...To Adjust or Not to Adjust: The Case of BNB Credit Union Background Information BNB Credit Union was founded by the Beiterman family over 100 years ago in the small town of West Klirk, GA. Since its founding, BNB has served the local population with mortgage, auto, and small business loans, as well as otherbanking services. Because of West Klirk’s remote location, BNB was the only bank used by most of the members of the community. In the last twenty years, BNB has struggled to maintain its position as the primary bank of the local community. Online banking services, heavy marketing by large banks in nearby towns, and a small branch office opened in West Klirk by a national banking chain have all served to reduce BNB’s profits. In order to improve their shrinking deposits and loan portfolio, BNB’s management was forced to increase the interest rate paid on savings accounts, and to reduce interest rates charged on several types of loans. These measures further dipped into BNB’s profit margin, but allowed the credit union to retain most of its customer base. Friendly customer service and less stringent regulations for credit unions also helped. The situation changed with the banking debacle in 2009. The local branch of the national bank closed in early 2010, and lending limits and new restrictions on many of BNB’s competitors have allowed BNB to slowly improve profit margins. However, BNB still hasn’t fully recovered. The Beiterman family has offered the management...
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...INTERNATIONAL FOREIGN EXCHANGE RESERVES BULGARIAN NATIONAL BANK Celebrating the BNB 130th Anniversary INTERNATIONAL FOREIGN EXCHANGE RESERVES Edited by Tsvetan Manchev, Doctor in Economics BULGARIAN NATIONAL BANK 2009 International Foreign Exchange Reserves Abbreviations BNB GDP BIS b.p. EIB EC EU ESCB ECB LBNB М1 М2 М3 IMF ERMII Fed − the Bulgarian National Bank − gross domestic product − the Bank for International Settlements − basis points − the European Investment Bank − the European Commission − the European Union − the European System of Central Banks − the European Central Bank − the Law on the Bulgarian National Bank − narrow money − М1 plus quasi money − broad money − the International Monetary Fund − Exchange Rate Mechanism II − the Federal Reserve System © The Bulgarian National Bank, 2009 © 2009 by Tsvetan Manchev et al. ISBN 978-954-8579-30-8 Published by the Bulgarian National Bank 1, Knyaz Alexander I Square 1000 Sofia telephone +359 2 9145-750 facsimile +359 2 980 2425, 980 6493 www.bnb.bg 2 International Foreign Exchange Reserves Contents Introduction ......................................................... 11 PART ONE. Chapter 1. 1. 2. 3. 4. 5. THE THEORETICAL FOUNDATIONS Nature and Function .......................................... 19 Definition ............................................................. 19 Gold as a Foreign Reserve Assets ...................... 20 Reasons to Own and Use Foreign Reserves ...... 23 The...
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...Value Added Tax Act Promulgated, State Gazette No. 63/4.08.2006, effective as from the date of entry into force of the Treaty concerning the Accession of the Republic of Bulgaria to the European Union - 1.01.2007, amended, SG No. 86/24.10.2006, effective as from the date of entry into force of the Treaty of Accession of the Republic of Bulgaria to the European Union - 1.01.2007, supplemented, SG No. 105/22.12.2006, effective as from entry into force of the Treaty of Accession of the Republic of Bulgaria to the European Union - 1.01.2007, amended and supplemented, SG No. 108/29.12.2006, effective 1.01.2007, Judgment No. 7/23.04.2007 of the Constitutional court of the Republic of Bulgaria - SG No. 37/8.05.2007, amended, SG No. 41/22.05.2007, amended and supplemented, SG 52/29.06.2007, effective 1.11.2007, amended SG No. 59/20.07.2007, effective 1.03.2008, amended and supplemented, SG No. 108/19.12.2007, effective 19.12.2007, No. 113/28.12.2007, effective 1.01.2008, SG No. 106/12.12.2008, effective 1.01.2009, supplemented, SG No. 12/13.02.2009, effective 13.02.2009, amended, SG No. 23/27.03.2009, effective 1.11.2009, SG No. 74/15.09.2009, effective 15.09.2009, amended and supplemented, SG No. 95/1.12.2009, effective 1.01.2010, SG No. 94/30.11.2010, effective 1.01.2011, amended, SG No. 100/21.12.2010, effective 1.07.2011, amended and supplemented, SG No. 19/8.03.2011, effective 8.03.2011, amended, SG No. 77/4.10.2011, amended and supplemented, SG No. 99/16.12.2011, effective...
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...Leading Research DeAnne Aguirre Leila Hoteit Christine Rupp Karim Sabbagh Empowering the Third Billion Women and the World of Work in 2012 Contact Information Abu Dhabi Leila Hoteit Principal +971-2-699-2400 leila.hoteit@booz.com Beirut Ghassan Barrage Senior Executive Advisor +966-1-249-7781 ghassan.barrage@booz.com Cairo George Atalla Partner +20-2-2480-1444 george.atalla@booz.com Dubai Karim Sabbagh Senior Partner +971-4-390-0260 karim.sabbagh@booz.com Milan Luigi Pugliese Partner +39-02-72-50-93-03 luigi.pugliese@booz.com Mumbai Jai Sinha Partner +91-22-6128-1102 jai.sinha@booz.com Munich Klaus-Peter Gushurst Senior Partner +49-89-54525-537 klaus-peter.gushurst@booz.com New York Reid Carpenter Principal +1-212-551-6389 reid.carpenter@booz.com Riyadh Mounira Jamjoom Senior Research Specialist +966 1 249 7781 mounira.jamjoom@booz.com San Francisco DeAnne Aguirre Senior Partner +1-415-627-3330 deanne.aguirre@booz.com São Paulo Ivan de Souza Senior Partner +55-11-5501-6368 ivan.de.souza@booz.com Shanghai Sarah Butler Partner +86-21-2327-9800 sarah.butler@booz.com Stuttgart Christine Rupp Partner +49-711-34226-916 christine.rupp@booz.com Tokyo Akiko Karaki Senior Associate +81-3-6757-8709 akiko.karaki@booz.com Booz & Company Booz & Company 1 Booz & Company wishes to thank the experts who contributed their valuable time and insights to the Third Billion Index: • Rajnee Aggarwal, President, Federation of Indian Women Entrepreneurs (FIWE) • H.E. Fatima Al...
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