banking - Resolve to Eradicate Those Debts

Would it not be the most relaxing start to your new year to begin with a manageable balance sheet? Post-holidays, the merriment and cheer often give way to anxiety at the prospect of larger than average credit card bills. Couple those credit payments with mortgages, car payments, and other miscellaneous loans, and January can be wrought with stress. Thankfully, though, there is a ray of hope amid the massive stack of notices and statements littering your desk. Debt consolidation, when done correctly, can save you hundreds of dollars a month. There are a variety of options for debt consolidation. As you shop for a new loan, be aware that there are several types that bill themselves as perfect for debt consolidation. The most prevalent is refinancing your existing mortgage. If you are a homeowner with only one mortgage on your house, this could be the best money-saving loan. After all, the interest you pay on your mortgage is tax deductible, so there is some benefit to using your home equity to pay off those other high interest unsecured loans. Another option is to take a second mortgage on the house. The interest rates for this kind of loan are generally a few percentage points higher than on a second mortgage, but it is still likely tax deductible, and may even be lower than some of your credit card interest rates. Debt consolidation in this form means you will have two mortgages on your home, but those will be the only payments you'll have to make every month. What if, though, you are not a homeowner? How can you too cash in on debt consolidation? It is, to be certain, slightly harder to wrap all of your smaller debts into a larger, lower interest loan without a house to use as collateral. An unsecured personal loan could possibly have slightly higher interest, and not be tax deductible. Nonetheless, if you are paying higher interest on anything else, it is still a better choice. Debt consolidation can be the freedom from stress that you need. Imagine receiving a lump sum payment that can eliminate all of your little bills and potentially save you hundreds of dollars a month in interest and minimum payments. Take control of your finances this year, and resolve to be stress free and relaxed with a debt consolidation program tailored to you. ============================= Michelle Anderson provides insight and info on a broad range of topics. Visit onelocate.com for more info on debt consoldiation and other sought-after products and services. Article Source:http://EzineArticles.com/?expert=Michelle_Anderson banking - Chase Online Banking Chase online banking is a small business's most useful financial resource. Most small businesses start with a great idea. The person behind the idea feels confident that the idea is sound and that there's a demand. He or she then sets out to turn the idea into the latest must-have craze. What many small business owners don't know a lot about is how to handle the company's finances. That's where Chase online banking can help. Small business owners who enroll in Chase online banking have access to a number of useful features to help them better manage their businesses. The biggest benefit is the ability to log in to any account that is linked to the business (even personal and investment accounts!) at any time, day or night, seven days a week. While certainly useful, managing account balances is just one of many things small business owners can do while online. They can also view transactions as far back as 90 days or check to see which checks have cleared and which have not. They can pay bills online which is faster and less expensive than manual methods. Knowing that online checks and deposit slips can be printed anytime they're needed removes one of the fears that people have about Chase online banking. Small business owners can request to be notified via email, voice mail and even by text message anytime a change takes place in any of the accounts being monitored. They can order checks, wire money, and transfer funds and so much more. Chase online banking also enables small business owners to download monthly statements straight into the popular small business accounting software packages, which makes the daunting tasks associated with accounting much easier to handle. They can use Chase online banking to set up direct deposit for themselves and their employees and that's a nice benefit to offer when trying to attract valuable employees. There's even more and it's all explained on the online banking demo so take a look today!

banking - Chase Online Banking

Chase online banking is a small business's most useful financial resource. Most small businesses start with a great idea. The person behind the idea feels confident that the idea is sound and that there's a demand. He or she then sets out to turn the idea into the latest must-have craze. What many small business owners don't know a lot about is how to handle the company's finances. That's where Chase online banking can help. Small business owners who enroll in Chase online banking have access to a number of useful features to help them better manage their businesses. The biggest benefit is the ability to log in to any account that is linked to the business (even personal and investment accounts!) at any time, day or night, seven days a week. While certainly useful, managing account balances is just one of many things small business owners can do while online. They can also view transactions as far back as 90 days or check to see which checks have cleared and which have not. They can pay bills online which is faster and less expensive than manual methods. Knowing that online checks and deposit slips can be printed anytime they're needed removes one of the fears that people have about Chase online banking. Small business owners can request to be notified via email, voice mail and even by text message anytime a change takes place in any of the accounts being monitored. They can order checks, wire money, and transfer funds and so much more. Chase online banking also enables small business owners to download monthly statements straight into the popular small business accounting software packages, which makes the daunting tasks associated with accounting much easier to handle. They can use Chase online banking to set up direct deposit for themselves and their employees and that's a nice benefit to offer when trying to attract valuable employees. There's even more and it's all explained on the online banking demo so take a look today! Dennis Frank is an Internet Entrepreneur and Author of many fine websites such as Bank-Now.net. Please visit the website for more related articles and information about Chase Online Banking. Article Source:http://EzineArticles.com/?expert=Dennis_Frank banking - Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. However, getting a credit card is also a huge responsibility and if you don't keep an eye on your spending habits, credit cards can create some serious problems. Here is an excellent list of tips on proper credit card use and if you follow these, you will likely stay out of trouble and your credit card will be a blessing instead of a curse: 1. When you make a purchase with the credit card, it is akin to taking a loan from your bank. What you have borrowed has to be returned - so do not borrow beyond your capacity to pay it back. 2. Always maintain a record of your credit card balances during a month so that you are aware of what you have already spent. This will help you evaluate if you can make any more purchases in that month as even small purchases can add up to large balances. 3. Retain all receipts at least untill you can compare them to the credit card monthly statement. If some purchases do not match or if some charges are higher than those on the receipt, immediately contact your credit card company. 4. Never give out your credit card to anyone! This includes people in your family and any of your friends. It is not that you cannot trust these individuals, but you cannot track purchases you are not even making. 5. When you charge more than you can repay, a lot can go wrong. This can limit your future potential of getting any kind of credit, including car loans, home mortgages and other forms of loans. 6. Pay your credit card bills on time or even before they are due. Doing so will not only help improve your credit scores, but also help avoid additional costs associated with late payment charges and accrued interest. 7. Pay your credit card bills in full every month. This is easy to do if, based on your income, you establish a monthly budget for your credit card purchases and then not exceed that. 8. Keep your credit cards for new purchasing. don't pay one credit card bill with a different credit card. This will inevitably lead to more charging and higher balances.

banking - Credit Cards - A Blessing or a Curse?

Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. However, getting a credit card is also a huge responsibility and if you don't keep an eye on your spending habits, credit cards can create some serious problems. Here is an excellent list of tips on proper credit card use and if you follow these, you will likely stay out of trouble and your credit card will be a blessing instead of a curse: 1. When you make a purchase with the credit card, it is akin to taking a loan from your bank. What you have borrowed has to be returned - so do not borrow beyond your capacity to pay it back. 2. Always maintain a record of your credit card balances during a month so that you are aware of what you have already spent. This will help you evaluate if you can make any more purchases in that month as even small purchases can add up to large balances. 3. Retain all receipts at least untill you can compare them to the credit card monthly statement. If some purchases do not match or if some charges are higher than those on the receipt, immediately contact your credit card company. 4. Never give out your credit card to anyone! This includes people in your family and any of your friends. It is not that you cannot trust these individuals, but you cannot track purchases you are not even making. 5. When you charge more than you can repay, a lot can go wrong. This can limit your future potential of getting any kind of credit, including car loans, home mortgages and other forms of loans. 6. Pay your credit card bills on time or even before they are due. Doing so will not only help improve your credit scores, but also help avoid additional costs associated with late payment charges and accrued interest. 7. Pay your credit card bills in full every month. This is easy to do if, based on your income, you establish a monthly budget for your credit card purchases and then not exceed that. 8. Keep your credit cards for new purchasing. don't pay one credit card bill with a different credit card. This will inevitably lead to more charging and higher balances. Connie Gutchrif is the President and Editor of FN Credit - An excellent resource for information on credit. To learn more, be sure to visit: http://www.fncredit.com Article Source:http://EzineArticles.com/?expert=Connie_Gutchrif banking - Where Does The Money Come From The one question nobody asks. And the one driving force that more than anything else defines the sad state of the world today. The sad fact is, nobody (apart from a very few) actually knows. But there are a few things that we do know. We know that the money supply has been increasing world-wide at around 7.5% per year. We know that local governments do not create any of this new money. We know that all new money is issued by the banking system as interest-bearing debt. This truly is a curious state of affairs. Someone somewhere is creating all this new money out of thin air and selling it to us through the banks at high interest. We don't know who they are. We don't know if they are interested in our well-being. We don't know if they give a hoot for our children. They might even be aliens bent on taking over the earth, for all we know. And whether they are aliens or not, that is exactly what they are doing. Trillions of dollars worth of new debt is created each year around the world. All this debt is sold through the banks at high interest, in exchange for negotiable securities like mortgages, debentures, personal guarantees and the like. All this new money originates from outside our governments' sovereignty and control. It may all originate in cyberspace. And no one has any means of tracing it to its source. And yet year after year, governments everywhere continue to play this rigged game; a game in which someone high up in the world banking system always wins and the borrowers always lose. And it is government itself (ignorantly perhaps) that continues to deal these winning hands to the bankers. All new money enters the system as interest-bearing debt. So the first prerequisite of new money issue is demand. There must be a willing borrower. Now ever since "money" was invented, there's never been enough of the stuff. Very early on, a few wily goldsmiths/bankers cottoned on to the Fractional Reserve System, whereby paper notes purportedly representing real gold were seen to require only a fraction of their value in gold deposits. This allowed them to begin multiplying their own "paper" money many times greater than their actual resource backing. When Kings and Princes began borrowing this dubious new money, the stage was set for the present highly questionable tax system to take root. As governments were forced to repay debt on money that was actually created out of thin air by the bankers, they begin to rely more and more on tax payments from their subjects as a way to repay debt. Thus taxes were not designed to fund services. Rather, they were designed to service debt. Which brings us to our present state of affairs, whereby taxes have little or nothing to do with "funding" government services; except by an illusionary connection. The only thing that can fund government in a sustainable sense is an actual surplus created in private sector commerce. And even on the face of it, punitive income taxes destroy private incentive to produce, create, save and invest. Thus the only connection is a reverse one. In other words taxation destroys the sustainable government funding base rather than supplying it. So there you have it. Taxes create a shortage of wealth and money in the private sector, forcing individuals and businesses to borrow from the banks to replace that "stolen" by government taxes and government incompetence. Local banks use our security documents to create mortgage bonds and other financial instruments through which they can borrow amounts far in excess of their actual deposit holdings from "offshore" sources. It is these offshore entities who actually create our "new" money (the new money we have been forced to borrow through taxation) out of thin air. Once our loans have been repaid, the local banks are able to profit on the interest differences times ten or more, giving them plenty of incentive to keep quiet and keep the present system going. But the real power rests with those anonymous individuals in cyberspace who create all this new money out of thin air. Once their loans are repaid (by the local banks), this new money is beautifully "laundered" allowing them to then purchase controlling interests in all the most profitable multinational businesses including strategic infrastructure, pharmaceuticals, petro-chemicals, telecommunications, transportation, armaments, and of course the media. And that's precisely why you have never heard this before. But there's more. We know that the world economy has been expanding at around 3.5%-4% per year, and that average inflation rates are roughly similar. So, not only are these offshore bankers creating new money (7.5% per year) against a growing wealth base (3.5% per year), they are also creating money for pure consumption, enslaving consumers with debt, and forcing our hard earned money to lose its value at a rate of around 4% per year. This is robbery by pickpocket, picking up the loose change after the bankers have already ransacked our homes. But there's more. We know by reading the history books that early Kings and Princes borrowed from the money lenders to conduct exploration, colonization, and war. Today, governments are still trying to colonize and take over others' territories, or are trying to take back what has been lost. And of course there is the ongoing competition for world oil reserves. So, whenever there is a new challenge or a new opportunity for government to colonize, or to overcome some challenge, taxes inevitably go up. And this plays right into the hands of the money lenders, as it always has. Throughout history this has lead to an ongoing temptation for the moneylenders to create havoc and mayhem at every opportunity. Taxes and/or government borrowing inevitably follow; gifting the money lenders yet more opportunity to create cash out of thin air, and steal more precious ownership rights from we mere mortals through debt slavery and inflation. Anyone who has seriously studied history will see the bankers' threads woven 'round and through; including the Russian Revolution, World War 1, Hitler's rise to power, the Second World War, the establishment of Israel, the Korean War, the Vietnam War, "Desert Storm", and the coming war with Iran. Throughout history assassinations and "False flag" operations undertaken by "anonymous" individuals have signaled more warfare, more death, more destruction, and taxes; and more profit for the bankers. Even 9-11 bears all the trademarks of conspiracy. Could all this be by the hidden hand of the bankers? If it is, it's all because of taxes. We really have only two choices. First, turn a blind eye until the bankers own everything and control a one world dictatorship in which we will be mere wage slaves. Or end all taxation and empower our own governments with the right to create new interest-free money proportional with the growing economy. Your choice. It's really not that difficult to choose, is it?

banking - Where Does The Money Come From

The one question nobody asks. And the one driving force that more than anything else defines the sad state of the world today. The sad fact is, nobody (apart from a very few) actually knows. But there are a few things that we do know. We know that the money supply has been increasing world-wide at around 7.5% per year. We know that local governments do not create any of this new money. We know that all new money is issued by the banking system as interest-bearing debt. This truly is a curious state of affairs. Someone somewhere is creating all this new money out of thin air and selling it to us through the banks at high interest. We don't know who they are. We don't know if they are interested in our well-being. We don't know if they give a hoot for our children. They might even be aliens bent on taking over the earth, for all we know. And whether they are aliens or not, that is exactly what they are doing. Trillions of dollars worth of new debt is created each year around the world. All this debt is sold through the banks at high interest, in exchange for negotiable securities like mortgages, debentures, personal guarantees and the like. All this new money originates from outside our governments' sovereignty and control. It may all originate in cyberspace. And no one has any means of tracing it to its source. And yet year after year, governments everywhere continue to play this rigged game; a game in which someone high up in the world banking system always wins and the borrowers always lose. And it is government itself (ignorantly perhaps) that continues to deal these winning hands to the bankers. All new money enters the system as interest-bearing debt. So the first prerequisite of new money issue is demand. There must be a willing borrower. Now ever since "money" was invented, there's never been enough of the stuff. Very early on, a few wily goldsmiths/bankers cottoned on to the Fractional Reserve System, whereby paper notes purportedly representing real gold were seen to require only a fraction of their value in gold deposits. This allowed them to begin multiplying their own "paper" money many times greater than their actual resource backing. When Kings and Princes began borrowing this dubious new money, the stage was set for the present highly questionable tax system to take root. As governments were forced to repay debt on money that was actually created out of thin air by the bankers, they begin to rely more and more on tax payments from their subjects as a way to repay debt. Thus taxes were not designed to fund services. Rather, they were designed to service debt. Which brings us to our present state of affairs, whereby taxes have little or nothing to do with "funding" government services; except by an illusionary connection. The only thing that can fund government in a sustainable sense is an actual surplus created in private sector commerce. And even on the face of it, punitive income taxes destroy private incentive to produce, create, save and invest. Thus the only connection is a reverse one. In other words taxation destroys the sustainable government funding base rather than supplying it. So there you have it. Taxes create a shortage of wealth and money in the private sector, forcing individuals and businesses to borrow from the banks to replace that "stolen" by government taxes and government incompetence. Local banks use our security documents to create mortgage bonds and other financial instruments through which they can borrow amounts far in excess of their actual deposit holdings from "offshore" sources. It is these offshore entities who actually create our "new" money (the new money we have been forced to borrow through taxation) out of thin air. Once our loans have been repaid, the local banks are able to profit on the interest differences times ten or more, giving them plenty of incentive to keep quiet and keep the present system going. But the real power rests with those anonymous individuals in cyberspace who create all this new money out of thin air. Once their loans are repaid (by the local banks), this new money is beautifully "laundered" allowing them to then purchase controlling interests in all the most profitable multinational businesses including strategic infrastructure, pharmaceuticals, petro-chemicals, telecommunications, transportation, armaments, and of course the media. And that's precisely why you have never heard this before. But there's more. We know that the world economy has been expanding at around 3.5%-4% per year, and that average inflation rates are roughly similar. So, not only are these offshore bankers creating new money (7.5% per year) against a growing wealth base (3.5% per year), they are also creating money for pure consumption, enslaving consumers with debt, and forcing our hard earned money to lose its value at a rate of around 4% per year. This is robbery by pickpocket, picking up the loose change after the bankers have already ransacked our homes. But there's more. We know by reading the history books that early Kings and Princes borrowed from the money lenders to conduct exploration, colonization, and war. Today, governments are still trying to colonize and take over others' territories, or are trying to take back what has been lost. And of course there is the ongoing competition for world oil reserves. So, whenever there is a new challenge or a new opportunity for government to colonize, or to overcome some challenge, taxes inevitably go up. And this plays right into the hands of the money lenders, as it always has. Throughout history this has lead to an ongoing temptation for the moneylenders to create havoc and mayhem at every opportunity. Taxes and/or government borrowing inevitably follow; gifting the money lenders yet more opportunity to create cash out of thin air, and steal more precious ownership rights from we mere mortals through debt slavery and inflation. Anyone who has seriously studied history will see the bankers' threads woven 'round and through; including the Russian Revolution, World War 1, Hitler's rise to power, the Second World War, the establishment of Israel, the Korean War, the Vietnam War, "Desert Storm", and the coming war with Iran. Throughout history assassinations and "False flag" operations undertaken by "anonymous" individuals have signaled more warfare, more death, more destruction, and taxes; and more profit for the bankers. Even 9-11 bears all the trademarks of conspiracy. Could all this be by the hidden hand of the bankers? If it is, it's all because of taxes. We really have only two choices. First, turn a blind eye until the bankers own everything and control a one world dictatorship in which we will be mere wage slaves. Or end all taxation and empower our own governments with the right to create new interest-free money proportional with the growing economy. Your choice. It's really not that difficult to choose, is it? Carl Peterson is an economist by accident. A successful inventor and businessman (the Peterson Portable Sawmill) who has lived and worked in five countries, the "money" question just kept rearing its ugly head until he was simply forced to find out for himself. And it's taken him 20 years to get to the bottom of that. Article Source:http://EzineArticles.com/?expert=Carl_Peterson banking - Commercial Banking A commercial bank's primary liabilities are deposits and primary assets are loans and bonds. As per the U.S. Banking Act of 1971, the "commercial bank" is an institution that offers demand deposits and originates loans. Therefore, a money market mutual fund is not a commercial bank as it does not originate loans. Similarly a finance company is also not a commercial bank as it does not offer demandable deposits. The term "commercial" distinguishes a commercial bank from an investment bank. Its primary liabilities are deposits and primary assets are loans and bonds. As per the U.S. Banking Act of 1971, the "commercial bank" is an institution that offers demand deposits and originates loans." Therefore, a money market mutual fund is not a commercial bank as it does not originate loans. Similarly a finance company is also not a commercial bank as it does not offer demandable deposits. The term "commercial" distinguishes a commercial bank from an investment bank. Commercial banking activities are different from those of investment banking, which include underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating advices on mergers and other corporate reorganizations like turnovers and acquisitions, and also acting as a broker for institutional clients. Commercial banks are so named because they specialize in loans to commercial and industrial businesses. Commercial banks are owned by private investors like stockholders or by bank holding companies. The majority of commercial banks are owned by bank holding companies. The sole objective of commercial banks is to make a profit. Commercial banks are owned by private investors, called stockholders, or by companies called bank holding companies Apart from other banking functions, since late 20s, most of the commercial banks in developing countries have been entering into micro-finance market also in which they will provide soft loans based on character rather than collaterals to small businesses, small farmers and micro-entrepreneurs. In this way Commercial banking has become an essential sector of the modern economy by fulfilling the financial needs of all segments of the economy.

banking - Commercial Banking

A commercial bank's primary liabilities are deposits and primary assets are loans and bonds. As per the U.S. Banking Act of 1971, the "commercial bank" is an institution that offers demand deposits and originates loans. Therefore, a money market mutual fund is not a commercial bank as it does not originate loans. Similarly a finance company is also not a commercial bank as it does not offer demandable deposits. The term "commercial" distinguishes a commercial bank from an investment bank. Its primary liabilities are deposits and primary assets are loans and bonds. As per the U.S. Banking Act of 1971, the "commercial bank" is an institution that offers demand deposits and originates loans." Therefore, a money market mutual fund is not a commercial bank as it does not originate loans. Similarly a finance company is also not a commercial bank as it does not offer demandable deposits. The term "commercial" distinguishes a commercial bank from an investment bank. Commercial banking activities are different from those of investment banking, which include underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating advices on mergers and other corporate reorganizations like turnovers and acquisitions, and also acting as a broker for institutional clients. Commercial banks are so named because they specialize in loans to commercial and industrial businesses. Commercial banks are owned by private investors like stockholders or by bank holding companies. The majority of commercial banks are owned by bank holding companies. The sole objective of commercial banks is to make a profit. Commercial banks are owned by private investors, called stockholders, or by companies called bank holding companies Apart from other banking functions, since late 20s, most of the commercial banks in developing countries have been entering into micro-finance market also in which they will provide soft loans based on character rather than collaterals to small businesses, small farmers and micro-entrepreneurs. In this way Commercial banking has become an essential sector of the modern economy by fulfilling the financial needs of all segments of the economy. Banking provides detailed information about banking, banking jobs, banking services, and more. Banking is affiliated with Swiss Bank Accounts. Article Source:http://EzineArticles.com/?expert=Eddie_Tobey banking - Business English For Accounting- Learning Accounting And Financial Terms And Vocabulary We should start by asking what is English for finance? It is the learning of English specifically geared towards accounting, finance, auditing or whatever area of finance you need to learn. The next question could be how is learning English for finance different from learning general English or business English? The main difference relates to vocabulary. Knowing the technical vocabulary related to your specific job or area of study is essential if top performance is to be achieved. Business English classes tend to focus on meetings, negotiations and other business functions. A business English class might focus on your area of expertise irregularly (especially if you are learning in a group). English for finance, however, involves regular study (as in every class) of related financial and accounting themes. Some students find that learning English for finance in every class is a bit difficult. For many students, the English class is a break from the working routine. Students want to relax during their class, have some fun and learn English. They don`t necessarily want to focus on finance during class when they are trying to relax and forget about work for a while! If this is the case, then they should have classes of general English and forget about technical financial English. For the students who want to focus on financial English, they must decide how much time in class they want to dedicate to financial English. Some students are happy with 30 minutes out of a 90-minute class. Others (usually the boss!) not only want a full 100% of the class dedicated to financial English, but also insist that their subordinates spend 100% of their classes on financial English! If you want to learn financial English, there are various methods your teacher can use. The financial times is great for reading about finance and for learning new vocabulary. New vocabulary learning can be reinforced by doing vocabulary exercises such as crosswords, definitions, etc. Your teacher will be able to supply these. Also ask your teacher for listening exercises related to finance or accounting. Video is fairly easy to find by recording from financial television stations. Grammar can be revised by adapting existing grammar exercises to a financial context. Finally and most importantly, speak to your teacher about your job, financial matters etc. Do role-plays with your teacher where your teacher puts you in a financial situation and asks you to speak (always prepare the vocabulary first). Finally, where do you find a teacher of financial English? It's quite difficult to find a financial English teacher. The teacher must have knowledge of finance, but is not an expert. A qualified, experienced teacher who has a diploma or degree in business, finance or accounting is a good profile. Or a qualified, experienced teacher who has worked in the financial/accounting world is acceptable also.

banking - Business English For Accounting- Learning Accounting And Financial Terms And Vocabulary

We should start by asking what is English for finance? It is the learning of English specifically geared towards accounting, finance, auditing or whatever area of finance you need to learn. The next question could be how is learning English for finance different from learning general English or business English? The main difference relates to vocabulary. Knowing the technical vocabulary related to your specific job or area of study is essential if top performance is to be achieved. Business English classes tend to focus on meetings, negotiations and other business functions. A business English class might focus on your area of expertise irregularly (especially if you are learning in a group). English for finance, however, involves regular study (as in every class) of related financial and accounting themes. Some students find that learning English for finance in every class is a bit difficult. For many students, the English class is a break from the working routine. Students want to relax during their class, have some fun and learn English. They don`t necessarily want to focus on finance during class when they are trying to relax and forget about work for a while! If this is the case, then they should have classes of general English and forget about technical financial English. For the students who want to focus on financial English, they must decide how much time in class they want to dedicate to financial English. Some students are happy with 30 minutes out of a 90-minute class. Others (usually the boss!) not only want a full 100% of the class dedicated to financial English, but also insist that their subordinates spend 100% of their classes on financial English! If you want to learn financial English, there are various methods your teacher can use. The financial times is great for reading about finance and for learning new vocabulary. New vocabulary learning can be reinforced by doing vocabulary exercises such as crosswords, definitions, etc. Your teacher will be able to supply these. Also ask your teacher for listening exercises related to finance or accounting. Video is fairly easy to find by recording from financial television stations. Grammar can be revised by adapting existing grammar exercises to a financial context. Finally and most importantly, speak to your teacher about your job, financial matters etc. Do role-plays with your teacher where your teacher puts you in a financial situation and asks you to speak (always prepare the vocabulary first). Finally, where do you find a teacher of financial English? It's quite difficult to find a financial English teacher. The teacher must have knowledge of finance, but is not an expert. A qualified, experienced teacher who has a diploma or degree in business, finance or accounting is a good profile. Or a qualified, experienced teacher who has worked in the financial/accounting world is acceptable also. Eoin Baxter is a leading authority on teaching English for Finance. His website contains free information for learning English for finance and provides online training of financial and accounting English. For more information go to http://www.englishforfinance.com Article Source:http://EzineArticles.com/?expert=Eoin_Baxter banking - What Are the Advantages of Online Banking Be one of the many online banking customers that are getting astonishing services for the first time by just signing up with an online bank. What's so special about online banking that you can not get from a regular walk in bank? Do your banking in your pajamas, at home, seven days a week twenty four hours a day. Your online bank is never closed; just sign in anytime you want and click away on your mouse to put your finances in order in no time. You can be any place in the world for work or vacation. If your laptop is with you will be able to access your accounts. Forgot to pay a bill while on holiday, no problem, log in and in a few clicks it's paid. What a great convenience online baking is. Online banking is quicker than the average ATM processing and will allow you to access a greater number of services. You can look in detail at your financial transactions in any of your accounts. View your financial statements and make your account balances match up with your records. All of the services your bank offers can be used online, weather you want to pay your credit card bill apply for a mortgage and even check up on your IRA's. If you have banking online for a while now, you will have observed that your online bank just keeps on adding more and more sophisticated services, for you to use. You will find interest rates, stock quotes, mutual funds and a whole range of other tools for you to manage your funds and make knowledgeable financial decisions. Some banks allow you to download your financials in formats compatible with popular desktop accounting programs giving even more reasons to start banking online.

banking - What Are the Advantages of Online Banking

Be one of the many online banking customers that are getting astonishing services for the first time by just signing up with an online bank. What's so special about online banking that you can not get from a regular walk in bank? Do your banking in your pajamas, at home, seven days a week twenty four hours a day. Your online bank is never closed; just sign in anytime you want and click away on your mouse to put your finances in order in no time. You can be any place in the world for work or vacation. If your laptop is with you will be able to access your accounts. Forgot to pay a bill while on holiday, no problem, log in and in a few clicks it's paid. What a great convenience online baking is. Online banking is quicker than the average ATM processing and will allow you to access a greater number of services. You can look in detail at your financial transactions in any of your accounts. View your financial statements and make your account balances match up with your records. All of the services your bank offers can be used online, weather you want to pay your credit card bill apply for a mortgage and even check up on your IRA's. If you have banking online for a while now, you will have observed that your online bank just keeps on adding more and more sophisticated services, for you to use. You will find interest rates, stock quotes, mutual funds and a whole range of other tools for you to manage your funds and make knowledgeable financial decisions. Some banks allow you to download your financials in formats compatible with popular desktop accounting programs giving even more reasons to start banking online. Daisy Pascual writes about online banking for financial publications worldwide and in particular for http://www.offshoreincorporation101.com Article Source:http://EzineArticles.com/?expert=Daisy_Pascual banking - Cord Blood Collection - Some Basic Information Inadequate knowledge about cord blood collection, processing and cord blood storage is pushing many new parents away from donating their babies' cord blood cells. Hence, comprehensive information on steps of collection, processing and storage of cord blood cells is required to educate them and help them release their fear of unknown risks, if any, involved in the methods. Cord blood collection methods, whether post or pre delivery do not expose the child or the mother to any risk and pain. With all the miraculous therapeutic benefits of cord blood cells, a once disposable umbilical cord is now worthy of being stored to retrieve the diverse life saving opportunities from it. Types Of Blood Cord Collection Methods Cord blood storage follows two prior steps: Collection Processing First and foremost is the blood cell collection. There are two methods. Both are considered equally safe. Collection methods vary according to the period of collection - Ex utero method implies involves placing the placenta in a sterile supporting structure, where the clamped and cut off umbilical cord is injected with a syringe to drain the blood cells in a bag. In utero (or before the placenta is delivered) method refers to the collection that takes place when the doctor or the midwife is waiting for placenta to be delivered or the period of 5 to 10 minutes before the delivery of placenta. In utero method involves the same procedure, except its time of collection. Both women undergoing vaginal and cesarean deliveries can consider donating umbilical cord blood stem cells, as the methods are safe for both types of deliveries. However, if during the final stages of pregnancy, complications arise, the cord blood bank and the doctors may choose to abandon the plan for cord blood collection. Along with collecting cord blood cells from umbilical vein, mother's blood gets also collected to detect some infectious diseases as per regulations. Around 40 to 150ml stem cells are drained from the umbilical cords to collect adequate cells for transplantation. The specialists try to collect as cord blood as possible. Incase the blood collected is not sufficient, the blood is still preserved for possible stem cell expansion or if the parents agree, for scientific research. After collection, the blood cells are then forwarded to the cord blood bank facility chosen by the parents. Blood bank centers then test and analyze blood to detect presence of infectious diseases or typecasting the tissues. Processing Of Cord Blood Cells After cord blood banking, samples are transferred to the labs within 36 to 48 hours of collection. Different opinions have suggested various ways of processing cord cells. Laboratories that are CLIA certified, at the same time, have registered with FDA test mothers' blood for diseases like syphilis, hepatitis, HLTV, HIV, Malaria and CMV. The processing part, along with ensuring infectious disease status, ensures that blood cells are eligible to be used for transplanting on family members besides autologous use. A point to note here is that the mother usually has to undergo a special test during cord blood registry to ensure that she is eligible for the cord blood donation. The results are sent to the parents so that they can prepare themselves for treatment if required. Preservation Of Cord Blood Cells During processing, cord blood cells are depleted of red blood cells, while some processing methods keep the red blood cells. After processing of cells, comes the next procedure of cord blood preservation. When the unit containing cord blood cells is processed, a cyropreservant is added to it. This is added to make the unit survive the cryogenic process. As the unit drops its temperature to -90 degree Celsius, a liquid nitrogen tank is used for cord blood storage. The units of cord blood are preserved in special bags divided into two compartments. One is for immediate use (if required) and the other is for stem cell expansion. The child's parents or guardians are given the rights to unit for their transplanting use in future. Later, at the onset of legal age, the child possesses control over his or her cord blood cells. For those worried about privacy issues, the cord blood banks assure the donors for complete secrecy. At no stage will the donor's identity be revealed to the recipient, especially if the latter is a stranger.

banking - Cord Blood Collection - Some Basic Information

Inadequate knowledge about cord blood collection, processing and cord blood storage is pushing many new parents away from donating their babies' cord blood cells. Hence, comprehensive information on steps of collection, processing and storage of cord blood cells is required to educate them and help them release their fear of unknown risks, if any, involved in the methods. Cord blood collection methods, whether post or pre delivery do not expose the child or the mother to any risk and pain. With all the miraculous therapeutic benefits of cord blood cells, a once disposable umbilical cord is now worthy of being stored to retrieve the diverse life saving opportunities from it. Types Of Blood Cord Collection Methods Cord blood storage follows two prior steps: Collection Processing First and foremost is the blood cell collection. There are two methods. Both are considered equally safe. Collection methods vary according to the period of collection - Ex utero method implies involves placing the placenta in a sterile supporting structure, where the clamped and cut off umbilical cord is injected with a syringe to drain the blood cells in a bag. In utero (or before the placenta is delivered) method refers to the collection that takes place when the doctor or the midwife is waiting for placenta to be delivered or the period of 5 to 10 minutes before the delivery of placenta. In utero method involves the same procedure, except its time of collection. Both women undergoing vaginal and cesarean deliveries can consider donating umbilical cord blood stem cells, as the methods are safe for both types of deliveries. However, if during the final stages of pregnancy, complications arise, the cord blood bank and the doctors may choose to abandon the plan for cord blood collection. Along with collecting cord blood cells from umbilical vein, mother's blood gets also collected to detect some infectious diseases as per regulations. Around 40 to 150ml stem cells are drained from the umbilical cords to collect adequate cells for transplantation. The specialists try to collect as cord blood as possible. Incase the blood collected is not sufficient, the blood is still preserved for possible stem cell expansion or if the parents agree, for scientific research. After collection, the blood cells are then forwarded to the cord blood bank facility chosen by the parents. Blood bank centers then test and analyze blood to detect presence of infectious diseases or typecasting the tissues. Processing Of Cord Blood Cells After cord blood banking, samples are transferred to the labs within 36 to 48 hours of collection. Different opinions have suggested various ways of processing cord cells. Laboratories that are CLIA certified, at the same time, have registered with FDA test mothers' blood for diseases like syphilis, hepatitis, HLTV, HIV, Malaria and CMV. The processing part, along with ensuring infectious disease status, ensures that blood cells are eligible to be used for transplanting on family members besides autologous use. A point to note here is that the mother usually has to undergo a special test during cord blood registry to ensure that she is eligible for the cord blood donation. The results are sent to the parents so that they can prepare themselves for treatment if required. Preservation Of Cord Blood Cells During processing, cord blood cells are depleted of red blood cells, while some processing methods keep the red blood cells. After processing of cells, comes the next procedure of cord blood preservation. When the unit containing cord blood cells is processed, a cyropreservant is added to it. This is added to make the unit survive the cryogenic process. As the unit drops its temperature to -90 degree Celsius, a liquid nitrogen tank is used for cord blood storage. The units of cord blood are preserved in special bags divided into two compartments. One is for immediate use (if required) and the other is for stem cell expansion. The child's parents or guardians are given the rights to unit for their transplanting use in future. Later, at the onset of legal age, the child possesses control over his or her cord blood cells. For those worried about privacy issues, the cord blood banks assure the donors for complete secrecy. At no stage will the donor's identity be revealed to the recipient, especially if the latter is a stranger. Cord blood storage in a cord blood bank can save your family from many dreaded diseases. The umbilical cord blood is rich in stem cells, which is used in the treatment of killer diseases. If you decide not to store your baby's cord blood in a private cord blood bank, then you can donate it to a public cord blood bank at no cost. Visit Cord Blood Banking for an understanding of types of cord blood banks and their processes. Article Source:http://EzineArticles.com/?expert=Saurabh_K_Jain banking - Get a Checking Account Therefore, by operating a current account, you can buy things, anywhere, without necessarily having to carry cash with you. As you can see, this account type is quite useful. However, there is a downside to it, the unlimited access to your account, and thus your money, that checking accounts grant you tend to encourage reckless and spontaneous spending. So, while getting a checking account is a very good idea, due to the convenience that comes with it, you might have to ensure that you only have money you intend to spend in this account. So, how do you get a checking account? Banks, irrespective of what they say, are virtually the same; however, to get you to open your account with them, some banks have in place some incentives to further make life easier for you. It is very important to carefully analyze all the options you have. Look at the different features that come with each bank's checking account and the fees that go with these features. The 'right' bank will allow you enjoy these features without neck breaking fees and commissions. Making the right choice is one of the most important aspects of opening a checking account. The fees and commissions structure of some banks will dig a hole in your pocket; you will want to avoid this type of banks, as much as possible. Your identity and past credit records are two vital things that will determine if a bank will allow you open a current account with them or not. Almost every bank will take a look at your credit report before deciding to do business with you. If you still owe another bank, e.g. for bad checks written, or if your credit report is bad, you might have to settle these issues before contemplating a new checking account. Although, banks vary in their requirements, what is 'bad credit' to one bank might be acceptable to another. So, even if your credit report isn't so good, you could still be lucky to find a bank that will accept you. Just give it a try. Your personal information and identity is important issue. You will need proofs of your identity to open a checking account with any bank. In most cases, a drivers' license or any other state issued ID and any utility bill showing your name and house address should do. If you must move from a previous address, the bank might need you to fill in your previous address too. These are just for security reasons. Banks have to be sure they are doing business with real people and not some fraudsters. You shouldn't have problems with any of these. Once your checking account is opened, be sure to learn about all the features and fees attached to your account. While some banks will request you to maintain a minimum balance in your account, others will only charge you a monthly fee and not worry about your account balance. It is important to get acquainted with all these features and requirements, so that you don't end up paying unnecessary fees. You have all the information you need now, go get a checking account! I am sure you will love it.

banking - Get a Checking Account

Therefore, by operating a current account, you can buy things, anywhere, without necessarily having to carry cash with you. As you can see, this account type is quite useful. However, there is a downside to it, the unlimited access to your account, and thus your money, that checking accounts grant you tend to encourage reckless and spontaneous spending. So, while getting a checking account is a very good idea, due to the convenience that comes with it, you might have to ensure that you only have money you intend to spend in this account. So, how do you get a checking account? Banks, irrespective of what they say, are virtually the same; however, to get you to open your account with them, some banks have in place some incentives to further make life easier for you. It is very important to carefully analyze all the options you have. Look at the different features that come with each bank's checking account and the fees that go with these features. The 'right' bank will allow you enjoy these features without neck breaking fees and commissions. Making the right choice is one of the most important aspects of opening a checking account. The fees and commissions structure of some banks will dig a hole in your pocket; you will want to avoid this type of banks, as much as possible. Your identity and past credit records are two vital things that will determine if a bank will allow you open a current account with them or not. Almost every bank will take a look at your credit report before deciding to do business with you. If you still owe another bank, e.g. for bad checks written, or if your credit report is bad, you might have to settle these issues before contemplating a new checking account. Although, banks vary in their requirements, what is 'bad credit' to one bank might be acceptable to another. So, even if your credit report isn't so good, you could still be lucky to find a bank that will accept you. Just give it a try. Your personal information and identity is important issue. You will need proofs of your identity to open a checking account with any bank. In most cases, a drivers' license or any other state issued ID and any utility bill showing your name and house address should do. If you must move from a previous address, the bank might need you to fill in your previous address too. These are just for security reasons. Banks have to be sure they are doing business with real people and not some fraudsters. You shouldn't have problems with any of these. Once your checking account is opened, be sure to learn about all the features and fees attached to your account. While some banks will request you to maintain a minimum balance in your account, others will only charge you a monthly fee and not worry about your account balance. It is important to get acquainted with all these features and requirements, so that you don't end up paying unnecessary fees. You have all the information you need now, go get a checking account! I am sure you will love it. Do you know that you can open a completely legal checking account with a US Bank from anywhere in the world. us-paypa-bank-account.com specializes in opening US Bank Accounts for non-US residents. If you need a US Bank account to further strengthen your online business, you would get all the help you need here http://www.us-paypal-bank-account.com Article Source:http://EzineArticles.com/?expert=Andrew_Smit banking - Internet Banking Using Internet Only Banks Internet Only Bank Advantages Most people are familiar with Internet banking through their local branch office. Most traditional banks offer some form of online or Internet banking services. Fortunately you have another choice. You can sign up for an Internet only bank. Many people are choosing Internet only services because they are convenient, offer free bill paying online and usually offer far more free services than traditional banks do. Most for example offer free checking that is actually free (no hidden fees or conditions). Most banks are able to pass cost savings onto customers when they operate in a virtual environment. Since the bank itself when operating online incurs fewer fees, most banks charge customers lower banking service fees. Other advantages of Internet only banking include: - 24- Hour dedicated service and access to your account information. - Unlimited check writing and use capability. - VISA/ATM card capability. - Possible high interest checking account availability. Disadvantages of Internet Only Banks There are some drawbacks of using an Internet only bank. For one you will have to pay an ATM fee since Internet banks won't have a branch ATM you can use near your home. But keep in mind that almost all traditional banks also charge some form of ATM fee. In most cases you will also have to mail in deposits, unless you set up direct deposit. In other cases you may have to put in check requests several days before payments are due, which some may find tedious. Fortunately the offerings vary from bank to bank. Your best bet is to shop around for a service that will offer you all the advantages of a traditional bank with more conveniences.

banking - Internet Banking Using Internet Only Banks

Internet Only Bank Advantages Most people are familiar with Internet banking through their local branch office. Most traditional banks offer some form of online or Internet banking services. Fortunately you have another choice. You can sign up for an Internet only bank. Many people are choosing Internet only services because they are convenient, offer free bill paying online and usually offer far more free services than traditional banks do. Most for example offer free checking that is actually free (no hidden fees or conditions). Most banks are able to pass cost savings onto customers when they operate in a virtual environment. Since the bank itself when operating online incurs fewer fees, most banks charge customers lower banking service fees. Other advantages of Internet only banking include: - 24- Hour dedicated service and access to your account information. - Unlimited check writing and use capability. - VISA/ATM card capability. - Possible high interest checking account availability. Disadvantages of Internet Only Banks There are some drawbacks of using an Internet only bank. For one you will have to pay an ATM fee since Internet banks won't have a branch ATM you can use near your home. But keep in mind that almost all traditional banks also charge some form of ATM fee. In most cases you will also have to mail in deposits, unless you set up direct deposit. In other cases you may have to put in check requests several days before payments are due, which some may find tedious. Fortunately the offerings vary from bank to bank. Your best bet is to shop around for a service that will offer you all the advantages of a traditional bank with more conveniences. Article by Frank Owen, visit his web site on internet banking for more on internet banking http://www.internetbankingfacts.com Article Source:http://EzineArticles.com/?expert=Frank_Owen banking - Offshore Asset Protection...Two Men In a Boat Anson and Quigley were close friends. They were joint owners in a small company that ran a sight seeing boat doing harbour tours in a city popular with tourists. The business had been growing nicely from its fitful start some nine years ago. In fact they had sold the initial boat and upgraded to a character wood vessel that was much admired by their many clients as it plied the waters of this lovely harbour city, stopping here and there to point out and admire the local architecture or attraction. The boat was very expensive and they and their wives had gone on the hook to the bank to finance it but they were confident it would pay off very well. Even though Anson and Quigley were close friends, they did not share common views on personal finances. Anson was by far the more cautious but when he broached the subject of protection from any potential catastrophic event, Quigley would shrug off any of Anson's suggestions and say that he was quite content with the coverage of their insurance package and change the subject. Anson would drop the subject but set his own plans in motion. Murphy was aboard their boat one day and of course that was the day that if anything could go wrong, it went wrong huge! An elderly passenger had come aboard and was enjoying the day when, on disembarking, he caught his shoe on a gangway cleat and pitched himself clean over the side guard chain and into the water between the boat and the dock. On the way down he hit his head on a piling. They rescued the passenger promptly but sadly the hit on the head proved damaging to the extent that the poor old gentlemen suffered brain damage and was confined to a wheel chair. You would be right in expecting that the elderly gentleman and his goading and expectant relatives would drop the writ promptly and they did. The long and the short of it was that the settlement exceeded their insurance by a very large amount. When the prosecuting attorneys did their examination for discovery to expose the partners assets outside the business they found that Quigley had a fully paid for house, a sizeable investment portfolio, a piece of investment property, a large motor home, an antique car and a stamp collection which over the years had become Quigley's pride and joy and was now worth a tidy sum. They took it all. Even the stamp collection. When they looked into Anson's affairs they found that his house was mortgaged to the hilt. The second mortgage was held by a company domiciled in Panama and duly registered in all the right places. Anson had been making payment as required. He had a few thousand in his checking account, a used car and that was pretty well it. There was nothing more to see or attach'so they gave up on trying getting anything more out of Anson. The old gentleman's fall had cost both partners equally in business assets but when it came to the private stuff, Quigley was wiped out and Anson survived almost unscathed. When it was all over, Quigley asked his friend just what he had squirreled away, where and how. Anson reminded Quigley of how often he had tried to steer him the right way and how Quigley had ignored him. They are still friends but probably won't go into business together again and every now and then they meet at the local pub and hoist one together and Quigley looks at his friend--- and wonders. Epilogue: Anson had enlisted the aid of an accountant he knew of who specialised in offshore financial planning. No one knows for sure whether he owns that ranch that he visits often in Mexico, or that investment portfolio in the Turks and Caicos or that hefty bank balance in a well known Swiss bank. No one knows for sure because nothing is registered in his own name. Question: Which one are you? Anson or Quigley?

banking - Offshore Asset Protection...Two Men In a Boat

Anson and Quigley were close friends. They were joint owners in a small company that ran a sight seeing boat doing harbour tours in a city popular with tourists. The business had been growing nicely from its fitful start some nine years ago. In fact they had sold the initial boat and upgraded to a character wood vessel that was much admired by their many clients as it plied the waters of this lovely harbour city, stopping here and there to point out and admire the local architecture or attraction. The boat was very expensive and they and their wives had gone on the hook to the bank to finance it but they were confident it would pay off very well. Even though Anson and Quigley were close friends, they did not share common views on personal finances. Anson was by far the more cautious but when he broached the subject of protection from any potential catastrophic event, Quigley would shrug off any of Anson's suggestions and say that he was quite content with the coverage of their insurance package and change the subject. Anson would drop the subject but set his own plans in motion. Murphy was aboard their boat one day and of course that was the day that if anything could go wrong, it went wrong huge! An elderly passenger had come aboard and was enjoying the day when, on disembarking, he caught his shoe on a gangway cleat and pitched himself clean over the side guard chain and into the water between the boat and the dock. On the way down he hit his head on a piling. They rescued the passenger promptly but sadly the hit on the head proved damaging to the extent that the poor old gentlemen suffered brain damage and was confined to a wheel chair. You would be right in expecting that the elderly gentleman and his goading and expectant relatives would drop the writ promptly and they did. The long and the short of it was that the settlement exceeded their insurance by a very large amount. When the prosecuting attorneys did their examination for discovery to expose the partners assets outside the business they found that Quigley had a fully paid for house, a sizeable investment portfolio, a piece of investment property, a large motor home, an antique car and a stamp collection which over the years had become Quigley's pride and joy and was now worth a tidy sum. They took it all. Even the stamp collection. When they looked into Anson's affairs they found that his house was mortgaged to the hilt. The second mortgage was held by a company domiciled in Panama and duly registered in all the right places. Anson had been making payment as required. He had a few thousand in his checking account, a used car and that was pretty well it. There was nothing more to see or attach'so they gave up on trying getting anything more out of Anson. The old gentleman's fall had cost both partners equally in business assets but when it came to the private stuff, Quigley was wiped out and Anson survived almost unscathed. When it was all over, Quigley asked his friend just what he had squirreled away, where and how. Anson reminded Quigley of how often he had tried to steer him the right way and how Quigley had ignored him. They are still friends but probably won't go into business together again and every now and then they meet at the local pub and hoist one together and Quigley looks at his friend--- and wonders. Epilogue: Anson had enlisted the aid of an accountant he knew of who specialised in offshore financial planning. No one knows for sure whether he owns that ranch that he visits often in Mexico, or that investment portfolio in the Turks and Caicos or that hefty bank balance in a well known Swiss bank. No one knows for sure because nothing is registered in his own name. Question: Which one are you? Anson or Quigley? The author has been involved in the financial arena for most of his adult life, latterly as the CEO of a successful financial services company which he sold a decade ago to devote his time to advising a select group of clients in prudent and cautious uses of offshore structuring. He has traveled extensively among many offshore jurisdictions over a span of 25 years and acquired hands on experience together with high quality contacts and resources in the better jurisdictions. He provides consulting services and can be reached at http://www.offshoreandprivate.com Article Source:http://EzineArticles.com/?expert=Shikari_Jones banking - Bankers' Banks- The Role of Central Banks in Banking Crises Central banks are relatively new inventions. An American President (Andrew Jackson) even cancelled its country's central bank in the nineteenth century because he did not think that it was very important. But things have changed since. Central banks today are the most important feature of the financial systems of most countries of the world. Central banks are a bizarre hybrids. Some of their functions are identical to the functions of regular, commercial banks. Other functions are unique to the central bank. On certain functions it has an absolute legal monopoly. Central banks take deposits from other banks and, in certain cases, from foreign governments which deposit their foreign exchange and gold reserves for safekeeping (for instance, with the Federal Reserve Bank of the USA). The Central Bank invests the foreign exchange reserves of the country while trying to maintain an investment portfolio similar to the trade composition of its client - the state. The Central bank also holds onto the gold reserves of the country. Most central banks have lately tried to get rid of their gold, due to its ever declining prices. Since the gold is registered in their books in historical values, central banks are showing a handsome profit on this line of activity. Central banks (especially the American one) also participate in important, international negotiations. If they do not do so directly - they exert influence behind the scenes. The German Bundesbank virtually dictated Germany's position in the negotiations leading to the Maastricht treaty. It forced the hands of its co-signatories to agree to strict terms of accession into the Euro single currency project. The Bunbdesbank demanded that a country's economy be totally stable (low debt ratios, low inflation) before it is accepted as part of the Euro. It is an irony of history that Germany itself is not eligible under these criteria and cannot be accepted as a member in the club whose rules it has assisted to formulate. But all these constitute a secondary and marginal portion of a central banks activities. The main function of a modern central bank is the monitoring and regulation of interest rates in the economy. The central bank does this by changing the interest rates that it charges on money that it lends to the banking system through its "discount windows". Interest rates is supposed to influence the level of economic activity in the economy. This supposed link has not unequivocally proven by economic research. Also, there usually is a delay between the alteration of interest rates and the foreseen impact on the economy. This makes assessment of the interest rate policy difficult. Still, central banks use interest rates to fine tune the economy. Higher interest rates - lower economic activity and lower inflation. The reverse is also supposed to be true. Even shifts of a quarter of a percentage point are sufficient to send the stock exchanges tumbling together with the bond markets. In 1994 a long term trend of increase in interest rate commenced in the USA, doubling interest rates from 3 to 6 percent. Investors in the bond markets lost 1 trillion (=1000 billion!) USD in 1 year. Even today, currency traders all around the world dread the decisions of the Bundesbank and sit with their eyes glued to the trading screen on days in which announcements are expected. Interest rates is only the latest fad. Prior to this - and under the influence of the Chicago school of economics - central banks used to monitor and manipulate money supply aggregates. Simply put, they would sell bonds to the public (and, thus absorb liquid means, money) - or buy from the public (and, thus, inject liquidity). Otherwise, they would restrict the amount of printed money and limit the government's ability to borrow. Even prior to that fashion there was a widespread belief in the effectiveness of manipulating exchange rates. This was especially true where exchange controls were still being implemented and the currency was not fully convertible. Britain removed its exchange controls only as late as 1979. The USD was pegged to a (gold) standard (and, thus not really freely tradable) as late as 1971. Free flows of currencies are a relatively new thing and their long absence reflects this wide held superstition of central banks. Nowadays, exchange rates are considered to be a "soft" monetary instrument and are rarely used by central banks. The latter continue, though, to intervene in the trading of currencies in the international and domestic markets usually to no avail and while losing their credibility in the process. Ever since the ignominious failure in implementing the infamous Louvre accord in 1985 currency intervention is considered to be a somewhat rusty relic of old ways of thinking. Central banks are heavily enmeshed in the very fabric of the commercial banking system. They perform certain indispensable services for the latter. In most countries, interbank payments pass through the central bank or through a clearing organ which is somehow linked or reports to the central bank. All major foreign exchange transactions pass through - and, in many countries, still must be approved by - the central bank. Central banks regulate banks, licence their owners, supervise their operations, keenly observes their liquidity. The central bank is the lender of last resort in cases of insolvency or illiquidity. The frequent claims of central banks all over the world that they were surprised by a banking crisis looks, therefore, dubious at best. No central bank can say that it had no early warning signs, or no access to all the data - and keep a straight face while saying so. Impending banking crises give out signs long before they erupt. These signs ought to be detected by a reasonably managed central bank. Only major neglect could explain a surprise on behalf of a central bank. One sure sign is the number of times that a bank chooses to borrow using the discount windows. Another is if it offers interest rates which are way above the rates offered by other financing institutions. There are may more signs and central banks should be adept at reading them. This heavy involvement is not limited to the collection and analysis of data. A central bank - by the very definition of its functions - sets the tone to all other banks in the economy. By altering its policies (for instance: by changing its reserve requirements) it can push banks to insolvency or create bubble economies which are bound to burst. If it were not for the easy and cheap money provided by the Bank of Japan in the eighties - the stock and real estate markets would not have inflated to the extent that they have. Subsequently, it was the same bank (under a different Governor) that tightened the reins of credit - and pierced both bubble markets. The same mistake was repeated in 1992-3 in Israel - and with the same consequences. This precisely is why central banks, in my view, should not supervise the banking system. When asked to supervise the banking system - central banks are really asked to draw criticism on their past performance, their policies and their vigilance in the past. Let me explain this statement: In most countries in the world, bank supervision is a heavy-weight department within the central bank. It samples banks, on a periodic basis. Then, it analyses their books thoroughly and imposes rules of conduct and sanctions where necessary. But the role of central banks in determining the health, behaviour and operational modes of commercial banks is so paramount that it is highly undesirable for a central bank to supervise the banks. As I have said, supervision by a central bank means that it has to criticize itself, its own policies and the way that they were enforced and also the results of past supervision. Central banks are really asked to cast themselves in the unlikely role of impartial saints. A new trend is to put the supervision of banks under a different "sponsor" and to encourage a checks and balances system, wherein the central bank, its policies and operations are indirectly criticized by the bank supervision. This is the way it is in Switzerland and - with the exception of the Jewish money which was deposited in Switzerland never to be returned to its owners - the Swiss banking system is extremely well regulated and well supervised. We differentiate between two types of central bank: the autonomous and the semi-autonomous. The autonomous bank is politically and financially independent. Its Governor is appointed for a period which is longer than the periods of the incumbent elected politicians, so that he will not be subject to political pressures. Its budget is not provided by the legislature or by the executive arm. It is self sustaining: it runs itself as a corporation would. Its profits are used in leaner years in which it loses money (though for a central bank to lose money is a difficult task to achieve). In Macedonia, for instance, annual surpluses generated by the central bank are transferred to the national budget and cannot be utilized by the bank for its own operations or for the betterment of its staff through education. Prime examples of autonomous central banks are Germany's Bundesbank and the American Federal Reserve Bank. The second type of central bank is the semi autonomous one. This is a central bank that depends on the political echelons and, especially, on the Ministry of Finance. This dependence could be through its budget which is allocated to it by the Ministry or by a Parliament (ruled by one big party or by the coalition parties). The upper levels of the bank - the Governor and the Vice Governor - could be deposed of through a political decision (albeit by Parliament, which makes it somewhat more difficult). This is the case of the National Bank of Macedonia which has to report to Parliament. Such dependent banks fulfil the function of an economic advisor to the government. The Governor of the Bank of England advises the Minister of Finance (in their famous weekly meetings, the minutes of which are published) about the desirable level of interest rates. It cannot, however, determine these levels and, thus is devoid of arguably the most important policy tool. The situation is somewhat better with the Bank of Israel which can play around with interest rates and foreign exchange rates - but not entirely freely. The National Bank of Macedonia (NBM) is highly autonomous under the law regulating its structure and its activities. Its Governor is selected for a period of seven years and can be removed from office only in the case that he is charged with criminal deeds. Still, it is very much subject to political pressures. High ranking political figures freely admit to exerting pressures on the central bank (at the same breath saying that it is completely independent). The NBM is young and most of its staff - however bright - are inexperienced. With the kind of wages that it pays it cannot attract the best available talents. The budgetary surpluses that it generates could have been used for this purpose and to higher world renowned consultants (from Switzerland, for instance) to help the bank overcome the experience gap. But the money is transferred to the budget, as we said. So, the bank had to do with charity received from USAID, the KNOW-HOW FUND and so on. Some of the help thus provided was good and relevant - other advice was, in my view, wrong for the local circumstances. Take supervision: it was modelled after the Americans and British. Those are the worst supervisors in the West (if we do not consider the Japanese). And with all this, the bank had to cope with extraordinarily difficult circumstances since its very inception. The 1993 banking crisis, the frozen currency accounts, the collapse of the Stedilnicas (crowned by the TAT affair). Older, more experienced central banks would have folded under the pressure. Taking everything under consideration, the NBM has performed remarkably well. The proof is in the stability of the local currency, the Denar. This is the main function of a central bank. After the TAT affair, there was a moment or two of panic - and then the street voted confidence in the management of the central bank, the Denar-DM rate went down to where it was prior to the crisis. Now, the central bank is facing its most daunting task: facing the truth without fear and without prejudice. Bank supervision needs to be overhauled and lessons need to be learnt. The political independence of the bank needs to be increased greatly. The bank must decide what to do with TAT and with the other failing Stedilnicas? They could be sold to the banks as portfolios of assets and liabilities. The Bank of England sold Barings Bank in 1995 to the ING Dutch Bank. The central bank could - and has to - force the owners of the failing Stedilnicas to increase their equity capital (by using their personal property, where necessary). This was successfully done (again, by the Bank of England) in the 1991 case of the BCCI scandal. The State of Macedonia could decide to take over the obligations of the failed system and somehow pay back the depositors. Israel (1983), the USA (1985/7) and a dozen other countries have done so recently. The central bank could increase the reserve requirements and the deposit insurance premiums. But these are all artificial, ad hoc, solutions. Something more radical needs to be done: A total restructuring of the banking system. The Stedilnicas have to be abolished. The capital required to open a bank or a branch of a bank has to be lowered to 4 million DM (to conform with world standards and with the size of the economy of Macedonia). Banks should be allowed to diversify their activities (as long as they are of a financial nature), to form joint venture with other providers of financial services (such as insurance companies) and to open a thick network of branches. And bank supervision must be separated from the central bank and set to criticize the central bank and its policies, decisions and operations on a regular basis. There are no reasons why Macedonia should not become a financial centre of the Balkans - and there are many reasons why it should. But, ultimately, it all depends on the Macedonians themselves.

banking - Bankers' Banks- The Role of Central Banks in Banking Crises

Central banks are relatively new inventions. An American President (Andrew Jackson) even cancelled its country's central bank in the nineteenth century because he did not think that it was very important. But things have changed since. Central banks today are the most important feature of the financial systems of most countries of the world. Central banks are a bizarre hybrids. Some of their functions are identical to the functions of regular, commercial banks. Other functions are unique to the central bank. On certain functions it has an absolute legal monopoly. Central banks take deposits from other banks and, in certain cases, from foreign governments which deposit their foreign exchange and gold reserves for safekeeping (for instance, with the Federal Reserve Bank of the USA). The Central Bank invests the foreign exchange reserves of the country while trying to maintain an investment portfolio similar to the trade composition of its client - the state. The Central bank also holds onto the gold reserves of the country. Most central banks have lately tried to get rid of their gold, due to its ever declining prices. Since the gold is registered in their books in historical values, central banks are showing a handsome profit on this line of activity. Central banks (especially the American one) also participate in important, international negotiations. If they do not do so directly - they exert influence behind the scenes. The German Bundesbank virtually dictated Germany's position in the negotiations leading to the Maastricht treaty. It forced the hands of its co-signatories to agree to strict terms of accession into the Euro single currency project. The Bunbdesbank demanded that a country's economy be totally stable (low debt ratios, low inflation) before it is accepted as part of the Euro. It is an irony of history that Germany itself is not eligible under these criteria and cannot be accepted as a member in the club whose rules it has assisted to formulate. But all these constitute a secondary and marginal portion of a central banks activities. The main function of a modern central bank is the monitoring and regulation of interest rates in the economy. The central bank does this by changing the interest rates that it charges on money that it lends to the banking system through its "discount windows". Interest rates is supposed to influence the level of economic activity in the economy. This supposed link has not unequivocally proven by economic research. Also, there usually is a delay between the alteration of interest rates and the foreseen impact on the economy. This makes assessment of the interest rate policy difficult. Still, central banks use interest rates to fine tune the economy. Higher interest rates - lower economic activity and lower inflation. The reverse is also supposed to be true. Even shifts of a quarter of a percentage point are sufficient to send the stock exchanges tumbling together with the bond markets. In 1994 a long term trend of increase in interest rate commenced in the USA, doubling interest rates from 3 to 6 percent. Investors in the bond markets lost 1 trillion (=1000 billion!) USD in 1 year. Even today, currency traders all around the world dread the decisions of the Bundesbank and sit with their eyes glued to the trading screen on days in which announcements are expected. Interest rates is only the latest fad. Prior to this - and under the influence of the Chicago school of economics - central banks used to monitor and manipulate money supply aggregates. Simply put, they would sell bonds to the public (and, thus absorb liquid means, money) - or buy from the public (and, thus, inject liquidity). Otherwise, they would restrict the amount of printed money and limit the government's ability to borrow. Even prior to that fashion there was a widespread belief in the effectiveness of manipulating exchange rates. This was especially true where exchange controls were still being implemented and the currency was not fully convertible. Britain removed its exchange controls only as late as 1979. The USD was pegged to a (gold) standard (and, thus not really freely tradable) as late as 1971. Free flows of currencies are a relatively new thing and their long absence reflects this wide held superstition of central banks. Nowadays, exchange rates are considered to be a "soft" monetary instrument and are rarely used by central banks. The latter continue, though, to intervene in the trading of currencies in the international and domestic markets usually to no avail and while losing their credibility in the process. Ever since the ignominious failure in implementing the infamous Louvre accord in 1985 currency intervention is considered to be a somewhat rusty relic of old ways of thinking. Central banks are heavily enmeshed in the very fabric of the commercial banking system. They perform certain indispensable services for the latter. In most countries, interbank payments pass through the central bank or through a clearing organ which is somehow linked or reports to the central bank. All major foreign exchange transactions pass through - and, in many countries, still must be approved by - the central bank. Central banks regulate banks, licence their owners, supervise their operations, keenly observes their liquidity. The central bank is the lender of last resort in cases of insolvency or illiquidity. The frequent claims of central banks all over the world that they were surprised by a banking crisis looks, therefore, dubious at best. No central bank can say that it had no early warning signs, or no access to all the data - and keep a straight face while saying so. Impending banking crises give out signs long before they erupt. These signs ought to be detected by a reasonably managed central bank. Only major neglect could explain a surprise on behalf of a central bank. One sure sign is the number of times that a bank chooses to borrow using the discount windows. Another is if it offers interest rates which are way above the rates offered by other financing institutions. There are may more signs and central banks should be adept at reading them. This heavy involvement is not limited to the collection and analysis of data. A central bank - by the very definition of its functions - sets the tone to all other banks in the economy. By altering its policies (for instance: by changing its reserve requirements) it can push banks to insolvency or create bubble economies which are bound to burst. If it were not for the easy and cheap money provided by the Bank of Japan in the eighties - the stock and real estate markets would not have inflated to the extent that they have. Subsequently, it was the same bank (under a different Governor) that tightened the reins of credit - and pierced both bubble markets. The same mistake was repeated in 1992-3 in Israel - and with the same consequences. This precisely is why central banks, in my view, should not supervise the banking system. When asked to supervise the banking system - central banks are really asked to draw criticism on their past performance, their policies and their vigilance in the past. Let me explain this statement: In most countries in the world, bank supervision is a heavy-weight department within the central bank. It samples banks, on a periodic basis. Then, it analyses their books thoroughly and imposes rules of conduct and sanctions where necessary. But the role of central banks in determining the health, behaviour and operational modes of commercial banks is so paramount that it is highly undesirable for a central bank to supervise the banks. As I have said, supervision by a central bank means that it has to criticize itself, its own policies and the way that they were enforced and also the results of past supervision. Central banks are really asked to cast themselves in the unlikely role of impartial saints. A new trend is to put the supervision of banks under a different "sponsor" and to encourage a checks and balances system, wherein the central bank, its policies and operations are indirectly criticized by the bank supervision. This is the way it is in Switzerland and - with the exception of the Jewish money which was deposited in Switzerland never to be returned to its owners - the Swiss banking system is extremely well regulated and well supervised. We differentiate between two types of central bank: the autonomous and the semi-autonomous. The autonomous bank is politically and financially independent. Its Governor is appointed for a period which is longer than the periods of the incumbent elected politicians, so that he will not be subject to political pressures. Its budget is not provided by the legislature or by the executive arm. It is self sustaining: it runs itself as a corporation would. Its profits are used in leaner years in which it loses money (though for a central bank to lose money is a difficult task to achieve). In Macedonia, for instance, annual surpluses generated by the central bank are transferred to the national budget and cannot be utilized by the bank for its own operations or for the betterment of its staff through education. Prime examples of autonomous central banks are Germany's Bundesbank and the American Federal Reserve Bank. The second type of central bank is the semi autonomous one. This is a central bank that depends on the political echelons and, especially, on the Ministry of Finance. This dependence could be through its budget which is allocated to it by the Ministry or by a Parliament (ruled by one big party or by the coalition parties). The upper levels of the bank - the Governor and the Vice Governor - could be deposed of through a political decision (albeit by Parliament, which makes it somewhat more difficult). This is the case of the National Bank of Macedonia which has to report to Parliament. Such dependent banks fulfil the function of an economic advisor to the government. The Governor of the Bank of England advises the Minister of Finance (in their famous weekly meetings, the minutes of which are published) about the desirable level of interest rates. It cannot, however, determine these levels and, thus is devoid of arguably the most important policy tool. The situation is somewhat better with the Bank of Israel which can play around with interest rates and foreign exchange rates - but not entirely freely. The National Bank of Macedonia (NBM) is highly autonomous under the law regulating its structure and its activities. Its Governor is selected for a period of seven years and can be removed from office only in the case that he is charged with criminal deeds. Still, it is very much subject to political pressures. High ranking political figures freely admit to exerting pressures on the central bank (at the same breath saying that it is completely independent). The NBM is young and most of its staff - however bright - are inexperienced. With the kind of wages that it pays it cannot attract the best available talents. The budgetary surpluses that it generates could have been used for this purpose and to higher world renowned consultants (from Switzerland, for instance) to help the bank overcome the experience gap. But the money is transferred to the budget, as we said. So, the bank had to do with charity received from USAID, the KNOW-HOW FUND and so on. Some of the help thus provided was good and relevant - other advice was, in my view, wrong for the local circumstances. Take supervision: it was modelled after the Americans and British. Those are the worst supervisors in the West (if we do not consider the Japanese). And with all this, the bank had to cope with extraordinarily difficult circumstances since its very inception. The 1993 banking crisis, the frozen currency accounts, the collapse of the Stedilnicas (crowned by the TAT affair). Older, more experienced central banks would have folded under the pressure. Taking everything under consideration, the NBM has performed remarkably well. The proof is in the stability of the local currency, the Denar. This is the main function of a central bank. After the TAT affair, there was a moment or two of panic - and then the street voted confidence in the management of the central bank, the Denar-DM rate went down to where it was prior to the crisis. Now, the central bank is facing its most daunting task: facing the truth without fear and without prejudice. Bank supervision needs to be overhauled and lessons need to be learnt. The political independence of the bank needs to be increased greatly. The bank must decide what to do with TAT and with the other failing Stedilnicas? They could be sold to the banks as portfolios of assets and liabilities. The Bank of England sold Barings Bank in 1995 to the ING Dutch Bank. The central bank could - and has to - force the owners of the failing Stedilnicas to increase their equity capital (by using their personal property, where necessary). This was successfully done (again, by the Bank of England) in the 1991 case of the BCCI scandal. The State of Macedonia could decide to take over the obligations of the failed system and somehow pay back the depositors. Israel (1983), the USA (1985/7) and a dozen other countries have done so recently. The central bank could increase the reserve requirements and the deposit insurance premiums. But these are all artificial, ad hoc, solutions. Something more radical needs to be done: A total restructuring of the banking system. The Stedilnicas have to be abolished. The capital required to open a bank or a branch of a bank has to be lowered to 4 million DM (to conform with world standards and with the size of the economy of Macedonia). Banks should be allowed to diversify their activities (as long as they are of a financial nature), to form joint venture with other providers of financial services (such as insurance companies) and to open a thick network of branches. And bank supervision must be separated from the central bank and set to criticize the central bank and its policies, decisions and operations on a regular basis. There are no reasons why Macedonia should not become a financial centre of the Balkans - and there are many reasons why it should. But, ultimately, it all depends on the Macedonians themselves. About The Author Sam Vaknin is the author of "Malignant Self Love - Narcissism Revisited" and "After the Rain - How the West Lost the East". He is a columnist in "Central Europe Review", United Press International (UPI) and ebookweb.org and the editor of mental health and Central East Europe categories in The Open Directory, Suite101 and searcheurope.com. Until recently, he served as the Economic Advisor to the Government of Macedonia. His web site: http://samvak.tripod.com Article Source:http://EzineArticles.com/?expert=Sam_Vaknin,_Ph.D. banking - Panama as an Offshore Jurisdiction Panama has a number of unique attributes that make this a great asset protection jurisdiction for corporations, foundations, banking and stock brokerage accounts. Some call Panama the Switzerland of Latin America but this is not fair, Panama is far better than Switzerland and any other jurisdiction. Read why Panama excels: * Offshore derived Income is not taxed and does not need to be reported. You can have a Panama Corporation, and/or Foundation that banks in Panama and has an office in Panama and yet will not pay any Panama taxes if all the income is derived from offshore. Right here is a big reason for choosing Panama. * Bearer Share Corporations are allowed in Panama. Most jurisdictions have eliminated bearer share corporations. They are referred to as an S.A. Corporation having this designation after the corporate name. This means the ownership of the Corporation is not recorded anywhere just the directors (which can be employee professional directors provided by our law firm). These corporations can be used to own or control assets such as bank accounts, stock brokerage accounts, real estate, boats, planes, vehicles, businesses, precious collectibles like artwork, jewelry, stamps, coins, etc. The owner has the stock certificates of the company which can be transferred privately as often as needed with no reportage of the new owners. No one need know who owns the corporate shares except the original owner and new owner. When you think about it ownership could be transferred 10 times in a day. When you send an international bank wire using the S.A. Corporation no one monitoring the international wires as some countries do knows who the actual owners of the corporation are that are receiving the funds. If ownership of a corporation is publicly recorded rest assured it is in numerous databases and can be accessed in seconds to determine who is actually receiving money sent to a corporation. * Panama uses the US Dollar as its currency. No currency conversion costs. No currency devaluation problems or issues like most of the little tax haven countries have. In Panama the ATM machines spit out US $20 bills. Even USA coins are used in Panama. * Panama is stable. It is a neutral country. Panama controls the Panama Canal and does not have a standing army. Most of these small countries never ever use their armies to repel an invading army from another country. These little banana republic countries use their armies to control the people, suspend elections, hold rigged elections, keep dictators in power under the guise of democracy etc. Panama is in a treaty with the USA regarding the Panama Canal which Panama has sole control over. If the canal is threatened by a foreign power as in an invasion, the USA has the right to come in and protect the canal and the canal zone which is the area surrounding the canal (25 sq. miles only, not the entire country) - think aircraft carrier groups, marine expeditionary forces, air force fighter planes, navy seals, etc. The treaty does not allow the USA to take over Panama per se just the few square miles around the canal, not the banking district. So who is crazy enough to try and attack Panama, a UN certified neutral country, no one. US air force jets could be in Panama within two hours, an aircraft carrier group would probably be there in 24 hours. So we can forget about Panama being invaded by another foreign power, it would be essentially the same thing as attacking the USA directly. The same would apply if a dictator tried to seize control over Panama. The USA would see this as a potential threat to the Panama Canal and take military action, fast. The USA has no authority in Panama. Their Federal Agents have no authority or power. USA courts have no authority in Panama. Panama is a free country that has a treaty with the USA concerning protection of the Panama Canal. Interestingly enough China is involved heavily in commercial operations in the canal ports and also has a vested interest in seeing Panama and the Canal operate freely and smoothly. If anything happened to the Panama Canal shipping worldwide would be interrupted which means there are a lot of nations that want to see Panama operate as a free democracy maintaining it's neutral status. Panama is at very low risk for revolution or military attack. Panama holds free elections as a democracy, really and truly. Panama cares about their people. Medical care is affordable, food is cheap, housing affordable with special projects for the working folks to own their homes, homeless people are absent, college is made affordable and many young people attend. Panama has two medical schools, two dental schools, two law schools etc. In Panama 15%-20% of the work force are employed by the 135 banks domiciled there. Since Panama values these jobs do not expect to see any changes in banking laws, same for their corporate laws. Panama has over 400,000 corporations domiciled there. The only information sharing going on concerns bona fide criminal cases on file in a court as a criminal prosecution, serious criminal cases of money laundering and narcotics trafficking, terrorism, and child pornography. Panama has little interest in pursuing fiscal crimes. Income tax violations in Panama are civil offenses only. Panama also serves as a maritime registry for ocean going vessels. Panama is anything but a banana republic. You can feel safe and secure in Panama. Go for a visit if you like. * Panama Banks are stable and well established with substantial assets. Panama Savings and Loans have $10,000 insurance on the individual accounts. Panama Banks have the best privacy laws in the world; the BEST got it, the VERY BEST. You have the greatest chance of protecting your money from your potential or actual financial enemies in Panama. If you go to actually visit some of the other frequently used asset protection countries you see unpaved streets, poor impoverished people, lack of computerization in government offices, ancient telephone systems, poor health care, a government that is as corrupt as can be and you may find out your "Bank" is located on an unpaved road, in a second story walk-up office building over a grocery store. You do not want to bank in these places. People have lost billions banking in these island and banana republics. In Panama your bank may very well have a 40 story modern hi rise office building with their name on it. * In Panama as one of our clients you are going to be banking with a bank that has a real banking license. This means that the bank can conduct transactions with citizens of Panama as well as citizens and companies located outside of Panama. The bank will have branch offices with tellers, drive through windows, ATM machines etc. The bank has to post $10,000,000 cash with the government as one of their license requirements. In many offshore jurisdictions there are "Offshore Banking Licenses." These licenses allow the bank to only open accounts for people who are not citizens of the country. Sort of makes you feel scared or it should. These offshore banks can't do business with residents of the country they are located in! Additionally the deposits required for an Offshore Banking license in some of these jurisdictions is typically $100,000 to $1,000,000 compared to the $10,000,000 Panama requires. Panama banks have their own ACH system which allows for online transfers from one Panama bank to another at a cost of about $1.00 per transaction. Currently thirty Panama banks are in the system. These transfers do not go over the international wire systems. Panama banks allow for the deposit of checks drawn in US dollars, clearing takes two to three weeks. Most offshore banks will not take checks any more or if they do, they put long holds on them like ninety days. * Panama was built and maintained by the Americans up until 2000. Panama is loaded with skyscrapers that are 30 to 50 stories high. You can drink the water, there is American type electrical systems, you can use American appliances in Panama, good paved roads, really excellent internet perhaps better than what you have in your country, good phones, and it is only 2.5 hours from Miami, Florida. Panama is a remarkably crime free country - New York City has more violent crime in one day than Panama has in a year. * English is always spoken by people working in Panama Banks and the Nicer Hotels, Fine Restaurants, Law Firms and by the Doctors. * You DO NOT have to physically go to Panama to get a corporation, foundation or bank account in Panama WITH US. Our business connections are unique in this regard. Panama is the undefeated world heavyweight champion when it comes to privacy and asset protection. * Tax Treaties - Panama is in none of them. Click here to see a list of countries with tax treaties with the U.S. * Mutual Legal Assistance Treaty (MLAT). Most websites do not even want you to know about this, we give you the link to read it all yourself. http://travel.state.gov/law/info/judicial/judicial_690.html Essentially Panama will cooperate in a multi-national case involving narcotics and money laundering (these crimes need to be tied to narcotics). If you are not a narcotics dealer and are not a money launderer you should not be concerned by this. Panama will also cooperate in cases of terrorism and child pornography. The MLAT requires that there first needs to be a criminal prosecution case on file in the criminal courts of the requesting government (which means no fishing expeditions). Then through diplomatic channels involving the embassies, requests are made for information, then reviewed by Panama officials and a decision on compliance is made or requests for more information are made so a determination can be arrived at. These cases can take months and even years for completion. At times the country where the bank is located has been known to once alerted to the problem, conduct their own investigation first and this usually requires them to seize the relevant records and documents which can stall the process for a long time even years since their justice systems typically moves quite slow and statues of limitation can run out. Please don't construe this to mean Panama does this routinely, it is just something that does occur from time to time around the world. The MLAT has no application to civil cases such as divorce, civil judgments, bankruptcy, business litigation, any sort of civil litigation, civil tax matters etc. Taxation matters of any sort are not covered by this as far as Panama is concerned. Income tax evasion is a civil (non- criminal) offense in Panama as are all tax matters. Even Switzerland cooperates on income tax cases if the return is filed falsely like all income was not declared, things were omitted or so the complaining government says. Belize has tax treaties as do most of the so called "tax havens". Panama has no extradition treaties. To learn more about Panama go to. http://www.panamalaw.org