Liability

le Comité de Bâle? L'augmentation des fonds propres sera-t-elle suffisante pour éviter une nouvelle crise ? Le crédit sera-t-il menacé ? Les réformes de Bâle 3 sont un vrai New Deal bancaire? 72 Conclusion La gestion actif passif ou Asset Liability Management (ALM) connait un remarquable essor depuis quelques années. Initialement technique proche de l’actuariat et des pratiques d’adossement, réserver a quelques spécialistes des banques, la gestion actif passif s’impose désormais comme un cadre

you can plan for the long term or the fact the company’s consumers will take it more seriously if it has a local base. Moreover having a local subsidiary company offers opportunity to extend your property rights and registration as well as your liability and reputation in the local market. Despite the advantages, there are many disadvantages to deal with when you want to open an operation in overseas market. Open a subsidiary company may require significant resources, and involves greater administrative

10584 9337 113% Net debt Shareholder’s equity Gearing ratio Generally, companies with higher leverage as determined by a leverage ratio are thought to be more risky because they have more liabilities and less equity. One may consider that liability shouldn’t exceed 66 % of shareholder’s equity. Over this percentage, the company is said to be in a critical financial situation. However, in some sectors that are capital intensive such as the one here concerned, high gearing ratio does not systemically

Matheson, D. (2006) Realizing the promise of disease management. The Boston Consulting group, www.bcg.com 8. Ellrodt, G. (1997) Evidence-based disease management. JAMA, 278, 1687-92. 9. Frenkel, M. (1997) Capitation, disease management, and physician liability. Journal of Health Care Finance, 17, 87-90. 10. Kesteloot, K. (1999) Disease Management, A new technology in need of critical assessment. International journal of Technology Assessment in Health Care, Cambridge University Press,15:3, 506-519. 11

natural or obvious consequence' (ibid.). In his view the power that can be concentrated in organisations or corporate entities, as well as certain rights that existing law concedes to such 'legal persons' - in particular the privilege of limited liability (ibid.: 306) - may require that organisations be subject to 'limitations by general rules of law far more narrow than those it has been found necessary to impose by law on the actions of private individuals' (1979: 90).   The Rules of Government

institute North America Oct. Tong Fang Global Logistics Co., Ltd. (TFGL) TMMBC expands its annual production (logistics management joint venture involving capacity three companies) established Toyota expands R&D base of TME Technical Dec. Limited-liability company Toyota Motor Centre Manufacturing Russia (TMMR) begins TMMC increases annual production of its 2nd production plant Note: Numbers in parentheses include local CKD production and non-Toyota/Lexus brand OEM production 23 Chronology

devra tenir 10 Covered bonds En France, conformément au code monétaire et finan- compte des différentiels de taux et de maturité entre 10 12 HISTORIQUE les sources de financement et les actifs (gestion actif- 12 Historique passif, ou asset and liability management (ALM) en anglais) ; La titrisation des actifs a débuté aux États-Unis dans les années 1970[5] . Auparavant les banques prêtaient à des • la gestion financière, de laquelle dépend l’accès aux clients et conservaient les portefeuilles de

where their liabilities are mainly short term deposits, with low duration and their asset mainly consist in long term commercial and consumer loans or mortgages with a higher duration. In that case when the asset side has a higher duration than the liability side, in periods when interest rate increase, banks can suffer huge loses, because their assets fall in value by more than their liabilities. From a pension fund perspective, these institutions may have a mismatch between the interest rate sensitivity

committed or aided and abetted in the commission of international crimes, including acts of terrorism. Those acts are not covered by the privilege or immunity traditionally afforded heads of state and heads of government, who are subject to criminal liability under these circumstances. This is the holding of the October 20, 2000 judgment of the Paris Court of Appeals, Indictment Division, which properly relies on strict respect for human rights (jus cogens) and on the fact that no written law affords

function of the doctrine of consideration is to draw a line between promises which are legally binding and those which are not.95 The acts of will, inherent in the promises which lead to the agreement, are not alone sufficient to create contractual liability. Verification of the function does not answer the question for the purpose of this differentiation. Here, one has to take into account the historical development of the doctrine.96 Courts avoided taking account of subjective elements which induced