EIOPA consults on the amendments of supervisory reporting and disclosure requirements – Eiopa European Commission
EIOPA consults on the amendments of supervisory reporting and disclosure requirements – Eiopa European Commission
The European Insurance and Occupational Pensions Authority (EIOPA) published today a consultation on the amendments of supervisory reporting and disclosure requirements under Solvency II.

After a number of years of the implementation of Solvency II and the information received by national supervisory authorities it is important to ensure that the regular supervisory reporting remains fit for purpose. The analysis over the last years lead to a number of proposals to amend the Solvency II Directive and its Delegated Regulation. These were put forward by EIOPA in the Opinion on the 2020 review of Solvency II. However, the experience also showed that there is a need to implement amendments to reporting requirements within the current legal framework, without waiting for the Solvency II review.

In this consultation paper, EIOPA proposes amendments to the reporting requirements, which are mainly based on the Report on quantitative reporting templates published together with the 2020 Solvency II Opinion. In addition to those changes, the proposals include simplification of quarterly reporting for all undertakings, elimination of some reporting templates for all undertakings and new thresholds to promote better risk-based and proportionate reporting requirements. This will lead to a reduction of the number of templates to be reported for the majority of the undertakings.

EIOPA proposals on the review of the reporting requirements should bring several benefits, which will ultimately lead to a better protection of policyholders:

  • Reduction of reporting costs for the majority of insurance undertakings;
  • Inclusion of information needed for supervisory purposes focusing on emerging risks and new areas for which supervisors identified a number of data gaps;
  • A more fit-for-purpose reporting, for example reducing and simplifying when possible but also accommodating gaps identified by supervisors.

EIOPA invites all interested stakeholders to provide comments to the amendments by e-mail to CP-21-002@eiopa.europa.eu by 17 October 2021.

Consultation on the amendments of supervisory reporting and public disclosure documents

Background

EIOPA proposals concern the amendments to the Implementing Technical Standards on Disclosure, Implementing Technical Standards on Reporting and to the EIOPA Guidelines on the supervision of branches of third country insurance undertakings as well as EIOPA Guidelines on reporting for Financial Stability Purposes.

ESMA recommends changes to supervisory fees for credit rating agencies
ESMA recommends changes to supervisory fees for credit rating agencies
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published today its final report providing technical advice to the European Commission on the supervisory fees charged to credit rating agencies (CRAs).
The report is based on feedback from the recent public consultation and proposes changes to the calculation and the collection of supervisory fees set out in the current Delegated Regulation.

ESMA proposes to charge:

  • a fixed registration fee of €40,000; and
  • an annual supervisory fee of 0.5% of turnover to CRAs with annual revenues of between €4,000,000-15,000,000.

The proposed changes will ensure that ESMA meets the regulatory obligation to charge fees that cover its costs whilst remaining proportionate to the revenues of the firms supervised. ESMA has not recommended changes to the calculation of annual supervisory fees paid by CRAs with annual revenues of over €15 million, as these fees are already calculated proportionately to cover the regulator’s costs.

ESMA also recommends a number of changes to streamline the fee collection process and to align ESMA’s approach across its supervisory mandates. These include the requirement for supervisory fees to be paid in a single instalment in the first quarter of the financial year to ensure that ESMA has funds available for its ongoing supervision.

ESMA’s recommendations reflect industry dynamics as well as its practical experience of CRA supervision. The technical advice has been sent to the European Commission and will feed into the upcoming review of the Delegated Regulation.

Further information:

Sarah Edwards

Communications Officer

✆   +33 (1)58 36 64 23

@   press@esma.europa.eu

ESMA sees a prolonged period of risk from market corrections
ESMA sees a prolonged period of risk from market corrections
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its first Risk Dashboard (RD) for 2021 covering the first quarter of the year. The RD highlights that the main risk for EU financial markets remains that posed by a sudden risk reassessment, amid the general decoupling of securities prices from economic fundamentals, and is maintains its risk assessment at a very high level.
Valuations in EU financial markets for most market segments are now at or above pre-COVID-19 levels. They remain highly sensitive to events and volatility, as shown by the market movements related to Gamestop and the impact that a potentially slow roll-out of vaccines had on equity prices.

Fixed income valuations are now far above their pre-COVID-19 levels, in part due to continued monetary policy support. A sudden risk reassessment, amid the general decoupling of securities prices from economic fundamentals, remains the main risk for EU financial markets and ESMA therefore maintains its risk assessment. Credit risk is likely to increase further due to increasing corporate and public debt levels.

Looking ahead, ESMA anticipates a prolonged period of risk to institutional and retail investors of further – possibly significant – market corrections and sees very high risks across its whole remit. The extent to which these risks will further materialise will critically depend on market expectations on monetary and fiscal policy support as well as on the pace of the economic recovery.

RD 2 2021

Recommended finance, budgeting books
Recommended finance, budgeting books

The Sunday Mail

sundaymail logo small

Budgeting books can give you a different perspective on your finances and help you make plans for your money. The five books below come recommended by certified financial planners. These professionals have taken loads of financial-planning coursework, passed a brutal exam, logged thousands of hours in experience and committed to acting as a fiduciary. Who better to recommend a budgeting book?

‘The One-Page Financial Plan’ by Carl Richards

“This book makes you think about what’s important to you and how you can align your money with your values. It’s also written in plain English, with little to no industry jargon. Because of that, I think it’s helpful for people of all ages.”

‘Live Richer Challenge’ by Tiffany Aliche

“This is a great and quick read for those looking to build their financial foundation — including how to budget. The author, Tiffany ‘The Budgetnista’ Aliche, takes a back-to-the-basics approach to budgeting and savings, debt and credit, insurance and investing.

“Those just starting their financial journey will get the most out of this book because it’s an easy read that touches on the key elements of building a solid financial foundation.”

‘Land of the Fee’ by Devin Fergus

“If you’ve ever wondered why closing costs on a mortgage are so high, or why you get charged twice to pull money from an ATM that doesn’t belong to your bank, or why you get charged an origination fee when you take out a personal loan, read this book.

“Deregulation of the banking systems in the 1980s led to lower consumer protections and gave the financial industry the ability to charge arbitrary fees on their products and services. We tend to get so laser-focused on our own personal finances without questioning how the system has been structured to work against us.

“If it ever feels like your personal finances are always taking one step forward and 10 steps back, learning about how the financial industry is run can help you navigate it and advocate for yourself.”

‘Zero Debt: The Ultimate Guide to Financial Freedom’ by Lynnette Khalfani-Cox

“Lynnette speaks to the reader from a life-lived experience point of view, and she offers practical steps to help people implement their debt-elimination strategy literally from day one. Lynnette’s story about how she was able to eliminate debt is inspiring to anyone who might feel overwhelmed by debt and need help.

“Even though Lynnette’s book has debt elimination in the title, having that serve as the goal and financial freedom as the why helps people understand the rationale for establishing a budget in the first place. “Her book is for individuals who are just starting and want to avoid getting in over their heads. It’s also for individuals who find it difficult to plan or break their spending habits.”

‘What to Do With Your Money When Crisis Hits’ by Michelle Singletary

“I had the opportunity to tune in for (Singletary’s) book talk and in fact listened to the book with my daughter. I love her clear, concise, actionable advice. It not only helps anyone prepare for a financial crisis, but also develop a plan for a brighter and stronger financial future.” — Nerdwallet.com

‘The History Makers’ book dropped in US for ignoring key black figures: report
‘The History Makers’ book dropped in US for ignoring key black figures: report

A new book called “The History Makers” has reportedly been scrapped from publication in the US after it was accused of not highlighting enough black figures.

New York-based writer Richard Cohen told the Guardian how he tried to address the criticism by agreeing to a major rewrite of the book that already took him 10 years to pen.

“It was to do with the publisher’s sensitivities,” Cohen, who moved to the Big Apple from London 20 years ago, told the UK paper.

“I was then asked to write more, and have done about another 18,000 words,” he said, with new sections focusing on pivotal figures like Frederick Douglass, Booker T. Washington, W.E.B. Du Bois and Toni Morrison.

But the rewrite was not enough for Random House, which last Wednesday suddenly dropped out of the estimated $350,000 deal, sources told The Guardian.

Cohen’s wife, leading US literary agent Kathy Robbins, is now urgently seeking a new publisher in the US, the outlet said.

The book, subtitled “2,500 years of shaping the past,” is still scheduled to be published in the UK by Weidenfeld & Nicolson on June 25, the report said.

Random House did not immediately respond Sunday to requests for comment on the report.

Richard Cohen responded to initial criticism by adding sections on black historical figures like Frederick Douglass, Booker T. Washington and W.E.B. Dubois.
Richard Cohen responded to initial criticism by adding sections on black historical figures like Frederick Douglass, Booker T. Washington and W.E.B. Dubois.
Getty Images

The company still features advanced publicity for the book, including praise from Hilary Mantel of Cohen’s “brilliant achievement” with his “scholarly, lively, quotable, up-to-date, and fun” book.

The Random House listing calls it “an unusually authoritative and supremely entertaining volume.”

“Rich in character, complex truths, and surprising anecdotes, the result is a unique exploration of both the aims and craft of history-making that will lead us to think anew about our past and the stories we tell ourselves about it,” the site says.

EIB Group accelerates SME financing in The Netherlands – € 3 billion in three years
EIB Group accelerates SME financing in The Netherlands – € 3 billion in three years
  • The EIB Group, consisting of the European Investment Bank and the European Investment Fund, mark a clear acceleration in its SME financing in The Netherlands.
  • From 2018 to 2020 around €3 billion was made available to Dutch SMEs, which, through a leverage effect from banks and private intermediaries, mobilised some €12.5 billion investments.
  • Vice-President Kris Peeters indicates that the EIB Group will continue along this line: “The current times call for continued support with access to finance for SMEs, something the EIB Group is definitely committed to.”

The European Investment Bank (EIB) and the European Investment Fund (EIF) see a clear acceleration in European financing aimed at Dutch SMEs. In the years between 2018 and 2020 around €3 billion was made available through intermediary banks and funds in The Netherlands. This European financial injection made sure that, thanks to a leverage effect through the intermediaries, a total of approximately €12.5 billion of financing was allocated to Dutch SMEs.

Especially the EIF, which traditionally focuses on SME financing, saw a significant acceleration in 2020 by making available a record figure of €1,3 billion in guarantees (with a.o. Beequip, Invest-NL), fund investments (e.g. Shift Invest, Rubio Impact Fund) and inclusive finance (Triodos, Qredits). The EIB itself also saw a rise in ‘green’ credit lines, specifically meant for sustainable SMEs, such as the “impact loan” facilities done with Rabobank. Next to this, the Group collaborated with ING to allocate one of the largest credit lines ever, which made available € 1.1 billion in new SME-lending in the country.

Earlier this year, the EIB Group already announced it had signed a record volume in financing for Dutch projects in 2020. By putting the focus on SMEs, Vice-president Kris Peeters wants to signal to Dutch entrepreneurs that Europe is there for them: “Traditionally the EIB finances transport, energy and climate projects, but since the financial crisis the focus on SMEs has been further reinforced. In these difficult times, we wanted to do more, for example through special pan-European initiatives like the European Guarantee Fund. Europe is there for Dutch entrepreneurs, not only through the internal market, but also through very tangible, advantageous financing made available by the EIB Group through local intermediaries. The current times call for continued support with access to finance for SMEs, something the EIB Group is definitely committed to.”

‘Harry Potter’ actor Evanna Lynch announces memoir
‘Harry Potter’ actor Evanna Lynch announces memoir

The memoir chronicles Lynch’s struggle with an eating disorder, recovery and commitment to her dreams.

Actor Evanna Lynch, best known for portraying the role of Luna Lovegood in the Harry Potter film series, is coming out with a memoir on September 14.

The 29-year-old actor-activist took to Instagram to share the announcement on Sunday.

(Stay up to date on new book releases, reviews, and more with The Hindu On Books newsletter. Subscribe here.)

Lynch said she had been meaning to write a book for quite some time and the year gone by allowed her the “silence and stillness to unravel the story” she wanted to tell.

Published by Headline Books, the memoir chronicles her struggle with an eating disorder, recovery and commitment to her dreams.

“In one way, this book is a memoir about my struggle with an eating disorder. However, it’s not really a book about thinness and eating; it’s about rebuilding yourself after, literally recovering yourself. At its essence, it’s about the ongoing negotiation between the voices of our fears and our creativity and all the crazy, interesting, wild things that happen when you keep committing to your dreams,” Lynch wrote in the caption.

The Irish actor also said she is grateful to her team who empowered her to share “my light and darkness alike in this story”.

The cover and title of the book are still in development, she added.

EIB to help Croatia invest more in energy, climate and sustainability projects
EIB to help Croatia invest more in energy, climate and sustainability projects

  • The EIB and the Croatian Ministry of Economy and Sustainable Development expand cooperation on the development and financing of Croatia’s key energy, resilience and climate projects.
  • The EU bank will help Croatia maximise opportunities created by various EU funds and initiatives, including the European Commission’s Green Deal Investment Plan.
  • The partners will join efforts to contribute to a green, energy efficient and sustainable European Union.

The European Investment Bank (EIB) and the Ministry of Economy and Sustainable Development of the Republic of Croatia have agreed to expand cooperation on the development and financing of key energy, sustainability and climate-related projects in the country.

Under the Memorandum of Understanding signed today, the two sides have agreed to develop joint operations in areas such as (i) renewable electricity generation and transmission distribution infrastructure; (ii) clean energy and energy efficiency measures, and renovations and conversions of buildings; (iii) green mobility; and (iv) support for the Croatian economy’s transition to a circular economy.

The EIB will step up its support to the Croatian Ministry of Economy and Sustainable Development and back key energy and climate initiatives such as the National Energy and Climate Plan. The partners will also cooperate to maximise opportunities stemming from EU programmes such as InvestEU, the Green Deal Investment Plan, and the Just Transition Fund.

EIB Vice-President Dario Scannapieco, who is in charge of operations in Croatia, said: “This agreement is a win-win cooperation on the common goals related to energy, resilience and climate projects in Croatia. It will also enable the country to maximise the opportunities stemming from various EU programmes, funds and initiatives and attract more finance for key operations, which will help the Croatian economy recover from the COVID-19 pandemic and the two devastating earthquakes that recently struck the country.”

Minister of Economy and Sustainable Development Tomislav Ćorić, PhD, said: “Cooperation between the Ministry and the EIB has been fruitful and this Memorandum will help us to strengthen our partnership even more. Croatia supports the decarbonisation of Europe and we see it as an opportunity for the development of the Croatian economy. Our goal of running on renewable energy by 2030 is ambitious but achievable. We also have a lot of new green projects that will decarbonise our economy and we see the EIB as a strong partner in implementing these projects.”

Ognian Zlatev, Head of the European Commission’s Representation in Croatia, said: “We very much welcome this cooperation between the EIB and the Croatian government, which will help maximise the great opportunities created by EU funds and initiatives in the field of climate and energy. This will help Croatia to make the most of the Commission’s European Green Deal Investment Plan and successfully implement its ambitious energy and climate projects, in line with the EU target to be climate-neutral by 2050.”

EU bank support boosts Croatia’s COVID-19 and earthquake recovery

The implementation of the projects outlined in the National Energy and Climate Plan are expected to boost the local economy as it recovers from the effects of the COVID-19 pandemic and the two devastating earthquakes that hit the country in 2020.

Support for a green, energy efficient and sustainable Croatia

The partners agreed on a coordinated effort to create long-term conditions for the sustainable development of Croatia through (i) improved protection and conservation of the environment; (ii) the development of sustainable water management practices; (iii) the development of systems to monitor weather and climate conditions; and (iv) the strengthening of Croatia’s energy and hydrocarbon management systems.

The Memorandum of Understanding outlines the support the EIB will extend to the Ministry of Economy and Sustainable Development in implementing the National Energy and Climate Plan and the Recovery and Resilience Plan, as well as major energy efficiency projects in the country, contributing to Croatia’s and the European Union’s energy and climate goals.

Croatia’s Energy Strategy and National Energy and Climate Plan are spearheaded by the Ministry of Economy and Sustainable Development. These documents are key to the long-term, sustainable and green development of Croatia and will help accelerate the achievement of the European Union’s energy and climate goals.

EIB to invest €1 trillion in climate action by 2030

The EIB will increase similar investments across the European Union as it transforms into the EU climate bank, mobilising €1 trillion for the climate and the environment by the end of the decade.

Last year, the share of EIB investments that went towards climate action and environmental sustainability projects rose from 34% to 40%, in spite of the COVID-19 crisis, bringing the EU bank closer to its 50% target.

In November 2020, the EIB Board approved the Climate Bank Roadmap, which outlines how the Bank will achieve these ambitious targets. The Roadmap sees the phasing-out of financing for high-emission projects such as airport expansions and sets stringent criteria for the financing of certain other projects such as motorways, after the Bank already announced an end to unabated gas projects.

Maximising and expanding opportunities from EU funds and initiatives

The EU bank will also provide technical and advisory support to maximise and expand opportunities deriving from EU initiatives and funds by working alongside the Croatian Ministry of Environment to access and blend financing from these sources with EIB financial products.

The EIB in Croatia:

To date, the EIB has supported the economic and social development of Croatia by investing €6.71 billion in operations covering the most important sectors of Croatia’s economy, including transport, the environment, energy infrastructure, manufacturing and services. Another key component of EIB activities in Croatia is support for small and medium-sized enterprises (SMEs) and mid-caps through the creation of long-term financing options in cooperation with local financial institutions. To date, the EIB has supported Croatian SMEs by unlocking new sources of finance worth close to €3.75 billion.

OPINIONISTA: Books I Implore You Not to Buy in 2021
OPINIONISTA: Books I Implore You Not to Buy in 2021

The same old dubious titles start their New Year’s march to the top of the SA charts.

New year, new you – right? So the oft-repeated saying goes, adopted by retailers of all stripes. But in South Africa, this cherished maxim does not extend to books.

Every year the sales charts tell the same story: our giddy romp through the richly-sown aisles of enticing new fiction and non-fiction comes to a screeching halt at approximately midnight on December 24th, and as a nation, we collectively revert to type. We lose interest in new books. We drag ourselves back to old ones.

Entering the bookshop, we avoid eye-contact with the beautiful festive season hardbacks, still glowing like polished apples in their merchandised piles, waiting in vain for stragglers to pluck them up and take a bite. As though our minds were fully under the control of a parasite – the zombie-ant fungus, but for literature – we breeze past, approach a bookseller and, without a shred of self-consciousness, ask: “Do you have The Alchemist?”

The Alchemist: a zombie book, devouring human brains.

See how it metastasizes stealthily, steadily back up the rankings in  January, having been suppressed temporarily by publishers’ well-timed yuletide bestsellers, but now regaining its hold on our imaginations and wallets. Why, just yesterday it was skulking in exile outside the top 35; blink and lo! …it’s suddenly number 19, and rising.

I implore you not to buy The Alchemist this year. You think you’re turning over a new spiritual leaf, acquiring this book – or encouraging someone out of a rut by giving it to them – but in fact, you’re merely succumbing to the conditioning of popular culture. You’re following the prompts. You can do better.

Alongside Paolo Coelho’s blindweed-like bestseller, be sure to avoid a couple of other popular titles whose tempting purchase feels like a safe step toward changing your life, but instead simply makes you – and the literary ecosystem that you, as a book buyer, naturally want to see flourish – poorer. They are:

Rich Dad, Poor Dad by Robert Kiyosaki. The twisted genius of this book lies in how it strikes at the heart of every father, who automatically thinks he’s the poor dad, and that spending R150 on a slim paperback will magically move him into the other category. Remember: once you’ve bought this book, you can’t exchange it for lottery tickets, which have about the same effectiveness in making you rich, but at least come with a bit of excitement.

The Monk Who Sold His Ferrari by Robin Sharma. Sharma’s other bestseller, The 5AM Club, you can easily evade just by reading its title, which gives you the book’s entire lesson in a single glance. But The Monk seemingly has mystery – that is, until you Google its author and discover that his net worth went up considerably after he got rid of the sports car. Sharma is the monk who found a better grift, and you’re the mark.

Books like these (and there are more, oh so many more lurking in the charts) comprise, collectively, a literary desert. The trick is to recollect, while you’re holding such a book in your hands, that you’re standing in an oasis. Reclaiming the inner spark that led you to seek self-improvement is simply a matter of exploring other books nearby. Dive in! Find something you’ve never heard of.

Dare I say – try a novel? Nothing inoculates against zombie brain like a dose of fiction. How about Helen Moffett’s Jane Austen tribute, Charlotte? Or Angela Makholwa’s thriller, Critical But, Stable? Reading fresh literature will do you a world more good than slogging along with the rest of the Coelho- and Kiyosaki-addled undead. Go ahead, adopt my mantra as your own: new year, new books. DM/ ML

Ben Williams is the publisher of The Johannesburg Review of Books.


Mother, daughter turn family scandal into empowerment with new books
Mother, daughter turn family scandal into empowerment with new books
The cover of “Diss Track,’” the 34 page book published by Marie Capers.

Contributed by Marie Capers

Capers

Contributed by Marie Capers

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Capers

Contributed by Marie Capers

ROCKINGHAM — Marie Capers decided to transform an unfortunate family scandal into multiple books which can help individuals of all ages.

After her husband died in a car accident on Oct. 5, 2019, she and her daughter, Yasmine Wright-Capers, found out about an affair that their deceased husband and father had with a mistress. He died one day after his daughter’s birthday.

“You can’t let things of the world and people’s actions destroy you,” Capers said.

The secret affair was only known by his mother and sisters. His niece confided in Yasmine, which prompted Capers to go through his belongings.

Others around Capers told her to suppress her feelings. She wanted to put her side of the story to the public so other people can hear her sadness, but learn to press on and feel empowered. One of her co-workers told her about an aunt who went into a depression after a similar situation that required the children to be taken away.

“The worst thing you can do is be by yourself,” Capers. “You got to stay alert around friends and family, or someone keep your mind occupied, volunteer, whatever.”

She told her daughter, 14, to write down her feelings to help process her emotions. When she suggested to try writing a book, her daughter thought it was a great idea.

This resulted in two short books that Capers helped write with her daughter: “14 Years With Dad” and “A Dad’s Affair.” Capers wrote her own 34-page book, “Diss Track.”

“14 Years With Dad” encourages people to enjoy their parents and loved ones while they are still here. The book is dedicated to the victims of the 9/11 terrorist attacks, a tragedy that has always reminded Yasmine of the others who grew up without parents, and to the memory of George Floyd.

“A Dad’s Affair” is about Yasmine’s struggle to grapple with her dad’s infidelity, while holding onto the love that she had for her father. She particularly liked playing ball and watching Marvel movies with her dad.

“I told her, ‘if you just write it down and see your feelings in front of you, I think you can cope with it,’” Capers said.

The writing process was therapeutic for Capers. She knows women who tried to commit suicide or changed who they were after going through similar situations. This was a way for her to put her side of the story out there.

Her daughter’s books aim to empower people to say that life happens, but you have to find forgiveness. They can be enjoyed by people of any age. “Diss Track” focuses on not allowing people to take away your power and learning from your challenges in life.

“I put it out to the world,” Capers said. “Nothing and no one controls me because I know who God is.”

One of Capers’s friends, who lost her husband three years ago, told her that she was able to benefit from reading her daughters book. Her friend said that she felt the pain of the situation and knew what it felt like.

“[My daughter] she said that when she wrote the books, ‘I thought this book was simply going to help me heal, but I think I can heal the world,’” Capers said.

The books appeared on Amazon in late December. Since then, over 1,000 copies have been sold, according to Capers.

“I’m just saying ‘stay calm,’” Capers said. “See God and don’t change who you are for nobody’s actions. I’m hoping it shows women to have strength throughout anything and you know, you may be embarrassed one moment but it will go away.”

A book discovery brings distant voices of Christmas
A book discovery brings distant voices of Christmas

Christmas is many things, not least an opportunity to remember past years, celebrations and people. With this offering, we’re reprising a Christmas story we published in 2014.

A ghost of Christmas past recently appeared at the “Goody Pile” corner of the Recycling Center.

It took the form of a book, filled with handwritten entries from 1849 to 1852.

The book is what was known as a “Christmas album,” popular in the mid-19th century here and in Britain as gifts for the holidays.

The object itself tells stories, but it’s the voices of a group of young adults — with all their quirks, humor and longings recorded by hand inside — that speaks across the decades.

About the size of a contemporary hardcover, it was once bright, beautiful and expertly crafted, with red leather covers front and back. Now it’s broken and weathered by more than 160 years. The front cover, once vivid with raised etchings in gold leaf, is faded and worn bare around the edges. 

But it still caught the eye of Islander Colin Hoye. He spotted it half-hidden in a box of other falling-apart paper records and books at that corner of the Recycling Center where people drop off objects or pick them up for free.

Mr. Hoye describes himself as a “picker,” someone who mines the different sections of the Recycling Center looking for recoverable items. His mother lode discoveries are old paper records and books, which on occasion he gives to the Shelter Island Historical Society.

Mr. Hoye took the battered Christmas album home. There are mysteries within, including the identity of the group of friends who wrote in the book.

When he began to decipher it — many lines and passages are showing their age — he was on a journey, carried back by the voices of a circle of friends from long ago.

Mysteries across the years

The finely produced paper of the pages of Christmas albums were blank, to be used as hand-written diaries, or more commonly as places to record poetry — as well as lyrics and random thoughts — either composed by the receiver of the gift or to quote professional writers. Friends were invited to fill its pages with their own favorite quotes, or to write something original.

Mr. Hoye’s album was published by J.C. Riker of Fulton Street, Brooklyn. According to S.J. Wolfe, cataloguer with the American Antiquarian Society of Worchester, Mass., Mr. Riker was a superb craftsman who published many Christmas albums.

He’s listed as a publisher from 1827 through 1859 by the AAS. Mr. Riker was something of a moving target in those days, due to itchy feet or perhaps because creditors were on his trail, since his company is listed at seven different locations over the 32 years he was in business.

Mr. Hoye came by the Reporter office last week to drop off the book and tell of his discovery. “People wrote in this book for a reason,” Mr. Hoye said, speaking about the writers expressing love for Shelter Island and each other. In at least one passage a relationship is indicated that at the time would have been considered scandalous.

Throughout the album are pages of fine illustrations reproduced from engravings, all protected by transparent tissue sewn into the binding by the publisher. The images are from the school of “Orientalism,” or 19th-century depictions by European artists of what they ignorantly thought were representations of Middle Eastern scenes and culture.

A typical example of this is an image titled “The Miniature,” showing a young European woman in a long, Victorian-era gown with a form-fitting bodice, holding an oval-framed miniature picture on a chain. Looming over her is a rake in a beret adorned with a long feather, a short dagger on his fine coat.

Another shows a young woman, languidly holding a basket of flowers with distant valleys and mountains behind her. She pensively holds a finger to her cheek, with the title, “Why doesn’t he come?”

‘Fair Shelter Island’

Perhaps the most intriguing part of the album is a series of love poems, written and signed by men to a woman named Asenath, sometimes referred to as “Asene, ” who is praised for her beauty, wit and charm.

But it seems Asenath had a female suitor, as well. A woman, revealing herself only as “H,” copied out a published love lyric of the time, titled “Mary Lee,” but changed the beloved’s name to “Asene.”

“My wreathed flowers are few,

Yet no fairer drink the dew,

My bonny Asene …

Some may boast a richer prize

Under pride and wealth’s disguise:

None a fonder offering bore

Than this of mine to thee;

And can true love wish for more?

Surely not, Asene.”

It’s a testament that the writer of those lines was joined by another, desiring to leave something more serious and heartfelt than just pieces of happy Christmas verse. An example is a passage that begins:

“Write, write you bid me in your album write,

I heed the mandate to truth invite.”

It isn’t just love for each other that the correspondents declared. Love for the Island at Christmas is memorialized. This is from an original poem, dated 1851, most likely from a seafaring man, comparing Shelter Island to Eden:

“Few spots there are in this wide world

Where sin has found no home:

Yet I have found one wonderful place where it is scarcely known.

It is on Shelter Island: True friendship bloometh here

There is no room for sorrow, or reason for a tear …

I must leave your fair isle for places far away

And to it I may not return for many a weary day.

In arctic snow, in torrid heats, or in the Spanish west,

My spirit on fair Shelter Island will ever seek rest.”

Counter-balancing a lot of the dreamy romanticism are entries with a wicked sense of humor. One is a hilariously scathing verse about teaching, written by one of its practitioners who has come to a crossroad:

“To teach — or not to teach — that is the question,

Whether ‘tis nobler in the mind to suffer

Insults and impudence from outrageous brats

Or to resign this life of trouble,

And by resigning, end them.”

It goes on for another 25 lines, all written in an elegant hand.

Not fade away

The handwriting throughout the album is in ink, presented in what’s called a “fair copy,” or a painstaking and time-consuming final draft, with no scratch outs or emendations.

Which brings to mind what is lost and gained in the celebrations and gifts people in a technological age give or send to each other.

Not all has changed. Now and in times gone by, Christmas is not just a season marked on a calendar, but a permanent memory bank of holidays past, especially when the one remembering looks back happily on a simpler time.

Near the opening of Mr. Hoye’s Christmas album, someone wrote, in the fairest hand:

“Here, too, dwells simple truth,

Unsullied beauty,

Unbroken youth.”

EIB and ProCredit unlock €65 million to speed the recovery of small and medium sized companies in the Western Balkans from the COVID-19 crisis
EIB and ProCredit unlock €65 million to speed the recovery of small and medium sized companies in the Western Balkans from the COVID-19 crisis

  • The EU bank to invest €65 million to support SMEs in the Western Balkans to save jobs and prepare to restart
  • The loan is extended to the ProCredit banks in Serbia, North Macedonia, Albania and Bosnia & Herzegovina to sustain the recovery and development of the private sector in the Western Balkans despite the pandemic
  • To date, the EIB has invested €4.1 billion in the SME sector in the Western Balkans, sustaining more than half a million jobs

The European Investment Bank (EIB) and the ProCredit group have agreed on a new €65 million credit line to support small and medium enterprises (SMEs) in the Western Balkans and to speed their recovery from the COVID-19 crisis. This transaction provides much-needed financing to companies in Serbia, Albania, North Macedonia and Bosnia & Herzegovina and addresses their working capital, liquidity and investment needs in the face of the ongoing pandemic. In parallel, the operation strengthens the regional banking sector and reinforces its ability to finance the economic recovery of the Western Balkans.

The EIB loan will help mitigate the economic shock caused by the COVID-19 pandemic, support companies, retain jobs and maintain small businesses across the region. The credit line is part of the European Commission’s €3.3 billion financial support package for the Western Balkans, out of which €1.7 billion from the EIB has been earmarked to support sustainable social and economic recovery in the region. The EIB loans towards the private sector follow Team Europe’s efforts to support the Western Balkans.

EIB Vice-President responsible for the Western Balkans, Lilyana Pavlova, said: “The COVID-19 impact is expected to be particularly harsh on SMEs, which account for about 73% of total employment in the Western Balkans. This operation comes at the right time to help the region alleviate economic recession, ensure employment and boost growth. As was previously the case, the EIB has once again expressed its firm support to advance development of the private sector towards convergence with EU standards and the creation of a strong common regional market with increased competitiveness and job opportunities. We are happy to have such reliable partners in the region such as ProCredit Bank. ”

The management of ProCredit Holding AG & Co. KGaA, the parent company of the ProCredit group, said:

“Thanks to the well-established relationships with our clients and partners such as the EIB, we have been able to provide efficient support to numerous SMEs during these turbulent months. This EIB credit line will help SMEs in the Western Balkans overcome short-term liquidity shortages and will provide support for their investment projects − while at the same time opening them up to new lines of business and opportunities.

We expect that economic recovery in the coming years will be stimulated by a structural shift towards investments that are climate-friendly as well as socially and ecologically sustainable.”

The credit line will be available to SMEs at the ProCredit subsidiaries in Serbia, North Macedonia, Albania and Bosnia & Herzegovina. To date, the EIB has invested €4.1 billion in SMEs in the Western Balkans, which has helped sustain over half a million jobs in the region.

Background information

About the EIB in the Western Balkans:

The EIB is one the leading international financiers in the Western Balkans. Since 2009, the Bank has financed projects totalling over €8 billion in the region.

For detailed information on EIB activities in the Western Balkans, please visit the following website: www.eib.org/en/publications/the-eib-in-the-western-balkan

EIB Climate Action

The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has recently adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. Also, as part of the Roadmap, from the start of 2021, all new EIB Group operations will be aligned with the goals and principles of the Paris Agreement.

About ProCredit Holding AG & Co. KGaA

ProCredit Holding AG & Co. KGaA, based in Frankfurt am Main, Germany, is the parent company of the development-oriented ProCredit group, which consists of commercial banks for small and medium enterprises (SMEs). In addition to its operational focus on South Eastern and Eastern Europe, the ProCredit group is also active in South America and Germany. The company’s shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange. The anchor shareholders of ProCredit Holding AG & Co. KGaA include the strategic investors Zeitinger Invest and ProCredit Staff Invest (the investment vehicle for ProCredit staff), the Dutch DOEN Participaties BV, KfW Development Bank and IFC (part of the World Bank Group). As the group’s superordinated company according to the German Banking Act, ProCredit Holding AG & Co. KGaA is supervised on a consolidated level by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank. For additional information, visit: www.procredit-holding.com.

About Team Europe and the COVID-19 response in the Western Balkans:

As part of the #TeamEurope strategy, the EU’s global response to COVID-19, the EIB Group has rapidly mobilised €5.2 billion outside the EU, accelerating financing and targeted technical assistance. For the Western Balkan countries, the EIB has prepared an immediate support package of €1.7 billion, primarily for SMEs and the healthcare sector. The total EU financial support package for the Western Balkans amounts to more than €3.3 billion. For more information: www.eib.org/en/press/all/2020-111-eib-group-to-contribute-eur1-7-billion-to-the-eu-s-covid-19-response-package-for-the-western-balkans