Welcome to Inner City Press’ Bank Beat.  We aim to scrutinize the industry, from high to low. Our other Reporters cover Community Reinvestment, the Federal Reserve, and other beats.   ICP has published a (double) book about the Bank Beat-relevant topic of predatory lending - click here for sample chapters, an interactive map, and ordering information. The Washington Post of March 15, 2004, calls Predatory Bender: America in the Aughts "the first novel about predatory lending;" the London Times of April 15, 2004, "A Novel Approach," said it "has a cast of colorful characters." See also, "City Lit: Roman a Klepto [Review of 'Predatory Bender']," by Matt Pacenza, City Limits, Sept.-Oct. 2004. The Pittsburgh City Paper says the 100-page afterword makes the "indispensable point that predatory lending is now being aggressively exported to the rest of the globe." Click here for that review; click here to Search This Site. Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere, which include bank-related topics.

Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere. Click here for a recent BBC piece on Inner City Press' reporting from the United Nations. New: Follow us on TWITTER   BloggingHeads.tv  Click for March 1, 2011 BloggingHeads.tv re Libya, Sri Lanka, UN Corruption by Inner City Press.  Until next time, for or with more information, contact us.

September 19, 2016

September 12, 2016

A proposed merger we're watching: " United Bankshares has signed an agreement to acquire its rival Tysons Corner, Virginia-based Cardinal Financial in a deal worth $912 million... Cardinal offers banking services through its subsidiary bank, Cardinal Bank, which has a network of 30 branches throughout Virginia, Maryland and Washington, D.C."

September 5, 2016

ICP Asks IMF of Yemen Central Bank, Zim & Mozambique, IMF Staff Moves In

By Matthew Russell Lee

UNITED NATIONS, September 1 -- When the International Monetary Fund held its biweekly briefing on September 1, Inner City Press asked five questions including:

"On Yemen, IMF Mission Chief Albert Jaeger has urged the Central Bank and the government to cooperate. What is the IMF's view of President Hadi's proposal to move the Central Bank to Aden, and his complaints against the Central Bank and its Governor?" IMF video here, from Min 41:54.

IMF Spokesperson Gerry Rice read out the question -- without the name of Albert Jaeger or Inner City Press -- and offered praise of the Central Bank governor, citing the Bank's public letter. (Click here for UN envoy's in-person answer to Inner City Press on August 31.)

Inner City Press asked, about Mozambique: "On Mozambique, outgoing IMF Representative Alex Segura has been quoted that IMF insists on international audit of Mozambique’s public debt. Please confirm, and describe the goals of this month's IMF mission to Mozambique."

Rice said there will be a mission in Maputo on September 22.

Inner City Press also asked, "On Zimbabwe, what is the status of the government's moves to clear its arrears to the IMF?"

Rice said there is NO financial program under discussion and can't be until arrears are cleared.

UNanswered were these two:

In Serbia, Energy Minister Aleksandar Antic said the 3.8 percent electricity price increase to comply with conditions set by the IMF in return for a $1.34 billion loan was the “smallest possible increase, half the amount the IMF asked for.” Is that the case?

In South Sudan, the government has adopted a budget for the 2016/17 fiscal year which nearly tripled spending at $520 million; Finance Minister Stephen Dau said “it contains reform measures that were advised by the IMF in their consultation when they came here last May.” Is that the case? Please describe the IMF's work with South Sudan, as the UN Security Council prepares to visit there."

 At the September 1 briefing, IMF Spokesperson Gerry Rice said the IMF board expects to take up Ukraine in the second half of September. He confirmed that an IMF staff member was just named the governor of the Central Bank of Mozambique -- shades of the film "Our Brand Is Crisis" -- while saying he'd look into whether the ex-IMF staffer in Greece worked for the Fund in 2010 or after.

August 29, 2016

Chickens coming home to roost: "Astoria Financial Corporation (NYSE: AF) (“Astoria” or the “Company”), the holding company for Astoria Bank, today announced that its Board of Directors, at the August 24, 2016 Board Meeting, established December 21, 2016 as the date for the 2016 Annual Meeting of Shareholders (the “2016 Annual Meeting”), and set October 28, 2016 as the voting record date.

The 2016 Annual Meeting had been delayed due to the pending merger of Astoria with New York Community Bancorp, Inc. (the “Merger”). However, since the regulatory approvals required to complete the Merger have not yet been received, Astoria has decided to schedule its 2016 Annual Meeting to be held on December 21, 2016 in order to comply with New York Stock Exchange corporate governance requirements. If the closing of the Merger occurs prior to December 21, 2016, the 2016 Annual Meeting will not be held.

Because the date of the 2016 Annual Meeting has been changed by more than 30 days from the anniversary of the Company’s 2015 Annual Meeting of Shareholders, the Company has set a new deadline for the receipt of any shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (“Rule 14a-8”), for inclusion in the Company’s proxy statement and proxy card relating to the 2016 Annual Meeting. Any such shareholder proposal must be submitted in writing and received by the Secretary of Astoria at One Astoria Bank Plaza, Lake Success, New York 11042 no later than 5:00pm on September 9, 2016."

August 22, 2016

For BancorpSouth, which Inner City Press has challenged for some time, the other shoe has dropped. It announced: "As a result of the retroactive downgrade of the bank’s CRA rating, the company and the bank likely will be unable to obtain the necessary Federal Reserve or FDIC regulatory approvals to complete the two pending mergers with Ouachita Bancshares Corp. and Central Community Corporation and their respective affiliated banks until such time as the bank’s CRA rating is improved to “satisfactory.” The company presently understands that the FDIC expects to begin its next CRA evaluation of the bank later this year and to complete that evaluation during the first quarter of 2017; however, the company cannot make any assurances as to the timing or outcome of its next CRA evaluation."

August 15, 2016

Hidden impacts: from NC it is reported, "Three High Point Bank locations are slated to close this fall as its acquisition by Bank of North Carolina is finalized. Branches at 3015 East River Way in High Point, 515 Pineview Drive in Kernersville and 536 S. Stratford Road in Winston-Salem will close Nov. 4." We'll see.

August 8, 2016

So Texas-based Strategic Growth Bancorp proposes to merge with Kansas-based Sunflower Financial Inc., and create "a super-community bank" that would have more than 60 offices in New Mexico, Colorado, Kansas, Missouri and Texas...

August 1, 2016

On Zimbabwe, ICP Asks IMF of Arrears, If Any Program, UN of UNrest, #ThisFlag

By Matthew Russell Lee

WASHINGTON, July 28 -- When the International Monetary Fund held its biweekly briefing on July 28, Inner City Press asked questions including on Zimbabwe, to Deputy Spokesperson William Murray, as transcribed by the IMF:

"This is from Matthew Lee. It’s a question on Zimbabwe. Matthew Lee from Inner City Press. 'On Zimbabwe with the U.K. saying it would veto any IMF program, what is the status of the IMF’s program and discussions with Zimbabwe?' Thanks, Matthew, for that question. I think some of this will sound familiar to many of you, but let me comment.

"There is no financing program under discussion with Zimbabwe at this point; however, the authorities have announced a plan to clear their arrears with the IMF and other international financial institutions as part of their re-engagement with the international community. Once the arrears are cleared and the IMF Executive Board approves the normalization of relations with Zimbabwe, the authorities request for a financing program could then be considered. Beyond that, I don’t really have any guidance in terms of timing or when a program would be possible or likely."

At the UN on July 27, Inner City Press asked Secretary General Ban Ki-moon's spokesman Farhan Haq, Vine here, UN transcript here:

Inner City Press: there is quite a bit of turmoil in Zimbabwe and many people have written open letters, and I don't know if they have written direct letters to the UN, I wanted to know, DPA [Department of Political Affairs] or any portion of the UN, have they… are they aware of this increasing… well, This Flag, unrest and does the UN see any role for itself through DPA or its country team in trying to maintain peace and security and democracy in the country?

Deputy Spokesman:  We are aware of the recent reports in Zimbabwe.  We are monitoring the situation.  This is not something in which the UN has been directly involved.July 25, 2016

So Yadkin tries to sell itself to F.N.B. even before swallowing - and closing a dozen of - the NewBridge branches. What sense would this make?

July 18, 2016

ICP Asks IMF of Jordan & Lebanon, Reply Here, S Sudan & Yemen Not Yet

By Matthew Russell Lee

WASHINGTON, July 14 -- When the International Monetary Fund held its biweekly briefing on July 14, Inner City Press asked four questions including this one:

Inner City Press: On Lebanon, Jordan and other formally “middle income” countries with refugee issues, the World Bank has reportedly shown flexibility. Is the IMF still banning them from concessionary financing?

Spokesperson Gerry Rice read out the question and said the IMF has shown flexibility in Jordan to provide fiscal space on the refugee issue and encouraging donors to provide concessionary financing. Inner City Press has asked the UN's Sigrid Kaag about Lebanon, as previously reported. Two other questions Inner City Press has asked the IMF:

On South Sudan, amid the fighting on July 9 President Salva Kiir said his gov is working with IMF to resolve the economic crisis. Please describe that work, and state whether IMF is evacuating or trying to evacuate its staff from Juba;

In Yemen, there has been a significant decline in foreign currency reserves, causing a significant devaluation in the Yemeni Rial. What if anything is the IMF doing on this?July 11, 2016

Some merger proposal we are watching:

July 4, 2016

So Chemical is gunning for U.S. Bank funds to buy Talmer, while trying to withheld the specifics. They sent to Inner City Press / Fair Finance Watch: "A copy of the financing proposal from US Bank dated June 22, 2016, which has been accepted by Chemical Financial Corporation, is attached in Volume 2 of this Supplemental Response as Confidential Exhibit E. "

June 27, 2016

On Talmer, the Fed has asked Chemical to "[p]rovide a copy of the loan commitment for up to $60 million which will be used to assist Chemical in financing a portion of the transaction purchase price.  Any debt used to finance the acquisition should have a term commensurate with the long term nature of the investment."

June 20, 2016

ICP Asked IMF of Sri Lanka Airlines Resolution, Iraq & Mozambique

By Matthew Russell Lee

WASHINGTON, June 16 -- When the International Monetary Fund held its biweekly briefing on June 16, Inner City Press asked five questions including this one on Sri Lanka:

Inner City Press: On Sri Lanka, what is the IMF's view of the reported adoption of a capital gains tax, and what did Mission chief Todd Schneider mean by expeditious resolution of Srilankan Airlines' financial issues: how soon, and resolved how?

After the briefing, an IMF Spokesperson replied to Inner City Press: "We see the introduction of a capital gains tax as a positive development and in line with recommendations to broaden the tax base and raise tax revenue from its current low level.

 "Regarding the issue of Sri Lankan Airlines, the three-year Extended Fund Facility (EFF) program recently agreed with the government and approved by the Executive Board of the IMF contains a structural benchmark for the Cabinet to approve a resolution strategy for Sri Lankan Airlines by September 2016."

Actually answered during the June 16 briefing:

Inner City Press: "In Belarus, finance ministry deputy Maxim Ermolovich this week said that "All the preliminary conditions that were discussed by the government have been implemented. We expect an appropriate response from the IMF and the start of a new program.” Does the IMF agree? What is the timing?"

IMF spokesperson Gerry Rice read out the question - without naming minister Ermolovich - and said that the IMF is visiting the country from June 21-30 then will have more to say.

Inner City Press also asked, on Mozambique: "In Mozambique, as the IMF mission began yesterday, the metical fell 10% and a coalition of 26  civil society groups say that $1.86B of loans were corrupt and should not be paid; experts cite anger among donor nations after the government ran up more than $2 billion in private debt deals behind their back. What is the IMF's thinking on the $1.86B in loans, and the currency decline?"

Rice answered this one in the DC briefing room, emphasizing that all undisclosed loans, whatever their purpose, should be transparently and publicly disclosed.

ICP Iraq: In Iraq, Abadi financial adviser Mudher Salih said the IMF has been informed of the approval of required measures. Is this the case, including the settling by the end of the year all arrears owed to foreign oil companies operating in Iraq?

Later in the morning, on Iraq, this was received:

"The Iraqi authorities and IMF staff are in close contact about the prior actions for the Stand-By Arrangement, two of which (circulation of revised fiscal program to Parliament, circulation of revised spending plan to line ministries) still need to be met. Payment of all arrears to international companies by end-2016 is part of the program."

This question, along with Inner City Press requests for updates on Yemen and Burundi, is still pending:

ICP: On Colombia, in the IMF's expansion this week to a Flexible Credit Line of $11.5 billion, what consideration was given to the government's near-peace with the FARC, and talks with the ELN? What are and would be the economic impact of these?

  Watch this site.June 13, 2016

Some more we're looking at:

June 6, 2016

ICP Asked IMF of Protests in Suriname, IMF Today Supports Tariff Rise

By Matthew Russell Lee

WASHINGTON, June 2 -- When the International Monetary Fund held its biweekly briefing back on May 19, Inner City Press asked about protests against the IMF in Suriname:

"On Suriname, there have been protests of the rise in electricity prices. What is the status of the discussed two-year US$478 million stand-by arrangement? What is the IMF's response to the protesters linking the price rises hurting the poor to policies demanded by the IMF?"

  Spokesperson Gerry Rice said that the Fund does support the Surinamese authorities' moves to eliminate to subsidies, to "open space." See the IMF's transcript, below. On June 2, Inner City Press has asked:

"In Suriname, opposition leader  Chandrikapersad Santokhi has publicly complained that the IMF did not have discussions or contacts with the opposition prior to the recent loan. Is that true? How widely did the IMF consult in the country?"

 This has not been answered...

May 30, 2016

This we like to see: "Thousands of employees of five associate banks of the State Bank of India staged protests across the State on Friday against the proposed merger ..."

May 23, 2016

ICP Asks IMF of Protests in Suriname, IMF Supports Cut of Subsidies

By Matthew Russell Lee

WASHINGTON, May 19 -- When the International Monetary Fund held its biweekly briefing on May 19, Inner City Press asked about protests against the IMF in Suriname:

"On Suriname, there have been protests of the rise in electricity prices. What is the status of the discussed two-year US$478 million stand-by arrangement? What is the IMF's response to the protesters linking the price rises hurting the poor to policies demanded by the IMF?"

  Spokesperson Gerry Rice said that the Fund does support the Surinamese authorities' moves to eliminate to subsidies, to open space. From the IMF's transcript:

 Gerry Rice: Let me take a few things online.. There is a question on Suriname there have been protests about the IMF backed electricity price increases. What is your reaction, what is the status of the program? And what I can say on Suriname is the authorities have requested our assistance to support their comprehensive program to stabilize Suriname's economy and set the stage for its recovery.

On the electricity issue on the tariffs indeed the Fund supports the governments plan to gradually eliminate electricity subsidies because that will make space for better targeted social spanning and in addition improve the fiscal situation. We expect the Board to consider the request from the Surinamese authorities in the coming weeks.

There is a question on Malawi. What is the status of the IMF's programs particularly in light of the previously discovered irregularities referred to as cash gate. So on Malawi an IMF team visited Lilongwe in March. This is in the context of the seventh and eighth reviews under an ECF, an Extended Credit Facility and on program performance Malawi has demonstrated a concerted effort to get the program back on track.

Including on domestic financing and domestic assets on the structural side reforms in the financial sector were carried out as planned and improvements in public financial management in particular bank reconciliations are gaining momentum but this needs to be sustained. There was a press release that was issued at the end of the mission that has a bit more detail on that for Matthew. In addition I can say at the start of this week the IMF's Board approved an extension of Malawi's arrangement under that ECF until June 30, 2016 to provide additional time for authorities to implement structural measures under the program. There is a statement on this on our website.

We'll have more on this. Inner City Press also asked for updates on Burundi, Sri Lanka or Yemen, and these two questions:

On Saudi Arabia, I didn't see it in what was released this morning: what does the IMF think the impact of the Saudi-led Coalition's conflict in Yemen on the Saudi economy?

On Gambia, please say if the country has requested an $11 million or any other program, and summarize the relations / discussions between the Fund and the country.May 16, 2016

Something we're looking into, and will more closely: Franklin Financial Network, this $2.3 billion (assets) bank holding company is putting back the timeline for its proposed acquisition of $145 million Civic Bank & Trust...

May 9, 2016

Mergers we are looking at:

May 2, 2016

On Sri Lanka, IMF Reaches $1.5B Program, ICP Asked in Feb, Accountability

By Matthew Russell Lee

UNITED NATIONS, April 28 -- Back on March 17 when the International Monetary Fund held is biweekly briefing, Inner City Press arrived in person with questions on Zimbabwe, Jamaica and, as for months, Sri Lanka.

 But it was not a normal briefing: it started with a paper about the International Monetary System, leaving the ten journalists  present to fight for time to ask their questions. Inner City Press got in two questions, see below, but not the one about Sri Lanka.

  On the morning of April 28 Inner City Press asked ESCAP researchers about the IMF and Sri Lanka, video here, last question.

 Now on April 28 with a 9 pm embargo time the IMF has put this out:

IMF Reaches Staff Level Agreement with Sri Lanka on Three-Year $1.5 Billion EFF

Following discussions held between IMF staff and the Sri Lankan authorities during the 2016 Spring Meetings in Washington, staff-level agreement was reached on a three-year progra to be supported by the IMF’s Extended Fund Facility (EFF).

  Note: accountability is NOT on the program - and the white vans are back. We'll have more on this.

April 25, 2016

Keycorp's Mooney: "Nothing we know at this point suggests that our applications aren’t proceeding as planned." So, making predictions about the process?

April 18, 2016

The Goldman Sachs settlement is a joke - except it's not funny. Next time they apply...

April 11, 2016

Some we're looking at:

April 4, 2016

The Federal Reserve's "Semiannual Report on Banking Applications Activity" says the volume of approved M&A proposals increased in the second half of 2015 to 143, compared with 133 approved in the second half of 2014. For all of 2015, 279 M&As were approved, up from 248 in 2014. There were 190 approved in 2013 and 226 in 2012. FWIW, the number of withdrawn applications has been declining steadily. There were 21 withdrawals in 2015, compared to 43 in 2012. We'll have more on this.

March 28, 2016

  Norht of the border, there's anger at bank branch closures, too: "Some seniors living in Rosemère, Que., are upset that their neighbourhood RBC branch located in the heart of their town will be closing to merge with a branch situated 3.5 kilometers away.

"It's a great convenience for everybody in the town to have a central bank, and there are a lot of seniors who will not be able to access the new branch," said Rosemère resident Kathleen Kidd, who has been going to the branch for years.

The branch that is closing is the Royal Bank's Jardins Rosemere Branch, located at 395 Grande-Côte Road. The bank said there are not enough customers to keep it open.

It will be merging with the Labelle & Hwy 640 branch located at 370 Labelle Blvd.

"That branch suits them. This branch suits the residents of Rosemère," Kidd said of RBC's decision."

March 21, 2016

ICP Asks IMF of Zimbabwe - Loans Not Sure - & Vultures Dart & Singer

By Matthew Russell Lee

WASHINGTON, March 17 -- When the International Monetary Fund held is biweekly briefing on March 17, Inner City Press arrived with questions on Zimbabwe, Sri Lanka and Jamaica.

 But it was not a normal briefing: it started with a paper about the International Monetary System, leaving the ten journalists -- all male -- present to fight for time to ask their questions.

  An excellent -- the best - Greek journalist asked about Greece; Ukainian TV asked about a quote from Victoria Nuland then fought for question time with TASS. A Brazilian journalists asked if there will be a program.

  Inner City Press jumped in with the Zimbabwe question, since the head of the Central Bank has been saying the country will get a loan up to $984 million in the third quarter.

  Not so fast, IMF Deputy Spokesperson William Murray said. He had a long if-asked, which we'll insert here later. The upshot is that Zimbabwe still owes too much money, and despite support from (some) other states as an IMF meeting in Lima, the rules are the rules. At least for Zimbabwe.

 Inner City Press also asked Murray to acknowledge that the windfall profits made off Argentina by vultures Singer and Dart wont' inevitably incentivize more predatory behavior. Murray said he wasn't going there. But the market will be: watch this site.
asked questions and got responses on Tunisia, Jamaica and Zimbabwe.

March 14, 2016

March 7, 2016

 We note the conciliation agreement in Kansas City: http://portal.hud.gov/hudportal/documents/huddoc?id=16-1FEDEXECONCIL0224.PDF There will be more...
February 29, 2016

A case we are watching: "Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing $3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages, a federal judge ruled on Wednesday. U.S. District Judge Alison Nathan in Manhattan said Belgium's Royal Park Investments SA/NV may pursue claims that the trustee Deutsche Bank National Trust Co ignored "widespread" deficiencies in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased."

February 22, 2016

Bank merger blues:

"While F.N.B. Corporation says its merger with the Harrisburg-based Metro Bancorp has gone smoothly, their new customers are saying the opposite"

We'll have more on this.

.February 15, 2016

IMF Tells ICP Negotiating Mission to Sri Lanka Late March, Burundi, Romania Qs

By Matthew Russell Lee

UNITED NATIONS, February 11 -- When the International Monetary Fund held is biweekly briefing on February 11, Inner City Press asked, "On Sri Lanka, please comment on and provide context for the reported request from the government for a new IMF program."

   IMF Spokesperson Gerry Rice, after noting how Inner City Press submits its questions (electronically), replied that Sri Lankan authorities have expressed an interest in a program to deal with balance of payments. He said there would be a negotiating mission in late March or early April.

  The embargoed briefing began with a read-out of the press release that there is no competition to Christine Lagarde for a second term -- similar to the way at the UN, there was no competition to Ban Ki-moon for a second term. Is this any way to run a multilateral, quasi universal international organization?

  Inner City Press also asked about Romania (“Romania on Monday made the last interest payment on the 13 billion euro it took from IMF in 2009” and Dragos Tudorache, head of the Chancellery of the Prime Minister, has said "We don’t plan to conclude a new deal with the IMF” - please provide an IMF comment / response) and this, on Burundi:

"On Burundi, at the UN Peacebuilding meeting at the UN yesterday (Feb 10), the IMF said any new program would depend on relations with the international community. Please explain this, how relations with the international community impact an IMF program."
February 8, 2016

  The proposed mergers in Ohio and Michigan, we are looking at...

January 25, 2016

 Mergers looking at:

January 18, 2016

IMF Answers ICP on Burundi, Had Said Peacekeeping Income in Budget, Off Track

By Matthew Russell Lee

UNITED NATIONS, January 14 -- When the International Monetary Fund held is biweekly briefing on January 14, Inner City Press submitted a number of questions, leading with Burundi and whether the Nkurunziza government's "income" from sending troops to Somalia and Central African Republic should be disclosed in the budget.

  IMF spokesperson Gerry Rice read out Inner City Press' question then referred to the IMF's March 2015 sixth review, saying the government had committed to include the income from peacekeeping operations in the budget. Rice then said due to deterioration in the security situation, the seventh and eight reviews are not possible and the program is "off track."

  On January 14 the IMF's Rice also noted the US Congress having approved quota reform (answering that he was not aware of any new oversight this might trigger), and said that Managing Director Lagarde will hold Greece meetings in Davos. Rice declined to answer ICP's question on Nigeria, saying much has been said on the topic; a Trinidad and Tobago question remained outstanding as the embargo time expired, but Inner City press was later on January 14 told on Trinidad and Tobago, the IMF's engagement with the country is one of economic policy advice or what we call surveillance. There is no program nor any talk of that, Inner City Press was told.
January 11, 2016

  Kentucky-based Republic is trying to withhold basic information; Inner City Press / Fair Finance Watch has requested it under FOIA. And now the Fed has asked Republic about CRA as well...
January 4, 2016

It is said, on Seeking Alpha, "New York Community Bancorp and Astoria Financial are merging, and it's not a great match.

NYCB hurts its business with this deal, and it is now large enough to be designated a SIFI.

Behind the scenes activism could be a reason for the transaction.

On October 28th of this year, New York Community Bancorp (NYSE:NYCB) announced an agreement to merge with Astoria Financial (NYSE:AF) in a cash and stock deal. The merger was unanimously approved by management teams at both companies under the premise of creating operational synergies and adding meaningful value to shareholders. However, based on impending consequences of the deal, as well as fundamental differences between the two companies, there is reason to believe that this deal was not made with shareholder interests in mind. "

And that's not the half of it. Watch this site.

December 28, 2015

So the Federal Reserve has extended its comment period on Key Corp's anticompetitive proposal to acquire First Niagara. But that is not enough...

December 21, 2015

On ISIS Finance, Talk of Oil and Turkey, Paris Pre-Paid Cards, No Bitcoin

By Matthew Russell Lee

UNITED NATIONS, December 17 -- The day before Syria talks resume at the New York Palace Hotel in Manhattan, finance ministers spoke in the UN Security Council about cutting off financing for ISIS. French finance minister Michel Sapin spoke darkly of the use of pre-paid cards for the November 13 Paris attacks; Russia's Ambassador Churkin named two Turkish companies as involved in ISIS oil sale.

  Inner City Press asked Syria's Ambassador Bashar Ja'afari, who came to take questions at the Council stakeout, about ISIS' oil. He named Turkey, then want on to name Qatar and Saudi Arabia, slamming its “Sunni coalition” recently announced.

  When US Treasury Secretary Jacob Lew, along with Sapin and the UK's George Osborne held a short press conference in the UN briefing room, Inner City Press hoped to asked Sapin about pre-paid cards, and Lew and Osborne about Bitcoin. But the question, just four, were limited to Reuters, the Wall Street Journal, the New York and Financial Times. So it goes.

December 14, 2015

IMF Answers ICP on Malawi Retrenchment, Global Fund Steps In

By Matthew Russell Lee

UNITED NATIONS, December 7 -- When the International Monetary Fund held is biweekly briefing on December 3, Inner City Press submitted a number of questions, including about Malawi but also on Burundi and how much the IMF projects the economy will contract, given the crisis triggered by Pierre Nkurunziza's third term, see below.

   Inner City Press asked, "On Malawi, it is reported that the IMF''s 'recent decision to withhold its latest loan money to the Malawian gov''t could have dire implications for health care. Malawi has put on hold the hiring of 51 medical graduates and a host of health professionals.' What is the IMF''s response?"

 On December 7, an IMF Spokesperson returned with this:

"Currently, the high rate of inflation is eroding living standards of the most vulnerable segments of the Malawian population, and is also dampening private sector confidence, reducing investment demand, and curtailing the economic growth needed to reduce poverty. IMF staff policy advice therefore recommends a certain amount of fiscal retrenchment, combined with tight monetary policy over the short term, as these are necessary to the disinflation process. During this period, IMF staff recommend that Government carefully prioritizes expenditure so as to protect both vulnerable groups and social spending. In this respect, IMF staff are pleased to note that Government is proceeding with the hiring of the graduating medical students and other health care workers, and has arranged for the Global Fund to pay the associated costs up to the end of the 2016/17 fiscal year."

   During the December 3 briefing, IMF spokesperson Gerry Rice read out Inner City Press's Burundi question (and its question on Zambia, below), then said the following as to Burundi, audio here

December 7, 2015

Federal Reserve Asks BNC for CRA Info, Withheld Like Goldman Sachs?

By Matthew R. Lee

NEW YORK, December 3 -- The lack of seriousness in US bank regulation expends from the relatively smaller of mid-sized to the largest banks, with Goldman Sachs the most recent example. 

  A mid-sized bank Inner City Press / Fair Finance Watch is scrutinizing, based on its records, is BNC Bancorp, currently seeking to acquire Southcoast Financial in South Carolina and, prospectively, High Point Bank & Trust.

  There's a problem with this acquisitiveness: BNC is subject to to Compliance Order with the FDIC, which is rare, based on its fair lending record. Fair Finance Watch has raised to the Federal Reserve: 

In the Charleston MSA in 2014 for conventional home purchase loans, BNC made 173 such loans to whites and only SIX to African Americans, and none to Latinos. For refinance loans, it made 68 loans to whites and only ONE to an African American, while denying the applications of African Americans 3.94 times more frequently than those of whites.

  Southcoast in the Charleston MSA in 2014 for conventional home purchase loans made 136 such loans to whites and NONE to African Americans. For refinance loans, Southcase made 35 loans to whites and only TWO to African Americans. To combine these two banks would make them worse.

  In the Greenville MSA in 2013 for home purchase loans, BNC made 117 such loans to whites and only SIX to African Americans, and only seven to Latinos.  For refinance loans, it made 31 loans to whites and only one to an African Americans and none to Latinos.

  BNC admits, as it must, that it is below-market in lending to African Americans, but paradoxically tries to use that the fact that it is subject to a compliance order as its defense to the Fed. 

 To Fair Finance Watch, too. FFW asked to see, in writing, what are BNC's CRA plans going forward. BNC replied that it is "unable to share this with you. It is an internal document that is only shared with our Board of Directors and the FDIC (under the Order)."  FFW has requested a copy of the High Point application.

  Now the Federal Reserve has asked BNC for, among other things, for information about its Community Reinvestment Act compliance, and consumer compliance more generally. Inner City Press is putting the Fed's December 2 Additional Information letter online, here.

Federal Reserve's Letter to BNC Bancorp for compliance and other info after FFW CRA protest by Matthew Russell Lee

  BNC is supposed to send a copy of its response, with this information it already declined to provide, to ICP / FFW. But will it try to withhold it? That seems to be the trend at and encouraged by the Federal Reserve.

November 30, 2015

  In upstate New York, as Key and First Niagara propose to combine, there are ads by Evans Bank, which settled charges that it redlined Buffalo East Side, that it is better. Race to the bottom...

November 23, 2015

And what's next? BNC wants to buy High Point Bank. We'll see.

November 16, 2015

Look who wants to grow: Bank of the Ozarks on November 13 announced a proposal to acquire C1 Financial, Inc. and C1 Bank and its 32 branches in Florida including in Miami, Orlando and Cape Coral-Ft. Myers for $402.5 million; on November 5 it has announced a planned $800 million purchase of Community and Southern Bank in Georgia. We'll see.

IMF Answers ICP on Iraq and Mozambique, Not on UN Antigua Corruption Case

By Matthew Russell Lee

UNITED NATIONS, November 12 -- When the International Monetary Fund held its bi-weekly embargoed press briefing on November 12, Inner City Press asked about and got answers about Iraq and Mozambique, but not about human rights or the widening UN system John Ashe corruption scandal.

 On Iraq, IMF spokesperson Gerry Rice read out Inner City Press' question then listed some of the issues; energy subsidies and reforms (or sell off) of state owned enterprises are, of course, the main sticking point. Rice said the IMF Board will consider it early in 2016.

 On Mozambique, Rice summarized the staff-level preliminary agreement on an 18-month program that could be supported by an IMF Standby Credit Facility and said it will be considered by the IMF Board in mid-December. These new November 12 Inner City Press question have yet to be answered:

ICP: On Somalia, a recent UN Security Council resolution “encourages implementation of IMF-recommended reforms to enable the initiation of a Staff Monitored Program.” Please describe the IMF recommended reforms, in particular steps needed to  enable the initiation of a Staff Monitored Program.”

ICP: On Egypt, what is the IMF's estimate of or thinking on the suspension of flights after the downing of Metrojet Flight 9268?

  At the November 12 briefing, Rice was asked if Managing Director Lagarde will discuss Greece and refugees at the upcoming G20 in Turkey, and about the imminent "lending into arrears" a/k/a Ukraine policy change. We'll have more on this.

November 9, 2015

NYCB gobbling up Astoria? We think not.

Key Bank - First Niagara Would Trigger Branch Closing, Lending Disparities, FFW Says

By Matthew R. Lee

NEW YORK, November 3 -- The lack of seriousness in US bank regulation continues, even as new mergers portending significant branch closing impacts are announced.

 Inner City Press / Fair Finance Watch, which has previously expressed its concerns about both KeyCorp and First Niagara, sees no public benefit in the proposed merger of the two for $4.1 billion, announced on October 30.

  First Niagara already closed more than a dozen branches after it acquired them from HSBC (here were some of Fair Finance Watch' concerns when it grabbed New Alliance).  KeyCorp would closed yet more branches (here's some of Fair Finance Watch's analysis of KeyCorp's lending).

  In 2014, the most recent year for which Home Mortgage Disclosure Act data is available, Key Bank National Association in the Buffalo Metropolitan Statistical Area made 258 home purchase loans to whites but only seven to African Americans, while denying the applications of African Americans 2.56 times more frequently than those of whites. For refinance loans, Key's denial rate disparity for African Americans was 2.28.

 In the New York City MSA, Key Bank National Association made 21 home purchase loans to whites and only ONE to an African American applicant. Key made 43 refinance loans to whites and NONE to African Americans. These disparities are not acceptable.

 In other upstate / Western New York work, after Fair Finance Watch advocacy, Community Bank System Inc is expanding its Community Reinvestment Act assessment area, here.

  As to Goldman Sachs, Inner City Press / Fair Finance Watch filed a supplement comment on October 30 including Goldman's new and troubling settlement with the NYS Department of Financial Services regarding a former Federal Reserve employee impermissibly using Fed information for them. Public hearings and an extension of the comment period are needed.

 As detailed below, the Federal Reserve's General Counsel Scott Alvarez solicitiously agreed to weekend phone calls with Goldman's outside council Rodgin "Rodge" Cohen at Sullivan & Cromwell, and the Fed submitted its "Additional Information" request to Goldman in July, a full month before any application was submitted or the deal publicly announced.

  Thus there was no way for the public to be involved in the Fed's review, which is required by the Bank Merger Act (and the Administrative Procedures Act). The Fed began trying to essentially pre-approve some applications with a 2012 letter to banks, here - but it said no major issues could be addressed this way, and the interchanged would be subject to FOIA.

  In this case, though, where Inner City Press submitted its FOIA request as soon as it became aware of Goldman's GE proposal and application, none of the information would have been available until after the comment period was set to close on September. It has been extended to October 30, due to requests from ICP and other NCRC members, but the Fed is still withholding portions of its communication with Goldman in the face of the FOIA Appeal Inner City Press immediately filed. (ICP has also submitted a timely additional comment on these issues.)

  Inner City Press has previously litigated FOIA requests with the Fed and won, at least in part, for example in obtaining subprime lending information the Fed wanted to withhold, here.  But this should not be necessary in order for the public to have this basic information, during the comment period. Will members of Congress and other chime in? Watch this site.

  This process began by overbroad withholding of basic parts of Goldman's application, click here to view, which Goldman in an October 14 submission to the Fed, here, says has been cured (it has not been).

November 2, 2015

IMF Answers ICP on Austerity in Jamaica, Not on Antigua Corruption Case

By Matthew Russell Lee

UNITED NATIONS, October 29 -- Amid complaints about the impact of International Monetary Fund programs, Inner City Press on October 29 asked IMF spokesperson Gerry Rice “in Jamaica, the National Democratic Movement has blamed the IMF for the country's 'health-care system becoming a national disgrace.' What is the IMF's response?”

  Rice during the IMF's embargoed briefing read out this question, audio here, and said he does not agree, that Jamaica's 2015-16 budget includes an increase for the Ministry of Health. Audio of full answer here.

  The IMF left unanswered, for now, Inner City Press' question about Antigua and Barbuda, below; there will be more about Dominica.

 The IMF, it seems, should be more responsive: the Gleaner for example opines that “in 2014, Jamaica paid $138 million more to the IMF than it received from it. We are constantly being told Jamaica passed the IMF test. Look at the punitive primary surplus imposed on Jamaica. At 7.5%, it is way above what is being asked of any other country in the IMF program. It is 4% for Cyprus, 3% for Ireland, 3% for Greece, 3% for Portugal and a puny 1% for Ukraine. One has to wonder why Jamaica is being treated this way.”

  Here are two other questions Inner City Press submitted on October 29, still without answer:

On Antigua & Barbuda, in light of recent comments by IMF Mission Chief Arnold McIntyre, what is the IMF's view of and comment on the information in the US FBI's charge sheet and indictment of Antigua's former ambassador (and former UN PGA) John Ashe, particularly with regard to corruption in the country?

In light of the UN Special Rapporteur's report on human rights (non) compliance by the World Bank, presented this week at the UN, please summarize how the IMF considers the human rights impacts on its decisions.

  We'll have more on this.
October 26, 2015

Countdown: It's BNC Bancorp aspiring for Southcoast Financial Corporation, until Nov 13, watch this site.

October 19, 2015

We are also looking at, in North Carolina: Yadkin Financial Corporation and NewBridge Bancorp announced a proposed merger which would "strengthen Yadkin as the largest community bank headquartered in North Carolina."

October 12, 2015

Predator on the move? Republic Bancorp, parent company of Republic Bank & Trust Company announced a proposal to acquire Cornerstone Bancorp in St. Petersburg, Florida....

October 5, 2015

RBC Met Fed Before City National Disclosed, ICP FOIA Shows, UNreal

By Matthew R. Lee

NEW YORK, October 3 -- The largest US  bank merger proposed so far in 2015, that of Royal Bank of Canada and affluent-focused Los Angeles-based City National Bank, has since April been the subject of a Community Reinvestment Act challenge by Fair Finance Watch.

Back on April 11, Inner City Press submitted a Freedom of Information Act (FOIA) request to the Federal Reserve for it communication with and about RBC and City National. Only on September 30, more than five MONTHS later, did the Fed response. In the spirit of transparency, we are putting the FOIA response online here.

  It shows among many other things that RBC was meeting with the Federal Reserve well before the public announcement of its City National proposal; it has many redactions which we will be appealing, for example “When you have a chance, please put a note in our files indicating that we asked Charles Fleet about [REDACTED] (b)(5) . Thanks.”

  The LA Times has reported on the "letter from the Fed [which] asks the banks to respond to questions raised in written comments by [FFW]. Spokesmen for the banks declined to comment.... Fair Finance Watch, a New York advocacy group for minorities, questioned a deal between the banks in a June 11 comment letter to the Fed."

September 28, 2015

Goldman Sachs - GE Comment Period Extended by NYS, Fed Silent

By Matthew R. Lee

NEW YORK, September 25 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with Goldman Sachs the most recent example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view.

  Inner City Press has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, have asked the Fed to extend its comment period, with no response.

  Inner City Press made a similar request to the New York State Department of Financial Services and on September 25, some information was released -- not enough -- and the NYS comment period was extended for 30 days.

 NYSDFS Senior Attorney George Bogdan wrote:

"Dear Mr. Matthew Lee: Your FOIL request has been granted in part. My response letter and 2 Goldman Sachs documents are attached to this e mail. Also note that the comment period for the Goldman Sachs application has been extended by 30 days. An official notice for the extension will be posted online in the DFS Weekly Bulletin for the week ending September 25, 2015."

  While Inner City Press prepares a FOIL appeal, why hasn't the Federal Reserve even ruled on its FOIA request, and extended the comment period like its state counterpart? We'll have more on this.

  On September 22, 2015, the Federal Reserve belatedly released the 2014 Home Mortgage Disclosure Act data. A quick review of the lending of Goldman Sachs Bank USA in the New York City Metropolitan Statistical Area shows the Goldman Sachs focus which should require publish hearings in this case.

  Fair Finance Watch, hours after the data was released, has commented to the Federal Reserve at the highest level that "in the New York City MSA in 2014, for conventional home purchase loans (Table 4-2), Goldman Sachs Bank USA made 45 such loans to whites, only two to African Americans and only one to a Latino. For refinance loans (Table 4-3), Goldman Sachs Bank USA made 16 loans to whites and NONE to African American or Latinos. This is inconsistent with the demographics of the New York City MSA and with other lenders' records; it further militate for the timely requested public hearings."

  Goldman Sachs has purported to respond to the comments of Inner City Press / Fair Finance Watch by releasing a small amount of the withheld information, and arguing that what the wider Goldman Sachs does cannot or will no be considered by the Federal Reserve on this Bank Merger Act application by Goldman Sachs Bank. We've put Goldman Sachs' response online, here. It says:

“FFW states that the audio released by examiner Ms. Carmen Segara requires an extension of the comment period and a public hearing... GS Bank believes the issue is outside the scope of the statutory factors for Board consideration under the Bank Merger Act... Goldman Sachs Bank USA ('GS Bank') hereby submits its response to the three comment letters, submitted on September 2, September 3 and September 9, 2015 (the 'Comment Letters'), by the Inner City Press's Fair Finance Watch ('FFW')....

"FFW makes accusations of 'predatory practices' in the 'mortgage field' and 'municipal finance,' and states that there are a number of compliance settlements that must be reviewed in connection with the Application. FFW references several articles related to lawsuits, settlements and other events, all but one of which involve Goldman Sachs but not GS Bank. GS Bank respectfully submits that such comments are not substantiated by specific arguments or facts. GS Bank notes that none of the articles relate to GS Bank itself, and believes these issues are outside the scope of the statutory factors for Board consideration under the Bank Merger Act.”

  Goldman Sachs is arguing that the acts of a parent company cannot be considered when its bank applies to buy ($16 billion) in insured deposits, an absurd argument. FFW has submitted another comment to the Fed, including that

"ICP has received by mail from Goldman Sachs' counsel a purported response which claims that issues ranging from conflict of interest and under-regulation by the FRB (evidenced for example by the audio leaked by whistleblower Carmen Segarra) is not cognizable under the Bank Merger Act - an absurd argument. The FRB would be the decision maker, therefore such issues must be addressed.

 "Goldman Sachs cavalierly states that since it withdrew some of its indefensible requests for confidential treatment of its application, that issues is resolved. It is not - too much is still being withheld. Significantly, Goldman Sachs has offered no explanation of the specious requests for confidential treatment it made, denying commenters access to information during the comment period. As others now argue, the comment period would be extended and hearing held."

September 21, 2015

On Tunisia, ICP Asks IMF of Reforms: Banking Law, Energy Subsidies

By Matthew Russell Lee

UNITED NATIONS, September 17 -- On Tunisia, Inner City Press at the International Monetary Fund's embargoed briefing on September 17 asked the IMF:

"In Tunisia, Managing Director Lagarde was quoted that 'It is necessary to really work and to consider that these economic reforms are a priority, decisive.' Can you say if these reforms include ending or limited subsidies and tax increases on, for example, gasoline? What process and timeline does the IMF envision for Tunisia?"

  After the embargoed briefing ended, this was provided by IMF:

“These reforms include a sound banking system, a more efficient government and civil service, a fair and efficient tax system, investment-oriented public spending, a business environment more conducive to investor risk taking, and a modern social safety net are key to maintaining growth and creating jobs in Tunisia. On energy subsidy reforms, the decline in international oil prices led to a 1.6 percent of GDP decline in energy subsidies in 2015. What is important next is to make sure that the decline in energy subsidies remains sustainable through the implementation of a new automatic fuel price formula, which is expected by the end of this year.
 
"The IMF envisions that key reforms in the banking sector—completion of the public bank recapitalization process, and adoption of key laws such as the banking and bankruptcy laws—as well as adoption of a tax package aimed at promoting greater equity, efficiency and simplification— are implemented by the end of 2015, which is when the current arrangement is set to expire.”

  Relatedly, amid the refugee crisis, Inner City Press also asked the IMF's spokesperson Gerry Rice on September 17 what does the IMF see as its role in the current refugee crisis, both some countries of arrival, and in the countries people are leaving?

Rice replied, in the televised briefing:

I want to take a question from our colleague [Inner City Press] because he’s asking about another issue that’s very much on our minds I think these days which is -- he’s asking what does the IMF see as its role in the current refugee crisis, both countries of arrival and countries where people are leaving. Well the first thing I’d say is obviously this is a massive humanitarian crisis. The concern first and foremost is for the people effected and the IMF shares that concern. The magnitude of the crisis is indeed extraordinary. As you know European political leaders are working together on the response and we believe managing the crisis will indeed require collective concerted action. On the implications which he was asking about, on the economic cost, on the fiscal dimensions, obviously the crisis is still evolving, so it’s too early for us to estimate specific fiscal impact. It’s going to be case by case in terms of countries, however past international experience with surges in immigration suggest the speed with which immigrants are integrated into the labor force is a crucial factor.

On the European dimension of this crisis there are many factors at play and it’s difficult to make again an economic assessment at this moment but we are working on it and we will be coming back to you in due course on this. I just want to finally mention that Europe is not the only region affected by this issue. Many countries in the Middle East and North Africa, for example, perhaps most notably Jordan and Lebanon have been hosting large numbers of refugees from conflict areas including Iraq and Syria and they have been shouldering heavy burdens in accommodating the refugees basic needs for multiple years now.

The IMF has been involved in this issue in terms of dialogue, in terms of urging the international community and most specifically in our programs where needed and where appropriate. We have been trying to create -- help countries create the fiscal space which is something that we can help them with specifically. Create the fiscal space to accommodate some of these large refugee issues. This was the case for example in Jordan recently.

  . We'll have more on this.September 14, 2015

Now Community Bank System has been asked, by the Federal Reserve:

“On May 23, 2015, Inner City Press/Fair Finance Watch ('ICP') submitted a comment (Comment Letter) in protest of CBSI's proposed transaction, and in the Comment Letter, ICP alleged that: 'When the planned merger of Oneida Savings ·Bank and Community Bank, N.A., occurs in July, about 60 employees could be out of a job.' Our records do not reflect a response from CB SI to ICP's allegation. If you wish to provide a response, please do so within 7 business days.”

IMF Tells ICP of Lagarde on SDGs, Q of Financial Inclusion, Indonesia

By Matthew Russell Lee

UNITED NATIONS, September 3 -- When the International Monetary Fund resumed its biweekly embargoed media briefings on September 3, Inner City Press submitted four questions. Inner City Press asked:

"Who from the IMF is coming to the UN General Assembly (and SDGs, etc) week in late September, and what is their program? What meeting will they participate in? What do they hope to accomplish?"

IMF Deputy Spokesperson William Murray answered, as fast transcribed by InnerCityPro:

“Matthew, and others, the Managing Director is scheduled to attend the UNGA particularly the SDGs segment in late September. There was a previous meeting in Addis Ababa we participated in at a high level that dealt with the SDGs... The IMF's Executive Board recently endorsed a 50% increase in access to all the funds concessional lending facilities and to maintain a 0% rate for low income countries that struggle with disasters and conflict. The Executive Board of the Fund has endorsed IMF's engagement in sustainable inclusive growth, on which we'll be elaborating in the weeks and months to come.”

  One focus should be financial inclusion, on which we'll have more during UNGA week.

 In the meanwhile, Murray also said Managing Director Christine Lagarde is about to arrive in Ukraine for "opportunistic" meetings with the authorities, and an IMF mission team will go there on September 22.

  On September 3, Inner City Press also submitted questions about Nepal and Grenada, as well as this:

"In Indonesia the Vice Speaker of the House of Representatives Taufik Kurniawan recently said, 'We do not ask for IMF support in crisis;' at the UN in NY on Sept 2, the Vice Chairman of the House of Representatives of Indonesia H. Fadli Zon told Inner City Press much the same thing. What is the IMF's response to these criticisms or resistance to the IMF, from elected representatives of the country where the IMF now plans its 2018 Annual Meetings?"

  We hope to receive answers.
August 31, 2015

Here are some recently announced proposed deals we are looking at:

August 6, Texas: Prosperity Bancshares announced a proposed merger agreement with Tradition Bancshares;

August 3, 2015

IMF Board Funds Ukraine & Jordan, Short-changes Nepal, No Answers

By Matthew Russell Lee

UNITED NATIONS, July 31 -- When the International Monetary Fund Executive Board met before going on break on July 31, it doled out funds to Ukraine and Jordan, and a smaller amount to post-earthquake Nepal.

  Back on July 29, Inner City Press submitted questions for Managing Director Lagarde, including:

"Given that Nepal after its massive earthquakes was deemed ineligible for the IMF's IMF's Catastrophe Containment and Relief Trust, do you think there is a need to reconsider or modify the criteria of the CCRT?

"Yesterday the UN Ad Hoc Committee on Sovereign Debt Restructuring adopted nine principles to create a global bankruptcy process for countries. What does the IMF think should be done in this regard, and what is the IMF / Managing Director doing?"

  Neither question was answered, or even taken; there is no IMF briefing until September. The program for Nepal announced on July 31 was not under the CCRT, but rather the Rapid Credit Facility:

"The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of SDR 35.6 million (US$49.7 million) for Nepal under the Rapid Credit Facility. This financial support will help the country address the urgent balance of payments and fiscal needs associated with the rehabilitation and reconstruction efforts in the aftermath of the powerful earthquake that occurred on April 25 causing widespread damage and devastation."

  But apparently this damage and devastation was not widespread enough for the IMF. Shouldn't it explain why it will not seek to amend its CCRT program? And speak about sovereign debt and bankruptcy? We'll stay on this.

July 27, 2015

IMF Board to Meet on Ukraine July 31, No Answers on Africa, Madagascar, FfD

By Matthew Russell Lee

UNITED NATIONS, July 23 -- When the International Monetary Fund held a belated media briefing on July 23, before taking its summer break, nearly all the questions were about Greece; at least two Africa questions (from Inner City Press) were not answered, including:

On Madagascar, the IMF's Patrick Imam has said “certain preconditions for the... Extended Credit Facility (ECF) are not yet fully met.” What are those conditions, and what are the IMF's next steps on Madagascar?

What is the IMF's view of the Financing for Development agreement reached in Addis Ababa this month, in particular the non-inclusion of a mechanism to deal with inconsistent global corporate taxation?

  While leaving these and a Press request for an update on Nepal unanswered, the IMF went around and around on Greece and then Ukraine. On the latter, there is a July 31 board meeting tentatively set - before the Board's summer recess.

  On Greece, spokesperson Gerry Rice could not or would not confirm a Troika visit to Athens. He praise Delia Velculescu, being shifted by the IMF to Greece from Cyprus. In the capacity, she answered Inner City Press' questions a year ago, here.

 Apparently answers depend on what (country) you're asking about. A country like Nepal might merit answers for a few briefings, but then no updates (or follow through). We'll have more on this.

  Since the Nepal earthquake, Inner City Press has been asking the International Monetary Fund if it would move to relieve the country's debt burden. Inner City Press resubmitted the question for the IMF's embargoed June 25 briefing, and during it, IMF spokesperson Gerry Rice read out the question and answered it. Transcript here; video here from 47:50.

  Inner City Press' question: "On Nepal, in the run up to the June 25 International Conference of Nepal’s Reconstruction, and with the World Bank announcing $500 million, is the IMF intending to do anything beyond the $50 million (one year) and $124 million (overall) in its response in the last briefing? Through the IMF's Catastrophe Containment and Relief Trust?"

  Rice said the IMF is represented at the conference in Katmandu -- contrary to some reports, UN Secretary General Ban Ki-moon is NOT there -- and could be the request for the $50 M / $124 M to the Board in July. He emphasized this would be zero interest under the RCF but said Nepal is NOT eligible for the CCRT, GDP damage is not enough.