D. De listing

It was write offs and devaluations, not austerity programs, that allowed bond prices to recover.

The Committee has, since 2002, included within its guidelines a procedure allowing individuals or entities to seek their de listing (see Guidelines of the Committee for the Conduct of its Work, sect.

Second, the Committee could consider enlarging the number of States that may submit de listing petitions.

Indeed the possibility of being removed from the list might provide an important incentive to a listed individual to renounce terrorism.

A true loss would be inflicted on a bank s creditors only if the write off losses on toxic mortgage loans exceeded the bank s equity.

The indispensible first step, however, is a deep write down of Greek debt to less than half its face value.

But it is also necessary to establish an iron clad guarantee of some part of the outstanding debt, in order to remove fear of a complete write down.

Section 7 of the guidelines allows States of residence and or citizenship to submit de listing petitions received from a listed party.

After all, if one takes the average of estimates reported by reputable sources, the write off losses of the six crisis countries banks amount to about 670 billion.

The very fact of removal of the author's name from the register of voters may therefore constitute denial of his right to vote and to stand for election in accordance with article 25 (b) of the Covenant.

Recommendation for funds to cover overexpenditures due to write offs, refunds, cancellations, revaluations and other charges for completed projects financed by other resources

So, if the entire write down cost were covered by banks, most of them would lose the equivalent of no more than one year s profits spread over several years.

As the Team noted in its second report (S 2005 83, note 26), the Committee may prefer to continue to receive de listing petitions from States, rather than from individuals or entities.

While a valid concern exists against weakening the sanctions, or appearing soft on terrorism, improved de listing procedures would strengthen the sanctions while adding fairness.

Recommendation for funds to cover overexpenditures due to write offs, refunds, cancellations, revaluations and other charges for completed projects financed by other resources 6 (c)

First, as the Team earlier recommended (S 2005 83, para. 56), the Committee could require in its guidelines that States forward petitions for de listing to the Committee.

Their write offs were 2.0 , 4.2 and 2.8 of GDP, respectively, which corresponds to 11 , 16 and 22 of the aggregate equity stock of their banking systems.

Given policymakers reluctance to contemplate write downs, specifically of debt held by official lenders, governments have been forced to levy high taxes to service their obligations, in turn depressing investment.

In paragraph 42 of the report, UNEP agreed with the Board's recommendation that it disclose in the notes to the financial statements the amount of non expendable property pending write off .

The guidelines provide that the State that receives a de listing request shall review all relevant information and then consult the State that originally proposed the designation prior to submitting the petition to the Committee.

Currently, the guidelines require parties to submit de listing petitions to their State of residence and or citizenship, and that Government depending upon its policies or sympathies may or may not submit the petition to the Committee.

Thus, it is clear how the losses incurred by the ECB s de facto regional fiscal policy are to be avoided the write off costs will be transferred from the ECB to the ESM.

The guidelines could also provide that the Committee will endeavour to reach a decision within a defined period from the receipt of a de listing petition, where possible, and will provide notice to the petitioning State of the outcome.

But according to my calculations of Bloomberg data, just 1.12 trillion had actually been written off worldwide by February, 2009. This suggests that only a quarter of the necessary write offs have been realized.

Requests the Secretary General to ensure that the heads of the peacekeeping operations take effective measures to ensure inventory control, replenishment of stocks and reasonable write off procedures for the disposal of assets no longer required or useful

De listing issues have been high on the agenda of States and international organizations in meetings involving the United Nations and the Committee, and have been raised by Member States in nearly all the Team's site visits and meetings this year.

Requests the Secretary General to ensure that the heads of the peacekeeping operations take effective measures to ensure inventory control, replenishment of stocks and reasonable write off procedures for the disposal of assets no longer required or useful

Participating in these write offs would put huge strain on the Eurosystem (the ECB and the central banks of the eurozone member states), which has only around 500 billion in equity capital.

A long term alternative requires some capacity to write down debt where it has reached excessive levels. But it is also necessary to establish an iron clad guarantee of some part of the outstanding debt, in order to remove fear of a complete write down.

It was write offs and devaluations, not austerity programs, that allowed bond prices to recover. In the Greek case, creditors have yet to accept the need for write offs, and European governments have provided them with no incentives to do so.

7. Also requests the Secretary General to present an update on the implementation of the recommendations of the Office of Internal Oversight Services on mission liquidation activities at the United Nations, in particular with regard to write offs, to the General Assembly at its resumed fifty sixth session

We are also grateful to our development partners for the 100 per cent cancellation of debt owed to the major multilateral institutions extended to selected countries, including Ghana, which was announced on 11 June 2005 by the Group of Eight.

Third, the Committee guidelines now provide that (a) after consultations between relevant States, de listing petitions may be submitted to the Committee pursuant to the no objection procedure and (b) the Committee will reach decisions by consensus of its members.

Finally, any de listing on account of death should not mean that additional entities and individuals added to the List based on their association with the deceased should also be de listed, nor should it prevent further associates from being added to the List.

The Team reminds States that, despite suggestions to the contrary from the High level Panel on Threats, Challenges and Change (A 59 565, para. 152) and others, the Committee has long had in place criteria for both listing and de listing.

The Team proposes that the Committee authorize it to discuss de listing issues with concerned States, and to collect further information from them as required by the Committee, in order to speed up a process that Member States have complained is unacceptably drawn out.

In the same year, Griffin published the book The 9 11 Commission Report Omissions and Distortions , in which he argues that flaws in the commission's report amounts to a cover up by government officials and says that the Bush administration was complicit in the 9 11 attacks.

For the US and Switzerland, this is particularly bad news, as in both countries the realized write offs already amount to 53 and 54 of the aggregate balance sheets of their national banking systems, which corresponds to 4.4 or 15.0 of GDP, respectively.

The Team recommends that the guidelines be amended to allow explicitly for the possibility of de listing when a party demonstrates to the Committee's satisfaction that it no longer is associated with Al Qaida or the Taliban, does not engage in or support terrorism, and does not present any type of threat.

The Team previously recommended that the Committee's guidelines should clarify that de listing is available, under certain conditions, both for a party that was designated wrongly and for those who renounce terrorism and demonstrate to the Committee's satisfaction that they are no longer associated with Al Qaida or the Taliban (S 2005 83, para.

15. Regrets the inordinate delay in the certification of write off claims from some liquidated peacekeeping operations, and requests the Secretary General to finalize the certification of those claims by 30 June 2002 and to submit a progress report on this issue to the General Assembly at its resumed fifty sixth session

And, although the guidelines of the Committee for the conduct of its work include a procedure for de listing, they do not specify the justifications that might support this, nor do they permit an individual to petition for de listing, other than through his Government of residence and or citizenship.

The Committee also has established a de listing process to enable those listed to petition for removal.24 The Team believes that additional relatively minor changes to the de listing process would address many of the widespread procedural concerns.

Second, the Team believes that if only for the sake of the credibility and acceptability of the List, de listing should be possible both where a party was designated wrongly and for those who have renounced terrorism and or otherwise demonstrated that they no longer deserve to be listed.