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Tier 1 preference shares issued in excess of the overall ceiling of 40 per cent, shall be eligible for inclusion under Upper Tier 2 capital, subject to limits prescribed for Tier 2 capital. The Innovative perpetual debt instruments, eligible to be reckoned as Tier 1 capital, will be limited to 15 percent of total Tier 1 capital as on March 31 of the previous financial year. The above limit will be based on the amount of Tier 1 capital as on March 31 of the previous financial year, after deduction of goodwill, DTA and other intangible assets but before the deduction of investments, as required in paragraph 4.4. Pillar 3 applies at the top consolidated level of the banking group to which the Framework applies . Disclosures related to individual banks within the groups would not generally be required to be made by the parent bank. Pillar 3 disclosures will be required to be made by the individual banks on a standalone basis when they are not the top consolidated entity in the banking group.

A bankmay also link such models to generate information on the economic capital considered desirable for that bank. A model which a bankuses to generate its target amount of economic capital is known as an economic capital model . Economic capital is the target amount of capital which optimises the return for a bank’sstakeholders for a desired level of risk. For example, a bankis likely to use value-at-risk models formarket risk, advanced modelling approaches for credit risk and, possibly, advanced measurement approaches for operational risk. A bankmight also use economic scenario generators to model stochastically its business forecasts and risks. However, the advanced approaches envisaged in the Basel II Framework are not currently permitted by the RBI and the banks would need prior approval of the RBI for migrating to the advanced approaches.

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The finding that Cathay Pacific wrongly sacked the 18 pilots for their union activities was upheld. The court upheld the defamation claim but reduced the damages for the defamatory comments made by Cathay Pacific management. The judges also modified the judgment awarding payment of legal costs to the pilots and instead said that they should now pay some of Cathay’s costs. On 11 November 2009, 18 of the 49ers succeeded in the Hong Kong Court of First Instance concerning their joint claims for breach of contract, breach of the Employment Ordinance, and defamation.

  • The finding that Cathay Pacific wrongly sacked the 18 pilots for their union activities was upheld.
  • There is likely to be centralised control over the models used throughout thegroup, the assumptions made and their overall calibration.
  • On 11 November 2009, 18 of the 49ers succeeded in the Hong Kong Court of First Instance concerning their joint claims for breach of contract, breach of the Employment Ordinance, and defamation.
  • In addition, ‘one counterpart’ means one or several entities that may be considered as a single beneficiary (e.g. in the case of a small business that is affiliated to another small business, the limit would apply to the bank’s aggregated exposure on both businesses).
  • These open positions, limits or actual whichever is higher, would continue to attract capital charge at 9 per cent.

Effective duration is the percentage change in the price of the relevant instrument for a basis point change in yield. A debenture would meet the test of liquidity if it is traded on a recognised stock exchange on at least 90 per cent of the trading days during the preceding 365 days. Further, liquidity can be evidenced in the trading during the previous one month in the recognised stock exchange if there are a minimum of 25 trades of marketable lots in securities of each issuer. Floating Provisions held by banks, which is general in nature and not made against any identified assets may be treated as part of Tier 2, if such provisions are not netted off from GNPAs to arrive at disclosure of net NPAs. The general qualitative disclosure requirement (paragraph 10.13), including the nature of IRRBB and key assumptions, including assumptions regarding loan prepayments and behaviour of non-maturity deposits, and frequency of IRRBB measurement.

Primulon Related Instruments

The CCR is defined as the risk of default by the counterparty in a repo-style transaction, resulting in non-delivery of the security lent/pledged/sold or non-repayment of the cash. Vii) For transactions in which the banks’ exposures are unrated or bank lends non-eligible instruments (i.e, non-investment grade corporate securities), the haircut to be applied on a exposure should be 25 per cent. Iii) Where the volatility-adjusted exposure amount is greater than the volatility-adjusted collateral amount , banks shall calculate their risk-weighted assets as the difference between the two multiplied by the risk weight of the counterparty. The framework for performing calculations of capital requirement is indicated in paragraph 7.3.6. I) When a bank is required to deduct a securitisation exposure from regulatory capital, the deduction must be made 50 per cent from Tier 1 and 50 per cent from Tier 2, except where expressly provided otherwise.

The seat pitch is 38 inches – six inches more than Economy Class – and the seat itself is wider and have a bigger recline. It has a large meal table, cocktail table, footrest, a 10.6-inch personal television, an in-seat power outlet, a multi-port connector for personal devices, and extra personal storage space. The Premium Economy Class seat offers a higher level of comfort with more living space in a separate cabin before the Economy Class zone. Cathay Pacific introduced a new Business class seat in 2011, featuring reverse herringbone seating in a configuration. Each seat converts into a fully flat bed of length 82 inches , with a width of up to 21 inches . Marco Polo Club Diamond tier status is equivalent to Oneworld Emerald tier status, which entitles members to Oneworld Emerald benefits when travelling on a Oneworld member airline.

In order to capture the information, banks will need to upgrade their information systems in order to track the number of days after the agreed settlement date and calculate the corresponding capital charge. Ii) The credit risk on market related off-balance sheet items is the cost to a bank of replacing the cash flow specified by the contract in the event of counterparty default. This would depend, among other things, upon the maturity of the contract and on the volatility of rates underlying the type of instrument. Any drawn portion of a commitment forms a part of bank’s on-balance sheet credit exposure. 5.14.2 Other loans and advances to bank’s own staff will be eligible for inclusion under regulatory retail portfolio and will therefore attract a 75 per cent risk weight.

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The dismissals were challenged in a number of legal proceedings, but none were reinstated. The airline later offered the 49 pilots it terminated in 2001 the chance to reapply for pilot positions with its cargo division, guaranteeing such applicants first interviews, subject to passing psychometric testing. On 9 July 2001, reportedly following a comprehensive review of the employment histories of all its pilots, the company fired 49 of its 1,500 pilots. Nearly half of the fired pilots were captains, representing five percent of the total pilot group. Of the 21 officers of the HKAOA, nine were fired, including four of the seven union negotiators.

In the case of interest rate contracts with remaining maturities of more than one year that meet the above criteria, the add-on factor is subject to a floor of 0.5 per cent. Short-term self-liquidating trade letters of credit arising from the movement of goods (e.g. documentary credits collateralised by the underlying shipment) for both issuing bank and confirming bank. 5.3.2 Claims denominated in domestic currency of the foreign sovereign met out of the resources in the same currency raised in the jurisdiction of that sovereign will, however, attract a risk weight of zero percent. 4.3.8 Subordinated debt instruments eligible for inclusion in Lower Tier 2 capital will be limited to 50 percent of Tier 1 capital after all deductions.

The strategy focuses on 5Ps – Places, Planes, Product, People, and Productivity to find new sources of revenue, deliver more value to its customers and improve efficiency and productivity. During the first half of 2016, Cathay Pacific’s passenger yields fell 10 per cent, to the lowest in seven years as competing airlines from Mainland China increased direct service to the U.S. and Europe, hurting the company’s revenue from its Hong Kong hub. In October, Cathay Pacific scrapped its profit forecast for the second half of the year, less than two months after its issuance.

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By late September, Cathay Pacific and Cathay Dragon had terminated the employment of 31 aviation professionals or forced their resignations on the basis of their participation in protests or expressions of support for them. In June 2008, Cathay Pacific entered into a plea bargain with the United States Department of Justice in respect of antitrust investigations over air cargo price-fixing agreements. The airline has subsequently set up an internal Competition Compliance Office, reporting to chief operating officer John Slosar, to ensure that the Group complies with all relevant competition and antitrust laws in the jurisdiction in which it operates. The breaches for which Cathay Pacific Cargo were being investigated in the US were not illegal under Hong Kong competition law. Then-HKAOA president Captain Nigel Demery took the view that “the firing was pure intimidation, a union-bust straight up, designed to be random enough to put the fear in all pilots that they might be next, no reason given”.

Ii) Banks must closely monitor securities and foreign exchange transactions that have failed, starting from the day they fail for producing management information that facilitates action on a timely basis. Claims on Primary Dealers shall be risk weighted in a manner similar to claims on corporates. These reserves often serve as a cushion against unexpected losses, but they are less permanent in nature and cannot be considered as ‘Core Capital’.

The airline’s long-haul dedicated cargo services started a twice a week with Hong Kong-Frankfurt-London service operated jointly with Lufthansa. Cathay Pacific kept its service to Vancouver in 1983, with service on to San Francisco in 1986, when an industry-wide boom encouraged route growth to many European and North American centres including London, Brisbane, Frankfurt, Amsterdam, Rome, Paris, Zurich and Manchester. In 1974, Cathay Pacific almost purchased the McDonnell Douglas DC-10 to open a new flight route. During the flight route application process with the British government, due to the pressure from the British government, Cathay Pacific changed the application to apply for a route from Hong Kong to London using a Boeing 747.

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In September 2008, three of Cathay Pacific’s top ten global accounts, Lehmann Brothers, AIG and Merrill Lynch, hit financial trouble. The pilots were awarded leave on 26 October 2011 to take their case to the Court of Final Appeal. Mr. Justices Bokhary, Chan and Ribeiro who are all Permanent Judges of the Court of Final Appeal. The matters to be decided upon by the Court concerned wrongful termination of contract and the level of damages for defamation. On 24 December 2010, judges Frank Stock, Susan Kwan and Johnson Lam of the Court of Appeal overturned the judgment of the lower court to the extent that the claim for wrongful termination of the contract was dismissed.

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Judge Anselmo Reyes ruled that the airline had contravened the Employment Ordinance by dismissing the pilots without a valid reason, adding that they had been sacked primarily because of union activities. He also held that remarks by then chief operating officer Philip Chen Nanlok and current chief executive Tony Tyler after the sackings were defamatory. The judge handed the pilots a victory in their long-running legal battle, with individual awards of HK$3.3 million for defamation together with a month’s pay and HK$150,000 for the sackings. In 2001, the Hong Kong Aircrew Officers Association launched a “work to rule” campaign to further its campaign for pay improvements and changes to roster scheduling practices. The action involved pilots refusing to work flights that were not scheduled on their roster. Although this alone did not cause extensive disruption, rostered pilots began to call in sick for their flights.

Diamond Plus tier level offered annually to the top one percent of Diamond members worldwide “in recognition of their exceptional and consistent travel performance and their contribution to Cathay Pacific.” Diamond Plus and Diamond members are “considered in the same tier in every aspect”. However, Diamond Plus get extra perks consisting of “Nomination of one companion to the Diamond tier”, and “access to Cathay Pacific First Class lounges regardless of which airline they are flying”. Marco Polo Club Diamond Plus tier status is equivalent to Oneworld Emerald tier status, which entitles members to Oneworld Emerald benefits when travelling on a Oneworld member airline. During the 2019–20 Hong Kong protests, Cathay Pacific employees participated in protests at Hong Kong International Airport. The Beijing government, which is a shareholder in Cathay Pacific, ordered Cathay to suspend any employees who participated in the protest. On 16 August, Hogg resigned due to “intense criticism” from Chinese authorities as a result of Cathay staff participating in the protests.

If the claim is unrated and exceeds the limits laid down in para 5.8.2 above, the applicable risk weight will be 150 per cent. 4.4.5 Securitisation exposures, as specified in paragraph 5.16.2, shall be deducted from regulatory capital and the deduction must be made 50 per cent from Tier 1 and 50 per cent from Tier 2, except where expressly provided otherwise. Ii) In case the concerned subsidiary does not have a regulatory capital requirement, the deemed minimum capital requirement for that entity may be taken as 9 per cent of the risk weighted assets of that entity.

This in turn would require a well-defined internal assessment process within the banks through which they assure the RBI that adequate capital is indeed held towards the various risks to which they are exposed. The process of assurance could also involve an active dialogue between the bank and the RBI so that, when warranted, appropriate intervention could be made to either reduce the risk exposure of the bank or augment / restore its capital. Furthermore banks must take all steps necessary to fulfill those requirements under the law applicable to the bank’s interest in the collateral for obtaining and maintaining an enforceable security interest, e.g. by registering it with a registrar.

StudioCX, Cathay Pacific’s in-flight entertainment system, equipped with personal televisions in every seat, offers movies, Asian and Western TV programs, music and games. The airline also provides a range of different newspapers and magazines from around the world, including the airline’s in-flight magazine Discovery. Passengers with visual impairment can request for Hong Kong’s South China Morning Post in Braille to be available on board. On 4 January 2011, the cargo division of the airline, Cathay Pacific Cargo, became the first airline operating out of Hong Kong to fully switch to e-air waybill. The International Air Transport Association selected nine countries and territories and airlines in which to run the e-AWB pilot program, including Hong Kong and Cathay Pacific.

6.5.1 For risk-weighting purposes, short-term ratings are deemed to be issue-specific. They can only be used to derive risk weights for claims arising from the rated facility. In no event can a short-term rating be used to support a risk weight for an unrated long-term claim. ncavps screener Short-term assessments may only be used for short-term claims against banks and corporates. Models of the kind referred to above may be linked so as to generate an overall estimate of the amount of capital that a bankconsiders appropriate to hold for its business needs.

Such verification should have a well founded legal basis for reaching the conclusion about the binding nature and enforceability of the documents. Banks should also undertake such further review as necessary to ensure continuing enforceability. Therefore, no additional supervisory recognition of CRM for regulatory capital purposes will be granted on claims for which an issue-specific rating is used that already reflects that CRM.

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