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Mr. John Mendzela

moved to the private sector. Much smaller transaction volumes allowed the RBNZ to merge its banking operations with other work. Like many central banks, the RBNZ was a de facto property manager. Its properties were originally built as secure facilities for currency storage and processing, but had substantial spare office space. To promote efficiency, property management was recognized as a distinct (if involuntary) output of the RBNZ. Taking a commercial approach, the RBNZ’s property manager charged departments market rentals, rationalized the RBNZ’s own use of

Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
International Monetary Fund

control procedures related to the use of public funds and property. Most importantly, in mid-2003, the government launched its “Glass Pockets” program to enhance transparency. 6 As a part of this program: The SAO is empowered to scrutinize and audit not only the operations of budgetary institutions, but also of private companies involved in public procurement and all contracts involving public money and property. Managers and members of the supervisory boards of state-owned enterprises with a share capital in excess of Ft 200 million are required to declare

International Monetary Fund
This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Hungary. The paper discusses that from 2004, and in the context of the 2004 budget law, the use of privatization receipts has been limited to financing infrastructure development projects included in the central budget and approved by Parliament. Hungary’s 2003 Pre-Accession Economic Program submitted to the European Commission improved its analysis of medium-term fiscal risks and provided an estimate of the structural fiscal deficit.
Silvia Iorgova

property managers, and real estate rental and leasing), S&P Europe REIT; Sovereign Bonds : Bloomberg-Barclays All Bonds Total Return indices for Portugal, Ireland, Italy, Greece, Spain, and Germany; Exchange Rates : EURUSD, GBPUSD; Fixed Income : iBoxx Euro Collateral Overall, iBoxx Euro Overall, iBoxx Corporate BBB, iBoxx Corporate AAA; CDS : iTraxx Europe five-year which measures the total return of funded long-credit position in the on-the-run iTraxx Europe five-year index; and Monoline Insurers: Syncora, MBIA. All indices are total return indices and

Silvia Iorgova
Outside of financial crises, investors have little incentive to produce private information on banks’ short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads during the global financial crisis and the subsequent European debt crisis. We study abnormal information production around major events and interventions during these crises and find that, on average, capital injections reduced abnormal information production while early European stress tests increased it. We also link information production to outcomes: high levels of information production predict bank balance sheet contraction and higher government expenditures to support financial institutions. In an addendum, we show information production on nonfinancials dramatically increased relative to financials at the height of the COVID-19 crisis, reflecting the nonfinancial nature of the initial shock.
Mr. David C. Parker

and implementing an appropriate marketing strategy Updating files Ensuring environmental issues are addressed Making site inspections, including visiting with property managers and tenants, as applicable Preparing the property for sale, including checking status of title, liens, etc. The responsibility for the management of owned real estate assets should be assigned to knowledgeable staff familiar with the type of property to be managed. For example, management of hotel properties requires extensive knowledge of hotel operations and

Ms. Nicole Laframboise, Ms. Patricia Alonso-Gamo, Mr. Alain Feler, Mrs. Stefania Bazzoni, Mr. Karim A. Nashashibi, and Sebastian Paris Horvitz