GE Capital was the financial services division of General Electric . Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial . Ultimately, only one division of the company remained, GE Energy Financial Services , which was transferred to GE Vernova when General Electric was broken up.
125-589: On July 8, 2013, the Financial Stability Oversight Council designated GE Capital as a " systemically important financial institution ", which makes it subject to oversight by the Federal Reserve. In 2014, GE Capital had 35,000+ employees worldwide, operating in more than 40 countries, with total assets of US$ 499 billion. It was rated AA+ with stable outlook by S&P in 2012. GE Capital's subsidiaries also operated under
250-561: A "threshold" to the castle. Another derivation of the name Praha is suggested from na prazě , the original term for the shale hillside rock upon which the original castle was built. At that time, the castle was surrounded by forests, covering the nine hills of the future city – the Old Town on the opposite side of the river, as well as the Lesser Town beneath the existing castle, appeared only later. The English spelling of
375-427: A PwC believe it will be finalized in 2015.CN The proposal, which industry experts expect will be finalized in 2015, requires U.S. G-SIBs to hold additional capital (Common Equity Tier 1 (CET1) as a percentage of risk-weighted assets (RWA)) equal to the greater of the amount calculated under two methods. The first method is consistent with BCBS’s framework, and calculates the amount of extra capital to be held based on
500-407: A bid for the 2016 Summer Olympics , but failed to make the candidate city shortlist . In June 2009, as the result of financial pressures from the global recession , Prague's officials chose to cancel the city's planned bid for the 2020 Summer Olympics . On 21 December 2023, a mass shooting took place at Charles University in central Prague. In total, 15 people were killed and 25 injured. It
625-491: A company enters insolvency (either through bankruptcy or FDIC receivership), an automatic stay is triggered that generally prohibits creditors and counterparties from terminating, offsetting against collateral, or taking any other mitigating action with respect to their outstanding contracts with the insolvent company. However, under US law counterparties to qualified financial contracts (QFCs) are exempt from this stay and may usually begin to exercise their contractual rights after
750-526: A company holds assets that are illiquid or that are subject to significant decreases in market value during times of market stress, the company may be unable to liquidate its assets effectively in response to a loss of funding. In order to assess liquidity, the Council may examine a nonbank financial company's assets to determine if it possesses cash instruments or readily marketable securities, such as Treasury securities, which could reasonably be expected to have
875-478: A company's exposure or risk in relation to its equity capital. Leverage amplifies a company's risk of financial distress in two ways. First, by increasing a company's exposure relative to capital, leverage raises the likelihood that a company will suffer losses exceeding its capital. Second, by increasing the size of a company's liabilities, leverage raises a company's dependence on its creditors' willingness and ability to fund its balance sheet. Leverage can also amplify
1000-702: A democratic way. The other Warsaw Pact member countries, except Romania and Albania , were led by the Soviet Union to repress these reforms through the invasion of Czechoslovakia and the capital, Prague, on 21 August 1968. The invasion, chiefly by infantry and tanks, effectively suppressed any further attempts at reform. The military occupation of Czechoslovakia by the Red Army would end only in 1991. Jan Palach and Jan Zajíc committed suicide by self-immolation in January and February 1969 to protest against
1125-663: A financial institution is systemically important: its size, its complexity, its interconnectedness, the lack of readily available substitutes for the financial market infrastructure it provides, and its global (cross-jurisdictional) activity. In some cases, the assessments of experts, independent of the indicators, will be able to move an institution into the N-SIFI category or remove it from N-SIFI status. Global Systemically Important Banks (G-SIBs) are determined based on four main criteria: (a) size, (b) cross-jurisdiction activity, (c) complexity, and (d) substitutability. The list of G-SIBs
1250-470: A legendary etymology connects the name of the city with princess Libuše , prophetess and a wife of the mythical founder of the Přemyslid dynasty . She is said to have ordered the city "to be built where a man hews a threshold of his house". The Czech práh might thus be understood to refer to rapids or fords in the river, the edge of which could have acted as a means of fording the river – thus providing
1375-487: A liquid market in times of distress. The Council may also review a nonbank financial company's debt profile to determine if it has adequate long-term funding, or can otherwise mitigate liquidity risk. Liquidity problems also can arise from a company's inability to roll maturing debt or to satisfy margin calls, and from demands for additional collateral, depositor withdrawals, draws on committed lines, and other potential draws on liquidity. A maturity mismatch generally refers to
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#17328021026501500-544: A long-awaited proposal to impose additional capital requirements on the U.S.’s global systemically important banks (G-SIBs). The proposal implements the Basel Committee on Banking Supervision’s (BCBS) G-SIB capital surcharge framework that was finalized in 2011, but also proposes changes to BCBS’s calculation methodology resulting in significantly higher surcharges for US G-SIBs compared with their global peers. The proposal has not been finalized, and leading experts such
1625-404: A market that the Council determines to be essential to U.S. financial stability. Size Size captures the amount of financial services or financial intermediation that a nonbank financial company provides. Size also may affect the extent to which the effects of a nonbank financial company's financial distress are transmitted to other firms and to the financial system. Leverage Leverage captures
1750-656: A massive increase in the city's overall population caused by the influx of Czechs from the rest of Bohemia and Moravia and the increasing prestige and importance of the Czech language as part of the Czech National Revival. World War I ended with the defeat of the Austro-Hungarian Empire and the creation of Czechoslovakia. Prague was chosen as its capital and Prague Castle as the seat of president Tomáš Garrigue Masaryk . At this time Prague
1875-594: A merchant banking firm from Banco Santander , in exchange for GE Capital businesses in Germany, Finland, Austria, and the UK. In May 2015, GE appointed Deutsche Bank to sell the bank, then had a net assets of over € 1,000,000,000. In 2016, Banca IFIS acquired Interbanca for €160 million, with an obligation to repay the inter-company debt to GE. GE Money Ireland was part of the European operations of GE Consumer Finance. In
2000-477: A month later, Frederick the Great was defeated and forced to retreat from Bohemia. The economy of Prague continued to improve during the 18th century. The population increased to 80,000 inhabitants by 1771. Many rich merchants and nobles enhanced the city with a host of palaces, churches and gardens full of art and music, creating a Baroque city renowned throughout the world to this day. In 1784, under Joseph II ,
2125-440: A nonbank financial company's material financial distress or activities. Substitutability Substitutability captures the extent to which other firms could provide similar financial services in a timely manner at a similar price and quantity if a nonbank financial company withdraws from a particular market. Substitutability also captures situations in which a nonbank financial company is the primary or dominant provider of services in
2250-546: A panel of judges on the US Court of Appeals dropped the appeal after the Financial Stability Oversight Council dropped the appeal at the request of the Trump administration. The U.S. government legislation defines the term financial market utilities (FMU) for other organizations that play a key part in financial markets such as clearing houses settlement systems. They are entities whose failure or disruption could threaten
2375-849: A result of a decline in their global systemic importance: Banks in Japan deemed systemically important are stress tested by the International Monetary Fund (IMF). Banks in China are mostly state run and are stress tested by the national banking authority. In the United States, the largest banks are regulated by the Federal Reserve (FRB) and the Office of the Comptroller of Currency (OCC). These regulators set
2500-568: A strategic partnership with Coles Group to operate the Coles Group Source MasterCard. GE Consumer Finance governs the GE Creditline, GO MasterCard, gem Visa and Buyer's Edge cards which all offer interest-free terms at participating retailers. GE Finance also had strategic financial relations with Myer , Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both
2625-610: A systemic risk regulator . Regarding which entities will be so designated the Dodd–Frank Act of 2010 contains the following in Title I—Financial Stability, Subtitle A—Financial Stability Oversight Council, Sec. 113. Authority to require supervision and regulation of certain nonbank financial companies (2) considerations: FSOC subsequently issued clarification under Final Rule on Authority to Designate Financial Market Utilities as Systemically Important , which includes
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#17328021026502750-413: A systemically important institution in late 2014 by the Financial Stability Oversight Council (FSOC) which had been established by the Dodd–Frank Act , they challenged the designation as "arbitrary and capricious" in federal court and won. In April 2016 when judge Rosemary Collyer , found in favor of Metlife in a federal district court decision, the value of MetLife stocks rose sharply. On January 23, 2018
2875-470: A €90 billion bailout guarantee.( Goldfield 2013 ) harv error: no target: CITEREFGoldfield2013 ( help ) Goldfield, a former Senior Partner of Goldman Sachs and Economics Professors, Jeremy Bulow at Stanford and Paul Klemperer at Oxford, argue that Equity Recourse Notes' (ERNs), similar in some ways to contingent convertible debt , (CoCos), should be used by all banks rated SIFI, to replace non-deposit existing unsecured debt. "ERNs would be long-term bonds with
3000-429: Is a bank , insurance company, or other financial institution whose failure might trigger a financial crisis . They are colloquially referred to as " too big to fail ". As the financial crisis of 2007–2008 unfolded, the international community moved to protect the global financial system through preventing the failure of SIFIs, or, if one did fail, limiting the adverse effects of its failure. In November 2011,
3125-567: Is a SIFI may be different than when looking down on the entire globe and attempting to determine what entities are significant. The FSB hired Mark Carney to write the report that coined the term G-SIFI for this reason in 2011. As of November 2011 when the G-SIFI paper was released by the FSB, a standard definition of N-SIFI had not been decided. However, the BCBS identified factors for assessing whether
3250-696: Is a crescent-shaped golden sun with rays protruding. One of these banners was captured by Swedish troops during the Battle of Prague (1648) when they captured the western bank of the Vltava river and were repulsed from the eastern bank, they placed it in the Royal Military Museum in Stockholm ; although this flag still exists, it is in very poor condition. They also took the Codex Gigas and
3375-652: Is also called the "City of a Hundred Spires " , based on a count by 19th century mathematician Bernard Bolzano ; today's count is estimated by the Prague Information Service at 500. Nicknames for Prague have also included: the Golden City, the Mother of Cities and the Heart of Europe. The local Jewish community, which belongs to one of the oldest continuously existing in the world, have described
3500-493: Is born from the acquisition by GE of Crédit de l'Est and SOVAC in 1995. It provides real-estate mortgages and auto loans. GE Capital sold GE Money Bank France to Cerberus Capital Management in 2016. GE Capital was incorporated as a Restricted License Bank in Hong Kong . Its major focus was in mortgages (homes and automobile) and personal loans. GE Capital sold its Hong Kong operations to Standard Chartered . Budapest Bank ,
3625-466: Is home to about 1.4 million people. Prague is a political, cultural, and economic hub of Central Europe , with a rich history and Romanesque , Gothic , Renaissance and Baroque architectures. It was the capital of the Kingdom of Bohemia and residence of several Holy Roman Emperors , most notably Charles IV (r. 1346–1378) and Rudolf II (r. 1575–1611). It was an important city to
3750-698: Is intended to help the FDIC with decision-making by making available detailed information on a failed company’s QFCs, given the FDIC’s expanded receivership powers under Dodd–Frank’s Orderly Liquidation Authority (OLA). The concept of a systemically important financial institution in the U.S. extends well beyond traditional banks and is often included under the term Non-banking financial company . It includes large hedge funds and traders, large insurance companies, and various and sundry systemically important financial market utilities . For historical background see Arguments for
3875-623: Is now Cembra Money Bank and went public through an initial public offering (IPO) in 2013. In the United Kingdom, GE Money provided mortgages and secured loans through the former First National, acquired from Abbey National , and offered these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers. It
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4000-717: Is published annually by the Financial Stability Board (FSB). The G-SIBs must maintain a higher capital level – capital surcharge – compared to other banks. In November 2023, the FSB updated the list of G-SIBs, and the following 29 major banks (or banking groups) were included (with 11 across Europe , 8 in the United States , 5 in China , 3 in Japan and 2 in Canada ): The following 9 banks were removed as
4125-482: Is up to each country's specific lawmakers and regulators to enact whatever portions of the recommendations they deem appropriate for their own domestic systemically important banks (D-SIBs) or national SIFIs (N-SIFIs). Each country's internal financial regulators make their own determination of what is a SIFI. Once those regulators make that determination, they may set specific laws, regulations and rules that would apply to those entities. Virtually every SIFI operates at
4250-575: The Bethlehem Chapel . Inspired by John Wycliffe , these sermons focused on what were seen as radical reforms of a corrupt Church. Having become too dangerous for the political and religious establishment, Hus was summoned to the Council of Constance , put on trial for heresy , and burned at the stake in Konstanz in 1415. Four years later Prague experienced its first defenestration , when
4375-631: The Codex Argenteus . The earliest evidence indicates that a gonfalon with a municipal charge painted on it was used for the Old Town as early as 1419. Since this city militia flag was in use before 1477 and during the Hussite Wars, it is the oldest still preserved municipal flag of Bohemia. In the following two centuries, Prague strengthened its role as a merchant city. Many noteworthy Gothic buildings were erected and Vladislav Hall of
4500-573: The Financial Stability Board (FSB) published a list of global systemically important financial institutions (G-SIFIs). In November 2010, the Basel Committee on Banking Supervision (BCBS) introduced new guidance (known as Basel III ) that also specifically target SIFIs. The focus of the Basel III guidance is to increase bank capital requirements and to introduce capital surcharges for G-SIFIs. However, some economists warned in 2012 that
4625-782: The Habsburg monarchy and Austria-Hungary . The city played major roles in the Bohemian and the Protestant Reformations , the Thirty Years' War and in 20th-century history as the capital of Czechoslovakia between the World Wars and the post-war Communist era . Prague is home to a number of cultural attractions including Prague Castle , Charles Bridge , Old Town Square with the Prague astronomical clock ,
4750-595: The Hispano-Jewish merchant and traveler Abraham ben Jacob . The Old New Synagogue of 1270 still stands in the city. Prague was also once home to a slave market. At the site of the ford in the Vltava river, King Vladislaus I had the first bridge built in 1170, the Judith Bridge (Juditin most), named in honor of his wife Judith of Thuringia . This bridge was destroyed by a flood in 1342, but some of
4875-620: The Jewish Quarter , Petřín hill and Vyšehrad . Since 1992, the historic center of Prague has been included in the UNESCO list of World Heritage Sites . The city has more than ten major museums, along with numerous theatres, galleries, cinemas, and other historical exhibits. An extensive modern public transportation system connects the city. It is home to a wide range of public and private schools, including Charles University in Prague,
5000-647: The Red Army took the city almost unopposed. The majority (about 50,000 people) of the German population of Prague either fled or were expelled by the Beneš decrees in the aftermath of the war. Prague was a city in a country under the military, economic, and political control of the Soviet Union (see Iron Curtain and COMECON ). The world's largest Stalin Monument was unveiled on Letná hill in 1955 and destroyed in 1962. The 4th Czechoslovak Writers' Congress, held in
5125-524: The Republic of Ireland , GE Money provided specialised financing and services such as leasing , hire purchase , mortgages and loans to businesses and individuals across the country. With headquarters in Dublin , GE Money serviced its customers through regional sales centres and a dealer and partner network . GE sold its Irish loan portfolio to Pepper Home Loans in 2012. GE Money Bank Latvia
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5250-564: The Santander Group in January 2009. GE Money Canada provided private label credit card and MasterCard card programs to consumers and lending options for retailers in key industries across the country. GE Money-Canada also was a provider of alternative residential mortgages and patient financing through its CareCredit unit. It was part of the Synchrony Financial spinoff in 2014. GE Money Bank (formerly GE Capital Bank)
5375-470: The Thirty Years' War , a particularly harsh period for Prague and Bohemia. Ferdinand II of Habsburg was deposed, and his place as King of Bohemia taken by Frederick V, Elector Palatine ; however his army was crushed in the Battle of White Mountain (1620) not far from the city. Following this in 1621 was an execution of 27 Czech Protestant leaders (involved in the uprising) in Old Town Square and
5500-489: The US Army Air Forces . 701 people were killed, more than 1,000 people were injured and some buildings, factories and historic landmarks ( Emmaus Monastery , Faust House , Vinohrady Synagogue ) were destroyed. Many historic structures in Prague, however, escaped the destruction of the war and the damage was small compared to the total destruction of many other cities in that time. According to American pilots, it
5625-735: The oldest university in Central Europe. His father John of Bohemia began construction of the Gothic Saint Vitus Cathedral , within the largest of the Prague Castle courtyards, on the site of the Romanesque rotunda there. Prague was elevated to an archbishopric in 1344, the year the cathedral was begun. The city had a mint and was a center of trade for German and Italian bankers and merchants. The social order, however, became more turbulent due to
5750-601: The " normalization " of the country. In 1989, after riot police beat back a peaceful student demonstration, the Velvet Revolution crowded the streets of Prague, and the capital of Czechoslovakia benefited greatly from the new mood. In 1992, the Historic Centre of Prague and its monuments were inscribed as a cultural UNESCO World Heritage Site . In 1993, after the Velvet Divorce , Prague became
5875-418: The 17th century, Prague's population began to grow again. Jews had been in Prague since the end of the 10th century and, by 1708, they accounted for about a quarter of Prague's population. In 1689, a great fire devastated Prague, but this spurred a renovation and a rebuilding of the city. In 1713–14, a major outbreak of plague hit Prague one last time, killing 12,000 to 13,000 people. In 1744, Frederick
6000-531: The AGC Creditline Card (now GEM Visa Card), which provides financing for retailers. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank , a supermarket-based banking system. On 24 October 2008, GE Money announced that it was pulling out of the New Zealand vehicle finance market, with
6125-572: The BHC that includes the BHC’s core businesses and its most significant subsidiaries (i.e., “material entities”), as well as one or more CIDI plans depending on the number of US bank subsidiaries of the BHC that meet the $ 50 billion asset threshold. Similar to the assumptions made for resolution plans, the FDIC recently issued assumptions to be made in CIDI plans including the assumption that the CIDI will fail. When
6250-644: The Celts were slowly driven away by Germanic tribes ( Marcomanni , Quadi , Lombards and possibly the Suebi ), leading some to place the seat of the Marcomanni king, Maroboduus , in Závist. Around the area where present-day Prague stands, the 2nd century map drawn by Roman geographer Ptolemaios mentioned a Germanic city called Casurgis . In the late 5th century AD, during the great Migration Period following
6375-539: The Dodd Frank Act in Section 165(d), is in addition to the FDIC's requirement of a separate covered insured depository institution ("CIDI") plan for CIDIs of large bank holding companies. The FDIC requires a separate CIDI resolution plan for US insured depositories with assets of $ 50 billion or more. Most of the largest, most complex BHCs are subject to both rules, requiring them to file a 165(d) resolution plan for
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#17328021026506500-399: The FSOC in reviewing the industry and individual player to determine which are systematically important. Once designated as systematically important those entities will be subject to additional oversight and regulatory requirements. In 2013, the Treasury Department's Office of Financial Research released its report on Asset Management and Financial Stability , the central conclusion was that
6625-599: The Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the Federal Reserve (FRB) and the Federal Deposit Insurance Corporation (FDIC). Each plan, commonly known as a living will , must describe the company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company. Starting in 2014, category 2 firms will be required to submit resolution plans while category 1 firms will submit their third resolution plans. The resolution plan requirement under
6750-447: The G-SIB’s size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity. The second method is introduced by the U.S. proposal, and uses similar inputs but replaces the substitutability element with a measure based on a G-SIB’s reliance on short-term wholesale funding (STWF). Stress testing has limited effectiveness in risk management. Dexia passed the European stress tests in 2011. Two months later it requested
6875-530: The GE Money brand encompassed the GE Consumer Finance and GE Capital Finance businesses. The company provided car, boat, personal and consolidation loans , credit cards, mortgages and insurance . In May 2002, GE purchased the Australian Guarantee Corporation (AGC) business from Westpac , and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine. GE Consumer Finance controlled most credit cards and loans and has
7000-414: The GE Money brand. On April 10, 2015, Jeffrey R. Immelt , the CEO of General Electric , announced that GE would sell most of GE Capital over the next two years. The following areas were sold: GE Energy Financial Services provides commercial lending and leasing, as well as a range of financial services for commercial aviation , energy , and support for GE's industrial business units. In Australia ,
7125-454: The Great of Prussia invaded Bohemia. He took Prague after a severe and prolonged siege in the course of which a large part of the town was destroyed. Empress Maria Theresa expelled the Jews from Prague in 1745; though she rescinded the expulsion in 1748, the proportion of Jewish residents in the city never recovered. In 1757 the Prussian bombardment destroyed more than one-quarter of the city and heavily damaged St. Vitus Cathedral. However,
7250-532: The Prague Castle was added. In 1526, the Bohemian estates elected Ferdinand I of the House of Habsburg . The fervent Catholicism of its members brought them into conflict in Bohemia, and then in Prague, where Protestant ideas were gaining popularity. These problems were not preeminent under Holy Roman Emperor Rudolf II , elected King of Bohemia in 1576, who chose Prague as his home. He lived in Prague Castle, where his court welcomed not only astrologers and magicians but also scientists, musicians, and artists. Rudolf
7375-420: The Stockholm-based Swedish subsidiary GE Capital AB. It was a leading provider of consumer finance products in Norway with more than 300,000 clients and total lending of NOK 5 billion, second only to the major domestic bank DnB NOR . It was the second bank in Norway to offer US style credit cards with zero annual/monthly fee and including a grace period, after Bankia Bank ASA. In the eighteen months following
7500-619: The United States. GE Capital provided credit services solely to businesses and merchants in the United States, and acts as a multi-product commercial finance bank, and uses deposit Accounts to fund commercial loans and leases. The company served various industries, such as automotive, consumer electronics, flooring, healthcare, home furnishings and improvement, HVAC, elective health care, jewelry, landscaping and irrigation, luxury goods, marine, music, outdoor power equipment, pool and spa, power sports, recreation vehicle, sewing, sporting goods, travel, vacuum, and water treatment industries. GE Capital Bank
7625-404: The activities of the asset management industry as a whole make it systemically important and may pose a risk to US financial stability. Furthermore, in 2014 the Financial Stability Board and the International Organization of Securities Commissions issued the Consultative Document which proposed methodologies for identifying globally active systemically important investment funds. Both reports further
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#17328021026507750-492: The capital city of the new Czech Republic. From 1995, high-rise buildings began to be built in Prague in large quantities. In the late 1990s, Prague again became an important cultural center of Europe and was notably influenced by globalisation . In 2000, the IMF and World Bank summits took place in Prague and anti-globalization riots took place here. In 2002, Prague suffered from widespread floods that damaged buildings and its underground transport system. Prague launched
7875-406: The city as עיר ואם בישראל Ir va-em be-yisrael , "The city and mother in Israel". Prague has grown from a settlement stretching from Prague Castle in the north to the fort of Vyšehrad in the south, to become the capital of a modern European country. The region was settled as early as the Paleolithic age. Jewish chronicler David Solomon Ganz , citing Cyriacus Spangenberg , claimed that
8000-427: The city in June 1967, took a strong position against the regime. On 31 October 1967 students demonstrated at Strahov . This spurred the new secretary of the Czechoslovak Communist Party , Alexander Dubček , to proclaim a new deal in his city's and country's life, starting the short-lived season of the " socialism with a human face ". It was the Prague Spring , which aimed at the renovation of political institutions in
8125-406: The city militia fought bravely under the Prague Banner. This swallow-tailed banner is approximately 4 by 6 ft (1.2 by 1.8 m), with a red field sprinkled with small white fleurs-de-lis, and a silver old Town Coat-of-Arms in the center. The words "PÁN BŮH POMOC NAŠE" (The Lord is our Relief/Help) appeared above the coat-of-arms, with a Hussite chalice centered on the top. Near the swallow-tails
8250-412: The city was founded as Boihaem in c. 1306 BC by an ancient king, Boyya. Around the fifth and fourth century BC, a Celtic tribe appeared in the area, later establishing settlements, including the largest Celtic oppidum in Bohemia , Závist, in a present-day south suburb Zbraslav in Prague, and naming the region of Bohemia, which means "home of the Boii people". In the last century BC,
8375-415: The city's name is borrowed from French . In the 19th and early 20th centuries it was pronounced in English to rhyme with "vague": it was so pronounced by Lady Diana Cooper (born 1892) on Desert Island Discs in 1969, and it is written to rhyme with "vague" in a verse of The Beleaguered City by Longfellow (1839) and also in the limerick There was an Old Lady of Prague by Edward Lear (1846). Prague
8500-698: The close of business the next day. In case of receivership, the FDIC must decide within this time period whether to transfer the QFC to another institution, retain the QFC and allow the counterparty to terminate it, or repudiate the QFC and pay out the counterparty. In January 2015, the US Secretary of the Treasury issued a notice of proposed rulemaking (NPR) that would establish new recordkeeping requirements for QFCs. The NPR requires US systemically important financial institutions and certain of their affiliates to maintain specific information electronically on end-of-day QFC positions and to be able to provide this information to regulators within 24 hours if requested. The NPR
8625-431: The collapse of the Western Roman Empire , the Germanic tribes living in Bohemia moved westwards and, probably in the 6th century, the Slavic tribes settled the Central Bohemian Region. In the following three centuries, the Czech tribes built several fortified settlements in the area, most notably in the Šárka valley , Butovice and Levý Hradec . The construction of what came to be known as Prague Castle began near
8750-409: The conclusion that is likely the U.S. Financial Stability Oversight Council will designate a few large US asset managers as systemically important. Prague Prague ( / ˈ p r ɑː ɡ / PRAHG ; Czech : Praha [ˈpraɦa] ) is the capital and largest city of the Czech Republic and the historical capital of Bohemia . Situated on the Vltava river, Prague
8875-483: The country was occupied by Nazi Germany , Hitler took over Prague Castle. During the Second World War , most Jews were deported and killed by the Germans. In 1942, Prague was witness to the assassination of one of the most powerful men in Nazi Germany — Reinhard Heydrich —during Operation Anthropoid , accomplished by Czechoslovak national heroes Jozef Gabčík and Jan Kubiš . Hitler ordered bloody reprisals. In February 1945, Prague suffered several bombing raids by
9000-403: The country, the business provides a variety of innovative financial services including auto lending, private lending, sales finance and third party personal lending. The primary focus is on consumers, customers and business partners, such as car dealers, retailers and loan brokers. The Austrian division was purchased, along with the German, Finnish and British store card operations of GE Money, by
9125-535: The difference between the maturities of a company's assets and liabilities. A maturity mismatch affects a company's ability to survive a period of stress that may limit its access to funding and to withstand shocks in the yield curve. For example, if a company relies on short-term funding to finance longer-term positions, it will be subject to significant refunding risk that may force it to sell assets at low market prices or potentially suffer through significant margin pressure. However, maturity mismatches are not confined to
9250-455: The effect of derivatives and other products with embedded leverage on the risk undertaken by a nonbank financial company. Liquidity risk and maturity mismatch Liquidity risk generally refers to the risk that a company may not have sufficient funding to satisfy its short-term needs, either through its cash flows, maturing assets, or assets salable at prices equivalent to book value, or through its ability to access funding markets. For example, if
9375-463: The end of the 9th century, expanding a fortified settlement that had existed on the site since the year 800. The first masonry under Prague Castle dates from the year 885 at the latest. The other prominent Prague fort, the Přemyslid fort Vyšehrad , was founded in the 10th century, some 70 years later than Prague Castle. Prague Castle is dominated by the cathedral , which began construction in 1344, but
9500-407: The exiling of many others. Prague was forcibly converted back to Roman Catholicism followed by the rest of Czech lands. The city suffered subsequently during the war under an attack by Electorate of Saxony (1631) and during the Battle of Prague (1648) . Prague began a steady decline which reduced the population from the 60,000 it had had in the years before the war to 20,000. In the second half of
9625-435: The feature that any interest or principal payable on a date when the stock price is lower than a pre-specified price would be paid in stock at that pre-specified price."( Goldfield 2013 ) harv error: no target: CITEREFGoldfield2013 ( help ) Through ERNs, distressed banks would have access to much-needed equity as willing investors purchase tranches of ERNs similar to pooling tranches of subprime mortgages. In this case, however,
9750-549: The first-ever global insurance capital standard entitled Basic Capital Requirements (BCR) , to apply to all group activities (incl. non-insurance activities) of G-SIIs, as a foundation for the higher loss absorbency (HLA) requirements. Beginning in 2015, the BCR ratio will be reported on a confidential basis to group-wide supervisors - and be shared with the IAIS for purposes of refining the BCR as necessary. IAIS currently work to develop
9875-454: The following chart recasting the above statutory requirements into a six-category FSOC analytical framework including: The following are quotes from the FSOC final rule regarding each element of the six factor framework. Interconnectedness Interconnectedness captures direct or indirect linkages between financial companies that may be conduits for the transmission of the effects resulting from
10000-421: The four municipalities of Malá Strana, Nové Město, Staré Město, and Hradčany were merged into a single entity. The Jewish district, called Josefov , was included only in 1850. The Industrial Revolution produced great changes and developments in Prague, as new factories could take advantage of the coal mines and ironworks of the nearby regions. The first suburb, Karlín , was created in 1817, and twenty years later
10125-484: The impact of a company's distress on other companies, both directly, by increasing the amount of exposure that other firms have to the company, and indirectly, by increasing the size of any asset liquidation that the company is forced to undertake as it comes under financial pressure. Leverage can be measured by the ratio of assets to capital, but it can also be defined in terms of risk, as a measure of economic risk relative to capital. The latter measurement can better capture
10250-403: The industry and describes potential threats to U.S. financial stability from vulnerabilities of asset managers. The study suggested the industry’s activities as a whole make it systemically important and may pose a risk to financial stability. Furthermore, it identified the extent of assets managed by the major industry players. This request for the study is considered by some as a first step in by
10375-559: The launch of GE MasterCard in June 2001, the market increased to more than 100,000 US style credit cards. Before these cards, Norwegian banks only offered annual fee cards or cards with no interest free grace period. In 2014, GE Capital sold its Scandinavian operations to Santander. GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines which acquired what
10500-422: The likely foreseeable future) there is no such thing as a global regulator. Likewise there is no such thing as global insolvency, global bankruptcy, or the legal requirement for a global bail out. Each legal entity is treated separately. Each country is responsible (in theory) for containing a financial crisis that starts in their country from spreading across borders. Looking up from a country prospective as to what
10625-404: The loss of 80 staff. It attributed this decision to the credit crunch . On 15 December 2008, GE Money announced it would no longer be offering home loans through Wizard Home Loans and was seeking a buyer. In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank , Kohlberg Kravis Roberts , and Värde Partners . GE Money Bank Norge was a division of
10750-583: The market, not the public takes the risks. Banking can be pro-cyclical by contributing to booms and busts. Stressed banks become reluctant to lend since they are often unable to raise capital equity through new investors. ( Goldfield et al 2013 ) harv error: no target: CITEREFGoldfield_et_al2013 ( help ) claim that ERNs would provide a "counterweight against pro-cyclicality." The Dodd–Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $ 50 billion or more and nonbank financial companies designated by
10875-605: The merging of the two brands, GE's Capital's Polish headquarters are located in three cities: Warsaw , Kraków and Gdańsk . In October 2014, the bank's owner, General Electric , revealed it was considering selling the firm. In November 2016, GE completed the spin-off and merger of Bank BPH's Core Bank to Alior Bank. GE Capital retained the Bank BPH legal entity, including its mortgage business. In Romania GE Capital has two subsidiaries: GE Capital sold its Romanian operations to Garanti Bank in 2010. Russian GE Money Bank Russia
11000-587: The methodology for the introduction of HLA requirements, to be published by end-2015, and to be applied starting from January 2019 towards those G-SIIs being identified in November 2017. From January 2019, all G-SIIs will be required to hold capital no lower than the BCR plus HLA. Subjecting insurers to enhanced supervisory oversight is not up to FSB/IAIS, but up to individual jurisdictions. When MetLife —the United States’s largest life insurer—was designated as
11125-686: The mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand. In December 2008, GE Money announced it was in advanced talks with the National Australia Bank to sell the Wizard brand. Ultimately, Wizard was bought by the Commonwealth Bank . In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank , KKR and Värde Partners. The business
11250-888: The new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which is no longer an acceptable method of payment of Myer stores, this is following the decision of Myer being disenfranchised from the Coles Myer Group. In 2004, GE Capital Finance purchased the Wizard Home Loans business. On 24 October 2008, GE Money announced that it would cease offering motor finance in Australia and New Zealand. This move proved damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of
11375-519: The oldest university in Central Europe. Prague is classified as an "Alpha-" global city according to GaWC studies. In 2019, the city was ranked as 69th most livable city in the world by Mercer. In the same year, the PICSA Index ranked the city as 13th most livable city in the world. Its rich history makes it a popular tourist destination and as of 2017, the city receives more than 8.5 million international visitors annually. In 2017, Prague
11500-556: The original foundation stones of that bridge remain in the river. It was rebuilt and named the Charles Bridge. In 1257, under King Ottokar II , Malá Strana ("Lesser Quarter") was founded in Prague on the site of an older village in what would become the Hradčany (Prague Castle) area. This was the district of the German people, who had the right to administer the law autonomously, pursuant to Magdeburg rights . The new district
11625-488: The people rebelled under the command of the Prague priest Jan Želivský . Hus' death, coupled with Czech proto-nationalism and proto-Protestantism , had spurred the Hussite Wars . Peasant rebels, led by the general Jan Žižka , along with Hussite troops from Prague, defeated Emperor Sigismund , in the Battle of Vítkov Hill in 1420. During the Hussite Wars when Prague was attacked by "Crusader" and mercenary forces,
11750-544: The population exceeded 100,000. The revolutions in Europe in 1848 also touched Prague, but they were fiercely suppressed. In the following years, the Czech National Revival began its rise, until it gained the majority in the town council in 1861. Prague had a large number of German speakers in 1848, but by 1880 the number of German speakers had decreased to 14% (42,000), and by 1910 to 6.7% (37,000), due to
11875-533: The reign of his son, King Wenceslaus IV (1378–1419), a period of intense turmoil ensued. During Easter 1389, members of the Prague clergy announced that Jews had desecrated the host (Eucharistic wafer) and the clergy encouraged mobs to pillage, ransack and burn the Jewish quarter. Nearly the entire Jewish population of Prague (ca 750 people) was murdered. Jan Hus , a theologian and rector at Charles University, preached in Prague. In 1402, he began giving sermons in
12000-433: The rising power of the craftsmen 's guilds (themselves often torn by internal conflicts), and the increasing number of poor. The Hunger Wall, a substantial fortification wall south of Malá Strana and the castle area was built during a famine in the 1360s. The work is reputed to have been ordered by Charles IV as a means of providing employment and food to the workers and their families. Charles IV died in 1378. During
12125-545: The sale of radio stations in Austin to Mercury Broadcasting in 1991, then the sale of WJBF-TV to Spartan Communications in 1992, followed by the sales of WCSC-TV to Jefferson-Pilot Communications in 1993 and KSCH-TV to Wing Fat, through a group Channel 58 Inc. in 1994, and five years later, sold its final station WAPA-TV to LIN Television Corporation in 1999. Systemically important financial institution A systemically important financial institution ( SIFI )
12250-488: The selection criteria, establish hypothetical adverse scenarios and oversee the annual tests. 19 banks operating in the U.S. (at the top tier) have been subject to such testing since 2009. Banks showing difficulty under the stress tests are required to postpone share buybacks, curtail dividend plans and if necessary raise additional capital financing. In December 2014, the Federal Reserve Board (FRB) issued
12375-533: The site. The region became the seat of the dukes , and later kings of Bohemia . Under Duke of Bohemia Boleslaus II the Pious the area became a bishopric in 973. Until Prague was elevated to archbishopric in 1344, it was under the jurisdiction of the Archbishopric of Mainz . Prague was an important seat for trading where merchants from across Europe settled, including many Jews, as recalled in 965 by
12500-639: The southern states. There were branches in Coimbatore, Erode, Salem Saradha, Trichy, Madurai, Tanjore, Palaghat, Hyderabad, Trivandrum, Rajamundhry, Kakinada, Vizag, Vijaywada, Hubli, Dharwad and Belgaun. GE was the first BPO's in Hyderabad. GE Capital sold its Indian housing finance business to Magma Fincorp ; in 2012, it sold the remains loan portfolio to cliq capital , and exited the credit card joint venture SBI Card with State Bank of India , leaving SBI in place In 2008, GE Capital acquired Interbanca ,
12625-449: The stability of the financial system. It is widely anticipated that the Financial Stability Oversight Council will eventually designate certain significant asset managers as nonbank systematically important financial institutions (nonbank SIFIs). The FSOC recently asked the U.S. Treasury Department’s Office of Financial Research (OFR) to undertake a study that provides data and analysis on the asset management industry. The study analyzed
12750-484: The statutory authority of those regulators. Aegon replaced Assicurazioni Generali on the list in November 2015. FSB plan to expand the above list also to include G-SII status for the world's largest reinsurers , pending a further development of the G-SII assessment methodology, to be finalized by IAIS in November 2015. The revised G-SII assessment methodology will be applied from 2016. In October 2014, IAIS published
12875-413: The tighter Basel III capital regulation, which is primarily based on risk-weighted assets , may further negatively affect the stability of the financial system. The FSB and the BCBS are only policy research and development entities. They do not establish laws, regulations or rules for any financial institution directly. They merely act in an advisory or guidance capacity when it comes to non G-SIFIs. It
13000-481: The top level as a holding company made up of numerous subsidiaries. It is not unusual for the subsidiaries to number in the hundreds. Even though the uppermost holding company is located in the home country, where it is subject, at that level, to that home regulator, the subsidiaries may be organized and operating in several different countries. Each subsidiary is then subject to potential regulation by every country where it actually conducts business. At present (and for
13125-443: The use of short-term liabilities and can exist at any point in the maturity schedule of a nonbank financial company's assets and liabilities. Existing regulatory scrutiny The Council will consider the extent to which nonbank financial companies are already subject to regulation, including the consistency of that regulation across nonbank financial companies within a sector, across different sectors, and providing similar services, and
13250-812: Was a member of the Federal Deposit Insurance Corporation (FDIC). GE Capital Bank was sold to Goldman Sachs in 2016. GE Capital owned WMC Mortgage from 2004 to 2007. The company briefly owned Kidder, Peabody & Company from 1986 until its sale to PaineWebber in 1994. The capital group also had its hand in broadcasting throughout the early 1990s to own radio and television stations. The company first purchased Pegasus Broadcasting, who owns three television stations WJBF-TV , WAPA-TV and KSCH-TV in 1990. The company next purchased CBS affiliate WCSC-TV in 1991, and radio stations KMOW-AM and KEYI-FM in Austin later that year. The capital quit broadcasting in stages, starting with
13375-845: Was a significant institution in the Czech Republic. It was founded in 1997, after the acquisition of Agrobanka bank as GE Capital Bank. In the year 2000, it changed the name to GE Money Bank. It went through an IPO in 2016 and operates under the new name of Moneta Money Bank. It is a full-service bank with an extensive network of branches and ATMs. Its services focus both on retail clients and small and medium-sized enterprises. Its headquarters are located in Prague . Its call center operates from Ostrava . GE Money Bank Denmark (previously GE Capital Bank Denmark) offered credit cards, loans and other financial solutions. Brand names included Acceptcard, Morecard and E-lån. In 2014, GE Capital sold its Scandinavian operations to Santander . GE Money Bank France
13500-478: Was a true European capital with highly developed industry. By 1930, the population had risen to 850,000. Hitler ordered the German Army to enter Prague on 15 March 1939, and from Prague Castle proclaimed Bohemia and Moravia a German protectorate . For most of its history, Prague had been a multi-ethnic city with important Czech, German and (mostly native German-speaking) Jewish populations. From 1939, when
13625-593: Was a universal bank owned by GE in Latvia (merged from the former BTB bank and GE Money financial company), offering loan and deposit products to both private and legal entities. It was acquired by Otkritie FC Bank in 2011. GE Consumer Finance Co., Ltd ( Japanese : GEコンシューマー・ファイナンス株式会社 , Hepburn : Jī Ī Konshūmā Fainansu Kabushikigaisha ) is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. In 2008, GE
13750-450: Was acquired by BDO Unibank in 2009. Polish GE Money Bank S.A. was primarily headquartered in Gdańsk prior to December 31, 2009. BPH SA ( B ank P rzemysłowo- H andlowy) is a Polish financial institution 89% owned by GE Money Bank (prior to 2008 the largest shareholder was UniCredit ), employing about 10,000 people. On 31 December 2009, Bank BPH merged with GE Money Bank Polska. After
13875-403: Was an art lover as well, and Prague became the capital of European culture. This was a prosperous period for the city: famous people living there in that age include the astronomers Tycho Brahe and Johannes Kepler , the painter Arcimboldo , the alchemists Edward Kelley and John Dee , the poet Elizabeth Jane Weston , and others. In 1618, the famous second defenestration of Prague provoked
14000-475: Was announced on 29 March 2008 that the GE Capital Bank store cards business and managed credit card business had been acquired by the Santander Group . In 2015, GE sold its mortgage loans in sales to Kensington Mortgage (controlled by Blackstone and TPG ) and to funds managed by Blackstone, TPG and CarVal Investors. Afterwards, the company ceased taking new loans. Before June 2, 2014, GE Capital Bank
14125-700: Was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards . The Japanese operation was sold to Shinsei Bank in 2008. GE Artesia Bank , a part of GE Capitals subsidiary GE Commercial Finance , offered banking services to High-net-worth individuals as well as corporates in the Netherlands . It provided capital finance, long-term finance, leasing and finance for specific international trade transactions. It closed in 2015. In 2002, GE Finance purchased Australian Guarantee Corporation's New Zealand -based finance company to create
14250-561: Was established in 1987 as one of the first commercial banks when the two-tier banking system was created in Hungary. Since 1995, GE (General Electric Company) as owner provided solid background for the bank. Budapest Bank offered a full range of financial and banking services for consumers and small and medium-sized businesses. Budapest Bank was sold to MFB in 2014. GE had more than 118 branches in India as of July 2006. Most of these are in
14375-471: Was formerly known as GE Money Bank and changed its name to GE Capital Retail Bank in October 2011. GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation. GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank. GE Capital was then composed only of the original commercial/industrial bank in
14500-735: Was formerly the Banco Monte De Piedad, the Philippines' first savings bank, established under Spanish era. The acquisition was finalized on December 20, 2005 after the Monetary Board of the Bangko Sentral ng Pilipinas approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. GE Money Bank Philippines had 31 branches all over the Philippine archipelago. GE Money Bank Philippines
14625-405: Was listed as the fifth most visited European city after London , Paris , Rome , and Istanbul . The Czech name Praha is derived from an old Slavic word, práh , which means " ford " or " rapid ", referring to the city's origin at a crossing point of the Vltava river. Another view to the origin of the name is also related to the Czech word práh (with the meaning of a threshold ) and
14750-549: Was located in Moscow . It was sold to Sovcombank in 2013. The Swedish subsidiary was GE Capital Bank AB . Based in Stockholm , the bank traded as GE Money Bank . In 2014, GE Capital sold its Scandinavian operations to Santander. GE Money Bank was the largest provider of small consumer credits in Switzerland. In 2006, the company partnered with Migros , allowing them to offer credit cards contracts through Migros. The Bank
14875-752: Was made up of retail and commercial banks. The company was founded in 1988 and is based in Draper, Utah. GE Capital Retail Bank provided retail banking and credit services to consumers in the United States and internationally. It offered retail sales finance, such as private label credit card programs, installment lending, bankcards, and financial services for consumers. The company also provided retail consumer financing solutions, such as private label credit cards, dual card, flex loans, and all-tender loyalty and gift cards; It offered its products and services through dealers, retailers, associations, contractors, manufacturers, healthcare practices, and service providers. The company
15000-425: Was not completed until the 20th century. The legendary origins of Prague attribute its foundation to the 8th-century Czech duchess and prophetess Libuše and her husband, Přemysl , founder of the Přemyslid dynasty . Legend says that Libuše came out on a rocky cliff high above the Vltava and prophesied: "I see a great city whose glory will touch the stars". She ordered a castle and a town called Praha to be built on
15125-544: Was on the bank opposite of the Staré Město ("Old Town"), which had borough status and was bordered by a line of walls and fortifications. Prague flourished during the 14th-century reign (1346–1378) of Charles IV, Holy Roman Emperor and the king of Bohemia of the new Luxembourg dynasty . As King of Bohemia and Holy Roman Emperor, he transformed Prague into an imperial capital. In the 1470s, Prague had around 70,000 inhabitants and with an area of 360 ha (~1.4 square miles) it
15250-456: Was renamed Latitude Financial Services with Sean Morrissey appointed as its new CEO. Austria's GE Money (formerly GE Capital Bank) was founded in 1994 after the successful acquisition and merger of Mercurbank and AVABANK. Today, it is one of Austria's leading consumer and auto finance businesses and a market leader in retail sales financing. Based in Vienna, with a network of branches throughout
15375-419: Was the deadliest mass murder in the history of the Czech Republic. Prague is situated on the Vltava river. The Berounka flows into the Vltava in the suburbs of Lahovice . There are 99 watercourses in Prague with a total length of 340 km (210 mi). The longest streams are Rokytka and Botič. There are 3 reservoirs, 37 ponds, and 34 retention reservoirs and dry polders in the city. The largest pond
15500-399: Was the result of a navigational mistake. In March, a deliberate raid targeted military factories in Prague, killing about 370 people. On 5 May 1945, two days before Germany capitulated, an uprising against Germany occurred. Several thousand Czechs were killed in four days of bloody street fighting, with many atrocities committed by both sides. At daybreak on 9 May, the 3rd Shock Army of
15625-582: Was the third-largest city in the Holy Roman Empire. Charles IV ordered the building of the New Town (Nové Město) adjacent to the Old Town and laid out the design himself. The Charles Bridge, replacing the Judith Bridge destroyed in the flood just prior to his reign, was erected to connect the east bank districts to the Malá Strana and castle area. In 1347, he founded Charles University ,
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