Monthly Archives: August 2018

The EC proposes to promote a secondary market for bad loans

Brussels, March 14 (EFE). – The European Commission (EC) proposed today to promote the creation of a secondary market to give exit between interested buyers to the bankrupt credits accumulated by the European Union bank so that the entities can eliminate of its scales those loans with a risk of default and very high default.
In a package with measures to reduce unproductive credits, Brussels also provides non-binding guidelines to member countries to create in their territory, if they wish, bad banks that absorb and concentrate those impaired assets.

After the financial crisis, these loans are at historically high levels in the Twenty-eight, despite the disparities between the community partners, and weigh the viability and credit capacity of banks, as well as the reputation of the entire European sector- website.

“As Europe and its economy regain strength, Europe must take advantage of the momentum and accelerate the reduction of non-performing loans, which is essential to further reduce the risks in the European banking sector and strengthen its resilience,” the statement said. Vice President of the EC for the Euro, Valdis Dombrovskis.

In that sense, he added that with fewer failed loans in their scales, “banks can give more loans to households and businesses.”

For the secondary market where banks can sell their bad loans to investors or credit management companies, the Commission’s initiative defines the activity of these companies, establishes common rules on authorization and supervision and imposes rules of conduct throughout the European Union.

Specifically, it specifies the entry conditions to the market for credit managers or administrators.

Normally, investors do not ask the bank to which they bought the unproductive loans that they continue to administer and collect the credits, but leave that activity in the hands of independent companies called managers or credit administrators, said Brussels.

According to the EC, the scarcity of these companies “discourages” buyers from entering the market, so establishing access conditions and rules of conduct for them is “crucial” if the secondary market is to be developed.

Buyers of failed loans should notify their authorities of their purchases, and investors from non-EU clubs buying consumer loans will have to resort to credit managers authorized by the EU.

The Executive’s proposal also includes the development of a community passport that allows investors to do business in all the Member States of the European Union.

As for the guidelines for creating bad banks in the countries, they cover aspects such as the principles for their establishment, governance, the operations they carry out or the assumptions in which they can receive public support.

The Commission also asks banks to hold reserve funds to cover the risks associated with credits issued in the future “that may become unproductive.”

Thus, Brussels proposes to introduce common minimum levels of coverage for newly created loans that deteriorate and if an entity does not have the minimum reserve amounts, deductions from its own funds will be applied.

In addition, it seeks to enable the accelerated extrajudicial execution of the guaranteed loans, so that in case of default by the borrower, the bank or another preferred creditor can recover the guarantee quickly without going to court.

However, these processes are limited to credits granted to companies and will be subject to safeguards, but they can never be used with consumer loans.

On Wednesday, the EU executive also published a new report on the number of impaired assets in the EU, according to which they fell to represent 4.4% of total loans during the third quarter of 2017, a year-on-year decrease of 1.1 percentage points and the lowest figure since the last three months of 2014.

‘C2C Conversaciones’, a forum to advance the social and solidarity economy

It is a forum promoted by the Alternative and Solidarity Economy Network of Madrid 

other Social and Solidarity Economy organizations that are part of the REAS Network, in a context of growing visibility and measures to support this economy , in the one that its promoters consider necessary to stop to look at how, with whom and for what things are being done. A forum for professionals, activists and organizations that develop actions to promote and accompany Social Economy and Solidarity initiatives.

Throughout four sessions, they will work in four areas of work that will be coordinated by people and organizations of reference in each one of them and are the result of an accumulated reflection on the part of the promoter organizations to be able to advance on the main challenges and blockages that they detect in their practices.

Analyze and discuss the transformation of companies to the ESS; the financing and scalability of the projects, the creation of models of initiatives linked to people who work in precariousness and how collective work can improve their conditions, and advance on entrepreneurial models.

Madrid Fashion Week, this year more sustainable

Madrid Fashion Week, this year more sustainable

The Circular Project , founder of the Sustainable Fashion Association of Madrid, returns to the foreground sustainable fashion with a new proposal: Smart Fashion = Slow Fashion. Madrid: Sustainable Development Objective , which will be held coinciding with the Fashion Week in Madrid , from January 23 to 30.

In collaboration with the Association of Fashion Designers of Spain and the international platform Slow Fashion World, an exhibition and a day of meetings and conferences have been organized on January 27, at El Paracaidista, Calle de la Palma 10, in Madrid.

Smart Fashion = Slow Fashion will present a selection of national and international designers who are working under the guidelines of sustainable fashion and ecodesign and who research, design and fashion a fashion that goes one step forward “to alleviate the tremendous impact of the industry textile getting to minimize it and even cancel it “, the organizers point out.

“An exhibition that will be structured by the 17 Sustainable Development Goals and therefore will be 17 designers who will represent each of them with the intention of bringing them closer to the public and capture the attention on the global commitment that is under way to stop the deterioration environmental and social aspects of the planet “, they affirm.

In this way, national brands such as Ecoalf in collaboration with Sybilla

In this way, national brands such as Ecoalf in collaboration with Sybilla

Laura Escribano Atelier, Parallel Dimensions, SayPlease, Susana Nakatani, Sylvia Calvo BCN , Irema, Avasan , Yanapaqi, Sidikai, Monikako kids, Sepiia or international like Coatally , Baraa, Qaytu, Hilar, Ek Katha, Herdentier, Common Texture will join forces and ecodesign to show that fashion and another industry is on the way .

“An intelligent, innovative fashion that investigates to increasingly minimize the consumption of resources and environmental pollution but also improves the working conditions of the entire production chain”, they add.

The exhibition will end with the day of January 27, a day of lectures on an intelligent fashion that takes into account each and every one of the factors involved in the creation of a garment and at the same time there will be international communications with various actors of Sustainable fashion from various parts of the world.

The European Parliament establishes in its Resolution on how to avoid the waste of food what is understood as food waste: the set of discarded food products of the agri-food chain for economic, aesthetic reasons or due to the proximity of the expiration date, but which follow being perfectly edible and suitable for human consumption and that, in the absence of possible alternative uses, end up eliminated as waste .

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Data from the Spanish Ministry of Agriculture (MAPA) indicate that during the period between October 2015 and September 2016, Spanish households dumped 1.245,9 million kilos of food in conditions to be consumed (24 million kilos per week) . A figure that states, according to the MAPA, the awareness of families in the fight against food waste, as it represents a reduction of 6% over the previous period, ie, thrown away 80.1 million kilos less . In March 2017, the Spanish people had disposed of 1.1% less food than on the same date the previous year.

Wasting food also means unnecessary use of scarce resources such as land, water and energy and also contributes to climate change: for every kilogram of food produced, 4.5 kg of carbon dioxide (CO2) is thrown into the atmosphere .

To begin to reduce household waste and gain awareness, nothing is as easy as adapting the shopping list to what you are going to consume , taking into account expiration dates and preferential consumption, follow the conservation recommendations of the food and freeze food that will not be consumed.