Theme of this year – «Your Money. Your Choice. Your Credit Union» – reflects the reason of why 177 million people from every corner of the globe choose the credit unions. Such factors put in these subjects as value, trust and services to members of the credit unions, are only those few reasons inducing people to make the choice in favour of the credit unions in search of fair and accessible financial services.

«This year, very earlier, many experts in sphere of consumer and commercial financing repeatedly noticed that the credit unions are the organisations which are carrying out safe and healthy activity where dependence of people is put on their trust to each other» – the president and the chief executive of the organisation of the World Council of the credit unions (WOCCU) underlines Pit Kriar. «It actually is achievement of which we can be proud during this restless time and which we should note in October of this year.

Now WOCCU unites the regional and national associations of the credit unions representing almost 39 thousand of the credit unions from 73 countries of the world and covers more than 170 million members.

Lawyers, referring to old age of the defendant (71 year), asked court to sentence it to 12 years of imprisonment. The day before the federal court of the USA has confirmed confiscation of property of Medoffa for the sum of 170 billion dollars (under laws of the USA he is obliged to compensate the sum till the triple size of the caused damage).

Madoff earlier admitted court that within 20 years deceived investors and regulating bodies and that it did not make any transactions, and simply listed all means for the bank account, giving out from it means on request of clients in the form of «profit».

In the list of the deceived investors have appeared not only the most well-founded citizens of the USA and a celebrity, but also the largest world banks – BNP Paribas, HSBC, Credit Agricole, Societe Generale, Natixis, Nomura, Royal Bank of Scotland, UniCredit.

Today, to get rid of the imposed restrictions, financial institutions have started to repay the debts in large quantities. Unequivocal reaction to their such actions while is not present: experts were divided in judgements, the authorities make a helpless gesture, and the market has reacted falling. Among the first lucky beggars who have returned the state help, there were ten banks, successfully passed spring test by the stress-test. The Treasury Department of the US has given out permission JPMorgan Chase and Co, Goldman Sachs Group Inc, Morgan Stanley, US Bancorp, Capital One Financial Corp, American Express Co, BB&T Corp, Bank of New York Mellon Corp, State Street Corp and Northern Trust Corp on returning in total Banks also intend to redeem $68,27 billion at the Ministry of Finance варранты on ordinary actions which they have received together with state money. Варранты grant to the Ministry of Finance the right to take ordinary shares of financial establishments under the established price within ten years, but banks can redeem варранты at the state at «fair market cost».

According to participants of the market, such actions of financial establishments testify that the bank branch rises on feet after the losses suffered by it which «have sunk» some companies and economic recessions last year have led. «I yet did not see, that someone was idle. Certainly, it that we wished to see», – rejoices representative BB&T Corp. The head of this bank of Kelly King has informed that its financial establishment will return the decision on the trips arranged for celebration of caused a stir workers which has been cancelled under political pressure. The government can borrow further the returned money to other organisations requiring the help. Within the limits of program TARP (Troubled Asset Relief Program) now remain $110 billion, they can be still allocated to insurers and small banks.

With banking establishments which have already paid off with the state, restrictions on payment of bonuses to top-managers, increase of the size of dividends, employment of foreigners and the sum of expense accounts now will be removed. For example, employees Goldman Sachs have already informed on record bonus payments in case the bank will show the highest revenue for the history. Experts consider such prospect quite real because the bank practically has no competitors and in the first half of the year has essentially increased receipts from trade in a foreign currency, bonds and products with the fixed income. Chief executive Goldman Sachs Lloyd Blankfejn has declared that the bank is obliged to make so that indemnifications reflected true efficiency of establishment and motivated due behaviour of employees.

It is interesting that for last month at once some banks have declared increase of wages more than on 50 %. It has strengthened turnover of staff in the market and has forced many financial institutions to follow the lead of competitors. According to the head рекрутинговой Patrick Filda’s companies Hanover Search, UBS and Merrill Lynch have lost this year about a quarter of the best employees. Many have left them in actively developing now Barclays, Credit Suisse and Deutsche Bank. It has led to that, despite lacking possibility to pay off today with the state, for example, Citigroup will raise salaries to the employees to compensate them decrease in annual bonuses. Salaries of investment bankers and traders will most of all grow.

Except Citigroup, the permission to payment of debts was received also by such giants as Bank of America and Wells Fargo, however under statements of representatives of these establishments, management will try to do the utmost for fast calculation with the state.

«During crisis for us it is important to support qualitative players, including at regional level which in Ukraine not so it is a lot of. And the Megabank choice is not casual. This financial establishment with good structure of the share capital and competent management, co-operates with which European Reconstruction and Development Bank three years», — Mr. Usov has commented on the transaction. «We work with the European bank of reconstruction and development more than three years. And its occurrence in our capital raises trust to financial establishment», — the head of the supervisory board of Megabank Victor Subbotin echoes it.

While experts need to do only assumptions of the size of a share holding which will get to the European bank. «The bank estimation will become, proceeding from its qualitative parametres, the market positions flowing and the future requirements for additional debt and joint-stock financing. By our estimations, in an European Reconstruction and Development Bank portfolio it can appear an order of 15-20 % of actions of the Kharkov bank», — the chief of department of sales of investment company Phoenix Capital Stanislav Shlapak has told «Capital Credit».

The European bank of reconstruction and development becomes not the first foreign shareholder of the Kharkov financial establishment. In March, 2006 the Megabank has spent private placing of 20% of actions on ПФТС for which it then managed to gain $19 million And though the list of buyers was not disclosed, informally it became known that 9% of actions have settled in portfolios of foreigners into which number have entered American Bank of New York Mellon, Austrian Raiffeisen Zentralbank Osterreich, Italian Uni-Credit Bank Austria AG, etc. And spring of 2007 was included into structure of shareholders of Megabank Bank Austria Creditanstalt AG which share holding has reached 13,38 %. However, are soon expensive with the Austrian bank have dispersed: already in the second half of the year 2007 its participation in the capital was reduced to 3,2%.

«Conflicts to the Austrians at us was not. Simply they needed to curtail the capital: then the transaction on purchase by the Italian group UniCredit of Ukrsotsbank through “daughter” (Bank Austria Credit-anstalt AG) was made out, and it concentrated the Ukrainian actives », — have explained «Capital Credit» in Megabank. According to Nation Ukaine Bank, for April, 1st the largest owner of the mediated participation — 65,84 % of actions — was the head of the supervisory board of Megabank Victor Subbotin.

German DAX has fallen in price on 0,73 %, French CAC-40 became easier”on 0,68 % while the index of Great Britain FTSE 100 has lowered 0,64 %. Actions of Irish creditor Bank of Ireland have failed on 5,79 % to 1,79 euros while than its competitor Allied Irish Banks became easier on 4,41 % to 1,77 euros against words of representatives of IMF about the predicted losses caused by unprecedented rates of delay of national economy.

Papers of second-large French bank Credit Agricole have fallen on 3,91 % to 9,14 euros after analysts Kepler Capital Markets have lowered recommendations about actions to to “hold”, and experts Cheuvreux have reduced look-ahead value of profit of the creditor with 2,6 billion euro to 1 billion euro. Quotations of the manufacturer of medical products Sanofi-Aventis have rolled down on 4,36 % to 44,55 euros. Analysts UBS have declared that more and more investors are disturbed by safety of medicine Lantus intended for treatment of a diabetes.

Actions of the insurer of life Swiss Life Holding largest in Switzerland have fallen in price on 3,41 % to 89,35 Swiss francs. Experts Bank of America have lowered recommendations about papers to an estimation «worse the market». Quotations of the world’s largest company on manufacture of chemical preparations BASF “have grown thin” for 2,56 % to 28,14 euros against news about intention to close factory on polystyrene manufacture in Germany and by that to reduce plastic release in Europe by 15 % with a view of increase of appeal of division Styrenics for potential buyers.

Papers of builder Bouygues have added 3,91 % to level 27,64 euros after analysts Goldman Sachs Group have added actions in the list recommended to purchase and the company has declared that has won 335 million contract on construction of port constructions in Morocco. The main European currencies – euro and pound sterling – have shown at 19:54 mixed dynamics against dollar. So, the course of pair EUR/USD has risen on 0,08 % to $1,394 for euro while GBP/USD has lowered 0,56 % to $1,632 for pound.

As maintenance under the transaction the part of actions of the «Rosneft» were in the property of a 100 percent affiliated society of the company of Open Company “RN-Development” and got by it at auction within the limits of sale of property gone bankrupt «Yukos» has been used. Means have been given for a period of 1 year under the rate of 5,75 %. In the message also it is noticed that since September, 30th, 2007 «Rosneft» has reduced a pure debt more than to $8,5 billion to $19,2 billion as of March, 31st, 2009 and expects its further reduction in II quarter.

Besides, recently “Rosneft” has signed the agreement on attraction of the 20-year-old credit for the sum of $15 billion from Bank of Development of China. According to the company report for the first quarter, «Rosneft» has already received $800 million from this credit. The company in the beginning of year has ahead of schedule extinguished the credit at a rate of $577 million, involved in 4th quarter 2008 at Foreign trade and investment bank.

«I would tell, as UBS, and Merrill have lost on 25 % of the best people», – the chairman London headhunting has noted agencies Hanover Search Patrick Fild. Despite financial crisis and world recession, salaries of leading bankers now are close to level of the boom observed 2 years ago. One of Financial Times sources recognised that its bank pays to top-managers to 80 % from level of 2007.

To stop top management outflow, Merrill Lynch, UBS and a number of other banks for last 4-5 weeks have considerably increased base salaries of top-managers. Citigroup now plans to follow to their example. Salaries of the operating directors, several months ago averaging 250 thousand dollars a year, have jumped up in June to 400 thousand. Problem banks also promise to the employees the same bonuses, as more successful financial companies, trying to entice top-managers.

Similar growth of incomes and bonuses of bankers can disturb regulators as contradicts their efforts to force the financial company to pay services of top-managers proceeding from long-term indicators of efficiency of their work.

Moscow. On June, 26th. IFX.RU – Having understood with the Russian gross national product which has been unanimously sent on inclined, analysts have begun to count up the sizes of «a budgetary hole». It has as a result turned out almost as on the Ministry of Finance – the budgeted deficit in 2009 can appear above, than 8 % of gross national product planned now. To «sew up» a hole not to turn out even the high prices for oil. It is too much problems in real economy. Gross national product temperature: from a minus of 6,9 % to a minus of 8 %.

The sick consultation which has crowded near to bed Russian economy of experts continues to put to it diagnoses. Special optimism it is not observed, but opinions of analytical community have started to be consolidated round certain level that in itself it is not so bad. Analysts of investment bank Credit Suisse consider that in 2009 of gross national product of the Russian Federation will decrease, at least, on 6 % even under condition of the state financial stimulation and restoration in the credit markets, has reported Bloomberg.

As they say in the bank review, considering the last статданные and conservative forecasts of the government at budget planning, falling of gross national product of the Russian Federation in 2009, most likely, will be closer to a mark in 8 %. It is close to an estimation of the World bank. Let’s remind, one of these days ВБ has worsened the forecast of reduction of the Russian economy in 2009 from 4,5 % to 7,9 %, considering more considerable, than it was supposed, gross national product reduction in the first quarter (from 9,5 % to 9,8 % – according to Rosstat).

As it was informed earlier, gross national product of the Russian Federation in May, 2009 was reduced to 11 % by May, 2008, thus for January-May, 2009 economy falling has made 10,2 %. Taking into account the seasonal factor gross national product decrease in May by April has made 0,5 %.

Speaking about the forecast of falling of economy for 2009, Ministry of economic development and trade Andrey Klepach has noticed that «to make on a year of 6-8 % at today’s 10 % is a heroic act for our economy». Analyst Barclays Capital Elena Lukoyanova considers that gross national product of the Russian Federation will decrease in 2009 on 6,9 %. Such forecast – some kind of «heroism».