Thursday, August 13, 2020

ABN AMRO shrinks investment bank, quits trade, commodity finance



This is one of those milepost markers in where we are at in Bank Trade and Finance... Amsterdam was always a kid brother to London in bank trade and finance, but significant in its worldwide reach.  - Terran

https://www.ifre.com/story/2487033/abn-amro-shrinks-investment-bank-quits-trade-commodity-finance-l8n2fe2vy


ABN AMRO shrinks investment bank, quits trade, commodity finance

EMEA
Steve Slater

ABN AMRO is quitting trade and commodity finance activities and will wind down corporate banking in the United States, Asia, Australia and Brazil under a plan to shrink its investment bank.

About 800 jobs will go.

The Dutch bank said on Wednesday the focus of its slimmed-down corporate and institutional banking (CIB) will be on clients in Northwestern Europe and clearing.

It is setting up a non-core unit for CIB, which will include about €14bn of risk-weighted assets, or 35% of CIB's total. The non-core arm will have about €18bn in client loans, or 45% of CIB.

It said about 800 employees are currently dedicated to non-core activities and the wind-down of the businesses is expected to take three to four years and be capital accretive.

"We have concluded that to be successful, CIB’s activities need more focus and scale," said CEO Robert Swaak. "Furthermore, CIB will need to reduce risk to adhere to a moderate risk profile and will align to the bank’s overall strategy and financial and non-financial ambitions."
ABN said in natural resources and transportation and logistics it will focus on European clients only.

Its only non-European corporate banking activities will be clearing, where the bank said it had taken several de-risking measures in recent months after incurring a large loss.

Stricter lending criteria and credit limits have been set based on clients' individual credit rating, available collateral and geography of origin.

ABN has already cut its markets activities in recent years, including equities, rates, credit, currencies, equity capital markets and debt capital markets. The markets business largely serves clients in private banking, commercial banking, CIB and treasury.

Several other European banks are reported to be rethinking their trade and commodity finance operations, including Natixis and BNP Paribas, after losses in energy trading.

ABN said about 80% of the CIB non-core portfolio will mature by 2023 through natural run-off. It said it will consider options to accelerate the wind-down.

Its loan impairment allowance for the non-core portfolio is €1.4bn and it expects additional impairments. It also expects to book a provision of about €200m for staff-related costs.

GOING DUTCH

ABN has made several attempts to increase profitability and reduce risks in CIB after losses in the energy sector, but it said the attempts had been insufficient.

Swaak said the core Amsterdam-based CIB business will target markets where it has scale and can be sufficiently profitable and try to build on its profitable domestic franchise and footprint with links with the Netherlands.

That is likely to focus on mid-sized clients in sectors such as financial institutions, shipping, technology, media and telecoms, and real estate, and on products including lending, payments and asset-based finance, as well as the markets products.

It is sticking with clearing because it has strong roots in the Netherlands, offers diversification of income and is countercyclical, the bank said.

ABN said it wants the core CIB business to produce a return on equity of 10% in the long term. The core business' pro forma RoE was 9% in 2019 but was negative 12% in the first half of this year.

CIB made an operating loss of €894m in the first half - including a €209m loss for what will remain as core CIB - after an impairment charge of €1.4bn. In 2019, CIB made a profit of €291m - including €280m in the core business - on revenues of €1.9bn.

CIB's impairments dragged ABN to an overall net loss of €5m for the second quarter.

ABN was bailed out by the Dutch government in 2008 and was reprivatised in a 2015 initial public offering. The Dutch state still owns a 56% stake.

Its shares jumped 8% to €8.74 on Wednesday after the review and Q2 results.


https://www.bloomberg.com/news/articles/2020-08-12/abn-amro-exit-threatens-commodity-trader-liquidity-squeeze

ABN Amro Exit Threatens Commodity-Trader Liquidity Squeeze
By Andy Hoffman  and Ruben Munsterman
August 12, 2020, 4:20 AM CDT

ABN Amro Bank NV became the latest bank to exit the commodity and trade finance business, further shrinking the pool of funds available to trading houses moving trillions of dollars of oil, metals and grains around the world every year.

The Amsterdam-based lender, once a key pillar of a triumvirate of Dutch banks providing short-term loans to traders, said Wednesday it’ll close the division after racking up losses from a series of trading scandals. Following similar retreats by one-time stalwarts BNP Paribas SA and Societe Generale SA, it’s a blow for commodity traders dependent on such credit to fund their operations.

The Amsterdam-based lender, once a key pillar of a triumvirate of Dutch banks providing short-term loans to traders, said Wednesday it’ll close the division after racking up losses from a series of trading scandals. Following similar retreats by one-time stalwarts BNP Paribas SA and Societe Generale SA, it’s a blow for commodity traders dependent on such credit to fund their operations.

“Our position is a long-term strategic decision,” Chief Financial Officer Clifford Abrahams said on a conference call. “We looked at our business, and looked at the capital deployed at our business, and concluded we can use those resources better.”

ABN Amro, among the top 10 trade finance banks, will let existing loans wind down over the next three to four years. “We will work with our clients to do it in an orderly way,” Abrahams said in an interview. “It’s tough for our clients and our staff, but we are convinced it’s in the best interest for the bank.”

Commodity traders rely on short-term finance deals from banks to fund the buying, transport, refining, blending and storage of raw materials -- from crude oil to wheat to zinc. Without access to the low-cost loans, they can’t fund their day-to-day operations.


“ABN’s decision to pull out of commodity trade finance is worrying for the sector,” said Jean-Francois Lambert, an industry consultant and former trade finance banker with HSBC Holdings Plc. “ABN was a very active player in the industry.”

Options Shrinking

While major trading houses such as metals giant Glencore Plc, top independent oil trader Vitol Group and Trafigura Group still have scores of banks to tap for loans, the options for mid-size and smaller niche traders are drying up.

“What we are witnessing could trigger a liquidity squeeze for the sector,” Lambert said. “Already smaller players are feeling the pinch as lenders have become more restrictive.”

ABN Amro and Dutch peers ING Groep NV and Rabobank have a long and storied history of lending vital short-term finance to trading houses.

But the global pandemic and wild gyrations in commodity prices have brought to light a wave of scandals. In the collapses that followed, Singapore oil trader Hin Leong Trading (Pte) Ltd. left more than 20 banks on the hook for $3.5 billion in losses amid allegations of fraud. Earlier this year, ABN said two client cases accounted for 460 million euros ($540 million) in provisions, including one tied to a “potential fraud case in Singapore.”

Stricter Rules

As well as the scandals, oil’s slump and a historic decline in fuel demand have changed the landscape for lenders to commodities traders.

Trading-house finance executives and bankers have said the sector will need to adopt tighter loan rules and restrictions to guard against further frauds and losses. Major industry lenders have already cinched their purse strings, raising the cost of borrowing amid more than $9 billion in potential losses for banks.

Even the biggest traders could be squeezed if more banks pull back or exit the space.

“Commodity trading needs ‘other people’s money,’” Lambert said. “Any restriction on the availability of such liquidity will have an immediate effect on their ability to trade.”

ABN Amro said Wednesday that its trade and commodity finance activities will be “discontinued completely,” as it reported a net loss of 5 million euros.

The bank’s exit follows the halt of new trade finance loans by France’s BNP Paribas. BNP was, for many years, the leading lender to the industry, accounting for as much as half of some trading houses’ bank lines. It cut trade finance operations significantly after 2014 in the wake of a record fine for violating U.S. sanctions, but was still a top 10 lender.

Fellow French bank Societe Generale confirmed this month it was closing its trade commodity finance unit in Singapore following the collapse of Hin Leong and other trading-house scandals.


Wednesday, August 12, 2020

The Need for August



Hi everyone!  Its VERY HOT in Texas.  Saturday is predicted to reach 107 F (42 C) but with a prospect of changing weather on Monday.

Heather is in good spirits and doing well.  She's a very strong woman.  I wrote I was looking into ways to work out at home given this lock down from the usual diversions and change of scenery options.  She recommended the books "Convict Conditioning" which is a set of exercises one can do even in a tiny cell.  Complex equipment and gyms is not required.  Apparently Bruce Lee used these same techniques to rebuild his body after he nearly died. We're all prisoners in our homes these days it seems...

I want to thank everyone for the response in July, I am truly grateful!   I try to thank to every donor personally but sometimes I'll miss one or two.

I need to raise $700 for August, August is a slow month historically on the blog.   If you can help there's a PayPal link on the right side of the blog with the Two trees. Rent is coming due and other expenses coming up.  August is as real as it gets.

There are moments where I feel alone, especially since Heather was imprisoned.  But the truth is I have monthly reminders from all of you, that you have always been there on this journey since 2012, and I am never alone.  We all get those moments where we think "enough already!" with all the insanity in this world right now. I thank you all from my heart for always being there.

I love you all!

Terran.






Friday, August 7, 2020

Jimmy Church - "I want off this crazy train!"





I heard this last night.  Source speaks through everything, music, art, poetry, a sunset, a baby's smile, and sometimes through very articulate people like Jimmy Church. 

I thought his sentiments were pretty much speaking for all humanity in this moment. When everyone no longer wants what's going on to continue, it all changes!

Enjoy.  :)

PS: You can find Jimmy Church's radio show at:  https://jimmychurchradio.com

CASH STRAPPED GLOBALISTS ARE ACCESSING ACCOUNTS
VIA DISASTERS AND PANDEMICS



From: TERRAN
Subject: WTC Brussels
Date:  8/6/2020 5:07:35 PM

The World Trade Center in Brussels is burning.


From: HEATHER ANN TUCCI-JARRAF 
Subject: RE: WTC Brussels
Date:  8/6/2020 5:07:35 PM

...thank you for overlighting that data...


From: TERRAN
Subject: RE: WTC Brussels
Date: 8/6/2020 4:36 PM

There's more... on the side of that building is a banner in white with red letters "The Future is here".

A lot of very strange incendiary events around the planet that could be tungsten rods from above.

Even more rain in China and speculation the water is cutting its way thru the bedrock under 3 Gorges Dam. Plus cavitation. Damage on the downstream side. A lot of stuff hitting the fan at once. If that dam goes China has a good decade of recovery ahead of it. Many cities already under water up to waist high.


From: TUCCI-JARRAF, HEATHER ANN
Subject: RE: RE: WTC Brussels
Date: Aug 6, 2020 at 11:49 PM

Well, "China", et al, who have been broke [a] "long time", had very little avenues for accessing trillions/quadrillion of funds that were placed in "decimation" accounts ("in event of...", "pandemic...", etc. accounts)...

...the end of then...and the beginning of NOW.

Hugs, Love, and Calm to All in this NOW.


INTERESTING 24 HOURS - Conversation with Thor


WORLD TRADE CENTER, BRUSSELS BELGIUM


Denice: Keep getting "scorched earth policy"

Terran: Controllers doing the scorching or someone else?

Thor: TERRAN.  THE MANY “PLAYERS” HAVE MANY “EXIT”. STRATEGIES.  THOSE IN GREAT FEAR CONTROL THE FLAME, AT THIS MOMENT OF NOW THE CHAOS ENSUES.  

KNOW THAT EACH NOW ARE IN COMPLETE CONTROL OF FORM AND FUNCTION.  

ENERGY FLOWS AS INTENTIONS ARE RECORDED. STAY IN HEART. BREATHE.  
WE ARE WITH YOU ALL. THOR. 








And a Twitter user sent me this VERY aprapro remark:


Sunday, August 2, 2020

Conversation with Thor about Energy Anomalies and Antarctica/Androrra



Update 1: Fixed some autocorrect errors

August 1

Terran to Denice: This started mysteriously playing on my TV while trying to watch an Austin Steinbart video. [I was using a YouTube feature to "beam" the video to my TV. Several songs played most seemed to be in my music library but not ones I listen to much, but this first song was not.  It was not the youtube app playing the songs.  I don't have an explanation for it.]

https://youtu.be/lyIhRNPCNiw

Thor: TERRAN. “DIFFERENTIALS” ARE “FUSED”. ANOMALIES INCREASE. “EYES TO THE SKIES”. REMAIN IN HEART. WE ARE WITH YOU. THOR. 

Terran: “Differentials are fused”. What does that mean? Merged or safety fuse? Lit fuse?

Thor: TERRAN.  MERGED.  SAFELY.  INCREASING EXPONENTIALLY. THOR.

Denice: (sent me to this: https://www.cliffsnotes.com/study-guides/calculus/calculus/applications-of-the-derivative/differentials ). [Cliff Notes calculus primer on differentials]

August 2

Terran: Who are “the progenitors” that the “One/One” speaks of?

Thor: TERRAN. "ONE" HOLDS "HIS" SCRIPT CLOSELY AND TIGHTLY.  "HIS" "PROGENITORS" ARE MOST LIKELY THE "ANDORRANS". 

Thor: ALL ARE RETURNING TO ORIGINAL NOW. IN THE HEART BASED CREATION INTENDED BY THE SOURCE OF ALL THAT IS. THOR.

Terran: Thor, are any of the 100 from the second wave of creation found in Andorra?

Thor: TERRAN. ANDORRA REMAINS 'PRESERVED'. ALL ORIGINALS ARE INCLUDED.  THOR.

Terran: My understanding is every being is original.  Is that the context of your reply?

Thor: TERRAN. YES. ORIGINAL ESSENCES OF MORE THAN 111 IN/ON ANDORRA. THOR. 

Terran: Andorra = New Earth?

Thor: TERRAN. NO. ANDORRA IS A REALM/COLONY/SPHERE/"TIMELESS" CULTURE RESULTING FROM ATLANTIS EXPERIMENT. TO NOW.  THE "NEW EARTH" IS THE "ORIGINAL EARTH." IN OUR BEST ESTIMATION. THOR. END.

Terran: So are you saying for every human human on Earth now there is a counterpart in/on Andorra? 7 billion+ people are there? Did I seriously under estimate the size of Andorra?

Thor: TERRAN. NO. THERE IS NOT A "COUNTERPART" FOR EVERY MAN/WOMAN/CHILD/HUMAN ON THE EARTHSPHERE IN ANDRORRA. THE BEST ESTIMATED "POPULATION" IS IN THE LOW THOUSANDS. AT BEST. NOW. THOR. 

Terran: So what does “All are returning to Original now” mean in this context with Andorra?

Thor: TERRAN. IN THIS "CONTEXT". ANDORRA IS REVEALED. 

Thor: ALL INTERDIMENSIONAL/MULTIDIMENSIONAL/OMNIDIMENSIONAL SPHERES OF EXISTENCE ARE REVEALED. 

Thor: THE "ABSOLUTE" ACCURATE HISTORY OF THE EARTHSPHERE AND THE EARTHSPHERE HUMANS IS REVEALED. THE "GALACTIC WARS" ARE REVEALED. 

Thor: THE "EARTHSPHERE" FLORA/FAUNA/AND MORE ARE RETURNED TO "ORIGINAL SOURCE DESIGN.". 

Thor: IN THIS "CONTEXT" ORIGINAL INDICATES THE FIRST/PRIME/BEGINNING DESIGN/FUNCTION/EXPERIENCE. THOR.

Terran: And the current controllers fear Earthsphere humans having full absolute knowledge and context? Do they fully know what’s down there?

Thor: TERRAN. THE "CONTROLLERS"/"FORMER CONTROLLERS" ARE AWARE OF THE "ORIGINAL ANDORRA". THE CONTROLLERS  HAVE NO CHOICE NOW AS ALL IS REVEALED. THESE "DRIPS" TURN TO "FLOWS" AS ALL AWAKEN AND ADVANCE IN EACH MOMENT OF NOW. THOR.

Terran: Does the Vatican Library contain texts from Atlantis 2 about Andorra?  If so where did they get these texts?

Thor: TERRAN. THERE ARE NO "KNOWN" TEXTS REGARDING ANDORRA PAST THE FALL OF THE "LIBRARY OF ALEXANDRIA". 

Thor: IT IS PRESUMED THAT ALL "EARTHSPHERE" DATA IS LOST FROM THAT POINT OF NOW. THOR.

Terran: Was Andorra the reason almost all traces of Atlantis 2 were purged in the historical references except in a few Greek texts

Thor: TERRAN. THAT IS A CONUNDRUM. UNKNOWN.  IT IS POSSIBLE. THOR.

Terran: Have the Draco always known about Andorra?

Thor: TERRAN. THE DRACO LEARNED ABOUT THE ANDORRA COMPLEX AFTER THE "INCURSION". THOR. 

Terran: Was this the reason they purportedly built a base in Antarctica?

Thor: TERRAN. YES. IN OUR BEST ESTIMATE. THOR.

Terran: TERRAN. YES. SHARED USE OF THE BASE IS KNOWN. THOR. 

Terran: Dr Salla purports the Nazis had (have?) joint use of that base? 

Terran: TERRAN. YES. SHARED USE OF THE BASE IS KNOWN. THOR. 

Terran: How near is the Nazi base to Andorra?

Thor: TERRAN. THE PROXIMITY IS UNIMPORTANT. TECHNOLOGY/PORTAL ACCESS IS POSSIBLE ANYWHERE THERE. THOR.

Terran: What would be the nearest Earth nation base to the Nazi base?

Thor: TERRAN. THAT DATA IS NOT AVAILABLE NOW. THOR.

Terran: restricted data?

Thor: TERRAN. THAT DATA IS "SENSITIVE"  IN THESE MOMENTS OF NOW. IN HONOUR. THOR.

Terran: Have you ever been to Andorra?

Thor: TERRAN. NO. THE ANDROMEDAN COMPLEX AND ANDORRA COMPLEX HAVE NOT INTERACTED SINCE THE PERIOD OF THE DIASPORA. THOR. END.

Terran: Do the Andorrans keep pretty much to themselves?

There was indications they meet occasionally with some Earthsphere controllers at some facility

Thor: TERRAN. THERE IS LIMITED INTERACTION NOW AS ALL PREPARE FOR "REVELATIONS" OF ALL THAT IS. 

Thor: THERE HAS BEEN LIMITED INTERACTION IN THE RECENT "PAST". AND SOME "LEADERS" WERE IN CONTACT WITH ANDORRANS THEN. THOR.

Terran: Is there an Andorran outpost/annex in Greenland or the Arctic?

Thor: TERRAN. MORE OF A PORTAL “STATION”.  THOR. 

Terran: Is there a portal station within 500 miles of my location?

Thor: TERRAN. THERE ARE MANY “PORTALS” NEAR YOUR LOCATION. THERE IS NO PORTAL STATION DIRECTLY TO ANDORRA NEAR YOUR LOCATION. NOW. THOR. 

Terran: Presumably if I knew the path from portals to a station I could get access since the Andorran locks are keyed to essence frequency?

Thor: TERRAN. YES. ALL DATA FOR THIS “TRANSPORT” IS “WITHIN. THERE ARE AS OF THIS NOW. NO ACCURATE “MAPS”. ANOMALIES. THOR. 

Terran: Are my local portals just point-to-point? Or does it depend on the intended location of the consciousness? 

Thor: TERRAN. EARTHSPHERE PORTALS ARE FREQUENCY BASED AND FLUCTUATING. NOW. AS ALL FLOWS. THOR.



Wednesday, July 29, 2020

Micro downloads


Denice and I recently have been having these downloads of bits of information.  “Micro knowings” of things happening or about to happen. I don’t For a minute think we are the only ones. I’m sure many of you are experiencing it too!

In my case,  it’s hard to say where the information is coming from. Memories? What some call “higher self” (nobody ever defines what that exactly means) ? Some tidbit received telepathically? Hard to know. You just know.

Denice had this one a few days ago, we both kind of shrugged it off, but with the messages coming it kinda fits.  I’m not saying this is going to happen but it came back to mind for some reason.... We shall see...



Carrington Event download 

July 26, 2020


Denice: Just got home from seeing the baby! My life will never be the same (heart).  (Whew). [Denice became a grandmother]


Denice: Had difficulty sleeping from 4 am to 6 am. . .had some Lucid dreams. . .saw lots of screens of the new earth. . .lots of trees. . .and kept getting "Carrington Event". . . 


Denice: I drifted off feeling what that would look like and had to keep canceling. . .there is no acceptable "Carrington Event" scenario!  ;)