Banca di Sassari
The Banca of Sassari is an Italian bank with its headquarters in Sassari, Sardinia. It was founded as Banca Cooperativa fra Commercianti Società Anonima in 1888 it was renamed as Banca Popolare Cooperativa Anonima di Sassari, since 1948 called Banca Popolare di Sassari. In 1993 was founded a Joint-stock company called Banca di Sassari S.p. A. controlled by the Banco di Sardegna. It is member of BPER group since 2001; the bank has got 575 employees, 56 bank offices located in Sardinia, one in Rome. Banco di Sardegna http://www.bancasassari.it Official Site
Poste Italiane S.p. A. is the Italian postal service provider. Besides providing postal services, Gruppo Poste Italiane offers integrated communication, postal savings products and financial services throughout Italy; the n.604 national law of 5 May 1862, created a national and centralized organization for postal service by the introduction of a unique general fee to pay for services, the postal stamps, among the whole territory of the newly formed kingdom of Italy. Subsequently, with the Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus turned into the Ministry of Posts and Telegraphs, it was commissioned to create a network of offices in Italy to forward and receive mail and telegrams, to make and receive telephone calls, to carry out financial transactions and assets management. It worked as branch offices for the nascent electric services for a time; the giro service, was founded in 1917. In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications becoming an important center of power.
The services network was expanded with the acquisition and implementation of new logistics facilities. New buildings in Functionalist style were built in the major cities. With the development of telephony and radio communication, the Ministry incorporated the State Company for Telephone Services and the nascent EIAR. In the early 90s, the Italian public administration and postal service were deemed irrecoverable in efficiency and profitability; the budget deficit increased personnel costs, which in 1986 absorbed about 93% of the current revenue. From 1970 to 1985 employees’ productivity was reduced by 24% at the expense of the quality of services provided, generating an more critical deficit situation. In 1994, in, the regular average of the delivered daily mail after dispatch was 80%, while in Italy the comparable statistic was less than 20%. In 1989, the average time for mail delivery was 8.5 days. They tried to contain the obvious gap in the quality of Italian postal service compared to the rest of Europe, with the n.487 Decree-Law of 1 December 1993, converted by n.71 law of 29 January 1994.
This led to a transformation of the Italian Post Office from an independent company to a public business, by achieving an additional step in SpA by 1996. The transformation process required the adoption of the production efficiency principle, the recovery of the quality of services and the economic and financial recovery by the management of the Italian Post Office; this led to the gradual reduction of the 4,500 billion lira deficit, in 1993, through specific policies to reduce production costs, through the increase in revenues from the sale of services to the PA and by a reordering of the tariff system, reaching in 2001 a net profit. In February 1998, the Ministry of the Treasury appointed Corrado Passera, as the CEO of the newly formed Italian Poste SpA; the business plan made by Corrado Passera from 1998 to 2002, created a staff cutting of 22,000 units. On the other hand, according to some trade union leaders, there was a casualization of contracts for new recruits, cases of widespread harassment and resignation for workload due to the excess of staff cuts.
The Solidarity Fund was used for saving on labor costs as well as lowering the average age of the staff. The last two years of missing contribution of the early-retired employees were paid by a deduction in payroll of the new employees for 10 years; the company offsets these losses replacing them by the recruitment of many under-24-years-old young workers, giving them a three-year apprenticeship contracts. In 2000, the Italian Post Office, through its subsidiary SDA Express Courier, acquired 20% of the share capital of the Bartolini company, making the Consortium Logistics and Parcels with the three major companies for the sorting of parcels in the country; this agreement was the subject of a challenge by the rival companies in court, but it ended in favor of the Consortium. Poste Italiane has adopted a control system to monitoring in real time all the post offices, the logistics network and the security of digital communications and transactions working with the Italian government, international agencies and research centers.
The importance of financial products and services such as the Postepay prepaid card, have been increasing in the last few years. Postepay, introduced first in 2003, achieved a great success among the youngest and maintaining first position at European level among pre-paid cards sector. In 2011, Poste Italiane acquired UniCredit MedioCredito Centrale for €136 million. On 16 May 2014, the Italian government approved the stakes sale of up to 40 percent in Poste Italiane; the company was forced to close 455 offices in 2015 due low profit, according to the Poste Italiane Spa CEO Francesco Caio’s decision. There would have been a total amount of 13000 postal offices in Italy in 2015. Ministry of Economy and Finance, which now owns 64.696% of Poste Italiane Spa, shared about 35% to Borsa Italiana. On 25 May 2016, a further 35% stake was transferred from the ministry to Cassa Depositi e Prestiti, making the minority shareholder of the national investment bank; this has given equity in stakes for Poste Italiane, but has diluted its voting rights in CDP.
One of the main business of the company was BancoPosta, a division within Poste italiane S.p. A. which provides postal savings services. Poste Vita and Poste A
Norges Bank / Noregs Bank is the central bank of Norway. Apart from having traditional central bank responsibilities such as financial stability and price stability, it manages The Government Pension Fund of Norway, a stabilization fund that may be the world's largest sovereign wealth fund; the limited transparency of some SWFs makes it difficult to make accurate assessments of their assets under management. On 31 December 2010, the bank had 590 employees. All Executive Board appointments are made by the King of Norway, after a decision by the Council of State; the Chairman of the Executive Board, Øystein Olsen, who presides over the bank, is the acting Central Bank Governor. Both the Governor and the Deputy Governor make speaking appearances across the country on a number of occasions each year; the history of the central bank of Norway can be traced back to 1816, two years after the separation from Denmark and the union with Sweden, Norges Bank was established by Act of the Storting on 14 June.
The bank decided that the monetary unit was to be the speciedaler, divided into 120 skillings or five ort of 24 skillings each. The Money Act of 17 April 1875 discontinued the terms daler and skilling, it was decided that the monetary unit should be a krone, divided into 100 øre; this was done to prepare for Norway's entry, on 16 October that year, into the Scandinavian Monetary Union. This union had been established between Denmark and Sweden in 1873 on the recommendation of a joint commission to establish a common Scandinavian coin based on gold, it meant that the other countries' coins were to be legal tender on the same basis as those struck at home. The union functioned until 1914. On 1 January 1897 the seat of Norges Bank was moved to Kristiania, in 1906 a new headquarters building on Bankplassen was opened - for 80 employees including the workers in the banknote printing plant. During the second world war, the seat of Norges Bank was temporarily moved to London in 1940, in that the Norwegian government-in-exile established a new board.
The bank's gold reserves were evacuated via Åndalsnes and Tromsø to London, from there to New York and Ottawa. This gold and the bank's other currency reserves were under the control of the London board. At the same time, the bank continued its operations in Norway under the direction of the Nazis until the war was over and the London board stepped down. A commission of inquiry after the war concluded that the Bank's Oslo management had taken a firm and correct attitude towards the Nazi authorities. In 1962, the Mint Supervisory Authority and the Royal Mint were transferred from the state to Norges Bank. NBIM is a separate part of Norges Bank and is responsible for the management of the Government Pension Fund - Global. NBIM manages Norges Bank's foreign exchange reserves. NBIM invests the fund's assets and the foreign exchange reserves in international equities and fixed income instruments, money market instruments and derivatives. Karl Gether Bomhoff Nicolai Rygg Arnold C. Ræstad Gunnar Jahn Erik Brofoss Knut Getz Wold Hermod Skånland Torstein Moland Kjell Storvik Svein Gjedrem Øystein Olsen Economy of Norway Norwegian krone Gold reserves of Norway Official site: Norges Bank Official site: Norges Bank
Modena is a city and comune on the south side of the Po Valley, in the Province of Modena in the Emilia-Romagna region of northern Italy. An ancient town, seat of an archbishop, it is known for its automotive industry since the factories of the famous Italian sports car makers Ferrari, De Tomaso, Lamborghini and Maserati are, or were, located here and all, except Lamborghini, have headquarters in the city or nearby. One of Ferrari's cars, the 360 Modena, was named after the town itself; the University of Modena, founded in 1175 and expanded by Francesco II d'Este in 1686, has traditional strengths in economics and law and is the second oldest athenaeum in Italy. Italian military officers are trained at the Military Academy of Modena, housed in the Baroque Ducal Palace; the Biblioteca Estense houses 3,000 manuscripts. The Cathedral of Modena, the Torre della Ghirlandina and Piazza Grande are a UNESCO World Heritage Site since 1997. Modena is known in culinary circles for its production of balsamic vinegar.
Famous Modenesi include Mary of the Queen consort of England and Scotland. Modena lies on the Pianura Padana, is bounded by the two rivers Secchia and Panaro, both affluents of the Po River, their presence is symbolized by the Two Rivers Fountain by Giuseppe Graziosi. The city is connected to the Panaro by the Naviglio channel; the Apennines begin some 10 kilometres from the city, to the south. The commune is divided into four circoscrizioni; these are: Centro storico Crocetta Buon Pastore San Faustino Modena has a humid subtropical climate, with continental influences. It has an average annual precipitation of 809 millimetres. Summers are warm and winters are chilly and wetter, with the possibility of snowfall; this climate is described by the Köppen climate classification as Cfa. From 1946 to 1992, Modena had an uninterrupted consecutive series of Communist mayors. From the 1990s, the city has been governed by center-left coalitions. At the April 2006 elections, the city of Modena gave about 50% of its votes to the Democratic Party.
The legislative body of the municipality is the City Council, composed by 35 members elected every five years. Modena's executive body is the City Committee composed by 9 assessors, the deputy-mayor and the mayor; the current mayor of Modena is member of the Democratic Party of Italy. The territory around Modena was inhabited by the Villanovans in the Iron Age, by Ligurian tribes and the Gaulish Boii. Although the exact date of its foundation is unknown, it is known that it was in existence in the 3rd century BC, for in 218 BC, during Hannibal's invasion of Italy, the Boii revolted and laid siege to the city. Livy described it as a fortified citadel; the outcome of the siege is not known, but the city was most abandoned after Hannibal's arrival. Mutina was refounded as a Roman colony in 183 BC, to be used as a military base by Marcus Aemilius Lepidus, causing the Ligurians to sack it in 177 BC. Nonetheless, it was rebuilt, became the most important centre in Cisalpine Gaul, both because of its strategic importance and because it was on an important crossroads between Via Aemilia and the road going to Verona.
In the 1st century BC Mutina was besieged twice. The first siege was by Pompey in 78 BC; the city surrendered out of hunger, Brutus fled, only to be slain in Regium Lepidi. In the civil war following Caesar's assassination, the city was besieged again, this time by Mark Antony, in 44 BC, defended by Decimus Junius Brutus. Octavian relieved the city with the help of the Senate. Cicero called it Mutina splendidissima in his Philippics; until the 3rd century AD, it kept its position as the most important city in the newly formed province Aemilia, but the fall of the Empire brought Mutina down with it, as it was used as a military base both against the barbarians and in the civil wars. It is said that Mutina was never sacked by Attila, for a dense fog hid it, but it was buried by a great flood in the 7th century and abandoned; as of December 2008, Italian researchers have discovered the pottery center where the oil lamps that lit the ancient Roman empire were made. Evidence of the pottery workshops emerged in Modena, in central-northern Italy, during construction work to build a residential complex near the ancient walls of the city.
"We found a large ancient Roman dumping filled with pottery scraps. There were vases, bricks, but most of all, hundreds of oil lamps, each bearing their maker's name", Donato Labate, the archaeologist in charge of the dig, stated, its exiles founded a new city a few miles to the northwest, still represented by the village of Cittanova. About the end of the 9th century, Modena
European Central Bank
The European Central Bank is the central bank for the euro and administers monetary policy within the Eurozone, which comprises 19 member states of the European Union and is one of the largest monetary areas in the world. Established by the Treaty of Amsterdam, the ECB is one of the world's most important central banks and serves as one of seven institutions of the European Union, being enshrined in the Treaty on European Union; the bank's capital stock is owned by all 28 central banks of each EU member state. The current President of the ECB is Mario Draghi. Headquartered in Frankfurt, the bank occupied the Eurotower prior to the construction of its new seat; the primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. Its basic tasks, set out in Article 3 of the Statute, are to set and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform for settlement of securities in Europe.
The ECB has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins; the ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is €11 billion held by the national central banks of the member states as shareholders; the initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the capital key has been adjusted. Shares in the ECB can not be used as collateral; the European Central Bank is the de facto successor of the European Monetary Institute. The EMI was established at the start of the second stage of the EU's Economic and Monetary Union to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks; the EMI itself took over from the earlier European Monetary Co-operation Fund. The ECB formally replaced the EMI on 1 June 1998 by virtue of the Treaty on European Union, however it did not exercise its full powers until the introduction of the euro on 1 January 1999, signalling the third stage of EMU.
The bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998; the first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. While Duisenberg had been the head of the EMI just before the ECB came into existence, the French government wanted Jean-Claude Trichet, former head of the French central bank, to be the ECB's first president; the French argued. This was opposed by the German and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by a gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet. Trichet replaced Duisenberg as President in November 2003. There had been tension over the ECB's Executive Board, with the United Kingdom demanding a seat though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France and Italy.
Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates and future candidates to it. When the ECB was created, it covered a Eurozone of eleven members. Since Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011, Latvia in January 2014 and Lithuania in January 2015, enlarging the bank's scope and the membership of its Governing Council. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, gained official status of an EU institution. In September 2011, when German appointee to the Governing Council and Executive board, Jürgen Stark, resigned in protest of the ECB's "Securities Market Programme" which involved the purchase of sovereign bonds by the ECB, a move, up until considered as prohibited by the EU Treaty; the Financial Times Deutschland referred to this episode as "the end of the ECB as we know it" referring to its perceived "hawkish" stance on inflation and its historical Bundesbank influence.
On 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB. In April 2011, the ECB raised interest rates for the first time since 2008 from 1% to 1.25%, with a further increase to 1.50% in July 2011. However, in 2012–2013 the ECB lowered interest rates to encourage economic growth, reaching the low 0.25% in November 2013. Soon after the rates were cut to 0.15% on 4 September 2014 the central bank reduced the rates by two thirds from 0.15% to 0.05%, the lowest rates on record. In November 2014, the bank moved into its new premises; the primary objective of the European Central Bank, set out in Article 127 of the Treaty on the Functioning of the European Union, is to maintain price stability within the Eurozone. The Governing Council in October 1998 defined price stability as inflation of under 2%, “a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2
UniCredit S.p. A. is an Italian global banking and financial services company. Its network spans 50 markets in 17 countries, with more than 8,500 branches and over 147,000 employees, its strategic position in Western and Eastern Europe gives the group one of the region's highest market shares. The company is a component of the Euro Stoxx 50 stock market index. UniCredit Group was the outcome of the 1998 merger of several Italian banking groups, which the majority one were Unicredito and Credito Italiano, hence the name Unicredito Italiano. Credito Italiano issued about 38.46% new shares to the owners of Unicredito, renamed itself to Unicredito Italiano. Other banks such as Banca dell'Umbria, Cassa di Risparmio di Carpi, Cassa di Risparmio di Trento e Rovereto, Cassa di Risparmio di Trieste joined the group in 1998–2000. A new subsidiary was created in December 1999, named after the original Credito Italiano. In 1999, UniCredito Italiano, as it was known, began its expansion in Eastern Europe with the acquisition of Polish company Bank Pekao.
On 30 June 2002, UniCredit started its S3 project which merged 7 of their bank network: Rolo Banca, Banca CRT, Cariverona Banca, Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste into Credito Italiano, Credito Italiano was renamed into UniCredit Banca. UniCredit Private Banking and UniCredit Banca d'Impresa was spin off from it in 2003. In 2005, UniCredit merged with the German group HypoVereinsbank, itself formed in 1998 by the combination of two Bavarian banks: Bayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bank. Integration with the HVB Group was reinforced by the merger with Bank Austria Creditanstalt in the year 2000 and enabled further growth for the UniCredit Group. Additionally, Bank Austria Creditanstalt was a major shareholder in Bank Medici AG. Bank Medici was Thema Fund's investment manager. In return for finding investors, Bank Medici collected fees of 4.6 million euros from Thema International Fund in 2007. Following the news that Bank Medici had invested US$2 billion with Bernard Madoff, officials in Vienna appointed a supervisor to run the private bank, raising questions about control of the sprawling group.
On 30 June 2005 Banca dell'Umbria and Cassa di Risparmio di Carpi were absorbed into the parent company. In 2006 the securities services business of UniCredit was sold to Société Générale for €579.3 million. In 2006, minority interests in the savings banks of Bra, Fossano and Savigliano were sold for about €149 million to Banca Popolare dell'Emilia Romagna. In 2007, in combination with the Capitalia Group, the fourth-largest Italian banking group; the registered office of the bank was relocated from Genoa to 17 via Minghetti, Rome. In the same year, two more acquisitions were carried out: ATF Bank, which ranks fifth out of domestic banks in Kazakhstan with 154 branches, Ukrsotsbank, a universal bank in Ukraine. With these two banks the Group extended its operations in this area to 19 countries. However, in November 2012, Kazakh government sources declared UniCredit is in talks with Kazakh investors over the sale of a controlling stake in ATF Bank. In 2010, UniCredit S.p. A. absorbed its Italian banking subsidiaries: UniCredit Banca, Banca di Roma and Banco di Sicilia.
In 2013 UniCredit Finance reported. On March 14, 2014 UniCredit announced that it expected to cut around 8,500 jobs in the future, together with the announcement of a $15 billion loss in the 4th quarter of 2013 due to extensive cash-reserving for bad loans and writing down goodwill from acquisitions. UniCredit is one of the 6 European banks which are most exposed to potential problems in the emerging markets. In April 2015 UniCredit and Banco Santander reached an preliminary agreement to merge their asset-management businesses in a transaction valuing the combined entity at about €5.4 billion. The accord created a holding company called Pioneer Investments, 50 percent owned by UniCredit and 50 percent held by the U. S. buyout firms Warburg Pincus LLC and General Atlantic LLC. The holding firm owns Pioneer's U. S. business and controls combined operations of UniCredit's Pioneer, excluding its U. S. activities, Santander Asset Management. The two lenders hold each one third of the new combined business, while Warburg Pincus and General Atlantic owns the rest.
However, the deal was terminated on 27 July 2016. Pioneer was sold in December 2016 to Amundi for €3.545 billion. UniCredit received an extraordinary dividend of €315 million from Pioneer. From June 2015 to January 2017 UniCredit sold its NPLs, doubtful to collect to various investors, namely PRA Group Europe, a fund managed by Cerberus Capital Management, a US fund, AnaCap Financial Partners, Fortress Investment Group and PIMCO, B2 Kapital and B2Holding. In October 2015, UniCredit sold UniCredit Credit Management Bank, the subsidiary that specialized in managing NPLs to Fortress Investment Group and Prelios S.p. A.. A portfolio of €2.4 billion (in gros
Italy the Italian Republic, is a country in Southern Europe. Located in the middle of the Mediterranean Sea, Italy shares open land borders with France, Austria and the enclaved microstates San Marino and Vatican City. Italy covers an area of 301,340 km2 and has a temperate seasonal and Mediterranean climate. With around 61 million inhabitants, it is the fourth-most populous EU member state and the most populous country in Southern Europe. Due to its central geographic location in Southern Europe and the Mediterranean, Italy has been home to a myriad of peoples and cultures. In addition to the various ancient peoples dispersed throughout modern-day Italy, the most famous of which being the Indo-European Italics who gave the peninsula its name, beginning from the classical era and Carthaginians founded colonies in insular Italy and Genoa, Greeks established settlements in the so-called Magna Graecia, while Etruscans and Celts inhabited central and northern Italy respectively; the Italic tribe known as the Latins formed the Roman Kingdom in the 8th century BC, which became a republic with a government of the Senate and the People.
The Roman Republic conquered and assimilated its neighbours on the peninsula, in some cases through the establishment of federations, the Republic expanded and conquered parts of Europe, North Africa and the Middle East. By the first century BC, the Roman Empire emerged as the dominant power in the Mediterranean Basin and became the leading cultural and religious centre of Western civilisation, inaugurating the Pax Romana, a period of more than 200 years during which Italy's technology, economy and literature flourished. Italy remained the metropole of the Roman Empire; the legacy of the Roman Empire endured its fall and can be observed in the global distribution of culture, governments and the Latin script. During the Early Middle Ages, Italy endured sociopolitical collapse and barbarian invasions, but by the 11th century, numerous rival city-states and maritime republics in the northern and central regions of Italy, rose to great prosperity through shipping and banking, laying the groundwork for modern capitalism.
These independent statelets served as Europe's main trading hubs with Asia and the Near East enjoying a greater degree of democracy than the larger feudal monarchies that were consolidating throughout Europe. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science and art. Italian culture flourished, producing famous scholars and polymaths such as Michelangelo, Leonardo da Vinci, Raphael and Machiavelli. During the Middle Ages, Italian explorers such as Marco Polo, Christopher Columbus, Amerigo Vespucci, John Cabot and Giovanni da Verrazzano discovered new routes to the Far East and the New World, helping to usher in the European Age of Discovery. Italy's commercial and political power waned with the opening of trade routes that bypassed the Mediterranean. Centuries of infighting between the Italian city-states, such as the Italian Wars of the 15th and 16th centuries, left the region fragmented, it was subsequently conquered and further divided by European powers such as France and Austria.
By the mid-19th century, rising Italian nationalism and calls for independence from foreign control led to a period of revolutionary political upheaval. After centuries of foreign domination and political division, Italy was entirely unified in 1871, establishing the Kingdom of Italy as a great power. From the late 19th century to the early 20th century, Italy industrialised, namely in the north, acquired a colonial empire, while the south remained impoverished and excluded from industrialisation, fuelling a large and influential diaspora. Despite being one of the main victors in World War I, Italy entered a period of economic crisis and social turmoil, leading to the rise of a fascist dictatorship in 1922. Participation in World War II on the Axis side ended in military defeat, economic destruction and the Italian Civil War. Following the liberation of Italy and the rise of the resistance, the country abolished the monarchy, reinstated democracy, enjoyed a prolonged economic boom and, despite periods of sociopolitical turmoil became a developed country.
Today, Italy is considered to be one of the world's most culturally and economically advanced countries, with the sixth-largest worldwide national wealth. Its advanced economy ranks eighth-largest in the world and third in the Eurozone by nominal GDP. Italy owns the third-largest central bank gold reserve, it has a high level of human development, it stands among the top countries for life expectancy. The country plays a prominent role in regional and global economic, military and diplomatic affairs. Italy is a founding and leading member of the European Union and a member of numerous international institutions, including the UN, NATO, the OECD, the OSCE, the WTO, the G7, the G20, the Union for the Mediterranean, the Council of Europe, Uniting for Consensus, the Schengen Area and many more; as a reflection