan to Sufia which will be extended that year to around ten beneficiaries.

In 1983, Grameen Bank was integrated into the Bangladesh banking system to begin its formal activities, reaching in 2019 more than 9 million beneficiaries in some 81,600 localities, 97% of them women, with disbursements since then over 25 000 million dollars, according to bank data.

Sufia died in 1997, nine years before Yunus and his Grameen Bank were awarded the Nobel Peace Prize.

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Evergrande gave workers a choice: lend us money or lose your bonus https://satori34.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/ https://satori34.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/#respond Sun, 19 Sep 2021 06:27:36 +0000 https://satori34.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/

When struggling Chinese real estate giant Evergrande ran out of cash earlier this year, it turned to its own employees with a strong case: Those who wanted to keep their bonuses should give Evergrande a short loan. term.

Some workers have asked friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped repaying the loans, which had been billed as high-interest investments.

Today, hundreds of employees joined panicked homebuyers to demand reimbursement from Evergrande, rallying outside the company’s offices across China to protest last week.

Once China’s most prolific real estate developer, Evergrande has grown into the country’s most indebted company. It owes money to lenders, suppliers and foreign investors. He owes unfinished apartments to homebuyers and has racked up over $ 300 billion in unpaid bills. Evergrande faces lawsuits from creditors and has seen its shares lose more than 80% of their value this year.