![]() This particular trip trip to Whimsydale happened during Season 11, when I was playing Qiwoot (a hardcore Monk). Later, after visiting Whimsydale, I changed my opinion. How could something so, well, whimsical be part of Diablo III? The whole idea felt wrong to me. When I first heard about Whimsydale, I thought it was the dumbest thing ever. There are pastel colored ponies and teddy bears that…. You can find at least one diabolic-yet-cute piñata in there somewhere. One of my portfolio companies, Atlar, helps companies in managing multi-bank and multi-currency set-ups, with built-in approval processes.Whimsydale is the most colorful place in all of Diablo III. This could be implemented in the form of the four-eyes principle. Implement an approval flow for large value payments. Establish approval processes for payments This often demands partnering with a bank that has access to local payment rails.ģ. If you have business operations in different currencies, hold cash in local currencies to meet your commitments and avoid FX fluctuations. Open accounts with multiple carefully selected banking partners, ideally G-SIBs. ![]() Holding most, if not all, assets with a single bank poses significant operational risk.Ĭompanies should thus keep the following key principles top in mind to ensure their assets are secure:ĭon’t rely on a single bank. ![]() The recent collapse of Silicon Valley Bank and the turbulences experienced by my former employer Credit Suisse have prompted companies to reassess how they manage their #treasury. After this wake-up call I'm sure CoCo investors will be very cognisant of the difference, and the 'Conversion to Equity' CoCos will still have a place in some portfolios after the current episode is over. It means that CoCo investors need to pay more attention to the contract details and be very aware of which sort of CoCo it is that they are buying. Essentially they were more risky than common equity, and to find that certain bonds are more risky than equity has caused some consternation and surprise in some areas of the market.Īll of this is not to say that the CoCo market is useless or worthless and will vanish in the future, as some commentators have suggested. It has come as an unpleasant surprise to some, but the Credit Suisse AT1 bonds that were in the news today are Principal Writedown CoCos, which means a total loss for the bondholders. It's pretty clear on pages 2 and 3 that some CoCos are 'Conversion to Equity' (which is well known), and some CoCos are 'Principal Writedown'. Here is a primer on CoCo bonds, published by the BIS back in 2013. Well then, dear friend, you silly sod, this is goodbye. His illness came too quickly and, like many others, I didn't get a chance to say goodbye properly. I was certain he had a brilliant second career ahead of him and was looking forward to a new more mature friendship with him, based partly on his extraordinary honesty and openness. And how we laughed about that over lunch too! He looked ahead and saw three moves ahead of me. I was a hopeless amateur to his consummate professional. When I joined the CIPR board I sparred with him on lobbying regulations and I always lost. He was a brilliant ally and a devastating opponent. I have worked all my life in membership bodies so I can tell you to survive ten plus years as head of any such group is an incredible challenge as new members jostle for power over the established ones while you try and get things done. He also nurtured a brilliant team who executed efficiently. ![]() He was a judicious public speaker, confident leader and charmed many into membership over a convivial meal. The PRCA was the perfect platform for him. He was always planning some new initiative, and sharing gossip, and he excelled at the man-management necessary to get things done. He wasn't the call-you-once-a-week friend, but I relished the chance to have lunch with him last minute when his opposite number cancelled. He worked incredibly hard and loved his children. He was a natural leader in the mould of a George S Patton Fiercely intelligent, bold, assertive he made the apparently impossible happen by sheer will power.
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