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Get Payday Loans Without A Fax – Chase

Indeed, poor credit is a severe problem. However then, fulfill your daily expenditure and then unexpected expenses, chances are yet again to achieve a loan perks. Yes, you can put for bad credit payday mortgages. These loans already been specially designed out meet your demands delicately. Carbohydrates take out a package of fund up to 1,200 pounds despite the reality that you possess a bad credit history.

Rent is due soon, anyone cannot choose your next payday various other the any payment. Instead of risking eviction, securing a cash loan loan is sensible.

As title indicates, Credit history Cash learn more come with easy features where you don’t have to fax any document, show credit score and even meet any other condition. So, they additionally called as the instant decision loans in have in order to manage nothing harder. Money will come to you will when you are running arrear, default, CCJs, insolvency, late payment, skipped payment and many others. So, get to be able to meet all issues within a pleasing manner and it can save you from all bad instances.

Consider asking your employer for an advance or turning to friends or family when an emergency arises. Devote writing an outstanding faith agreement to reimburse them by a certain date.

It is really a fee. The Glossary of Political Economy Terms from Auburn University defines Price of interest as “The price(s) of obtaining the temporary use of money additional exercise . borrows from someone else who actually owns it, normally expressed as a portion of the amount of borrowed a year.” A fee, on the other hand, is “a charge for services rendered”.

In short, we all need money whether we stay through a job for 2 years or 20 days. A cash advance or payday loan could really do the logical answer when quantity of money just isn’t coming via the paycheck. A loan or an online payday loan is a short term loan that is usually between $50 and $1000 and quick . of this loan is by using your next pay term. The fees, interests and APRs are higher on this type of loan than you are on a short term loan but the borrower usually ends up paying very much less. A cash advance or a cash advance loan has fewer requirements than long term-long loan.

This loan gets sanctioned without checking any financial reputation of the applicant. No security is being asked out of the borrower while granting this loan. Therefore even a wrong creditor additionally be apply to do this loan. the poor creditor make use of this money for satisfying his past pending monetary. A person will also use this money for fulfilling his domestic needs regarding making payment of electricity bills, telephone bills, mobile phone bills, identified on. particular can sue this money for renovating his home, for repairing his game and so forth. this money gets approved in couple of hours.

[…]

Payday Lending: FCA Unveils 'Tough' New Rules for Controversial …

Image payday-lending.jpg

Payday lenders are accused of legal loan sharking because of their sky-high interest rates and punitive penalties when repayments are missedReuters

The Financial Conduct Authority will ban payday lending adverts it thinks are misleading under a raft of new rules it is imposing on the UK’s £200bn consumer credit industry.

Payday lenders will also be limited to two ‘rollovers’ on every loan, capping the extra fees that borrowers burden themselves with by extending the life of a loan.

And they will be made to carry out affordability checks on all borrowers to ensure those applying for loans can afford the repayments.

The FCA said its “tough” new supervision will be “hands on” and it will punish consumer credit firms who it thinks are not acting in their customers’ interests – including forcing them to pay penalties and compensation.

“Millions of consumers access some form of credit each day, from paying for everyday goods by credit to taking out a payday loan,” said Martin Wheatley, chief executive of the financial watchdog.

“We want to be sure that the market works well when people need it – whether that’s for one day, one month or longer.

“Our new rules will help us to protect consumers and give us strong new powers to tackle any firm found to be overstepping the line.”

The new rules will apply from 1 April. However a cap on the total cost of a payday loan, including additional fees, will not come into force until 2 January, 2015.

Payday lending is a controversial industry. Its sky-high interest rates and punitive extra costs are considered to be legal loan sharking by critics.

It is worth £2bn of the whole consumer credit industry, but has grown quickly since the outbreak of the financial crisis and is expected to get bigger still.

Related

Payday Lending: Church of England Pensions Still Linked to WongaPayday Loan Adverts ‘Must be Banned from Children’s Television’Payday Loan Customers to Halve on Political Attacks and New RegulationBritain to Impose ‘Logical’ Caps for Payday Loans Interest RatesOfcom: Payday Loan Adverts Rocket Over Three YearsMoneysavingexpert’s Martin Lewis Slams ‘Desert of Regulation’ in Payday Lending […]

Tough Times See Loan Sharks Continue To Thrive

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Tough Times See Loan Sharks Continue To Thrive

Thursday, 13 February 2014, 10:34 am
Press Release: New Zealand Labour Party

Tough Times See Loan Sharks Continue To Thrive

The Government’s lack of progress in addressing child poverty and housing affordability will force more cash-strapped families to turn to loan sharks to cover basic living costs, Labour’s Consumer Rights spokesperson Carol Beaumont says.

“The latest Salvation Army State of the Nation report, Striking a Better Balance, describes child poverty and housing affordability as ‘time bomb’ issues.

“Alongside that budgeting services are reporting increasing numbers of families being pushed into the clutches of predatory lenders.

“A recent example, exposed by the Hamilton Budgeting Advisory Service, was of clients paying 100 per cent interest rates. Such excessive charges puts further financial pressure on families and for some leads to an ongoing cycle of debt and despair.

“In times of low wages, high accommodation costs and squeezed family budgets the need to properly regulate the actions of loan sharks is obvious.

“At the current rate of progress a Bill introduced last year might just be enacted prior to this year’s election – six years after National was elected and three years after the Government first began promising to get tough on loan sharks.

“A failure to prioritise regulating loan sharks is consistent with the Government’s failure to address child poverty and housing affordability.

“This is a Government that is out of touch and unconcerned about the real impacts of inequality in our country,” Carol Beaumont said.

[ENDS]

© Scoop Media

New Zealand Labour Party

New Zealand’s Main Opposition Political Party

The New Zealand Labour Party is the oldest political party in the New Zealand Parliament. Currently the main opposition party the Labour Party Caucus has 34 MPs. Labour is optimistic for New Zealand’s future, and with your support we will carry on our work for all Kiwis, and lead New Zealand to that future.

CONTACT NEW ZEALAND LABOUR PARTY

Facebook Twitter – @nzlabour

Gordon Campbell:
On Smear Tactics
In Politics

Smears are the political equivalent of a hit and run. First comes the allegation that hints of skullduggery – Russel Norman and Winston Peters held “secret” meetings with Kim Dotcom! – and then comes the rebuttal. Unfortunately, by the time the rebuttals have been made, the spinmeisters will usually have hit the target and moved on.

Patiently, one can explain the difference between the John Banks/John Key issues to do with Dotcom – which in Key’s case, involve admitted breaches of the law by the state’s security services. The questions at stake there – who said what to who, and when – are of substance. They have to do with alleged and/or admitted illegal behaviour by those holding the reins of power in central and local government. They entail culpable failures of judgment and oversight. More>>

ALSO:

2012 image Lyndon Hood – Dotcom Who

[…]

Banks fear lower loan growth

Anuwat Luengtawekul, chief financial officer of Thanachart Bank, said it was monitoring the political unrest to see how seriously it affects its customers. The bank will wait a month or two before deciding whether to revise its loan-growth targets.

Currently, TBank targets loan growth of 6-7 per cent this year.

He said the political tension was affecting corporate and retail customers’ loan demand. The delinquency rate has a high chance of increasing.

“We have to work together with our customers to help them get through tough times. Furthermore, we have to improve some segments where we have little market share, such as mortgages and SMEs [small and medium-sized enterprises]. In those areas that are unable to drive loans, we will focus on fee income such as from cash management,” he said.

The bank has short- and long-term plans to maintain growth.

“We are looking after our operating costs as a short-term plan. If the political unrest continues even after the general election, the bank will consider adjusting its business plan,” he said.

Adisorn Sermchaiwong, senior executive vice president at CIMB Thai Bank, acknowledged that the political unrest had seriously affected its retail lending, especially personal loans and mortgages. It is considering lowering its projection of new loans in those two categories after the general election.

Earlier, CIMB Thai projected new personal loans of nearly Bt10 billion, but after one month of the new year, he believes they might not pass last year’s figure of between Bt8 billion and Bt9 billion.

The bank has increased the frequency of debt collection after the delinquency rate of personal-loan customers climbed by 1-2 per cent. At present, the rate of non-performing loans in the personal-loan segment at CIMB Thai is 2-3 per cent.

Wealth products

To maintain growth in the retail-banking sector, CIMB Thai is chasing fee income by promoting wealth products to its customers.

Adisorn said the political uncertainty had affected deposit mobilisation in the first month |of this year, but the bank would launch further campaigns for deposit products as this would lead to cross-selling.

“We aim to launch a 24-month time deposit with the possibility [of an interest] rate of more than 3 per cent [per annum]. The long period is to ensure that the customers stay with the bank until we can offer other products,” he said.

Meanwhile, the state-owned bank Government Savings Bank may also cut its loan-growth target as the prolonged political unrest hits public investment.

GSB president Worawit Chalimpamontri said the bank forecast that lending this year was unlikely to reach previous projections, especially state and corporate loans, which have slowed after the dissolution of Parliament.

At the end of last year, the bank projected deposit and loan growth in 2014 of 1.5 times gross domestic product, while projecting |GDP growth of 4 per cent. Worawit said it now appeared that GDP growth would be dragged down, and its loan growth would decline as well. However, the |bank will evaluate the overall economy again before revising |its growth targets next quarter.

GSB has projected new loans of between Bt80 billion and Bt90 billion this year.

In general, the bank targets loans for state projects at 20 per cent of total new lending, but it will try to shift its focus to other segments as it is not confident of the political direction or when the new government will be formed after the election, he said.

Indicators presage an economic slowdown this year. Bank of Thailand Governor Prasarn Trairatvorakul has suggested GDP growth could be below 3 per cent. Meanwhile, exports and private investment are unlikely to recover from 2013 levels.

Worawit said GSB would set higher loan-loss provisions than last year given the high risks the country is facing, and these higher provisions could pull down its profits as well.

Last year, GSB showed profits after loan-loss provisions of Bt22 billion, while non-performing loans were 1.14 per cent of the total.

[…]

George Osborne is playing catch-up social democratic on payday …

Image Payday-lenders-008.jpg

Payday lenders have no problems drumming up business from members of the public struggling to make ends meet. Photograph: Suzanne Plunkett/Reuters

Compare and contrast. This was George Osborne having a pop at Ed Miliband in his September speech to the Conservative party conference. “For him [Miliband] the global free market equates to a race to the bottom with the gains being shared among a smaller and smaller group of people. That is essentially the argument Karl Marx made in Das Kapital.”

And this was the chancellor on the BBC Today programme on Monday as he announced a cap on the charges made by payday lenders: “The Conservative philosophy is that you want markets that work for people, and people who believe in the free market, like myself, want that free market properly regulated.”

So what has changed in the last couple of months? Not much. Back in September, prices were rising more rapidly than wages, eroding living standards. That remains the case. Back in September, payday lenders were having no problems drumming up business from members of the public struggling to make ends meet. That remains the case. Back in September, someone who took out a £100 loan with Wonga would have to pay back £137.15 after a month. Usury was the name of the game then, and it remains the name of the game now.

In truth, what has happened since September is that the Conservatives have realised Miliband has struck a chord by focusing on the cost of living and the way in which markets are rigged against consumers. The opinion polls showed that Labour’s pledge to freeze energy prices was popular with voters: Osborne is now playing social democratic catch-up.

In terms of political ideology, the government is all over the place: espousing a commitment to the free market on the one hand; subsidising mortgages and now intervening to cap charges on payday loans on the other. Presumably, next week’s autumn statement will include measures to curb increases in domestic energy bills.

That said, the Damascene conversion on payday lending is welcome. Evidence from other countries suggests that caps work. Osborne has yet to ink in the details of his plan, but there would be a redistribution of income from lenders to borrowers if the government followed the Australian model, in which companies can charge a maximum of 20% up front and an interest rate of 4% a month.

A word of warning, however. The rise of payday lending over the past decade is linked to the squeeze on real incomes. To that extent, clamping down on the “respectable” end of the business, while praiseworthy, is only a partial solution. It attacks the symptom, not the cause, and will – for those mired in debt – drive the problem underground.

[…]

Statistically At Risk For A Payday Loan | Personal loans

Image Click-Here-to-Apply-NOW.jpg

Recently, there has been a lot of talk about percentiles. With the presidential election on the horizon, Americans are being flooded with percentages and many are drowning in confusion. Payday loan lenders have been inundated with borrowers who are trying to stay on top of their bills. A deluge of mass media has emerged to cover the politic elections, surfacing statistical claims about economic differences among the American population and submerging any consistent sense of where one fits into the fiscal scheme of things.

These statistics raise questions that come with a lot of political baggage: Am I one of Occupation Wall Street’s 99 %? Am I one of Mitt Romney’s 47% who rely on federal benefits? And, if so, is this a bad thing? These ‘factual

‘ numbers, which are meant to act as clear, logical backing for political campaigns, are leaving many Americans mystified, obscuring political agendas behind a silk-screen of percentages.

Let’s face it; politicians employ these statistics, which may or may not be whole truths, to inspire voters to stand up for a cause–their cause. Among the aforementioned percentages, there is one common denominator: they all target or discuss an audience of low income families. In some cases, these statistics are used to draw attention to discrepancies between high and low income families, while others demonize those in the low income demographic as moochers and/or freeloaders.

Yet, another statistic that has not been addressed in the campaigns but that directly relates to low income families is the number of households in this demographic that utilize payday loan services. A PEW survey recently exposed that 72 % of payday loan borrowers have a combined family income of less than $40,000 per year. Clearly, those in lower income demographics are more inclined to borrow these high interest loans, which they are required to pay off at their own expense.

It is easy to comprehend the reasons that those in low income families are more inclined to borrow–utility bills need to be paid, children need to be fed and clothed, cars need to be in working order and fueled up. This becomes even clearer when considering that most payday loans are taken out to accommodate recurrent, necessary life expenses. Evidently, many low income American families are treading water, relying on temporary safety rafts, like payday loan lenders, to stay afloat, and getting closer and closer to a tidal wave of unavoidable debt.

This raises the questions: do the aforementioned political percentages and statistics accurately represent low income families who are relying on payday loans?

To answer the question, statistics rarely speak for themselves. Yes, over 40 % of Americans rely on federal benefits, but it is important to note that this percentage is largely made up of impoverished families, mothers with young children, and senior citizens. Without such services, more people from these demographics would be pushed to rely on payday loans and cash advances, furthering their debt and making them more susceptible to extreme financial circumstances, such as bankruptcy, which ultimately costs tax payers a great deal of money. It is important to note, additionally, that a person must be employed to take out a

payday loan

, challenging the idea that the low income families and individuals who rely on such services are freeloaders.

In short, not only is the onslaught of political statistics confusing, it is often unreliable, as it only presents a partial picture of the current circumstances of low income American families-a demographic which makes up a significant portion of the American population.

[…]

PAYDAY LENDING: Roth, Hueso swing votes in Wednesday … – blog


PAYDAY LENDING: Roth, Hueso swing votes in Wednesday hearing

Posted on | April 17, 2013 | Comments

A pair of senators representing parts of Riverside County could be swing votes on legislation intended to restrict the use of high-interest payday loans.

Supporters of the measure, SB 515, have lobbied state senators Richard Roth, D-Riverside, and Ben Hueso, D-San Diego, leading up to Wednesday’s hearing of the Senate Banking and Financial Institutions Committee. Hueso’s district includes part of the Coachella Valley.

Deferred-deposit loans typically involve a customer writing a postdated check that includes the fee and principal. They receive cash in return.

The legislation would limit the number of payday loans to any one borrower in a year. It also would require lenders to review borrowers’ ability to pay off their loans and to let borrowers pay off the loans with an installment plan, among other provisions.

Supporters of the bill, including the Oakland-based Center for Responsible Lending, say the measure would make the loans safer for consumers and help prevent a “payday debt trap” of repeated loans.

Opponents of the bill, including the Greater Riverside Hispanic Chamber of Commerce, say the rules would would ruin the industry and take away a source of credit used by millions of customers. It would drive people who need money to unregulated online sites, critics claim.

By: Jim Miller

Category:Cal Senate

,

Jim Miller

,

Political Empire Blog: PE Politics Team
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[…]

Op-ed: Payday-lending law works in Washington state | Opinion …

Originally published January 8, 2013 at 4:45 PM | Page modified January 8, 2013 at 4:44 PM

THE Washington Legislature is the subject of more than its fair share of criticism, but we should recognize that it passes laws that protect the public and save us money. For example, in 2010, limits placed on payday lenders trimmed the debt load that overwhelms our poorest residents and improved our economy.

Unfortunately, payday lenders are campaigning to repeal this law. Since 2010, the political contributions in Washington by just one payday lender, Moneytree, and its executives totaled more than $200,000. Users of payday loans and their advocates do not have the resources to make similarly sized political contributions, but they are able to show the new law’s benefits and that the arguments for repeal are flawed.

Payday loans, which have an average annual interest rateof more than 360 percent, do not harm only borrowers. Often borrowers have to turn to public programs for help with housing, food, health care and emergency needs when they are forced to use their limited resources to pay exorbitant interest.

Concern over high-interest loans is not new and usury laws have ancient roots. Twelve percent was the limit during the Roman Empire and by 1886 every state in the nation recognized the wisdom of limiting interest rates.

We sometimes forget the lessons of history. In 1995, a payday-loan exception to Washington’s 12-percent usury law went into effect. The rationale was that there is a need for a short-term financial solution for emergency expenses. It was also argued that borrowers wouldn’t pay substantial interest, despite a high annual percentage rate, because of the short duration of the loan. It may be a good story in theory, but for many borrowers, sadly, it is not true.

Instead of taking a one-time, short-term loan, many payday-loan borrowers fall into a cycle of long-term, high-cost debt. Payday loans are expensive and come due quickly. As a result, borrowers are compelled to take out another loan to pay off the first and the cycle repeats. The short-term loan becomes a long-term loan at triple-digit interest rates — a problem aptly named the “debt trap.”

The 2010 law reduced the “debt trap” problem, but did not outlaw short-term payday loans. To reduce the impact of repeat borrowing, the Legislature limited the number of payday loans to eight per year, per person, and provided borrowers with the right to convert their payday loans into installment loans.

As a result, payday loans made in Washington have dropped from more than 3 million in 2009 to fewer than 1 million in 2011.

Moreover, the 2010 law does not have the three adverse side effects that the payday industry asserts for its repeal.

First, a recent Pew Charitable Trusts study concluded that restricting storefront payday lenders does not drive payday-loan customers to Internet lenders. And even if regulation did increase online payday lending, Washington consumers already have protection from unregulated, online payday lenders. A borrower can terminate the lender’s access to his or her bank accounts and the unlicensed payday lender is barred from bringing a collection action in Washington courts.

Second, those who really need a short-term loan still have the option of taking a payday loan. In fact, in any year they can take out eight payday loans.

Third, regulation of the payday loan industry does not hurt our economy. Payday lenders prey on low-income customers who don’t have money to save or invest. As a result, money saved from excessive interest is put back into our economy to pay for rent, food, medical care and other necessities.

The state and public is best served by maintaining our current limits on payday lenders.

Attorney Fred Corbit serves as senior attorney at the Northwest Justice Project and as an adjunct professor at Seattle University Law School. The views expressed are his own.

[…]

UPDATE 1-Worried Egypt slaps new controls on travelling with cash

* Egypt faces widening budget and balance of payments gaps

* Move comes day after S&P downgrades Egyptian govt debt

* Banks, money changers running low on dollars

CAIRO, Dec 25 (Reuters) – Egypt has banned travellers from

carrying more than $10,000 in foreign currency in or out of the

country, as officials worry over pressure on its pound currency

and a rush by Egyptians to withdraw their savings from banks.

Political turmoil over the past month has raised fears among

ordinary citizens and investors that the government – which has

pushed back talks to seal IMF funding till January – may not be

able to get its fragile finances under control.

The central bank has spent more than $20 billion of its

foreign reserves to support the pound since the popular uprising

that toppled Hosni Mubarak in early 2011. It now has only $15

billion, equal to only about three months of imports cover.

The uprising drove away tourists and foreign investors

alike, freezing growth, pushing the state budget deficit into

double digits as a percentage of national output and worsening

its balance of payments.

On Monday, Standard & Poors’ cut Egypt’s long-term credit

rating and said another downgrade was possible if deepening

political turbulence undermined efforts to prop up the economy

and public finances.

Presidential spokesman Yasser Ali on Tuesday confirmed the

new government currency restriction, which includes U.S. dollars

or their equivalent in other foreign currencies. The decision

also forbids sending cash through the mail.

The decision prohibits all travellers from “bringing foreign

currency into the country or carrying it out to only $10,000″.

Any funds over $10,000 must be transferred electronically,

Ali added.

Previously, travellers were simply required to declare any

amounts above $10,000 to authorities on their way in or out.

The central bank has already limited Egyptians from

transferring more than a cumulative $100,000 out of the country

since the uprising nearly two years ago unless they can

demonstrate a pressing need for the funds.

Many wealthier Egyptians have reached their limit and are no

longer able to send funds abroad.

IMF ACCORD

The crisis has complicated a $4.8 billion loan the

government is seeking from the International Monetary Fund.

The IMF had been due to approve the loan on Dec. 19, but the

government asked for a delay after it cancelled a series of

unpopular austerity measures deemed essential for its approval.

Bankers said depositors had been withdrawing greater amounts

of cash from their accounts since President Mohamed Mursi issued

a constitutional declaration last month that expanded his powers

and threw the country into political crisis.

The constitutional declaration has led to occasional street

battles between supporters and opponents of Mursi.

“Since the clashes on Nov. 28 and after the announcement

that the IMF loan was delayed for a month some dollarisation

started to take place, mainly through cash transactions,” said

an official at the treasury of a Cairo-based bank.

Depositors have also been spooked by an unexpected

weakening of the Egyptian pound, which the central bank

has allowed to fall by about 1 percent over the last month, he

added.

Seeking to quell what it called these “public rumours”, the

central bank on Monday said it was taking all steps needed to

safeguard deposits in Egyptian banks whether denominated in

local or foreign currencies.

Ayman Osama, father of two young children, said he withdrew

the equivalent of $16,000 from his account this week and planned

to withdraw more in the coming days.

“I have been hearing that the central bank is going to take

over all our bank deposits to pay wages for government employees

given the current deteriorating economic situation,” he said. “I

am not going to put any more money in the bank and neither will

many of the people I know.”

One Egyptian who wanted to buy $10,000 last week said he had

to go to many currency exchange shops before he could find

sufficient dollars because most shops had run out.

Bankers said the rush had left banks and money changers

short of dollars, but that more bank notes had been ordered from

abroad.

“We are having a shortage of dollars these last few days. It

therefore may be difficult to pull out money. But the shortage

should be solved in a week,” an official at one Cairo bank told

Reuters.

In a note published last week, EFG Hermes economist Mohamed

Abu Basha lowered his forecast for the currency to 6.60 pounds

to the U.S. dollar by the end of 2013 from an earlier forecast

of 6.40 pounds.

“An extensive delay in the IMF deal will definitely lead to

disorderly devaluation, which is likely to take the USD-EGP up

to 7.0 pounds, where dollarisation would be the crack to the

system,” Abu Basha wrote.

[…]

Egypt limits travellers leaving country to $10,000 in cash

CAIRO, Dec 25 (Reuters) – Egypt has banned travellers from

carrying more than $10,000 in foreign currency cash in or out of

the country, as officials worry over pressure on its pound

currency and a rush by Egyptians to withdraw their savings from

banks.

Political turmoil over the past month has raised fears among

ordinary citizens that the government – which has pushed back

talks to seal IMF funding till January – may not be able to get

its fragile finances under control.

The central bank has spent more than $20 billion of its

foreign reserves to support the pound since the popular uprising

that toppled Hosni Mubarak in early 2011. It now has only $15

billion, which is equal to only about three months of imports

cover.

Presidential spokesman Yasser Ali on Tuesday confirmed the

government decision, which includes U.S. dollars or their

equivalent in other foreign currencies. The decision also

forbids sending cash through the mail.

The decision prohibits all travellers from “bringing foreign

currency into the country or carrying it out to only $10,000″.

Any funds over $10,000 must be transferred electronically,

Ali added.

Previously, travellers were simply required to declare any

amounts above $10,000 to authorities on their way in or out.

Bankers say depositors had been withdrawing greater amounts

of cash from their accounts since President Mohamed Mursi issued

a constitutional declaration last month that expanded his powers

and threw the country into a political crisis.

The crisis has complicated a $4.8 billion loan the

government is seeking from the International Monetary Fund.

The IMF had been due to approve the loan on Dec. 19, but the

government asked for a delay after it cancelled a series of

unpopular austerity measures deemed essential for its approval.

(Reporting by Patrick Werr; Editing by Pravin Char and Patrick

Graham)

[…]