Embassy Press Release

Remarks by Ambassador Taubman on the Occasion of the Official Launch of HILD in Romania

September 16, 2008

Ambassador Taubman participated on September 16 at the launch in Romania of the HILD group of companies, whose programs financed by Merrill Lynch contribute to improving the lifestyle and living standards of Romania’s seniors.

HILD aims to provide Romanian seniors the opportunity to become again highly-valued and active contributors to society.

Good evening. It is a pleasure to be here with you tonight.

The so-called “late autumn on the wheel of life” should ideally promise the possibility for inner peace. Sadly, for far too many seniors in many parts of the world quite the opposite is true. As a result of the changes over the past twenty years, many seniors have been socially and economically marginalized and they are watching their hard earned retirement nest egg get eaten up by inflation. It can make for a financially strained and emotionally stressful retirement.

One of the tools used to address this in the U.S. is something called “equity release programs”. They provide a means by which seniors can receive a lump sum of cash, while remaining in the comfort and security of their own home.

Hild is a US-owned company, including ownership and financial backing by Merrill Lynch, the world’s largest investment bank. Hild became the region’s first institutional equity release provider in 2004 and is already operating in Bulgaria, the Czech Republic, Hungary, Poland, and Romania offering tailor made financial solutions and support programs for seniors.

What I find interesting about this initiative is that it caters to what has otherwise been a forgotten segment of society. Hild arranges for discounted products and services for them, identifies providers of health and support care, and offers activities and social programs through its partner pensioner associations and the social centers based in its offices.

Hild is to be admired for placing itself firmly at the center of promoting a richer, more active, and more respectful world. We applaud and support the initiative of well-known American entrepreneurs like John Wirth and Geoff Woolley and wish you every success in this vibrant senior community.

Thank you!

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