Unfunded social benefits are paid directly by employers to their employees or former employees and other eligible persons without involving a social-security fund, an insurance enterprise or an autonomous , and without creating a special fund or segregated reserve for the purpose.

Mid-1990s shortfall in AS Oslo Sporveier Group’s and increased annual compensation

management of portfolios of investments, including those owned by and institutions for occupational retirement provision in accordance with Article 19(1) of Directive 2003/41/EC, in accordance with mandates given by investors on a discretionary, client-by-client basis;

An external AIFM should not be prevented from also providing the service of management of portfolios of investments with mandates given by investors on a discretionary, client-by-client basis, including portfolios owned by and institutions for occupational retirement provision which are covered by Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision [7], or from providing the non-core services of investment advice, safe-keeping and administration in relation to units of collective investment undertakings and reception and transmission of orders.

other financial institutions not included in the MFI definition, such as collective investment institutions not deemed to be money market funds, real estate investment institutions, securities dealers, mortgage credit institutions, insurance corporations, and financial auxiliaries;

Financial services covers financial intermediation and auxiliary services, except those of life insurance enterprises and pension funds (which are included in life insurance and ) and other insurance services that are conducted between residents and non-residents.

For that purpose the Division was to seek cooperation with banks, and other entities on the financial market.

As shown in Table 5, the expert study includes in the incurred social costs due to the employment of civil servants: Deutsche Post's contribution to the and other social costs as Deutsche Post's contribution to the health expenses, accident insurance, further miscellaneous insurance payments.

regulated ; and

the development and distribution of total business, patterns of members, international activities, employment, investments and liabilities.

The Commission noted at the outset that the legal nature of the measure (involving the release of reserves over which the State had effective control through specific legislation for use in an escrow arrangement in favour of the ) had no immediate parallel in normal commercial transactions, even if the model of placing funds in an escrow account can be envisaged in the private sector [17].

This includes the following: (a) Non-life insurance technical reserves (F61); (b) Life insurance and annuity entitlements (F62); (c) Pension entitlements, claims of pension funds on pension managers, and entitlements to non (F63+F64+F65); and (d) Provisions for calls under standardised guarantees (F66).

The Portuguese Government is seeking an agreement with the banks on a partial transfer of their to the State social security system, to be undertaken in full compliance with the Union State aid rules, and to be used exceptionally to meet the deficit target of 5,9 % of GDP in 2011.

The ongoing process of a phased transfer of banks to the State social security system should exceptionally provide a buffer towards meeting the deficit target for 2011.

The ongoing process of a phased transfer of banks to the State social security system shall exceptionally provide a buffer towards reaching the 2011 fiscal deficit target.

ensure that the partial transfer of the banks’ to the State social security system is done under actuarially balanced conditions, as well as respecting Union competition and State aid rules.

Portuguese banks work towards meeting the higher capital requirements as required by the Programme, taking into account the implications of the European Banking Authority’s requirement for a new temporary capital buffer for sovereign exposures, the special on-site inspection programme and the transfer of the banks’ to the State social security system.

In 2011, the general government deficit fell below the target of 5,9 % of GDP and it is now estimated at around 4 % of GDP, albeit by exceptionally resorting to a transfer of about EUR 6 billion (about 3,5 % of GDP) of the banks’ to the State social security system.

Portuguese banks are to work towards meeting the higher capital requirements as stipulated by the Programme, taking also into account the implications deriving from the European Banking Authority-led exercise based on the valuation of sovereign exposures according to end-September market prices, the special on-site inspection programme and the transfer of banks’ to the State social security system.

follow closely the plans presented by the banks to reach a Core Tier 1 ratio of 10 % at the latest by the end of 2012. The capital requirements stemming from valuing sovereign debt based on market prices according to the European Banking Authority shall be met in June 2012 together with the capital implications from the special on-site inspections programme and the transfer of the banks’ to the State social security system.