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The UBS rescue of Credit Suisse - at an enormous cost of the AT 1 Bondholders:
Normally, shareholders lose their money first and only then the various categories of debt securities. But Swiss regulator Finma is actually sparing shareholders and largely shifting the cost of the bailout to a special category of bondholders: the holders of Contingent convertibles (cocos) which were created as extra buffer capital for banks so that the state would not have to step in. Cocos are counted as part of the bank's core capital, which means that in case of bankruptcy, first the shareholders and then the coco holders lose their money. However, Finma is passing on the cost of rescuing Credit Suisse to the bank's bondholders who lost more than EUR 16 bilion.
Normally, shareholders lose their money first and only then the various categories of debt securities. But Swiss regulator Finma is actually sparing shareholders and largely shifting the cost of the bailout to a special category of bondholders: the holders of Contingent convertibles (cocos) which were created as extra buffer capital for banks so that the state would not have to step in. Cocos are counted as part of the bank's core capital, which means that in case of bankruptcy, first the shareholders and then the coco holders lose their money. However, Finma is passing on the cost of rescuing Credit Suisse to the bank's bondholders who lost more than EUR 16 bilion.
Mobility of work and working from anywhere - it's pretty complicated!
The Supreme Court (Hoge Raad) ruled on 17 March that the determination of the usual country of work is decisive for truck drivers - it is determined by the employee's work performance and not the location of the employer - even if the employee is constantly on the road. This also has implications for all other employees when it comes to the desire to work from anywhere - this may have unwanted and unknown consequences for employers!
The Supreme Court (Hoge Raad) ruled on 17 March that the determination of the usual country of work is decisive for truck drivers - it is determined by the employee's work performance and not the location of the employer - even if the employee is constantly on the road. This also has implications for all other employees when it comes to the desire to work from anywhere - this may have unwanted and unknown consequences for employers!
International Women’s Day – still many obstacles to overcome!
If wages develop as they have in recent years, women in the European Union will not earn as much as men for more than 63 years. So, by the time our (grand)daughters, born this year, reach their pension age, they will earn the same as a man. New rules on wages will be voted on in the EU this month. This will include equal pay for men and women. If the new measures are adopted, employers will have to publish information on pay gaps, for example – one of the proposals in the Bill yet to be considered by the Dutch House of Representatives (Tweede Kamer).
If wages develop as they have in recent years, women in the European Union will not earn as much as men for more than 63 years. So, by the time our (grand)daughters, born this year, reach their pension age, they will earn the same as a man. New rules on wages will be voted on in the EU this month. This will include equal pay for men and women. If the new measures are adopted, employers will have to publish information on pay gaps, for example – one of the proposals in the Bill yet to be considered by the Dutch House of Representatives (Tweede Kamer).
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