View post tag: Navy Back to overview,Home naval-today UK: Babcock Starts Work on HMS Grimsby August 15, 2012 UK: Babcock Starts Work on HMS Grimsby Babcock has started work on Sandown class minehunter HMS Grimsby, now in dock in Rosyth for a six month Support Period (Docking) (SP(D)). The support period is the first Sandown class refit to be undertaken under the Surface Ship Support Alliance (SSSA) Class Output Management (COM) Phase 2 arrangements, which came into effect in April, under which Babcock leads the Sandown class COM team.The SSSA is an alliance between the MoD, Babcock and BAE Systems.In addition to a substantial maintenance package, the refit programme includes a number of upgrades and improvements that will significantly enhance Grimsby’s operational capability, sustainability, and habitability standards. The workscope has been developed by the Babcock-led COM team, based on knowledge of the vessel’s material state and previous experience of Sandown class refits. A significant pre-docking material assessment was carried out to capture the material condition of the ship so as to develop the work package to reflect the ship’s needs and minimise the amount of emergent work.Upgrades will include a first-of-class replacement of the entire fire detection system. Further upgrades that HMS Grimsby will receive, which have also been successfully completed by Babcock in previous Sandown class refits, include an upgraded high pressure air system (which extends system life and offers cost and space benefits); the Defence Information Infrastructure (DII) which provides a coherent infrastructure to enable information sharing and collaborative working across the defence sector network; the Centrix communications system; fresh water embarkation unit (monitoring purification of shore supplied water); a package to enhance operations in hot climates; and a galley upgrade package.In addition, the maintenance package includes an extensive programme of protective coatings renewal on both the hull and weather decks, which will improve the vessel’s sustainability in the extreme climates, as well as removal and overhaul of the bow thruster units and a considerable amount of work on the air conditioning system.Babcock Warship Support Head of Operations Mike Weeks said: “The COM team will be drawing on its close working relationships and extensive experience, and working hard to ensure that this refit is completed safely, to quality and schedule, and at optimum value for money. The team’s goal is to return HMS Grimsby to her Operational Commander in the best possible material state on completion of her short but very busy SP(D).”The MoD’s Team Leader for Frigates and Mine Counter-Measures Vessels, Captain Jonathan Fry, said: “HMS Grimsby’s docking period will be a good early test of the Alliance’s resolve to deliver a complex package of work to meet the Royal Navy’s demanding operational schedule. The Sandown Class forms an essential element of both the security of UK waters and conflict prevention across the globe, which is why the upgrades being installed in this SP(D) are so important.”HMS Grimsby is expected to leave Rosyth for sea trials at the end of 2012.[mappress]Naval Today Staff, August 15, 2012; Image: Royal Navy View post tag: Naval View post tag: Grimsby View post tag: HMS View post tag: News by topic View post tag: starts Training & Education View post tag: Babcock Share this article View post tag: work
The associations said it was not clear which German entities would have to report to the ECB. The central bank’s requirements would prove an additional burden for IORPs, the German organisations added, as such funds would be subject to “the almost simultaneous introduction of new reporting requirements by EIOPA”.“I fear this being a very significant resource drain for no demonstrable benefit”Mark Dowsey, Willis Towers WatsonIn total, pension funds would in future have to comply with three “extensive” reporting requirements, the associations added, including “existing, but hopefully reduced” reporting to the German national supervisor.They raised concerns about the timeframe for reporting liabilities – within 14 weeks – and said this was too short if a binding validation of the data was required within this period.Mark Dowsey, senior consultant at Willis Towers Watson, told IPE that the ECB’s data collection plans were “a big issue for many pension funds in Europe”.“I fear this being a very significant resource drain for no demonstrable benefit,” he said. “I understand the ECB’s wanting a broad handle on things at the macro level, but this sort of granular detail seems unnecessary.”What the European Central Bank has proposed EIOPA is still consulting on the regular reporting of occupational pensions information from national supervisory authorities. The requirements would apply to pension funds of €1bn or more in assets.According to Willis Towers Watson, the information sought by EIOPA goes beyond that targeted by the ECB – including, for example, data about pension protection schemes.In its work programme for 2018, EIOPA said its strategic ambition was to be “the EU data-hub for the collection, use and dissemination of reference and reporting data on EU insurance companies and pension funds”. It also claimed this year’s stress test of pension funds “will likely highlight a number of risks in relation to the occupational pensions market, and EIOPA will need to enhance its means of collecting, managing and analysing data on the sector”.EIOPA’s data proposals have already been criticised by pension funds, although formal responses will come in following the end of the consultation on 27 October.EIOPA and the ECB have worked together in setting up their definitions and frameworks with a view to minimising the reporting burden on the pensions industry, the two parties have said.EIOPA’s proposals – which are still open to consultation until 27 October – are focused on obtaining information from national supervisors. However, Willis Towers Watson’s Dowsey said regulators would still have to seek this data from individual pension schemes.The UK and other non-euro-zone European countries would probably be unaffected by the ECB’s regulation, Dowsey said, but – subject to Brexit negotiations – would probably still be affected by the EIOPA proposal. Proposed new data reporting rules affecting pension funds should be delayed by up to a year to aid understanding and compliance, according to German pension fund trade bodies.Both the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) have proposed frameworks for data gathering from pension funds, both of which have been criticised already as posing a significant burden.Responding to the ECB’s consultation, which closed at the end of September, Germany’s aba called for a 12-month delay to the first required reporting date, from the end of 2018 to at least the end of 2019, “because from our perspective the earlier date is not feasible”.aba’s response was also on behalf of the German trade bodies for public and church pension funds (AKA) and Versorgungswerke (ABV). The ECB wants pension funds to report regularly on their assets and liabilities as a means of “increasing transparency in this fast-growing sector of the financial services industry”. It published a draft regulation on this at the end of July and its consultation on the regulation ended on 29 September.According to Willis Towers Watson, the ECB regulation would require pension funds to provide broad and detailed reports on their assets, liabilities and membership numbers. At the asset level they would have to provide each security’s identification number (ISIN), price, market value, number of units, revaluations, and more.The draft rules state that “national central banks” should co-ordinate quarterly asset portfolio data and annual data regarding liabilities and membership. Dowsey questioned what the ECB or regulators would be able to do if they thought the data revealed a problem.“Let’s say they establish that pension funds have a significant exposure to Greek sovereign debt, or too many people are investing in a certain security,” he said. “They can’t compel [investors] to sell. Even issuing a warning would move markets, perhaps unnecessarily.”Trade bodies call for minimal reporting burdensPensionsEurope – the continental trade body for pension funds – and the Netherlands’ Pensioenfederatie both voiced support for the ECB’s aims in their consultation responses.The Dutch trade body appeared relatively unconcerned by the central bank’s plans. In comments shared with IPE, it said the dataset as requested by the ECB was not as comprehensive as the dataset requested by its national supervisor.“Consequently, the effect of this initiative on Dutch pension funds should be limited,” it said.In general, however, it was very important that reporting burden and costs were minimised as much as possible for its pension fund members, the Pensioenfederatie added.“When it comes to the process of data collection and distribution, a central role should be played by the national authority, that already [has] a lot of information available (at least in the Netherlands),” the federation said. PensionsEurope also emphasised the importance of keeping the reporting burden and costs to a minimum, but said it was “happy to see that the ECB already pays a lot of attention to that in its draft regulation”. However, it reiterated that pension funds should not be required to pay high fees to third parties to obtain the information required by the ECB and EIOPA.EIOPA’s plans for an EU “data-hub”
Harrington said at least that offered a modicum of hope on Monday. Open week produces mixed feelings for Harrington as a decade ago his father died and he pulled out of the event at St Andrews and last year coach Bob Torrance passed away. However, Harrington is too professional to allow anything other than competing for the championship to affect him. “I’m not going to try to get emotionally involved in any shape or form,” he said. The Irishman carded a seven-under 65 to leap to 10 under and give him a realistic chance of capturing his fourth major as the championship heads for Monday finish. His previous best single-round score was back-to-back 66s on the weekend to win the 2008 US PGA, having also made that score at the Open way back in 2001. Press Association Harrington’s first win in seven years came at March’s Honda Classic, which also needed an extra day, but it is his memories of getting the job done on the final day of a major that he will be looking to use on Monday. “I always wanted to shoot 65 on the Sunday of an Open – obviously there’s another round to go tomorrow,” he said. “I’ll be certainly telling myself that I know what I’m doing and I’ve done it before and I’ll be using it to help myself for sure, having done it twice before. “Clearly things were going well for me today but I didn’t want to look up (to the scoreboard) and see somebody getting away and be disappointed. “When things are going well you might as well just keep your head down and keep going. “There’s no point in looking around and getting distracted. “I didn’t look until I finished off on 18.” The 144th championship at St Andrews is shaping up to be one of the closest in a long time with the top of the leaderboard tightly packed. Two-time Open champion Padraig Harrington’s lowest round in a major shot him into contention for another Claret Jug and he believes his experience could be a significant factor on the final day.