10/24/03
Meeting for Public Finance Officials from New York State and Municipal Agencies
NYC Comptroller William C. Thompson Jr. Delivers Keynote Speech
NEW YORK, N.Y., October 24, 2003 - The Bank of New York today announced that it has held its first annual Public Sector Symposium for public finance officials, "Doing More, With Less," to discuss the challenges of managing fiscal budgets and public investment portfolios in volatile markets, while responding to the increasing demands of the citizens they serve. The all-day event was held on October 23rd at the Union League Club in New York City.
In his opening address, Thomas A. Renyi, chairman and chief executive officer of The Bank of New York, said, "Today’s difficult economic environment is challenging state and municipal agencies throughout the public sector to do more with less resources. In response, The Bank of New York has instituted the New York Public Sector Symposium as an annual forum at which agencies can exchange ideas and perspectives about the common challenges they face, as well as leverage solutions from the private sector."
The Honorable William C. Thompson Jr., Comptroller of the City of New York, delivered the keynote address. In his remarks, Mr. Thompson said, "In these difficult times, it is particularly important that all of us who are concerned with the fiscal challenges facing New York City and State work together as partners. New York is home to the best and the brightest in the field of public finance, and a symposium like this one offers an excellent opportunity to share ideas and develop creative solutions."
"Doing More, With Less" offered an interactive forum, including discussions about creative strategies for municipal debt management, including tax lien securitization, auction rate securities, pension obligation bonds, and tobacco bonds; contingency planning and disaster recovery; investment allocation in a low interest rate and low revenue environment; fraud prevention measures for check and ACH disbursements; and municipal liquidity strategies.
Among the symposium’s highlights were a panel discussion featuring Stephen Kagann, chief economist to New York State Governor George E. Pataki, on whether federal tax cuts are good for local economies; a luncheon address by the Honorable Edward I. Koch, former mayor of New York City; and an economic outlook by Kevin J. Bannon, The Bank of New York’s Chief Investment Officer.
According to Mr. Bannon, "Following a period of considerable economic uncertainty and difficult market conditions, The Bank of New York looks forward to the recent improvements in economic activity continuing and for investor confidence to gain strength in the year ahead. However, because economic and investment conditions will remain challenging, the Bank is pleased to be able to provide forums that deal with issues such as maximizing returns on short-term funds and meeting long-term pension return requirements in an environment of historically low interest rates."
The Bank of New York provides integrated solutions that add value to public agencies and municipalities nationwide. Services include municipal trustee, currency overlay, investment and cash management, investment risk management, master trust and custody, retirement plan services, securities lending, and trade execution services, the latter of which is provided by BNY Brokerage, a subsidiary of The Bank of New York.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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