Tag Archives: banking & finance

ILN Today Post
June 18, 2020

FAQ: Main Street Business Lending Program

By Davis+Gilbert LLP

On June 15, 2020, the Federal Reserve announced that its Main Street Lending Program was open for lender registration. Once an eligible lender has registered to participate in the program, the eligible lender can begin making Main Street loans immediately. In addition, on June 8, 2020, the Federal Reserve announced certain changes to the Main Street Lending Program to increase participation by borrower and lenders. Read more…

Posted in Banking & Finance
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ILN Today Post
May 29, 2020

Securing a foothold for a successful rebound from the economic effects of COVID-19

By Holmes Solicitors

How well prepared are Ireland’s banks for COVID-19?

Going into the pandemic recession banks are assessing their position. Brian McEnery and Harry Fehily crunch the figures. Irish banks seem to be in a better position facing into the current pandemic crisis as compared to their position entering the 2008 Global Financial Crisis. A number of strategies and policies will assist the Irish banks to weather the storm and assist our economy.  [Going into the pandemic recession banks are assessing their position. Brian McEnery and Harry Fehily crunch the figures]Read here.

Posted in Banking & Finance | Insolvency/Restructuring | Litigation
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May 27, 2020

How well prepared are Ireland’s banks for COVID-19?

By Alice Steen of Holmes O’Malley Sexton LLP

Going into the pandemic recession banks are assessing their position. Brian McEnery and Harry Fehily crunch the figures

In brief: Irish banks seem to be in a better position facing into the current pandemic crisis as compared to their position entering the 2008 Global Financial Crisis. A number of strategies and policies will assist the Irish banks to weather the storm and assist our economy.

Where is the banking sector now compared to the 2008 Global Financial Crisis?

Posted in Banking & Finance
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ILN Today Post
April 28, 2020

Additional Funding Approved to Help Assist Small Businesses Affected by COVID-19

By Davis Malm

On April 24, the President signed into law The Paycheck Protection Program and Health Care Enhancement Act, which appropriates approximately $484 billion in funding for coronavirus relief. The Enhancement Act amends the CARES Act and includes:

  • $321 billion to fund the Paycheck Protection Program (PPP);
  • $60 billion reserved for the Emergency Economic Injury and Disaster Loan (EIDL) Program;
  • $100 billion to fund a Public Health and Social Services Emergency Fund; and
  • $2.1 billion for certain Small Business Association (SBA) salaries and expenses.

This alert outlines amendments to the PPP and EIDL programs, and provides guidance for PPP loan forgiveness.

Posted in Banking & Finance
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ILN Today Post
April 23, 2020

GET A HEAD START — AVOID PROSPECTUS APPROVAL DELAYS BY PRE-FILING A PROSPECTUS ON A CONFIDENTIAL BASIS

By Fogler, Rubinoff LLP

On March 5, 2020 the Canadian Securities Administrators (the “CSA“) introduced a harmonized process for full reviews of prospectuses on a confidential pre-filing basis for non-investment issuers (the “Pre-File Process“). The concept of pre-filing a prospectus for comment is not new, however it was previously applied inconsistently by the various regulators. This prompted the CSA to respond by releasing its Staff Notice 43-310 — Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) (the “Staff Notice“) to help harmonize the pre-filing process, and to help issuers obtain more certainty and flexibility in prospectus offerings. Read the full article.

Posted in Banking & Finance
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ILN Today Post
April 20, 2020

COVID-19 – temporary measures for AIM companies and Nominated Advisers

By Fladgate LLP

On 20 March 2020, the London Stock Exchange (LSE) published an Inside AIM newsletter setting out temporary measures that would be implemented by the AIM Regulation team to support AIM companies and nominated advisers in addressing the challenges arising from the COVID-19 pandemic.

Until further notice, AIM Regulation will be applying discretion to the application of some of the AIM Rules for Companies (AIM Rules) and the AIM Rules for Nominated Advisers (Nomad Rules), as discussed below.

Posted in Banking & Finance
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ILN Today Post
April 16, 2020

TSXV ANNOUNCES TEMPORARY RELIEF OF $0.05 MINIMUM PRICING REQUIREMENT

By Fogler, Rubinoff LLP

Pursuant to a bulletin issued on April 8, 2020, the TSX Venture Exchange (“TSXV“) implemented further temporary relief measures (the “Temporary Relief“) in response to the COVID-19 pandemic, regarding its $0.05 minimum pricing requirement. Read the full article

Posted in Banking & Finance
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ILN Today Post
April 14, 2020

RELAXATIONS GRANTED BY SEBI AND IRDA ON ACCOUNT OF COVID-19 PANDEMIC

By LexCounsel Law Offices

Compliances have taken a backseat during the ongoing lockdown due to Covid-19 pandemic. Regulatory authorities have granted several relaxations to assist businesses to cope with the unprecedented lockdown and economic distress. We discuss herein below a few relaxations granted by the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of India to ease the compliance distress of the companies.

Posted in Banking & Finance | Insurance
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ILN Today Post
April 10, 2020

CANADA’S COVID-19 ECONOMIC RESPONSE PLAN: HOW CAN YOUR BUSINESS BENEFIT?

By Fogler, Rubinoff LLP

The Government of Canada is showing support for Canadian businesses that may be experiencing difficulties due to the worldwide COVID-19 pandemic. Read the full article.

Posted in Banking & Finance
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ILN Today Post
March 27, 2020

Reserve Bank of India Press Conference – Financial relief measures amid Covid-19 pandemic

By Ahlawat & Associates

The Reserve Bank of India (“RBI”) Governor Shri. Shaktikanta Das, during the press conference today, announced various measures to increase liquidity and ease banking regulations during the challenging times and to safeguard country’s economy from the impact of Covid-19 pandemic related lockdowns.

The key highlights of the announcements made are as follows:

  • The Monetary Policy Committee reduced the repo rate by 75 basis points and reverse repo rate by 90 basis points.
  • The RBI will conduct auctions of Targeted longer-term refinancing operations of up to three-year tenor of appropriate sizes for a total amount up to Rs. 1 lakh crore at a floating rate, linked to policy repo rate.
  • The cash reserve ratio of all banks to be reduced by 100 basis points to 3 percent beginning March 28th, 2020 for a year. This cut down will release liquidity of Rs. 1,37,000 crores across the banking system.
  • The Marginal Standing Facility (MSR) raised from 2 percent of Statutory Liquidity Ratio (SLR) to 3 percent with immediate effect and shall be applicable up to June 30th, 2020.
  • The RBI Governor declared that the above liquidity measures will inject liquidity of Rs 3.74 lakh crores to the Indian economic system.
  • All lending institutions and banks are being permitted to allow a moratorium of three months on repayment of installments for term loans outstanding as on March 1st, 2020.
  • The lending institutions also permitted to allow deferment of three months on payment of interest w.r.t all such working capital facilities outstanding as of March 1st, 2020.
  • The RBI Governor stated that moratorium on term loans and deferment of interest payment will not result in asset classification downgrade.
  • Further deferring implementation of last tranche of 0.625 percent of capital conservation buffer to September 30th, 2020.
  • The banks in India that operate IFSC banking units allowed to participate in offshore INR NDF market w.e.f. June 1st, 2020.
The RBI Governor further stated that the projections of growth and inflation as the outlook are heavily dependent on the spread and containment of the virus. He further said that RBI will continue to remain vigilant and take whatever steps needed to mitigate the economic impact of Covid-19 and maintain financial stability in the country.
Posted in Banking & Finance | Regulatory
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