In December, market players followed exciting American blockbuster (or rather a comedy?) “Fiscal Cliff”, the central figures in which were Republican and Democratic leaders.

At the beginning of December, Credit Suisse informed its customers about introducing temporary excess balance fee (the threshold criteria is to be announced later) from the 10^th of December. According to unofficial data, the excess balance fee will be about 0.75% p.a.

Macroeconomic reports released in November once again confirmed that the economic situation in the euro zone and Japan continues to deteriorate, threatening to seriously weaken the pace of world economic growth in the ending year compared to 2011.

In November, situation on financial markets matched our expectations. In our previous comment, we noted that high volatility is possible on the stock markets following presidential elections in the USA. We expected the correction to be of speculative nature and not lasting for long.

Macroeconomic reports published in October were mixed, with a predominance of negative data for the euro zone and the signals of stabilization in the US and China economy, but at lower levels of growth.

Net increase in value of investment certificates of funds managed by ABLV Asset Management:

Subscription to ABLV Bank, AS bond issues in USD and EUR has been completed, the issue size being USD 50 million and EUR 15 million. The issues were performed under the bank’s Second Bond Offer Programme. The bonds were purchased by 57 customers of the bank.

We have expanded the opportunities of financing against pledge of investment portfolio – now you can obtain financing not only against pledge of financial instruments and available funds, but also against pledge of precious metals’ account balance.

Subscription to another bond issue in USD performed by ABLV Bank, AS under the Second Bond Offer Programme has been completed. The issue size is USD 25 million.

Macroeconomic reports published in September did not give signals of the global economic recovery process, on the contrary, pointing to the spread of negative trends to more stable economies, including Germany, the US, and China.