comment on the following sources of international Finance..
1) IDR
2)ICD
Answers
Explanation:
International Depository Receipt (IDR): An Overview
An international depository receipt (IDR) is a negotiable certificate issued by a bank. It represents ownership of a number of shares of stock in a foreign company that the bank holds in trust.
International depository receipts are more often known in the U.S. as American depository receipts (ADRs). In Europe, they are known as Global Depository Receipts and trade on the London, Luxembourg, and Frankfurt exchanges.
ICD is a member of the Islamic Development Bank Group. Members share services including IT infrastructure and premises, and the Islamic Development Bank (IsDB) has three representatives on ICD's board of directors. ICD's ratings are driven by support from key shareholders, IsDB (AAA/Stable) and Saudi Arabia (A+/Stable), which currently own 45.5% and 18.2% of capital, respectively. However, as a result of an ongoing capital increase, IsDB's share-ownership will decline to 34.9% by 2020.
ICD's ratings are specifically driven by the average rating of the bank's key shareholders (defined by Fitch as those collectively owning over 50% of the share capital). Saudi Arabia and IsDB will remain the two key shareholders, with a combined 53.6% of share capital but, following the downgrade of Saudi Arabia earlier this year by Fitch, to 'A+' from 'AA-', ICD's ratings are now sensitive to a single-notch downgrade of Saudi Arabia over the medium term. Should there be any further downgrade of Saudi's Long Term Foreign Currency IDR over the medium term, this would trigger a downgrade of ICD's rating.
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