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Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Fishing license fees are a major source of revenue in several Pacific island countries (Kiribati, the Marshall Islands, Micronesia, and Tuvalu). In 2013 the fee earnings ranged from 15 percent of total revenues in the Marshall Islands to 65 percent in Kiribati. Despite the large fishery-derived wealth, PICs still have enormous untapped marine resources and further efforts are under way to properly leverage and manage them. First, the ratio of the income PICs receive by selling fishing rights to foreign companies to the value of the fish catch is very low

International Monetary Fund

fee earnings (other business services) should be recorded, and the nonresident enterprises should be treated as the operators.] the registering entity is a nonresident owner [Registration fees (government current transfer credits) should be recorded.] the registering entity is a resident agent acting for a nonresident owner. [Registration fees (government current transfer credits) and fees earned by the agent (other transportation credits) should be recorded.] 234 . In the first two instances, the ship should be recorded as an import if it has been

International Monetary Fund

long-term trend decline in profitability and have put the German banking system under stress . German banks in general have suffered a trend decline in profitability because, unlike in other industrial countries, they have not been able to offset narrowing interest rate spreads by increased fee income and financial innovation (see Selected Issues paper). Moreover, bank profitability has been adversely affected by the recent period of slow growth. The end of the stock market “bubble” of the 1990s has reduced the value of their equity holdings and the associated fee

International Monetary Fund
The German financial system is complex and highly diversified. The second most important class of financial institutions is insurance and pension companies. Germany has taken steps to enhance accounting and auditing practices and to align corporate governance with best international practices. The German banking system is resilient, but relevant indicators show some deterioration. The main vulnerability facing all sectors of the insurance industry is the pressure on capital ratios and risk-bearing capacity from the poor performance of investment portfolios. Securities regulation is of a high standard.