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The failure of the Royal Bank of Scotland | FSA Board Report
www.fsa.gov.uk/rbs
December 2011
Financial Services Authority Board Report
The failure of the Royal Bank of Scotland
Financial Services Authority Board Report
The failure of the Royal Bank of Scotland
December 2011
© Financial Services Authority 2011
25 The North Colonnade Canary Wharf London E14 5HS
Telephone: +44 (0)20 7066 1000
Website: www.fsa.gov.uk
All right reserved
The failure of the Royal Bank of Scotland | FSA Board Report
3Contents
Chairman’s Foreword 6
Introduction 13
Executive summary 21
Annex: UKLA supervision of RBS’s market communications 36
Part 1 Why did RBS fail? 37
Part 2 Lessons for the regulatory framework and supervision, 61
and for the management of firms
Introduction 62
1 Factors contributing to RBS’s failure, and the FSA’s 64
regulatory and supervisory response
1.1 RBS’s capital position and the underlying 64
regulatory framework
1.2 RBS’s liquidity position, the FSA’s regulatory 94
framework and supervisory approach
1.3 Asset quality: concerns and uncertainties 120
1.4 Losses in credit trading activities 140
1.5 ABN AMRO acquisition: ‘the wrong price, 159
the wrong way to pay, at the wrong time and
the wrong deal’
1.6 Systemic vulnerabilities and confidence collapse: 188
failure of the banks in worse relative positions
2 Management, governance and culture 220
3 Supervisory approach, priorities and resources 253
Appendices
2A Summary of recommendations 295
2B Market communication – a review of oversight by the 303
United Kingdom Listing Authority (UKLA)
2C An outline chronology 310
2D Summary of the international prudential policy framework 320
during the Review Period and the main changes in
prudential policy agreed since the financial crisis
Contents
The failure of the Royal Bank of Scotland | FSA Board Report
4
2E Estimating Basel III capital and liquidity 330
measures for RBS
2F FSA policy on IRB model approvals 336
during the Review Period
2G Liquidity risk arising from RBS’s exposure 339
to ABCP conduits
2H RBS Board membership during the Review Period 341
2I The FSA’s management and Board during the 342
Review Period
2J Approach and processes followed by the 346
Review Team
Part 3 FSA Enforcement 347
Introduction 348
1 Global Banking and Markets 358
2 The acquisition of ABN AMRO 407
3 Investment circulars 423
Appendix
3A Chapter headings of the PwC investigation reports 432
General appendices
A FSA Chairman’s letter of 15 December 2010 to 434
Chairman of Treasury Select Committee
B Glossary of main terms, other abbreviations and 437
other acronyms
Contents
5
The failure of the Royal Bank of Scotland | FSA Board Report
6
Chairman’s Foreword
RBS’s failure in October 2008 has imposed large costs on UK citizens. To
prevent collapse the government injected £45.5bn of equity capital: that stake
is now worth about £20bn.
1
But this loss is only a small part of the cost
resulting from the financial crisis. The larger costs arise from the recession
which resulted from that crisis, within which RBS’s failure played a significant
role. That recession has caused unemployment for many, losses of income and
wealth for many more.
Quite reasonably, therefore, people want to know why RBS failed. Cộng Hoà Xã Hội Chủ Nghĩa Việt Nam Độc lập – Tự – Hạnh phúc o0o -Bình Dương, ngày 15 tháng 06 năm 2017 BÁO CÁO ĐÁNH GIÁ CỦA BAN KIỂM SOÁT Ban kiểm soát xin báo cáo trước Đại hội đồng cổ đông thường niên 2017 nội dung sau: I Kết thẩm định đánh giá BKS Báo cáo tài năm 2016: Căn số liệu báo cáo tài năm 2016 Công ty Cổ phần Beton kiểm toán Công ty Kiểm toán A&C, BKS ghi nhận số liệu báo cáo phản ánh trung thực hợp lý tình hình tài kết hoạt động kinh doanh Công ty; phù hợp với chuẩn mực kế toán Việt Nam hành quy định pháp lý có liên quan Kết thúc năm tài 2016, kết hoạt động sản xuất kinh doanh Beton sau: - Doanh thu đạt 955 tỷ đồng - Lợi nhuận trước thuế năm 2016 đạt 14.7 tỷ đồng - Lợi nhuận sau thuế đạt 8.7 tỷ đồng II Kết thẩm định đánh giá BKS tình hình hoạt động Công ty: Hoạt động kinh doanh: Năm 2016 Công ty đạt tiêu hoạt động sản xuất kinh doanh sau: Thực 2015 (tỷ đồng) Thực 2016 (tỷ đồng) Kế hoạch 2016 (tỷ đồng) Thực hiện/ kế hoạch 2016 Thực 2016/2015 1,140 955 1500 63.67% 83.77% - Hoạt động xây dựng 392 282 71.94% - Sản phẩm bê tông 578 572 98.96% - Khác 170 101 59.41% Lợi nhuận trước thuế 30 14.7 N/A N/A 49.00% Lợi nhuận sau thuế 25 8.5 N/A N/A 34.00% Chỉ tiêu Doanh thu: So với kế hoạch Đại hội đồng Cổ đông thông qua, tổng doanh thu đạt 955 tỷ 63.67% kế hoạch, so với năm 2015 doanh thu đạt 83.77% Lợi nhuận sau thuế cổ đông công ty mẹ đạt 25 tỷ, 34% so với năm 2015 Doanh thu lợi nhuận sau thuế năm 2016 so với năm 2015, chi tiết sau: 2015 Chỉ tiêu tỷ đồng % tỷ trọng/ doanh thu Công ty Cổ Phần Beton 2016 tỷ đồng % tỷ trọng/ doanh thu So sánh 2016/2015 P.1/4 Tầng 14 – Green Power, 35 Tôn Đức Thắng, P Bến Nghé, Quận 1, TP.HCM - T: (84.8) 3911.9696 - F: (84.8) 3911.9292 - www.beton6.com Doanh thu 1,140.00 Giá vốn (994.63) Doanh thu tài 955 63.67% 83.77% (950) 17.83 1.56% 7.79 0.82% 43.69% (57.66) 5.06% (91) 9.53% 157.82% Phần lãi/ lỗ Cty liên kết 5.56 0.49% Chi phí bán hàng (5.48) 0.48% 5.38 0.56% 98.18% Chi phí quản lý doanh nghiệp (80.82) 7.09% 126 13.19% 155.90% Thu nhập khác 6.01 0.53% 226 23.66% 37.60% Lợi nhuận trước thuế 30.47 2.67% 14.70 1.54% 48.24% Lợi nhuận sau thuế 25.09 2.20% 8.65 0.91% 34.48% Chi phí tài - 87.27% Tình hình thị trường xây dựng nhiều khó khăn, doanh thu năm 2016 83.77% so với thực năm 2015 Lợi nhuận sau thuế 34.48% so với năm 2015 Nguyên nhân: tăng chi phí quản lý doanh nghiệp chi phí tài Năm 2016 doanh thu tài giảm so 2015, vay ngân hàng 2016 giảm so với 2015, chi phí tài 2015 tăng 1,05 lần so với 2014, điều làm ảnh hưởng tới lợi nhuận - Khoản phải thu ngắn hạn cuối năm 2016 giảm 1.07% so với cuối năm 2015, chi tiết sau: 2015 (tỷ đồng) 2016 (tỷ đồng) Tăng/ (giảm) Phải thu ngắn hạn khách hàng 661.55 505.33 -24% Trả trước cho người bán ngắn hạn 14.01 98.45 603% Phải thu cho vay ngắn hạn 64.49 96.15 49% Phải thu ngắn hạn khác 207.99 291.34 40% Dự phòng phải thu ngắn hạn khó đòi (62.42) (170.90) 174% 885.62 820.37 -7% Phải thu ngắn hạn Cộng - Tình hình tồn kho cuối năm 2016 giảm 19.02% so với cuối năm 2015, chi tiết: Công ty Cổ Phần Beton Tầng – Hưng Bình Tower, 404-406 Ung Văn Khiêm, Phường 25, Q Bình Thạnh, TP.HCM T: (84.8) 3911.9696 - F: (84.8) 3911.9292 - www.beton6.com P 2/4 - Tình hình nợ vay năm 2016 giảm 7%, chi phí lãi vay giảm tương ứng 7% so với năm 2015, sau: Phải thu ngắn hạn Vay nợ thuê tài ngắn hạn 2015 (tỷ đồng) 2016 (tỷ đồng) Tăng/ (giảm) 601.32 590 -2% 0.50 23 4500% 601.82 419.1 -30% 55.25 51.12 -7% Vay nợ thuê tài dài hạn Cộng Chi phí lãi vay Hoạt động đầu tư mua sắm tài sản cố định: - Tình hình đầu tư TSCĐ: năm công ty mua sắm tài sản cố định phục vụ cho hoạt động sản xuất kinh doanh công ty với giá trị 90.6 tỷ đồng Đây khoản thiết thực nhằm phục vụ sản xuất kinh doanh - Tình hình đầu tư vào công ty con, công ty liên kết: - Tình hình cổ phiếu cổ tức: Số lượng cổ phiếu lưu hành 33 triệu cổ phiếu Lợi nhuận cổ phiếu (EPS) năm 2016 đạt 263 đồng/cp, năm 2015: 307đ/cp, lợi nhuận giảm đă nêu Cổ tức: năm 2016 công ty không thực toán cổ tức cho cổ đông Tình hình thực nghị HĐQT: Trong năm 2016, công ty thực số nghị quan trọng sau đây: Giao dịch, ủy quyền giao dịch tín dụng với ngân hàng Bổ nhiệm nhân phụ trách mảng tài chính, thay đổi Kế Toán Trưởng Thuê mua tài xe máy thiết bị Thanh lý tài sản không khả sử dụng Bầu Ông Trần Văn Cầu làm Chủ tịch HĐQT Công ty Cổ Phần Beton Tầng – Hưng Bình Tower, 404-406 Ung Văn Khiêm, Phường 25, Q Bình Thạnh, TP.HCM T: (84.8) 3911.9696 - F: (84.8) 3911.9292 - www.beton6.com P 3/4 Chọn A&C làm đơn vị kiểm toán cho năm 2017 Bổ nhiệm Ông Sergei Savrukhin chức vụ Giám đốc điều hành (COO – Chief Operating Officer) Chốt danh sách cổ đông chuyển sàn UPCOM Góp vốn thành lập công ty H&B E&C Kiến nghị Ban Kiểm soát: Ban Kiểm soát xét thấy có điểm cần lưu ý Ban Điều hành Công ty sau: - Tích cực tìm kiếm dự án xây dựng để tăng doanh thu - Cần có biện pháp giảm chi phí quản lý doanh nghiệp - Ổn định hoàn thiện máy điều hành Công ty - Cần trọng công tác quản lý hàng tồn kho, công tác thu hồi công nợ Đề biện pháp để thu hồi công nợ, ...
NSW Commission of Audit
Final Report
Government Expenditure
4 May 2012
NSW Commission of Audit CONFIDENTIAL Final Report: Expenditure
2
Table of Contents
Acknowledgement 5
Part I: OVERVIEW 6
1. Introduction 7
1.1 Key expenditure themes 7
1.2 Broad direction of recommendations 10
1.3 The Interim Report 16
1.4 Terms of reference 17
2. Expenditure by the NSW Government 21
2.1 Introduction 21
2.2 Government policy and priorities 23
2.3 Previous Expenditure Allocations 25
2.4 Adequate capital expenditure 33
2.5 Sustainable expenditure 35
2.6 Conclusions 41
Part II: SERVICE DELIVERY 42
3. Health 43
3.1 Government Policy 43
3.2 The current situation 49
3.3 Making better expenditure decisions 59
4. Education and training 43
4.1 Government policy 71
4.2 Present arrangements and expenditure 75
4.3 Future changes in arrangements and education 83
5. Family and Community Services 93
5.1 Overview 93
5.2 NGO service delivery 97
5.3 Out of home care 104
5.4 Social housing 109
5.5 Individualised funding 113
5.6 Boarding housing reform 116
5.7 Intensive support for multiple and complex needs families 117
6. Justice: Police, Corrective Services and Juvenile Justice 121
6.1 Government policy and priorities 121
6.2 The NSW Police Force 124
6.3 Corrective Services 130
6.4 Juvenile Justice 145
NSW Commission of Audit CONFIDENTIAL Final Report: Expenditure
3
Part III: BUSINESS AND COMMUNITY 151
7. Transport 153
7.1 Government policy 153
7.2 Structural reform 155
7.3 The business of Transport 157
7.4 Railcorp 163
7.5 Roads and Maritime Services 169
7.6 Buses 178
7.7 Franchising services 180
7.8 Infrastructure and freight 181
8 Electricity 185
8.1 Government policy 185
8.2 Industry structure 188
8.3 Current situation 196
9. Water 211
9.1 Government policy 211
9.2 Urban water 213
9.3 Rural water 231
10. Workers‟ Compensation 239
10.1 Overview 239
10.2 The WorkCover Insurance Scheme 244
10.3 Addressing the cost drivers 250
Part IV: INTERNAL EFFICIENCIES 272
11. Corporate and shared services 273
11.1 Introduction 273
11.2 The current situation 275
11.3 The case for change 281
11.4 Making the change 284
11.5 Expenditure 296
12. Procurement 297
12.1 Procurement of goods and services 297
12.2 Capital procurement 306
12.3 ICT Procurement 313
12.4 Comment 318
13. Public sector insurance and Workers‟ Compensation 319
13.1 Overview 319
13.2 Workers‟ Compensation 322
NSW Commission of Audit CONFIDENTIAL Final Report: Expenditure
4
14. Concessions 333
14.1 Overview 333
14.2 Making concessions more effective and efficient 337
Part V: NEXT STEPS 340
15. Program and expenditure evaluations 341
15.1 Overview 341
15.1 Increasing transparency 343
16. Recommendations 349
Appendices 373
Bibliography 420
NSW Commission of Audit CONFIDENTIAL Final Report: Expenditure
5
Acknowledgement
The work of the Commission of Audit on this Report has been conducted by an
Advisory Board chaired by David Gonski AC and a small secretariat led by Kerry
Schott. The secretariat staff included Louis Kastoun and Michael Abrahams from
Treasury, Nigel Bailey from KPMG, Peter Connelly from Premier and Cabinet (for a
short time), and Kathryn Olsen in support and as office manager.
The secretariat was assisted by several consultants on specific issues. Boston
Consulting Group provided case studies of devolution (see Appendix 6) and Third
Horizon and KPMG assisted with the chapter on electricity utilities (Chapter 8). In all
the areas covered OFFICE OF THE STATE AUDITOR PHIL BRYANT Auditor POST OFFICE BOX 956 •JACKSON, MISSISSIPPI 39205 • (601) 576-2800 • FAX (601) 576-2687 January 7, 2004 Financial Audit Management Report H. S. McMillan, Director Mississippi Department of Rehabilitation Services 1281 Highway 51 North Madison, Mississippi 39110 Dear Mr. McMillan: The Office of the State Auditor has completed its audit of selected accounts included on the financial statements of the Mississippi Department of Rehabilitation Services for the year ended June 30, 2003. These financial statements are consolidated into the State of Mississippi's Comprehensive Annual Financial Report. The Office of the State Auditor's staff members participating in this engagement included Karlanne Coates, CPA, Marilyn Purvis, CGFM, Amy Buller, CPA, Tangela Beddingfield, and Mary Jo Milner. The fieldwork for audit procedures and tests was completed on October 3, 2003. These procedures and tests cannot and do not provide absolute assurance that all state legal requirements have been met. In accordance with Section 7-7-211, Miss. Code Ann. (1972), the Office of the State Auditor, when deemed necessary, may conduct additional procedures and tests of transactions for this or other fiscal years to ensure compliance with legal requirements. Internal Control over Financial Reporting In planning and performing our audit of selected accounts included on the financial statements, we considered the Mississippi Department of Rehabilitation Services’ internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on these accounts and not to provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. This is trial version www.adultpdf.com Mississippi Department of Rehabilitation Services January 7, 2004 Page 2 Compliance As part of obtaining reasonable assurance about whether selected accounts included on the financial statements of the Mississippi Department of Rehabilitation Services are free of material misstatement, we performed tests of compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. We are pleased to report the results of our tests disclosed no instances of OFFICE OF THE STATE AUDITOR PHIL BRYANT Auditor POST OFFICE BOX 956 •JACKSON, MISSISSIPPI 39205 • (601) 576-2800 • FAX (601) 576-2687 January 11, 2005 Financial Audit Management Report Tommye D. Favre, Executive Director Mississippi Department of Employment Security P. O. Box 1699 Jackson, Mississippi 39215-1699 Dear Mrs. Favre: The Office of the State Auditor has completed its audit of selected accounts included on the financial statements of the Mississippi Department of Employment Security for the year ended June 30, 2004. These financial statements are consolidated into the State of Mississippi's Comprehensive Annual Financial Report. The Office of the State Auditor's staff members participating in this engagement included Rob Robertson, Vicki Alvey, Brian Quinn, and Shelia Sykes. The fieldwork for audit procedures and tests was completed on October 28, 2004. These procedures and tests cannot and do not provide absolute assurance that all state legal requirements have been met. In accordance with Section 7-7-211, Miss. Code Ann. (1972), the Office of the State Auditor, when deemed necessary, may conduct additional procedures and tests of transactions for this or other fiscal years to ensure compliance with legal requirements. Internal Control over Financial Reporting In planning and performing our audit of selected accounts included on the financial statements, we considered the Mississippi Department of Employment Security’s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on these accounts and not to provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. This is trial version www.adultpdf.com Mississippi Department of Employment Security January 11, 2005 Page 2 Compliance As part of obtaining reasonable assurance about whether selected accounts included on the financial statements of the Mississippi Department of Employment Security are free of material misstatement, we performed tests of compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. We are pleased to report the results of our tests disclosed no instances of noncompliance that are required to be reported under Government
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