Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Posts Tagged ‘banks’

NatWest Group, Deutsche Bank, and 9 Additional Banks Trial Intraday FX Swaps Solution

Posted by fidest press agency su domenica, 6 giugno 2021

NatWest Group, Deutsche Bank, Bank of Ireland and Banca Mediolanum, together with Treasury teams from some of the world’s other largest banks have trialled a solution for intraday FX swaps. The banks plan to support the initiative further with, with live transactions expected in 2021 or early 2022.Eleven banking groups participated in the trial. They were a diverse group of large and midsize players from Europe and North America, including clearing banks for five different home currencies – Canadian dollar, Euro, Pound sterling, Swiss franc and US dollar. The combined balance sheets of the participating banks was $14.5 trillion, making it among the largest groups of banks ever to trial a new piece of market infrastructure.The FX swaps market is among the largest in the world, with $3.2 trillion of daily volume, according to BIS. However, FX swaps have traditionally been overnight and longer, and the technology has evolved very little in the past 15 years. This intraday FX swaps initiative from the banks creates a new tenor. An intraday FX swap involves a payment-versus-payment exchange of currency on the same day that the transaction is agreed, with a second exchange at a predefined time later that day.Using intraday FX swaps, bank treasury teams can borrow for hours at a time, enabling them to efficiently meet a temporary liquidity need. This helps banks to optimise intraday liquidity buffers, which have been in focus since Basel III. Banks can also use intraday FX swaps to lend excess funds, representing a new revenue stream. In a poll during the trial, the majority of banks estimated they could each save millions of dollars in costs every year.The banks’ initiative to create an intraday FX swaps market is enabled by a platform built by Finteum, a London fintech company. Finteum has been improving its intraday FX swaps platform since the solution was first announced with R3 and Fnality in September 2019, recently adding Request for Quote (RFQ) functionality. The Finteum initiative will integrate with the best possible settlement solutions, which could include non-DLT technology such as CLSNow, and also DLT-based technology such as the Fnality Payment System.During the trial, the banks engaged in simulated trading and discussion sessions, focused on the capabilities and features of the software, and its potential benefits. Over the course of one of the hour-long simulated trading sessions the banks executed 76 intraday FX swap transactions, based on 66 orders in a central limit order book and 69 bilateral RFQs.Brian Nolan, Finteum co-founder, said “We are excited for the next phase of development. The engagement and feedback from the banks during the trial was very encouraging. It reinforces the value the initiative can offer to banks across all geographies. While every bank treasury team is focused on controlling costs, efficient optimisation of liquidity buffers is often overlooked by senior management. It is great to see the banks from the trial encouraging their peers to join the initiative and optimise the cost savings for all involved.”

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Historic statement by Public Development Banks signals greater commitment to tackle global hunger and poverty

Posted by fidest press agency su domenica, 15 novembre 2020

Rome. For the first time in history, today 13 Public Development Banks (PDBs) made a joint commitment to strengthen investments in food and agriculture in the context of a global pandemic and a changing climate, with more signatories expected in the coming days.This unprecedented move comes as an urgent response to the world’s most pressing development and climate challenges in some of the most vulnerable countries.The statement contributes to the Finance in Common Summit (9-12 November) where 450 PDBs from all sectors will meet for the first time to commit to actions that shift investments to a greener and more sustainable path, while responding to the COVID-19 crisis.The statement has been signed so far by 13 agriculture and rural banks from Sub-Saharan Africa, Asia and Latin America, and regional rural and agricultural credit associations. While these banks may be diverse in terms of capital base, mandate and instruments, the statement emphasizes the critical role they all play in financing future sustainable and inclusive food systems, and in addressing market failures – particularly in times of crisis such as the current COVID-19 pandemic.To that end, the statement stresses the need to improve regulations, policies, governance and institutional capacity to allow PDBs to take on the necessary investment risks while remaining financially viable and institutionally sustainable in a rapidly changing financial market.The signatories also acknowledge the importance of focusing on smallholder farmers and small and medium-sized agribusinesses, and developing financial products and services tailored to their needs. Their ability to access finance for investment is often constrained by their size, asset base, fragmentation and lack of information and coordination in both agricultural and financial markets.“It is critical that Public Development Banks focus on small-scale producers and agripreneurs who are the backbone of food systems and economies of many low and middle income countries,” said Houngbo. “With access to finance, they can be far more productive and contribute to broader food security and prosperity.”The statement further emphasizes the important role of PDBs as catalyzers of private sector investments which are often hindered by a variety of risks, costs, and poor economic returns. PDBs can develop innovative financial solutions to attract investors to the sector and help align commercial finance to global development, environmental and climate-related goals.According to the Food and Land Use Coalition, transitioning to more sustainable practices in food systems may require US$300-350 billion per year until 2030, but deliver an “economic prize” of $5.7 trillion saved in “hidden costs” associated with current practices, and unlock $4.5 trillion annual opportunities for businesses.In this context, IFAD is stepping up its engagement with the private sector to attract investments in small-scale agriculture and rural small and medium-sized enterprises (SMEs). In October, IFAD was the first UN fund to receive a public credit rating making it easier to raise funds from public and private lenders. Last March, IFAD invested in a private impact fund, the ABC Fund, to boost investments in rural SMEs.

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COVID-19: Easing rules to encourage banks to lend to companies and households

Posted by fidest press agency su martedì, 23 giugno 2020

Bruxelles. Plenary approved the “quick fix” to the capital requirement regulation (CRR) to temporarily ensure favourable conditions for banks. This will support credit flows to companies and households and absorb losses, mitigating the economic consequences of the COVID-19 lock-down.With a view to striking a balance between a robust and stable banking system and securing much-needed credit for the EU economy, MEPs agreed on specific temporary changes to the CRR, which will have to be coherently applied in the EU.The adopted changes include
Deferred application of the leverage ratio buffer (leverage ratio is a ratio between a bank’s capital and its exposures) by one year to January 2023 to allow banks to increase the amount that they would be able to loan.
Pensioners or employees with a permanent contract will be able to get a loan under more favourable prudential conditions. The loan will be backed by the borrower’s pension or salary.
Advanced application of both the SME and infrastructure supporting factor, which allows for a more favourable prudential treatment of certain exposures, ensuring credit flows to SMEs and supporting investments in infrastructure.
Banks will now be able to treat some software as their own capital, an exemption that will kick in earlier than planned. This could also encourage banks to invest in software and digitalisation.
Liquidity measures provided by central banks in a crisis context will be effectively channelled by banks to the economy.
In order to support funding options in non-euro member states fighting the consequences of the COVID-19 pandemic, the MEPs reintroduced transitional arrangements for exposures to national governments and central banks denominated in a currency of another member state. Finally, taking into account the extraordinary impact of the COVID-19 pandemic and the extreme levels of volatility in the financial markets, MEPs agreed to introduce a temporary prudential filter to calculate unrealised losses on banks’ holdings of public debt.

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KBRA Releases Research Report: The Case for Canadian Banks

Posted by fidest press agency su giovedì, 18 aprile 2019

Kroll Bond Rating Agency (KBRA) releases The Case for Canadian Banks research report, which makes the following key points:In KBRA’s opinion, the structure of Canada’s mortgage market substantially reduces banking system risk.Canadian banks, which generally are prudent mortgage underwriters, dominate the mortgage market. In addition, a large portion of mortgages effectively carry a government guaranty.
KBRA rates Canada AAA, implying de minimus risk that the sovereign would not honor its guaranty.KBRA views the Canadian banking system as having very solid financial strength owing to conservative policies, high-quality supervision, and the generally strong and stable macro profile of the Canadian economy.KBRA notes that Canada is undergoing a slowdown, which could lead to an uptick in unemployment and further fall in housing prices—factors that do pose risks, especially in the context of high household debt and debt service levels.A continued economic slowdown combined with housing price pressure may cause impaired loans and provisions for credit losses to gradually normalize from extremely low levels. However, KBRA believes these risks are quite manageable in terms of the banking system and the sovereign debt profiles.

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CompuCom Launches ‘Self Healing Branch’ to Help Banks Automate Technology Support and Reduce Downtime

Posted by fidest press agency su mercoledì, 28 marzo 2018

CompuCom Systems Inc. (“CompuCom®”), a leading provider of managed digital workplace services that is now part of Office Depot, Inc. (NASDAQ:ODP), introduced the Self Healing Branch™, an automated service that monitors, detects, diagnoses and resolves device performance issues without the need for end-user intervention – empowering bank employees to focus on their customers.
The Self Healing Branch™ is an automated service that keeps bank branch technology up and running by monitoring device performance in real time, without the need for end-user intervention – empowering bank employees to focus on their customers. Through an effective use of technology, banks face an opportunity to improve customer engagement and better manage risk. Safeguarding customer information, mitigating internal data leaks, eliminating critical service interruptions, improving unreliable service from vendors, and overcoming legal and regulatory issues resulting from inaccurate, inconsistent or missing data are all common banking challenges that proper solutions can address.
Designed to drive branch continuity that enables banks to better focus on the customer experience, the Self Healing Branch, powered by CompuCom, is an automated service that keeps branch technology up and running by monitoring device performance in real time. Leveraging the CompuCom ASCEND™ Digital Platform, the Self Healing Branch automatically detects and resolves issues, outages and failures. Predictive and proactive, the technology fixes issues before they impact employees or disrupt business, expediting issue resolution from hours – or even days – down to minutes, saving significant time and money. If an issue cannot be resolved with the Self Healing technology, the system automatically records the issue, opens a service ticket and dispatches a technician, all without employee intervention.“Working with six of the top 10 U.S. financial institutions and other clients has helped us deeply understand bank pain points and how to resolve them,” noted CompuCom Chief Product Officer Ken Jackowitz. “All of our lessons learned and client feedback went into the development of the Self Healing Branch, which frees bank employees from the burdens of technology downtime and lets them focus on their customers.”

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CREDI indicates continued rising credit margins and an otherwise relatively stable credit market

Posted by fidest press agency su giovedì, 29 giugno 2017

In the June issue of the Catella Real Estate Debt Indicator (CREDI) the Main index decreases from 46.5 to 41.8, showing that both banks and property companies consider that the financing climate has worsened.“In this year’s second CREDI survey we see a deterioration in CREDI’s Main Index, from 46.5 to 41.8. The main reason for the deterioration is a decline in the sub-index measuring credit margins. The view of the banks remains more restrained compared to the listed property companies. One reason for this may be that banks have become more selective in their lending to smaller and new borrowers, and that the tightening has therefore not affected listed property companies to an equal extent,” says Martin Malhotra, Project Manager at Catella.“The development the CREDI Expectation index suggests that we can expect a slowdown in bank lending and also in the volume of transactions in the property market ocatella5er the next 9–12 months. At the moment there is clear selling pressure outside the major metropolitan regions as more and more players focus on large and regional cities. Thanks to the combination of a worsening financing climate and the increased liquidity outside the major cities, knowledgeable players with access to finance are currently able to invest with limited competition,” says Arvid Lindqvist, Head of Research at Catella.“While access to bank loans has deteriorated, we have had a strong quarter for corporate bonds. During the first quarter of 2017, property companies listed on Nasdaq OMX Nordic Main Market issued SEK and EUR bonds for almost SEK 17 billion, increasing the outstanding volume by a whole 33 percent. At the end of the second quarter, bonds made up almost 21 percent of the interest-bearing debt of the property companies, which is the highest proportion ever,” concludes Martin Malhotra.The nineteenth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.com/credi. This edition also includes an analysis of preference shares and an overview of the property market.

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Catella: Banks and corporates agree – access to financing has worsened

Posted by fidest press agency su venerdì, 10 giugno 2016

catella real estateIn the June edition of the Swedish “Catella Real Estate Debt Indicator”, banks and corporates are in agreement on the current financing climate. Unfortunately, the consensus is that access to financing in the property sector has worsened over the past three months, with the Current Situation index falling to an all-time low of 35.4. As such, the property debt financing market is still in contraction.“Our most recent CREDI survey shows that the views of lenders and borrowers are much more in line with one another, compared to the March survey. The Main index has seen a relatively small decrease of 0.2 points to 41.0. However, the components that make up the Main index have seen rather significant ups and downs. The Current Situation index has fallen to an all-time low of 35.4, while the Expectation index has increased to 46.7. This means that although the market has experienced a worsened financing climate, there is a belief that the worst part is over,” says Martin Malhotra, Project Manager at Catella. The Current Situation index fell by 5.6 points to 35.4, which is the lowest point since the CREDI surveys began in May 2012. The historically low figure is partly caused by increasing credit margins over the past three months, something that both banks and corporates agree on. In contrast, the Expectation index increased from 41.4 to 46.7, its highest point since September 2015.“During the first quarter of 2016, Sweden has had a historically strong growth rate of 4.2 per cent, driven by household consumption and investments. However, global economic growth is expected to remain weak during the coming year, as is the Swedish stock market. Catella believes that the property market will be affected by worsened access to debt financing, as observed in the CREDI survey. As a result, we will see increasing yields for properties in secondary locations,” says Arvid Lindqvist, Head of Research at Catella.
The fifteenth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.se/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.se/credi. This edition also includes an analysis of preferred shares and an overview of the property market. (foto: catella real estate)

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Catella: “Still negative but mixed sentiments”

Posted by fidest press agency su venerdì, 11 marzo 2016

catellaIn the March edition of the Swedish “Catella Real Estate Debt Indicator” (CREDI), the Main index fell 2.7 points to 41.2. In line with the previous CREDI, both the Current Situation and Expectation indices fell, and are below the 50.0 turning point. Banks are clearly negative, while property companies have seen a slight improvement in financing conditions over the past three months and are optimistic ahead of the coming three months. “In the previous edition of Swedish CREDI, both banks and property companies clearly signalled that access to financing had deteriorated in late 2015, which was reflected in the Main index falling 12.7 index points. This March we see a further deterioration in the financing climate, with the Main index well below the 50.0 turning point. A relatively strong Swedish economy and expansionary monetary policy, with a historically favourable interest-rate position for the real estate sector, have not yet been able to reverse the reduced risk appetite and pessimism of lenders. However, the common stock of the listed companies has remained relatively strong during the turbulence of the past three months, and is still trading at a premium,” says Martin Malhotra, Project Manager at Catella.The CREDI Main index fell once again, by 2.7 points to 41.2. The Current Situation sub-index fell from 42.4 to 41.0, and the Expectations index fell 4.1 points to 41.4. These declines mean that all the indices are still below the 50.0 turning point, and that the Expectations sub-index is still higher than the Current Situation sub-index.“We can see a clear difference in trend between the polled banks and real estate companies. Banks firmly expect deteriorating financing conditions, unlike property companies which are somewhat optimistic about the future. It is the opinions of the banks that are driving the CREDI Main index to such an obvious position of contraction. The concern is also reflected in the secondary market, with rising dividend yields on real estate companies’ preferred shares, widening credit spreads on bonds and the relatively low level of activity in the primary market,” continues Martin Malhotra.“The new year began with troubled and volatile Swedish and global equity markets. Several factors indicate that the market peaked in summer 2015 and that the global economy is slowing down in 2016. We can expect the average yield to rise going forward, which will mainly occur through widening spreads between A, B and C locations,” says Arvid Lindqvist, Head of Research at Catella.Several of the trends observed in the listed property sector in 2015 persist. Among other things, the average interest rate and the fixed interest term continued to decrease for property companies listed on the Nasdaq OMX Nordic Main Market. The average fixed interest term has fallen since the second quarter of 2015, and was 3.0 years at the end of 2015. Since the second quarter of 2012, the average interest rate has fallen from 4.0 percent to its current level of 2.7 percent in the fourth quarter of 2015.The fourteenth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.se/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.se/credi. This edition also includes an analysis of preferred shares and an overview of the property market.

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Banks to boost spending on payment technologies in 2016

Posted by fidest press agency su martedì, 15 dicembre 2015

budgetBanks across the world are set to significantly increase spending on new payment technology in 2016, according to a new report from Ovum, the independent technology firm.Driven by increased emphasis on security, changing consumer behaviour, and new technologies – such as Blockchain, mobile payments, and real-time payment transactions, almost two in three (61%) banks globally will increase their spending on payment technology next year.This is up significantly on 2015, when just over half (52%) increased their IT expenditure on payment technology. Most tellingly the proportion of banks reporting significant increases in payments’ spending (over 6%) has leaped from near 10% to almost 30%. Ovum says that such a major shift is representative of the transformative levels of change happening in the payments market.Gilles Ubaghs, Senior Analyst within Ovum’s Financial Services Technology team, comments: “Investment levels in payments have been high in recent years, driven by the need to deploy new payment services, cope with the overall rise in electronic transaction volumes, and replace ageing legacy infrastructure. 2016 will see an increase in this trend.”
Ovum is a leading global technology research and advisory firm. Through its 180 analysts worldwide it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion. In 2012, Ovum was jointly named Global Analyst Firm of the Year by the IIAR.
Ovum is a division of Informa plc, one of the leading business and academic publishing and event organizers globally, headquartered in London. Informa is quoted on the London Stock Exchange. (photo budget)

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Independent report finds Dutch and German development banks failed to comply with environmental and human rights standards in financing the Barro Blanco dam in Panama

Posted by fidest press agency su martedì, 2 giugno 2015

Kiad, panamaAmsterdam/Bogota – Last Friday, a long-awaited report by an independent panel found that FMO and DEG, the Dutch and German development banks, violated their own policies by failing to adequately assess the risks to indigenous rights and the environment before approving a US$50 million loan to GENISA, the developer of the Barro Blanco hydroelectric project in Panama. FMO and DEG’s response to the findings, while acknowledging some deficiencies in their assessment, does not commit to any measures to address the outstanding policy violations. Even while the report concludes that “the lenders have not taken the resistance of the affected communities seriously enough,” it appears that FMO and DEG continue to do so.
In May 2014, the Movimiento 10 de Abril (M-10), representing indigenous peoples directly affected by the project, with the support of Both ENDS and SOMO, filed the first complaint to the Independent Complaints Mechanism (ICM) of the FMO and DEG. The complaint alleges that the Barro Blanco dam will affect part of the Ngöbe-Buglé indigenous territory, flooding their homes, schools, and religious, archaeological, and cultural sites. Despite national and international human rights obligations, the Panamanian government, GENISA and the banks failed to obtain the free, prior, and informed consent (FPIC) of the Ngöbe-Buglé before the project was approved. The ICM found that the “lenders should have sought greater clarity on whether there was consent to the project from the appropriate indigenous authorities prior to project approval.”
“We did not give our consent to this project before it was approved, and it does not have our consent today,” said Manolo Miranda, a representative of the M-10. “We demand that the government, GENISA, and the banks respect our rights and stop this project.” The ICM found that “while the [loan] agreement was reached prior to significant construction, significant issues related to social and environmental impact and, in particular, issues related to the rights of indigenous peoples were not completely assessed prior to the [loan] agreement.” The banks’ failure to identify the potential impacts of the project led to a subsequent failure to require their client to take any action to mitigate those impacts. The environmental and social action plan (ESAP) appended to the loan agreement “contains no provision on land acquisition and resettlement and nothing on biodiversity and natural resources management. Neither does it contain any reference to issues related to cultural heritage.”
“This failure constitutes a violation of international standards regarding the obligation to elaborate adequate and comprehensive Environmental and Social Impact Assessments before implementing any development project, in order to guarantee the right to free, prior and informed consent, information and effective participation of the potentially affected community”, explained Ana María Mondragón, lawyer at the Interamerican Association for Environmental Defense (AIDA).
While FMO and DEG acknowledged in their official response to the ICM’s report that they “were not fully appraised at credit approval,” they made no further concrete commitments to ensure that the rights of those affected by the dam will be respected. The banks claim that they are “facing limitations in their influence” over government processes to come to a satisfactory agreement with all stakeholders involved. Their actions, however, reveal a different story.
In February, the Panamanian government provisionally suspended construction of the Barro Blanco dam. Subsequent to the suspension, the government convened a dialogue table with the Ngöbe-Buglé, with the facilitation of the United Nations, to discuss the future of the project. Rather than encouraging the Government of Panama to respect the rights of the Ngöbe-Buglé, FMO and DEG have requested that Panama’s environmental authority reconsider the suspension and allow their client to resume construction. In February, they sent a letter to the Vice President of Panama, expressing their “great concern and consternation” about the suspension and noting that it “may weigh upon future investment decisions, and harm the flow of long-term investments into Panama.”

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Development Banks Must Embrace a Sustainable Future

Posted by fidest press agency su lunedì, 26 aprile 2010

Despite the increase in sustainable energy initiatives by Multilateral Development Banks (MDBs), a limited number of loans financed by the World Bank, Inter-American Development Bank (IDB) and Asian Development Bank (ADB) consistently support sustainable energy investments in developing countries.The report finds that despite increased support for low carbon energy technologies, many loan programs do not address aspects of electricity policy, regulation, institutional capacity and governance that would enable investments in sustainable energy over the long-term. The findings are based on a framework developed by WRI that builds on the Electricity Governance Indicator Toolkit—a set of indicators benchmarking best practice and promoting accountability in the electricity sector.The report makes the case for systematic attention to the following issues:Long-term Integrated Electricity Planning Policies and Regulations Encouraging Energy Efficiency Policies and Regulations Promoting Renewable Energy Pricing Structures Encouraging Efficiency and Reducing consumption Subsidy Reform to Reveal the True Costs of Fossil Fuesls and Promote the Viability of Sustainable Energy Options Executive Agencies’ Capacity for Sustainable Electricity Regulators’ Capacity to Oversee Implementation of Sustainable Electricity Policy Utilities’ Capacity to Promote Energy Efficiency and Renewables Transparency of Policy, Planning, and Regulatory Processes for Electricity Stakeholders’ Engagement in Policy, Planning, and Regulatory Processes A relatively small number of MDB projects address the elements of sustainable energy listed above. Of the 31 World Bank loans reviewed, only 10 consider 5 of the 11 elements. The IDB considers at least 5 of the elements in 10 of 19 loans and the ADB considers more than 5 elements in 10 of 29 projects. The report also reviews the investments made by the MDB administered Climate Investment Funds (CIFs), particularly the $4.73 billion Clean Technology Fund. While the Funds address some of these elements, the research concludes attention to them has been uneven. The CIFs represent more public finance than has ever before been dedicated to climate change.

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We want our money back

Posted by fidest press agency su domenica, 17 gennaio 2010

President Obama announced our proposed Financial Crisis Responsibility Fee on the country’s largest banks:”My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people…We want our money back, and we’re going to get it.”The fee would recover every penny loaned to Wall Street during the financial crisis and stop the reckless abuses and excesses that nearly caused the collapse of our financial system in the first place.But the banking industry — among the most powerful lobbies in Washington — is already launching attacks to stop Congress from enacting the proposal. Barack and I aren’t backing down. But to win, we’ll need the American people to add their voice right away.The proposal is expected to recoup billions from the big banks, most of it from the ten largest. As the President said, “If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers.” There is much more work to do to reform the financial system and create a new era of accountability. But the Financial Crisis Responsibility Fee is a crucial step. And with the banks already working to tear it down, I hope that I can count on you to speak out to show that Americans stand with us as we take them on.

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