If orderly treatment of unsecured senior creditors requires a new cross border regime to close down insolvent European banks, such a regime should be implemented without delay.

In their case, a resolution authority, in London or Washington, would take control of the parent company, remove senior management, and apportion losses to shareholders and unsecured creditors.

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

Coercive restructuring of insolvent banks unsecured debt would be next.

They can also, it adds, obtain unsecured bank loans for themselves and their friends.

Having also considered the notes by the Secretary General on the Senior Management NetworkA 60 209. and the mobility and hardship allowance,A 60 723.

Lending to foreign governments is in many ways inherently riskier than unsecured private debt or junk bonds.

But, while the debt was highly rated, how could anyone objectively assess unsecured and virtually unenforceable obligations?

5. Notes with concern the decline in the proportion of nationals of developing countries in posts at the senior and policy making levels of the Secretariat

6. Notes that the proposed Senior Management Service would not require a special pay and benefits package, as mentioned in paragraph 80 of the report of the Commission

However, OIOS notes the need for senior management of UN Habitat to take immediate steps to (a) narrow the scope of the Programme and focus on fewer activities (see para.

In this context, resolution means that a bank s managers are fired, shareholders are wiped out, and unsecured creditors can suffer losses.

When private borrowers default, bankruptcy courts supervise a bankruptcy or reorganization process through which even unsecured creditors can hope to recover something.

The law should provide that a security right that is effective against third parties has priority over the rights of unsecured creditors.

2. Notes with disappointment the insufficient progress made with regard to the representation of women in the organizations of the United Nations common system, and in particular their significant underrepresentation at senior levels

Losses are spreading from sub prime to near prime and prime mortgages, commercial mortgages, and unsecured consumer credit (credit cards, auto loans, student loans).

Turnover among senior and not so senior people in these agencies is very high.

d. Issuance of briefing notes on press conferences and briefings by the Secretary General, the Deputy Secretary General, delegations and other senior Secretariat and United Nations officials, including daily briefings by United Nations spokespersons

C. Senior Management Network

A. Senior Management Service

Senior Adviser (D 1)

C. Senior Review Group

Senior Administrative Personnel Officer

Senior External Relations Adviser

Senior Humanitarian and Development Officer

Senior Radio Technician (FS 5)

Senior Radio Operator (FS 5)

Financial disclosure by senior officials

Selection and appointment of senior officials

Improving the performance of senior management

Senior judge at the highest grade

Senior Magistrate (since 1 January 1996)

1 Senior Police Adviser (P 5)

Representation at senior levels is needed.

This is truer of senior doctors.

Throughout, the Guide seeks to establish a balance among the interests of debtors, creditors (whether secured, privileged or unsecured), affected third persons, buyers and other transferees, and the State.

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