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Testimony of Chairman Bernanke on the Troubled Asset Relief Program and the Federal Reserve's liquidity facilities

Chairman Ben S. Bernanke Troubled Asset Relief Program and the Federal Reserve's liquidity facilities Before the Committee on Financial Services, U.S. House of Representatives November 18, 2008 Chairman Frank, Ranking Member Bachus, and other members of the Committee, I appreciate having this opportunity to review some of the activities to date of the Treasury's Troubled Asset Relief Program, or TARP, and to discuss recent steps taken by the Federal Reserve and other agencies to support the normalization of credit markets. The legislation that created the TARP put in place a Financial Stability Oversight Board to review the actions of the Treasury in administering the program. That Oversight Board includes the Secretary of the Treasury, the Secretary of Housing and Urban detalii


The UniCredit Shareholder's meeting approved the share capital increase

Today UniCredit S.p.A held the Extraordinary and Ordinary Shareholders’ Meeting in Rome. The Extraordinary Shareholders’ Meeting approved a paid-in share capital increase of an overall amount of up to Euro 3,000,000,000, to be completed in one or more tranches, by issuing up to 973,078,170 new ordinary shares offered preemptively to shareholders, pursuant to article 2441 of the Italian Civil Code and to other investors who may purchase the rights. The new ordinary shares will be offered at a price of Euro 3.083 per share (equal to the reference price of UniCredit ordinary shares at the time of closing of the Mercato Telematico Azionario of Borsa Italiana S.p.A. on October 3, 2008), including a share premium of Euro 2.583. It is expected that the offer of shares will be completed detalii


FORTIS - Interim management statement

Fortis, like all financial institutions, has been confronted with a systemic financial crisis of ever-growing, unparalleled proportions. Faced with this situation of mounting crisis and the need for immediate resolute action, and given the role and responsibilities of the governments, Fortis engaged in a series of transactions that changed the composition of the Group significantly. As a result, Fortis decided not to publish the regular third quarter results publications for the period ended 30 September 2008. In order to comply with the European transparency directive, Fortis decided to publish an interim management statement instead, focusing on recent events and the remaining activities of the Fortis Group after the closing of the transactions announced on 29 September, 3 and 6 detalii


New UBS compensation model

Beginning in 2009, UBS will adopt a new compensation model for the Board of Directors and the Group Executive Board. UBS's new compensation model will be focused on the long-term and more closely aligned with the value creation of the firm. The fundamental changes are: The Chairman of the Board of Directors is no longer bound to the same incentive system as the Group Executive Board and will no longer receive variable compensation components. Variable cash compensation for the Group Executive Board is based on a bonus / malus system. A similar concept to the above-mentioned bonus / malus system is effective for variable equity compensation The Chairman of the Board and the members of the Group Executive Board will not receive any variable compensation for 2008. The detalii

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