Recognising achievers in troubled times

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19 June 2009

Jonathan Bell, managing editor of Trade Finance magazine, reviews the Awards for Excellence results 2009.

When we ran the Awards for Excellence last year it was a far different picture, with many banks entertaining a ‘fill your boots’ philosophy. Gone are those days, as we have been through the worst of times in what has been an unprecedented past nine or 10 months. Banks have shut down operations – such as the closing of commodities with HSH Nordbank and KBC. Other banks have been effectively nationalised – such as RBS, as it took in the full impact of the sub-prime crisis and the ABN takeover. And elsewhere, bank consolidation has also contributed to a trimmed market. The banking sector will never be the same again. With these wholesale changes, banks, insurers, lawyers and other service providers have also had to face...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%