tailieunhanh - SPAIN MEMORANDUM OF UNDERSTANDING ON FINANCIAL-SECTOR POLICY CONDITIONALITY

Congress was also concerned about some banks’ paying less than the full amount of checks deposited by their customers because some paying banks charged fees to presenting banks to pay checks. To avoid paying present- ment fees, many collecting banks routed checks through banks that were not charged presentment fees by paying banks. This practice, called circu- itous routing, resulted in extensive delays and ineff iciencies in the check- collection system. In 1917, Congress amended the Federal Reserve Act to prohibit banks from charging the Reserve Banks presentment fees and to authorize nonmember banks as well as member banks to. | SPAIN Memorandum of Understanding on Financial-Sector Policy Conditionality 20 July 2012 With regard to the EFSF Framework Agreement and in particular Article 2 1 thereof this Memorandum of Understanding on financial-sector policy conditionality MoU details the policy conditions as embedded in Council Decision . to be formally adopted on 23 July 2012 on specific measures to reinforce financial stability in Spain. Given the nature of the financial support provided to Spain conditionality will be financial-sector specific and will include both bank-specific conditionality in line with State aid rules and horizontal conditionality. In parallel Spain will have to comply fully with its commitments and obligations under the EDP and the recommendations to address macroeconomic imbalances within the framework of the European Semester. Progress in meeting these obligations under the relevant EU procedures will be closely monitored in parallel with the regular review of programme implementation. For the duration of the EFSF financial assistance the Spanish authorities will take all the necessary measures to ensure a successful implementation of the programme. They also commit to consult ex-ante with the European Commission and the European Central Bank ECB on the adoption of financial-sector policies that are not included in this MoU but that could have a material impact on the achievement of programme objectives - the technical advice of the International Monetary Fund IMF will also be solicited. They will also provide the European Commission the ECB and the IMF with all information required to monitor progress in programme implementation and to track the financial situation. Annex 1 provides a provisional list of data requirements. I. introduction 1. On 25 June 2012 the Spanish Government requested external financial assistance in the context of the ongoing restructuring and recapitalisation of the Spanish banking sector. The assistance is sought under the terms

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• Untaxed Fuel Use
• Odometer Auditing
• Criticism of Distance
• Based Insurance
• Press Coverage
• Distance Based Insurance