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__label__wiki	0.689026	0.689026	Kepler-10b -- The first unambiguous rocky exoplanet By krandall on January 11, 2011. By Dr. Franck Marchis Astronomer at the Carl Sagan Center for the Study of Life in the Universe, SETI Institute It is done. The Kepler team finally announced the discovery of its first terrestrial exoplanet. A referred journal, accepted in the Astrophysical Journal by Natalie Batalha and a large number of colleagues, describes this new member of the exoplanet family. This is the 519th known exoplanet based on the Extra-solar Planets Catalog, but definitely a special one. Skychart showing the position of KIC 11904151, a faint (11th magnitude in visible) sun-like star located at 172 pc in the constellation of Cygnus which hosts Kepler-10b and a potential additional exoplanet. Captured screenshot from the WorldWide Telescope application This new exoplanet, named Kepler-10b, orbits around a Sun-like star, twice the age of our sun (~12 Gyrs) but similar in size and color. This main-sequence star is identified as KIC 11904151, one of the 13.2 million stars of the Kepler Input Catalog and it is located at 173 pc (576 light-years) from us. Thanks to the Kepler accurate photometric capabilities and its automatic pipeline module, a small and periodic (P~20h) attenuation of the star lasting 1.8 h and with an intensity of 0.015% was detected on a regular basis starting from May 13, 2009. Several hundred detections were detected. A second, long-period (45h) and more intense (0.038%), attenuation was also seen 6 times by manual inspection starting on May 19, 2009. Additional observations from ground-based telescopes using high resolution spectroscopy and high-angular resolution provided by speckle and adaptive optics techniques allow the team to confirm that these attenuations are indeed due to the presence of exoplanets orbiting around this star. Doppler effect measurement recorded using HIRES instrument at W.M. Keck Observatory showing the wobbling of the star due to Kepler-10b. Used with permission of N. Batalha. Doppler effect (wobbling of the star) with an amplitude of ~3 m/s due to the closer planet was detected using the W.M. Keck II telescope from observations collected in May-August 2009. These remarkably accurate data confirmed the genuineness of the closer planet and allow constraining the mass of the planet. At the American Astronomical Society (AAS) meeting on January 10, 2011, the team announced the discovery of Kepler-10b, an Earth-like exoplanet 5 times more massive than Earth, 1.5 larger than Earth and most likely made of rocky/iron material since its density is between 6 and 11 g/cc. The second transit name KOI-72.02 has not yet been confirmed by radial velocity, most likely because the exoplanet candidate is too far and/or too small. Its mass should be less than 20 Earth Mass, it is twice the size of Earth and orbits at 0.24 AU from its sun, 2/3 the distance of Mercury around our Sun. For the sake of completeness and to give a broad context, it is not the first time that a rocky exoplanet has been claimed to be discovered. I mentioned in one of my previous posts the detection of Corot-7b (R~1.6 x Rearth; M ~ 5 x Mearth), discovered by transit in 2009 using the COROT mission, which has a bulk density from 0 to 11 g/cc. GJ1214b is another example of transiting super-Earth planet, almost 3 time larger than Earth and with a density of 1.9 g/cc. Small, but exotic exoplanets, were also discovered around the pulsar PSR B1257+12 with a mass of less than four time Earth Mass. Depiction of the accurate density measurement of Kepler-10b, placing it as an Earth-like or Iron-core exoplanet. Used with permission of N. Batalha. The figure above was presented by Natalie Batalha at the press conference of the 217th AAS at Seattle, WA. The uncertainty in the density of Corot-7b is quite large, so it is impossible to know if COROT-7b is a water planet, a rocky planet or an iron-core planet. The measurement of density of Kepler-10b is obviously more accurate, implying that the exoplanet has a composition similar to Earth or an iron-core planet. Kepler-10b is the first unambiguous detection of a rocky exoplanet, and the first super-Earth discovered around a sun-like star. This is obviously a significant step in the search for exo-worlds and for the Kepler team, and also a major achievement since it was the main objective of this mission. What's next?â¨ It is remarkable that a few days of observations after the commissioning phase of the telescope (which ended May 12, 2009) already permitted the detection of this first rocky planet. Today we have one unambiguous Earth-like exoplanet, but how many of them could we expect to find after a year of survey which includes several hundred thousands of stars? I am guessing we will get a response in a few weeks or months. Artist concept of Kepler-10b (Credit: NASA) Franck Marchis @AllPlanets on Twitter Kepler-16: Exoplanets around binary star systems DO exist By Dr. Franck Marchis, SETI Institute Kepler-16 is another great discovery coming from the Kepler telescope, the 10th NASA Discovery mission which is devoted to finding Earth-size exoplanets by monitoring variations of brightness due to transit. Today the Kepler team found a circumbinary exoplanet… A Landslide of Kepler Exoplanet Candidates By Franck Marchis There will be a before and after Kepler Era in astronomy. Today, with the release of 1,202 exoplanet candidates from data collected with the Kepler spacecraft over 140 days of observation, we have just entered in a new age of astronomy. The Kepler spacecraft is the 10th NASA… NASA's Kepler Mission Discovers Its First Rocky Planet It is very hard to see cold, small, rocky planets like Earth when they are running around stars that are light years away, but Kepler found one. S, it turns out, we are not alone, at least in relation to geology. NASA's Kepler mission confirmed the discovery of its first rocky planet, named Kepler… Keck AO Observations: Multiple Asteroid Systems By Dr. Franck MarchisPlanetary Astronomer at the Carl Sagan Center for the Study of Life in the Universe, SETI Institute I mentioned in my previous post that we observed several known multiple asteroid systems during our last observing run with the W.M. Keck Observatory and its Adaptive Optics… You can easily calculate its lifetime using the critical mass divided by the host stars latitude multiplied by the cosmic characteristics of the sequence. As an example- Kepler-10 star mass is 0.895 x Msun would calculate its lifetime in the MS! By Jerbian (not verified) on 30 Jan 2011 #permalink Given the age of the star -you've givem 12GY -I saw 8GY elsewhere, but in either case it was formed during an epoch when mettalicity would have been expected to be low. I guess the impression I had, that maybe only more recently formed stars had enough heavy elements to form sizable rocky planets must be wrong? Any thoughts on this issue. The star is being advertised as similar to the sun, yet a solar mass star of that age would be leaving the main sequence -or have already ended its active lifetime, so I presume this star is actually less massive then the sun. But maybe it is close to the transition from the main sequence? By Omega Centauri (not verified) on 11 Jan 2011 #permalink The age of the star is poorly known since it is estimated to 11.9 +/-4.5 Gyr. The characteristics of the host star, and how they determined it, are described on page 47 of the refereed paper. A G2 star like the sun will remain in the main sequence for 10 Gyrs. Kepler-10 star mass is 0.895 x Msun you can calculate its lifetime in the MS using the following relation: 1E10 *(Msar/Msun)^(-2.5) = 13.2 Gyrs. Consequently, an estimated age between 7.4 and 16.4 Gyrs is not incompatible. By Franck M. (not verified) on 11 Jan 2011 #permalink Consequently, an estimated age between 7.4 and 16.4 Gyrs is not incompatible. Minor matters like the age of the universe notwithstanding... By andy (not verified) on 11 Jan 2011 #permalink Thanks, frank. I didn't try linking the paper (I almost never have permission to read more than the abstract, then there is the issue of time). In any case the rate of change in luminosity increases during the main sequence phase. Do SETI types consider late stage main sequence stars to be brightening too rapidly to be of interest? Do you have any comments on the mettalicity versus rocky planets (and possibly the size of them) issue? About the metallicity: The [Fe/H] is estimated to -0.09 +/- 0.04 (see http://en.wikipedia.org/wiki/Metallicity for a definition of the metallicity). Fisher et al. (2005) published (see Fig. 6 of http://astro.berkeley.edu/~gmarcy/marcy_japan.pdf) an histogram showing the occurrence of exoplanets vs iron abundance [Fe/H] of the host star measured spectroscopically.You can see that the occurrence seems to increase significantly when [Fe/H] > 0.10, this exoplanet could be an anomaly. However, one of the goals of Kepler is to improve the statistic on the formation rate of exoplanets to confirm this relationship and refine it taking into account as well the spectral type/mass of the stars. More soon on this topic when Kepler large catalog will be released. By Franck Marchis (not verified) on 11 Jan 2011 #permalink Is Kepler-10 really in the constellation Cygnus? Judging by its coordinates, it seems to me that it's just beyond the border to Draco. Did I get that wrong? http://en.wikipedia.org/wiki/Cygnus_(constellation) By Michael Khan (not verified) on 11 Jan 2011 #permalink "...orbits around a Sun-like star, twice the age of our sun (~12 Gyrs) but similar in size and color" An estimated age of at least 7.4 Gyr means most radioactive minerals in the mantle and core will have decayed. So, even without the extreme heat from the star, tectonic activity would be slowing down making the planet adverse to life. Even if the star has other planets at more benign distances, they are likely tectonically dead, with eroded surfaces and little chemical weathering. Thus, the temperature of an extant biosphere will not self-regulate anymore. The promising thing about the system is -as mentioned- that even old systems can form terrestrial planets. Lots of lichen and bacteria out there :) By Birger Johansson (not verified) on 12 Jan 2011 #permalink In my first draft I labeled it in the constellation of Draco but I checked on the IAU official page and it seems to be in Cygnus even if it is very close to the edge. I am on my cell phone right now so I can compare wikipedia with the official IAU page. Deciphering Celestial Signals in a New Way By Dr. Gerry Harp, Senior Astrophysicist, Center for SETI Research, SETI Institute, and Gail Jacobs Trained as a quantum mechanic, Dr. Gerry Harp was deeply interested in possibilities for using the multiple telescopes of the Allen Telescope Array to generate steerable "beams" on the sky -- beams… Young clays on Mars may have provided niches able to support life By Dr. Janice Bishop, Senior Scientist SETI Institute October 3, 2011 Two small depressions on Mars found to be rich in minerals formed by water could have been places able to support life relatively recently in the planet's history. These findings were published October 1, 2011, in the journal… Mars Detective -- Investigating the Red Planet for ancient life By Dr. Richard Quinn; Carl Sagan Center for the Study of Life in the Universe, SETI Institute, and Gail Jacobs Is the surface of Mars really sterile, or could there be still-undiscovered traces of life littering this hostile landscape? Chemist Richard Quinn focuses on understanding the reactive… DIY: Do your own SETI Searches with setiQuest Data and Software By Dr. Gerry Harp, an astrophysicist at theSETI Institute. Figure 1: A waterfall plot. This shows the signal as a function of frequency (increasing to the right) and time (increasing to the top). A slanted straight line is just the sort of thing we look for in SETI searches. In this case, it is…	cc/2021-04/en_middle_0030.json.gz/line1148
__label__wiki	0.805371	0.805371	A Closer Genetic Look at the Incredible, Variable Bacteria Living in Your Mouth TOPICS:EvolutionGeneticsHarvard UniversityMicrobiology By Harvard University December 22, 2020 Micrograph showing Rothia cells (light blue) in their native habitat, a bacterial biofilm scraped from the human tongue. Credit: Jessica Mark Welch, Marine Biological Laboratory Researchers take a closer look at the genomes of microbial communities in the human mouth. Bacteria often show very strong biogeography — some bacteria are abundant in specific locations while absent from others — leading to major questions when applying microbiology to therapeutics or probiotics: how did the bacteria get into the wrong place? How do we add the right bacteria into the right place when the biogeography has gotten ‘out of whack’? These questions, though, have one big obstacle, bacteria are so tiny and numerous with very diverse and complicated populations which creates major challenges to understanding which subgroups of bacteria live where and what genes or metabolic abilities allow them to thrive in these ‘wrong’ places. In a new study published in Genome Biology researchers led by Harvard University examined the human oral microbiome and discovered impressive variability in bacterial subpopulations living in certain areas of the mouth. “As microbial ecologists, we are fascinated by how bacteria can seemingly divide up any habitat into various niches, but as humans ourselves, we also have this innate curiosity about how microbes pattern themselves within our bodies,” said lead author Daniel R. Utter, PhD candidate in the Department of Organismic and Evolutionary Biology, Harvard University. Recent developments in sequencing and bioinformatic approaches have offered new ways to untangle the complexity of bacterial communities. Utter and Colleen Cavanaugh, Edward C. Jeffrey Professor of Biology in the Department of Organismic and Evolutionary Biology, Harvard University, teamed up with researchers at the Marine Biological Laboratory, Woods Hole, University of Chicago, and The Forsyth Institute to apply these state-of-the-art sequencing and analysis approaches to get a better picture of the oral microbiome. “The mouth is the perfect place to study microbial communities,” according to co-author A. Murat Eren, assistant professor in the Department of Medicine at the University of Chicago. “Not only is it the beginning of the GI tract, but it’s also a very special and small environment that’s microbially diverse enough that we can really start to answer interesting questions about microbiomes and their evolution.” The mouth contains a surprising amount of site-specific microbes in different areas. For instance, the microbes found on the tongue are very different from the microbes found on the plaque on teeth. “Your tongue microbes are more similar to those living on someone else’s tongue than they are to those living in your throat or on your gums!” said Eren. The team scoured public databases and downloaded 100 genomes that represented four species of bacteria commonly found in the mouth, Haemophilus parainfluenzae and the three oral species of the genus Rothia, and used them as references to investigate their relatives sampled in hundreds of volunteers’ mouths from the Human Microbiome Project (HMP). “We used these genomes as a starting point, but quickly moved beyond them to probe the total genetic variation among the trillions of bacterial cells living in our mouths,” said Utter. “Because, at the end of the day, that’s what we’re curious about, not the arbitrary few that have been sequenced.” Using this recently-developed approach called metapangenomics, which combines pangenomes (the sum of all genes found in a set of related bacteria) with metagenomics (the study of the total DNA coming from all bacteria in a community), allowed the researchers to conduct an in-depth examination of the genomes of the microbes which led to a shocking discovery. “We found a tremendous amount of variability,” said Utter. “But we were shocked by the patterning of that variability across the different parts of the mouth; specifically, between the tongue, cheek, and tooth surfaces.” For example, within a single microbe species, the researchers found distinct genetic forms that were strongly associated to a single, different site within the mouth. In many cases, the team was able to identify a handful of genes that might explain a particular bacterial group’s specific habitat. Applying metapangenomics the researchers were also able to identify specific ways free-living bacteria in people’s mouths differed from their lab-grown relatives. “The resolution afforded by these techniques — via the direct comparison of genomes of “domesticated” and “wild” bacteria — allows us to dissect these differences gene by gene,” notes Cavanaugh. “We were also able to identify novel bacterial strains related to, but different than, those we have in culture.” “Having identified some really strong bacterial candidates that could determine adaptation to a particular habitat, we would like to experimentally test these hypotheses,” said Cavanaugh. These findings could potentially be the key to unlocking targeted probiotics, where scientists could use what’s been learned about each microbe’s habitat’s requirements to engineer beneficial microbes to land in a specified habitat. “The mouth is so easily accessible that people have been working on bacteria from the mouth for a long time,” said co-author Jessica Mark Welch, associate scientist at the Marine Biological Laboratory. “Every environment we look at has these really complicated, complex communities of bacteria, but why is that?” said Mark Welch. “Understanding why these communities are so complex and how the different bacteria interact will help us better understand how to fix a bacterial community that’s damaging our health, telling us which microbes need to be removed or added back in.” This study and others like it can provide new insights on the role of oral microbes in human health. “The ability to identify specific genes behind habitat adaptation has been somewhat of a ‘holy grail’ in microbial ecology,” said Utter. “We are very excited for our contributions in this area!” Reference: “Metapangenomics of the oral microbiome provides insights into habitat adaptation and cultivar diversity” by Daniel R. Utter, Gary G. Borisy, A. Murat Eren, Colleen M. Cavanaugh and Jessica L. Mark Welch, 16 December 2020, Genome Biology. Scientists Create First Ever Biomimetic Tongue Surface Using 3D Printing – Here’s Why Incredible Images Reveal How Bacteria Form Communities on the Human Tongue Bacteria Can Be Spatially Excluded from the Exchange of Amino Acids HMP Maps the Healthy Human Microbiome Improve Sleep Apnea by Losing Fat in an Unexpected Body Part — The Tongue Oscillating Genetic Circuit: A Reliable Clock for Your Microbiome Uncovering Novel Genomes From Earth’s Microbiomes – Expands Known Diversity of Bacteria and Archaea by 44% VGP Project Releases Fifteen New Genomes 1 Comment on "A Closer Genetic Look at the Incredible, Variable Bacteria Living in Your Mouth" George Schuster, DDS, MS, PhD \| December 23, 2020 at 12:22 pm \| Reply While this work is a very interesting and important advance in microbial ecology, especially in the oral cavity I would caution against placing too much emphasis in an attempt to alter the flora. Once established it is very difficult to alter more than in the very short term. Much effort has been put in into attempts to displace oral pathogens, and these have met with little success.	cc/2021-04/en_middle_0030.json.gz/line1150
__label__wiki	0.915285	0.915285	Real Time Spying on the Symphony of Cellular Signals That Drive Biology TOPICS:BiochemistryBiotechnologyCell BiologyHoward Hughes Medical Institute By Howard Hughes Medical Institute November 23, 2020 To visualize cellular signals within a neuron, researchers scattered reporters in clusters (green) across the cell. They then identified the signal each cluster represented (multiple colors).Credit: C. Linghu, S. Johnson et al./Cell 2020 A new imaging technology lets scientists spy on the flurry of messages passed within cells as they do . . . potentially everything. Until now, most scientists could visualize only one or two of these intracellular signals at a time, says Howard Hughes Medical Institute Investigator Ed Boyden of the Massachusetts Institute of Technology. His team’s new approach could make it possible to see as many signals as you want — in real time, at once, Boyden says — giving researchers a more detailed view of cells’ internal discussions than ever before. In tests with neurons, the researchers examined five signals involved in processes such as learning and memory, Boyden and his colleagues report today (November 23, 2020) in the journal Cell. “You could apply this technology to all sorts of biological mysteries,” he says. “Every cell works due to all the signals inside it.” Because signaling contributes to all biological processes, a better means to study it could illuminate a host of diseases, from Alzheimer’s to diabetes and cancer. The team’s new approach is a breakthrough, says Clifford Woolf, a neurobiologist at Harvard Medical School who was not involved with the work. He plans to use it to examine how pain-sensing neurons become more sensitive in injury or illness. With the new imaging technology, he says “we can take apart what’s happening in cells in a way that just has not been possible before.” Give a computer or a human brain information, and it will crackle with electrical impulses as it prepares a response. Within cells, these impulses result in spurts of multiple molecular signals. Boyden describes this process as a group conversation. “Signals within a cell are like a set of people trying to decide what to do for the evening: they take into account many possibilities, and then decide what to collectively do,” he says. These cellular discussions are what prompt, for example, a neuron to encode a memory or a cell to turn cancerous. Despite their importance, scientists still don’t have a strong grasp of how these signals work together to guide a cell’s behavior. To see cell signaling in action, scientists typically introduce genes encoding sensors connected to fluorescent proteins. These molecular reporters sense a signal and then glow a specific color under the microscope. Researchers can use a different color reporter for each signal to tell the signals apart. But finding sets of reporters with colors that a microscope can differentiate is challenging. And a typical cellular conversation can involve dozens of signals — or more. Changyang Linghu and Shannon Johnson, scientists in Boyden’s lab, got around this limitation by affixing reporters to small, self-assembling proteins that act like LEGO bricks. These small proteins “clicked together,” forming clusters that were randomly scattered across the cell like little islands. Each cluster, which appears under the microscope as a luminescent dot, reports only one type of cellular signal. “It’s like having some islands with thermometers to report temperature and other islands with barometers measuring pressure,” Johnson says. In experiments with neurons, the team created clusters that each glowed upon detection of one of five different signals, including calcium ions and other important signaling molecules. After imaging the live cells, the researchers attached molecular labels to the glowing dots to identify the reporters located there. Using computer analyses, the team turned the dots magenta, yellow, and other colors, depending on whether they represented calcium or another signal. This let them see which signals were switching on and off across a cell’s interior. By monitoring so many signals at once, the team was able to figure out how each signal related to one another. “Teasing apart such relationships could help scientists understand complex processes — like learning, ” Linghu says. He likens a cell to an orchestra and its signals to a symphony. “It’s difficult to fully appreciate a symphony by listening to just a single instrument,” he says. Because the new technique lets scientists observe multiple signals at the same time, “we can understand the symphony of cellular activities.” Boyden’s team estimates it may be possible to detect as many as 16 signals with their technology, but improvements in genetic engineering techniques could raise that number significantly. “Potentially, you could look at dozens, hundreds, or even more signals,” he says. “The next challenge,” Boyden says, “is getting sensors for all of those signals into a cell.” Reference: “Spatial multiplexing of fluorescent reporters for dynamic imaging of signal transduction networks” by Changyang Linghu, Shannon L. Johnson, Pablo A. Valdes, Or A. Shemesh, Won Min Park, Demian Park, Kiryl D. Piatkevich, Asmamaw T. Wassie, Yixi Liu, Bobae An, Stephanie A. Barnes, Orhan T. Celiker, Chun-Chen Yao, Chih-Chieh (Jay) Yu, Ru Wang, Katarzyna P. Adamala, Mark F. Bear, Amy E. Keating and Edward S. Boyden, 23 November 2020, Cell. DOI:: 10.1016/j.cell.2020.10.035 Fluorescent Brain Probe Visualizes Groups of Neurons As They Compute Researchers Use Next-Generation Optogenetics to Control Single Neurons Robot Outperforms Humans in Neuroscience Procedure New Technique Illuminates Neuron Activity in 3D Neuroscientists Pinpoint Neurons That Help Tell Faces Apart New Technique Enlarges Tissue Samples, Making Them Easier to Image Incredible Imaging Shows How Neural Circuits Form in a Developing Embryo [Video] New High-Resolution Technique Could Allow Researchers to Map Brain Circuits Be the first to comment on "Real Time Spying on the Symphony of Cellular Signals That Drive Biology"	cc/2021-04/en_middle_0030.json.gz/line1151
__label__wiki	0.739356	0.739356	WhatsApp latest update enable in-app viewing of videos The latest WhatsApp update rolled out for Android users allows for in-app viewing of third party videos. Dec 16, 2018 · 01:31 pm WhatApp users on Android will finally be able to watch videos within the application, confirms a report by Hindustan Times. Picture-in-Picture (PiP) mode for WhatsApp comes to Android, and it is available with the latest update. This feature was earlier available for WhatsApp beta users only. iOS users however have had this feature for over a year now. Picture-in-picture basically allows users to minimise video screens while using other apps. On WhatsApp, users can watch YouTube and Instagram videos without leaving the app. Head to Google Play Store and update WhatsApp to its latest version if you haven’t received the update. Notably, the video will open in a separate box and start playing. Users can pause the video within the box and drag it around as well. More so, users can continue chatting and scroll through messages simultaneously while the video plays in the background. This feature works in one-on-one chats and group chats as well. On the other hand WhatsApp has reportedly submitted new update bringing the version up to 2.18.384 version. The biggest change with this update is that WhatsApp has unexpectedly changed the layout of many emojis. The some changes amount to whopping 357 emojis! The changes are in terms colours, small new details, alignment or a soft new design, WABetaInfo, a trusted source on information about the messaging platform reported. However, this update is for Android beta users for now and is expected to be rolled out eventually. Android user PiP viewing Google Translate improves algorithm to curb gender bias results	cc/2021-04/en_middle_0030.json.gz/line1153
__label__cc	0.740815	0.259185	U.S. had plans to nuke the moon By Brian Todd and Dugald McConnell You could easily skip by it in an archive search: a project titled "A Study of Lunar Research Flights." Its nickname is even more low-brow: "Project A-119." But the reality was much more explosive. It was a top-secret plan, developed by the U.S. Air Force, to look at the possibility of detonating a nuclear device on the moon. It was hatched in 1958 - a time when the United States and the Soviet Union were locked in a nuclear arms race that would last decades and drive the two superpowers to the verge of nuclear war. The Soviets had also just launched Sputnik 1, the world's first satellite. The U.S. was falling behind in the space race, and needed a big splash. "People were worried very much by (first human in space Soviet cosmonaut Yuri) Gagarin and Sputnik and the very great accomplishments of the Soviet Union in those days, and in comparison, the United States was feared to be looking puny. So this was a concept to sort of reassure people that the United States could maintain a mutually-assured deterrence, and therefore avoid any huge conflagration on the Earth," said physicist Leonard Reiffel, who led the project. Reiffel, now 85, spoke to CNN at his home in Chicago. A 1959 report Reiffel wrote on the project, declassified many years ago, was obtained online by CNN. According to Reiffel's report, "The motivation for such a detonation is clearly threefold: scientific, military and political." The military considerations were frightening. The report said a nuclear detonation on the moon could yield information "...concerning the capability of nuclear weapons for space warfare." Reiffel said that in military circles at the time, there was "discussion of the moon as military high ground." That included talk of having nuclear launch sites on the moon, he said. The thinking, according to Reiffel, was that if the Soviets hit the United States with nuclear weapons first and wiped out the U.S. ability to strike back, the U.S. could launch warheads from the moon. "These are horrendous concepts," Reiffel said, "and they are hopefully going to remain in the realm of science fiction for the rest of eternity." The basic plan, Reiffel explained, was for an intercontinental ballistic missile to be launched from an undisclosed location, travel some 240,000 miles to the moon, and detonate on impact. Various news reports since 1958 have said project leaders considered using an atom bomb the same size as "Little Boy," the bomb that was dropped on Hiroshima, Japan, near the end of World War II. Reiffel, who was cited for that information in those reports, now says he wasn't in on those discussions. Contrary to some reports, Reiffel told CNN, the device would not have "blown up" the moon. "Absolutely not. It would have been microscopic, so to speak. It would have been, I think, essentially invisible from the Earth, even with a good telescope." Reiffel had some brilliant minds on his team. One of them was an up-and-coming graduate student named Carl Sagan. Sagan went on to become one of the world's most renowned astronomers, creating the book and popular TV series "Cosmos." But after working on the moon program, Reiffel said, Sagan violated security when he mentioned the still-classified project on a job application. "He did formally break the classification status of the project", Reiffel said of Sagan, who subsequently died in 1996. Sagan's widow, Ann Druyan, told CNN she's not sure if Sagan ever broke the classification, but if he did, she said, it wasn't intentional. "I can't imagine he would have done that knowingly," Druyan said. By 1959, Project A-119 was drawing more concern than excitement. "We didn't want to clutter up the natural radioactivities of the moon with additional bits of radioactivity from the Earth," Reiffel said. The project was abandoned. Project planners also weren't sure of the reliability of the weapons, and feared the public backlash in the U.S. would be significant," Reiffel said. "It disappeared in the files of the Pentagon", he said of the project. "They come up with what I believe was the right answer." Contacted by CNN, the Air Force would not comment on Project A-119. Filed under: Security Brief USAUSA You know why we draw-up plans like this? BECAUSE WE CAN! WE'RE THE USA!! ahhhhhhh ha ha ha ha ha!!!!! AHHHHHHHHH HA HA HA HA!!!!!!! Fa Fa Fooey The moon controls womens cycles. We should most definitely get rid of it! ARE YOU CRAZY!! The moon controls the women's cycle. CONTROLS being the key word. It would the end if you removed that control. The moon does not control women's cycles. It does create the tides with its magnetic pull. Many, many animals in the sea have spawning times based on those tides, including those that make up plankton. Plankton is a major part of the ocean's food chain. The moon also stablizes the earth's poles from moving around to different directions. Because the poles are fairly stable, there is life on earth. And it is moving away from earth at a surprising rate, too. I think you mean gravitational pull? November 29, 2012 at 2:07 pm \| The tides are created by the moon's GRAVITATIONAL pull, not magnetic. FYI if you didnt know this you probably went to an american school, i learned about this when i was 14. Justin S The ignorance of your comments supersedes the ignorance of the American people (which you're trying to convey). You've opened yourself up to a lot of comebacks, so here's mine: Where are YOU from? In the space below, I'm inviting you to list all of your nation's accomplishments. Tell us all about YOUR space program, moon landings, jetliner manufacturing, automobile manufacturing, expertise in infrastructures, bailing out entire continents during two world wars, providing economic assistance to half of the world...I think you get the point. Don't bash us, we just might decide to take away many of the things that brings your squalid, oppressed heck-hole of a nation into modern living conditions. LOL @ Ron. Wow that was deep, man. You come up with that on your own? Keep posting. Your efforts are really making a difference! Greg Faith When the Chinese are mining Helium 3 and owning all of the nuclear fusion reactors on this planet, we will have wished we were still going to the moon. It contains a very valuable element needed for endless energy here on Earth. Look Out Moon We're Earthlings, let's blow up earth things. Hot Puddles We're going to blow it up during a full moon to make sure we get the whole thing. Galileo, grandson of Ulysses walmart shopper we must not allow a mineshaft gap! Gentlemen, you can't fight in here! This is the War Room. This clumsy fool attempted to plant that silly camera on me. November 29, 2012 at 12:47 pm \| Like I said, mankind is no dam good, what it can't control it will sh-t on or destroy!!! Sounds like my dog.... alpinequeen We've done some pretty stupid things over the years and planned to do even stupider things. We have in deed done some crazy things as a species and will possibly do more in years to come. Even though the plan to have missiles launched from the moon or to it were never implemented the people involved were still thinking about it as a possibility. In some ways I am clad that it was not done since it could have caused some unknown results which could have had terrible repricussions on us as a whole. Prisoner#6 Like you working as a greeter at Walmart? 唉，瞎搞啥？1969年7月,美国宇航员尼尔·阿姆斯特朗登上月球,充分地展示了美国的综合国力。实际上,美国人在登月10年前就曾将月球当作展示实力的广告平台,只是他们当时盘算的是在月球上搞核爆。苏联技术领先美国拟在月球上搞核爆冷战期间,美苏争霸是两国在各领域进行的全方位竞争,这种竞争在军事领域表现得尤其明显。美国先是在原子弹研制方面取得领先,但苏联在1949年迎头赶上。此后,苏联在航天领域一直力压美国,让华盛顿的战略决策者饱受压力。 June 24, 2016 at 10:46 am \| Lance D. Bonjour Street Smart - Honey Molasses invited - Does W.H. luncheon smell like "banana cheese" to everyone? Entertained We looked at it, we shot the idea down. End of story. For all those critics and people with 20/20 hindisght on world events it should be interesting for for us and those in the future to see what we were right and wrong on based on our own beliefs at this point in time. And as a few said at least this is a country where this was able to be discussed. Jimbo Jones Yeah, figuring that "nuking the moon" is a bad idea is totally 20/20 hindsight, Monday morning QB-ing. If there was an actual plan in place for it, morons in the high command were advocating for it and would have gone ahead with it. Clearly not just hindsight since they did not actually do it. And the rest of your post is pure speculation. Deej59 Exactly right, because, of course, we had no idea the moon controlled the tides back then. Oh wait, we've known since the late 1600s. Well, maybe our scientists and military folks just hadn't heard of Sir Isaac Newton. Deej: For cryin' out loud, did you READ the article? We weren't going to blow the moon up. We speculated about putting another crater on its surface to show the Soviets that we can do it. Sheesh! trigtwit palin is a friend of mine. I don't mind it at all that he drools. Conrad – stop being a self-hater! Women are no better equipped to rule than men. we are all human, and will all make the same mistakes for political reasons instead of doing the right thing for everyone. Look at the female politicians currently extant in the world – not exactly inspiring. Also, you ask what right we have? Give me a break. As the only intentional beings in the universe as far as we know, we have whatever rights we want to have. We are it, the be all and end all. If we want to put a few more craters on the moon and add a bit to the ambient radiation levels, there is absolutely no reason not to. It's not like there is an ecosystem there to damage or anything. as far as doing something just to make the US look good – when you are in a state of existential danger all means to compete are acceptable. Both the former Soviet Union, and the current Chinese Empire are obsessed with image, so to project an image of technical superiority will cause either to make foolish commitments of resources to counter that image. That is why we won the first cold war, and the only way we are likely to survive the current one. The Soviet Union overspent and collapsed – we can only hope the Chinese do the same. Ryan Jones I am sure that the Chineese Government will crumble when they are faced with their crushing debt. They will soon be forced to borrow money from America just to get by. macthek9 My fellow Americans. We have just shot the moon down... That's why the moon is gone. Sorry! Couldn't help myself... It appeared communist on those crescent phases. Senator McCarthy approved of this plan, I'm sure. But first he'd want that communist moon to name names. they failed to mention that carl sagan later on campaigned against nuclear weapons and testing on animals I shudder at the thought of someone testing a nuclear weapon on small animals. If this was top secret, it wasn't very well kept. I am old enough to remember Sputnik and the excitement it caused. I also knew about the plans to detonate an atom bomb on the moon. I had always assumed the project was dumped because it was a dumb idea. Just like trying to build a nuclear powered bomber and a 600 foot steerable radio telescope. The airfarce didn't want to be left out of the nuclear game. The navy had nuclear powered boats and the army had the Davy Crockett nuclear cannon. The idea behind the radio telescope was to listen in on Soviet radio traffic reflected off the moon. All of the projects were 'top secret' and yet I knew about them when I was an 8 year old kid Sputnik wasn't classified. The Soviets announced it to the world. You did not know of the project to nuke the moon, you might have heard as I did about why don't we use the moon to test our nuclear weapons, the project itself was kept secret. You could stretch it and say the Air Force does have nuclear aircraft, they carry nuclear bombs and missiles. The Navy has both nuclear boats AND ships (yes there is a difference). The radio telescopes did exist, there were 14 of them at 8 sites, I was stationed at 4 of them, but they did not collect "bounced" signals off the moon (moon is round, it scatters them), they collected the signals as they bounced off the atmosphere. Those sites have been disbanded and torn down since the early '00s, replaced by satellites. airfarce???????????? Seriously show some respect the United States Air Force is a branch of the military and don't you forget it. Imagine fighting a war without them. Think before you run your mouth. It is also called the Chair-Force " Imagine fighting a war without them." Yea, imagine ... Revolutionary War, Civil War, Spanish-American War, WWI, WWII. Yep, I imagined fighting wars without the USAF. 😉 Oh, so that's where the saying "shoot the moon" came from! Or, just strap Allice to the rocket that was going "to the moon" HEHEHE. Another misleading headline to grab your attention. Conducting a nuclear test on the moon is not "nuking the moon". Conducting a test in New Mexico is not "nuking the Earth" We have no business conducting such tests. The moon is a time capsule, reflecting 3.8 billion years of meteorite impacts. It is a reflection of the violent birth of our early solar system. Conducting a nuclear detonation would tarnish parts of that record. I do not comment on the propriety of lunar nuclear detonations - crazier schemes were devised during the Cold War. I simply find it offensive for CNN to continually use misleading headlines that exaggerate events out of proportion. Most people would agree a nuclear detonation on the moon should not be characterized as "nuking the moon," which suggests plots from the movie Armageddon. November 29, 2012 at 11:51 am \| The moon is a lifeless rock, and a possible depository of valuable resources. There is absolutely no moral or ethical reason NOT to detonate nuclear weapons on the moon's surface. I don't know if there is a good reason TO detonate them, but arguments against are lacking in substance and validity. I agree. I was going to post a similar message as you when I read the headline and then read the first paragraph of this article. Its sad that even CNN has to stoop so low as to have sensationalist headlines. It's surely senseless. If you can drop a bag of potatoes on the moon, you can drop a nuclear warhead. What is the useful payoff for spending couple billion dollars on this? One important point mentioned in the article is that detonating a nuclear device on the moon would change its natural radioactivity profile, and make many scientifically valuable projects impossible. Useful application is to see if space detonations are similar to atmospheric detonations(check). Can help when the next big rock hurtling towards earth is found, or if the little green men mount an attack... "What is the useful payoff for spending couple billion dollars on this?" Job creation. Where do you think those billions go if not to pay people to make this happen. In fairness to this network, there are two points here that you aren't noticing. First, the headline is correct. Sending a nuke to the moon for detination is "nuking the moon". I think the problem here is you, and a lot of others (including me when I'm not actively thinking about it) equate "nuke" with "blow to bits". Second, they've got about 35 characters to work with before the headline becomes so long it wraps and wipes out the formatting of the front page. The headline for this story gave you the basic idea in 32 or 33 characters. This site IS guilty of misleading headlines nearly every day, but this isn't one of them. It is not, blowing up the moon, but technically, it is nuking it. SayAsIs Profit Mummad bet them to it by 1400 years obama4life Susan Rice is against this type of nonsense. The project was for sure loony. It is reassuring that it was quickly abandoned. It is less reassuring that they actually created a working group to study it seriously. Clyde M It wasn't looney because it wasn't designed to actually do anything to the moon. The whole point had nothing at all to do with the moon. It was to be a show of military force to impress/threaten the Soviet Union who was getting ahead of us in the space race. We wanted to show them that we could drop a nuke anywhere we wanted–even not on Earth–any time we wanted. That was the intent, and in that way it was rather sane in its way. It would have been an unmistakable show of force indeed. "Luny" missed a great opportunity there. History Bear Moon is still a military high ground, only today it's not in the realm of fantasy. Sooner or later someone is going to put an installation in space or on the moon. I'd rather it be us than the Chinese, or Russians. Sounds like spending cuts is not your thing... Nobody will militarize the moon. And if it was possible, I would rather it be the Chinese or Russians because the expense to do it and then maintain it would be, no pun intended, out of this world. And to take it one step further, think about it. A nuclear launch on the U.S. from the moon? We would have three days to counter it. Defeats the purpose. Alex Gessong A military base on the moon would be pointless. There's nothing you could do on the moon that couldn't be done from low Earth orbit. The moon is a quarter of a million miles from Earth and in a non-synchronous orbit. Military use would require a more or less geosynchronous orbit, no more than 23 thousand miles from Earth. No rational power, whether the US, Russia, China, nor any other nation is likely to go to the expense of militarizing the moon, because there would be no return on the investment. "no return on investment"? Well maybe in the recruiting department. I joined the navy years ago because my recruiter told me of all the neat places I would be sent, and it was true. Think of being stationed on the moon! classic cold war menality.....same old same old..... It was an option they considered and rejected, so what? All the shrill voices here need to relax. If nothing else, it shows the Moon was on folks' minds. About three years later, President Kennedy's 1961 speech urged us to commit to traveling to the Moon, peaceably. Agreed, but: If you read the book The Right Stuff, our outward purpose for going to the moon may have been peaceful, but our underying reason was to practice ICBM launches. If we can put all that lunar hardware on the moon, successfully, half a dozen times, we sure as heck can pinpoint Russian cities, military bases, defense plants, etc with nuclear weapons. I remember the movie "The Time Machine" (the 2000 remake, that is...) and the time traveler went to the year 2037 and the moon was being mined and somebody up there screwed up and blew apart the moon and it was starting to rain down on the Earth. The time traveler escaped into the future while everyone else went underground. Anyone else remember that one ? I do, it was with Guy Pearce. It was pretty good; I think I still have it on DVD in a box in my garage. God No God, no. Why would anyone have watched that tripe? Please don't use the lord's name when making sour grape commens. He wants us to be happy : ) smartaz The man on the moon keeps looking at me funny. The SOB deserves whatever he gets. Take your meds. No, no, no...he's looking at ME, not you. The man in the moon doesn't care about you. He's my friend.... Realist3333 You Americans do know that any change of the moon causes severe tsunami's and interfere's with our planets natural cycle . This just adds to the worlds view of your extreme ignorance ..Its like your country won't be happy till the earth is completely destroyed 🙁 .Babylon the great aye and i am not religious You do realize this was 50 years ago and not today, right? Um . . . before you talk about "ignorance" you might want to understand that a 20kt nuke on the moon would have no measurable affect on the moon's orbit or structure. EricJette It's not ignorance, it's just that we'll try anything once! Besides, look at the hits the moon has taken in the past, a 15 kiloton nuke would be like a nat's bite on the backside of an elephant in comparison. The moon has been "nuked" many many times by bigger rocks falling on it. Only the ignorant would think you could "blow the moon up"! InkyGuy So, you are indicting the United States for something it didn't do?! While it was a stupid idea, rather than crediting the U.S. with making the right decision, you use something that was under consideration and cancelled to blame the country as if it committed these acts. You also do not note that the U.S. has a free press enough press people who can reveal this and not be punished by the government. That is something to be commended, not condemned. Foreals It's like generalizing the entire US population makes you feel better about whatever armpit of the world you come from. daknik You realize there are craters in the moon the size of some countries caused by meteor strikes right? Those would each be a major change to the moon and the earth was not wrecked by massive tsunami's. Plus the fact that a "little boy" yield nuke surface detonation wouldn't have barely scratched the surface in comparison to these craters. And by the way... the United States was in the middle of a cold war where it had to think of every possible avenue it may be attacked from and come up with a plan to prevent that. Obviously we never did the test, so we decided it wasn't a threat worth pursuing. And i'm sure the Soviet Union considered something similar around the same time. Changes will only impact the earth if we alter the moons orbit or significantly reduce it's mass. Not in the realm of scientific possiblility. Ever look closely and see all those craters? We ain't in the running for moon destruction or alteration. JD in GA If you remember in 2008 we bombed the moon, supposedly to check for moisture in the soil. Since then hurricanes, tsunamis and earthquakes have been more extreme. Is there a connection? Maybe You're in Gerogia, JD? Same place that stickered textbooks to explicitly call out evolution as "just a theory?" I'm not saying the state's understanding of science isn't top notch, but... You accuse other of ignorance, and yet your post leaves you sounding more ignorant than most. The Americans DID NOT do it. You are insulting people for something they didn't do. Using that "logic," someone could claim that you won't be happy until the Earth is destroyed. It doesn't make sense, does it? There is a very big different between coming up with an idea and people actually implementing that idea. Second a nuclear explosion on the moon would not make the changes you claim it would. Yes, it would throw a lot of debris from the surface of the moon. The amount displaced would be trivial when compared to the total mass of the moon and I suspect that much of the debris would stay in the moon's gravity well and fall back to its surface. Also, take a look at the moon's surface. It is covered with craters of various sizes some are very large. If the moon can handle hits from from things large enough to create those, then it could handle a blast from a bomb. Joepub Meanwhile 10 years earlier in the 40's you had the likes of Hitler and Mussolini creating havoc and as I recall, you guys were pssing in your pants hoping that we would join the war effort. Please remove the word "Realist" from your username if you don't mind... Actually, of all the impacts of not having a moon, the creation of huge tsunamis really wouldn't be among them as those are generally caused by sudden displacement of water, usually under the water (via earthquake or mud slide) or impact to the ocean (via asteroid impact). Tides would actually level off a lot more if we had no moon, not get wilder. Of course, we'd have other problems, stagnation of weather, jet streams, and ocean currents, perhaps (because tidal forces would level out and not mix up the air and water as much). It may also lessen the geologic activity of Earth's crust, which would be good and bad. It could screw with a lot of wildlife cycles and abilities (like night vision), too, to unknown affect. But what it would probably not do is either cause, or prevent, tsunamis. "Contrary to some reports, Reiffel told CNN, the device would not have "blown up" the moon." Which reports are these? A 3rd graders? They could have done this and nobody would have even noticed. The fission bombs used at that time weren't the planet-exploding 1-nuke-destroys-the-world type of bombs that everybody thinks. You all need to stop watching so much bad TV. The whole "blow up the moon" thing has been around for years. I mean, seriously, years. I would guess someone early on got wind of this and either didn't do the math, or somehow believed the moon was a giant soap bubble and were genuinely worried that it would blow up if hit by a tactical scale nuke. Or they were willfully taking the "Let's pop a nuke on the moon" idea and blowing it out of proportion into "They're going to bl;ow up the moon!" for wherever conspiracy they were championing at the time. M I Snow Maybe they think it would melt all the cheese... :)) Sweet! Who needs a moon of crusty green cheese when you can have a perpetual ring of delicious melted gooey queso going around the planet? Bonjour Street Smart - Je suis Francais et L'Alegrien mais "Ja, ich kann ein sehr gutes Deutsch sprechen," UND puedo decir algun Espanol tambien - que puis-je dire? Bossa Nova: "Garota de Ipanema" (wink) we suck U S A!!!!!!, U S A!!!!!!!, U S A!!!!, U S A!!!!!!!!!! Hmmmm, nuking the moon, better than nuking the Earth, at least there are no people to kill on the moon Hmm no only wall to wall tidel waves Whatever its merits or lack thereof, explosions on the Moon would not cause "tidel waves," i.e., tsunamis. Tsunamis are caused by displacement of water. You lack a sense of both the size of the moon and its proximity to the Earth to think that a nuclear explosion (even thermonuclear) would cause tsunamis on the Earth. The Moon has experienced many impacts large enough that the vestiges of them can be easily seen on Earth, which is 300K miles away. The only possible scenario would be a very, very large piece of ejecta which would consequently make its way intact to the Earth's surface. I'm not seeking to be an apologist for this foolish Cold War idea, but tsunamis would not have been a danger. What right to we have to nuke anything? Leave the moon, and the earth in peace. did you mean piece? Um, I believe we have the right because we are America? U-S-A! U-S-A! U-S-A! What an insane world we live in! What insane people rule the U.S.! Nuke the moon for the sake of the U.S. to look good??? Seriously?! And this is the same USA that ordered troops to walk to ground zero after nuclear bomb blasts in Nevada in the 1950s, the same USA that ordered "volunteer" troops to ingest LSD so that some Harvard folks could engage in some research, and the same USA that simply can't balance a budget and never wants to. No! The government knows best! Strong central government means that grass roots issues and problems at the local level get addressed most efficiently! (according to tards) The Government is inefficient and backrupt, including Social Security, Medicare and Medicaid, now they want to run the ACA. Let's see how that works out? Anybody want to guess??? You may say it is the 'government', but I say it is men. It's time to give women the reins to make things right. Male ego is too much of a beast and should not be allowed to decide anything any longer. jbcal Sorry conrad, but women like sarah palin, michelle bachman and the witch woman oconnel or whatever her name is, blows your theory. It was the 50's. A very different time. Nuclear weapons were scary then, to be sure, but atomic bombs were seriously considered for peaceful purposes as well, in both the US and former Soviet Union, such as mining, space propulsion, etc., so popping a nuke on the moon wasn't that far fetched an idea. Indeed, what bizzarre chest beating logic is it that concludes "nuking the moon will make us look good" ... God, in whose eyes? If you don't know "in whose eyes" then you have no clue of the gloval socio-political mindset of the '50s. Study some history then comment... Oh please, you don't think being the first country to both land on AND nuke the moon wouldn't be cool? It wasn't so much to make America look good as it was to make the Soviets look bad. Mr. Gorbachev, tear down this moon! "Tear down this moon". Ha! first comment to make me laugh today. Now back to work I go. I'll leave the rest of you to counter the foriegn commenters here that think we want to "blow up the moon" to prove how powerful we are. Rob-Texas Thankfully this project was stopped and we are still living as a result. If you change the orbit of the moon, every creature on Earth will pay the price. You do know that a 20kt nuke (roughly what was referenced in the article) would have virtually no measurable affect on the moon's orbit, right? The moon still gets hit with meteoric impacts with higher energy yields then that on a fairly regular basis. Dropping a nuke that size on the moon would no more affect the moon's orbit than dropping the scores of nukes we have all over earth have affected Earth's orbit. As was said, the moon has gotten smacked by meteors with several tens of times that energy level and been fine. I have come to the conclusion that the Daleks are Republicans of the future, Exterminate, Annihilate, Destroy!!! Sorry, but this wasn't a Republican project. Democrats were just as involved as Republicans. Sorry to take the wind out of your sails. Just don't. I'm pretty sure that if The Doctor were an actual perosn, his opinion would be that ALL of these petty politicians are far too interested in a universe of irrelevant things when there is literally an entire universe of relevant things to consider. You may, however, treat yourself to a jellybaby for being half right. Eurodisco: Cerrone "Midnite Lady" - from his "Paradise" Interesting article, but hardly surprising. Absolutely nothing that went on at the height of the Cold War surprises me. When the Chinese are mining Helium 3 and owing all of the nuclear fusion reactors on this planet, we will have wished we were still going to the moon. It contains a very valuable element needed for endless energy here on Earth. I like holding Helium 3 balloons... until my hair and teeth fall out. It's not the shooting them AT the moon that bothers me... at all. It's the shooting them FROM the moon that's scary. Scary, yeah, but not as scary as some of the other hair-brained schemes to come out of the cold war. One thing that would have been good though, would have been the Lunar development that would have come with the weapons installation. When the cold war eventually ran down, there would be infrastructure in place for peaceful development. Sadly, another opportunity lost to history – even if it was spawned from a bucket full of crazy. What do we need to 'develop' the moon for? To create another garbage pit like we have here on earth? Leave it be ...we've shown repeatedly we don't know what we are doing. All we do is destroy in the name of 'progress'. The point of developing the moon is to extend progress and, arguably, to give a chance for Humanity to grow beyond the confines of a single biosphere. While I actually agree with the concept of "we should learn to manage our own biosphere before we go mucking about in others," the Moon is a logical starting point for long term colonization of space and further exploration. Sorry you don't see the long term potential or the cost of a lost opportunity. There must've been some tiny wee-wees in the US govt back then. Our arms race with Russia was nothing more than overcompensation for something else. and your comment must have a hidden meaning too...JB or is BJ? Perhaps it would be helpful for all of you to understand that the US gov't explores many, many options. Most, like this one, are quickly abandoned as unneeded, unworkable, too expensive, or just too dangerous. Better to consider all options than to adopt a poor strategy. This is why women need to rule. Women innately understand that our energy, resources, and efforts are better spent on being sure everyone has eaten. He'sNotSoBad So how would that work when dealing with the Taliban in the Middle East who have no respect for women or any authority they might hold? Bonjour Street Smart: France Joli "Come to Me" IvotedforObama I wonder what other tantilizing secrets are hidden away? RE: Obama/Romney W.H. Lunch - Paul Ryan will be there to quickly "slice and dice" any banana cheese. Billy D William I would nuke the moon and watch it explode with a nice cold bottle of Colt 45. You are the typical stupid American .How do you make a country powerful , when the elite control the population and make them incredibly thick .You are a prime example lol Humor is not your strong suit, is it? It's not humor, it's acurate analysis. The moon is populated by ant-like humanoids and dinosaur-size caterpillars....HG Wells and Ray Harryhausen taught us that. That's why nobody has been back since the 60's....too scary. Definitely a REPUBLICAN idea... War with this country... War with that country... War with Moon.. War with Galaxy... War with the Universe... War with the Gods... And what did we have as a result => George Bush !! You, Sir... Nailed It. So you're saying the Romans, Greeks, Persians, British, Chinese, Germans.... pretty much every civilization in history was Republican? Wow... just wow Spoken like a true uneducated Democrat. How long will you blame Bush for the issues that stem back in the early 90s during Clinton's reign? Know your facts before posting comments with no justification behind them. Pig in a Poke Aaaaaah lighten up Francis Bush betrayed and murdered our country. Let see: 2 unending wars, Unpaid tax cuts, Unpaid pharmaceutical benefits... He ignored our debt while President Clinton tried to resolve it. Talk about unedumacated (Bushism). irunner We'll keep blaming Bush until his failed policies and wars no longer affect mine, my childrends and grandchild's lives. Long after he's dead of course! It's all Bush's fault, without a doubt! Even Mitt and Palin are Bush's fault! RememberCarter And please recall just how many long years the Rebuplicans blamed Jimmy Carter for everything - and with much less cause. Obama has been waging war since his first day in office. voradtralundir And it was a holdover from eight years of arrogance begun by a man that couldn't pronounce "Nuclear" without sounding like an idiot. Lets blame Bush for everything! Adam ate the apple ... It's Bush's Fault! The great flood ... It's Bush's Fault! Roman Empire fell ... It's Bush's Fault! English Empire fell ... It's Bush's Fault! The dark ages ... It's Bush's Fault! The sun sent a flare to earth ... It's Bush's Fault! Aliens Invade ... It's Bush's Fault! 12/21/2012 ... Oh so Bush's Fault! The disappearance of Maya Empire ... It's Bush's Fault! All Hurricanes ... It's Bush's Fault! Everything bad in the world ... Bush's Fault! Ridiculous? Most definitely! Wake up there are bad people all over the place! Magic Jew Adam and the Great Flood are both myths. It was Eve that ate the apple you Dork! But her last name was Bush. Eve got adam to eat the apple is what I'm referring to but what I was saying is that even though everyone knows that we are still blaming Bush for it, because that's just the cool thing to do, right? It's still ridiculous! MagicJew if they are both myths then it's Bush's fault for starting the myth! Right? Bush was an arrogant moron that believed everything his handlers told him. It was only at the end of his Presidency that he began to act like an intelligent, involved, concerned and humble human being. A little late since those should have been requirements for the position he held. Lee Enfield Talk to my wife. She'd say all of those things were MY fault. johnymac60 Really? Well, let's look at some actual facts, rather than bs, shall we? Abraham Lincoln – Republican – Civil War. You score a point. Woodrow Wilson – Democrat – First World War. You lose a point. FDR – Democrat – WW2 – You are negative 1. Harry Truman – Democrat – Korea – You are negative 2. JFK – Democrat – Vietnam – you are negative 3. GWB – Republican – GWOT (Iraq and Afganistan) – You are negative 2. Lots of Presidents attacked lots of little places, but I only counted the biggies. We can go into those as well if you like. Now that you know the facts – that Democrats have gotten us into more wars than Republicans, will you admit you are wrong and become a Republican? No? No surprise. Facts seem to matter little to liberal idiots. Have a great day! Republican or Democrate, really doesn't matter, the fact is it's men that start war and usually over something stupid. Men will be th downfall of humanity. JayKay but more importantly look at the reasons for each of those wars and their outcomes.... plus 100 points for Dems! The republican party at the time of Lincoln was actually closer to the democrats of today And you Billy were definitely a Democrat idea. Stupid and foolish. and it shows. No no no ... it's not Republican's it is MEN. It is time to let women rule. Hybridhor Whey did they not go through with it? Because it was soon discoverd shortly afterwards that the moon was already occupied. THERE ARE ALIEN BASES ON THE MOON. THIS IS FACT, and very much covered up by NASA. They would have started a galactic war if they did. Not to mention the last time they bombed the moon with a projectile that caused the moon to 'RING LIKE A BELL" for 3 hours. What natural object does that? How do you explain that? The moon is an artificial satalite, not of this origin. NASA was warned to stay away. that is why they have not returned since the 60's. this is all truth. TinKnight Riiiighhhht.... You need to quit smoking that stuff so early in the morning... troll. Well, clearly if it was posted by an anonymous user on an internet comment forum then it MUST be truth. That's the very definition of what const.itutes truth... Putting things in all caps doesn't make your points true. If these are facts please list your sources. I don't need to post my resources. Do your own reseach if you want. There is enought of it out there. I don't care if I am rediculed. I used to think it was a load or bull myself and laughed at the idea. Until I started doing my homework. And trust me, many hours put into it. The evidence was overwealming. Even when I remembered books on the Moon I looked at as a child and wondered why so many things were airbrushed out in the photos. I may have been a kid, but I knew the pictures did not look normal and something was blurred out. 30 years later I see the same photos on the internet!!! And find out what they were trying to hide. Go do your own research if you want to find out the truth. Hybrid, just a hint: when people want to be taken seriously on scientific matters, it behooves them to cite sources for verification. You open yourself up for ridicule by not doing so–aside from having such an... outlandish, at best, claim. JeramieH > I don't need to post my resources. Burden of proof lies with those making the claim. It's not our responsibility to prove your point. You lost the argument at "I don't need to post my resources." You have made a claim and not only failed to back it up, but STEADFASTLY REFUSE TO. There are no aliens, your attempt at trolling has failed. Crawl back in your hole. Daremonai Ahm.. all planets, moons, and other rock based objects do that. there's a lot of truthiness to that truth, and not a lot (or any) facts Read the National Enquirer much? taffd all of that stuff you said is not true-why, the moon told me so itself last night! And thus the t.tle of my new book "Goodnight (Secret Alien Bases on the) Moon." What lunacy!! Hoser I know I know I was there last Friday night...they have really good beer Hybidhor! For revealing our plans and location to the general public, your punishment is assimilation! Say goodbye to your family. We'll be by around dinner time to assimilate you. You may bring a snack. LMAO!!! Good thing they didn't have of earths population would dissapear as well from all the fragments..... Uhm...we didn't disappear from the fragments from all of the nuclear explosions on the Earth, why would a "small" nuclear detonation on the moon cause the extinction of human life on Earth? Although it's small in comparison to the Earth, the moon is not "small" and wouldn't be shattered by a Little Boy-sized detonation. hingedlwnb They had no choice. An invasion would have been far too costly in lives and green cheese. I detonated a device on Uranus last night. Ghostman Wrong forum sicko. lmfao good one. hahhahahahaah Leavethemoonalone The moon actually is what keeps the earth in its rotation so destroy the moon, destroy earth. Ahm... no... actually the moon is slowly decreasing our rotation.... No...Stop reading those christian science books. Uhm...a whole bunch of fallacy there. First off, the Earth existed BEFORE the moon formed in our orbit, and would continue to exist without the moon. Second, the moon doesn't significantly affect the Earth's rotation around the sun. It does marginally affect the earth's rotation on its axis, in that it SLOWS it down, due to tidal bulges. But, without the moon's presence, the Earth would continue to rotate on its axis just fine–the days would become slightly (undetectable to humans without instruments) shorter, and weather & tidal patterns would definitely be affected, but life could/would continue. Not that I'm condoning a plan to detonate a nuke on the moon just to prove that "We're stronger!" Umm, humanity has no ability to destroy the moon... um, I'm pretty sure that's not accurate. It would disturb the rotation some, but not a lot. Plus, if you'd read the article, it clearly notes that the detonation would never be enough to "destroy" the moon. I doubt we as a species have that kind of capability. The moon may be much smaller than earth, but that's still a giant-a** chunk of rock up there. HockeyPuch Is it a requirement to put "uhm" before a condescending statement, or are you thinking of a reply as you...uhm...type. I think it is required of high-school aged boys who like to roll their eyes before demonstrating their considerable prowess and knowledge of the world. It's the early stages of over-bloated, injured, never satisfied, must get to the top at all costs male ego. It gets worse, though more sublte and manipulative with age. 'Mr. President, are you suggesting we nuke the moon?" "Would you miss it? Would you miss it?!" bag o chips That was my first thought too... and my favorite line in that particular film Brokenlol I wonder how many of our readers know that we rammed a rather large rocket into the moon a few years back, then ran a probe through the resulting column of dust so we could analyze it. Do you mean the LCROSS mission in 2009 to search for water on the moon? I wonder how nuking the moon became a political debate ?? While society continues to swing back and forth, the only thing that seems to keep "moving forward" is technology. Yes, we are some much more efficient at killing people today than we were in the '50's. That's something to be proud of (sarcasm for those who are unsure). dpnelson1978 It is an internet message board. People expect sarcasm. If you post something honest and straight forward you should consider point that out since it will be much more of a surprise. November 29, 2012 at 9:36 am \| kelub Except for the part where our technological efficiency has resulted in a dramatic decline in the number of civilian casualties in war, as well as an increased sensitivity culturally to civilian casualties. As recently as WWII it was common practice to carpet bomb cities. Now (rightly) there's outrage if 11 civilians are killed during a military strike. I'm all for finding ways to end war, but so long as it exists, I'd much prefer efficiency over blanket mass murder. And as a result of our precision destruction, people are no longer truly bothered by the nastiness of heavy civilian casualties. War is now surgical, taking out the offending article without the associated horror that might preclude someone from continuing to cause destruction. For those of you unaware, this was the topic of a Star Trek Episode where Kirk was told to bring his crew down for disintegration chambers, because a computer predicted the Enterprise was destroyed. The planet enacted this war style because they were upset at how badly war destroyed culture. They are horrible for a reason: so you don't keep waging it because people and society are destroyed. If greater powers of destruction (in the name of exploration) are what you consider to mean 'moving forward', then ok. Back in the 50's everyone still believed that the moon was made of cheese. The US government was simply trying to create a surplus of cheese for the welfare lines. But when they couldn't pull the job off, they switched the amount of cheese that one should eat from basically whatever you wanted, to a piece of cheese the size of a dice daily. Democrat "green banana cheese" and Republican saltines. caesarbc Nuke the moon??? Well, that sounds like a great idea. Humans are the smartest organisms in the universe. We are MOSTLY harmless. (President) "Well the election is coming up next year. We need a really big media event. Gentlemen, any ideas?" (Staff member) "Well sir, there's that moon project. We could blow up the moon. We've already got sponsors in place." The surest sign of life on other planets is the fact that none of it has tried to contact us. arthur duchemin [The surest sign of life on other planets is the fact that none of it has tried to contact us...] beyond the fact that we don't "officially" know and second beyond the fact that we know that on Earth, pilots from jets and civil planes have witnessed very strange (non-human) things proving a superior intelligence to ours (at least in flight movement). Well, my guess is 1) they are busy working 2) they don't need anybody else (especially if they are very clever) 3) they don't want to worry anybody else since they know they are very smart 4) coming back to 1) one may ask: well what's on their planet they are so busy working. My guess would be: Responding to the very reason why they are "alive". It was a joke....ligthen up.... Tuna Cans and Tin Foil Every one knows that it's just us coming back from the future and then going back to the original time we came from, and of course we can't "disturb" anything without affecting the outcome. And everyone knows that time warp can only go backwards....for now! Many people believe that intelligent life may exist but is so spread out throughout the universe (hundreds of thousands of light years separating them) that the chances of them contacting one another is slim. Also consider that the timespan that a civilization may remain intelligent enough to contact via electronic signals or otherwise might be very small compared to the life of the universe. It's a really big universe. The milky way itself is 100,000 light years in diameter. That's a big Milky Way!!! American history has been marked by cyclic waves of traditional social discipline versus social conscious awareness - like a pendulum the perpetually swings from extreme left to right then back to left - back and forth. The pitfall of "black and white" western civilization thinking. The economy tends to swing in the same manner. Many in tie dies and love beads shed them for the brooks brothers suit - just to pull the tie dies and love beads out of moth balls. Can we find a healthy balance for the "common good" of all? Time will tell. Hear hear! Well said, that man! other possibility There is a lot of empty space in Saudi Arabia. When they run out of oil there's not much else there that is needed. Nothing but propaganda.... The truth is that NASA and the Soviet CCCP were of the same brood of Nazi scientists who were divided among the USA and USSR after the way. Their master plan was to create the false illusion of 'human spaceflight' in order to introduce a new form of brainwashing; astro-evolution. Indeed it was through ICBM research that they discovered vaporization at hypersonic reentry into the upper atmosphere thus 'grounding' human 'spaceflight' (no, they did not reenter the upper atmosphere at 17,500 mph inside their tin-cans and 'brake' with parachutes, hence drop from cargo planes were/are handy....). The 'space race' was one of the grandest frauds that will soon be unmasked. How's life at the tin foil hat company? Buck must be Director of Product Development with those grand ideas! wang chung Tin foil Hat Ha ha that is so clever and funny...quick pull my finger. Dan I Ummmm no one ever said they used the parachutes as brakes. They used the ATMOSPHERE as a brake. If you re-enter at the right angle you can survive (hence why not all meteors completely disintegrate). The parachutes were only used during final splash down for the last bit of deceleration to slow AFTER re-entry. Setting the lunacy of the post aside, NASA's Soviet equivalent was ROSCOSMOS, now The Russian Space Agency. Your reference to Soviet CCCP shows your ignorance (hopefully, just because you're too young to remember). Those aren't English letters. CCCP is the acronym USSR, in Russian using Cyrillic letters. Thanks for play, would you like to try again? You need help!! I'm sadly disappointed that this article missed the single biggest fact in all of this and that's that it is not too late. We can STILL nuke the moon if we'd just put our collective minds to it. Sure, American industry isn't what it used to be and sure, we haven't been back to the moon in nearly 40 years despite being the only nation to achieve such a monumental feat...but I bet with a little grassroots push, some scientific grants, and good old elbow grease, we can have a nuclear bombardment of the near side before the next Olympic games kick off. Indeed, nuking the moon is exactly what this country needs to boost morale and get the economy roaring like a freight train again ... not to mention it would be a good message to send to the rest of the world. A clear reminder of who exactly is in charge ... 'cause sometimes it seems like they've forgotten. Are you so dense that you cannot even detect blatant sacasm? Based on the bloat of posts here, you should volunteer with VHMET. * sarcasm Hey if we blow up the moon then we wont have to worry about high tides. Sandy wouldnt have been such a b**** EdwardTr FYI: The moon is the reason earth does not wobble. So the cure for the extreme weather generated by our poor environmental management skills is to annihilate the nearest heavenly body to reduce sea tide issues all together. I like it... But if we blow up the moon it will cause tremendous devastation on Earth and we will be forced to hide underground. 800,000 years later the human race will have evolved into two separate races – one, subterranean and carniverous, the other, surface dwelling and prey of the subterranean race...... Eloi But I enjoy living in blissful ignorance. Plus, free food! pheadbaq Sooo, they'll cover this pretty useless bit of info (who didn't already know that the US and USSR were up to some crazy stuff at this time?), but other stuff like Project Northwoods... nowhere to be seen. Probably because Project Northwoods isn't news. It's been known about for years. The US having plans to do nuke tests on the moon, and that we thought the Russians were doing the same, have been known for years as well, so I fail to see your point. Mine was that CNN is merely covering the more entertaining bits of information as opposed to the truly significant ones, and in a blog called "Security Clearance" no less. Also, people's thinking on "the US was going nuke the moon" is probably going to be drastically different than "the US was going to terrorize and lie to its own populace to give the appearance of a justified invasion of Cuba". If you think the two topics are somehow of equal import... well I dunno what to say to that. Education on the value of free speech and the other freedoms reserved by the Bill of Rights, about what happens when you don't have them, and about how to exercise and protect them, should be an essential prerequisite for being an American citizen — or indeed a citizen of any nation, the more so to the degree that such rights remain unprotected. If we can't think for ourselves, if we're unwilling to question authority, then we're just putty in the hands of those in power. But if the citizens are educated and form their own opinions, then those in power work for us. In every country, we should be teaching our children the scientific method and the reasons for a Bill of Rights. With it comes a certain decency, humility and community spirit. In the demon-haunted world that we inhabit by virtue of being human, this may be all that stands between us and the enveloping darkness. – Carl Sagan http://pulverizedtonearpower.wordpress.com/2012/07/12/pulverized-to-near-power/ More succinctly: If lunacy like this is not exposed, they'll keep trying until they kill us all. I don't see the problem with either of these entries. There are frequent historic events spotlighted here. Northwoods is juts as interesting as this Moonacy, but they probably just have not gotten to it yet. There's no grand conspiracy here. We can relax. Hmm, I don't recall mentioning conspiracy. You came up with that one. There's no conspiracy angle, so you can releax now. My point is that this info on nukes and the moon, to me, is really just entertaining. Hey, newsflash, the US and Russia were engaged in all sorts of crazy one-upmanship during the Cold War. Wowwwww, very compelling "super secret" info there. I'm terribly excited to have Security Clearance informing me of these sorts of revelations. Yeah, why aren't they covering [insert soapbox topic] instead! Precisely, why do they only cover [insert mickey mouse topic here]? Bah, no matter, so long as we're all entertained. ShawnDH Nuking the moon to be a tough guy...how very Republican. Absurd. John Brocklyn Ummm, Kennedy was a Republican? So far as I know, he's gotten closer to nuking the entire human race than anybody else so far... Not really. Had Russia sited nukes in Cuba they probably would have been used at some point in time. I think our worst nuclear threat today is North Korea. Given that, I'd point to MacArthur and Truman as the ones that came closest (and still may succeed). By goading China into the conflict they almost push the whole world into a war at a time when militaries had emense power and a desire to try to wage a nuclear war. This also prevented NATO from defeating North Korea, allowing the current unstable situation to continue to fester. Really?? Do you know anything at all about that time period? So you think Kennedy staged the Bay of Pigs against a Castro Cuba that we now know had recommended to Khrushchev that Cuba use its nukes against the US in a first strike? Kennedy did all that, or did Kennedy get us out of that mess? The article says the plan was developed in 1958. Eisenhower, a Republican, was president, not Kennedy. CosmicC, what the what? The Soviets did put nuclear missiles in Cuba. Today there is no coverup about it and is freely admitted by all parties. Were do you get your knowledge of history from, the crazy bum in the alley? Kennedy and the Soviet leadership share the responsibility for taking us to the brink. It was stupid and irresponsible of Khruschev to risk nuclear war to defend Castro's government, but it was also not terribly smart of Kennedy to provoke the Soviets by instigating the Bay of Pigs invasion and threatening to overthrow Castro by any means necessary. The big irony here is that the Soviets actually won that round. They pulled out the medium range missiles from Cuba, but in return U.S. laid off Castro and withdrew medium range nuclear missiles from Turkey. Lo and behold, fifty years later Castro is still there, even though U.S.S.R is no more. Oh, only those with small simple minds would think so. The ability to launch and detonate a nuke on the moon in the 1950's has a major strategic advantage for the U.S. Remember at this time the Soviet space program was way ahead of the U.S. and it looked like the Soviets would dominate space and land on the Moon decades sooner then we could. But now with the advantage of history those with little minds don't take the effort to understand what was going on and the mind set at that specific time. If the scenerio did play out with the U.S. lagging behind the Soviets could have used that advantage by positioning nukes in space and possibly the moon to threaten the U.S. With technology at that time only a nuke could threaten those space based weapons, we did not have the guidance systems for the necssary precision so you would need a nuke to compensate. What probably kept the Soviets from putting weapons in space was that we caught up pretty quickly and their established capability prevented us from doing the same. You don't think these studies were not continued under Kennedy and Johnson? If you don't I got a bridge to sell you. " The ability to launch and detonate a nuke on the moon in the 1950's has a major strategic advantage for the U.S." Is this what the Big Minds come up with ? Better our nukes fall from space then their nukes.?! I'll buy that bridge if it gets me far far away from your thinking. “that’s one small step for man, one giant leap for mankind.” Neil Armstrong. That's "Mankind". Time for the Truth to join the Human race. I agree. One strange thing in our revulsion to the thought of detonating bombs on the moon is that we instead nuked Nevada and New Mexico ... to this day there are dead zones there fenced off from the public. Using the moon as a nuclear testground was not a realistic option in 1950s. By the time it became remotely possible, atmospheric and underwater testing was stopped anyway, and everybody agreed that putting nuclear weapons in space is not a good idea. See Nuclear Weapons in Outer Space Treaty of 1967. Major media is beginning to model a perfect Washington. Imagine POTUS and Congress negotiating like all the commentators. Lessons to be learned: the X and Y factor. The first human pair was created as "equal compliments," much like all America might wish for our political system. This assumes non-corrupt sincerity among both branches, and both the Democrat and Republican parties. Protests against the contrary is a clear sign of healthy populace. Huh? I want some of that wacky tabacky you've been smoking! This is a perfect example of the stupidity that helped fuel the anti-establishment counter-culture of the 60's. Young people shook their heads at things like this, and wondered what the hell are adults thinking? Yodude Young people did not shake their heads at things like this because things like this were classified...moron. The "counter culture" shook their heads at anything that didn't involve smoking pot and dropping acid. No, the counter-culture shook their heads BY smoking pot and dropping acid. They were shaking their heads at 25 years of almost continual warfare, an increasing repressive culture, and a growing awareness of extreme social inequity. (In case you're wondering, I'm talking about the '60's, not now. We're just repeating history). There sure were a LOT of stupid things cooked up during the fifties (mostly caused by politician-induced international paranoia) that cost us billions of dollars and countless human suffering during the following decades. Truth be told, even by today's standards, the politicos and military bureauocrats of the day (of all nations) were neither the sharpest nor the cleanest tools in the shed. It was an age of exquisitely packaged, force-fed bullhockey. Nostalgia assumes you remember when the "high-tech" traditional home had a land line and B&W TV. "Were those mops on their heads?" The 'Good Old Days' may not have been all that good, but every American kid deserves an economy that suports presense of both father and mother. Meanwhile, President Obama 'Big Budget Plan' is to shout: "MY2K!" So, we have a problem doing any damage to a dead and lifeless orb that we aren't even interested in exploring anymore, let alone build lunar bases on, but we will foul the planet we live on and the only known planet at this time that can support human life? If given the option, I would have no problem exporting all the hazardous waste and other garbage we create to the moon and turning it into one big toxic land fill. But no, let's dig a big hole in Nevada and put it there instead. Nuke it? Sure, why the hell not? I would get more pi$$ed off watching people throw trash out their car window. Sorry lunar lovers but the environment of the moon is of no concern to me. Unless we figure out how to stop killing our planet, I could care less about "damaging" the moon. RF Burns Why not just send nuclear waste & toxins to the Sun, the perfect incinerator? The idea of launching our garbage to the moon or the sun is appealing until you discover the cost to launch something out of earth orbit. It takes a LOT of energy (and cash) to get out of earth orbit. According to this article: http://www.futron.com/upload/wysiwyg/Resources/Whitepapers/Space_Transportation_Costs_Trends_0902.pdf from 2000, it costs a minimum $US 7,000 PER POUND! to get into geosynchronous orbit. More than that to get it on its way to the moon or the sun. And that was 12 years ago. Figure inflation and it costs even more now. It's just not economically feasible. Not to mention the thought of tons of nuclear waste perched on top of a massive roman candle while it flies over your head. And then the shuttle blows up. Toxic waste is spread in the upper most part of our atmosphere. And is spread for thousands of mile.... Forget launching it up. Why not just look at disposal inside volcanos or other lava sites in the crust. The comment about radioactivity on the moon was about the impact it would have on scientific research. That said, the real issue is the militarization of space. If we had taken the past approach, militaries would have been the only ones in space and they would have done so just to gain supremacy. No ISS, no Hubble, no Mars exploration, no Voyager, etc. Straight shooter You might want to study a little about the importance the moon plays to our existance. Without it, we would wobble and the Earth would be a very violent place. Based on your thought process, let's just throw our garbage all over space. Just because you have no use for something, or property of any sort, doesn't mean you dump on it. But hey, let's destroy the moon and do the Earth a favor, since you really want to clean it up. Once we eliminate the moon, the Earth will get a true cleansing. By the way, that includes you. Look at the bright side, at least you'll get your wish by using your thought process! The Earth will be clean again, CRYSTAL clean! nh guy makes perfect sense to me. why have radioactive islands in the pacific when you can "outsource" the debris to a place where humans won't exist for at least several more decades? i'm sure mitt would love the outsourcing idea!! Typical American thinking. Typical foreigner thinking. Really, considering most of the world outside of the US and Canada has turned their environment it a crap hole, how can you think this is typical American thinking. The scientific illiteracy demonstrated in these comments is truly stunning. Obama voters. 2Smart4Tea In my experience it's the conservatives that are totally ignorant of science. I agree with 2Smart4Tea. I'm surrounded by scientists on a daily basis, and most of them are quite liberal in their politics. Part of it is an artifact of where I live, but in general we're all concerned and remain concerned about the GOP's stance against important scientific concepts, advancements, and funding. Democrats view tradition and freedom as mutually exclusive - Republicans view the merge as "paradise on earth." Well, except the freedom to love and marry whoever you want. Or the freedom of women to make as much money as men and to seek redress when discriminated against. The republicans don't want those freedoms. They consider them to be mutually exclusive to their traditions. Lessons yet unlearned by both sides I have no clue what you mean. I'm far left. Certainly left of the Democratic party. I value freedom and I value tradition. If I have to choose between the two, tradition loses, but I'd rather find a way of accomdating both. Sane Person Typical of America... They want to blow up everything, even the moon. I know it's popular to bad mouth America just because they have it better than you, but take a look at the Middle East, embassies throughout Africa, the IRA... war has been around thousands of years before America. So who has the most military? Who has as much military as the next 30+ countries COMBINED? That's right, it's the United States. But they aren't a warring nation anymore, as long as you don't count Iraq, Afghanistan, Viet Nam, Korea, and the dozens of propped-up dictators. PaulK Kevin; America has such a large military because the military industrial complex is a major part of our capitalistic economy. That is why defense spending cuts are such a hot issue. It has nothing to do with the US being a "warring" inclined nation. HistoryProf Um, who do you think many of those 30+ other countries would ask for help if their militaries were actually needed? Any chance some of them get by with small militaries because the US has their backs- and in exchange reaps influence if not very good relations? For some of the others, those that the US would not support- any chance they aren't reporting accurate figures? And the big one- do ANY of those other 30 have the same level of interests and influence as the US? Leadership is funny- if you don't exercise it in the worst of times you find that it goes away in even the best. I agree that the military supports our economy. Imagine how much more efficient it would be to spend even a small portion of that on better education and healthcare. Moreover, what you are saying is that our economic success through military spending is more important than the lives and freedom of the people in the countries we chose to attack for our own gain. I cannot think of a single time when the US military took on a conflict from a strictly moralistic position except for the intervention in attempted genocide by Serbia. We don't have the 'largest military' and certainly not 'more than the next 30 countries combined' you rube. China has far more troops than we do. What we do have is the most well-funded and well-equipped military. dexter waweru Yep. Crazy cowboys. Sure is B- S-- . We are at war with the moon ?. Humans !!! BDGFN Really? You had to bring up President Obama in a story from 1958? Your prejudice is showing, idiot. nukethemoon There's a student film that's being made about this story: http://www.nukethemoon.net/ That would have been one of the dumbest choices if they went through with it. Sounds like a story line for Dr> Sheldon Cooper from the " Big Bang Theory"!! Have you ever watched the show? No aspect of this story would fit his character. Sounds like a story line for Dr. Sheldon Copper from the " Big Bang Theory"! Reblogged this on Drivel and Dialectic. glenview0818 Americans are the strangest beings living on this planet. They think it strange to nuke the moon, but nuked the planet we are living on hundreds of times. They clealy need a serious mental upgrade. And yet, several other countries have nuked this planet, and several more are trying to develop the means to... and you only blame America... pathetic. Sunandan That is because you i_d i ots actually dropped it on living people.There is a big difference. Are you too s_t_uuu_p i d to understand the difference. Your lot killed people in tens of thousand in a single day without any consideration to their role in the second world war. Learn to shut up and not point fingers at others gino g dog as a matter of fact yes a hippie tossing a flower with nuclear radiation LET THE MOON GLOW RED TONIGHT!. Cydonius The scientific (and just plain) ignorance of most people in this thread is amazing. The moon is already hit regularly by meteorites that cause explosions far larger than a 20 kiloton weapon could ever hope to achieve. What do you think caused some of the huge 100 mile wide craters ... a hippie tossing a flower?? It is amazing how a select few in government and the military can decide how to play with nuclear bombs at the expense of mankind . I just hope Iran has no such ideas and determiations to do the same. Did you read how they hoped it would be a deterrent? But ultimately abandoned the project? You just like to complain about government, don't you. One more crater on the moon costing millions? Priceless! nitinshory Acer Support for Computer It was a wonderful chance to visit this kind of site and I am happy to know. thank you so much for giving us a chance to have this opportunity! I will be back soon for updates. The very fact that the US even CONSIDERED a plan like this shows how nutty they are and the kind of mindless threat they pose (from nuclear nuttiness to fiscal foolishness). The moon is not owned by any one country. Why mess it up for all mankind for no conceivable reason? They already blew up 2 nuclear bombs before 1950. They had nothing to prove on that front. Space Race? A race to see who can destroy space first? Do you realize that France, Great Britain, the USSR, as well as a few other countries did many above and below ground detonations of nuclear weapons for testing? Many of these far larger than the Hiroshima and Nagasaki bombs. But yes, do blather on about how evil the US is and ignore the rest of history SpaceManSpiff We plan for everything which is why we are in charge and have a flag on the moon and you do not. Now go back to throwing rocks at each other, we have a robot on Mars to drive around. montyross ya were trying to find the origin of life LOL antigabba I wonder about the abstract math and quantum theory that could have been reinforced or shown to have flaws and exceptions, had we have gone though with Lunar bombings. Honestly, if anything, the time to bomb the moon (um, ...again, 'cause the USA already launched a rocket a few years ago to stir up the moon-dirt) is now, when we have actual instruments and the capacity to use them so as to accurately measure causes and their effects. ...and moon-ghost zombies. coffeebean02 The time to nuke the moon...never. arturkamz Moon breaks into huge pieces. force of the blast sends this pieces to earth. could have been followed by headlines THE DAYS OUR MOON RAINED ON US I saw that (poor) remake of "The Time Machine". Next nuke the sun and say good bye to earth, ignorant retards. The sun is a giant nuke.... duh Joxer the Mighty @ Franklin, I could be wrong, but I'm pretty sure Nukes use Fission and the sun is powered by Fusion. @Joxer While some of the smaller nukes were fission only, larger thermonuclear weapons (also known as hydrogen bombs) are fission-fusion devices. Most nuclear weapons deployed today are thermonuclear. WarMachine99 You didn't pay much attention in science class, did you? « Previous 1 2 3 4 5 6 7 8 Next » Leave a Reply to General Woody	cc/2021-04/en_middle_0030.json.gz/line1158
__label__wiki	0.627767	0.627767	Salty Cee Staff Holds Historic Vote on Whether or Not to Vote In a narrow-margin vote taken among the staff of writers at the Salty Cee, the decision was made to not report on anything that even remotely pertains to voting and elections. In the current political climate within the Divided States of America, the last thing we need is yet another vote to divide us again like a circular pizza cutter. Veteran writer Christian B. Furious boldly exclaimed that he would have no part in the company-wide vote just moments before dropping his ballot into the empty potato chip box, and discovering several uneaten sour cream and onion waffle chips (such was his reward for his noble stance). The vote count was so close that some demanded a recount, but president and CEO John Spencer said that a 1-7 vote was not narrow enough of a margin to consider recounting the archaic paper ballots as his one is clearly greater than the other writers seven. A small ensemble of other staff members who requested to remain unnamed are Crass Christian, the anonymous dean of Northworst Seminary, Jeff the Comma Head (or “Geoff” as he tells us it’s pronounced), ProtestAnt Man, Dripping Ether, and yours truly (Angry Nursery Worker) began to protest and kindled a small fire in an outside trashcan, threatening to dispose of the ballots if this election was not canceled. Whereas Dr. Parson Peeves was slightly ticked and simply demanded a recount. His gravitas is such that everyone in the Northern Hemisphere took note. So, to make a long, boring story a lot shorter and a little less boring, President John Spencer had the entire staff vote on whether or not to hold a vote. Needless to say, the political climate is maxed out as “bright red” on the warning status chart. Please pray for the staff as they bring in counselors to help them cope with the unpleasant results which were obviously highly in favor of no more in-office voting. Reporter: Angry Nursery Worker	cc/2021-04/en_middle_0030.json.gz/line1160
__label__cc	0.653811	0.346189	SaveOurSBS.org supporters & friends of SBS Easy English news 2021 slate: This year’s line-up THREE QUESTION POLL results Get Excessive Commercial Breaks Off SBS SBS hour logged with 50 percent more ads than allowed Natural Breaks SBS Charter Editorials & Comments Strong voice for Indigenous communities Save Our SBS, Sunday, 3 October, 2010 SaveOurSBS.org applauds the approach that SBS is taking in Indigenous affairs. The broadcaster is leading the way in promoting the stories of Indigenous Australians. SBS has acted to increase awareness of the contribution of Aboriginal & Torres Strait Islander communities to Australian society and building capacity to learn from and serve Aboriginal & Torres Strait Islander peoples. Recently, SBS launched the Second Reconciliation Action Plan (RAP). It builds on the unique content that SBS has demonstrated in its commitment to telling Aboriginal & Torres Strait Islander stories. Through a series of objectives and action plans, the Second Reconciliation Plan will foster stronger relationships for all Australians. SBS already airs the only Indigenous current affairs program, Living Black, on Australian television. Other SBS programs featuring Indigenous peoples include First Australians. That was a documentary series that covered Indigenous history for the first time. The actions in SBS’s first RAP were implemented by members of SBS’s first Reconciliation Action Plan Committee. That Committee consisted of 27 members, including Aboriginal & Torres Strait employees, which enabled the development of wording for SBS staff to deliver Acknowledgement of Country and the acknowledgement of the traditional custodians. This also helped SBS staff to engage in Indigenous culture through the National Aboriginal and Islander Day Observance Committee (NAIDOC) week celebrations. That is held in July each year. The Committee determined that SBS could better realise its potential by taking a long-term approach that encapsulates what SBS is uniquely positioned to offer in the reconciliation process. Reconciliation Australia’s principles of respect, relationships and opportunities were used to formulate these ideas and actions. The actions are set out under each set of objectives, with each action signposted with Reconciliation Australia’s key elements to indicate its contribution to the principles of relationships, respect and opportunities. SBS outlines that establishing and maintaining relationships and partnerships with Indigenous peoples are crucial to being a reconciliation leader. SBS is encouraging recognition and respect for Aboriginal & Torres Strait Islander communities, by creating opportunities to broadcast stories of Indigenous communities, through encouraging business systems that are more inclusive. In order to track progress and reporting of this plan, the Committee will make annual progress reports as well as a final report. Further details can be found as a PDF document on the SBS website at Second Reconciliation Action Plan. Sunday, 3 October, 2010 \| Category: News \| Email this post « Greens & Labor could be best deal for SBS Ads stay: SBS disappointed » This is the official web site of Save Our SBS Inc - (A0051182D - ARBN130022534) DISCLAIMER: Although the material presented on this website may have been well researched it is published in good faith as fair comment and may be opinion only. Some claims might not be factually correct despite appearances to the contrary. Copyright © SaveOurSBS.org Save Our SBS Inc. - All Rights Reserved Web hosting is kindly provided by Fluccs	cc/2021-04/en_middle_0030.json.gz/line1164
__label__cc	0.657879	0.342121	Archive for Jonathan Sticklund VP of com sales at Bank of America calls abortion biz Planned Parenthood a Texas value Posted in Bank of America, Planned Parenthood Texas, Texas Abortion, Texas abortion clinics with tags Alan Kramer, Bank of America, Bank of America Merrill Lynch, Board of Directors, Delantero Investors, Former Fetus, Hillary clinton, Jonathan Sticklund, legislature, Ltd., Planned Parenthood, Planned Parenthood South Texas, Rep. Chris Turner, San Antonio, Senator Jose Menendez, Senator Kirk Watson, Texas Capitol on March 13, 2015 by saynsumthn Alan Kramer, Senior Vice President – Commercial Banking at Bank of America Merrill Lynch who brags on Linkedin that he worked on a large rally with First Lady Hillary Clinton, is also the current chair of the Board of Directors of Planned Parenthood South Texas. During a March 11, 2015 speech he gave at the Capitol, he said that abortion giant, Planned Parenthood was a Texas value. Important to note is that Planned Parenthood is building a huge mega center abortion clinic in San Antonio and Kramer has contributed to the leaders of the city. Pro-lifers claim that the city is ignoring an ordinance that would have prevented the renovations for the abortion mill, and continue to protest the clinic opening. Alan Kramer is also the registered agent for, Delantero Investors, Ltd., which purchased the property for Planned Parenthood. In addition to Kramer, Planned Parenthood of Texas also had a cadre of support from some liberal Texas legislators at their March 11th lobby day at the Austin state capitol. Austin Senator Kirk Watson was introduced by the abortion giant as “One of our most most fabulous women’s health champions Newly elected state Senator, Jose Menendez from San Antonio and Grand Prairie Rep. Chris Turner as spoke for the abortion giant. But, criticized in all of this was not those who advocated abortion and the agenda of Planned Parenthood, a group founded in eugenic racism which covers for the sexual abuse of children. Rather- it was the Texas legislatures who hung “Former Fetus” signs on their door to oppose Planned Parenthood. It’s a strange world we live in !	cc/2021-04/en_middle_0030.json.gz/line1165
__label__wiki	0.810137	0.810137	Report: Furth eager to re-sign Julian Green By Larry Henry Jr. April 28, 2020 9:18 pm Follow @lhenry019 By Larry Henry Jr. \| April 28, 2020 9:18 pm Follow @lhenry019 Julian Green has been one of Greuther Furth’s top performers this 2. Bundesliga season and his impact is reportedly close to earning him a new contract with the club. Green has been out of action since late January due to an ankle ligament injury, but according to German outlet Kicker the club is eager to re-sign him. The 24-year-old has scored four goals in 14 league appearances this season for fifth-place Furth while also continuing to develop into an all-around midfielder. His current contract expires this summer, but Green is likely to play a part in the final nine league matches after not needing surgery. Green last featured in a 3-0 win over St. Pauli before leaving with an ankle injury after 32 minutes. Since Green’s absence Furth has posted a 2-2-2 record in league play, remaining in the hunt for automatic promotion back to the Bundesliga. The club is nine points out of second-place Stuttgart and eight points behind Hamburg for the promotion playoff spot. Green’s appearance in January was his first since Nov. 9th after returning from a ruptured knee ligament injury. He is one of several overseas players still waiting for to earn their first appearance under USMNT head coach Gregg Berhalter. After earning seven caps in 2018 under interim head coach Dave Sarachan, Green has yet to break into Berhalter’s squad despite improving into a top player with the 2. Bundesliga side. The 2. Bundesliga season is reportedly set to resume play in May, but there has been no official date set for matches to begin. Furth has only two matches remaining against teams in the top-half of the league standings. Should Green return to play and make a major impact in the final matches, he could see himself rewarded with a lengthy extension and possibly included in the USMNT’s Fall plans. Americans Abroad, Julian Green, Americans Abroad, Featured Green is one of the many players who are on the bubble fighting it our for one of the few remaining midfield roster spots. Attackers/Wingers: Pulisic, Reyna, Weah, Llanez, CMs: McKennie, Green, Hyndman, Roldan CDMs: Adams, Yueill, Morales I’d prefer Green or Hyndman over Morales as I think they have more upside as I think McKennie could be used at CDM. Lledezma is in the running as well but I don’t think Berhaulter is ready to give him a shot yet.	cc/2021-04/en_middle_0030.json.gz/line1166
__label__cc	0.712147	0.287853	Pass on the faith Curriculum From Kevin Swanson and Generations with the new 5th Grade Core Curriculum 10th Grade Core Curriculum Order Curriculum 12th Grade Core CurriculumJonathan McCormick2020-07-23T14:18:47-07:00 Our 12th Grade Core curriculum includes a study of apologetics and popular culture, a history of Western civilization and Western liberties, a literature course on the Western philosophy and culture from a biblical worldview perspective, a study of the Gospel of John, and several classic Puritan works on the Christian life. Purchase Set Spiral-Bound Essentials Pack Worldviews in Conflict 2-Volume Set The Story of Freedom Worldview & Culture The Tattooed Jesus and The Ultimate Proof of Creation The Mortification of Sin and The Rare Jewel of Christian Contentment Retail: $18.00/$18.00 Sale: $16.00/$16.00 Set Details J. C. Ryle provides the very best commentary and devotional exposition of John’s Gospel that can be found. We could do no better than to use his expositions of the Gospel of John for our Family Bible Study Guide Series. His writing is strikingly simple, profound, practical, and passionate at the same time. Worldviews in Conflict: A Study in Western Philosophy, Literature, & Culture Every Christian student should understand the writings that formed the modern world and undermined the Christian foundations in the West. The Christian student should be well equipped to engage the battle of the worldviews before he or she enters adulthood. This course presents a basic introduction to, and critical analysis of, the philosophers, the literary masters, and the cultural influencers of the last three hundred years. A refreshing improvement of most philosophy and literature courses, this course is filled with relevant biblical references and truths that address the false worldviews of the “great” secular humanist works. True freedom is only possible by the blood of Jesus Christ. It is a substantial freedom that gives birth to other substantial freedoms, and millions are blessed when tyrannies are systematically overthrown. In this course, Students will learn the exciting story of the development of Western liberties over 2,000 years. You will read of the battle for the Magna Carta, the Scottish War for Independence, the Dutch War for Independence, the battle for religious liberties in the 17th century, and America’s War for Independence and the Bill of Rights. The Tattooed Jesus In an age of Western apostasy, it should come as no surprise to find cultural apostasy leading the way. In this pungent little book, Kevin Swanson challenges the modern Christians that capitulate to the post-Christian worldviews and cultural expressions. He doggedly refuses to separate worldviews and culture, pressing hard for repentance, or a change of worldview in the mind of the reader. Christians are too easily ruined by philosophy and vain deceit after the tradition of men (Col. 2:8), because they are not discerning of bad ideas and bad cultural devices. The Ultimate Proof of Creation Jason Lisle There is an argument for creation that is powerful, conclusive, and has no true rebuttal. As such, it is an irrefutable argument-an “ultimate proof” of the Christian worldview biblical creation. This book is a complete guide to defending the Christian faith, emphasizing the defense of the Genesis account of creation, built on techniques that have been developed over many years and presentations. The Mortification of Sin In this abridgement of The Mortification of Sin, the famous Puritan John Owen shows the need for Christians to engage in a life-long battle against the sinful tendencies that remain in them, despite their having been brought to faith and new life in Christ. Owen is very insistent that believers cannot hope to succeed in this battle in their own strength. He sees clearly that the fight can be won only through faith in Christ, and in the power of the Spirit. Fighting sin with human strength will produce only self-righteousness, superstition and anxiety of conscience. But with faith in Christ, and with the power of the Spirit, victory is certain. The temptations in times like Owen’s and ours are obvious on every side; the remedy to them is clearly pointed out in this practical and helpful book. The Rare Jewel of Christian Contentment The Rare-Jewel of Christian Contentment is one of the most valuable of Jeremiah Burrough’s writings. Its author was much concerned to promote (1) peace among believers of various ‘persuasions’ (2) peace and contentment in the hearts of individual believers during what he describes as ‘sad and sinking times’. The Rare Jewel concentrates upon this second aim. It is marked by sanity, clarity, aptness of illustration, and warmth of appeal to the heart. ‘There is an ark that you may come into, and no men in the world may live such comfortable, cheerful and contented lives as the saints of God’. Burroughs presses his lesson home with all the fervour and cogency of a true and faithful minister of God Set Pricing Our website uses cookies which are pieces of information that is stored on your computer's hard drive and which records how you move your way around a website so that, when you revisit that website, it can present tailored options based on the information stored about your last visit. Cookies can also be used to analyze traffic and for advertising and marketing purposes. By clicking CONTINUE you agree to cookies being used in accordance with our Cookie Policy. If you don’t agree you can disable cookies – see the Cookie Policy for more details.ContinueCookie policy The vision of Generations (formerly Generations with Vision) is to pass on the faith to the next generation through the biblical family, discipleship, and education. We equip families and churches around the world through our daily radio programs, discipleship resources, the Christian Curriculum Project, and discipleship events and retreats. Follow Generations Email: mail@generations.org Please feel free to contact us with any questions or comments you have about our ministry. © Copyright 2008 - 2021 Generations. All rights reserved.	cc/2021-04/en_middle_0030.json.gz/line1171
__label__cc	0.648023	0.351977	How to Open a Box Lunch Delivery Service By Christina Hamlett Updated February 04, 2019 How to Open a Virtual Concierge Business How to Start a Deli Grocery How to Build a Business at a Pizza Place Grand Opening Procedures for a Barbeque Restaurant Ways to Market a Banquet Hall A box lunch delivery service is a welcome treat for workers who have neither the time to pack snacks before they leave for the office, nor the budget to afford restaurant meals and take-out fare on a daily basis. This service also appeals to employees who typically work at their desks during lunch, or who don't have easy access to local eateries. Although start-up costs to open a box lunch delivery service are low, this small business venture does require reliable transportation, excellent organizational skills and a sufficient customer base, preferably in a high-density metropolitan area. Do Market Research Identify your target market and the service area you can comfortably cover between 11 a.m. and 1 p.m. Research whether there are existing box lunch delivery services, what they offer and how much they charge. Distribute questionnaires to potential clientele to gauge their interest, identify their food, drink and snack preferences, determine how frequently they would use your service, and how much they are willing to pay. Create a Business Plan Write a business plan based on your research. This should include the estimated monthly cost of your lunch box ingredients and packaging, the cost of transportation and insurance, business license, catering license and permits, registering your business name with the state registrar, establishing a payment system, designing a website and promoting your box lunch service through business cards, mailers and menu brochures. Since you will be handling and preparing food, you will also need to notify your state health department and make your kitchen and food preparation area available for routine inspections. Look into Wholesalers Locate grocery wholesalers like Smart & Final, Sam's Club and Costco that can give you the lowest prices on bulk meats and cheeses, chips, cookies, soft drinks, fruit cups and cold salads like potato, macaroni and cole slaw, napkins and plastic utensils. Purchase inexpensive packaging, like lunch sacks and take-out boxes that can hold an entire lunch. If you are only going to deliver handmade sandwiches, plastic wrap or clear sandwich bags will suffice. Start Marketing Develop a marketing plan that makes use of online and offline tools and resources: Design a website that lists the box lunch items you offer, and the prices for each. Make it easy for your customers to place their orders online as well as to let you know whether they have any allergies or dietary restrictions. Another option is to hire someone to create an app for your service, making it easy for customers to order and pay on the go. Consider providing discounts for large groups, regular customers or introductory referrals. For example, you could give regulars one free boxed lunch for every 12 ordered, or offer a free drink or side for each new customer referred. Make use of social media. Facebook can be a great way to introduce yourself to potential customers, answer questions, and solicit suggestions. Try using Instagram to show off photos of your cuisine. You could also put together some YouTube videos that show how you prepare your food. Interact with your neighbors: Pass out menus with coupons in the business districts that you serve. Set up a booth at community events and offer samples of your most popular items and help people sign up for your service on the spot. "Start & Run a Home-Based Food Business"; Mimi Fix; 2009 "Starting a Part-time Food Business: Everything You Need to Know to Turn Your Love for Food Into a Successful Business Without Necessarily Quitting Your Day Job"; Jennifer Lewis; 2011 "Start Your Own Food Truck Business: Cart, Trailer, Kiosk, Standard and Gourmet Trucks, Mobile Catering and Bustaurant"; Entrepreneur Press; 2011 "Lunch Boxes and Snacks: Over 120 Healthy Recipes From Delicious Sandwiches and Salads to Hot Soups and Sweet Treats"; Annabel Karmel; 2007 "Money Making Marketing: How to Make Serious Money with Your Own Mobile Food Business"; Bob Robertson; 2009 Fortune: The (Almost) Complete Guide to Food Delivery Services Fatbit: Here is a Brilliant Startup Idea of Online Office Food Ordering & Delivery Business TechCrunch: Mother And Daughter Team Launch Scrumpt, An Easier Way To Pack A Healthy School Lunch Entrepreneur: Good Food Delivered U.S. Small Business Administration: Business Licenses & Permits Distinguish yourself by filling a niche your competition is missing. Examples include vegetarian box lunches, ethnic cuisine and signature salads. Ghostwriter and film consultant Christina Hamlett has written professionally since 1970. Her credits include many books, plays, optioned features, articles and interviews. Publishers include HarperCollins, Michael Wiese Productions, "PLAYS," "Writer's Digest" and "The Writer." She holds a B.A. in communications (emphasis on audience analysis and message design) from California State University, Sacramento. She also travels extensively and is a gourmet chef. How to Start a Welcoming Service How to Create a Facebook Page for a Private Club How to Open an American Diner How Can a New Restaurant Create a Good Distribution Channel? Ideas for a Biscuits Business From Home How to Talk to Employees About Bad Eating Habits Getting a Small Restaurant to Succeed How to Open a Taco Stand How to Manage a Successful Supper Club Restaurant 1 How to Start a Welcoming Service 2 How to Create a Facebook Page for a Private Club 3 How to Open an American Diner 4 How Can a New Restaurant Create a Good Distribution Channel?	cc/2021-04/en_middle_0030.json.gz/line1177
__label__cc	0.665932	0.334068	Humans of San Marin San Marin Pony Express STUDENT-RUN PUBLICATION BRINGING COMMUNITY & CAMPUS NEWS TO OUR READERS Pony Express Picks Students and staff reflect on shooting preparedness Posted on January 9, 2019 September 29, 2020 Students come to school sleep-deprived, stressed about homework and bored. But are students also fearful for their safety on campus? “In today’s world, I have heard people refer to us as the “school shooting generation” which is unfortunately not far from the truth,” sophomore Elizabeth DeRuvo said. “There will always be a hint of fear at school because of the relevance this problem has in our modern American society.” A 2018 Northeastern University study showed that shootings involving students have been declining since the 1990’s, with one out of the average 20 to 30 mass murders a year taking place at a school. However, recent school shootings have led many schools across the country to adopt safety measures such as metal detectors, ID cards and active shooter drills. These security measures can be expensive, and some consider active shooter drills a traumatic experience for students– especially when they involve students pretending to be shot with fake blood. Although San Marin does not perform drills specific to a shooting, there are approximately three lockdown drills every year. “Do we actually have someone with a toy gun acting like a shooter going around the campus?” Assistant Principal Mike Casper said. “No. But when we do our lockdowns and I train the staff, it’s with the assumption that there’s an intruder.” According to Casper, emergency preparedness is a complex issue when training staff because there are gray areas where staff members have to make their own judgments. “How many times has a teacher asked me, during a lockdown, if a kid is pounding on your door, do you open it for them?” Casper said. “You have to make that decision; I can’t make that decision for you.” In the face of real danger, students may also need to make judgments in order to protect themselves. “How could I manage to survive if I come face to face with an active shooter?” DeRuvo said. “It’s alarming to think about, but it is a normal thing that runs through my mind. How would I be able to help others that were harmed in these situations if the only way I know how to protect myself is to hide?” During a school shooting, the responsibility falls on teachers, rather than the administration, to protect their students. “It’s the teacher’s job to keep those kids safe if there’s an active shooter and use his or her best judgment protecting her class or his class,” Casper said. “That could be hunkering down, just being invisible, or that could be making a run for it.” Although disasters are unpredictable, some techniques can increase safety or reduce fear among the student body. For example, San Marin has a student resource officer on campus five days a week, which DeRuvo said “does wonders” for school security. According to the authors of the Northeastern University study, increasing mental health resources for students is critical to reducing gun violence. In 2017, the ratio of students to counselors in Marin County high schools was 637 to 1. The American School Counselor Association recommends a ratio of 250 to 1. The ratio of students to school psychologists was 961 to 1. The National Association of School Psychologists recommends a ratio of no greater than 700 students for each school psychologist. Both counselors and psychologists support students academically and emotionally, but psychologists can identify and treat mental health issues. “The more safe we make our students feel and the more inclusive we become, there is a smaller likelihood a student, for example, would feel like an outcast and backlash with violence,” DeRuvo said. “With the connections we make with people, we grow trust, openness and companionship.” Posted in Archives Prev Opinion: We must fight climate change Next Healthcare Club sparks students interest in medicine 5 Days of Holiday spirit: Juniors https://www.youtube.com/watch?v=uh8Wx0HOF2I&t=18s Yays -A YAY to Santa being announced immune to COVID. Nothing like a Christmas AND medical miracle! -A YAY to online gift shopping. The only thing faster than Santa’s sleigh is my overnight express shipping. -A YAY to holiday baking. All the practice we got over quarantine is finally going to pay off…at least we hope it will. Neighs -A NEIGH to Adam Sandler’s “The Chanukah Song” being the only good jewish holiday song. Why did Christmas get all the good ones? -A NEIGH to finals during a pandemic. Guess it’s time to switch from hoping for negative test results to positive ones. -A NEIGH to no ice skating rinks this winter. Who knew we’d miss falling on our faces this much? -A NEIGH to the holiday season COVID style. When we said we were dreaming of a white Christmas we meant snow, not N95 masks. -A NEIGH to Liam Payne and Dixie D’Amelio’s new song. It deserves it’s own spot on the “Naughty List”. Interview with a Police-Free Schools Marin representative https://www.youtube.com/watch?v=vbHfA7VF7ck&t=5s This week’s playlist: https://open.spotify.com/playlist/5UUYXNbJDjjUO6fs6bxzY0 Pony Express-Instagram Humans Of San Marin-Instagram Username: smhsjournalism SHOULD BOOKS THAT CONTAIN RACIAL SLURS BE BANNED FROM CLASSROOMS? https://www.youtube.com/watch?v=hxYv8ARj5Mo&t=114s Categories Select Category Archives Arts & Culture Features Holiday Home Humans of San Marin News Opinion Pony Express Picks Sports Staff Uncategorized Website Exclusive	cc/2021-04/en_middle_0030.json.gz/line1180
__label__wiki	0.930935	0.930935	The world’s most advanced aircraft carrier is one step closer to completion by SOFREP Feb 17, 2017 The massive USS Gerald R. Ford will head out to sea for builders’ trials next month in a critical test before the US Navy intends to commission the ship later this year, USNI News reports. The Ford will improve on the Navy’s Nimitz-class carriers with a rearranged flight deck, improved launching and landing systems, and a nuclear power plant with outsized capabilities that can integrate future technologies such as railguns and lasers. The Ford’s commissioning will bring the count of full-sized carriers to a whopping 11 for the United States — more than the rest of the world combined. The ship will sail out for a test of its most basic functions like navigation and communications, as well as a test of its nuclear-powered propulsion plant. Its most advanced features, like its electromagnetic catapults for launching bomb- and fuel-laden jets from the deck, will not undergo testing. A Nimitz-class aircraft carrier, bottom, compared with a Ford-class carrier, top. Business Insider Read the whole story from Business Insider. Featured image courtesy of US Navy. Don't believe the hype: China 'accidentally' reveals details of their new carrier and it's still no match for America's Get a sense of the incredible scale of America's carriers with these pics of the USS Nimitz dry docked America's secret aircraft carriers: The US can launch F-35s from more ships than you think UK launches its newest, biggest carrier ever: How does it stack up against other nations' carriers? Trump talks tough on defense spending aboard the world's most advanced combat ship America's newest aircraft carrier, the USS Gerald R. Ford, set to enter active duty on Saturday	cc/2021-04/en_middle_0030.json.gz/line1182
__label__wiki	0.669495	0.669495	SPIE Logos and Name 2012 Event News and Photos San Jose Convention Center and Marriott Hotel San Jose, California, USA Students excel The Cymer Scientific Leadership Award for Best Student Paper was presented to Peng Xie (center), University of Rochester, for his paper titled, Scanning interference evanescent-wave lithography for sub-22nm generations. The award was presented by Optical Microlithography XXV Conference Chair Will Conley (right), Dynamic Intelligence; and Conference Co-Chair Kafai Lai (left), IBM Corp. 'Pushing the technical edge' Conference activity continued strong through Wednesday. Above, long-time course instructor and SPIE Fellow Bruce Smith, Rochester Institute of Technology, presents "The saga of lambda: spectral influences throughout lithography generations," in the Advances in Resist Materials and Processing Technology conference. The meeting's integral role in bringing the community together was widely acknowledged. "This is the meeting where the next generation of semiconductor manufacturing will be born, and devices that will be made in new ways are engineered," said Kevin Liddane, Berliner Glas U.S. "The people who are here are the scientists who are pushing the technical edge in lithography, and that is the leading edge for semiconductor manufacturing. The connections are made at this particular conference." Exhibition hall success Exhibiting companies reported finding the customers there were seeking. "We walked the exhibit last year and decided to exhibit this year," said Mark Poggi, Biolin Scientific. "We do business with many of the attendees as well as the other exhibitors, and the first day of the show has been good. I'm glad we decided to exhibit." Getting it on tape Nigel Farrar of Cymer was among attendees interviewed on-site by SPIE.tv, with interviews being posted along with plenary presentations from the event. More poster papers! Wednesday night's poster session featured presentations from the several conferences, including: Extreme Ultraviolet (EUV) Lithography Alternative Lithographic Technologies Optical Microlithography Design for Manufacturability through Design-Process Integration. Exhibition opens strong Attendance at events has been strong since the start of the week, living up to pre-meeting registration counts that were up 11% from last year. Energy was good in the exhibition hall, where hundreds of attendees gathered to view the industry's top semiconductor suppliers, integrators, and manufacturers driving the future of lithography research and applications. Networking: Women in optics A networking luncheon for women in optics provided an opportunity for meeting and renewing connectons. An ever-expanding group of women studying, teaching, and practicing lithography discussed career enhancement, papers authors were presenting, and some of the challenges faced in the workplace. Elizabeth Dobisz, Hitachi San Jose Research Center, urged women to pursue fellowship in the society, saying, "Think highly of yourself, respect yourself, and toot your own horn." Posters popping! Over 1,300 attendees gathered for Tuesday night's poster session. Authors of poster papers were present to answer questions and provide in-depth discussion concerning their work. Jim Greenwell with Tokyo Electron America commented, "This poster session is the best I've been to. The layout is perfect." A casual Mexican buffet with a glass of beer was the perfect way to cap the day. EUV ... and the next big thing? More 600 attendees packed the room to hear the latest on EUV technology in a panel titled "EUVL isn't the only Solution: Are the Alternative Lithographics Technologies Ready?". Panelists were Chris Bevis, KLA-Tencor; Tatsuhiko Higashiki, Toshiba; Burn Lin, Taiwan Semiconductor Manufacturing Co.; Moshe Preil, GLOBALFOUNDRIES; and S.V. Sreenivasan, Molecular Imprints. Comments noted that over the last two years, the combination of 193nm immersion lithography and self-aligned spacer double patterning (SADP) has reduced the half pitch by close to a factor of two. However, at the upcoming half pitches of 16nm and 12nm, double patterning is no longer sufficient. EUVL has been deemed by some to be the successor, and its development has advanced to the point where first generation EUV tools have been shipped and second generation tools are planned for late 2012. But throughput problems caused by insufficient source power remain the key roadblock for a technology that is needed as soon as the next two years. Even if this issue is resolved, other challenging requirements, such as actinic inspection and a viable resist, remain. 'Wild and Crazy Ideas' Will Conley (right), Dynamic Intelligence, and Mircea Dusa , ASML, moderated a lively panel titled "Wild and Crazy Ideas." Panelists had five minutes to discuss their vision for the future of lithography. Audience members were then invited to "challenge the speakers." 'The total spectrum': SPIE Advanced Lithography! "For the past 36 years, the SPIE Advanced Lithography Symposium has played a key role in bringing the lithography community together to solve challenges required by the semiconductor industry," symposium chair Donis Flagello (Nikon Research Corp. of America) said. "With the addition of a new conference in 2012 covering advanced etching and related processes, the total spectrum of lithographic patterning technology is presented across seven complementary conferences." SPIE Advanced Lithography opened with SPIE President-Elect Bill Arnold, ASML honoring Burn Lin, Taiwan Semiconductor Manufacturing Co. for his ten years of service as the founding editor of the Journal of Micro/Nanolithography, MEMS, and MOEMS (JM3). Arnold followed by introducing four new SPIE Fellows: Patrick Naulleau from Lawrence Berkeley National Laboratory Lab, Andrew Neureuther from University from California Berkeley, Vivek Singh from Intel, and Yu-Cheng Lin from National Cheng Kung University. Donis Flagello of Nikon was also recognized for his service as outgoing symposium chair of SPIE Advanced Lithography. (From left above, Arnold, Lin, Flagello, and symposium co-chair Harry Levinson of Global Foundries.) 'Biggest platform' in history? Mobile! The first speaker in the opening plenary session was Jim Clifford, senior vice president and general manager of operations at Qualcomm CDMA Techologies. Clifford outlined opportunities in mobile, which he called "the biggest platform in the history of the world," spanning communication, entertainment, information and more. Such devices have to be always connected, situation-aware, powerful in terms of computation and display, yet power-efficient given the hard limit of four watts in the handset, Clifford said. In addition, each new wave of technology needs to offer more cost-effectiveness than the prior generation. Clifford pointed out that the smartphone, tablets, laptops, and televisions are all offering internet-connected video access, which -- along with the "internet of everything" -- offers a dynamic ecosystem for technology developers. Within this world of wirelessly connected devices, smart mobile devices are at the center of the ecosystem. These challenges and creative possibilities are inspiring Qualcomm to design more and more functionality on a single chip, which in turn will place additional requirements on lithography developers, Clifford said. He urged the developers in the audience to continue to pushing thresholds in CPUs (computation) and GPUs (graphics processing) so that more intensive applications like face detection and high-fidelity movies can be delivered at lower cost. To pursue this goal Qualcomm has chosen to integrate all these complex capabilities into one chip, which gets increasing more capable with each generation. For example the Snapdragon S4 Quad chip is eight times more powerful than the original Snapdragon S1. The fabless model chosen by Qualcomm requires the company to not just "know what is coming, but to affect what's coming, influencing the fabs, and the suppliers of the fabs," many of whom were among the nearly 1,000 attendees gathered in the room at SPIE Advanced Lithography. Clifford urged the scientists and engineers in the audience to continue pushing process development and resolution because "lithography problems are at the heart of it." He pointed out that Qualcomm is hoping the technical community can help, "printing very small images on not too expensive wafers ... yielding chips that do not exceed the power budget" associated with mobile devices, while "the next node needs to cost less after prior." Smaller is interdisciplinary Grant Willson, professor of chemical engineering at University of Texas at Austin gave the second talk of the morning, focusing first of many of the key researchers he has worked with and taught over the years, including several of his current students who are reporting results this week at SPIE Advanced Lithography. He described methods that students and post-grads are researching to make things smaller, which is the essence of their future jobs in industry. Reduction in the minimum feature size is happening on many frontiers from optical lithography, immersion lithography, EUV, and increasingly the use of chemistry. Willson described photoactive systems and mechanisms relying on the interplay between photoacid generators (PAG) and photobase generators (PBG), which can double the pitch of the mask, with results being reported at the conference this week by researchers from Austin including Ryan Mesch and Yuji Hagiware. Willson explained the fundamentals and recent developments in directed self-assembly (DSA) and highlighted the work of Chris Bencher of Applied Materials, which he called "important stuff." According to Willson, the trick is coating from water to change the surface energy for orientation control. He discussed the groundbreaking work of Christopher Ellison and Julia Cushen, also at University of Texas, Austin, who are making structures as small as 5nm. With the tradeoffs of resolution versus throughput in mind, from single-atom positioning to photolithography to patterned media, Willson highlighted recent work in imprint lithography, particularly for patterned media, commercialized by Molecular Imprints. Research is being presented by Molecular Imprints at SPIE Advanced Lithography and the company has a booth in the technical exhibition in the San Jose Convention Center. Efficiency and consolidation The final plenary speaker was Chris Progler, CTO of Photronics, who provided an overview spanning macroeconomics, including the link between the semiconductor market and global GDP. He analyzed the seasonal consumer-driven cycles, the 2.5-year cycle between investment cycles at the enterprise level, and the 6-year "economic horror" that has a pattern of repeating itself. Progler detailed the industry consolidation that reduced the number of serious photomask companies from 40-50 at peak to 4 today. This consolidation has been forced by efficiency and has actually helped increase the rise in the average price of a mask, which is needed for a strong industry. He pointed out that 400 masks are needed to make an iPhone 4. The big growth now is in NAND Flash drives used in mobile devices. Progler pointed out that mobile sensor applications are another strong indicator of growth. Flash memory and sensor devices are subject to "highly constrained design" in order to produce at low cost. From the perspective of the photomask community, there is interplay between mask yield, write-system utilization, and cycle time. Productivity remains a primary concern with EUV but the latest data from Cymer indicates average power is headed in the right direction. Inspection is another big concern with many projects working toward a more efficient operating paradigm using wide-area physical and/or physical patterning emulation as a critical step in efficient disposition. Higher speed data channels will also help. Spreading mask-making, across multiple locations in a multiplexed, distributed, synchronous process is achievable, using multiple writers even across mask fabs, which can do two or three critical layers with higher productivity. He also emphasized the importance of minimizing defects in blanks. According to Progler, 80% of EUV mask issues are related to the quality of the blanks. Therefore blank inspection is a critical issue. Recognizing the best The 2011 Diana Nyyssonen Memorial Award for the Best Paper in Metrology was presented for the paper, "High-precision edge-roughness measurement of transistor gates using three-dimensional electron microscopy combined with marker-assisted image alignment," authored by Shiano Ono, Akira Katakami, Jiro Yugami, Kazuto Ikeda, and Yuzuru Ohji (Semiconductor Leading Edge Technologies, Inc.), Miyuki Yamane, Masanari Koguchi, and Hiroyuki Shinada (Hitachi, Ltd.), and Mitsuo Ogasawara and Hiroshi Kakibayashi (Hitachi High-Technologies Corporation). Above, from left, at the award presentation are Metrology, Inspection, and Process Control for Microlithography conference chair Alexander Starikov (I & I Consulting), authors Shiano Ono (Hitachi, Ltd.) and Hiroshi Kakibayashi (Hitachi High-Technologies Corporation), and conference co-chair Jason Cain (Advanced Micro Devices, Inc.). Mark Somervell (left), Tokyo Electron America, Inc., presented the 2011 C. Grant Willson Best Paper Award to Chris Bencher (above, center), Jeffrey Smith, Liyan Miao, Cathy Cai, and Yongmei Chen of Applied Materials; Joy Cheng (right), Daniel Sanders, Melia Tjio, Hoa Troung, and William Hinsberg of IBM Almaden Research Ctr.; and Steven Holmes of IBM Albany Nanotech for their paper, "Self-assembly patterning for sub-15nm half-pitch: a transition from lab to fab." The award is sponsored by IBM. Mark Somervell (left), Tokyo Electron America, Inc., and Clifford Henderson (right), Georgia Institute of Technology, presented the 2011 Jeffrey Byers Memorial Best Poster Award to Jing Cheng (above, center), Richard Lawson, Wei-Ming Yeh, Laren Tolbert, and Clifford Henderson, Georgia Institute of Technology, for their paper, "Developing directly photodefinable substrate guiding layers for block copolymer directed self-assembly (DSA) patterning." The award is sponsored by Tokyo Electron. Mark Somervell (left), Tokyo Electron America, Inc., presents the 2011 Hiroshi Ito Best Student Paper to Craig Higgins (above, center), Charles Settens, Patricia Wolfe, Richard Matyi, and Robert Brainard of the College of Nanoscale Science and Engineering, Univ. of Albany; Karen Petrillo of SEMATECH; and Robert Auger of The Dow Chemical Co. for their paper, "Coefficient of thermal expansion (CTE) in EUV lithography: LER and adhesion improvement." The award is sponsored by IBM. Lithography Fellows of SPIE Fellows of the Society gathered for a luncheon to recognize four new Fellows and catch up with colleagues. Fellows at Advanced Lithography are among a total of 75 named this year: Yu-Cheng Lin of the National Cheng Kung University for achievements in micro-electro-mechanical systems and biomedical microsystems Patrick Naulleau of Lawrence Berkeley National Lab for achievements in extreme ultraviolet lithography and associated technologies Andrew Neureuther of the University of California at Berkeley for achievements in research and modeling in optical lithography Vivek Singh of Intel for achievements in optical and photoresist modeling and optical proximity correction for semiconductor lithography. Symposium chair Donis Flagello (above, left) welcomed special guest William Borucki, who attended the luncheon to receive the 2012 SPIE George W. Goddard Award. The award is presented annually in recognition of exceptional achievement in optical or photonic instrumentation for aerospace, atmospheric science, or astronomy. Borucki was honored for 25 years of design and development of high‐precision transit photometry techniques that have helpled enable NASA's Kepler mission to revolutionize our knowledge about the frequency and distribution of extra solar terrestrial planets. eBeam and EUV move forward -- Advanced Lithography 2012 (Chip Design Magazine, 27 February 2012) ML2 lithography: one tool to write them all (Semiconductor Manufacturing & Design, 21 February 2012) EUV lithography gets some competition (Tech Talk, 21 February 2012) Directed-self assembly gains steam in lithography (Semiconductor Manufacturing & Design, 21 February 2012) Chip makers raise the bar for maskless lithography (Semiconductor Manufacturing & Design, 20 February 2012) Advanced Lithography 2012: Day 4 (Lithoguru, 17 February 2012) SPIE 2012: the spring of EUVL (Solid State Technology, 16 February 2012) Molecular Imprints debuts roll-to-roll lithography (Semiconductor Manufacturing & Design, 16 February 2012) Cymer reports major progress on EUV power source (Semiconductor Manufacturing & Design, 16 February 2012) Darkhorse litho technologies stay in NGL race (EE Times, 15 February 2012) SPIE Advanced Lithography: Intel's, TSMC's tool roadmap takeaways (Solid State Technology, 15 February 2012) SPIE panel: Time is ripe for alternative NGLs (Semiconductor Manufacturing & Design, 14 February 2012) eBeam Initiative ready with updated roadmap (EE Times, 13 February 2012) SPIE Advanced Lithography preview: eBeam Initiative roadmap (Solid State Technology, 13 February 2012) SPIE 2012: Tachyon FMO provides effective hotspot repair for advanced mask correction (FabTech, 13 February 2012) Advanced Lithography 2012: a prologue (Lithoguru, 12 February 2012) IMEC announces directed self-assembly process line (EE Times, 10 February 2012) Directed self-assembly to grab limelight at SPIE (Semiconductor Manufacturing & Design, 10 February 2012) DFM at SPIE Advanced Lithography show (SemiWiki, 9 February 2012) CNSE and partners share research results at SPIE (EE Times, 9 February 2012) SPIE Advanced Lithography to provide 'total spectrum' look at the future of chip design and fabrication (SPIE press release) Video interview: The road to EUV lithography (SPIE Newsroom) SPIE Advanced Lithography 2012 website Stay ConnectedGet the App © SPIE https://spie.org/	cc/2021-04/en_middle_0030.json.gz/line1190
__label__wiki	0.975382	0.975382	Lifetime appoints public relations and corporate communications VP Lifetime Networks has named Lindsay Drewel as vice president of publicity and talent relations and Les Eisner as vice president of corporate communications. The two appointments will complete the team under Josh Sabarra, SVP of corporate communications and publicity. Drewel brings experience as the president of her own Washington, D.C.-based PR firm and Eisner was most recently EVP at The Lippin Group. By Kelly Anderson Lifetime Networks has named Lindsay Drewel as vice president of publicity and talent relations and Les Eisner as vice president of corporate communications. The two appointments will complete the team under Josh Sabarra, SVP of corporate communications and publicity. Drewel brings experience as the president of her own Washington, D.C.-based PR firm and Eisner was most recently EVP at The Lippin Group. See the release for more details. Sorry, there are no related posts.	cc/2021-04/en_middle_0030.json.gz/line1196
__label__cc	0.625421	0.374579	Justia Regulation Tracker Agencies And Commissions Federal Deposit Insurance Corporation Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring, 71817-71868 [2013-27082] Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring, 71817-71868 [2013-27082] Download as PDF Vol. 78 Friday, No. 230 November 29, 2013 Part IV Department of the Treasury Office of the Comptroller of the Currency 12 CFR Part 50 Federal Reserve System 12 CFR Part 249 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Deposit Insurance Corporation 12 CFR Part 329 Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring; Proposed Rule VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\29NOP3.SGM 29NOP3 71818 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that do not have significant insurance operations and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. The Board also is proposing on its own a modified liquidity coverage ratio standard that is based on a 21-calendar day stress scenario rather than a 30 calendar-day stress scenario for bank holding companies and savings and loan holding companies without significant insurance or commercial operations that, in each case, have $50 billion or more in total consolidated assets. DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 50 [Docket ID OCC–2013–0016] RIN 1557 AD 74 FEDERAL RESERVE SYSTEM 12 CFR Part 249 [Regulation WW; Docket No. R–1466] RIN 7100 AE–03 FEDERAL DEPOSIT INSURANCE CORPORATION Comments on this notice of proposed rulemaking must be received by January 31, 2014. ADDRESSES: Comments should be directed to: OCC: Because paper mail in the Washington, DC area is subject to delay, commenters are encouraged to submit comments by the Federal eRulemaking Portal or email, if possible. Please use the title ‘‘Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring’’ to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods: • Federal eRulemaking Portal— ‘‘regulations.gov’’: Go to http:// www.regulations.gov. Enter ‘‘Docket ID OCC–2013–0016’’ in the Search Box and click ‘‘Search’’. Results can be filtered using the filtering tools on the left side of the screen. Click on ‘‘Comment Now’’ to submit public comments. Click on the ‘‘Help’’ tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting public comments. • Email: regs.comments@ occ.treas.gov. • Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. • Hand Delivery/Courier: 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. • Fax: (571) 465–4326. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘Docket ID OCC–2013–0016’’ in your comment. In general, OCC will enter all comments received into the docket and publish them on the Regulations.gov Web site without change, including any business or personal information that you provide, such as name and address information, email addresses, or phone numbers. Comments received, including DATES: 12 CFR Part 329 RIN 3064–AE04 Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; and Federal Deposit Insurance Corporation. ACTION: Notice of proposed rulemaking with request for public comment. AGENCIES: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are requesting comment on a proposed rule (proposed rule) that would implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision. The requirement is designed to promote the short-term resilience of the liquidity risk profile of internationally active banking organizations, thereby improving the banking sector’s ability to absorb shocks arising from financial and economic stress, as well as improvements in the measurement and management of liquidity risk. The proposed rule would apply to all internationally active banking organizations, generally, bank holding companies, certain savings and loan holding companies, and depository institutions with more than $250 billion in total assets or more than $10 billion in on-balance sheet foreign exposure, and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. The proposed rule would also apply to companies designated for supervision by the Board by the Financial Stability Oversight Council sroberts on DSK5SPTVN1PROD with PROPOSALS SUMMARY: VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may review comments and other related materials that pertain to this rulemaking action by any of the following methods: • Viewing Comments Electronically: Go to http://www.regulations.gov. Enter ‘‘Docket ID OCC–2013–0016’’ in the Search box and click ‘‘Search’’. Comments can be filtered by Agency using the filtering tools on the left side of the screen. Click on the ‘‘Help’’ tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for viewing public comments, viewing other supporting and related materials, and viewing the docket after the close of the comment period. • Viewing Comments Personally: You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. • Docket: You may also view or request available background documents and project summaries using the methods described above. Board: You may submit comments, identified by Docket No. R–1466, by any of the following methods: • Agency Web site: http:// www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/ generalinfo/foia/ProposedRegs.cfm. • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Email: regs.comments@ federalreserve.gov. Include docket number in the subject line of the message. • FAX: (202) 452–3819 or (202) 452– 3102. • Mail: Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, DC 20551. All public comments are available from the Board’s Web site at http:// www.federalreserve.gov/generalinfo/ foia/ProposedRegs.cfm as submitted, unless modified for technical reasons. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room MP–500 of the Board’s Martin Building (20th and C Street NW) between 9:00 a.m. and 5:00 p.m. on weekdays. FDIC: You may submit comments by any of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Agency Web site: http:// www.FDIC.gov/regulations/laws/ federal/propose.html. • Mail: Robert E. Feldman, Executive Secretary, Attention: Comments/Legal ESS, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. • Hand Delivered/Courier: The guard station at the rear of the 550 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. • Email: comments@FDIC.gov. Instructions: Comments submitted must include ‘‘FDIC’’ and ‘‘RIN 3064– AE04.’’ Comments received will be posted without change to http:// www.FDIC.gov/regulations/laws/ federal/propose.html, including any personal information provided. FOR FURTHER INFORMATION CONTACT: OCC: Kerri Corn, Director, Credit and Market Risk Division, (202) 649–6398; Linda M. Jennings, National Bank Examiner, (980) 387–0619; Patrick T. Tierney, Special Counsel, or Tiffany Eng, Law Clerk, Legislative and Regulatory Activities Division, (202) 649–5490; or Adam S. Trost, Senior Attorney, Securities and Corporate Practices Division, (202) 649–5510 Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. Board: Anna Lee Hewko, Deputy Associate Director, (202) 530–6260; David Emmel, Manager, (202) 912–4612, Credit, Market and Liquidity Risk Policy; Ann McKeehan, Senior Supervisory Financial Analyst, (202) 972–6903; Andrew Willis, Senior Financial Analyst, (202) 912–4323, Capital and Regulatory Policy; April C. Snyder, Senior Counsel, (202) 452– 3099; or Dafina Stewart, Senior Attorney, (202) 452–3876, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (202) 263–4869. FDIC: Kyle Hadley, Chief, Examination Support Section, (202) VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 898–6532; Rebecca Berryman, Senior Capital Markets Policy Specialist, (202) 898–6901; Eric Schatten, Capital Markets Policy Analyst, (202) 898–7063, Capital Markets Branch Division of Risk Management Supervision, (202) 898– 6888; Gregory Feder, Counsel, (202) 898–8724; or Sue Dawley, Senior Attorney, (202) 898–6509, Supervision Branch, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction A. Summary of the Proposed Rule B. Background C. Overview of the Proposed Rule II. Minimum Liquidity Coverage Ratio A. High-Quality Liquid Assets 1. Liquidity Characteristics of HQLA a. Risk Profile b. Market-based Characteristics c. Central Bank Eligibility 2. Qualifying Criteria for Categories of HQLA a. Level 1 Liquid Assets b. Level 2A Liquid Assets c. Level 2B Liquid Assets 3. Operational Requirements for HQLA 4. Generally Applicable Criteria for HQLA a. Unencumbered b. Client Pool Security c. Treatment of HQLA held by U.S. Consolidated Subsidiaries e. Exclusion of Rehypothecated Assets f. Exclusion of Assets Designated as Operational 5. Calculation of the HQLA Amount a. Calculation of Unadjusted Excess HQLA Amount b. Calculation of Adjusted Excess HQLA Amount c. Example HQLA Calculation B. Total Net Cash Outflow 1. Determining the Maturity of Instruments and Transactions 2. Cash Outflow Categories a. Unsecured Retail Funding Outflow Amount b. Structured Transaction Outflow Amount c. Net Derivative Cash Outflow Amount d. Mortgage Commitment Outflow Amount e. Commitment Outflow Amount f. Collateral Outflow Amount g. Brokered Deposit Outflow Amount for Retail Customers or Counterparties h. Unsecured Wholesale Funding Outflow Amount i. Debt Security Outflow Amount j. Secured Funding and Asset Exchange Outflow Amount k. Foreign Central Bank Borrowings l. Other Contractual Outflow Amounts m. Excluded Amounts for Intragroup Transactions 3. Total Cash Inflow Amount a. Items not included as inflows b. Net Derivatives Cash Inflow Amount c. Retail Cash Inflow Amount d. Unsecured Wholesale Cash Inflow Amount e. Securities Cash Inflow Amount PO 00000 Frm 00003 Fmt 4701 Sfmt 4702 71819 f. Secured Lending and Asset Exchange Cash Inflow Amount III. Liquidity Coverage Ratio Shortfall IV. Transition and Timing V. Modified Liquidity Coverage Ratio Applicable to Bank and Savings and Loan Holding Companies A. Overview and Applicability B. High-Quality Liquid Assets C. Total Net Cash Outflow VI. Solicitation of Comments on Use of Plain Language VII. Regulatory Flexibility Act VIII. Paperwork Reduction Act IX. OCC Unfunded Mandates Reform Act of 1995 Determination I. Introduction A. Summary of the Proposed Rule The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are requesting comment on a proposed rule (proposed rule) that would implement a liquidity coverage ratio requirement, consistent with the international liquidity standards published by the Basel Committee on Banking Supervision (BCBS),1 for large, internationally active banking organizations, nonbank financial companies designated by the Financial Stability Oversight Council for Board supervision that do not have substantial insurance activities (covered nonbank companies), and their consolidated subsidiary depository institutions with total assets greater than $10 billion. The BCBS published the international liquidity standards in December 2010 as a part of the Basel III reform package 2 and revised the standards in January 2013 (as revised, the Basel III Revised Liquidity Framework).3 The Board also is proposing on its own to implement a modified version of the liquidity coverage ratio requirement as an enhanced prudential standard for bank holding companies and savings and loan holding companies with at least 1 The BCBS is a committee of banking supervisory authorities that was established by the central bank governors of the G10 countries in 1975. It currently consists of senior representatives of bank supervisory authorities and central banks from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. Documents issued by the BCBS are available through the Bank for International Settlements Web site at http:// www.bis.org. 2 ‘‘Basel III: International framework for liquidity risk measurement, standards and monitoring’’ (December 2010), available at http://www.bis.org/ publ/bcbs188.pdf (Basel III Liquidity Framework). 3 ‘‘Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools’’ (January 2013), available at http://www.bis.org/publ/bcbs238.htm. E:\FR\FM\29NOP3.SGM 29NOP3 71820 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS $50 billion in total consolidated assets that are not internationally active and do not have substantial insurance activities. This modified approach is described in section V of this preamble. As described in more detail below, the proposed rule would establish a quantitative minimum liquidity coverage ratio that builds upon the liquidity coverage methodologies traditionally used by banking organizations to assess exposures to contingent liquidity events. The proposed rule would complement existing supervisory guidance and the more qualitative liquidity requirements that the Board proposed, in consultation with the OCC and the FDIC, pursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) 4 and would establish transition periods for conformance with the new requirements. B. Background The recent financial crisis demonstrated significant weaknesses in the liquidity positions of banking organizations, many of which experienced difficulty meeting their obligations due to a breakdown of the funding markets. As a result, many governments and central banks across the world provided unprecedented levels of liquidity support to companies in the financial sector in an effort to sustain the global financial system. In the United States, the Board and the FDIC established various temporary liquidity facilities to provide sources of funding for a range of asset classes. These events came in the wake of a period characterized by ample liquidity in the financial system. The rapid reversal in market conditions and the declining availability of liquidity during the financial crisis illustrated both the speed with which liquidity can evaporate and the potential for protracted illiquidity during and following these types of market events. In addition, the recent financial crisis highlighted the pervasive detrimental effect of a liquidity crisis on the banking sector, the financial system, and the economy as a whole. Banking organizations’ failure to adequately address these challenges was in part due to lapses in basic liquidity risk management practices. Recognizing the need for banking organizations to 4 See ‘‘Enhanced Prudential Standards and Early Remediation Requirements for Covered Companies,’’ 77 FR 594 (Jan. 5, 2010); ‘‘Enhanced Prudential Standards and Early Remediation Requirements for Foreign Banking Organizations and Foreign Nonbank Financial Companies,’’ 77 FR 76628 (Dec. 28, 2012). VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 improve their liquidity risk management and to control their liquidity risk exposures, the agencies worked with regulators from foreign jurisdictions to establish international liquidity standards. These standards include the principles based on supervisory expectations for liquidity risk management in the ‘‘Principles for Sound Liquidity Management and Supervision’’ (Basel Liquidity Principles).5 In addition to these principles, the BCBS established quantitative standards for liquidity in the ‘‘Basel III: International framework for liquidity risk measurement, standards and monitoring’’ 6 in December 2010, which introduced a liquidity coverage ratio (2010 LCR) and a net stable funding ratio (NSFR), as well as a set of liquidity monitoring tools. These reforms were intended to strengthen liquidity and promote a more resilient financial sector by improving the banking sector’s ability to absorb shocks arising from financial and economic stress. Subsequently, in January 2013, the BCBS issued ‘‘Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools’’ (Basel III LCR),7 which updated key components of the 2010 LCR as part of the Basel III liquidity framework.8 The agencies acknowledge that there is ongoing international study of the interaction between the Basel III LCR and central bank operations. The agencies are working with the BCBS on these matters and would consider amending the proposal if the BCBS proposes modifications to the Basel III LCR. The Basel III LCR establishes for the first time an internationally harmonized quantitative liquidity standard that has the primary objective of promoting the short-term resilience of the liquidity risk profile of internationally active banking organizations. The Basel III LCR is designed to improve the banking sector’s ability to absorb, without reliance on government support, shocks arising from financial and economic stress, whatever the source, thus 5 Principles for Sound Liquidity Risk Management and Supervision (September 2008), available at http://www.bis.org/publ/bcbs144.htm. 6 Basel III Liquidity Framework, supra note 2. 7 Basel III Revised Liquidity Framework, supra note 3. 8 Key provisions of the 2010 LCR that were updated by the BCBS in 2013 include expanding the definition of high-quality liquid assets, technical changes to the calculation of various inflow and outflow rates, introducing a phase-in period for implementation, and a variety of rules text clarifications. See http://www.bis.org/press/ p130106b.pdf for a complete list of revisions to the 2010 LCR. PO 00000 Frm 00004 Fmt 4701 Sfmt 4702 reducing the risk of spillover from the financial sector to the broader economy. Beginning in January 2015, under the Basel III LCR, internationally active banking organizations would be required to hold sufficient high-quality liquid assets (HQLA) to meet their obligations and other liquidity needs that are forecasted to occur during a 30 calendar-day stress scenario. To meet the Basel III LCR standard, the HQLA must be unencumbered by liens and other restrictions on transferability and must be convertible into cash easily and immediately in deep, active private markets. Current U.S. regulations do not require banking organizations to meet a quantitative liquidity standard. Rather, the agencies evaluate a banking organization’s methods for measuring, monitoring, and managing liquidity risk on a case-by-case basis in conjunction with their supervisory processes.9 Since the financial crisis, the agencies have worked to establish a more rigorous supervisory and regulatory framework for U.S. banking organizations that would incorporate and build upon the BCBS standards. First, the agencies, together with the National Credit Union Administration and the Conference of State Bank Supervisors, issued guidance titled the ‘‘Interagency Policy Statement on Funding and Liquidity Risk Management’’ (Liquidity Risk Policy Statement) in March 2010.10 The Liquidity Risk Policy Statement incorporates elements of the Basel Liquidity Principles and is supplemented by other liquidity risk management principles previously issued by the agencies. The Liquidity Risk Policy Statement specifies supervisory expectations for fundamental liquidity risk management practices, including a comprehensive management process for identifying, measuring, monitoring, and controlling liquidity risk. The Liquidity Risk Policy Statement also emphasizes the central role of corporate governance, cash-flow projections, stress testing, ample liquidity resources, and formal contingency funding plans as necessary tools for effectively measuring and managing liquidity risk. Additionally, in 2012, pursuant to section 165 of the Dodd-Frank Act,11 the Board proposed enhanced liquidity standards for large U.S. banking firms, 9 For instance, the Uniform Financial Rating System adopted by the Federal Financial Institutions Examination Council (FFIEC) requires examiners to assign a supervisory rating that assesses a banking organization’s liquidity position and liquidity risk management. 10 75 FR 13656 (March 22, 2010). 11 See 12 U.S.C. 5365. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules certain foreign banking organizations, and nonbank financial companies designated by the Financial Stability Oversight Council for Board supervision.12 These enhanced liquidity standards include corporate governance provisions, senior management responsibilities, independent review, a requirement to hold highly liquidity assets to cover stressed liquidity needs based on internally developed stress models, a contingency funding plan, and specific limits on potential sources of liquidity risk.13 The proposed rule would further enhance the supervisory efforts described above, which are aimed at measuring and managing liquidity risk, by implementing a minimum quantitative liquidity requirement in the form of a liquidity coverage ratio. This quantitative requirement would focus on short-term liquidity risks and would benefit the financial system as a whole by improving the ability of companies subject to the proposal to absorb potential market and liquidity shocks in a severe stress scenario over a short term. The agencies are proposing to establish a minimum liquidity coverage ratio that would be consistent with the Basel III LCR, with some modifications to reflect characteristics and risks of specific aspects of the U.S. market and U.S. regulatory framework, as described in this preamble. For instance, in recognition of the strong liquidity positions many U.S. banking organizations and other companies that would be subject to the proposal have achieved since the recent financial crisis, the proposed rule includes transition periods that are similar to, but shorter than, those set forth in the Basel III LCR. These proposed transition periods are designed to give companies subject to the proposal sufficient time to adjust to the proposed rule while minimizing any potential adverse impact that implementation could have on the U.S. banking system. The agencies note that the BCBS is in the process of reviewing the NSFR that was included in the BCBS liquidity framework when it was first published in 2010. While the Basel III LCR is focused on measuring liquidity resilience over a short-term period of severe stress, the NSFR is designed to promote resilience over a one-year time horizon by creating additional incentives for banking organizations and other financial companies that would be subject to the standard to fund their activities with more stable sources and 12 See 77 FR 594 (Jan. 5, 2012); 77 FR 76628 (Dec. 28, 2012). 13 See 12 U.S.C. 5365. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 encouraging a sustainable maturity structure of assets and liabilities. Currently, the NSFR is in an international observation period as the agencies work with other BCBS members and the banking industry to gather data and study the impact of the proposed NSFR standard on the banking system. The agencies are carefully considering what changes to the NSFR they may recommend to the BCBS based on the results of this assessment. The agencies anticipate that they would issue a proposed rulemaking implementing the NSFR in advance of its scheduled global implementation in 2018. C. Overview of the Proposed Rule The proposed rule would establish a minimum liquidity coverage ratio applicable to all internationally active banking organizations, that is, banking organizations with $250 billion or more in total assets or $10 billion or more in on-balance sheet foreign exposure, and to consolidated subsidiary depository institutions of internationally active banking organizations with $10 billion or more in total consolidated assets (collectively, covered banking organizations). Thus, the rule would not apply to institutions that have opted in to the advanced approaches capital rule; 14 the agencies are seeking comment on whether to apply the rule to opt-in banking organizations. The proposed rule would also apply to covered nonbank companies, and to consolidated subsidiary depository institutions of covered nonbank companies with $10 billion or more in total consolidated assets (together with covered banking organizations and covered nonbank companies, covered companies). The proposed rule would not apply to a bridge financial company or a subsidiary of a bridge financial company, a new depository institution or a bridge depository institution, as those terms are used in the resolution context.15 The agencies believe that requiring the FDIC to maintain a minimum liquidity coverage ratio in these entities would inappropriately constrain the FDIC’s ability to resolve a depository institution or its affiliated companies in an orderly manner.16 14 See 12 CFR part 3 (OCC), 12 CFR part 217 (Federal Reserve), and 12 CFR part 324 (FDIC). 15 See 12 U.S.C. 1813(i) and 12 U.S.C. 5381(a)(3). 16 Pursuant to the International Banking Act (IBA), 12 U.S.C. 3101 et seq., and OCC regulation, 12 CFR 28.13(a)(1), a Federal branch or agency regulated and supervised by the OCC has the same rights and responsibilities as a national bank operating at the same location. Thus, as a general matter, Federal branches and agencies are subject to the same laws as national banks. The IBA and the OCC regulation state, however, that this general PO 00000 Frm 00005 Fmt 4701 Sfmt 4702 71821 The Board also is proposing on its own to implement a modified version of the liquidity coverage ratio as an enhanced prudential standard for bank holding companies and savings and loan holding companies without significant insurance or commercial operations that, in each case, have $50 billion or more in total consolidated assets, but are not covered companies for the purposes of the proposed rule.17 The agencies are reserving the authority to apply the proposed rule to a company not meeting the asset thresholds described above if it is determined that the application of the proposed liquidity coverage ratio would be appropriate in light of a company’s asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered companies, or risk to the financial system. A covered company would remain subject to the proposed rule until its primary Federal supervisor determines in writing that application of the proposed rule to the company is not appropriate in light of these same factors. Moreover, nothing in the proposed rule would limit the authority of the agencies under any other provision of law or regulation to take supervisory or enforcement actions, including actions to address unsafe or unsound practices or conditions, deficient liquidity levels, or violations of law. The agencies also are reserving the authority to require a covered company to hold an amount of HQLA greater than otherwise required under the proposed rule, or to take any other measure to improve the covered company’s liquidity risk profile, if the relevant agency determines that the standard does not apply when the IBA or other applicable law provides other specific standards for Federal branches or agencies, or when the OCC determines that the general standard should not apply. This proposal would not apply to Federal branches and agencies of foreign banks operating in the United States. At this time, these entities have assets that are substantially below the proposed $250 billion asset threshold for applying the proposed liquidity standard to an internationally active banking organization. As part of its supervisory program for Federal branches and agencies of foreign banks, the OCC reviews liquidity risks and takes appropriate action to limit such risks in those entities. In addition, the OCC is monitoring other emerging initiatives in the U.S. that may impact liquidity risk supervision of Federal branches and agencies of foreign banks before considering applying a liquidity coverage ratio requirement to them. 17 Total consolidated assets for the purposes of the proposed rule would be as reported on a covered banking organization’s most recent yearend Consolidated Reports of Condition and Income or Consolidated Financial Statements for Bank Holding Companies, Federal Reserve Form FR Y– 9C. Foreign exposure data would be calculated in accordance with the Federal Financial Institution Examination Council 009 Country Exposure Report. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71822 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules covered company’s liquidity requirements as calculated under the proposed rule are not commensurate with its liquidity risks. In making such determinations, the agencies will apply notice and response procedures as set forth in their respective regulations. The proposed liquidity coverage ratio would require a covered company to maintain an amount of HQLA meeting the criteria set forth in the proposed rule (the numerator of the ratio) that is no less than 100 percent of its total net cash outflows over a prospective 30 calendarday period, as calculated in accordance with the proposed rule (the denominator of the ratio). Under the proposed rule, certain categories of assets may qualify as HQLA if they are unencumbered by liens and other restrictions on transfer so that they can be converted into cash quickly with little to no loss in value. Access to HQLA would enhance the ability of a covered company to meet its liquidity needs during an acute short-term liquidity stress scenario. A covered company’s total net cash outflow amount would be determined by applying outflow and inflow rates, which reflect certain stressed assumptions, against the balances of a covered company’s funding sources, obligations, and assets over a prospective 30 calendar-day period. As further described below, the measures of total cash outflow and total cash inflow, and the outflow and inflow rates used in their determination, are meant to reflect aspects of the stress events experienced during the recent financial crisis. Consistent with the Basel III LCR, these components of the proposed rule take into account the potential impact of idiosyncratic and market-wide shocks, including those that would result in: (1) A partial loss of retail deposits and brokered deposits for retail customers; (2) a partial loss of unsecured wholesale funding capacity; (3) a partial loss of secured, short-term financing with certain collateral and counterparties; (4) losses from derivative positions and the collateral supporting those positions; (5) unscheduled draws on committed credit and liquidity facilities that a covered company has provided to its clients; (6) the potential need for a covered company to buy back debt or to honor non-contractual obligations in order to mitigate reputational and other risks; and (7) other shocks which affect outflows linked to structured financing transactions, mortgages, central bank borrowings, and customer short positions. As noted above, covered companies generally would be required to VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 maintain, on a consolidated basis, a liquidity coverage ratio equal to or greater than 100 percent. However, the agencies recognize that under certain circumstances, it may be necessary for a covered company’s liquidity coverage ratio to briefly fall below 100 percent to fund unanticipated liquidity needs. However, a liquidity coverage ratio below 100 percent may also reflect a significant deficiency in a covered company’s management of liquidity risk. Therefore, the proposed rule would establish a framework for flexible supervisory response when a covered company’s liquidity coverage ratio falls below 100 percent. Under the proposed rule, a covered company would be required to notify its primary Federal supervisor on any business day that its liquidity coverage ratio is less than 100 percent. In addition, if the liquidity coverage ratio is below 100 percent for three consecutive business days, a covered company would be required to submit to its primary Federal supervisor a plan for remediation of the shortfall. These procedures, which are described in further detail in this preamble, are intended to enable supervisors to monitor and respond appropriately to the unique circumstances that are giving rise to a covered company’s liquidity coverage ratio shortfall. Consistent with the BCBS liquidity framework, the proposed rule, once finalized, would be effective as of January 1, 2015, subject to a transition period. Under the proposed rule’s transition provisions, covered companies would be required to comply with a minimum liquidity coverage ratio of 80 percent as of January 1, 2015. From January 1, 2016, through December 31, 2016, the minimum liquidity coverage ratio would be 90 percent. Beginning on January 1, 2017 and thereafter, all covered companies would be required to maintain a liquidity coverage ratio of 100 percent. The proposed rule’s liquidity coverage ratio is based on a standardized supervisory stress scenario. While the liquidity coverage ratio would establish one scenario for stress testing, supervisors expect companies that would be subject to the proposed rule to maintain robust stress testing frameworks that incorporate additional scenarios that are more tailored to the risks within their firms. Companies should use these additional scenarios in conjunction with the proposed rule’s liquidity coverage ratio to appropriately determine their liquidity buffers. The agencies note that the liquidity coverage ratio is a minimum requirement and organizations that pose more systemic PO 00000 Frm 00006 Fmt 4701 Sfmt 4702 risk to the U.S. banking system or whose liquidity stress testing indicates a need for higher liquidity buffers may need to take additional steps beyond meeting the minimum ratio in order to meet supervisory expectations. The BCBS liquidity framework also establishes liquidity risk monitoring mechanisms designed to strengthen and promote global consistency in liquidity risk supervision. These mechanisms include information on contractual maturity mismatch, concentration of funding, available unencumbered assets, liquidity coverage ratio reporting by significant currency, and market-related monitoring tools. At this time, the agencies are not proposing to implement these monitoring mechanisms as regulatory standards or requirements. However, the agencies intend to obtain information from covered companies to enable the monitoring of liquidity risk exposure through reporting forms and from information the agencies collect through other supervisory processes. The proposed rule would provide enhanced information about the shortterm liquidity profile of a covered company to managers and supervisors. With this information, the covered company’s management and supervisors would be better able to assess the company’s ability to meet its projected liquidity needs during periods of liquidity stress; take appropriate actions to address liquidity needs; and, in situations of failure, to implement an orderly resolution of the covered company. The agencies anticipate that they will separately seek comment upon proposed regulatory reporting requirements and instructions pertaining to a covered company’s disclosure of the proposed rule’s liquidity coverage ratio in a subsequent notice. The agencies request comment on all aspects of the proposed rule, including comment on the specific issues raised throughout this preamble. The agencies request that commenters provide detailed qualitative or quantitative analysis, as appropriate, as well as any relevant data and impact analysis to support their positions. II. Minimum Liquidity Coverage Ratio Under the proposed rule, a covered company would be required to calculate its liquidity coverage ratio as of a particular date, which is defined in the proposed rule as the calculation date. The proposed rule would require a covered company to calculate its liquidity coverage ratio daily as of a set time selected by the covered company prior to the effective date of the rule and communicated in writing to its primary E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules Federal supervisor. Subsequent to this election, a covered company could only change the time as of which it calculates its liquidity coverage ratio daily with the written approval of its Federal supervisor. A covered company would calculate its liquidity coverage ratio by dividing its amount of HQLA by total net cash outflows, which would be equal to the highest daily amount of cumulative net cash outflows within the 30 calendar days following a calculation date (30 calendar-day stress period). A covered company would not be permitted to double count items in this computation. For example, if an asset is included as a part of the stock of HQLA, such asset may not also be counted as cash inflows in the denominator. The following discussion addresses the proposed criteria for HQLA, which are meant to reflect the characteristics the agencies believe are associated with the most liquid assets banking organizations typically hold. The discussion also explains how HQLA would be calculated under the proposed rule, including its constituent components, and the proposed caps and haircuts applied to those components. Next, the discussion describes total net cash outflows, the denominator of the liquidity coverage ratio. This discussion explains the items that would be included in total cash outflows and total cash inflows, as well as rules for determining whether instruments mature or transactions occur within a 30 calendar-day stress period for the purposes of the liquidity coverage ratio’s calculation. The discussion concludes by describing the regulatory framework for supervisory response if a covered company’s liquidity coverage ratio falls below 100 percent. 1. What operational or other issues arise from requiring the calculation of the liquidity coverage ratio as of a set time selected by a covered company prior to the effective date of the rule? What significant operational costs, such as technological improvements, or other operational difficulties, if any, may arise from the requirement to calculate the liquidity coverage ratio on a daily basis? What alternatives to daily calculation should the agencies consider and why? 2. The proposed rule would require a covered company to calculate its HQLA on a daily basis. Should the agencies impose any limits with regard to covered companies’ ability to transfer HQLA on an intraday basis between entities? Why or why not? In particular, what appropriate limits should the agencies consider with regard to intraday movements of HQLA between VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 domestic and foreign entities, including foreign branches? A. High-Quality Liquid Assets The numerator of the proposed liquidity coverage ratio would be comprised of a covered company’s HQLA, subject to the qualifying criteria and compositional limitations described below (HQLA amount). These proposed criteria and limitations are meant to ensure that a covered company’s HQLA amount only includes assets with a high potential to generate liquidity through sale or secured borrowing during a stress scenario. Consistent with the Basel III LCR, the agencies are proposing to divide HQLA into three categories of assets: level 1, level 2A and level 2B liquid assets. Specifically and as described in greater detail below, the agencies are proposing that level 1 liquid assets, which are the highest quality and most liquid assets, be included in a covered company’s HQLA amount without a limit. Level 2A and 2B liquid assets have characteristics that are associated with being relatively stable and significant sources of liquidity, but not to the same degree as level 1 liquid assets. Accordingly, level 2A liquid assets would be subject to a 15 percent haircut and, when combined with level 2B liquid assets, could not exceed 40 percent of the total stock of HQLA. Level 2B liquid assets, which are associated with a lesser degree of liquidity and more volatility than level 2A liquid assets, would be subject to a 50 percent haircut and could not exceed 15 percent of the total stock of HQLA. These haircuts and caps are set forth in section 21 of the proposed rule. A covered company would include assets in each HQLA category as required by the proposed rule as of a calculation date, irrespective of an asset’s residual maturity. A description of the methodology for calculating the HQLA amount, including the caps on level 2A and level 2B liquid assets and the requirement to calculate adjusted and unadjusted amounts of HQLA, is described in section II.A.5 below. 1. Liquidity Characteristics of HQLA Assets that would qualify as HQLA should be easily and immediately convertible into cash with little or no loss of value during a period of liquidity stress. In identifying the types of assets that would qualify as HQLA, the agencies considered the following categories of liquidity characteristics, which are generally consistent with those of the Basel III LCR: (a) Risk profile; (b) market-based characteristics; and (c) central bank eligibility. a. Risk Profile PO 00000 Frm 00007 Fmt 4701 Sfmt 4702 71823 Assets that are appropriate for consideration as HQLA tend to be lower risk. There are various forms of risk that can be associated with an asset, including liquidity risk, market risk, credit risk, inflation risk, foreign exchange risk, and the risk of subordination in a bankruptcy or insolvency. Assets appropriate for consideration as HQLA would be expected to remain liquid across various stress scenarios and should not suddenly lose their liquidity upon the occurrence of a certain type of risk. Also, these assets generally experience ‘‘flight to quality’’ during a crisis, wherein investors sell their other holdings to buy more of these assets in order to reduce the risk of loss and increase the ability to monetize assets as necessary to meet their own obligations. Assets that may be highly liquid under normal conditions but experience wrong-way risk and could become less liquid during a period of stress would not be appropriate for consideration as HQLA. For example, securities issued or guaranteed by many companies in the financial sector 18 have been more prone to lose value and, as a result, become less liquid and lose value in times of liquidity stress due to the high correlation between the health of these companies and the health of the financial markets generally. This correlation was evident during the recent financial crisis, as most debt issued by such companies traded at significant discounts for a prolonged period. Because of this high potential for wrong-way risk, consistent with the Basel III LCR standard, the proposed rule would exclude assets issued by companies that are primary actors in the financial sector from HQLA.19 b. Market-Based Characteristics The agencies also have found that assets appropriate for consideration as HQLA generally exhibit characteristics that are market-based in nature. First, these assets tend to have active outright sale or repurchase markets at all times with significant diversity in market participants as well as high volume. This market-based liquidity characteristic may be demonstrated by historical evidence, including evidence during recent periods of market liquidity stress, of low bid-ask spreads, high trading volumes, a large and diverse number of market participants, and other factors. Diversity of market participants, on both the buy and sell 18 See infra section II.A.2.c. of companies with high potential for wrong-way risk under the proposal is discussed below in section II.A.2. 19 Identification E:\FR\FM\29NOP3.SGM 29NOP3 71824 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS sides, is particularly important because it tends to reduce market concentration and is a key indicator that a market will remain liquid. Also, the presence of multiple committed market makers is another sign that a market is liquid. Second, assets that are appropriate for consideration as HQLA generally tend to have prices that do not incur sharp price declines, even during times of stress. Volatility of traded prices and bid-ask spreads during normal times are simple proxy measures of market volatility; however, there should be historical evidence of relative stability of market terms (such as prices and haircuts) and volumes during stressed periods. To the extent that an asset exhibits price or volume fluctuation during times of stress, assets appropriate for consideration as HQLA tend to increase in value and experience a flight to quality during such times, as historically, the market moves into more liquid assets in times of systemic crisis. Third, assets that can serve as HQLA tend to be easily and readily valued. The agencies generally have found that an asset’s liquidity is typically higher if market participants agree on its valuation. Assets with more standardized, homogenous, and simple structures tend to be more fungible, thereby promoting liquidity. The pricing formula of more liquid assets generally is easy to calculate when it is based upon sound assumptions and publicly available inputs. Whether an asset is listed on an active and developed exchange can serve as a key indicator of an asset’s price transparency and liquidity. c. Central Bank Eligibility Assets that a covered company can pledge at a central bank as collateral for intraday liquidity needs and overnight liquidity facilities in a jurisdiction and in a currency where the bank has access to the central bank generally tend to be liquid and, as such, are appropriate for consideration as HQLA. In the past, central banks have provided a backstop to the supply of banking system liquidity under conditions of severe stress. Central bank eligibility should, therefore, provide additional assurance that assets could be used in acute liquidity stress events without adversely affecting the broader financial system and economy. However, central bank eligibility is not itself sufficient to categorize an asset as HQLA; all of the proposed rule’s requirements for HQLA would need to be met if central bank eligible assets are to qualify as HQLA. 3. What, if any, other characteristics should be considered by the agencies in analyzing the liquidity of an asset? VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 2. Qualifying Criteria for Categories of HQLA The characteristics of HQLA discussed above are reflected in the proposed rule’s qualifying criteria for HQLA. The criteria, set forth in section 20 of the proposed rule, are designed to identify assets that exhibit low risk and limited price volatility, are traded in high-volume, deep markets with transparent pricing, and that are eligible to be pledged at a central bank. Consistent with these characteristics and the BCBS LCR framework, the proposed rule would establish general criteria for all HQLA and specific requirements for each category of HQLA. For example, most of the assets in these categories would need to meet the proposed rule’s definition of ‘‘liquid and readily-marketable’’ in order to be included in HQLA. Under the proposed rule, an asset would be liquid and readily-marketable if it is traded in an active secondary market with more than two committed market makers, a large number of committed non-market maker participants on both the buying and selling sides of transactions, timely and observable market prices, and high trading volumes. The ‘‘liquid and readily-marketable’’ requirement is meant to ensure that assets included in HQLA exhibit a level of liquidity that would allow a covered company to convert them into cash during times of stress and, therefore, to meet its obligations when other sources of funding may be reduced or unavailable. Timely and observable market prices make it likely that a buyer could be found and that a price could be obtained within a short period of time such that a covered company could convert the assets to cash, as needed. As noted above, assets that are included in HQLA should not be issued by financial sector entities since they would then be correlated with covered companies (or wrong-way risk assets). In the proposed rule, financial sector entities are defined as regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or a consolidated subsidiary of any of the foregoing. HQLA also could not be issued by any company (or any of its consolidated subsidiaries) that an agency has determined should be treated the same for the purposes of this proposed rule as a regulated financial company, investment company, nonregulated fund, pension fund, or investment adviser, based on activities similar in scope, nature, or operations to those entities (identified company). PO 00000 Frm 00008 Fmt 4701 Sfmt 4702 The term ‘‘regulated financial company’’ under the proposal would include bank holding companies and savings and loan holding companies (depository institution holding companies); nonbank financial companies supervised by the Board under Title I of the Dodd-Frank Act; depository institutions; foreign banks; credit unions; industrial loan companies, industrial banks, or other similar institutions described in section 2 of the Bank Holding Company Act; national banks, state member banks, or state nonmember banks that are not depository institutions; insurance companies; securities holding companies (as defined in section 618 of the Dodd-Frank Act);20 broker-dealers or dealers registered with the SEC; futures commission merchants and swap dealers, each as defined in the Commodity Exchange Act;21 or securitybased swap dealers defined in section 3 of the Securities Exchange Act.22 It would also include any designated financial market utility, as defined in section 803 of the Dodd-Frank Act.23 The definition also includes foreign companies if they are supervised and regulated in a manner similar to the institutions listed above.24 In addition, a ‘‘regulated financial company’’ would include a company that is included in the organization chart of a depository institution holding company on the Form FR Y–6, as listed in the hierarchy report of the depository institution holding company produced by the National Information Center (NIC) Web site, provided that the top tier depository institution holding company is subject to the proposed rule (FR Y–6 companies).25 FR Y–6 companies are typically controlled by the filing depository institution holding company under the Bank Holding Company Act. Although many such companies are not consolidated on the financial statements of a depository institution holding company, the links between the 20 12 U.S.C. 1850a(a)(4). U.S.C. 1a(28) and (49). 22 15 U.S.C. 78c(a)(71). 23 12 U.S.C. 5462(4). 24 Under paragraph (8) of the proposed rule’s definition of ‘‘regulated financial company,’’ the following would not be considered regulated financial companies: U.S. government-sponsored enterprises; small business investment companies, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.); entities designated as Community Development Financial Institutions (CDFIs) under 12 U.S.C. 4701 et seq. and 12 CFR part 1805; and central banks, the Bank for International Settlements, the International Monetary Fund, or a multilateral development bank. 25 See http://www.ffiec.gov/nicpubweb/nicweb/ nichome.aspx. 21 7 E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules companies are sufficiently significant that the agencies believe it would be appropriate to exclude securities issued by FR Y–6 companies (and their consolidated subsidiaries) from HQLA, for the same policy reasons that other regulated financial companies’ securities would be excluded from HQLA under the proposal. The organizational hierarchy chart produced by the NIC Web site reflects (as updates regularly occur) the FR Y–6 companies a depository institution holding company must report on the form. The agencies are proposing this method for identifying these companies in order to reduce burden associated with obtaining the FR Y–6 organizational charts for all depository institution holding companies subject to the proposed rule, because the charts are not uniformly available by electronic means. Under the proposal, investment companies would include companies registered with the SEC under the Investment Company Act of 1940 26 and investment advisers would include companies registered with the SEC as investment advisers under the Investment Advisers Act of 1940,27 as well as the foreign equivalent of such companies. Non-regulated funds would include hedge funds or private equity funds whose investment advisers are required to file SEC Form PF (Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors), and any consolidated subsidiary of such fund, other than a small business investment company, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.). Pension funds would be defined as employee benefit plans as defined in ERISA and government pension plans,28 as well as their foreign equivalents. Securities issued by the foregoing entities or their consolidated subsidiaries would be excluded from HQLA. 4. What, if any, modifications should the agencies consider to the definition of ‘‘regulated financial company’’? What, if any, entities should be added to, or removed from, the definition and why? What operational difficulties may be involved in identifying a ‘‘regulated financial company,’’ including companies a depository institution holding company must report on the FR Y–6 organizational chart (or in identifying consolidated subsidiaries)? How should those operational 26 15 U.S.C. 80a–1 et seq. U.S.C. 80b–1 et seq. 28 See paragraph (7) of § __.3 of the proposed rule’s definition of ‘‘regulated financial company.’’ 27 15 VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 difficulties be addressed? What alternatives for identifying companies reported on the FR Y–6 should be considered, and what difficulties may be associated with using the organizational hierarchy chart produced by the NIC Web site? 5. What, if any, modifications should the agencies consider to the definition of ‘‘non-regulated funds’’? Should hedge funds or private equity funds whose managers are not required to file Form PF be included in the definition? What operational or other difficulties may covered companies encounter in identifying ‘‘non-regulated’’ funds and their consolidated subsidiaries? What other definitions would generally capture hedge funds and private equity funds in an appropriate and clear manner? Provide detailed suggestions and justifications. 6. What, if any, modifications should the agencies consider to the definitions of ‘‘investment company,’’ ‘‘pension fund,’’ ‘‘investment adviser,’’ or ‘‘identified company’’? Should investment companies or investment advisers not required to register with the SEC be included in the respective definitions? 7. What risk or operational issues should the agencies consider regarding the definitions and the exclusion of securities issued by the companies described above from HQLA, as well as the higher outflow rates applied to such companies, as described below? 8. What additional factors or characteristics should the agencies consider with respect to identifying those companies whose securities should be excluded from HQLA and should be subject to the accompanying higher outflow rates for such companies, as discussed below? 9. How well does the proposed definition of ‘‘liquid and readilymarketable’’ meet the agencies’ goal of identifying HQLA that could be converted into cash in order to meet a covered company’s liquidity needs during times of stress? What other characteristics, if any, of a traded security and relevant markets should the agencies consider? What other approaches for capturing this liquidity characteristic should the agencies consider? Provide detailed description of and justifications for any alternative approaches. a. Level 1 Liquid Assets Under the proposed rule, a covered company could include the full fair value of level 1 liquid assets in its HQLA amount. These assets have the highest potential to generate liquidity for a covered company during periods of PO 00000 Frm 00009 Fmt 4701 Sfmt 4702 71825 severe liquidity stress and thus would be includable in a covered company’s HQLA amount without limit. As discussed in further detail in this section, the proposed rule would include the following assets in level 1 liquid assets: (1) Federal Reserve Bank balances; (2) foreign withdrawable reserves; (3) securities issued or unconditionally guaranteed as to the timely payment of principal and interest by the U.S. Department of the Treasury; (4) liquid and readily-marketable securities issued or unconditionally guaranteed as to the timely payment of principal and interest by any other U.S. government agency (provided that its obligations are fully and explicitly guaranteed by the full faith and credit of the United States government); (5) certain liquid and readily marketable securities that are claims on, or claims guaranteed by, a sovereign entity, a central bank, the Bank for International Settlements, the International Monetary Fund, the European Central Bank and European Community, or a multilateral development bank; and (6) certain debt securities issued by sovereign entities. Reserve Bank Balances Under the BCBS LCR framework, ‘‘central bank reserves’’ are included in HQLA. In the United States, Federal Reserve Banks are generally authorized under the Federal Reserve Act to maintain balances only for ‘‘depository institutions’’ and for other limited types of organizations.29 Pursuant to the Federal Reserve Act, there are different kinds of balances that depository institutions may maintain at Federal Reserve Banks, and they are maintained in different kinds of Federal Reserve Bank accounts. Balances that depository institutions must maintain to satisfy a reserve balance requirement must be maintained in the depository institution’s ‘‘master account’’ at a Federal Reserve Bank or, if the institution has designated a passthrough correspondent, in the correspondent’s master account. A ‘‘reserve balance requirement’’ is the amount that a depository institution must maintain in an account at a Federal Reserve Bank in order to satisfy that portion of the institution’s reserve requirement that is not met with vault cash. Balances in excess of those required to be maintained to satisfy a reserve balance requirement, known as ‘‘excess balances,’’ may be maintained in a master account or in an ‘‘excess balance account.’’ Finally, balances maintained for a specified period of time, known as ‘‘term deposits,’’ are 29 See E:\FR\FM\29NOP3.SGM 12 U.S.C. 342. 29NOP3 71826 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS maintained in a term deposit account offered by the Federal Reserve Banks. The proposed rule therefore uses the term ‘‘Reserve Bank balances’’ as the relevant term to capture central bank reserves in the United States. Under the proposed rule, all balances a depository institution maintains at a Federal Reserve Bank (other than balances that an institution maintains on behalf of another institution, such as balances it maintains on behalf of a respondent or on behalf of an excess balance account participant) would be considered level 1 liquid assets, except for certain term deposits as explained immediately below. Consistent with the concept of ‘‘central bank reserves’’ in the BCBS LCR framework, the proposed rule includes in its definition of ‘‘Reserve Bank balances’’ only those term deposits offered and maintained pursuant to terms and conditions that (1) explicitly and contractually permit such term deposits to be withdrawn upon demand prior to the expiration of the term, or that (2) permit such term deposits to be pledged as collateral for term or automatically-renewing overnight advances from a Federal Reserve Bank. None of the term deposits offered under the Federal Reserve’s Term Deposit Facility as currently configured would be included in ‘‘Reserve Bank balances’’ because all term deposits offered to date by the Federal Reserve Banks are not explicitly and contractually repayable on notice. Similarly, all term deposits offered to date may not serve as collateral against which the depository institutions can borrow from a Federal Reserve Bank on a term or automatically renewable basis. Federal Reserve term deposits that are not included in ‘‘Reserve Bank balances’’ and, therefore, would not be considered level 1 liquid assets under the proposed rule could be included in a covered company’s inflows, if the terms of such deposits expire within 30 days of the calculation date. Under the proposed rule, a covered company’s reserve balance requirement would be subtracted from its level 1 liquid asset amount, because a depository institution generally satisfies its reserve requirement by maintaining vault cash or a balance in an account at a Federal Reserve Bank.30 Foreign Withdrawable Reserves The agencies are proposing that reserves held by a covered company in a foreign central bank that are not subject to restrictions on use be included in level 1 liquid assets. Similar 30 See § __.21(b)(1) of the proposed rule. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 to Reserve Bank balances, foreign withdrawable reserves should be able to serve as a medium of exchange in the currency of the country where they are held. United States Government Securities The proposed rule would include in level 1 liquid assets securities issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the U.S Department of the Treasury. Generally, these types of securities have exhibited high levels of liquidity even in times of extreme stress to the financial system, and typically are the securities that experience the most ‘‘flight to quality’’ when investors adjust their holdings. Level 1 liquid assets would also include securities issued by any other U.S. government agency whose obligations are fully and explicitly guaranteed by the full faith and credit of the U.S. government, provided that they are liquid and readily-marketable. Certain Sovereign and Multilateral Organization Securities The proposed rule would include in level 1 liquid assets securities that are a claim on, or a claim guaranteed by, a sovereign entity, a central bank, the Bank for International Settlements, the International Monetary Fund, the European Central Bank and European Community, or a multilateral development bank, provided that such securities meet the following three requirements. First, these securities must have been assigned a zero percent risk weight under the standardized approach for risk-weighted assets of the agencies’ regulatory capital rules.31 Generally, securities issued by sovereigns that are assigned a zero percent risk weight have shown resilient liquidity characteristics. Second, the proposed rule would require these securities to be liquid and readily-marketable, as discussed above. Third, these securities would be required to be issued by an entity whose obligations have a proven record as a reliable source of liquidity in the repurchase or sales markets during stressed market conditions. A covered company could demonstrate a historical record that meets this criterion through reference to historical market prices during times of general liquidity stress, such as the period of financial market stress experienced from 2007 to 2008. Covered companies should also look to other periods of systemic and idiosyncratic stress to see if the asset 31 See 12 CFR part 3 (OCC), 12 CFR part 217 (Federal Reserve), and 12 CFR part 324 (FDIC). PO 00000 Frm 00010 Fmt 4701 Sfmt 4702 under consideration has proven to be a reliable source of liquidity. Fourth, these securities could not be an obligation of a regulated financial company, non-regulated fund, pension fund, investment adviser, or identified company or any consolidated subsidiary of such entities. Certain Foreign Sovereign Debt Securities Debt securities issued by a foreign sovereign entity that are not assigned a zero percent risk weight under the standardized approach for risk-weighted assets of the agencies’ regulatory capital rules may serve as level 1 liquid assets if they are liquid and readily marketable, the sovereign entity issues such debt securities in its own currency, and a covered company holds the debt securities to meet its cash outflows in the jurisdiction of the sovereign entity, as calculated in the outflow section of the proposed rule. These assets would be appropriately included as level 1 liquid assets despite having a risk weight greater than zero because a sovereign often is able to meet obligations in its own currency through control of its monetary system, even during fiscal challenges. 10. What, if any, alternative factors should be considered in determining the assets that qualify as level 1 liquid assets? What, if any, additional assets should qualify as level 1 liquid assets based on the characteristics for HQLA that the agencies discussed above? Provide detailed justification based on the liquidity characteristics of any such assets, including historical data and observations. 11. Are there any assets that would qualify as level 1 liquid assets under the proposed rule that should not qualify based on their liquidity characteristics? If so, which assets should not be included and why? Provide detailed justification based on the liquidity characteristics of an asset in question, including historical data and observations. b. Level 2A Liquid Assets Under the proposed rule, level 2A liquid assets would include certain claims on, or claims guaranteed by a U.S. government sponsored enterprise (GSE) 32 and certain claims on, or claims guaranteed by, a sovereign entity or a multilateral development bank. Assets would be required to be liquid and 32 GSEs include the Federal Home Loan Mortgage Corporation (FHLMC), the Federal National Mortgage Association (FNMA), the Farm Credit System, and the Federal Home Loan Bank System. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules readily-marketable, as described above, to be considered level 2A liquid assets. The agencies are aware that some securities issued and guaranteed by U.S. GSEs consistently trade in very large volumes and generally have been highly liquid, including during times of stress. However, the U.S. GSEs remain privately owned corporations, and their obligations do not have the explicit guarantee of the full faith and credit of the United States. The agencies have long held the view that obligations of U.S. GSEs should not be accorded the same treatment as obligations that carry the explicit guarantee of the U.S. government and under the agencies’ regulatory capital rules, have currently and historically assigned a 20 percent risk weight to their obligations and guarantees, rather than the zero percent risk weight assigned to securities guaranteed by the full faith and credit of the United States. Consistent with the agencies’ regulatory capital rules, the agencies are not assigning the most favorable regulatory treatment to U.S. GSEs’ issuances and guarantees under the proposed rule and therefore are assigning them to the level 2A liquid asset category, so long as they are investment grade consistent with the OCC’s investment regulation (12 CFR part 1) as of the calculation date. Additionally, consistent with the agencies’ regulatory capital rules’ higher risk weight for the preferred stock of U.S. GSEs, the agencies are proposing to exclude such preferred stock from HQLA. Level 2A liquid assets also would include claims on, or claims guaranteed by a sovereign entity or a multilateral development bank that: (1) is not included in level 1 liquid assets; (2) is assigned no higher than a 20 percent risk weight under the standardized approach for risk-weighted assets of the agencies’ regulatory capital rules; 33 (3) is issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions; and (4) is not an obligation of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. A covered company could demonstrate that a claim on or claims guaranteed by a sovereign entity or a multilateral development bank that has issued obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during 33 See 12 CFR part 3 (OCC), 12 CFR part 217 (Federal Reserve), and 12 CFR part 324 (FDIC). VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 stressed market conditions through reference to historical market prices during times of general liquidity stress.34 Covered companies should look to multiple periods of systemic and idiosyncratic liquidity stress in compiling such records. The proposed rule likely would not permit covered bonds and securities issued by public sector entities, such as a state, local authority, or other government subdivision below the level of a sovereign (including U.S. states and municipalities) to qualify as HQLA at this time. While these assets are assigned a 20 percent risk weight under the standardized approach for riskweighted assets in the agencies’ regulatory capital rules, the agencies believe that, at this time, these assets are not liquid and readily-marketable in U.S. markets and thus do not exhibit the liquidity characteristics necessary to be included in HQLA under this proposed rule. For example, securities issued by public sector entities generally have low average daily trading volumes. Covered bonds, in particular, exhibit significant risks regarding interconnectedness and wrong-way risk among companies in the financial sector such as regulated financial companies, investment companies, and non-regulated funds. 12. What other assets, if any, should the agencies include in level 2A liquid assets? How should such assets be identified and what are the characteristics of those assets that would justify their inclusion in level 2A liquid assets? 13. Are there any assets that would qualify as level 2A liquid assets under the proposed rule that should not qualify based on their liquidity characteristics? If so, which assets and why? Provide a detailed justification based on the liquidity characteristics of the asset in question, including historical data and observations. 14. What alternative treatment, if any, should the agencies consider for obligations of U.S. GSEs and why? Provide justification and supporting data. c. Level 2B Liquid Assets Under the proposed rule, level 2B liquid assets would include certain publicly traded corporate debt securities and publicly traded shares of common 34 This would be demonstrated if the market price of the security or equivalent securities of the issuer declined by no more than 10 percent or the market haircut demanded by counterparties to secured funding or lending transactions that are collateralized by such security or equivalent securities of the issuer increased by no more than 10 percentage points during a 30 calendar-day period of significant stress. PO 00000 Frm 00011 Fmt 4701 Sfmt 4702 71827 stock that are liquid and readilymarketable, as discussed above. The limitation of level 2B liquid assets to those that are publicly traded is meant to ensure a minimum level of liquidity, as privately traded assets are less liquid. Under the proposed rule, the definition of ‘‘publicly traded’’ would be consistent with the definition used in the agencies’ regulatory capital rules and would identify securities traded on registered exchanges with liquid twoway markets.35 A two-way market would be defined as market where there are independent bona fide offers to buy and sell, so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at that price within a relatively short time frame, conforming to trade custom. This definition is also consistent with the definition in the agencies’ capital rules 36 and is designed to identify markets with transparent and readily available pricing, which, for the reasons discussed above, is fundamental to the liquidity of an asset. Publicly Traded Corporate Debt Securities Publicly traded corporate debt securities would be considered level 2B liquid assets under the proposed rule if they meet three requirements (in addition to being liquid and readilymarketable). First, the securities would be required to meet the definition of ‘‘investment grade’’ under 12 CFR part 1 as of a calculation date.37 This standard would ensure that assets not meeting the required credit quality standard for bank investment would not be included in HQLA. The agencies believe that meeting this standard is indicative of lower risk and, therefore, higher liquidity for a corporate debt security. Second, the securities would be required to have been issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions. A covered company would be required to demonstrate this record of liquidity reliability and lower volatility during times of stress by showing that the market price of the publicly traded debt securities or equivalent securities of the issuer declined by no more than 20 percent or the market haircut demanded by counterparties to secured lending and secured funding transactions that were collateralized by such debt 35 See id. 36 Id. 37 12 E:\FR\FM\29NOP3.SGM CFR 1.2(d). 29NOP3 71828 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules securities or equivalent securities of the issuer increased by no more than 20 percentage points during a 30 calendarday period of significant stress. As discussed above, a covered company could demonstrate a historical record that meets this criterion through reference to historical market prices of the debt security during times of general liquidity stress. Finally, for the reasons discussed above, the debt securities could not be obligations of a regulated financial company, investment company, nonregulated fund, pension fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. sroberts on DSK5SPTVN1PROD with PROPOSALS Publicly Traded Shares of Common Stock Under the proposed rule, publicly traded shares of common stock could be included in a covered company’s level 2B liquid assets if the shares meet the five requirements set forth below (in addition to being liquid and readilymarketable). Because of general statutory prohibitions on holding equity investments for their own account,38 depository institutions subject to the proposed rule would not be able to include common stock in their level 2B liquid assets (including common stock held pursuant to authority for debt previously contracted, as discussed further below). However, a depository institution could include in its consolidated level 2B liquid assets common stock permissibly held by a consolidated subsidiary, where the investments meet the proposed level 2B requirements for publicly traded shares of common stock. Furthermore, a depository institution could only include in its level 2B assets the amount of a consolidated subsidiary’s publicly traded shares of common stock if it is held to cover the net cash outflows for the consolidated subsidiary. For example, if Subsidiary A holds level 2B publicly traded common stock of $100 in a legally permissible manner and has outflows of $80, Subsidiary A could not contribute more than $80 of its level 2B publicly traded common stock to its parent depository institution’s consolidated level 2B assets. Under the rule, to be considered a level 2B liquid asset, the publicly traded common stock would be required to be included in either: (1) the Standard & Poor’s 500 Index (S&P 500); (2) if the stock is held in a non-U.S. jurisdiction 38 12 U.S.C. 24(Seventh) (national banks); 12 U.S.C. 1464(c) (federal savings associations); 12 U.S.C. 1831a (state banks); 12 U.S.C. 1831e (state savings associations). VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 to meet liquidity risks in that jurisdiction, an index that the covered company’s supervisor in that jurisdiction recognizes for purposes of including the equities as level 2B liquid assets under applicable regulatory policy; or (3) any other index for which the covered company can demonstrate to the satisfaction of its primary federal supervisor that the stock is as liquid and readily-marketable as equities traded on the S&P 500. The agencies believe that being included in a major stock index is an important indicator of the liquidity of a stock, because such stock tends to have higher trading volumes and lower bidask spreads during stressed market conditions than those that are not listed. The agencies identified the S&P 500 as being appropriate for this purpose given that it is considered a major index in the United States and generally includes the most liquid and actively traded stocks. Moreover, stocks that are included in the S&P 500 are selected by a committee that considers, among other characteristics, the volume of trading activity and length of time the stock has been publicly traded. Second, to be considered a level 2B liquid asset, a covered company’s publicly traded common stock would be required to be issued in: (1) U.S. dollars; or (2) the currency of a jurisdiction where the covered company operates and the stock offsets its net cash outflows in that jurisdiction. This requirement is meant to ensure that, upon liquidation of the stock, the currency received from the sale matches the outflow currency. Third, the common stock would be required to have been issued by an entity whose common stock has a proven record as a reliable source of liquidity in the repurchase or sales markets during stressed market conditions. Under the proposed rule, a covered company would be required to demonstrate this record of reliable liquidity by showing that the market price of the common stock or equivalent securities of the issuer declined by no more than 40 percent or that the market haircut, as evidenced by observable market prices, of secured funding or lending transactions collateralized by such common stock or equivalent securities of the issuer increased by no more than 40 percentage points during a 30 calendar-day period of significant stress. This limitation is meant to account for the volatility inherent in equities, which is a risk to the preservation of liquidity value. As above, a covered company could demonstrate this historical record through reference to the historical PO 00000 Frm 00012 Fmt 4701 Sfmt 4702 market prices of the common stock during times of general liquidity stress. Fourth, as with the other asset categories of HQLA and for the same reasons, common stock included in level 2B liquid assets may not be issued by a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. During the recent financial crisis, the common stock of such companies experienced significant declines in value and the agencies believe that such declines indicate those assets would be less likely to provide substantial liquidity during future periods of stress and, therefore, are not appropriate for inclusion in a covered company’s stock of HQLA. Fifth, if held by a depository institution, the publicly traded common stock could not be acquired in satisfaction of a debt previously contracted (DPC). In general, publicly traded common stock may be acquired by a depository institution to prevent a loss from a DPC. However, in order for a depository institution to avail itself of the authority to hold DPC assets, such as by holding publicly traded common stock, such assets typically must be divested in a timely manner.39 The agencies believe that depository institutions should make a good faith effort to dispose of DPC publicly traded common stock as soon as commercially reasonable, subject to the applicable legal time limits for disposition. The agencies are concerned that permitting depository institutions to include DPC publicly traded common stock in level 2B liquid assets may provide an inappropriate incentive for depository institutions to hold such assets beyond a commercially reasonable period for disposition. Therefore, the proposal would prohibit depository institutions from including DPC publicly traded common stock in level 2B liquid assets. 15. What, if any, additional criteria should the agencies consider in determining the type of securities that should qualify as level 2B liquid assets? What alternatives to the S&P 500 should be considered in determining the liquidity of an equity security and why? In addition to an investment grade classification, what additional characteristics denote the liquidity quality of corporate debt that the agencies would be legally permitted to use in light of the Dodd-Frank Act prohibition against agencies’ regulations referencing credit ratings? The agencies 39 See generally 12 CFR 1.7 (OCC); 12 U.S.C. 1843(c)(2) (Board); 12 CFR 362.1(b)(3) (FDIC). E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS solicit detailed comment, with supporting data, on the advantages and disadvantages of the proposed investment grade criteria as well as recommended alternatives. 16. Are there any assets that would qualify as level 2B liquid assets under the proposed rule that should not qualify based on their liquidity characteristics? If so, which assets and why? Provide a detailed justification based on the liquidity characteristics of the asset in question, including historical data and observations. 17. What other criteria, if any, should the agencies consider for establishing an adequate historical record during times of liquidity stress in order to meet the relevant criteria under the proposed rule? What operational burdens, if any, are associated with this requirement? What other standards, if any, should the agencies consider to achieve the same result? 18. Is the proposed treatment for publicly traded common stock appropriate? Why or why not? Are there circumstances under which a depository institution may permissibly hold publicly traded common stock that the agencies should not prohibit from being included in level 2B liquid assets? Please provide specific examples. Under what circumstances, if any, should DPC publicly traded common stock be included in a depository institution’s level 2B liquid assets and why? What liquidity risks, if any, are introduced or mitigated if DPC publicly traded common stock are permitted in a depository institution’s level 2B liquid assets? 3. Operational Requirements for HQLA Under the proposed rule, an asset that a covered company includes in its HQLA would need to meet the following operational requirements. These operational requirements are intended to better ensure that a covered company’s HQLA can be liquidated in times of stress. Several of these requirements relate to the monetization of an asset, by which the agencies mean the receipt of funds from the outright sale of an asset or from the transfer of an asset pursuant to a repurchase agreement. First, a covered company would be required to have the operational capability to monetize the HQLA. This capability would be demonstrated by: (1) implementing and maintaining appropriate procedures and systems to monetize the asset at any time in accordance with relevant standard settlement periods and procedures; and (2) periodically monetizing a sample of HQLA that reasonably reflects the VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 composition of the covered company’s total HQLA portfolio, including with respect to asset type, maturity, and counterparty characteristics. This requirement is designed to ensure a covered company’s access to the market, the effectiveness of its processes for monetization, and the availability of the assets for monetization and to minimize the risk of negative signaling during a period of actual stress. The agencies would monitor the procedures, systems, and periodic sample liquidations through their supervisory process. Second, a covered company would be required to implement policies that require all HQLA to be under the control of the management function of the covered company that is charged with managing liquidity risk. To do so, a covered company would be required either to segregate the assets from other assets, with the sole intent to use them as a source of liquidity or to demonstrate its ability to monetize the assets and have the resulting funds available to the risk management function, without conflicting with another business or risk management strategy. Thus, if an HQLA were being used to hedge a specific transaction, such as holding an asset to hedge a call option that the covered company had written, it could not be included in the HQLA amount because its sale would conflict with another business or risk management strategy. However, if HQLA were being used as a general macro hedge, such as interest rate risk of the covered company’s portfolio, it could still be included in the HQLA amount. This requirement is intended to ensure that a central function of a covered company has the authority and capability to liquidate HQLA to meet its obligations in times of stress without exposing the covered company to risks associated with specific transactions and structures that had been hedged. There were instances at specific firms during the recent financial crisis where unencumbered assets of the firms were not available to meet liquidity demands because the firms’ treasuries were restricted or did not have access to such assets. Third, a covered company would be required to include in its total net cash outflow amount the amount of cash outflow that would result from the termination of any specific transaction hedging HQLA. The impact of the hedge would be required to be included in the outflow because if the covered company were to liquidate the asset, it would be required to close out the hedge to avoid creating a risk exposure. This requirement is not intended to apply to general macro hedges such as holding PO 00000 Frm 00013 Fmt 4701 Sfmt 4702 71829 interest rate derivatives to adjust internal duration or interest rate risk measurements, but is intended to cover specific hedges that would become risk exposures if the asset were sold. Fourth, a covered company would be required to implement and maintain policies and procedures that determine the composition of the assets in its HQLA amount on a daily basis by (1) identifying where its HQLA is held by legal entity, geographical location, currency, custodial or bank account, and other relevant identifying factors, (2) determining that the assets included in a covered company’s HQLA amount continue to qualify as HQLA, (3) ensuring that the HQLA in the HQLA amount are appropriately diversified by asset type, counterparty, issuer, currency, borrowing capacity or other factors associated with the liquidity risk of the assets, and (4) ensuring that the amount and type of HQLA included in a covered company’s HQLA amount that is held in foreign jurisdictions is appropriate with respect to the covered company’s net cash outflows in foreign jurisdictions. The agencies also recognize that significant international banking activity occurs through non-U.S. branches of legal entities organized in the United States and that a foreign branch’s activities may give rise to the need to hold HQLA in the jurisdiction where it is located. While the agencies believe that holding HQLA in a geographic location where it is needed to meet liquidity needs such as those envisioned by the LCR is appropriate, they are concerned that other factors such as taxes, re-hypothecation rights, and legal and regulatory restrictions may encourage certain companies to hold a disproportionate amount of their HQLA in locations outside the United States where unforeseen impediments may prevent timely repatriation of liquidity during a crisis. Nonetheless, establishing quantitative limits on the amount of HQLA that can be held abroad and still count towards a U.S. domiciled legal entity’s LCR requirement is complex and can be overly restrictive in some cases. Therefore, the agencies are proposing to require a covered company to establish policies to ensure that HQLA maintained in locations is appropriate with respect to where the net cash outflows arise. By requiring that there be a correlation between the HQLA amount held outside of the United States and the net cash outflows attributable to non-U.S. operations, the agencies intend to increase the likelihood that HQLA is available to a covered company and to avoid E:\FR\FM\29NOP3.SGM 29NOP3 71830 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules repatriation concerns from HQLA held in another jurisdiction. The agencies note that assets that meet the criteria of HQLA and are held by a covered company as either ‘‘available-for-sale’’ or ‘‘held-tomaturity’’ can be included in HQLA, regardless of such designation. 19. Are the proposed operational criteria sufficiently clear to determine whether an asset could be included in the pool of HQLA? Why or why not? If not, what requirements need clarification? 20. What costs or other burdens would be incurred as a result of the proposed operational requirements? What modifications should the agencies consider to mitigate such costs or burdens, while establishing appropriate operational criteria for HQLA to ensure its liquidity? Please provide detailed explanations and justifications. 21. Given that, absent the requirement that a covered company develop and maintain policies and procedures to ensure sufficient HQLA is held domestically, a covered company could theoretically hold its entire HQLA in a foreign branch located in a jurisdiction that could impede its use to support U.S. operations, should the proposed rule be supplemented with quantitative restrictions on the amount of HQLA that can be held in foreign branches and included in the liquidity coverage ratio calculation? If so, how should the rule require a correlation between the geographic location of a covered company’s HQLA and the location of the outflows the HQLA is intended to cover? 22. The agencies seek comment on all aspects of the criteria for HQLA, including issues of domestic and international competitive equity, and the adequacy of the proposed HQLA criteria in meeting the agencies’ goal of requiring a covered company to maintain a buffer of liquid assets sufficient to withstand a 30 calendarday stress period. sroberts on DSK5SPTVN1PROD with PROPOSALS 4. Generally Applicable Criteria for HQLA Under the proposed rule, assets would be required to meet the following generally applicable criteria to be considered as HQLA. a. Unencumbered To be included in HQLA, an asset would be required to be unencumbered as defined under the proposed rule. First, the asset would be required to be free of legal, regulatory, contractual, or other restrictions on the ability of a covered company to monetize asset. The agencies believe that, as a general VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 matter, HQLA should only include assets that could be converted easily into cash. Second, the asset could not be pledged, explicitly or implicitly, to secure or provide credit-enhancement to any transaction, except that the asset could be pledged to a central bank or a U.S. GSE to secure potential borrowings if credit secured by the asset has not been extended to the covered company or its consolidated subsidiaries. This exception is meant to account for the ability of central banks and U.S. GSEs to lend against the posted HQLA or to return the posted HQLA, in which case a covered company could sell or engage in a repurchase agreement with the assets to receive cash. This exception is also meant to permit collateral that is covered by a blanket lien from a U.S. GSE to be included in HQLA. b. Client Pool Security An asset included in HQLA could not be a client pool security held in a segregated account or cash received from a repurchase agreement on client pool securities held in a segregated account. The proposed rule defines a client pool security as one that is owned by a customer of a covered company and is not an asset of the organization, regardless of the organization’s hypothecation rights to the security. Since client pool securities held in a segregated account are not freely available to meet all possible liquidity needs, they should not count as a source of liquidity. c. Treatment of HQLA Held by U.S. Consolidated Subsidiaries Under the proposal, HQLA held in a legal entity that is a U.S. consolidated subsidiary of a covered company would be included in HQLA subject to specific limitations depending on whether the subsidiary is subject to the proposed rule and is therefore required to calculate a liquidity coverage ratio under the proposed rule. If the consolidated subsidiary is subject to a minimum liquidity coverage ratio under the proposed rule, then a covered company could include in its HQLA amount the HQLA held in the consolidated subsidiary in an amount up to the consolidated subsidiary’s net cash outflows calculated to meet its liquidity coverage ratio requirement. The covered company could also include in its HQLA amount any additional amount of HQLA the monetized proceeds from which would be available for transfer to the covered company’s top-tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. Regulatory restrictions PO 00000 Frm 00014 Fmt 4701 Sfmt 4702 would include, for example, sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 12 U.S.C. 371c–1) and Regulation W (12 CFR part 223). Supervisory restrictions may include, but would not be limited to, enforcement actions, written agreements, supervisory directives or requests to a particular subsidiary that would directly or indirectly restrict the subsidiary’s ability to transfer the HQLA to the parent covered company. If the consolidated subsidiary is not subject to a minimum liquidity coverage ratio under section 10 of the proposed rule, a covered company could include in its HQLA amount the HQLA held in the consolidated subsidiary in an amount up to the net cash outflows of the consolidated subsidiary that are included in the covered company’s calculation of its liquidity coverage ratio, plus any additional amount of HQLA held by the consolidated subsidiary the monetized proceeds from which would be available for transfer to the covered company’s top tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. This treatment is consistent with the Basel III LCR and ensures that assets in the pool of HQLA can be freely monetized and the proceeds can be freely transferred to a covered company’s top-tier parent entity in times of a liquidity stress. d. Treatment of HQLA Held by Non-U.S. Consolidated Subsidiaries Consistent with the BCBS liquidity framework, HQLA held by a non-U.S. legal entity that is a consolidated subsidiary of a covered company could be included in a covered company’s HQLA in an amount up to the net cash outflows of the non-U.S. consolidated subsidiary that are included in the covered company’s net cash outflows, plus any additional amount of HQLA held by the non-U.S. consolidated subsidiary that is available for transfer to the covered company’s top-tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. The proposal would require covered companies with foreign operations to identify the location of HQLA and net cash outflows and exclude any HQLA above net cash outflows that is not freely available for transfer due to statutory, regulatory, contractual or supervisory restrictions. Such transfer restrictions would include liquidity coverage ratio requirements greater than those that would be established by the proposed rule, counterparty exposure limits, and any other regulatory, statutory, or supervisory limitations. While the E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules agencies believe it is appropriate for a covered company to hold HQLA in a particular geographic location in order to meet liquidity needs there, they do not believe it is appropriate for a covered company to hold a disproportionate amount of HQLA in locations outside the United States given that unforeseen impediments may prevent timely repatriation of liquidity during a crisis. Therefore, under section 20(f) of the proposal, a covered company would be generally expected to maintain in the United States an amount and type of HQLA that is sufficient to meet its total net cash outflow amount in the United States. 23. What effects may the provision in section 20(f) that a covered company is generally expected to maintain HQLA in the United States sufficient to meet its total net cash outflow amount in the United States have on a company’s management of HQLA? Should the agencies be concerned about the transferability of liquidity between national jurisdictions during a time of financial distress and, if so, would such a requirement be sufficient to allay these concerns? Would holding HQLA in a foreign jurisdiction in an amount beyond such jurisdiction’s estimated outflow limit the operational capacity of HQLA to meet liquidity needs in the United States; conversely, would the proposed general requirement unnecessarily disrupt overall banking operations? What changes, if any, to section 20(f) should the agencies consider to ensure that a covered company has sufficient HQLA readily available to meet its outflows in the United States? Should the agencies consider quantitative limits to ensure that a covered company has sufficient HQLA readily available in the United States to meet its net outflows in the United States and support its operations during periods of stress? Why or why not? sroberts on DSK5SPTVN1PROD with PROPOSALS e. Exclusion of Rehypothecated Assets Under the proposed rule, assets that a covered company received under a rehypothecation right where the beneficial owner has a contractual right to withdraw the asset without remuneration at any time during a 30 calendar-day stress period would not be included in HQLA under the proposed rule. This exclusion extends to assets generated from another asset that was received under such a rehypothecation right. If the beneficial owner has such a right and were to exercise it within a 30 calendar-day stress period, the asset would not be available to support the covered company’s liquidity position. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 f. Exclusion of Assets Designated as Operational Assets included in a covered company’s HQLA amount could not be specifically designated to cover operational costs. The agencies believe that assets specifically designated to cover costs such as wages or facility maintenance generally would not be available to cover liquidity needs that arise during stressed market conditions. 24. The agencies seek comment on the proposed rule’s description of an unencumbered asset. What, if any, additional criteria should be considered in determining whether an asset is unencumbered for purposes of consideration as HQLA? 25. What difficulties or lack of clarity, if any, may arise from the proposed operational requirement that HQLA not be a client pool security be held in a segregated account? What, if any, terms could the agencies consider to clarify what securities are captured in this provision? For example, what characteristics should be included to describe the types of accounts that should cause client pool securities to be excluded from HQLA treatment? 26. What, if any, modifications should the agencies consider to the treatment of HQLA held by consolidated U.S. subsidiaries and why? 27. The agencies solicit comment on the proposed method for including the HQLA held at non-U.S. consolidated subsidiaries in a covered company’s HQLA. Is it appropriate to include in HQLA some amount of HQLA that is held in non-U.S. consolidated subsidiaries? If not, why not? Should the proposed rule be supplemented with quantitative restrictions on the amount of HQLA that can be held in foreign branches and subsidiaries for the liquidity coverage ratio calculation of the consolidated U.S. entity? If so, how should the rule require a correlation between the geographic locations of a covered company’s HQLA and the location of the outflows the HQLA is intended to cover? What portion of HQLA held by non-U.S. consolidated subsidiaries is freely available for use in connection with a covered company’s U.S. operations during times of stress? In determining the amount of HQLA held at a non-U.S. consolidated subsidiary that a covered company can include in its HQLA, should a covered company be required to take into account any net cash outflows arising in connection with transactions between a non-U.S. entity and another affiliate? What challenges, if any, of the proposed methodology are not addressed? Please suggest specific solutions. PO 00000 Frm 00015 Fmt 4701 Sfmt 4702 71831 5. Calculation of the HQLA Amount Instructions for calculating the HQLA amount, including the calculation of the required haircuts and asset caps that the agencies are proposing to apply to level 2 liquid assets, are set forth in section 21 of the proposed rule. For the purposes of calculating a covered company’s HQLA amount, the value of level 1, level 2A, and level 2B liquid assets would be equal to the fair value of the assets as determined under U.S. Generally Accepted Accounting Principles (GAAP), multiplied by the appropriate haircut factor and taking in consideration the unwinding of certain transactions. Consistent with the Basel III LCR, the proposed rule would apply a 15 percent haircut to level 2A liquid assets and a 50 percent haircut to level 2B liquid assets.40 These haircuts are meant to recognize that level 2 liquid assets generally are less liquid, have larger haircuts in the repurchase markets, and have more volatile prices in the outright sales markets. Also consistent with the Basel III LCR, the proposed rule would cap the amount of level 2 liquid assets that could be included in the HQLA amount. Specifically, level 2 liquid assets could account for no more than 40 percent of the HQLA amount and level 2B liquid assets could account for no more than 15 percent of the HQLA amount. These caps are meant to ensure that these types of assets, which provide less liquidity as compared to level 1 liquid assets, comprise a smaller portion of a covered company’s total HQLA amount such that the majority of the HQLA amount is comprised of level 1 liquid assets. As discussed in more detail in section II.A.5.b of this preamble, the agencies believe the proposed level 2 caps and haircuts should be applied to a covered company’s HQLA amount both before and after certain transactions are unwound, such as transactions where HQLA will be exchanged for HQLA within the next 30 calendar days in order to ensure that the HQLA portfolio is appropriately diversified. The calculation of adjusted HQLA would prevent a covered company from being able to manipulate its HQLA portfolio by engaging in transactions such as certain repurchase or reverse repurchase transactions because the HQLA amount, including the caps and haircuts, would be calculated both before and after unwinding those transactions. Formulas for calculating the HQLA amount are provided in section 21 of the proposed 40 See Basel III Revised Liquidity Framework, paragraphs 46–54 and Annex 1, supra note 3; proposed rule § __.21(b). E:\FR\FM\29NOP3.SGM 29NOP3 71832 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules rule. Under these provisions, the HQLA amount would be the sum of the three liquid asset category amounts after the application of appropriate haircuts, less the greater of the amount of HQLA that exceeds the level 2 caps on the first day of a calculation period (unadjusted excess HQLA amount) or the amount of HQLA that exceeds the level 2 caps at the end of a 30 calendar-day stress period after unwinding certain transactions (adjusted excess HQLA amount). sroberts on DSK5SPTVN1PROD with PROPOSALS a. Calculation of Unadjusted Excess HQLA Amount The unadjusted excess HQLA amount is the sum of the level 2 cap excess amount and the level 2B cap excess amount. The calculation of the unadjusted excess HQLA amount applies the 40 percent level 2 liquid asset cap and the 15 percent level 2B liquid asset cap at the start of a 30 calendar-day stressed period by subtracting the amount of level 2 liquid assets that are in excess of the limits. The unadjusted HQLA excess amount enforces the cap limits without unwinding any transactions. The method of calculating the level 2 cap excess amount and level 2B cap excess amounts is set forth in sections 21(d) and (e) of the proposed rule, respectively. Under those provisions, the level 2 cap excess amount would be calculated by taking the greater of: (1) the level 2A liquid asset amount plus the level 2B liquid asset amount that exceeds 0.6667 (or 40/60, which is the ratio of the allowable level 2 liquid assets to the level 1 liquid assets) times the level 1 liquid asset amount; or (2) zero.41 The calculation of the level 2B cap excess amount would be calculated by taking the greater of: (1) the level 2B liquid asset amount less the level 2 cap excess amount and less 0.1765 (or 15/ 85, which is the ratio of allowable level 2B liquid assets to the sum of level 1 and level 2A liquid assets) times the sum of the level 1 and level 2A liquid asset amount; or (2) zero.42 Subtracting the level 2 cap excess amount from the level 2B liquid asset amount when applying the 15 percent level 2B cap is appropriate because the level 2B liquid assets should be excluded before the level 2A liquid assets when applying the 40 percent level 2 cap. b. Calculation of Adjusted Excess HQLA Amount To determine its adjusted HQLA excess amount, a covered company must unwind all secured funding § __.21(d) of the proposed rule. 42 See § __. 21(e) of the proposed rule. 41 See VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 transactions, secured lending transactions, asset exchanges, and collateralized derivatives transactions, each as defined by the proposed rule, that mature within a 30 calendar-day stress period where HQLA is exchanged. The unwinding of these transactions and the calculation of adjusted excess HQLA amount is intended to prevent a covered company from having a substantial amount of transactions that would create the appearance of a significant level 1 liquid asset amount at the beginning of a 30 calendar-day stress period, but that would unwind by the end of the 30 calendar-day stress period. For example, absent the unwinding of these transactions, a firm that has all level 2 liquid assets could appear compliant with the level 2 liquid asset cap on a calculation date by borrowing a level 1 liquid asset (such as cash or Treasuries) secured by a level 2 liquid asset overnight. While doing so would lower the covered company’s amount of level 2 liquid assets and increase its amount of level 1 liquid assets, the organization would have a concentration of level 2 liquid assets above the 40 percent cap after the transaction is unwound. Therefore, the calculation of the adjusted excess HQLA amount and its subtraction from the HQLA amount, if greater than unadjusted excess HQLA amount, would prevent covered companies from avoiding the liquid asset cap limitations. The adjusted level 1 liquid asset amount would be the fair value, as determined under GAAP, of the level 1 liquid assets that are held by a covered company upon the unwinding of any secured funding transaction, secured lending transaction, asset exchanges, or collateralized derivatives transaction that mature within a 30 calendar-day stress period and that involves an exchange of HQLA. Similarly, adjusted level 2A and adjusted level 2B liquid assets would only include those transactions involving an exchange HQLA. After unwinding all the appropriate transactions, the asset haircuts of 15 percent and 50 percent would be applied to the level 2A and 2B liquid assets, respectively. The adjusted excess HQLA amount calculated pursuant to section 21(g) of the proposed rule would be comprised of the adjusted level 2 cap excess amount and adjusted level 2B cap excess amount calculated pursuant to sections 21(h) and 21(i) of the proposed rule, respectively. These excess amounts are calculated in order to maintain the 40 percent cap on level 2 liquid assets and the 15 percent cap on level 2B liquid assets after unwinding a covered PO 00000 Frm 00016 Fmt 4701 Sfmt 4702 company’s secured funding transactions, secured lending transactions, asset exchanges, and collateralized derivatives transactions. The adjusted level 2 cap excess amount would be calculated by taking the greater of: (1) the adjusted level 2A liquid asset amount plus the adjusted level 2B liquid asset amount minus 0.6667 (or 40/60, which is the ratio of the allowable level 2 liquid assets to level 1 liquid assets) times the adjusted level 1 liquid asset amount; or (2) zero.43 The adjusted level 2B cap excess amount would be calculated by taking the greater of: (1) the adjusted 2B liquid asset amount less the adjusted level 2 cap excess amount less 0.1765 (or 15/85, which is the ratio of allowable level 2B liquid assets to the sum of level 1 liquid assets and level 2A liquid assets) times the sum of the adjusted level 1 liquid asset amount and the adjusted level 2A liquid asset amount; or (2) zero.44 As noted above, the adjusted excess HQLA amount is the sum of the adjusted level 2 cap excess amount and the adjusted level 2B cap excess amount.45 Also as noted above, subtracting out the adjusted level 2 cap excess amount from the adjusted level 2B liquid asset amount when applying the 15 percent level 2B cap is appropriate because the adjusted level 2B liquid assets should be excluded before the adjusted level 2A liquid assets when applying the 40 percent level 2 cap. c. Example HQLA Calculation The following is an example calculation of the HQLA amount that would be required under the proposed rule. Note that the given liquid asset amounts and adjusted liquid asset amounts already reflect the level 2A and 2B haircuts. Level 1 liquid asset amount: 15 Level 2A liquid asset amount: 25 Level 2B liquid asset amount: 140 Adjusted level 1 liquid asset amount: 120 Adjusted level 2A liquid asset amount: 50 Adjusted level 2B liquid asset amount: 10 Calculate unadjusted excess HQLA amount (section 21(c)) Step 1: Calculate the level 2 cap excess amount (section 21(d)): Level 2 cap excess amount = Max (level 2A liquid asset amount + level 2B liquid asset amount ¥0.6667Level 1 liquid asset amount, 0) = Max (25 + 140 ¥ 0.666715, 0) § __.21(h) of the proposed rule. § __.21(i) of the proposed rule. 45 See § __.21(g) of the proposed rule. 43 See 44 See E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules = Max (165 ¥ 10.00, 0) = Max (155.00, 0) = 155.00 Step 2: Calculate the level 2B cap excess amount (section 21(e)). Level 2B cap excess amount = Max (level 2B liquid asset amount ¥ level 2 cap excess amount ¥ 0.1765(level 1 liquid asset amount + level 2 liquid asset amount), 0) = Max (140–155.00 ¥ 0.1765(15+25), 0) = Max (¥15 ¥ 7.06, 0) = Max (¥22.06, 0) =0 Step 3: Calculate the unadjusted excess HQLA amount (section 21(c)). Unadjusted excess HQLA amount = Level 2 cap excess amount + Level 2B cap excess amount = 155.00 + 0 = 155 Calculate adjusted excess HQLA amount (sections 21(g)) Step 1: Calculate the adjusted level 2 cap excess amount (section 21(h)). Adjusted level 2 cap excess amount = Max (adjusted level 2A liquid asset amount + adjusted level 2B liquid asset amount ¥ 0.6667adjusted level 1 liquid asset amount, 0) = Max (50 + 10 ¥ 0.6667120, 0) = Max (60¥80.00, 0) = Max (¥20.00, 0) =0 Step 2: Calculate the adjusted level 2B cap excess amount (section 21(i)). Adjusted level 2B cap excess amount = Max (adjusted level 2B liquid asset amount¥adjusted level 2 cap excess amount¥0.1765(adjusted level 1 liquid asset amount + adjusted level 2 liquid asset amount, 0) = Max (10¥0¥0.1765(120+50), 0) = Max (10¥30.00, 0) = Max (¥20.00, 0) =0 Step 3: Calculate the adjusted excess HQLA amount (section 21(g)). Adjusted excess HQLA amount = adjusted level 2 cap excess amount + adjusted level 2B cap excess amount =0+0 =0 Determine the HQLA amount (section 21(a)) HQLA = Level 1 liquid asset amount + level 2A liquid asset amount + level 2B liquid asset amount¥Max(unadjusted excess HQLA amount, adjusted excess HQLA amount) = 15 + 25 + 140¥Max (155, 0) = 180¥155 = 25 VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 B. Total Net Cash Outflow To determine the liquidity coverage ratio as of a calculation date, the proposed rule would require a covered company to calculate its total stressed net cash outflow amount for each of the 30 calendar days following the calculation date, thereby establishing the dollar value that must be offset by the HQLA amount. Under section 30 of the proposed rule, the total net cash outflow amount would be the dollar amount on the day within a 30 calendar-day stress period that has the highest amount of net cumulative cash outflows. The agencies believe that using the largest daily calculation as the denominator of the liquidity coverage ratio (rather than using total cash outflows over a 30 calendar-day stress period, which is the method employed by the Basel III LCR) is necessary because it takes into account potential maturity mismatches between a covered company’s outflows and inflows, that is, the risk that a covered company could have a substantial amount of contractual inflows late in a 30 calendar-day stress period while also having substantial outflows early in the same period. Such mismatches could threaten the liquidity of the organization. By requiring the recognition of the highest net cumulative outflow day of a particular 30 calendar-day stress period, the agencies believe that the proposed liquidity coverage ratio would better capture a covered company’s liquidity risk and help foster more sound liquidity management. To determine the denominator of the liquidity coverage ratio as of a calculation date, the proposed rule would require a covered company to calculate its total cumulative stressed net cash outflows occurring on each of the 30 calendar days following the calculation date. Under section 30 of the proposed rule, the total net cash outflow amount for each of the next 30 calendar days would be the sum of the cumulative stressed outflow amounts less the sum of the cumulative stressed inflow amounts, with cumulative stressed inflow amounts limited to 75 percent of cumulative stressed outflow amounts. Stressed outflow and inflow amounts would be calculated by multiplying an outflow or inflow rate (designed to reflect a stress scenario) to each category of outflows and inflows. The cumulative stressed outflow amount would be comprised of different groupings of outflow categories, including categories where the instruments and transactions do not PO 00000 Frm 00017 Fmt 4701 Sfmt 4702 71833 have maturity dates 46 and categories where the instruments mature and transactions occur on or prior to a day 30 calendar days or less after the calculation date.47 The cumulative stressed inflow amount, which would be deducted from the cumulative stressed outflow amount, would equal the lesser of (1) the sum of categories where the inflows are grouped together and categories where the instruments mature and transactions occur on or prior to that calendar day 48 and (2) 75 percent of the cumulative stressed outflow amount for that calendar day.49 The largest of these total net cash outflow amounts calculated for each of the 30 calendar days after the calculation date would be equal to the amount of HQLA that a covered company would be required to hold under the proposed rule. Consistent with the Basel III LCR and as noted above, in calculating total net cash outflow, cumulative cash inflows would be capped at 75 percent of aggregate cash outflows. This limit would prevent a covered company from relying exclusively on cash inflows (which may not materialize in a period of stress) to cover its liquidity needs under the proposal’s stress scenario and ensure that covered companies maintain a minimum level of HQLA to meet unexpected liquidity demands during the 30 calendar-day period of liquidity stress. Table 1 illustrates the determination of the total net cash outflow amount by applying the daily outflow and inflow calculations for a given 30 calendar-day stress period. Using Table 1, a covered company would, for each day, add (A) cash outflows as calculated under sections 32(a) through 32(g)(2) and cash outflows as calculated under sections 32(g)(3) through 32(l) for instruments and transactions that have no contractual maturity date and (C) cumulative cash outflows as calculated under sections 32(g)(3) through 32(l) for instruments or transactions that have a contractual maturity date up to and including the calculation date (the cumulative sum of amounts in column (B)) to arrive at (D) total cumulative cash outflows. Next, a covered company would subtract the lesser of (F) cumulative cash inflows as calculated under sections 33(b) through 33(f) where the instruments or transactions have a contractual maturity date up to and including the calculation date (the cumulative sum of amounts in column § __.30(b) of the proposed rule. § __.30(c) of the proposed rule. 48 See § __.30(d)(1) of the proposed rule. 49 See § __.30(d)(2) of the proposed rule. 46 See 47 See E:\FR\FM\29NOP3.SGM 29NOP3 71834 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules (E)) or (G) 75 percent of (D) total cumulative cash outflows to determine (H) the net cumulative cash outflow. Based on the example provided below, the peak outflow would occur on Day 18, resulting in a total net cash outflow amount of 285. TABLE 1—DETERMINATION OF PEAK NET CONTRACTUAL OUTFLOW DAY Nonmaturity cash outflows (constant) sroberts on DSK5SPTVN1PROD with PROPOSALS Cumulative contractual cash outflows with maturity date up to and including the calculation date A Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Day Contractual cash outflows with maturity date up to and including the calculation date B C 1 ................................................................. 2 ................................................................. 3 ................................................................. 4 ................................................................. 5 ................................................................. 6 ................................................................. 7 ................................................................. 8 ................................................................. 9 ................................................................. 10 ............................................................... 11 ............................................................... 12 ............................................................... 13 ............................................................... 14 ............................................................... 15 ............................................................... 16 ............................................................... 17 ............................................................... 18 ............................................................... 19 ............................................................... 20 ............................................................... 21 ............................................................... 22 ............................................................... 23 ............................................................... 24 ............................................................... 25 ............................................................... 26 ............................................................... 27 ............................................................... 28 ............................................................... 29 ............................................................... 30 ............................................................... 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 28. Does the method the agencies are proposing for determining net cash outflows appropriately capture the potential mismatch between the timing of inflows and outflows under the 30 calendar-day stress period? Why or why not? Are there alternative methodologies for determining the net cumulative cash outflows that would more appropriately capture the maturity mismatch risk within 30 days about which the agencies are concerned? Provide specific suggestions and supporting data or other information. 29. What costs or other burdens would be incurred as a result of the proposed method for calculating net cash outflows? What modifications should the agencies consider to mitigate such costs or burdens, while establishing appropriate means to capture potential mismatches between the timing of inflows and outflows within a 30 calendar-day stress period? VerDate Mar<15>2010 20:41 Nov 27, 2013 Jkt 232001 100 20 10 15 20 0 0 10 15 25 35 10 0 0 5 15 5 10 15 0 0 20 20 5 40 8 0 0 5 2 Cumulative contractual cash inflows with maturity date up to and including the calculation date Maximum inflows permitted due to 75% inflow cap Net cumulative cash outflow D 100 120 120 145 165 165 165 175 190 215 250 260 260 260 265 280 285 295 310 310 310 330 350 355 395 403 403 403 408 410 Total cumulative cash outflows Contractual cash inflows with maturity date up to and including the calculation date E F G H 300 320 330 345 365 365 365 375 390 415 450 460 460 460 465 480 485 495 510 510 510 530 550 555 595 603 603 603 608 610 1. Determining the Maturity of Instruments and Transactions Under the proposal, a covered company generally would be required to identify the maturity or transaction date that is the most conservative for an instrument or transaction in calculating inflows and outflows (that is, the earliest possible date for outflows and the latest possible date for inflows). In addition, under section 30 of the proposed rule, a covered company’s total outflow amount as of a calculation date would include outflow amounts for certain instruments that do not have contractual maturity dates and that mature prior to or on a day 30 calendar days or less after the calculation date. Section 33 of the proposed rule would expressly exclude instruments with no maturity date from a covered company’s total inflow amount. Section 31 of the proposed rule describes how covered companies would determine whether instruments mature or transactions occur within the 30 calendar-day stress period for the PO 00000 Frm 00018 Fmt 4701 Sfmt 4702 90 5 5 20 15 0 0 8 7 20 5 15 0 0 5 5 5 5 20 0 0 45 40 20 5 125 0 0 10 5 90 95 100 120 135 135 135 143 150 170 175 190 190 190 195 200 205 210 230 230 230 275 315 335 340 465 465 465 475 480 225 240 248 259 274 274 274 281 293 311 338 345 345 345 349 360 364 371 383 383 383 398 413 416 446 452 452 452 456 458 210 225 230 225 230 230 230 232 240 245 275 270 270 270 270 280 280 285 280 280 280 255 235 220 255 151 151 151 152 153 purposes of calculating outflows and inflows. Section 31 would require covered companies to assess whether any options, either explicit or embedded, exist that would modify maturity dates such that they would fall within or beyond the 30 calendar-day stress period. If such an option exists for an outflow instrument or transaction, the proposed rule would direct a covered company to assume that the option would be exercised at the earliest possible date. If such an option exists for an inflow instrument or transaction, the proposed rule would require covered companies to assume that the option would be exercised at the latest possible date. In addition, if an option to adjust the maturity date of an instrument is subject to a notice period, a covered company would be required to either disregard or take into account the notice period, depending upon whether the instrument was an outflow or inflow instrument, respectively. E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules 30. The agencies solicit commenters’ views on the proposed treatment for maturing instruments and for determining the date of transactions. Specifically, what are commenters’ views on the proposed provisions that would require covered companies to apply the most conservative treatment with the respect to inflow and outflow dates and embedded options? 31. What notice requirements, if any, should a covered company be able to recognize for counterparties that have options to accelerate the maturity of transactions and instruments included as outflows? Should a distinction be drawn between wholesale and retail customers or counterparties? Provide justification and supporting information. sroberts on DSK5SPTVN1PROD with PROPOSALS 2. Cash Outflow Categories Section 32 of the proposed rule sets forth the outflow categories for calculating cumulative cash outflows and their respective outflow rates, each as described below. The outflow rates are designed to reflect the 30 calendarday stress scenario that is the basis for the proposed rule. Consistent with the Basel III LCR, the agencies are proposing to assign outflow rates for each category, ranging from 0 percent to 100 percent. These outflow rates would be multiplied by the outstanding balance of each category of funding to arrive at the applicable outflow amount. a. Unsecured Retail Funding Outflow Amount Under the proposed rule, unsecured retail funding would include retail deposits (other than brokered deposits), that are not secured under applicable law by a lien on specifically designated assets owned by the covered company and that are provided by a retail customer or counterparty. Unsecured retail funding would be divided into subcategories of stable retail deposits, other retail deposits, and funding from a retail customer or counterparty that is not a retail deposit or a brokered deposit provided by a retail customer or counterparty, each subject to the outflow rates set forth in section 32(a) of the proposed rule, as explained below. Under the proposed rule, retail customers and counterparties would include individuals and certain small businesses. A small business would qualify as a retail customer or counterparty if its transactions have liquidity risks similar to those of individuals and are managed by a covered company in the same way as comparable transactions with individuals. In addition, to qualify as a VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 small business under the proposed rule the total aggregate funding raised from the small business must be less than $1.5 million. If an entity provides $1.5 million or more in total funding, if it has liquidity risks that are not similar to individuals, or if the covered company manages the customer like corporate customers rather than individual customers, it would be a wholesale customer under the proposed rule. This treatment reflects the agencies’ understanding that, during the recent financial crisis, small business customers generally behaved similarly to individual customers with respect to the stability of their deposits. Supervisory data from stressed or failed institutions indicates that retail depositors withdrew term deposits at a similar rate to deposits without a contractual term. Therefore, the proposed rule would require covered companies to hold the same amount of HQLA to meet retail customer withdrawals in a stressed environment, regardless of whether the deposits have a contractual term. A retail deposit would thus be defined under the proposed rule as a demand or term deposit that is placed with a covered company by a retail customer or counterparty. This definition would not include wholesale brokered deposits or brokered deposits for retail customers or counterparties, which are covered in separate outflow categories. i. Stable Retail Deposits The proposed rule would define a stable retail deposit as a retail deposit, the entire amount of which is covered by deposit insurance,50 and either (1) held in a transactional account by the depositor or (2) the depositor has another established relationship with a covered company, such that withdrawal of the deposit would be unlikely. Under the proposed rule, the established relationship could be another deposit account, a loan, bill payment services, or any other service or product provided to the depositor, provided that the banking organization demonstrates to the satisfaction of its primary Federal supervisor that the relationship would make deposit withdrawal highly unlikely during a liquidity stress event. The agencies observe that in the recent financial crisis, retail customers and counterparties with deposit balances below the FDIC’s standard maximum deposit insurance amount did not generally withdraw their 50 For purposes of the proposed rule, ‘‘deposit insurance’’ is defined to mean deposit insurance provided by the FDIC and does not include other deposit insurance schemes that may exist. PO 00000 Frm 00019 Fmt 4701 Sfmt 4702 71835 deposits in such a way as to cause liquidity strains for banking organizations. However, the agencies do not believe the presence of deposit insurance alone is sufficient to consider a retail deposit stable because depositors with only one insured account are generally less stable than depositors with multiple accounts or relationships in a stress scenario. The combination of deposit insurance covering the entire amount of the deposit and the depositors’ relationship with the bank, however, makes this category of retail deposits very unlikely to be subject to withdrawal in a stress scenario, due to confidence in FDIC deposit insurance and the inconvenience of moving transactional or multiple accounts. Historical experience has demonstrated that retail customers and counterparties have tended to avoid restructuring direct deposits, automatic payments, and similar banking products that are insured during a stress scenario because they generally have sufficient confidence that insured funds would not be lost in the event of a bank failure and the difficulty of such restructuring does not seem to be worthwhile when funds are insured. Therefore, under the proposed rule, stable retail deposit balances would be multiplied by the relatively low outflow rate of 3 percent. Notwithstanding the above, the agencies note that a stressed environment could cause a surge in retail deposit inflows, as customers seek the safety of deposit insurance. Over several months or quarters, a surge in deposit inflows could distort a banking organization’s liquidity coverage ratio calculation because these funds may not remain in the institution once market conditions and public confidence improves. A covered company’s management should be cognizant of this potential distortion and consider appropriate steps to maintain adequate liquidity for the potential future withdrawals. 32. What, if any, aggregate funding thresholds should the agencies consider for application to individuals, such as the $1.5 million aggregate funding threshold applicable to qualify as a small business under the proposed rule? Provide justification and supporting information. ii. Other Retail Deposits Under the proposed rule, other retail deposits would include all deposits from retail customers that are not stable retail deposits as described above. Supervisory data supports a higher outflow rate for deposits that are partially insured in the United States as E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71836 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules compared to entirely insured. During the recent financial crisis, to the extent that retail depositors whose deposits partially exceeded the FDIC’s insurance limit withdrew deposits from a banking organization, they tended to withdraw not only the uninsured portion of the deposit, but the entire deposit. Furthermore, as discussed above, the agencies believe that insured retail deposits that are not either transactional account deposits or deposits of a customer with another relationship with the institution are less stable than those that are. Accordingly, the agencies are proposing to assign an outflow rate of 10 percent for those retail deposits that are not entirely covered by deposit insurance, or that otherwise do not meet the proposed criteria for a stable retail deposit. All other retail deposits would include retail deposits not insured by the FDIC, whether entirely insured, or insured by other jurisdictions. While the Basel III Liquidity Framework contemplates recognition of foreign deposit insurance, the agencies are proposing to recognize only FDIC deposit insurance in defining stable retail deposits because of the level of variability in terms of coverage and structure found in different foreign deposit insurance systems and because of the forthcoming potential revision of international best practices for deposit insurance. As discussed more fully below, the agencies are contemplating how best to identify and give comparable treatment to foreign deposit insurance systems that are similar to FDIC insurance once international best practices are further developed. Congress created the FDIC in 1933 to end the banking crisis during the Great Depression, to restore public confidence in the banking system, and to safeguard bank deposits through deposit insurance. In the most recent crisis, the FDIC’s deposit insurance guarantee contributed significantly to financial stability in an otherwise unstable financial environment. FDIC insurance has several characteristics that make it effective in stabilizing deposit outflows during liquidity stress events, including, but not limited to: capacity to make insured funds promptly available, usually the next business day after a bank closure; coverage levels sufficient to protect most retail depositors in full; an ex-ante funding mechanism; a rigorous prudential supervision process; timely intervention and resolution protocols; public awareness of deposit insurance; and backing by the full faith and credit of the U.S. government. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 National adoption of deposit insurance systems has become prevalent since the 1980s, in part because of similar experiences to the Great Depression (for example, the Mexican peso crisis of the 1990s and the 1997 Asian financial crisis). Numerous international organizations have recognized the necessity of deposit insurance as part of a comprehensive financial stability framework, and there are now at least 112 recognized deposit insurers, with several more jurisdictions in the process of implementing deposit insurance. Although many countries have implemented deposit insurance programs, deposit insurance around the globe is uneven along a number of dimensions, including terms of coverage, deposit insurer powers, financial resources, and public awareness. At one end of the deposit insurance system spectrum, some systems appear to be similar to the FDIC’s insurance framework in terms of uniform coverage and back-up funding options. At the other end, a variety of less structured models exist, including private organizations with only implied or no sovereign support, sovereign guarantees with no deposit insurer, and minimal deposit insurance systems with limited powers. The international regulatory community has recognized the variance in global deposit insurance as a significant issue. In 2002, the International Association of Deposit Insurers (IADI) was formed to promote best practices in deposit insurance and has developed core principles that are recognized by both the IMF and the World Bank. IADI recently announced that its core principles would be assessed and updated, as necessary, to reflect enhanced guidance, international regulatory developments, and the results of compliance assessment reviews conducted to date.51 The agencies considered whether foreign deposit insurance systems, particularly those with sovereign backing, should be given the same treatment as FDIC insurance in the proposed rule. While credible sovereign guarantees are useful in reassuring depositors of the safety of their principal balances, experience has proven that without established operational infrastructure or explicit funding arrangement, depositors may not be assured that their funds will be 51 Today, IADI consists of 70 members, 9 associates, and 12 partner organizations, and is considered to be the standard-setter for deposit insurance by the Financial Stability Board (FSB), the BCBS, the International Monetary Fund (IMF), and the World Bank. PO 00000 Frm 00020 Fmt 4701 Sfmt 4702 available in a reasonable timeframe. History has shown that if depositors believe that their funds will be unavailable for a protracted period, they may withdraw funds in large numbers to avoid the resulting hardship. The ability of foreign deposit insurers to make funds promptly available varies widely and is often in contrast to the FDIC’s next-business-day standard.52 33. The agencies solicit comments on the proposed rule’s treatment of deposits that are insured in foreign jurisdictions, views on the stability of foreign-entity insured deposits in a stressed environment, and how to best determine if foreign deposit insurance system is similar to FDIC insurance. iii. Other Unsecured Retail Funding The other unsecured retail funding category would apply an outflow rate of 100 percent to all funding provided by retail customers or counterparties that is not a retail deposit or a retail brokered deposit and that matures within 30 days. This is intended to capture all additional types of retail funding that are not otherwise categorized. 34. The agencies solicit commenters’ views on the proposed outflow rates associated with stable retail deposits (3 percent outflow), less-stable retail deposits (10 percent outflow), and other unsecured retail funding (100 percent outflow). What, if any, additional factors should be taken into consideration regarding the proposed outflow rates for these deposit types? Do the proposed outflow rates reflect industry experience? Why or why not? Please provide supporting data. 35. Is it appropriate to treat certain small business customers like retail customers? Why or why not? What additional criteria, if any, would serve as more appropriate indicators? 36. The agencies solicit comment on the outflow rate for the insured portion of those deposits that are in excess of deposit insurance limit. Specifically, should the insured portion of a deposit that exceeds $250,000 (e.g., the portion of deposit balances up to and including $250,000) receive a different outflow rate than the uninsured portion of the deposit? Why or why not? Please provide supporting data. b. Structured Transaction Outflow Amount The proposed rule’s structured transaction outflow amount would capture obligations and exposures associated with structured transactions 52 See Financial Stability Board, Thematic Review on Deposit Insurance Systems (February 8, 2012), available at http://www.financialstabilityboard.org/ publications/r_120208.pdf. E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sponsored by a covered company, without regard to whether the structured transaction vehicle that is the issuing entity is consolidated on the covered company’s balance sheet. Under the proposed rule, the outflow amount for each of a covered company’s structured transactions would be the greater of (1) 100 percent of the amount of all debt obligations of the issuing entity that mature 30 days or less from a calculation date and all commitments made by the issuing entity to purchase assets within 30 calendar days or less from the calculation date and (2) the maximum contractual amount of funding the covered company may be required to provide to the issuing entity 30 calendar days or less from such calculation date through a liquidity facility, a return or repurchase of assets from the issuing entity, or other funding agreement. The agencies believe that the maximum potential amount that a covered company may be required to provide to support its sponsored structured transactions, including potential obligations arising out of commitments to an issuing entity, that arise from structured finance transactions should be fully included in outflows when calculating the proposed liquidity coverage ratio because such transactions, whether issued directly or sponsored by covered companies, have caused severe liquidity demands at covered companies during stressed environments. Their inclusion is important to measuring a covered company’s short-term susceptibility to unexpected funding requirements. 37. What, if any modifications to the structured transaction outflows should the agencies consider? In particular, what, if any, modifications to the definition of structured transaction should be considered? Please provide justifications and supporting data. sroberts on DSK5SPTVN1PROD with PROPOSALS c. Net Derivative Cash Outflow Amount Under the proposed rule, a covered company’s net derivative cash outflow amount would equal the sum of the payments and collateral that a covered company will make or deliver to each counterparty under derivative transactions, less, if subject to a valid qualifying master netting agreement,53 53 Under the proposal, a ‘‘qualifying master netting agreement’’ would be defined as under the agencies’ regulatory capital rules as a legally binding agreement that gives the covered company contractual rights to terminate, accelerate, and close out transactions upon the event of default and liquidate collateral or use it to set off its obligation. The agreement also could not be subject to a stay under bankruptcy or similar proceeding and the covered company would be required to meet certain operational requirements with respect to the VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 the sum of payments and collateral due from each counterparty. This calculation would incorporate the amounts due to and from counterparties under the applicable transactions within 30 calendar days of a calculation date. Netting would be permissible at the highest level permitted by a covered company’s contracts with its counterparties and could not include inflows where a covered company is already including assets in its HQLA that the counterparty has posted to support those inflows. If the derivative transactions are not subject to a valid qualifying master netting agreement, then the derivative cash outflow for that counterparty would be included in the net derivative cash outflow amount and the derivative cash inflows for that counterparty would be included in the net derivative cash inflow amount, without any netting. Net derivative cash outflow should be calculated in accordance with existing valuation methodologies and expected contractual derivatives cash flows. In the event that net derivative cash outflow for a particular counterparty is less than zero, such amount would be required to be included in a covered company’s net derivative cash inflow for that counterparty. Under the proposed rule, a covered company’s net derivative cash outflow amount would not include amounts arising in connection with forward sales of mortgage loans or any derivatives that are mortgage commitments subject to section 32(d) of the proposed rule. Net derivative cash outflow would still include derivatives that hedge interest rate risk associated with a mortgage pipeline. This category is important to the proposed rule’s liquidity coverage ratio in that many covered companies actively use derivatives across their business lines. In a short-term stressed situation, the amount of potential cash outflow associated with derivatives positions can change as positions are adjusted for market conditions and as counterparties demand additional collateral or more conservative contract terms. 38. What, if any, additional factors or aspects of derivatives transactions should be considered for the treatment of derivatives contracts under the proposed rule? 39. Is it appropriate to exclude forward sales of mortgage loans from the treatment of derivatives contracts under the proposed rule? Why or why not? agreement, as set forth in section 4 of the proposed rule. PO 00000 Frm 00021 Fmt 4701 Sfmt 4702 71837 d. Mortgage Commitment Outflow Amount During the recent financial crisis, it was evident that financial institutions were not able to curtail mortgage loan pipelines and had difficulty liquidating loans held for sale. Accordingly, the proposed rule would require a covered company to recognize potential cash outflows related to commitments to fund retail mortgage loans that could be drawn upon within 30 days of a calculation date. Under the proposal, a retail mortgage would be a mortgage that is primarily secured by a first or subsequent lien on a one-to-four family property. The proposed rule would require a covered company to use an outflow rate of 10 percent for all retail mortgage commitments that can be drawn upon within a 30 calendar-day stress period. In addition, the proposed rule would not include in inflows proceeds from the potential sale of mortgages in the tobe-announced, specified pool, or similar forward sales market.54 The agencies believe that, in a crisis, such inflows may not materialize as investors may curtail most or all of their investment in the mortgage market. 40. What, if any, modifications should the agencies make to the mortgage commitment outflow amount? Provide data and other supporting information. 41. What effect may the treatment for retail mortgage funding under the proposed rule have on the banking system and the mortgage markets, including in combination with the effects of other regulations that apply to the mortgage market? What other treatments, if any, should the agencies consider? Provide data and other supporting information. e. Commitment Outflow Amount This category would include the undrawn portion of committed credit and liquidity facilities provided by a covered company to its customers and counterparties that can be drawn down within 30 days of the calculation date. A liquidity facility would be defined under the proposed rule as a legally binding agreement to extend funds at a future date to a counterparty that is made expressly for the purpose of refinancing the debt of the counterparty when it is unable to obtain a primary or anticipated source of funding. A liquidity facility would include an agreement to provide liquidity support to asset-backed commercial paper by lending to, or purchasing assets from, any structure, program, or conduit in 54 See E:\FR\FM\29NOP3.SGM § __.33(a) of the proposed rule. 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71838 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules the event that funds are required to repay maturing asset-backed commercial paper. Liquidity facilities would exclude general working capital facilities, such as revolving credit facilities for general corporate or working capital purposes. A credit facility would be defined as a legally binding agreement to extend funds if requested at a future date, including a general working capital facility such as a revolving credit facility for general corporate or working capital purposes. Under the proposed rule, a credit facility would not include a facility extended expressly for the purpose of refinancing the debt of a counterparty that is otherwise unable to meet its obligations in the ordinary course of business. Facilities that have aspects of both credit and liquidity facilities would be classified as liquidity facilities for the purposes of the proposed rule. Under the proposed rule, a liquidity or credit facility would be considered committed when the terms governing the facility prohibit a covered company from refusing to extend credit or funding under the facility, except where certain conditions specified by the terms of the facility—other than customary notice, administrative conditions, or changes in financial condition of the borrower—have been met. The undrawn amount for a committed credit or liquidity facility would be the entire undrawn amount of the facility that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less the fair value of level 1 or level 2A liquid assets, if any, which secure the facility, after recognizing the applicable haircut for the assets serving as collateral. In the case of a liquidity facility, the undrawn amount would not include the portion of the facility that supports customer obligations that do not mature 30 calendar days or less after the calculation date. A covered company’s proportionate ownership share of a syndicated credit facility also would be included in the appropriate category of wholesale credit commitments. The proposed rule would assign the outflow amounts to commitments as set forth in section 32(e) of the proposed rule. First, in contrast to the outflow rates applied to other commitments, those between affiliated depository institutions subject to the proposed rule would receive an outflow rate of 0 percent because the agencies recognize that both institutions should have adequate liquidity to meet their obligations during a stress scenario and therefore should not rely extensively on VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 such liquidity facilities. The other outflow rates are meant to reflect the characteristics of each class of customers and counterparties in a stress scenario, as well as the reputational and legal risks covered companies face if they try to restructure a commitment during a crisis to avoid drawdowns by customers. Accordingly, a relatively low outflow rate of 5 percent is proposed for retail facilities because individuals and small businesses would likely have a lesser need for committed credit facilities in stressed scenarios than institutional or wholesale customers (that is, the correlation between draws on such facilities and the stress scenario of the liquidity coverage ratio is low). The agencies are proposing to assign outflow rates of 10 percent for credit facilities and 30 percent for liquidity facilities committed to entities that are not financial sector companies whose securities are excluded from HQLA 55 based on their typically longer-term funding structures and perceived higher credit quality profile in the capital markets, particularly during times of financial stress. The proposed rule would assign a 50 percent outflow rate to credit and liquidity facilities committed to depository institutions, depository institution holding companies, and foreign banks (other than commitments between affiliated depository institutions). Commitments to all other regulated financial companies, investment companies, nonregulated funds, pension funds, investment advisers, or identified companies (or to a consolidated subsidiary of any of the foregoing) would be subject to a 40 percent outflow rate for credit facilities and 100 percent for liquidity facilities. The agencies are generally proposing higher outflow rates for liquidity facilities than credit facilities as described above because the crisis scenario that is incorporated into the proposed rule focuses on liquidity pressures increasing the likelihood of large draws on liquidity lines as compared to credit lines, which typically are used more during the normal course of business and not as substantially during a liquidity stress. The lower liquidity commitment outflow rate for depository institutions, depository institution holding companies, and foreign banks compared to other financial sector entities, is reflective of historical experience, 55 See section II.A.2. These financial sector companies are regulated financial companies, investment companies, non-regulated funds, pension funds, investment adviser, or identified companies, and consolidated subsidiaries of the foregoing, as defined in the proposal. PO 00000 Frm 00022 Fmt 4701 Sfmt 4702 which indicates these entities drew on liquidity lines less than other financial sector entities did during periods of liquidity stress. The higher outflow rate for commitments to other types of companies in the financial sector reflects their likely high need to use every available liquidity source during a liquidity crisis in order to meet their obligations and the fact that these entities are less likely to be able to immediately access government liquidity sources. The agencies are proposing a 100 percent outflow rate for a covered company’s liquidity facilities with special purpose entities (SPEs), given SPEs’ sensitivity to emergency cash and backstop needs in a short-term stress environment, such as those experienced with SPEs during the recent financial crisis. During that period, many SPEs experienced severe cash shortfalls, as they could not rollover debt and had to rely on borrowing and backstop lines. Under the proposed rule, the amount of level 1 or level 2A liquid assets securing the undrawn portion of a commitment would reduce the outflow associated with the commitment if certain conditions are met. The amount of level 1 or level 2A liquid assets securing a committed credit or liquidity facility would be the fair value (as determined under GAAP) of all level 1 liquid assets and 85 percent of the fair value of level 2A liquid assets posted or required to be posted upon funding of the commitment as collateral to secure the facility, provided that the following conditions are met during the applicable 30 calendar-day period: (1) the pledged assets meet the criteria for HQLA as set forth in section 20 of the proposed rule; and (2) the covered company has not included the assets in its HQLA amount as calculated under subpart C of the proposed rule. 42. What, if any, additional factors should be considered in determining the treatment of unfunded commitments under the proposal? What, if any, additional distinctions between different types of unfunded commitments should the agencies consider? If necessary, how might the definitions of credit facility and liquidity facility be further clarified or distinguished? Are the various proposed treatments for unfunded commitments consistent with industry experience? Provide detailed explanations and supporting information. 43. Is the proposed rule’s definition of SPE appropriate, under-inclusive, or over-inclusive? Why? Consistent with the BCBS LCR, specified run-off rates are not provided for credit card lines, since they are E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules evaluating the terms of such contracts and calculating any incremental additional collateral or higher quality collateral that would need to be posted as a result of the triggering of clauses tied to a ratings downgrade or similar event, or change in the covered company’s financial condition. If multiple methods of meeting the requirement for additional collateral are available (i.e., providing more collateral of the same type or replacing existing collateral with higher quality collateral) the banks may use the lower calculated outflow amount in its calculation. 45. What are the operational difficulties in identifying the collateral outflows related to changes in financial condition? What, if any, additional factors should be considered? f. Collateral Outflow Amount The proposed rule would require a covered company to recognize outflows related to changes in collateral positions that could arise during a period of financial stress. Such changes could include posting additional or higher quality collateral, returning excess collateral, accepting lower quality collateral as a substitute for alreadyposted collateral, or changing collateral value, all of which could have a significant impact upon a covered company’s liquidity profile. The following discussion describes the subcategories of collateral outflow addressed by the proposed rule. sroberts on DSK5SPTVN1PROD with PROPOSALS typically unconditionally cancelable and therefore do not meet the proposed definition of a committed facility. The agencies believe that during a financial crisis, draws on credit card lines would remain relatively constant and predictable; thus, outstanding lines should not materially affect a covered company’s liquidity demands in a crisis. Accordingly, undrawn retail credit card lines are not included in cash outflows in the proposed rule. However, for a few banking organizations, these lines are significant relative to their balance sheet and these banking organizations may experience reputational or other risks if lines are withdrawn or significantly reduced during a crisis. 44. What, if any, outflow rate should the agencies apply to outstanding credit card lines? What factors associated with these lines should the agencies consider? The proposed rule would apply a 20 percent outflow rate to the fair value of any assets posted as collateral that are not level 1 liquid assets to recognize that a covered company likely would be required to post additional collateral if market prices fell. The agencies are not proposing to apply outflow rates to level 1 liquid assets that are posted as collateral, as they are not expected to face mark-to-market losses in times of stress. Changes in Financial Condition Certain contractual clauses in derivatives and other transaction documents, such as material adverse change clauses and downgrade triggers, are aimed at capturing changes in a covered company’s financial condition and, if triggered, would require a covered company to post more collateral or accelerate demand features in certain obligations that require collateral. During the recent financial crisis, various companies that would be subject to the proposed rule came under severe liquidity stress as the result of contractual requirements to post collateral following a credit rating downgrade. Accordingly, the proposed rule would require a covered company to count as an outflow 100 percent of all additional amounts that the covered company would need to post or fund as additional collateral under a contract as a result of a change in its financial condition. A covered company would calculate this outflow amount by VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 Potential Valuation Changes Excess Collateral The agencies believe that a covered company’s counterparty would not maintain any more collateral at the covered company than is required. Therefore, the proposed rule would apply an outflow rate of 100 percent on the fair value of the collateral posted by counterparties that exceeds the current collateral requirement in a governing contract. Under the proposed rule, this category would include unsegregated excess collateral that a covered company may be required to return to a counterparty based on the terms of a derivative or other financial agreement and which is not already excluded from the covered company’s HQLA amount. Contractually-Required Collateral The proposed rule would require that 100 percent of the fair value of collateral that a covered company is contractually obligated to post, but has not yet posted, be included in the cash outflows calculation. Where a covered company has not yet posted such collateral, the agencies believe that, in stressed market conditions, a covered company’s counterparties would likely demand all contractually required collateral. PO 00000 Frm 00023 Fmt 4701 Sfmt 4702 71839 Collateral Substitution The proposed rule’s collateral substitution outflow amount would be the differential between the post-haircut fair value of HQLA collateral posted by a counterparty and the lower quality HQLA or non-HQLA with which it could be substituted under an applicable contract. This outflow category assumes that, in a stress scenario, a covered company’s counterparty would post the lowest quality collateral permissible under the governing contract. For example, an agreement could require a minimum of level 2A liquid assets as collateral, but allow a customer to pledge level 1 or level 2A liquid assets as collateral to meet such requirement. If a covered company is currently holding a level 1 liquid asset as collateral, the proposed rule would impose an outflow rate of 15 percent, which results from discounting the equivalent market value of the level 2A liquid asset. For a level 2B liquid asset, the amount of the market value included as an outflow would be 50 percent, which is equal to the market value of the level 2B liquid asset discounted by 50 percent. If the minimum required collateral under an agreement is comprised of assets that are not HQLA, a covered company currently holding level 1 assets would be required to include 100 percent of such assets’ market value. The proposed rule provides outflow rates for each possible permutation. Derivative Collateral Change The proposed rule would require a covered company to use a two-year look-back approach in calculating its market valuation change outflow amounts for collateral securing its derivative positions. This approach is intended to capture the risk of a covered company facing additional collateral calls as a result of asset price fluctuations. The risk of such fluctuations can be particularly acute for a covered company with significant derivative operations and other business lines that rely on collateral postings. Under the proposed rule, the derivative collateral amount would equal the absolute value of the largest consecutive 30 calendar-day cumulative net mark-to-market collateral outflow or inflow resulting from derivative transactions realized during the preceding 24 months. 46. What, if any, additional factors or aspects for collateral outflow amounts should be considered under the proposal? For example, should the outflow include initial margin collateral flows in addition to variation margin E:\FR\FM\29NOP3.SGM 29NOP3 71840 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS collateral flows? Why or why not? Does the 24 month look back approach adequately capture mark to market valuation changes, or are there alternative treatments that would better capture this risk? g. Brokered Deposit Outflow Amount for Retail Customers or Counterparties Under the proposed rule, a brokered deposit would be defined as any deposit held at the covered company that is obtained directly or indirectly, from or through the mediation or assistance of a deposit broker, as that term is defined in section 29(g) of the Federal Deposit Insurance Act.56 The agencies consider brokered deposits for retail customers or counterparties to be a more volatile form of funding than stable retail deposits, even if deposit insurance coverage is present, because of the structure of the attendant third-party relationship and the potential instability of such deposits during a liquidity stress event. The agencies are also concerned that statutory restrictions on certain brokered deposits make this form of funding less stable than other deposit types. Specifically, a covered company that is not ‘‘well capitalized’’ or becomes less than ‘‘well capitalized’’ 57 is subject to prohibitions on accepting funds obtained through a deposit broker. In addition, because the retention of brokered deposits from retail customers or counterparties is highly correlated with a covered company’s ability to legally accept such brokered deposits and continue offering competitive interest rates, the agencies are proposing higher outflow rates for this class of liabilities. The agencies are proposing to assign outflow rates to brokered deposits for retail customers or counterparties based on the type of account, whether deposit insurance is in place, and the maturity date of the deposit agreement. Outflow rates for retail brokered deposits would be further subdivided into reciprocal brokered deposits, brokered sweep deposits, and all other brokered deposits. A reciprocal brokered deposit is defined in the proposed rule as a brokered deposit that a covered company receives through a deposit placement network on a reciprocal basis such that for any deposit received, the covered company (as agent for the depositor) places the same amount with other depository institutions through the network and each member of the network sets the interest rate to be paid 56 12 U.S.C. 1831f(g). defined by section 38 of the Federal Deposit Insurance Act, 12 U.S.C. 1831o. 57 As VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 on the entire amount of funds it places with other network members. Reciprocal brokered deposits generally have been observed to be more stable than typical brokered deposits because each institution within the deposit placement network typically has an established relationship with the retail customer or counterparty making the initial over-the-insurance-limit deposit that necessitates placing the deposit through the network. The proposed rule would therefore apply a 10 percent outflow rate to all reciprocal brokered deposits at a covered company that are entirely covered by deposit insurance. Reciprocal brokered deposits would receive an outflow rate of 25 percent if less than the entire amount of the deposit is covered by deposit insurance. Brokered sweep deposits involve securities firms or investment companies that ‘‘sweep’’ or transfer idle customer funds into deposit accounts at one or more banks. Accordingly, such deposits are defined under the proposed rule as those that are held at the covered company by a customer or counterparty through a contractual feature that automatically transfers to the covered company from another regulated financial company at the close of each business day amounts identified under the agreement governing the account from which the amount is being transferred. The proposed rule would assign brokered sweep deposits progressively higher outflow rates depending on deposit insurance coverage and the affiliation of the broker sweeping the deposits. Under the proposed rule, brokered sweep deposits that are entirely covered by deposit insurance and that are deposited in accordance with a contract between a retail customer or counterparty and a covered company, a covered company’s consolidated subsidiary, or a company that is a consolidated subsidiary of the same top tier company would be subject to a 10 percent outflow rate. Brokered sweep deposits that are entirely covered by deposit insurance but that do not originate with a covered company, a covered company’s consolidated subsidiary, or a company that is a consolidated subsidiary of the same top tier company of a covered company would be assigned a 25 percent outflow rate. Brokered sweep deposits that are not entirely covered by deposit insurance would be subject to a 40 percent outflow rate because they have been observed to be more volatile during stressful periods, as customers seek alternative investment vehicles or use those funds for other purposes. PO 00000 Frm 00024 Fmt 4701 Sfmt 4702 Under the proposed rule, all other brokered deposits would include those brokered deposits that are not reciprocal deposits or are not part of a brokered sweep arrangement. These accounts would be subject to an outflow rate of 10 percent if they mature later than 30 calendar days from a calculation date or 100 percent if they mature 30 calendar days or less from a calculation date. 47. The agencies seek commenters’ views on the proposed outflow rates for brokered deposits. Specifically, what are commenters’ views on the range of outflow rates to brokered deposits? Where commenters disagree with the proposed treatment, please provide alternative proposals supported by sound analysis as well as the associated advantages and disadvantages for such alternative proposals. 48. Is it appropriate to assign a particular outflow rate to brokered sweep deposits entirely covered by deposit insurance that originate with a consolidated subsidiary of a covered company, and different outflow rates to other brokered deposits entirely covered by deposit insurance? Why or why not? What different outflow rates, if any should the agencies consider for application to all brokered sweep deposits entirely covered by deposit insurance? Provide justification and supporting information. h. Unsecured Wholesale Funding Outflow Amount The proposed rule includes three general categories of unsecured wholesale funding: (1) unsecured wholesale funding transactions; (2) operational deposits; and (3) other unsecured wholesale funding. Funding instruments within these categories are not secured under applicable law by a lien on specifically designated assets. The proposed rule would assign a range of outflow rates depending upon whether deposit insurance is covering the funding, the counterparty, and other characteristics that cause these instruments to be more or less stable when compared to other instruments in this category. Unsecured wholesale funding instruments typically would include wholesale deposits,58 federal funds purchased, unsecured advances from a public sector entity, sovereign entity, or U.S. government enterprise, unsecured notes and bonds, or other unsecured debt securities issued by a covered company (unless sold exclusively in retail markets to retail customers or counterparties), brokered 58 Certain small business deposits are included within unsecured retail funding. See section II.B.2.a.i supra. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules deposits from non-retail customers and any other transactions where an onbalance sheet unsecured credit obligation has been contracted. The agencies are proposing to assign three separate outflow rates to unsecured wholesale funding that is not an operational deposit. These outflow rates are meant to address the stability of these obligations based on deposit insurance and the nature of the counterparty. Unsecured wholesale funding that is provided by an entity that is not a financial sector company whose securities are excluded from HQLA, as described above,59 generally would be subject to an outflow rate of 20 percent where the entire amount is covered by deposit insurance, whereas deposits that are less than fully covered by deposit insurance or the funding is a brokered deposit would have a 40 percent outflow rate. However, the proposed rule would require that all other unsecured wholesale funding, including that provided by a consolidated subsidiary or affiliate of a covered company, be subject to an outflow rate of 100 percent. This higher outflow rate is associated with the elevated refinancing or roll-over risk in a stressed situation and the interconnectedness of financial institutions. Some covered companies provide services, such as those related to clearing, custody, and cash management services, that require their customers to maintain certain deposit balances with them. These services are defined in the proposed rule as operational services, and the corresponding deposits, which are termed ‘‘operational deposits,’’ can be a key component of unsecured wholesale funding for certain covered companies. The proposed rule would define an operational deposit as wholesale funding that is required for a covered company to provide operational services, as defined by the proposed rule, as an independent third-party intermediary to the wholesale customer or counterparty providing the unsecured wholesale funding. In developing the proposed outflow rates for these assets, the agencies contemplated the nature of operational deposits, their deposit insurance coverage, the customers’ rights under their deposit agreements, and the economic incentives associated with customers’ accounts. The agencies expect operational deposits to have a lower impact on a covered company’s liquidity in a stressed environment because these accounts have significant 59 See section II.A.2 for a description of these companies. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 legal or operational limitations that make significant withdrawals within 30 calendar days unlikely. For example, an entity that relies on a covered company for payroll processing services is not likely to move that operation to another covered company during a liquidity stress because it needs stability in providing payroll, regardless of stresses in the broader financial markets. Under the proposed rule, operational deposits (other than escrow accounts) that meet the criteria in section 4(b) would be assigned a 5 percent outflow rate where the entire deposit amount is fully covered by deposit insurance. All other operational deposits (including all escrow deposits) would be assigned a 25 percent outflow rate. The agencies believe that insured operational deposits eligible for inclusion at the lower outflow rate exhibit relatively stable funding characteristics in a 30 calendar-day stress period and have a reduced likelihood of rapid outflow. Escrow deposits, while operational in nature, are more likely to be withdrawn upon the occurrence of a motivating event regardless of deposit insurance coverage, and the 25 percent outflow rate approximately reflects this aspect of escrow deposits. The agencies believe that operational deposits that are not fully covered by deposit insurance also are a less stable source of funding for covered companies. The higher outflow rate reflects the higher likelihood of withdrawal by the wholesale customer if any part of the deposit is uninsured. Balances in these accounts should be recognized as operational deposits only to the extent that they are critically important to customers to utilize operational services offered by a covered company. The agencies believe that amounts beyond that which is critically important for the customer’s operations should not be included in the operational deposit category. Section 4(b) of the proposed rule enumerates specific criteria for operational deposits that seek to limit operational deposit amounts to those that are held for operational needs, such as by excluding from operational deposits those deposit products that create economic incentives for the customer to maintain funds in the deposit in excess of what is needed for operational services.60 The criteria for a deposit to qualify as operational are intended to be restrictive because the agencies expect these deposits to be truly operational in nature, meaning they are used for the enumerated operational services related to clearing, custody, and cash management and 60 See PO 00000 § __.4(b) of the proposed rule. Frm 00025 Fmt 4701 Sfmt 4702 71841 have contractual terms that make it unlikely that a counterparty would significantly shift this activity to other organizations within 30 days. The agencies intend to closely monitor classification of operational deposits by covered companies to ensure that the deposits meet these operational criteria. Covered companies would be expected to develop internal policies and methodologies to ensure that amounts categorized as operational deposits are limited to only those funds needed to facilitate the customer’s operational service needs. Amounts in excess of what customers have historically held to facilitate such purposes, such as surge balances, would be considered excess operational deposits. The agencies believe it would be inappropriate to give excess operational deposit amounts the same favorable treatment as deposits truly needed for operational purposes, because such treatment would provide opportunities for regulatory arbitrage and distort the proposed liquidity coverage ratio calculation. The agencies, therefore, are proposing that funds in excess of those required for the provision of operational services be excluded from operational deposit balances and treated on a counterpartyby-counterparty basis as a nonoperational deposit. If a covered company is unable to separately identify excess balances and balances needed for operational services, the entire balance would be ineligible for treatment as an operational deposit. The agencies do not intend for covered companies to allow customers to retain funds in this operational deposit category unless doing so is necessary to utilize the actual services offered by a covered company. Consistent with the Basel III LCR, deposits maintained in connection with the provision of prime brokerage services are excluded from operational deposits by focusing on the type of customer that uses operational services linked to an operational account. Under the proposal, an account cannot qualify as an operational deposit if it is provided in connection with operational services provided to an investment company, non-regulated fund, or investment adviser. While prime brokerage clients typically use operational services related to clearing, custody, and cash management, the agencies believe that balances maintained by prime brokerage clients should not be considered operational deposits because such balances, owned by hedge funds and other institutional investors, are at risk of margin and other immediate cash E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71842 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules calls in stressed scenarios and have proven to be more volatile during stress periods. Moreover, after finding themselves with limited access to liquidity in the recent financial crisis, most prime brokerage customers maintain multiple prime brokerage relationships and are able to quickly shift from one covered company to another. Accordingly, the agencies are proposing that deposit balances maintained in connection with the provision of prime brokerage services be treated the same as unsecured wholesale funding provided by a financial entity or affiliate of a covered company, and thus be assigned a 100 percent outflow rate. Finally, operational deposits exclude correspondent banking arrangements under which a covered company holds deposits owned by another depository institution bank that temporarily places excess funds in an overnight deposit with the covered company. While these deposits may meet some of the operational requirements, historically they are not stable during stressed liquidity events and therefore are assigned a 100 percent outflow rate. The proposed rules would assign an outflow rate of 100 percent to all unsecured wholesale funding not described above. 49. The agencies solicit commenters’ views on the criteria for, and treatment of, operational deposits. What, if any, of the identified operational services should not be included or what other services not identified should be included? What, if any, additional conditions should be considered with regard to the definition of operational deposits? Is the proposed outflow rate consistent with industry experience, particularly during the recent financial crisis? Why or why not? 50. What are commenters’ views on the proposed treatment of excess operational deposits? What operational burdens or other issues may be associated with identifying excess amounts in operational deposits? What other factors, if any, should be considered in determining whether to classify an unsecured wholesale deposit as an operational deposit? 51. Have the agencies appropriately identified prime brokerage services for the purposes of the exclusion of prime brokerage deposits from operational deposits? Should additional categories of customer be included, such as insurance companies or pension funds? What additional characteristics could identify prime brokerage deposits? Should the proposed rule include a definition of prime brokerage services or prime brokerage deposits and if so, how VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 should those terms be defined? Is the higher outflow rate for prime brokerage deposits appropriate? Why or why not? What other treatments, if any, should the agencies consider? i. Debt Security Outflow Amount The agencies are proposing that where a covered company is the primary market maker for its own debt securities, the outflow rate for such funding would equal 3 percent for all debt securities that are not structured securities that mature outside of a 30 calendar-day stress period and 5 percent for all debt securities that are structured debt securities that mature outside of a 30 calendar-day stress period. Under the proposal, a structured security would be a security whose cash flow characteristics depend upon one or more indices or that have embedded forwards, options, or other derivatives or a security where an investor’s investment return and the issuer’s payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows. This outflow is in addition to any outflow that must be included in net cash outflows due to the maturity of the underlying security during a 30 calendar-day stress period. Institutions that make markets in their own debt by quoting buy and sell prices for such instruments implicitly or explicitly indicate that they will provide bids on their own debt issuances. In such cases, a covered company may be called upon to provide liquidity to the market by purchasing its debt securities without having an offsetting sale through which it can readily recoup the cash outflow. Based on historical experience, including the recent financial crisis, in which institutions went to great lengths to ensure the liquidity of their debt securities, the agencies are proposing relatively low outflow rates for a covered company’s own debt securities. The proposed rule would differentiate between structured and non-structured debt on the basis of data from stressed institutions that indicate the likelihood that structured debt require more liquidity support. 52. What, if any, other factors should the agencies consider in identifying structured securities and the treatment for such securities under the proposal? 53. What additional criteria could be considered in determining whether certain unsecured wholesale funding activities should receive a 3 or 5 percent outflow rate associated with primary market maker activity? PO 00000 Frm 00026 Fmt 4701 Sfmt 4702 j. Secured Funding and Asset Exchange Outflow Amount A secured funding transaction would be defined under the proposed rule as any funding transaction that gives rise to a cash obligation of a covered company that is secured under applicable law by a lien on specifically designated assets owned by the covered company that gives the counterparty, as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution. In practice, secured funding can be borrowings from repurchase transactions, Federal Home Loan Bank advances, secured deposits from municipalities or other public sector entities (which typically require collateralization in the United States), loans of collateral to effect customer short positions, and other secured wholesale funding arrangements with Federal Reserve Banks, regulated financial companies, non-regulated funds, or other counterparties. Secured funding could give rise to cash outflows or increased collateral requirements in the form of additional collateral or higher quality collateral to support a given level of secured debt. In the proposed rule, this risk is reflected through the proposed secured funding transaction outflow rates, which are based on the quality and liquidity of assets posted as collateral under the terms of the transaction.61 Secured funding outflow rates progressively increase on a spectrum that ranges from funding secured by levels 1, 2A, and 2B liquid assets to funding secured by assets that are not HQLA. For the reasons described above, the agencies believe that rather than applying an outflow treatment that is based on the nature of the funding provider, the proposed rule would generally apply a treatment that is based on the nature of the collateral securing the funding. The proposed rule recognizes customer short positions covered by other customers’ collateral that is not HQLA as secured funding and applies to them an outflow rate of 50 percent. This outflow reflects the agencies’ recognition that clients will not be able to close all short positions without also reducing leverage, which would offset a portion of the liquidity outflows associated with closing the short. Section 32(j)(1) of the proposed rule sets forth the outflow rates for various secured funding transactions. The agencies are proposing to treat borrowings from Federal Reserve Banks 61 In section __.32(g) of the proposed rule, the agencies have proposed outflow rates related to changes in collateral. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules the same as other secured funding transactions because these borrowings are not automatically rolled over, and a Federal Reserve Bank may choose not to renew the borrowing. Therefore, an outflow rate based on the collateral posted is most appropriate for purposes of the proposed rule. Should the Federal Reserve Banks offer alternative facilities with different terms than the current primary credit facility, or modify the terms on the primary credit facility, outflow rates for the proposed liquidity coverage ratio may be modified. An asset exchange would be defined under the proposed rule as a transaction that requires the counterparties to exchange non-cash assets at a future date. Asset exchanges could give rise to actual cash outflows or increased collateral requirements if the covered company is contractually obligated to provide higher-quality assets in return for less liquid, lower-quality assets. In the proposed rule, this risk is reflected through the proposed asset exchange outflow rates, which are based on the HQLA levels of the assets exchanged by each party. Asset exchange outflow rates progressively increase from the covered company posting assets that are the same HQLA level as the assets it will receive to the covered company posting assets that are of significantly lower quality than the assets it will receive. Section 32(j)(2) of the proposed rule sets forth the outflow rates for various asset exchanges. 54. The agencies solicit commenters’ views on the proposed treatment of secured funding activities. Do commenters agree with the proposed outflow rates as they relate to the collateral? Why or why not? Should municipal and other public sector entity deposits be treated as secured funding transactions? What, if any, additional secured-funding risk factors should be reflected in the rule? 55. What, if any, alternative treatments should the agencies consider for borrowings from a Federal Reserve Bank? Provide justification and support. 56. The agencies solicit commenters’ views on the proposed treatment of asset exchanges. Do commenters agree with the proposed outflow rates as they relate to the collateral? Why or why not? What, if any, additional asset exchange risk factors should be reflected in the rule? k. Foreign Central Bank Borrowings The agencies recognize central banks’ lending terms and expectations differ by jurisdiction. Accordingly, for a covered company’s borrowings from a particular foreign jurisdiction’s central bank, the proposed rule would assign an outflow VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 rate equal to the outflow rate that such jurisdiction has established for central bank borrowings under a minimum liquidity standard. If such an outflow rate has not been established in a foreign jurisdiction, the outflow rate for such borrowings would be calculated as secured funding pursuant to section 32(j) of the proposed rule. 57. What, if any, alternative treatments should the agencies consider for foreign central bank borrowings? Should borrowings from foreign central banks be treated as borrowings from the Federal Reserve Bank? What effects on the behavior of covered companies may the difference in the treatment between Federal Reserve Bank borrowings and foreign central bank create? What unintended results may occur? l. Other Contractual Outflow Amounts Under the proposed rule, a covered company would apply a 100 percent outflow rate to amounts payable 30 days or less after a calculation date under applicable contracts that are not otherwise specified in the proposed rule. These would include contractual payments such as salaries and any other payments owed 30 days or less from a calculation date that is not otherwise enumerated in section 32 of the proposed rule. 58. The Basel III LCR standard suggests that national authorities provide outflow rates for stable value funds. Should the agencies do so? Why or why not? If so, please provide suggestions as to specific outflow rates for stable value funds. Please provide justification and supporting information. 59. The agencies solicit commenters’ views on the proposed criteria for each of the categories discussed above, their proposed outflow rates, and the associated underlying assumptions for the proposed treatment. Are there specific outflow rates for other types of transactions that have not been included, but should be? If so, please specify the types of transactions and the applicable outflow rates that should be applied and the reasons for doing so. Alternatively, are there outflow rates that have been provided that should not be? m. Excluded Amounts for Intragroup Transactions Under the proposed rule, a covered company would exclude all transactions from its outflows and inflows between the covered company and a consolidated subsidiary of the covered company or a consolidated subsidiary of the covered company and another consolidated subsidiary of the covered PO 00000 Frm 00027 Fmt 4701 Sfmt 4702 71843 company. Such transactions are excluded because they involve outflows that would transfer to a company that is itself included in the financials of the covered company, so the inflows and outflows at the consolidated level should net to zero. 3. Total Cash Inflow Amount As explained above, the total cash inflow amount for the proposed rule’s liquidity coverage ratio would be limited to the lesser of (1) the sum of cash inflow amounts as described in section 33 of the proposed rule; and (2) 75 percent of expected cash outflows as calculated under section 32 of the proposed rule. The total cash inflow amount would be calculated by multiplying the outstanding balances of contractual receivables and other cash inflows as of a calculation date by the inflow rates described in section 33 of the proposed rule. The proposed rule also sets forth certain exclusions from cash inflow amounts, as described immediately below. a. Items not included as inflows The agencies have identified six categories of items that are explicitly excluded from cash inflows under the proposed rule. These exclusions are meant to ensure that the denominator of the proposed rule’s liquidity coverage ratio would not be influenced by potential cash inflows that may not be reliable sources of liquidity during a stressed scenario. The first excluded category would be amounts a covered company holds in operational deposits at other regulated financial companies. Because these deposits are for operational purposes, it is unlikely that a covered company would be able to withdraw these funds in a crisis to meet other liquidity needs, and they are therefore excluded. The second excluded category would be amounts that a covered company expects to receive or is contractually entitled to receive from derivative transactions due to forward sales of mortgage loans and any derivatives that are mortgage commitments. The agencies recognize that covered companies may be receiving inflows as a result of the sale of mortgages or derivatives that are mortgage commitments within 30 days after the calculation date. However, as discussed above, the agencies believe that inflow amounts from such transactions may not materialize during a liquidity crisis or may be delayed beyond the 30 calendarday time horizon. During the recent financial crisis, it was evident that many institutions were unable to rapidly reduce the mortgage lending pipeline E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71844 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules even as market demand for mortgages slowed. The third excluded category would be amounts arising from any credit or liquidity facility extended to a covered company. The agencies believe that in a stress scenario, inflows from such facilities may not materialize. Furthermore, to the extent that a covered company relies upon inflows from credit facilities with other financial entities, it would increase the interconnectedness within the system and a stress at one institution could result in additional strain throughout the financial system as the company draws down its lines of credit. Because of these likelihoods, a covered company’s credit and liquidity facilities would not be counted as inflows. The fourth excluded category would be the amounts of any asset included in a covered company’s HQLA amount under section 21 of the proposed rule and any amount payable to the covered company with respect to those assets. Given that HQLA is already included in the numerator at fair market value (as determined under GAAP), including such amounts as inflows would result in double counting. Consistent with the Basel III LCR, this exclusion also includes all HQLA that mature within 30 days. The fifth excluded category would be any amounts payable to the covered company or any outstanding exposure to a customer or counterparty that is a nonperforming asset as of a calculation date, or the covered company has reason to expect will become a nonperforming exposure 30 calendar days or less from a calculation date. Under the proposed rule, a nonperforming exposure is any exposure that is past due by more than 90 calendar days or on nonaccrual. This is meant to recognize that it is not likely that a covered company will receive inflow amounts due from a nonperforming customer. The sixth excluded category includes those items that have no contractual maturity date. The agencies’ stress scenario assumes that in a time of liquidity stress a covered company’s counterparties will not pay amounts not contractually required in order to maintain liquidity for other purposes. 60. What, if any, additional items the agencies should explicitly exclude from inflows? What, if any excluded items should the agencies consider including in inflows? Please provide justification and supporting information. 61. Should the agencies treat credit and liquidity facility inflows differently than proposed? For example, should credit and liquidity facilities extended by certain counterparties be counted as VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 inflows while others are prohibited? If so, which entities and why? b. Net Derivatives Cash Inflow Amount Under the proposed rule, a covered company’s net derivative cash inflow amount would equal the sum of the payments and collateral that a covered company will receive from each counterparty under derivative transactions, less, if subject to a qualifying master netting agreement, the sum of payments and collateral that the covered company will make or deliver to each counterparty. This calculation would incorporate the amounts due from and to counterparties under applicable transactions within 30 calendar days of a calculation date. Netting would be permissible at the highest level permitted by a covered company’s contracts with its counterparties and could not include outflows where a covered company is already including assets in its HQLA that the counterparty has posted to support those outflows. If the derivatives transactions are not subject to a valid qualifying master netting agreement, then the derivative cash inflow amount for that counterparty would be included in the net derivative cash inflow amount and the derivative cash outflows for that counterparty would be included in the net derivative cash outflow amount, without any netting. Net derivative cash inflow should be calculated in accordance with existing valuation methodologies and expected contractual derivative cash flows. In the event that net derivative cash inflow for a particular counterparty is less than zero, such amount would be required to be included in a covered company’s net derivative cash outflow amount. As with net derivative cash outflow, net derivative cash inflow would not include amounts arising in connection with forward sales of mortgage loans and derivatives that are mortgage commitments subject to section 32(d) of the proposed rule. Net derivative cash inflow would still include derivatives that hedge interest rate risk associated with a mortgage pipeline. c. Retail Cash Inflow Amount The proposed rule would allow a covered company to count as inflow 50 percent of all contractual payments it expects to receive within a particular 30 calendar-day stress period from retail customers and counterparties. This inflow rate is reflective of the agencies’ expectation that covered companies will need to maintain a portion of their retail lending even during periods of liquidity stress, albeit not to the same extent as PO 00000 Frm 00028 Fmt 4701 Sfmt 4702 they have in the past. During the recent financial crisis, several stressed institutions tightened their credit standards but continued to make loans to maintain customer relationships and avoid further signaling of distress to the market. 62. Is the proposed retail cash inflow rate reflective of industry experience? Why or why not? What, if any, additional funding activities could be included in this category? What, if any, inflow sources should be excluded from this category? d. Unsecured Wholesale Cash Inflow Amount The agencies believe that for purposes of this proposed rule, all wholesale inflows (e.g., principal and interest) from regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, and identified companies (and consolidated subsidiaries of any of the foregoing), and from central banks generally would be available to meet a covered company’s liquidity needs. Therefore, the agencies are proposing to assign such inflows a rate of 100 percent. This rate also reflects the assumption that covered companies would stop extending credits to such counterparties when faced with the stress envisioned by the proposed rule. However, the agencies also expect covered companies to maintain ample liquidity to sustain core businesses lines, including continuing to extend credit to retail customers and wholesale customers and counterparties that are not financial sector companies whose securities are excluded from HQLA.62 Indeed, one purpose of the proposed rule is to ensure that covered companies have sufficient liquidity to sustain such business lines during a period of liquidity stress. While the agencies acknowledge that, in times of liquidity stress, covered companies can curtail this activity to a limited extent, due to reputational and business considerations, covered companies would likely continue to renew at least a portion of maturing credits and extend some new loans. Therefore, the agencies are proposing to apply an inflow rate of 50 percent for inflows due from wholesale customers or counterparties that are not regulated financial companies, investment companies, nonregulated funds, pension funds, investment advisers, or identified companies, or consolidated subsidiary of any of the foregoing. With respect to revolving credit facilities, already drawn 62 See section II.A.2 for a description of these companies. E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules amounts would not be included in a covered company’s inflow amount, and undrawn amounts would be treated as outflows under section 32(e) of the proposed rule. This is based upon the agencies’ assumption that a covered company’s counterparty would not repay funds it is not contractually obligated to repay in a stressed scenario. 63. What are commenters’ views regarding the differing rates for unsecured wholesale inflows? What, if any, modifications should the agencies consider making to the proposed inflow rates? Provide justification and supporting data. sroberts on DSK5SPTVN1PROD with PROPOSALS e. Securities Cash Inflow Amount Inflows from securities owned by a covered company that are not included in a covered company’s HQLA amount would receive a 100 percent inflow rate. Accordingly, if an asset is not included in the HQLA amount, all contractual dividend, interest, and principal payments due and expected to be paid to a covered company, regardless of their quality or liquidity, would receive an inflow rate of 100 percent. 64. What, if any, modifications should the agencies consider for the proposed rate for securities inflows? Please provide justification and supporting data. f. Secured Lending and Asset Exchange Cash Inflow Amount Under the proposed rule, a covered company would be able to recognize cash inflows from secured lending transactions. The proposed rule would define a secured lending transaction as any lending transaction that gives rise to a cash obligation of a counterparty to a covered company that is secured under applicable law by a lien on specifically designated assets owned by the counterparty and included in the covered company’s HQLA amount that gives the covered company, as a holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution and includes reverse repurchase transactions and securities borrowing transactions. If the specifically designated assets are not included in a covered company’s HQLA amount but are still held by the covered company, then the transaction would be included in the unsecured wholesale cash inflow amount. Secured lending transactions could give rise to cash inflows or additional or higher quality collateral being provided to a covered company to support a given level of secured debt. Under the proposed rule, secured lending transaction inflow rates progressively increase on a spectrum VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 that ranges from funding secured by levels 2B and 2A liquid assets to lending secured by assets that are not HQLA.63 A covered company also may apply a 50 percent inflow rate to the contractual payments due from customers that have borrowed on margin, where such loans are collateralized. These inflows could only be counted if a covered company is not including the collateral it received in its HQLA amount or using it to cover any of its short positions. Similarly, asset exchanges could give rise to actual cash inflow or decreased collateral requirements if the covered company’s counterparty is contractually obligated to provide higher-quality assets in return for less liquid, lowerquality assets. In the proposed rule, this is reflected through the proposed asset exchange inflow rates, which are based on the HQLA level of the asset to be posted by a covered company and the HQLA level of the asset posted by the counterparty. Asset exchange inflow rates progressively increase on a spectrum that ranges from receiving assets that are the same HQLA level as the assets a covered company is required to post to receiving assets that are of significantly higher quality than the assets that the covered company is required to post. Section 33(f)(2) of the proposed rule sets forth the inflow amounts for various asset exchanges. 65. The agencies solicit commenters’ views on the treatment of secured lending transaction and asset exchange inflows. What, if any, modifications should the agencies consider? Specifically, what are commenters’ perspectives on when an inflow should be reflected in the ratio’s denominator as opposed to the HQLA amount? Provide justification and supporting data. III. Liquidity Coverage Ratio Shortfall While the Basel III LCR provides that a banking organization is required to maintain an adequate amount of HQLA in order to meet its liquidity needs within a 30 calendar-day stress period, it also makes clear that it may be necessary for a banking organization to fall below the requirement during a period of liquidity stress. The Basel III LCR therefore provides that any supervisory decisions in response to a reduction of a banking organization’s liquidity coverage ratio should take into consideration the objectives and definitions of the Basel III LCR. This provision of the Basel III LCR indicates that supervisory actions should not discourage or deter a banking 63 See PO 00000 proposed rule §§ __.33(f)(1)(i)–(iv). Frm 00029 Fmt 4701 Sfmt 4702 71845 organization from using its HQLA when necessary to meet unforeseen liquidity needs arising from financial stress that exceeds normal business fluctuations. The agencies are proposing a supervisory framework for addressing a shortfall with respect to the proposed rule’s liquidity coverage ratio that is consistent with the intent of having HQLA available for use during stressed conditions as described in the Basel III LCR. This approach also reflects the agencies’ views on the appropriate supervisory response to such shortfalls. The agencies understand that there are a wide variety of potential liquidity stresses that a covered company may experience (both idiosyncratic and market-wide), and that it is difficult to foresee the different circumstances that may precipitate or accompany such stress scenarios. Therefore, the agencies believe that the regulatory framework for the proposed rule’s liquidity coverage ratio must be sufficiently flexible to allow supervisors to respond appropriately under the given circumstances surrounding a liquidity coverage ratio shortfall. Accordingly, the proposed rule sets forth notice and response procedures that would require a covered company to notify its primary Federal supervisor of any liquidity coverage ratio shortfall on any business day and provides the necessary flexibility in the supervisory response. In addition, if a covered company’s liquidity coverage ratio is below the minimum requirement for three consecutive business days or if its supervisor has determined that the covered company is otherwise materially noncompliant with the proposed rule, the covered company would be required to provide to its supervisor a plan for remediation. As set forth in section 40(b) of the proposed rule, the remediation plan would need to include an assessment of the covered company’s liquidity position, the actions the covered company has taken and will take to achieve full compliance with the proposed rule, an estimated timeframe for achieving compliance, and a commitment to report to its supervisor no less than weekly on progress to achieve compliance with the plan until full compliance with the proposed rule has been achieved. A supervisory or enforcement action may be appropriate based on operational issues at a covered company, whether the violation is a part of a pattern, whether the liquidity shortfall was temporary or caused by an unusual event, and the extent of the shortfall or the noncompliance. Depending on the circumstances, a liquidity coverage ratio shortfall below E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71846 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules 100 percent would not necessarily result in supervisory action, but, at a minimum, would result in heightened supervisory monitoring. For example, as with other regulatory violations, a covered company may be required to enter into a written agreement if it does not meet the proposed minimum requirement within an appropriate period of time. The agencies would use existing supervisory processes and procedures for addressing a covered company’s liquidity coverage ratio shortfall under the proposed rule. As with existing supervisory actions to address deficiencies in regulatory compliance or in risk management, the actions to be taken if a covered company’s liquidity coverage ratio were to fall below 100 percent would be at the discretion of the appropriate Federal banking agency. 66. Is the current banking supervisory regime sufficient to address situations in which a covered company needs to utilize its stock of HQLA? Why or why not? 67. Are there additional supervisory tools that the agencies could rely on to address situations in which a covered company needs to utilize its stock of HQLA? If so, provide detailed examples and explanations. 68. Should a de minimis exception to a liquidity coverage ratio shortfall be implemented, such that a covered company would not need to report such a shortfall, provided its liquidity coverage ratio returns to the required minimum within a short grace period? If so, what de minimis amount would be appropriate and why? What duration of grace period would be appropriate and why? 69. Should a covered company be required to submit a separate remediation plan to address its liquidity coverage ratio shortfall or should a modification to existing plans, such as contingency funding plans that include provisions to address the liquidity shortfalls, be sufficient? Please provide justifications supporting such a view. 70. Should the supervisory response differ depending on the cause of the stress event? Why or why not? 71. Should restrictions be imposed on the circumstances under which a covered company’s liquidity coverage ratio may fall below 100 percent? If so, provide detailed examples and explanations. IV. Transition and Timing The agencies are proposing to implement a transition period for the proposed rule’s liquidity coverage ratio that is more accelerated than the transition provided in the Basel III VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 Revised LCR Framework. The proposed rule would require covered companies to comply with the minimum liquidity coverage ratio as follows: 80 percent on January 1, 2015, 90 percent on January 1, 2016, and 100 percent on January 1, 2017 and thereafter. The agencies are proposing an accelerated transition period for covered companies to build on the strong liquidity positions these companies have achieved since the recent financial crisis, thereby providing greater stability to the firms and the financial system. The proposed transition period accounts for the potential implications of the proposed rule on financial markets, credit extension, and economic growth and seeks to balance these concerns with the proposed liquidity coverage ratio’s important role in promoting a more robust and resilient banking sector. While these transition periods are intended to facilitate compliance with a new minimum liquidity requirement, the agencies expect that covered companies with liquidity coverage ratios at or near the 100 percent minimum generally would not reduce their liquidity coverage during the transition period, as reflected by this proposed requirement. The agencies emphasize that the proposed rule’s liquidity coverage ratio is a minimum requirement, and that companies should have internal liquidity management systems and policies in place to ensure they hold liquid assets sufficient to meet their liquidity needs that could arise in a period of stress. The transition provisions of the final rule are also set forth in table 2 below. TABLE 2: TRANSITION PERIOD FOR THE LIQUIDITY COVERAGE RATIO Liquidity coverage ratio Transition Period Calendar year 2015 .................. Calendar year 2016 .................. Calendar year 2017 and thereafter ....................................... 0.80 0.90 1.00 72. What concerns, if any, do commenters have in meeting the proposed transitional arrangements? 73. Are the proposed transition periods appropriate for all covered companies? Are there any situations that may prevent a covered company from achieving compliance within the proposed transition periods? Are there alternatives to the proposed transition periods that would better achieve the agencies’ goal of establishing a quantitative liquidity requirement in a timely fashion while not disrupting lending and the real economy? PO 00000 Frm 00030 Fmt 4701 Sfmt 4702 V. Modified Liquidity Coverage Ratio Applicable to Covered Depository Institution Holding Companies A. Overview and Applicability As noted above, all bank holding companies subject to the proposed rule are subject to enhanced liquidity requirements under section 165 of the Dodd-Frank Act.64 Section 165 additionally authorizes the Board to tailor the application of the standards, including differentiating among covered companies on an individual basis or by category. When differentiating among companies for purposes of applying the standards established under section 165, the Board may consider the companies’ size, capital structure, riskiness, complexity, financial activities, and any other risk-related factor the Board deems appropriate.65 The Basel III LCR was developed for internationally active banking organizations, taking into account the complexity of their funding sources and structure. While covered depository institution holding companies with at least $50 billion in total consolidated assets that are not covered companies (modified LCR holding companies) are large financial companies with extensive operations in banking, brokerage, and other financial activities, they generally are smaller in size, less complex in structure, and less reliant on riskier forms of market funding. These companies tend to have simpler balance sheets, better enabling management and supervisors to take corrective actions more quickly than is the case with an internationally active banking organization in a stressed scenario. Accordingly, the Board is tailoring the proposed rule’s liquidity coverage ratio requirement as applied to the modified LCR holding companies pursuant to its authority under section 165 of the Dodd-Frank Act. While the Board believes it is important for all bank holding companies subject to section 165 of the Dodd-Frank Act (and similarly situated savings and loan holding companies) to be subject to a quantitative liquidity requirement as an enhanced prudential standard, it recognizes that these companies would likely not have as great a systemic impact as larger, more complex companies if they experienced liquidity stress. Therefore, because the options for addressing their liquidity needs under such a scenario (or, if necessary, for resolving such companies) would likely be less complex and therefore more likely to be implemented in a 64 See 65 See E:\FR\FM\29NOP3.SGM 12 U.S.C. 5365(a) and (b). 12 U.S.C. 5365(a)(2). 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules shorter period of time, the Board is proposing to establish a modified liquidity coverage ratio incorporating a shorter (21-calendar day) stress scenario for the modified LCR holding companies. The modified liquidity coverage ratio would be a simpler, less stringent form of the proposed rule’s liquidity coverage ratio (for the purposes of this section V, unmodified liquidity coverage ratio) and would have outflow rates based on a 21calendar-day rather than a 30 calendar-day stress scenario. As a result, outflow rates for the modified liquidity coverage ratio generally would be 70 percent of the unmodified liquidity coverage ratio’s outflow rates. In addition, modified LCR holding companies would not have to calculate a peak maximum cumulative outflow day for total net cash outflows as required for covered companies subject to the unmodified liquidity coverage ratio.66 The requirements of the modified liquidity coverage ratio standard would otherwise be the same as the unmodified liquidity coverage ratio as described above, including the proposed HQLA criteria and the calculation of the HQLA amount, and modified LCR holding companies would have to comply with all unmodified aspects of the standard to the same extent as covered companies. B. High-Quality Liquid Assets Modified LCR holding companies generally would calculate their HQLA amount as covered companies do pursuant to section 21 of the proposed rule. However, when calculating the adjusted liquid asset amounts, modified LCR holding companies would incorporate the unwinding of secured funding and lending transactions, asset exchanges, and collateralized derivative transactions that mature within 21 calendar days (rather than 30 calendar days) of a calculation date. All other aspects of the calculation would remain the same and assets that do not qualify as HQLA under the proposed rule could not be included into the HQLA amount of a modified LCR holding company. The adjustments of the modified liquidity coverage ratio reflect the lesser size and complexity of modified LCR holding companies through a shorter stress scenario, which is not relevant to the quality of liquid assets that a company would need to cover its needs during any stress scenario. Therefore, the HQLA amount would be calculated on the same basis under the modified liquidity coverage ratio as the unmodified liquidity coverage ratio, with the only adjustment reflecting the shorter stress scenario period of the modified liquidity coverage ratio. The policy purposes and rationales for applying the unmodified requirements to covered companies, articulated above, also pertain to the application of these requirements to modified LCR holding companies. C. Total Net Cash Outflow Under the unmodified liquidity coverage ratio, the outflow and inflow rates applied to different sources of outflows and inflows are based on a 30 calendar-day stress scenario. Because the modified liquidity coverage ratio is based on a 21calendar-day stress scenario, 70 percent of each outflow and 71847 inflow rate for outflows and inflows without a contractual maturity date, as described above, would be applied in calculating total net cash outflow under the modified liquidity coverage ratio, as set forth in Table 3. Outflows and inflows with a contractual maturity date would be calculated on the basis of the maturity (as determined under the proposal and described above) occurring within 21 calendar days from a calculation date, rather than 30 calendar days. In addition, as explained above, a modified LCR holding company would not be required to use its peak maximum cumulative outflow day as its total net cash outflow amount. Instead, the total net cash outflow amount under the modified liquidity coverage ratio would be the difference between a modified LCR company’s outflows amounts and inflows amounts, calculated as required under the proposed rule. The Board believes this approach is appropriate as a modified LCR holding company would likely be less dependent on cash inflows to meet the proposed rule’s liquidity coverage ratio requirement, thereby reducing its likelihood of having a significant maturity mismatch within a 21 calendar-day stress period. However, as part of sound liquidity risk management, modified LCR holding companies should be aware of any potential mismatches within the 21 calendar-day stress period and ensure that a sufficient amount of HQLA is available to meet any net cash outflow gaps throughout the period. TABLE 3—NON-MATURITY MODIFIED OUTFLOWS Agencies’ liquidity coverage ratio outflow amount sroberts on DSK5SPTVN1PROD with PROPOSALS Category Unsecured retail funding: Stable retail deposits ............................................................................................................................................ Other retail deposits ............................................................................................................................................. Other retail funding .............................................................................................................................................. Retail brokered deposits: Brokered deposits that mature later than 30 calendar days from the calculation date ...................................... Reciprocal brokered deposits, entirely covered by deposit insurance ................................................................ Reciprocal brokered deposits, not entirely covered by deposit insurance .......................................................... Brokered sweep deposits, issued by a consolidated subsidiary, entirely covered by deposit insurance ........... Brokered sweep deposits, not issued by a consolidated subsidiary, entirely covered by deposit insurance .... Brokered sweep deposits, not entirely covered by deposit insurance ................................................................ All other retail brokered deposits ......................................................................................................................... Unsecured wholesale funding: Non-operational, entirely covered by deposit insurance ..................................................................................... Non-operational, not entirely covered by deposit insurance ............................................................................... Non-operational, from financial entity or consolidated subsidiary ....................................................................... Operational deposit, entirely covered by deposit insurance ................................................................................ 66 See supra section II.B. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 PO 00000 Frm 00031 Fmt 4701 Sfmt 4702 E:\FR\FM\29NOP3.SGM 29NOP3 Modified liquidity coverage ratio outflow amount 3.0% 10.0 100.0 2.1% 7.0 70.0 10.0 10.0 25.0 10.0 25.0 40.0 100.0 7.0 7.0 17.5 7.0 17.5 28.0 70.0 20.0 40.0 100.0 5.0 14.0 28.0 70.0 3.5 71848 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules TABLE 3—NON-MATURITY MODIFIED OUTFLOWS—Continued Agencies’ liquidity coverage ratio outflow amount Category Operational deposit, not entirely covered by deposit insurance ......................................................................... All other wholesale funding .................................................................................................................................. Commitments: Undrawn credit and liquidity facilities to retail customers .................................................................................... Undrawn credit facility to wholesale customers ................................................................................................... Undrawn liquidity facility to wholesale customers ............................................................................................... Undrawn credit and liquidity facilities to certain banking organizations .............................................................. Undrawn credit facility to financial entities ........................................................................................................... Undrawn liquidity facility to financial entities ....................................................................................................... Undrawn liquidity facilities to SPEs or any other entity ....................................................................................... 74. What, if any, modifications to the modified liquidity coverage ratio should the Board consider? In particular, what, if any, modifications to incorporation of the 21-calendar day stress period should be considered? Please provide justification and supporting data. 75. What, if any, modifications to the calculation of total net cash outflow rate should the Board consider? What versions of the peak maximum cumulative outflow day might be appropriate for the modified liquidity coverage ratio? Please provide justification and supporting data. 76. What operational burdens may modified LCR holding companies face in complying with the proposal? What modifications to transition periods should the Board consider for modified LCR holding companies? sroberts on DSK5SPTVN1PROD with PROPOSALS VI. Solicitation of Comments on Use of Plain Language Section 722 of the Gramm-LeachBliley Act, Public Law 106–102, sec. 722, 113 Stat. 1338, 1471 (Nov. 12, 1999), requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The Federal banking agencies invite your comments on how to make this proposal easier to understand. For example: • Have the agencies organized the material to suit your needs? If not, how could this material be better organized? • Are the requirements in the proposed rule clearly stated? If not, how could the proposed rule be more clearly stated? • Does the proposed rule contain language or jargon that is not clear? If so, which language requires clarification? • Would a different format (grouping and order of sections, use of headings, paragraphing) make the proposed rule easier to understand? If so, what VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 changes to the format would make the proposed rule easier to understand? • What else could the agencies do to make the regulation easier to understand? VII. Regulatory Flexibility Act The Regulatory Flexibility Act 67 (RFA), requires an agency to either provide an initial regulatory flexibility analysis with a proposed rule for which general notice of proposed rulemaking is required or to certify that the proposed rule will not have a significant economic impact on a substantial number of small entities (defined for purposes of the RFA to include banks with assets less than or equal to $500 million). In accordance with section 3(a) of the RFA, the Board is publishing an initial regulatory flexibility analysis with respect to the proposed rule. The OCC and FDIC are certifying that the proposed rule will not have a significant economic impact on a substantial number of small entities. Board Based on its analysis and for the reasons stated below, the Board believes that this proposed rule will not have a significant economic impact on a substantial number of small entities. Nevertheless, the Board is publishing an initial regulatory flexibility analysis. A final regulatory flexibility analysis will be conducted after comments received during the public comment period have been considered. The proposed rule is intended to implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision applicable for bank holding companies, savings and loan holding companies, nonbank 67 5 PO 00000 U.S.C. 601 et seq. Frm 00032 Fmt 4701 25.0 100.0 17.5 70.0 5.0 10.0 30.0 50.0 40.0 100.0 100.0 3.5 7.0 21.0 35.0 28.0 70.0 70.0 financial companies, and state member banks. Under regulations issued by the Small Business Administration, a ‘‘small entity’’ includes firms within the ‘‘Finance and Insurance’’ sector with asset sizes that vary from $7 million or less in assets to $500 million or less in assets.68 The Board believes that the Finance and Insurance sector constitutes a reasonable universe of firms for these purposes because such firms generally engage in activities that are financial in nature. Consequently, bank holding companies, savings and loan holding companies, nonbank financial companies, and state member banks with asset sizes of $500 million or less are small entities for purposes of the RFA. As discussed previously in this preamble, the proposed rule generally would apply to Board-regulated institutions with (i) consolidated total assets equal to $250 billion or more; (ii) consolidated total on-balance sheet foreign exposure equal to $10 billion or more; or (iii) consolidated total assets equal to $10 billion or more if that Board-regulated institution is a consolidated subsidiary of a company subject to the proposed rule or if a company subject to the proposed rule owns, controls, or holds with the power to vote 25 percent or more of a class of voting securities of the company. The Board is also proposing to implement a modified version of the liquidity coverage ratio as enhanced prudential standards for top-tier bank holding companies and savings and loan holding companies domiciled in the United States that have consolidated total assets equal to $50 billion or more. The modified version of the liquidity coverage ratio would not apply to (i) a grandfathered unitary savings and loan 68 13 Sfmt 4702 Modified liquidity coverage ratio outflow amount E:\FR\FM\29NOP3.SGM CFR 121.201. 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules holding company that derived 50 percent or more of its total consolidated assets or 50 percent of its total revenues on an enterprise-wide basis from activities that are not financial in nature under section 4(k) of the Bank Holding Company Act; (ii) a top-tier bank holding company or savings and loan holding company that is an insurance underwriting company; or (iii) a top-tier bank holding company or savings and loan holding company that had 25 percent or more of its total consolidated assets in subsidiaries that are insurance underwriting companies and either calculates its total consolidated assets in accordance with GAAP or estimates its total consolidated assets, subject to review and adjustment by the Board. Companies that are subject to the proposed rule therefore substantially exceed the $500 million asset threshold at which a banking entity is considered a ‘‘small entity’’ under SBA regulations. The proposed rule would apply to a nonbank financial company designated by the Council under section 113 of the Dodd-Frank Act regardless of such a company’s asset size. Although the asset size of nonbank financial companies may not be the determinative factor of whether such companies may pose systemic risks and would be designated by the Council for supervision by the Board, it is an important consideration.69 It is therefore unlikely that a financial firm that is at or below the $500 million asset threshold would be designated by the Council under section 113 of the Dodd-Frank Act because material financial distress at such firms, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, are not likely to pose a threat to the financial stability of the United States. As noted above, because the proposed rule is not likely to apply to any company with assets of $500 million or less, if adopted in final form, it is not expected to apply to any small entity for purposes of the RFA. The Board does not believe that the proposed rule duplicates, overlaps, or conflicts with any other Federal rules. In light of the foregoing, the Board does not believe that the proposed rule, if adopted in final form, would have a significant economic impact on a substantial number of small entities supervised. Nonetheless, the Board seeks comment on whether the proposed rule would impose undue burdens on, or have unintended consequences for, small organizations, and whether there are ways such potential burdens or 69 See 77 FR 21637 (April 11, 2012). VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 consequences could be minimized in a manner consistent with standards established by the Basel Committee on Banking Supervision. OCC The RFA requires an agency to provide an initial regulatory flexibility analysis with a proposed rule or to certify that the rule will not have a significant economic impact on a substantial number of small entities (defined for purposes of the RFA to include banking entities with total assets of $500 million or less and trust companies with assets of $35.5 million or less). As discussed previously in this Supplementary Information section, the proposed rule generally would apply to national banks and Federal savings associations with: (i) consolidated total assets equal to $250 billion or more; (ii) consolidated total on-balance sheet foreign exposure equal to $10 billion or more; or (iii) consolidated total assets equal to $10 billion or more if a national bank or Federal savings association is a consolidated subsidiary of a company subject to the proposed rule. As of December 31, 2012, the OCC supervises 1,291 small entities. Since the proposed rule would only apply to institutions that have total consolidated total assets or consolidated total on-balance sheet foreign exposure equal to $10 billion or more, the proposed rule would not have any impact on small banks and small Federal savings associations. Therefore, the proposed rule would not have a significant economic impact on a substantial number of small OCCsupervised entities. The OCC certifies that the proposed rule would not have a significant economic impact on a substantial number of small national banks and small Federal savings associations. FDIC The RFA requires an agency to provide an initial regulatory flexibility analysis with a proposed rule or to certify that the rule will not have a significant economic impact on a substantial number of small entities (defined for purposes of the RFA to include banking entities with total assets of $500 million or less). As described in section I of this preamble, the proposed rule would establish a quantitative liquidity standard for internationally active banking organizations with $250 billion or more in total assets or $10 billion or more of on-balance sheet foreign exposure (internationally active banking organizations), covered nonbank companies, and their consolidated PO 00000 Frm 00033 Fmt 4701 Sfmt 4702 71849 subsidiary depository institutions with $10 billion or more in in total consolidated assets. Two FDICsupervised institutions satisfy the foregoing criteria, and neither is a small entity. As of June 30, 2013, based on a $500 million threshold, 2 (out of 3,363) small state nonmember banks, and zero (out of 53) small state savings associations were subsidiaries of a covered company that is subject to the proposed rule. Therefore, the FDIC does not believe that the proposed rule will result in a significant economic impact on a substantial number of small entities under its supervisory jurisdiction. The FDIC certifies that the NPR would not have a significant economic impact on a substantial number of small FDICsupervised institutions. VIII. Paperwork Reduction Act Request for Comment on Proposed Information Collection Certain provisions of the proposed rule contain ‘‘collection of information’’ requirements within the meaning of the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501–3521). In accordance with the requirements of the PRA, the agencies may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The information collection requirements contained in this joint notice of proposed rulemaking are being submitted by the FDIC and OCC to OMB for approval under section 3507(d) of the PRA and section 1320.11 of OMB’s implementing regulations (5 CFR part 1320). The Board reviewed the proposed rule under the authority delegated to the Board by OMB. Comments are invited on: (a) Whether the collections of information are necessary for the proper performance of the agencies’ functions, including whether the information has practical utility; (b) The accuracy of the agencies’ estimates of the burden of the information collections, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. E:\FR\FM\29NOP3.SGM 29NOP3 71850 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules All comments will become a matter of public record. Commenters may submit comments on aspects of this notice that may affect burden estimates at the addresses listed in the ADDRESSES section. A copy of the comments may also be submitted to the OMB desk officer for the agencies: By mail to U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503; by facsimile to 202–395– 6974; or by email to: oira_submission@ omb.eop.gov. Attention, Federal Banking Agency Desk Officer. sroberts on DSK5SPTVN1PROD with PROPOSALS Proposed Information Collection Title of Information Collection: Reporting and Recordkeeping Requirements Associated with Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring. Frequency of Response: Event generated. Affected Public FDIC: Insured state non-member banks, insured state branches of foreign banks, state savings associations, and certain subsidiaries of these entities. OCC: National banks, Federal savings associations, or any operating subsidiary thereof. Board: Insured state member banks, bank holding companies, savings and loan holding companies, nonbank financial companies supervised by the Board, and any subsidiary thereof. Abstract: The notice sets forth implementing a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision. The proposed rule contains requirements subject to the PRA. The reporting and recordkeeping requirements in the joint proposed rule are found in § __.40. Compliance with the information collections would be mandatory. Responses to the information collections would be kept confidential and there would be no mandatory retention period for the proposed collections of information. Section __.40 would require that an institution must notify its primary Federal supervisor on any day when its liquidity coverage ratio is calculated to be less than the minimum requirement in § __.10. If an institution’s liquidity coverage ratio is below the minimum requirement in § __.10 for three consecutive days, or if its primary Federal supervisor has determined that the institution is otherwise materially noncompliant, the institution must promptly provide a plan for achieving compliance with the minimum liquidity requirement in § __.10 and all other VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 requirements of this part to its primary Federal supervisor. The liquidity plan must include, as applicable, (1) an assessment of the institution’s liquidity position; (2) the actions the institution has taken and will take to achieve full compliance including a plan for adjusting the institution’s risk profile, risk management, and funding sources in order to achieve full compliance and a plan for remediating any operational or management issues that contributed to noncompliance; (3) an estimated timeframe for achieving full compliance; and (4) a commitment to provide a progress report to its primary Federal supervisor at least weekly until full compliance is achieved. Estimated Paperwork Burden Estimated Burden Per Response: reporting—0.25 hours; recordkeeping— 100 hours. Frequency: reporting—5; recordkeeping—1. FDIC Estimated Number of Respondents: 2. Total Estimated Annual Burden: reporting—3 hours; recordkeeping—200 hours. OCC Estimated Number of Respondents: 3. Total Estimated Annual Burden: reporting—4 hours; recordkeeping—300 hours. Board Estimated Number of Respondents: 3. Total Estimated Annual Burden: reporting—4 hours; recordkeeping—300 hours. IX. OCC Unfunded Mandates Reform Act of 1995 Determination The Unfunded Mandates Reform Act of 1995 (UMRA) requires federal agencies to prepare a budgetary impact statement before promulgating a rule that includes a federal mandate that may result in the expenditure by state, local, and tribal governments, in the aggregate, or by the private sector of $100 million or more (adjusted annually for inflation) in any one year. The current inflation-adjusted expenditure threshold is $141 million. If a budgetary impact statement is required, section 205 of the UMRA also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. In conducting the regulatory analysis, UMRA requires each federal agency to provide: • The text of the draft regulatory action, together with a reasonably PO 00000 Frm 00034 Fmt 4701 Sfmt 4702 detailed description of the need for the regulatory action and an explanation of how the regulatory action will meet that need; • An assessment of the potential costs and benefits of the regulatory action, including an explanation of the manner in which the regulatory action is consistent with a statutory mandate and, to the extent permitted by law, promotes the President’s priorities and avoids undue interference with State, local, and tribal governments in the exercise of their governmental functions; • An assessment, including the underlying analysis, of benefits anticipated from the regulatory action (such as, but not limited to, the promotion of the efficient functioning of the economy and private markets, the enhancement of health and safety, the protection of the natural environment, and the elimination or reduction of discrimination or bias) together with, to the extent feasible, a quantification of those benefits; • An assessment, including the underlying analysis, of costs anticipated from the regulatory action (such as, but not limited to, the direct cost both to the government in administering the regulation and to businesses and others in complying with the regulation, and any adverse effects on the efficient functioning of the economy, private markets (including productivity, employment, and competitiveness), health, safety, and the natural environment), together with, to the extent feasible, a quantification of those costs; • An assessment, including the underlying analysis, of costs and benefits of potentially effective and reasonably feasible alternatives to the planned regulation, identified by the agencies or the public (including improving the current regulation and reasonably viable non-regulatory actions), and an explanation why the planned regulatory action is preferable to the identified potential alternatives; • An estimate of any disproportionate budgetary effects of the federal mandate upon any particular regions of the nation or particular State, local, or tribal governments, urban or rural or other types of communities, or particular segments of the private sector; and • An estimate of the effect the rulemaking action may have on the national economy, if the OCC determines that such estimates are reasonably feasible and that such effect is relevant and material. Need for Regulatory Action Liquidity is defined as a financial institution’s capacity to readily meet its E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules cash and collateral obligations at a reasonable cost. As discussed in the preamble of the proposed rule, the recent financial crisis saw unprecedented levels of liquidity support from governments and central banks around the world, suggesting that banks and other financial market participants were not adequately prepared to meet their cash and collateral obligations at reasonable cost. Table 1 provides a list of some of the liquidity facilities provided by the Federal Reserve and the FDIC during the financial crisis. The proposed rule introduces the U.S. implementation of one of the two international liquidity standards (the liquidity coverage ratio and the net stable funding ratio) intended by the Basel Committee on Banking Supervision and the U.S. banking agencies to create a more resilient financial sector by strengthening the banking sector’s liquidity risk management. A maturity mismatch in a bank’s balance sheet creates liquidity risk. Banks will typically manage this liquidity risk by holding enough liquid assets to meet their usual net outflow demands. The presence of a central bank that can serve as a lender of last resort provides an element of liquidity insurance, which, as is often the case with insurance, creates moral hazard. Because of the presence of a lender of last resort, banks may not hold socially optimal levels of liquid assets. The LCR buffer established by the proposed rule offsets the moral hazard to a degree, and lowers the probability of a liquidity crisis and may limit the severity of liquidity crises when they do occur. Reducing the severity of liquidity crises will also limit the damage from negative externalities associated with liquidity crises, e.g., asset fire sales, rapid deleveraging, liquidity hoarding, and reduced credit availability.70 Furthermore, the LCR buffer at institutions affected by the proposed rule could help alleviate liquidity stress at smaller institutions that may still hold less than the socially optimal level of liquid assets because of ongoing moral hazard problems. As van den End and Kruidhof (2013) point out, the degree of systemic liquidity stress will ultimately depend on the size of liquidity shocks the financial system encounters, the size of the initial liquidity buffer, regulatory constraints on the buffer, and behavioral reactions by banks and other market participants. 71851 Capital and liquidity in the banking sector provide critical buffers to the broader economy. Capital allows the banking sector to absorb unexpected losses from some customers while continuing to extend credit to others. Liquidity in the banking sector allows banks to provide cash to customers who have unexpected demands for liquidity. The financial crisis of 2007–2009 began with a severe liquidity crisis when the asset-backed commercial paper market (ABCP) essentially froze in August of 2007 and the demand for liquidity from the banking sector quickly outstripped its supply of liquid assets. Acharya, Afonso, and Kovner (2013) discuss the problems in the ABCP market in 2007 and how foreign and domestic banks scrambled for liquidity in U.S. financial markets.71 They find that U.S. banks sought to increase liquidity by increasing deposits and borrowing through Federal Home Loan Bank advances. Foreign banks operating in the United States were generally not eligible for Federal Home Loan Bank advances and sought liquidity by decreasing overnight interbank lending and borrowed from the Federal Reserve’s Term Auction Facility when that became available. TABLE 1—SPECIAL LIQUIDITY FACILITIES INTRODUCED DURING THE 2007–2009 FINANCIAL CRISIS Dates Type of activity Activity levels Agency Mortgage-Backed Security (MBS) Purchase Program. Term Auction Facility ..................... Began 11/2008 ............................. Central Bank Liquidity Swap Lines Began 12/12/2007 ........................ Announced 3/16/2008 .................. Term Securities Lending Facility ... Announced 3/11/2008 .................. Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. Announced 9/19/2008 .................. Commercial Paper Funding Facility Announced 10/7/2008 .................. Term Asset-Backed Loan Facility. Announced 11/25/2008 ................ Purchase of Agency guaranteed MBS. 28-day and 84-day loans to depository institutions. 1-day to 90-day swap lines of credit with certain foreign central banks. Overnight loan facility for primary dealers. One-month loans of Treasury Securities to primary dealers. Nonrecourse loans to financial institutions to purchase eligible ABCP from Money Market Mutual Funds. Three-month loans to specially created company that purchased commercial paper from eligible issuers. Nonrecourse loans of up to five years to holders of eligible asset-backed securities. $1.25 trillion purchased between 1/2009 and 3/2010. Maximum one day auction of $142.3 billion on 2/12/2009. Maximum one day extension of $422.5 billion on 10/15/2008. Primary Dealer Credit Facility ........ sroberts on DSK5SPTVN1PROD with PROPOSALS Facility or program Securities 12/12/2007–3/8/2010 .................... 70 For a discussion of liquidity risk and problems associated with liquidity risk, see Douglas W. Diamond and Philip H. Dybvig, ‘‘Bank Runs, Deposit Insurance, and Liquidity’’, Journal of Political Economy, Vol. 91, No. 3, June 1983, pp. 401–419 and Jan Willem van den End and Mark VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 Kruidhof, ‘‘Modelling the liquidity ratio as macroprudential instrument’’, Journal of Banking Regulation, Vol. 14, No. 2, 2013, pp. 91–106. 71 See Acharya, Viral V., Gara Afonso, and Anna Kovner, (2013), ‘‘How Do Global Banks Scramble PO 00000 Frm 00035 Fmt 4701 Sfmt 4702 Maximum of $155.8 billion on 9/ 29/2008. One-day Maximum of $75.0 billion on 3/28/2008. One-day Maximum of $31.1 billion on 9/23/2008. One-day Maximum lent of $56.6 billion on 10/29/2008. Loan Total of $71.1 billion. for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007’’, Federal Reserve Bank of New York, Staff Report No. 623, August 2013. E:\FR\FM\29NOP3.SGM 29NOP3 71852 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules TABLE 1—SPECIAL LIQUIDITY FACILITIES INTRODUCED DURING THE 2007–2009 FINANCIAL CRISIS—Continued Facility or program Dates Type of activity Activity levels FDIC Temporary Liquidity Guarantee Program. 10/14/2008 .................................... Transaction Account Guarantee Program (TAGP) guaranteed noninterest-bearing transaction accounts; Debt Guarantee Program (DGP) guaranteed certain newly issued senior unsecured debt. TAGP covered $834.5 billion in eligible deposits as of 12/31/ 2009; DGP peak guarantee of $348.5 billion of outstanding debt. Source: Federal Reserve, FDIC. sroberts on DSK5SPTVN1PROD with PROPOSALS A study by Cornett, McNutt, Strahan, and Tehranian (2011) suggests that banks with less liquid assets at the start of the crisis reduced lending, and that the overall effort by banks to manage the liquidity crisis led to a decrease in credit supply.72 Cornett et al also point out that through new and existing credit lines, banks provide crucial liquidity to the overall market during a liquidity drought. This sentiment is shared in an earlier study by Gatev and Strahan (2006), which suggests that large firms that use the commercial paper and bond markets during normal times, depend upon banks for liquidity during periods of market stress. Gatev and Strahan also provide evidence that banks tend to experience funding inflows during liquidity crises, for instance, when commercial-paper spreads widen. Gatev and Strahan’s results show that when commercial-paper spreads widen, banks increase their reliance on transaction deposits and yields on large certificatesof-deposit tend to fall. They attribute these inflows at least partially to implicit government support for banks. They also point out that deposit outflows during the Great Depression led to a severe credit contraction.73 This evidence of the role that banks play in providing liquidity during a liquidity crisis highlights the importance of ensuring that banks are properly managing their liquidity risk so that they are able to provide liquidity to others under all but the most dire of circumstances. The proposed rule does not seek to ensure that banks always have a specific amount of high quality liquid assets, because such a requirement could prove counterproductive during a liquidity crisis. Rather, the proposed rule seeks to ensure that certain banks have an 72 See Cornett, Marcia Millon, Jamie John McNutt, Philip E. Strahan, and Hassan Tehranian, (2011), ‘‘Liquidity risk management and credit supply in the financial crisis,’’ Journal of Financial Economics, Vol. 101, pp. 297–312. 73 See Gatev, Evan, and Philip E. Strahan, (2006), ‘‘Banks’ Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market,’’ Journal of Finance, Vol. 61, No. 2, pp. 867–892. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 When the LCR of a covered institution falls below the minimum LCR on a particular day, the institution must notify its primary federal supervisor. If the LCR is below the minimum LCR for three consecutive business days, the The Proposed Rule institution must submit a plan for remediation of the shortfall to its The proposed rule would require primary federal supervisor. In addition covered institutions to maintain a liquidity coverage ratio (LCR) according to public disclosure requirements described later in this section, the to the transition schedule (shown in proposed rule includes various table 2) beginning January 1, 2015. reporting requirements that a covered institution must make to its primary TABLE 2—TRANSITION PERIOD FOR THE MINIMUM LIQUIDITY COVERAGE federal regulator on a periodic basis. Both the Basel III LCR framework and RATIO the proposed rule recognize the importance of allowing a covered Minimum liquidity institution to use its HQLA when Calendar year coverage ratio necessary to meet liquidity needs. The (in percent) proposed rule would require a covered 2015 ...................................... 80 banking organization to report to its 2016 ...................................... 90 appropriate federal banking agency 2017, and beyond ................. 100 when its liquidity coverage ratio falls below 100 percent on any business day. In addition, if a covered banking The proposed rule would require organization’s LCR is below 100 percent covered institutions to calculate their for three consecutive business days, LCR on a daily basis at a set time then the covered banking organization selected by the institution. The would be required to provide its proposed rule does not require a supervisory agency with (1) the reasons covered institution to report its LCR to the appropriate regulatory agency unless its liquidity coverage ratio has fallen below the minimum, and (2) a plan for the institution expects a shortfall at its remediation. While an LCR shortfall selected reporting time. will always result in supervisory The LCR is equal to the bank’s monitoring, circumstances will dictate qualifying high-quality liquid assets whether the shortfall results in (HQLA) divided by the bank’s total net cash outflows over a prospective 30-day supervisory enforcement action. Existing supervisory processes and liquidity stress scenario: procedures related to regulatory LCR = [(HQLA)/(Total net cash compliance and risk management would outflow)] * 100. help determine the appropriate response HQLA = (Level 1 liquid to LCR non-compliance by the assets¥Required Reserves) + .85(Level appropriate federal banking agency. 2A liquid assets) + .5(Level 2B liquid Institutions Affected by the Proposed assets)¥(the maximum of the Adjusted Rule or Unadjusted Excess HQLA Amount). Total net cash outflow = (Total cash The proposed rule would apply to (1) outflow)¥(Limited Total cash inflow), all internationally active banking where the total net cash outflow is equal organizations with more than $250 to total net cash outflow on the day billion in total assets or more than $10 within the 30-day stress period that has billion in on-balance sheet foreign the largest net cumulative cash outflows exposure and to their subsidiary after limiting cash inflow amounts to 75 depository institutions with $10 billion percent of cash outflows. or more in total consolidated assets, and amount of high quality liquid assets that will enable them to meet their own liquidity needs and the liquidity needs of their customers, even during periods of market stress. PO 00000 Frm 00036 Fmt 4701 Sfmt 4702 E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules (2) companies designated for supervision by the Federal Reserve Board by the Financial Stability Oversight Council under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that do not have significant insurance operations, and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. As of June 30, 2013, we estimate that approximately 16 bank holding companies will be subject to the proposed rule and 27 subsidiary depository institutions with $10 billion or more in consolidated assets. Of these, 13 holding companies include OCCsupervised institutions (national bank or federal savings association), and within these 13 holding companies, there are a total of 21 OCC-supervised subsidiaries with $10 billion or more in consolidated assets. Thus, we estimate that 21 OCCsupervised banks will be subject to the proposed rule. Estimated Costs and Benefits of the Proposed Rule The proposed rule entails costs in two principal areas: the operational costs associated with establishing programs and procedures to calculate and report the LCR on a daily basis, and the opportunity costs of adjusting the bank’s assets and liabilities to comply with the minimum LCR standard on a daily basis. The benefits of the proposed rule are qualitative in nature, but substantial nonetheless. As described by the Basel Committee on Banking Supervision, ‘‘the objective of the LCR is to promote the short-term resilience of the liquidity risk profile of banks.’’ 74 A principal benefit of the proposed rule is that, in the guise of the LCR, the proposed rule establishes a measure of liquidity that will be consistent across time and across covered institutions. A consistent measure of liquidity could prove invaluable to bank supervisors and bank managers during periods of financial market stress. To help calibrate the LCR proposal and gauge the distance covered institutions may have to cover to comply with a liquidity rule, the banking agencies have been conducting a quantitative impact study (QIS) by collecting consolidated data from bank holding companies on various components of the LCR and the net stable funding ratio. We use QIS data from the fourth quarter of 2012, to estimate the current LCR shortfall across all OCC-supervised institutions subject to the proposed rule. Institutions facing an LCR shortfall have three options to meet the minimum LCR standard. They may either (1) increase their holdings of high quality liquid assets to increase the numerator of the LCR, (2) decrease the denominator of the LCR by decreasing their outflows, or (3) decrease the denominator by adjusting assets and liabilities to increase their inflows. Of course, they may also elect to meet the LCR standard by pursuing some combination of the three options. Data from the QIS for the fourth quarter of 2012 suggests that there is currently a shortfall of approximately $151 billion among OCC-supervised institutions participating in the QIS. OCC-supervised institutions participating in the QIS account for approximately 90 percent of the assets of all OCC-supervised institutions that we estimate may be subject to the proposed rule. To estimate the potential shortfall among OCC-supervised institutions that are subject to the proposal but do not participate in the 71853 QIS, we apply the ratio of the shortfall to total assets across QIS participants to the total assets across nonparticipants. This method yields an additional shortfall of approximately $9 billion. Combining these two shortfall amounts results in an overall shortfall estimate of approximately $160 billion for the OCCsupervised institutions’ shortfall. In pursuing one or more of the options open to them to make up the shortfall and comply with the minimum LCR standard, we anticipate that affected institutions would have to surrender some yield to close the LCR gap. If they elect to close the gap by replacing assets that are not HQLAs with HQLAs, they would likely receive a lower rate of return on the HQLA relative to the non-HQLA. Similarly, they would likely have to pay a higher rate of interest to either reduce their outflows or increase their inflows. Although we do not know the exact size of the change in yield necessary to close the LCR gap, a recent industry report card by Standard & Poor’s suggests that a recent quarter over quarter decline of 4 basis points in net interest margin at large, complex banks was due in part to an increase in HQLA to improve Basel III LCRs.75 The median year over year overall decline was 21 basis points. Table 3 shows the estimated cost of eliminating the $160 billion LCR shortfall for a range of basis points. For the purposes of this analysis, we estimate that the cost of closing the LCR gap will be between 10 basis points and 15 basis points. As shown in table 3, this implies that our estimate of the opportunity cost of changes in the balance sheet to satisfy the requirements of the proposed rule will fall between $160 million and $241 million. TABLE 3—LCR OPPORTUNITY COST ESTIMATES Estimated LCR shortfall (In billion) Basis points sroberts on DSK5SPTVN1PROD with PROPOSALS 0 ............................................................................................................................................................................... 5 ............................................................................................................................................................................... 10 ............................................................................................................................................................................. 15 ............................................................................................................................................................................. 20 ............................................................................................................................................................................. 25 ............................................................................................................................................................................. 30 ............................................................................................................................................................................. 74 See Basel Committee on Banking Supervision (2013), ‘‘Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools,’’ Bank for International Settlements, January, p. 1. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 75 See Standard & Poor’s, RatingsDirect, ‘‘Industry Report Card: U.S. Large, Complex Banks’ Capital Markets Business Trumped Traditional Banking in the Second Quarter,’’ August 8, 2013, p. 5. PO 00000 Frm 00037 Fmt 4701 Sfmt 4702 E:\FR\FM\29NOP3.SGM 29NOP3 $160 160 160 160 160 160 160 Opportunity cost to eliminate shortfall (In million) $0 80 160 241 321 401 481 71854 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules In addition to opportunity costs associated with changes in the banks’ balance sheets, institutions affected by the rule also face compliance costs related to the time and effort necessary to establish programs and procedures to calculate and report the LCR on a daily basis. The principal compliance costs of the proposed rule will involve the costs of establishing procedures and maintaining the programs that calculate the LCR and report the results. These efforts will also involve various recordkeeping, reporting, and training requirements. In particular, the proposed rule would require each covered institution to: 1. Establish and maintain a system of controls, oversight, and documentation for its LCR program. 2. Establish and maintain a program to demonstrate an institutional capacity to liquidate their stock of HQLA, which requires a bank to periodically sell a portion of its HQLAs. 3. Calculate the LCR on a daily basis. 4. Establish procedures to report an LCR deficiency to the institution’s primary federal supervisor. Table 4 shows our estimates of the hours needed to complete tasks associated with establishing systems to calculate the LCR, reporting the LCR, and training staff responsible for the LCR. In developing these estimates, we consider the requirements of the proposed rule and the extent to which these requirements extend current business practices. Because liquidity measurement and management are already integral components of a bank’s ongoing operations, all institutions affected by the proposed rule already engage in some sort of liquidity measurement activity. Thus, our hour estimates reflect the additional time necessary to build upon current internal practices.76 As shown in table 4, we estimate that financial institutions covered by the proposed rule will spend approximately 2,760 hours during the first year the rule is in effect. Because most of these costs reflect start-up costs associated with the introduction of systems to collect and process the data needed to calculate the LCR, we estimate that in subsequent years, after LCR systems are in place, annual compliance hours will taper off to 800 hours per year. Table 5 shows our overall operational cost estimate for the proposed rule. This estimate is the product of our estimate of the hours required per institution, our estimate of the number of institutions affected by the rule, and an estimate of hourly wages. To estimate hours necessary per activity, we estimate the number of employees each activity is likely to need and the number of days necessary to assess, implement, and perfect the required activity. To estimate hourly wages, we reviewed data from May 2012 for wages (by industry and occupation) from the U.S. Bureau of Labor Statistics (BLS) for depository credit intermediation (NAICS 522100). To estimate compensation costs associated with the proposed rule, we use $92 per hour, which is based on the average of the 90th percentile for seven occupations (i.e., accountants and auditors, compliance officers, financial analysts, lawyers, management occupations, software developers, and statisticians) plus an additional 33 percent to cover inflation and private sector benefits.77 As shown in table 5, we estimate that the overall operational costs of the proposed rule in the first year of implementation will be approximately $5.3 million. Eliminating start-up costs after the first year, we expect annual operational costs in subsequent years to be approximately $2.0 million. We do not expect the OCC to incur any material costs as a result of the proposed rule. Combining our opportunity cost estimates (between $160 million and $241 million) and our operational cost estimate ($5.3 million) results in our overall cost estimate of between $165 million and $246 million for the proposed LCR rule. This estimate exceeds the threshold for a significant rule under the OCC’s Unfunded Mandates Reform Act (UMRA) procedures. TABLE 4—ESTIMATED ANNUAL HOURS FOR LCR CALCULATION Estimated start-up hours per institution Activity Estimated ongoing hours per institution Develop and maintain systems for LCR program ................................................................................................... Daily internal reporting of LCR ................................................................................................................................ Training .................................................................................................................................................................... 2,400 260 100 520 260 20 Total .................................................................................................................................................................. 2,760 800 Estimated cost per institution Estimated total operational costs $253,920 $5,332,320 TABLE 5—ESTIMATED OPERATIONAL COSTS FOR LCR PROPOSAL Estimated hours per institution Number of covered OCC institutions 21 ................................................................................................................................................. sroberts on DSK5SPTVN1PROD with PROPOSALS Potential Costs In addition to the anticipated operational and opportunity costs described earlier, the introduction of an 76 For instance, certain operational requirements, especially with respect to demonstrating the liquidity of an institution’s HQLA portfolio, could further increase operational costs if these requirements do not reflect current business VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 2,760 LCR as described in the proposed rule could also affect some broader markets. In this section we list some aspects of the proposed rule that we do not expect to carry substantial direct costs, but under some circumstances, could affect the intended outcome of the proposed rule. We will look to comment letters to see if any of these considerations warrant a more specific inclusion in our practices. We do not include these potential costs in our current estimate, and we will look to comment letters especially with respect to this potential cost for information regarding deviation from current business practices. 77 According to BLS’ employer costs of employee benefits data, thirty percent represents the average private sector costs of employee benefits. PO 00000 Frm 00038 Fmt 4701 Sfmt 4702 E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules analysis of the final rule. These potential costs include: 1. Potential problems from liquidity hoarding: The proposed rule increases the potential for liquidity hoarding among covered institutions, especially during a crisis. To the extent that this possibility emerges as a significant concern among comment letters, an alternative proposal that allows the LCR to fall within a range of 90–100 percent could alleviate some potential for hoarding. The study by van den End and Kruidhof (2013) suggest several possible policy responses to increasingly severe liquidity shocks. These policy responses include (1) reducing the minimum level of the LCR, (2) widening the LCR buffer definition to include more assets, and (3) acknowledge central bank funding in the LCR denominator. They also point out that in the most severe liquidity stress scenarios, the lender of last resort may still need to rescue the financial system. In the event of a liquidity crisis, Diamond and Dybvig (1983) suggest that the discount window or expanding deposit insurance on either a temporary or permanent basis are tools that can help prevent bank runs. 2. No LCR reporting requirement in the proposal: While the LCR proposal does not include a reporting requirement, the agencies plan to do so in the future. Any such reporting requirement will be published for notice and comment. One of the principal benefits of the proposed rule is the introduction of a liquidity risk measurement that is consistent across time and across covered institutions. Knowledge of the LCR and its components across institutions makes the LCR an important supervisory tool and a lack of a standardized reporting requirement would mean a significant loss of the benefits of the proposal. For instance, a decrease in the LCR may occur because of changes in one or more of its three components: a decrease in HQLA, an increase in outflow, or a decrease in inflow. It is important for bank supervisors and the lender of last resort to know which element is changing. Bank supervisors also need to know if the change in the LCR is idiosyncratic or systemic. In particular, bank supervisors should know the number of banks reacting to the liquidity shock and the extent of these reactions to help determine the appropriate policy response, e.g., adjusting LCR requirements, discount window lending, expansion of deposit insurance coverage, or asset purchases. Furthermore, the current LCR formula is not likely to be a static formula, and banking supervisors will need VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 information on the behavior of components in the LCR to calibrate it and update it over time. 3. Public disclosure: While it is important for bank supervisors to be well informed regarding changes in the LCR and its components, the likelihood of liquidity hoarding increases if banks are required to publicly disclose their LCR. Thus, it is appropriate that the proposed rule does not include a public disclosure requirement, though there may be some public disclosure at the bank holding company level. 4. Temporary Gaming Opportunity: The absence of a Net Stable Funding Ratio (NSFR) requirement creates some opportunity to game the LCR with maturity dates. 5. Challenges to LCR Calibration: The components of the LCR tend to focus on the behavior of assets in the most recent financial crisis and may not capture asset performance during the next liquidity crisis, and the focus of the LCR should be on future liquidity events. 6. HQLA Designation Should Enhance Liquidity: Including an asset in eligible HQLA will tend to increase the liquidity of that particular asset, except under stress conditions when there may be hoarding. Similarly, excluding assets from HQLA will tend to decrease the liquidity of those assets. 7. Potential for additional operational costs: Certain operational requirements, especially with respect to demonstrating the liquidity of an institution’s HQLA portfolio, could further increase operational costs if these requirements do not reflect current business practices. We will look to comment letters especially with respect to this potential cost for information regarding deviation from current business practices. Comparison Between the Proposed Rule and the Baseline Under current rules, banks are subject to a general liquidity risk management requirement captured as part of the CAMELS rating system. The CAMELS rating system examines capital adequacy, asset quality, management quality, earnings, liquidity, and sensitivity to market risk. According to the Comptroller’s Handbook, the liquidity component of this rating system requires banks to have a sound understanding of the following seven factors affecting a bank’s liquidity risk. 1. Projected funding sources and needs under a variety of market conditions. 2. Net cash flow and liquid asset positions given planned and unplanned balance sheet changes. 3. Projected borrowing capacity under stable conditions and under adverse PO 00000 Frm 00039 Fmt 4701 Sfmt 4702 71855 scenarios of varying severity and duration. 4. Highly liquid asset (which is currently defined as U.S. Treasury and Agency securities and excess reserves at the Federal Reserve) and collateral position, including the eligibility and marketability of such assets under a variety of market environments. 5. Vulnerability to rollover risk, which is the risk that a bank is unable to renew or replace funds at reasonable costs when they mature or otherwise come due. 6. Funding requirements for unfunded commitments over various time horizons. 7. Projected funding costs, as well as earnings and capital positions under varying rate scenarios and market conditions. Under the baseline scenario, liquidity requirements incorporated in the CAMELS rating process and the Comptroller’s Handbook on liquidity would continue to apply. Thus, under the baseline, institutions affected by the proposed rule would not have to calculate and report the LCR, and the banks would incur no additional costs related to liquidity risk measurement and management. Under the baseline, however, there would also be no added benefits related to the introduction of a consistent measure of liquidity. Comparison Between the Proposed Rule and Alternatives With respect to OCC-supervised institutions, the proposed rule would apply to 21 national banks or federal savings associations that are subject to the advanced approaches risk-based capital rules and their subsidiary depository institutions with $10 billion or more in total consolidated assets. For our feasible alternatives, we consider applying the proposed rule using criteria other than use of the advanced approaches threshold. In particular, we consider the impact of the proposal if (1) the rule only applied to institutions designated as global systemically important banks (G–SIBs) and their subsidiary depository institutions with $10 billion or more in total consolidated assets, and (2) the rule applied to all depository institutions with $10 billion or more in total assets. The first alternative considers applying the LCR to U.S. bank or financial holding companies identified in November 2012, as global systemically important banking organizations by the Basel Committee on Banking Supervision. This implies that the U.S. banking organizations that would be subject to the proposed rule are Citigroup Inc., JP Morgan Chase & E:\FR\FM\29NOP3.SGM 29NOP3 71856 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules Co., Bank of America Corporation, The Bank of New York Mellon Corporation, Goldman Sachs Group, Inc., Morgan Stanley, State Street Corporation, and Wells Fargo & Company. Together with their insured depository institution subsidiaries also covered by the proposed rule, 12 OCC-supervised banks would be subject to the proposal. Applying the same methodology as before, we estimate that the LCR shortfall for OCC-supervised G–SIBS would be approximately $104 billion, which yields an opportunity cost estimate of between $104 million and $157 million. This opportunity cost estimate again assumes a 10–15 basis point cost to the balance sheet adjustment. Applying the same operational cost estimate as before to the 12 OCC institutions subject to the proposal under the first alternative scenario, results in an operational cost estimate of $3.0 million. Combining opportunity and operational costs provides a total cost estimate of between $107 million and $160 million under the first alternative. The second alternative considers applying the LCR to all U.S. banks with total assets of $10 billion or more. This size threshold would increase the number of OCC-supervised banks to 59, and the estimated LCR shortfall would increase to $179 billion. The opportunity cost estimate would then be between $179 million and $269 million. The operational cost estimate would increase to $15.0 million across the 59 institutions. Thus, the overall cost estimate under the second alternative would be between $194 million and $284 million. sroberts on DSK5SPTVN1PROD with PROPOSALS The Unfunded Mandates Reform Act (UMRA) Conclusion UMRA requires federal agencies to assess the effects of federal regulatory actions on State, local, and tribal governments and the private sector. As required by the UMRA, our review considers whether the mandates imposed by the rule may result in an expenditure of approximately $141 million or more annually by state, local, and tribal governments, or by the private sector.78 Our estimate of the total cost is between $165 million and $246 million per year. We conclude that the proposed rule will result in private 78 UMRA’s aggregate expenditure threshold to determine the significance of regulatory actions is $100 million or more adjusted annually for inflation. Using the GDP deflator published by the Bureau of Economic Analysis, we apply the ratio of the 2012 GDP deflator to the 1995 deflator and multiply by $100 million to arrive at our inflation adjusted UMRA threshold of approximately $141 million. VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 sector costs that exceed the UMRA threshold for a significant rule.79 Other than the aforementioned costs to banking organizations affected by the proposed rule, we do not anticipate any disproportionate effects upon any particular regions of the United States or particular State, local, or tribal governments, or urban or rural communities. We do not expect an increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies. Nor do we expect this proposed rule to have a significant adverse effect on economic growth, competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreignbased enterprises. Text of the Proposed Common Rules (All Agencies) The text of the proposed common rules appears below: PART [INSERT PART]—LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING Subpart A General Provisions § __.1 Purpose and applicability. § __.2 Reservation of authority. § __.3 Definitions. § __.4 Certain operational requirements. Subpart B Liquidity Coverage Ratio § __.10 Liquidity coverage ratio. Subpart C High-Quality Liquid Assets § __.20 High-Quality Liquid Asset Criteria. § __.21 High-Quality Liquid Asset Amount. Subpart D Total Net Cash Outflow § __.30 Total net cash outflow amount. § __.31 Determining maturity. § __.32 Outflow amounts. § __.33 Inflow amounts. Subpart E Liquidity Coverage Shortfall § __.40 Liquidity coverage shortfall: supervisory framework. Subpart F Transitions § __.50 Transitions. Text of Common Rule Subpart A—General Provisions § __.1 Purpose and applicability. (a) Purpose. This part establishes a minimum liquidity standard and disclosure requirements for certain [BANK]s, as set forth herein. (b) Applicability. (1) A [BANK] is subject to the minimum liquidity standard and other requirements of this part if: (i) It has consolidated total assets equal to $250 billion or more, as reported on the most recent year-end [REGULATORY REPORT]; 79 UMRA describes costs as expenditures necessary to comply with federal private sector mandates, and could thus be interpreted to exclude opportunity costs. Our estimate of direct expenditures (excluding opportunity costs) is approximately $7 million per year. PO 00000 Frm 00040 Fmt 4701 Sfmt 4702 (ii) It has consolidated total on-balance sheet foreign exposure at the most recent year-end equal to $10 billion or more (where total on-balance sheet foreign exposure equals total cross-border claims less claims with a head office or guarantor located in another country plus redistributed guaranteed amounts to the country of head office or guarantor plus local country claims on local residents plus revaluation gains on foreign exchange and derivative transaction products, calculated in accordance with the Federal Financial Institutions Examination Council (FFIEC) 009 Country Exposure Report); (iii) It is a depository institution that is a consolidated subsidiary of a company described in paragraphs (b)(1)(i) or (b)(1)(ii) of this section and has consolidated total assets equal to $10 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income; or (iv) The [AGENCY] has determined that application of this part is appropriate in light of the [BANK]’s asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial system. (2) This part does not apply to: (i) A bridge financial company as defined in 12 U.S.C. 5381(a)(3), or a subsidiary of a bridge financial company; or (ii) A new depository institution or a bridge depository institution, as defined in 12 U.S.C. 1813(i). (3) A [BANK] subject to a minimum liquidity standard under this part shall remain subject until the [AGENCY] determines in writing that application of this part to the [BANK] is not appropriate in light of the [BANK]’s asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial system. (4) In making a determination under paragraphs (b)(1)(iv) or (3) of this section, the [AGENCY] will apply notice and response procedures in the same manner and to the same extent as the notice and response procedures in [12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]. § __.2 Reservation of authority. (a) The [AGENCY] may require a [BANK] to hold an amount of high-quality liquid assets (HQLA) greater than otherwise required under this part, or to take any other measure to improve the [BANK]’s liquidity risk profile, if the [AGENCY] determines that the [BANK]’s liquidity requirements as calculated under this part are not commensurate with the [BANK]’s liquidity risks. In making determinations under this section, the [AGENCY] will apply notice and response procedures as set forth in [12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]. (b) Nothing in this part limits the authority of the [AGENCY] under any other provision of law or regulation to take supervisory or enforcement action, including action to address unsafe or unsound practices or conditions, deficient liquidity levels, or violations of law. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules § __.3 Definitions. For the purposes of this part: Affiliated depository institution means with respect to a [BANK] that is a depository institution, another depository institution that is a consolidated subsidiary of a bank holding company or savings and loan holding company of which the [BANK] is also a consolidated subsidiary. Asset exchange means a transaction that requires the counterparties to exchange noncash assets at a future date. Asset exchanges do not include secured funding and secured lending transactions. Bank holding company is defined in section 2 of the Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.). Brokered deposit means any deposit held at the [BANK] that is obtained, directly or indirectly, from or through the mediation or assistance of a deposit broker as that term is defined in section 29 of the Federal Deposit Insurance Act (12 U.S.C. 1831f(g)), and includes a reciprocal brokered deposit and a brokered sweep deposit. Brokered sweep deposit means a deposit held at the [BANK] by a customer or counterparty through a contractual feature that automatically transfers to the [BANK] from another regulated financial company at the close of each business day amounts identified under the agreement governing the account from which the amount is being transferred. Calculation date means any date on which a [BANK] calculates its liquidity coverage ratio under § __.10. Client pool security means a security that is owned by a customer of the [BANK] and is not an asset of the [BANK] regardless of a [BANK]’s hypothecation rights to the security. Committed means, with respect to a credit facility or liquidity facility, that under the terms of the legally binding agreement governing the facility: (1) The [BANK] may not refuse to extend credit or funding under the facility; or (2) The [BANK] may refuse to extend credit under the facility (to the extent permitted under applicable law) only upon the satisfaction or occurrence of one or more specified conditions not including change in financial condition of the borrower, customary notice, or administrative conditions. Company means a corporation, partnership, limited liability company, depository institution, business trust, special purpose entity, association, or similar organization. Consolidated subsidiary means a company that is consolidated on a [BANK]’s balance sheet under GAAP. Covered depository institution holding company means a top-tier bank holding company or savings and loan holding company domiciled in the United States other than: (1) A top-tier savings and loan holding company that is: (i) A grandfathered unitary savings and loan holding company as defined in section 10(c)(9)(A) of the Home Owners’ Loan Act (12 U.S.C. 1461 et seq.); and (ii) As of June 30 of the previous calendar year, derived 50 percent or more of its total VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 consolidated assets or 50 percent of its total revenues on an enterprise-wide basis (as calculated under GAAP) from activities that are not financial in nature under section 4(k) of the Bank Holding Company Act (12 U.S.C. 1842(k)); (2) A top-tier depository institution holding company that is an insurance underwriting company; or (3)(i) A top-tier depository institution holding company that, as of June 30 of the previous calendar year, held 25 percent or more of its total consolidated assets in subsidiaries that are insurance underwriting companies (other than assets associated with insurance for credit risk); and (ii) For purposes of paragraph 3(i) of this definition, the company must calculate its total consolidated assets in accordance with GAAP, or if the company does not calculate its total consolidated assets under GAAP for any regulatory purpose (including compliance with applicable securities laws), the company may estimate its total consolidated assets, subject to review and adjustment by the Board. Covered nonbank company means a company that the Financial Stability Oversight Council has determined under section 113 of the Dodd-Frank Act (12 U.S.C. 5323) shall be supervised by the Board and for which such determination is still in effect (designated company) other than: (1) A designated company that is an insurance underwriting company; or (2)(i) A designated company that, as of June 30 of the previous calendar year, held 25 percent or more of its total consolidated assets in subsidiaries that are insurance underwriting companies (other than assets associated with insurance for credit risk); and (ii) For purposes of paragraph 2(i) of this definition, the company must calculate its total consolidated assets in accordance with GAAP, or if the company does not calculate its total consolidated assets under GAAP for any regulatory purpose (including compliance with applicable securities laws), the company may estimate its total consolidated assets, subject to review and adjustment by the Board. Credit facility means a legally binding agreement to extend funds if requested at a future date, including a general working capital facility such as a revolving credit facility for general corporate or working capital purposes. Credit facilities do not include facilities extended expressly for the purpose of refinancing the debt of a counterparty that is otherwise unable to meet its obligations in the ordinary course of business (including through its usual sources of funding or other anticipated sources of funding). See liquidity facility. Deposit means ‘‘deposit’’ as defined in section 3(l) of the Federal Deposit Insurance Act (12 U.S.C. 1813(l)) or an equivalent liability of the [BANK] in a jurisdiction outside of the United States. Depository institution is defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)). Depository institution holding company means a bank holding company or savings and loan holding company. Deposit insurance means deposit insurance provided by the Federal Deposit Insurance PO 00000 Frm 00041 Fmt 4701 Sfmt 4702 71857 Corporation under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.). Derivative transaction means a financial contract whose value is derived from the values of one or more underlying assets, reference rates, or indices of asset values or reference rates. Derivative contracts include interest rate derivative contracts, exchange rate derivative contracts, equity derivative contracts, commodity derivative contracts, credit derivative contracts, and any other instrument that poses similar counterparty credit risks. Derivative contracts also include unsettled securities, commodities, and foreign currency exchange transactions with a contractual settlement or delivery lag that is longer than the lesser of the market standard for the particular instrument or five business days. A derivative does not include any identified banking product, as that term is defined in section 402(b) of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27(b)), that is subject to section 403(a) of that Act (7 U.S.C. 27a(a)). Dodd-Frank Act means the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 1376 (2010). Foreign withdrawable reserves means a [BANK]’s balances held by or on behalf of the [BANK] at a foreign central bank that are not subject to restrictions on the [BANK]’s ability to use the reserves. GAAP means generally accepted accounting principles as used in the United States. High-quality liquid asset (HQLA) means an asset that meets the requirements for level 1 liquid assets, level 2A liquid assets, or level 2B liquid assets, as set forth in subpart C of this part. HQLA amount means the HQLA amount as calculated under § __.21. Identified company means any company that the [AGENCY] has determined should be treated the same for the purposes of this part as a regulated financial company, investment company, non-regulated fund, pension fund, or investment adviser, based on activities similar in scope, nature, or operations to those entities. Individual means a natural person, and does not include a sole proprietorship. Investment adviser means a company registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.), or foreign equivalents of such company. Investment company means a company registered with the SEC under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) or foreign equivalents of such company. Liquid and readily-marketable means, with respect to a security, that the security is traded in an active secondary market with: (1) More than two committed market makers; (2) A large number of non-market maker participants on both the buying and selling sides of transactions; (3) Timely and observable market prices; and (4) A high trading volume. Liquidity facility means a legally binding agreement to extend funds at a future date to a counterparty that is made expressly for the E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71858 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules purpose of refinancing the debt of the counterparty when it is unable to obtain a primary or anticipated source of funding. A liquidity facility includes an agreement to provide liquidity support to asset-backed commercial paper by lending to, or purchasing assets from, any structure, program or conduit in the event that funds are required to repay maturing asset-backed commercial paper. Liquidity facilities exclude facilities that are established solely for the purpose of general working capital, such as revolving credit facilities for general corporate or working capital purposes. See credit facility. Multilateral development bank means the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, the Nordic Investment Bank, the Caribbean Development Bank, the Islamic Development Bank, the Council of Europe Development Bank, and any other entity that provides financing for national or regional development in which the U.S. government is a shareholder or contributing member or which the [AGENCY] determines poses comparable credit risk. Non-regulated fund means any hedge fund or private equity fund whose investment adviser is required to file SEC Form PF (Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors), and any consolidated subsidiary of such fund, other than a small business investment company as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.). Nonperforming exposure means an exposure that is past due by more than 90 days or nonaccrual. Operational deposit means unsecured wholesale funding that is required for the [BANK] to provide operational services as an independent third-party intermediary to the wholesale customer or counterparty providing the unsecured wholesale funding. In order to recognize a deposit as an operational deposit for purposes of this part, a [BANK] must comply with the requirements of § __.4(b) with respect to that deposit. Operational services means the following services, provided they are performed as part of cash management, clearing, or custody services: (1) Payment remittance; (2) Payroll administration and control over the disbursement of funds; (3) Transmission, reconciliation, and confirmation of payment orders; (4) Daylight overdraft; (5) Determination of intra-day and final settlement positions; (6) Settlement of securities transactions; (7) Transfer of recurring contractual payments; (8) Client subscriptions and redemptions; (9) Scheduled distribution of client funds; VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 (10) Escrow, funds transfer, stock transfer, and agency services, including payment and settlement services, payment of fees, taxes, and other expenses; and (11) Collection and aggregation of funds. Pension fund means an employee benefit plan as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income and Security Act of 1974 (29 U.S.C. 1001 et seq.), a ‘‘governmental plan’’ (as defined in 29 U.S.C. 1002(32)) that complies with the tax deferral qualification requirements provided in the Internal Revenue Code, or any similar employee benefit plan established under the laws of a foreign jurisdiction. Public sector entity means a state, local authority, or other governmental subdivision below the sovereign entity level. Publicly traded means, with respect to a security, that the security is traded on: (1) Any exchange registered with the SEC as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f); or (2) Any non-U.S.-based securities exchange that: (i) Is registered with, or approved by, a national securities regulatory authority; and (ii) Provides a liquid, two-way market for the security in question. Qualifying master netting agreement (1) Means a written, legally binding agreement that: (i) Creates a single obligation for all individual transactions covered by the agreement upon an event of default, including upon an event of receivership, insolvency, liquidation, or similar proceeding, of the counterparty; (ii) Provides the [BANK] the right to accelerate, terminate, and close out on a net basis all transactions under the agreement and to liquidate or set-off collateral promptly upon an event of default, including upon an event of receivership, insolvency, liquidation, or similar proceeding, of the counterparty, provided that, in any such case, any exercise of rights under the agreement will not be stayed or avoided under applicable law in the relevant jurisdictions, other than in receivership, conservatorship, resolution under the Federal Deposit Insurance Act, Title II of the DoddFrank Act, or under any similar insolvency law applicable to U.S. government-sponsored enterprises; (iii) Does not contain a walkaway clause (that is, a provision that permits a nondefaulting counterparty to make a lower payment than it otherwise would make under the agreement, or no payment at all, to a defaulter or the estate of a defaulter, even if the defaulter or the estate of the defaulter is a net creditor under the agreement); and (2) In order to recognize an agreement as a qualifying master netting agreement for purposes of this part, a [BANK] must comply with the requirements of § __.4(a) with respect to that agreement. Reciprocal brokered deposit means a brokered deposit that a [BANK] receives through a deposit placement network on a reciprocal basis, such that: (1) For any deposit received, the [BANK] (as agent for the depositors) places the same PO 00000 Frm 00042 Fmt 4701 Sfmt 4702 amount with other depository institutions through the network; and (2) Each member of the network sets the interest rate to be paid on the entire amount of funds it places with other network members. Regulated financial company means: (1) A bank holding company; savings and loan holding company (as defined in section 10(a)(1)(D) of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)(1)(D)); nonbank financial institution supervised by the Board of Governors of the Federal Reserve System under Title I of the Dodd-Frank Act (12 U.S.C. 5323); (2) A company included in the organization chart of a depository institution holding company on the Form FR Y–6, as listed in the hierarchy report of the depository institution holding company produced by the National Information Center (NIC) Web site,1 provided that the top-tier depository institution holding company is subject to a minimum liquidity standard under this part; (3) A depository institution; foreign bank; credit union; industrial loan company, industrial bank, or other similar institution described in section 2 of the Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.); national bank, state member bank, or state non-member bank that is not a depository institution; (4) An insurance company; (5) A securities holding company as defined in section 618 of the Dodd-Frank Act (12 U.S.C. 1850a); broker or dealer registered with the SEC under section 15 of the Securities Exchange Act (15 U.S.C. 78o); futures commission merchant as defined in section 1a of the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.); swap dealer as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a); or security-based swap dealer as defined in section 3 of the Securities Exchange Act (15 U.S.C. 78c); (6) A designated financial market utility, as defined in section 803 of the Dodd-Frank Act (12 U.S.C. 5462); and (7) Any company not domiciled in the United States (or a political subdivision thereof) that is supervised and regulated in a manner similar to entities described in paragraphs (1) through (6) of this definition (e.g., a foreign banking organization, foreign insurance company, foreign securities broker or dealer or foreign designated financial market utility). (8) A regulated financial institution does not include: (i) U.S. government-sponsored enterprises; (ii) Small business investment companies, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.); (iii) Entities designated as Community Development Financial Institutions (CDFIs) under 12 U.S.C. 4701 et seq. and 12 CFR part 1805; or (iv) Central banks, the Bank for International Settlements, the International Monetary Fund, or a multilateral development bank. 1 http://www.ffiec.gov/nicpubweb/nicweb/ NicHome.aspx. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules Reserve Bank balances means: (1) Balances held in a master account of the [BANK] at a Federal Reserve Bank, less any balances that are attributable to any respondent of the [BANK] if the [BANK] is a correspondent for a pass-through account as defined in section 204.2(l) of Regulation D (12 CFR 204.2(l)); (2) Balances held in a master account of a correspondent of the [BANK] that are attributable to the [BANK] if the [BANK] is a respondent for a pass-through account as defined in section 204.2(l) of Regulation D; (3) ‘‘Excess balances’’ of the [BANK] as defined in section 204.2(z) of Regulation D (12 CFR 204.2(z)) that are maintained in an ‘‘excess balance account’’ as defined in section 204.2(aa) of Regulation D (12 CFR 204.2(aa)) if the [BANK] is an excess balance account participant; and (4) ‘‘Term deposits’’ of the [BANK] as defined in section 204.2(dd) of Regulation D (12 CFR 204.2(dd)) if such term deposits are offered and maintained pursuant to terms and conditions that: (i) Explicitly and contractually permit such term deposits to be withdrawn upon demand prior to the expiration of the term, or that (ii) Permit such term deposits to be pledged as collateral for term or automatically-renewing overnight advances from the Reserve Bank. Retail customer or counterparty means a customer or counterparty that is: (1) An individual; or (2) A business customer, but solely if and to the extent that: (i) The [BANK] manages its transactions with the business customer, including deposits, unsecured funding, and credit facility and liquidity facility transactions, in the same way it manages its transactions with individuals; (ii) Transactions with the business customer have liquidity risk characteristics that are similar to comparable transactions with individuals; and (iii) The total aggregate funding raised from the business customer is less than $1.5 million. Retail deposit means a demand or term deposit that is placed with the [BANK] by a retail customer or counterparty, other than a brokered deposit. Retail mortgage means a mortgage that is primarily secured by a first or subsequent lien on one-to-four family residential property. Savings and loan holding company means a savings and loan holding company as defined in section 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a). SEC means the Securities and Exchange Commission. Secured funding transaction means any funding transaction that gives rise to a cash obligation of the [BANK] to a counterparty that is secured under applicable law by a lien on specifically designated assets owned by the [BANK] that gives the counterparty, as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution, including repurchase transactions, loans of collateral to the [BANK]’s customers to effect short positions, and other secured loans. Secured VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 funding transactions also include borrowings from a Federal Reserve Bank. Secured lending transaction means any lending transaction that gives rise to a cash obligation of a counterparty to the [BANK] that is secured under applicable law by a lien on specifically designated assets owned by the counterparty and included in the [BANK]’s HQLA amount that gives the [BANK], as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution, including reverse repurchase transactions and securities borrowing transactions. If the specifically designated assets are not included in the [BANK]’s HQLA amount but are still held by the [BANK], then the transaction is an unsecured wholesale funding transaction. See unsecured wholesale funding. Securities Exchange Act means the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Short position means a legally binding agreement to deliver a non-cash asset to a counterparty in the future. Sovereign entity means a central government (including the U.S. government) or an agency, department, ministry, or central bank of a central government. Special purpose entity means a company organized for a specific purpose, the activities of which are significantly limited to those appropriate to accomplish a specific purpose, and the structure of which is intended to isolate the credit risk of the special purpose entity. Stable retail deposit means a retail deposit that is entirely covered by deposit insurance and: (1) Is held by the depositor in a transactional account; or (2) The depositor that holds the account has another established relationship with the [BANK] such as another deposit account, a loan, bill payment services, or any similar service or product provided to the depositor that the [BANK] demonstrates to the satisfaction of the [AGENCY] would make deposit withdrawal highly unlikely during a liquidity stress event. Structured security means a security whose cash flow characteristics depend upon one or more indices or that have imbedded forwards, options, or other derivatives or a security where an investor’s investment return and the issuer’s payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows. Structured transaction means a secured transaction in which repayment of obligations and other exposures to the transaction is largely derived, directly or indirectly, from the cash flow generated by the pool of assets that secures the obligations and other exposures to the transaction. Two-way market means a market where there are independent bona fide offers to buy and sell so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at that price within a relatively short time frame conforming to trade custom. U.S. government-sponsored enterprise means an entity established or chartered by PO 00000 Frm 00043 Fmt 4701 Sfmt 4702 71859 the Federal government to serve public purposes specified by the United States Congress, but whose debt obligations are not explicitly guaranteed by the full faith and credit of the United States government. Unsecured wholesale funding means a liability or general obligation of the [BANK] to a wholesale customer or counterparty that is not secured under applicable law by a lien on specifically designated assets owned by the [BANK], including a wholesale deposit. Wholesale customer or counterparty means a customer or counterparty that is not a retail customer or counterparty. Wholesale deposit means a demand or term deposit that is provided by a wholesale customer or counterparty. § ___.4 Certain operational requirements. (a) Qualifying Master netting agreements. In order to recognize an agreement as a qualifying master netting agreement as defined in § __.3, a [BANK] must: (1) Conduct sufficient legal review to conclude with a well-founded basis (and maintain sufficient written documentation of that legal review) that: (i) The agreement meets the requirements of the definition of qualifying master netting agreement in § __.3; and (ii) In the event of a legal challenge (including one resulting from default or from receivership, insolvency, liquidation, or similar proceeding) the relevant judicial and administrative authorities would find the agreement to be legal, valid, binding, and enforceable under the law of the relevant jurisdictions; and (2) Establish and maintain written procedures to monitor possible changes in relevant law and to ensure that the agreement continues to satisfy the requirements of the definition of qualifying master netting agreement in § __.3. (b) Operational deposits. In order to recognize a deposit as an operational deposit as defined in § __.3: (1) The deposit must be held pursuant to a legally binding written agreement, the termination of which is subject to a minimum 30 calendar-day notice period or significant termination costs are borne by the customer providing the deposit if a majority of the deposit balance is withdrawn from the operational deposit prior to the end of a 30 calendar-day notice period; (2) There must not be significant volatility in the average balance of the deposit; (3) The deposit must be held in an account designated as an operational account; (4) The customer must hold the deposit at the [BANK] for the primary purpose of obtaining the operational services provided by the [BANK]; (5) The deposit account must not be designed to create an economic incentive for the customer to maintain excess funds therein through increased revenue, reduction in fees, or other offered economic incentives; (6) The [BANK] must demonstrate that the deposit is empirically linked to the operational services and that it has a methodology for identifying any excess amount, which must be excluded from the operational deposit amount; (7) The deposit must not be provided in connection with the [BANK]’s provision of E:\FR\FM\29NOP3.SGM 29NOP3 71860 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules operational services to an investment company, non-regulated fund, or investment adviser; and (8) The deposits must not be for correspondent banking arrangements pursuant to which the [BANK] (as correspondent) holds deposits owned by another depository institution bank (as respondent) and the respondent temporarily places excess funds in an overnight deposit with the [BANK]. Subpart B—Liquidity Coverage Ratio § __.10 Liquidity coverage ratio. (a) Minimum liquidity coverage ratio requirement. Subject to the transition provisions in subpart F of this part, a [BANK] must calculate and maintain a liquidity coverage ratio that is equal to or greater than 1.0 on each business day in accordance with this part. A [BANK] must calculate its liquidity coverage ratio as of the same time on each business day (elected calculation time). The [BANK] must select this time by written notice to the [AGENCY] prior to the effective date of this rule. The [BANK] may not thereafter change its elected calculation time without written approval from the [AGENCY]. (b) Calculation of the liquidity coverage ratio. A [BANK]’s liquidity coverage ratio equals: (1) The [BANK]’s HQLA amount as of the calculation date, calculated under subpart C of this part; divided by (2) The [BANK]’s total net cash outflow amount as of the calculation date, calculated under subpart D of this part. sroberts on DSK5SPTVN1PROD with PROPOSALS Subpart C—High-Quality Liquid Assets § __.20 High-Quality Liquid Asset Criteria. (a) Level 1 liquid assets. An asset is a level 1 liquid asset if it meets all of the criteria set forth in paragraphs (d) and (e) of this section and is one of the following types of assets: (1) Reserve Bank balances; (2) Foreign withdrawable reserves; (3) A security that is issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the U.S. Department of the Treasury; (4) A security that is issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, a U.S. government agency (other than the U.S. Department of the Treasury) whose obligations are fully and explicitly guaranteed by the full faith and credit of the United States government, provided that the security is liquid and readily-marketable; (5) A security that is issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, a sovereign entity, the Bank for International Settlements, the International Monetary Fund, the European Central Bank and European Community, or a multilateral development bank, that is: (i) Assigned a 0 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION] as of the calculation date; (ii) Liquid and readily-marketable; (iii) Issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions; VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 (iv) Not an obligation of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, and not an obligation of a consolidated subsidiary of any of the foregoing; and (6) A security issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, a sovereign entity that is not assigned a 0 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION], where the sovereign entity issues the security in its own currency, the security is liquid and readily-marketable, and the [BANK] holds the security in order to meet its net cash outflows in the jurisdiction of the sovereign entity, as calculated under subpart D of [AGENCY CAPITAL REGULATION]. (b) Level 2A liquid assets. An asset is a level 2A liquid asset if the asset is liquid and readily-marketable, meets all of the criteria set forth in paragraphs (d) and (e) of this section, and is one of the following types of assets: (1) A security issued by, or guaranteed as to the timely payment of principal and interest by, a U.S. government-sponsored enterprise, that is investment grade under 12 CFR part 1 as of the calculation date, provided that the claim is senior to preferred stock; (2) A security that is issued by, or guaranteed as to the timely payment of principal and interest by, a sovereign entity or multilateral development bank that is: (i) Not included in level 1 liquid assets; (ii) Assigned no higher than a 20 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION] as of the calculation date; (iii) Issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions demonstrated by: (A) The market price of the security or equivalent securities of the issuer declining by no more than 10 percent during a 30 calendar-day period of significant stress, or (B) The market haircut demanded by counterparties to secured lending and secured funding transactions that are collateralized by the security or equivalent securities of the issuer increasing by no more than 10 percentage points during a 30 calendar-day period of significant stress; and (iv) Not an obligation of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, and not an obligation of a consolidated subsidiary of any of the foregoing. (c) Level 2B liquid assets. An asset is a level 2B liquid asset if the asset is liquid and readily-marketable, meets all of the criteria set forth in paragraphs (d) and (e) of this section, and is one of the following types of assets: (1) A publicly traded corporate debt security that is: (i) Investment grade under 12 CFR part 1 as of the calculation date; (ii) Issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets PO 00000 Frm 00044 Fmt 4701 Sfmt 4702 during stressed market conditions, demonstrated by: (A) The market price of the publicly traded corporate debt security or equivalent securities of the issuer declining by no more than 20 percent during a 30 calendar-day period of significant stress, or (B) The market haircut demanded by counterparties to secured lending and secured funding transactions that are collateralized by the publicly traded corporate debt security or equivalent securities of the issuer increasing by no more than 20 percentage points during a 30 calendar-day period of significant stress; and (iii) Not an obligation of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, and not an obligation of a consolidated subsidiary of any of the foregoing; or (2) A publicly traded common equity share that is: (i) Included in: (A) The Standard & Poor’s 500 Index; (B) An index that a [BANK]’s supervisor in a foreign jurisdiction recognizes for purposes of including equity shares in level 2B liquid assets under applicable regulatory policy, if the share is held in that foreign jurisdiction; or (C) Any other index for which the [BANK] can demonstrate to the satisfaction of the [AGENCY] that the equities represented in the index are as liquid and readily marketable as equities included in the Standard & Poor’s 500 Index; (ii) Issued in: (A) U.S. dollars; or (B) In the currency of a jurisdiction where the [BANK] operates and the [BANK] holds the common equity share in order to cover its net cash outflows in that jurisdiction, as calculated under subpart D of this part; (iii) Issued by an entity whose publicly traded common equity shares have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions, demonstrated by: (A) The market price of the security or equivalent securities of the issuer declining by no more than 40 percent during a 30 calendar-day period of significant stress, or (B) The market haircut demanded by counterparties to securities borrowing and lending transactions that are collateralized by the publicly traded common equity shares or equivalent securities of the issuer increasing by no more than 40 percentage points, during a 30 calendar day period of significant stress; (iv) Not issued by a regulated financial company, investment company, nonregulated fund, pension fund, investment adviser, or identified company, and not issued by a consolidated subsidiary of any of the foregoing; (v) If held by a depository institution, is not acquired in satisfaction of a debt previously contracted (DPC); and (vi) If held by a consolidated subsidiary of a depository institution, the depository institution can include the publicly traded common equity share in its level 2B liquid assets only if the share is held to cover net cash outflows of the depository institution’s consolidated subsidiary, as calculated by the [BANK] under this part. E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules (d) Operational requirements for HQLA. With respect to each asset that a [BANK] includes in its HQLA amount, a [BANK] must meet all of the following operational requirements: (1) The [BANK] must have the operational capability to monetize the HQLA by: (i) Implementing and maintaining appropriate procedures and systems to monetize any HQLA at any time in accordance with relevant standard settlement periods and procedures; and (ii) Periodically monetize a sample of HQLA that reasonably reflects the composition of the [BANK]’s HQLA amount, including with respect to asset type, maturity, and counterparty characteristics; (2) The [BANK] must implement policies that require all HQLA to be under the control of the management function in the [BANK] that is charged with managing liquidity risk, and this management function evidences its control over the HQLA by either: (i) Segregating the assets from other assets, with the sole intent to use the assets as a source of liquidity; or (ii) Demonstrating the ability to monetize the assets and making the proceeds available to the liquidity management function without conflicting with a business risk or management strategy of the [BANK]; (3) The [BANK] must include in its total net cash outflow amount under subpart D of this part the amount of cash outflows that would result from the termination of any specific transaction hedging HQLA included in its HQLA amount; and (4) The [BANK] must implement and maintain policies and procedures that determine the composition of the assets in its HQLA amount on a daily basis, by: (i) Identifying where its HQLA is held by legal entity, geographical location, currency, custodial or bank account, or other relevant identifying factor as of the calculation date; (ii) Determining HQLA included in the [BANK]’s HQLA amount meet the criteria set forth in this section; and (iii) Ensuring the appropriate diversification of the assets included in the [BANK]’s HQLA amount by asset type, counterparty, issuer, currency, borrowing capacity, or other factors associated with the liquidity risk of the assets. (e) Generally applicable criteria for HQLA. Assets that a [BANK] includes in its HQLA amount must meet all of the following criteria: (1) The assets are unencumbered in accordance with the following criteria: (i) The assets are free of legal, regulatory, contractual, or other restrictions on the ability of the [BANK] to monetize the asset; and (ii) The assets are not pledged, explicitly or implicitly, to secure or to provide credit enhancement to any transaction, except that the assets may be pledged to a central bank or a U.S. government-sponsored enterprise if potential credit secured by the assets is not currently extended to the [BANK] or its consolidated subsidiaries. (2) The asset is not: (i) A client pool security held in a segregated account; or VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 (ii) Cash received from a secured funding transaction involving client pool securities that were held in a segregated account. (3) For HQLA held in a legal entity that is a U.S. consolidated subsidiary of a [BANK]: (i) If the U.S. consolidated subsidiary is subject to a minimum liquidity standard under this part, the [BANK] may include the assets in its HQLA amount up to: (A) The amount of net cash outflows of the U.S. consolidated subsidiary calculated by the U.S. consolidated subsidiary for its own minimum liquidity standard under this part; plus (B) Any additional amount of assets, including proceeds from the monetization of assets, that would be available for transfer to the top-tier [BANK] during times of stress without statutory, regulatory, contractual, or supervisory restrictions, including sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 12 U.S.C. 371c–1) and Regulation W (12 CFR part 223); (ii) If the U.S. consolidated subsidiary is not subject to a minimum liquidity standard under this part, the [BANK] may include the assets in its HQLA amount up to: (A) The amount of the net cash outflows of the U.S. consolidated subsidiary as of the 30th calendar day after the calculation date, as calculated by the [BANK] for the [BANK]’s minimum liquidity standard under this part; plus (B) Any additional amount of assets, including proceeds from the monetization of assets, that would be available for transfer to the top-tier [BANK] during times of stress without statutory, regulatory, contractual, or supervisory restrictions, including sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 12 U.S.C. 371c–1) and Regulation W (12 CFR part 223); and (4) For HQLA held by a consolidated subsidiary of the [BANK] that is organized under the laws of a foreign jurisdiction, the [BANK] may only include the assets in its HQLA amount up to: (i) The amount of net cash outflows of the consolidated subsidiary as of the 30th calendar day after the calculation date, as calculated by the [BANK] for the [BANK]’s minimum liquidity standard under this part; plus (ii) Any additional amount of assets that are available for transfer to the top-tier [BANK] during times of stress without statutory, regulatory, contractual, or supervisory restrictions. (5) The [BANK] must not include in its HQLA amount any assets, or HQLA generated from an asset, that it received under a rehypothecation right if the beneficial owner has a contractual right to withdraw the assets without remuneration at any time during the 30 calendar days following the calculation date; (6) The [BANK] has not designated the assets to cover operational costs. (f) Maintenance of U.S. HQLA. A [BANK] is generally expected to maintain in the United States an amount and type of HQLA that is sufficient to meet its total net cash outflow amount in the United States under subpart D of this part. PO 00000 Frm 00045 Fmt 4701 Sfmt 4702 71861 § __.21 High-Quality Liquid Asset Amount. (a) Calculation of the HQLA amount. As of the calculation date, a [BANK]’s HQLA amount equals: (1) The level 1 liquid asset amount; plus (2) The level 2A liquid asset amount; plus (3) The level 2B liquid asset amount; minus (4) The greater of: (i) The unadjusted excess HQLA amount; or (ii) The adjusted excess HQLA amount. (b) Calculation of liquid asset amounts. (1) Level 1 liquid asset amount. The level 1 liquid asset amount equals the fair value (as determined under GAAP) of all level 1 liquid assets held by the [BANK] as of the calculation date, less required reserves under section 204.4 of Regulation D (12 CFR 204.4). (2) Level 2A liquid asset amount. The level 2A liquid asset amount equals 85 percent of the fair value (as determined under GAAP) of all level 2A liquid assets held by the [BANK] as of the calculation date. (3) Level 2B liquid asset amount. The level 2B liquid asset amount equals 50 percent of the fair value (as determined under GAAP) of all level 2B liquid assets held by the [BANK] as of the calculation date. (c) Calculation of the unadjusted excess HQLA amount. As of the calculation date, the unadjusted excess HQLA amount equals: (1) The level 2 cap excess amount; plus (2) The level 2B cap excess amount. (d) Calculation of the level 2 cap excess amount. As of the calculation date, the level 2 cap excess amount equals the greater of: (1) The level 2A liquid asset amount plus the level 2B liquid asset amount minus 0.6667 times the level 1 liquid asset amount; or (2) 0. (e) Calculation of the level 2B cap excess amount. As of the calculation date, the level 2B excess amount equals the greater of: (1) The level 2B liquid asset amount minus the level 2 cap excess amount minus 0.1765 times the sum of the level 1 liquid asset amount and the level 2A liquid asset amount; or (2) 0. (f) Calculation of adjusted liquid asset amounts. (1) Adjusted level 1 liquid asset amount. A [BANK]’s adjusted level 1 liquid asset amount equals the fair value (as determined under GAAP) of all level 1 liquid assets that would be held by the [BANK] upon the unwind of any secured funding transaction, secured lending transaction, asset exchange, or collateralized derivatives transaction that matures within 30 calendar days of the calculation date and where the [BANK] and the counterparty exchange HQLA. (2) Adjusted level 2A liquid asset amount. A [BANK]’s adjusted level 2A liquid asset amount equals 85 percent of the fair value (as determined under GAAP) of all level 2A liquid assets that would be held by the [BANK] upon the unwind of any secured funding transaction, secured lending transaction, asset exchange, or collateralized derivatives transaction that matures within 30 calendar days of the calculation date and where the [BANK] and the counterparty exchange HQLA. E:\FR\FM\29NOP3.SGM 29NOP3 71862 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules (3) Adjusted level 2B liquid asset amount. A [BANK]’s adjusted level 2B liquid asset amount equals 50 percent of the fair value (as determined under GAAP) of all level 2B liquid assets that would be held by the [BANK] upon the unwind of any secured funding transaction, secured lending transaction, asset exchange, or collateralized derivatives transaction that matures within 30 calendar days of the calculation date and where the [BANK] and the counterparty exchange HQLA. (g) Calculation of the adjusted excess HQLA amount. As of the calculation date, the adjusted excess HQLA amount equals: (1) The adjusted level 2 cap excess amount; plus (2) The adjusted level 2B cap excess amount. (h) Calculation of the adjusted level 2 cap excess amount. As of the calculation date, the adjusted level 2 cap excess amount equals the greater of: (1) The adjusted level 2A liquid asset amount plus the adjusted level 2B liquid asset amount minus 0.6667 times the adjusted level 1 liquid asset amount; or (2) 0. (i) Calculation of the adjusted level 2B excess amount. As of the calculation date, the adjusted level 2B excess liquid asset amount equals the greater of: (1) The adjusted level 2B liquid asset amount minus the adjusted level 2 cap excess amount minus 0.1765 times the sum of the adjusted level 1 liquid asset amount and the adjusted level 2A liquid asset amount; or (2) 0. sroberts on DSK5SPTVN1PROD with PROPOSALS Subpart D—Total Net Cash Outflow § __.30 Total net cash outflow amount. As of the calculation date, a [BANK]’s total net cash outflow amount equals the largest difference between cumulative inflows and cumulative outflows, as calculated for each of the next 30 calendar days after the calculation date as: (a) The sum of the outflow amounts calculated under §§ __.32(a) through __ .32(g)(2); plus (b) The sum of the outflow amounts calculated under §§ __.32(g)(3) through __.32(l) for instruments or transactions that have no contractual maturity date; plus (c) The sum of the outflow amounts for instruments or transactions identified in §§ __.32(g)(3) through __.32(l) that have a contractual maturity date up to and including that calendar day; less (d) The lesser of: (1) The sum of the inflow amounts under §§ __.33(b) through __.33(f), where the instrument or transaction has a contractual maturity date up to and including that calendar day, and (2) 75 percent of the sum of paragraphs (a), (b), and (c) of this section as calculated for that calendar day. § __.31 Determining maturity. (a) For purposes of calculating its liquidity coverage ratio and the components thereof under this subpart, a [BANK] shall assume an asset or transaction matures: (1) With respect to an instrument or transaction subject to § __.32, on the earliest VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 possible contractual maturity date or the earliest possible date the transaction could occur, taking into account any option that could accelerate the maturity date or the date of the transaction as follows: (i) If an investor or funds provider has an option that would reduce the maturity, the [BANK] must assume that the investor or funds provider will exercise the option at the earliest possible date; (ii) If a [BANK] has an option that would extend the maturity of an obligation it issued, the [BANK] must assume the [BANK] will not exercise that option to extend the maturity; and (iii) If an option is subject to a contractually defined notice period, the [BANK] must determine the earliest possible contractual maturity date regardless of the notice period. (2) With respect to an instrument or transaction subject to § __.33, on the latest possible contractual maturity date or the latest possible date the transaction could occur, taking into account any option that could extend the maturity date or the date of the transaction as follows: (i) If the borrower has an option that would extend the maturity, the [BANK] must assume that the borrower will exercise the option to extend the maturity to the latest possible date; (ii) If a [BANK] has an option that would accelerate a maturity of an instrument or transaction, the [BANK] must assume the [BANK] will not exercise the option to accelerate the maturity; and (iii) If an option is subject to a contractually defined notice period, the [BANK] must determine the latest possible contractual maturity date based on the borrower using the entire notice period. (b) [Reserved] § __.32 Outflow amounts. (a) Unsecured retail funding outflow amount. A [BANK]’s unsecured retail funding outflow amount as of the calculation date includes (regardless of maturity): (1) 3 percent of all stable retail deposits held at the [BANK]; (2) 10 percent of all other retail deposits held at the [BANK]; and (3) 100 percent of all funding from a retail customer or counterparty that is not a retail deposit or a brokered deposit provided by a retail customer or counterparty. (b) Structured transaction outflow amount. If a [BANK] is a sponsor of a structured transaction, without regard to whether the issuing entity is consolidated on the [BANK]’s balance sheet under GAAP, the structured transaction outflow amount for each structured transaction as of the calculation date is the greater of: (1) 100 percent of the amount of all debt obligations of the issuing entity that mature 30 calendar days or less from such calculation date and all commitments made by the issuing entity to purchase assets within 30 calendar days or less from such calculation date; and (2) The maximum contractual amount of funding the [BANK] may be required to provide to the issuing entity 30 calendar days or less from such calculation date through a PO 00000 Frm 00046 Fmt 4701 Sfmt 4702 liquidity facility, a return or repurchase of assets from the issuing entity, or other funding agreement. (c) Net derivative cash outflow amount. The net derivative cash outflow amount as of the calculation date is the sum of the net derivative cash outflow, if greater than zero, for each counterparty. The net derivative cash outflow for a counterparty is the sum of the payments and collateral that the [BANK] will make or deliver to the counterparty 30 calendar days or less from the calculation date under derivative transactions less, if the derivative transactions are subject to a qualifying master netting agreement, the sum of the payments and collateral that the [BANK] will receive from the counterparty 30 calendar days or less from the calculation date under derivative transactions. This paragraph does not apply to forward sales of mortgage loans and any derivatives that are mortgage commitments subject to paragraph (d) of this section. (d) Mortgage commitment outflow amount. The mortgage commitment outflow amount as of a calculation date is 10 percent of the amount of funds the [BANK] has contractually committed for its own origination of retail mortgages that can be drawn upon 30 calendar days or less from such calculation date. (e) Commitment outflow amount. (1) A [BANK]’s commitment outflow amount as of the calculation date includes: (i) 0 percent of the undrawn amount of all committed credit and liquidity facilities extended by a [BANK] that is a depository institution to an affiliated depository institution that is subject to a minimum liquidity standard under this part; (ii) 5 percent of the undrawn amount of all committed credit and liquidity facilities extended by the [BANK] to retail customers or counterparties; (iii)(A) 10 percent of the undrawn amount of all committed credit facilities; and (B) 30 percent of the undrawn amount of all committed liquidity facilities extended by the [BANK] to a wholesale customer or counterparty that is not a regulated financial company, investment company, nonregulated fund, pension fund, investment adviser, or identified company, or to a consolidated subsidiary of any of the foregoing; (iv) 50 percent of the undrawn amount of all committed credit and liquidity facilities extended by the [BANK] to depository institutions, depository institution holding companies, and foreign banks, excluding commitments described in paragraph (e)(1)(i) of this section; (v)(A) 40 percent of the undrawn amount of all committed credit facilities; and (B) 100 percent of the undrawn amount of all committed liquidity facilities extended by the [BANK] to a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, or to a consolidated subsidiary of any of the foregoing, excluding other commitments described in paragraph (e)(1)(i) or (e)(1)(iv) of this section; (vi) 100 percent of the undrawn amount of all committed credit and liquidity facilities extended to special purpose entities, E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules excluding liquidity facilities included in § _.32(b)(2); and (vii) 100 percent of the undrawn amount of all other committed credit or liquidity facilities extended by the [BANK]. (2) For the purposes of this paragraph (e), the undrawn amount is: (i) For a committed credit facility, the entire undrawn amount of the facility that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less the amount of level 1 liquid assets and 85 percent of the amount of level 2A liquid assets securing the facility; and (ii) For a committed liquidity facility, the entire undrawn amount of the facility, that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less: (A) The amount of level 1 liquid assets and level 2A liquid assets securing the portion of the facility that could be drawn upon within 30 calendar days of the calculation date under the governing agreement; and (B) That portion of the facility that supports obligations of the [BANK]’s customer that do not mature 30 calendar days or less from such calculation date. If facilities have aspects of both credit and liquidity facilities, the facility must be classified as a liquidity facility. (3) For the purposes of this paragraph (e), the amount of level 1 liquid assets and level 2A liquid assets securing a committed credit or liquidity facility is the fair value (as determined under GAAP) of level 1 liquid assets and 85 percent of the fair value (as determined under GAAP) of level 2A liquid assets that are required to be posted as collateral by the counterparty to secure the facility, provided that the following conditions are met as of the calculation date and for the 30 calendar days following such calculation date: (i) The assets pledged meet the criteria for level 1 liquid assets or level 2A liquid assets in § __.20; and (ii) The [BANK] has not included the assets in its HQLA amount under subpart C of this part. (f) Collateral outflow amount. The collateral outflow amount as of the calculation date includes: (1) Changes in financial condition. 100 percent of all additional amounts of collateral the [BANK] could be contractually required to post or to fund under the terms of any transaction as a result of a change in the [BANK]’s financial condition. (2) Potential valuation changes. 20 percent of the fair value (as determined under GAAP) of any collateral posted to a counterparty by the [BANK] that is not a level 1 liquid asset. (3) Excess collateral. 100 percent of the fair value (as determined under GAAP) of collateral that: (i) The [BANK] may be required by contract to return to a counterparty because the collateral posted to the [BANK] exceeds the current collateral requirement of the counterparty under the governing contract; (ii) Is not segregated from the [BANK]’s other assets; and (iii) Is not already excluded from the [BANK]’s HQLA amount under § __.20(e)(5). VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 (4) Contractually required collateral. 100 percent of the fair value (as determined under GAAP) of collateral that the [BANK] is contractually required to post to a counterparty and, as of such calculation date, the [BANK] has not yet posted; (5) Collateral substitution. (i) 0 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 1 liquid assets without the consent of the [BANK]; (ii) 15 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 2A liquid assets without the consent of the [BANK]; (iii) 50 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 2B liquid assets without the consent of the [BANK]; (iv) 100 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that do not qualify as HQLA without the consent of the [BANK]; (v) 0 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 2A liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 1 or level 2A liquid assets without the consent of the [BANK]; (vi) 35 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 2A liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 2B liquid assets without the consent of the [BANK]; (vii) 85 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 2A liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that do not qualify as HQLA without the consent of the [BANK]; (viii) 0 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 2B liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as HQLA without the consent of the [BANK]; PO 00000 Frm 00047 Fmt 4701 Sfmt 4702 71863 (ix) 50 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 2B liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that do not qualify as HQLA without the consent of the [BANK]; and (6) Derivative collateral change. The absolute value of the largest 30-consecutive calendar day cumulative net mark-to-market collateral outflow or inflow resulting from derivative transactions realized during the preceding 24 months. (g) Brokered deposit outflow amount for retail customers or counterparties. The brokered deposit outflow amount for retail customers or counterparties as of the calculation date includes: (1) 100 percent of all brokered deposits at the [BANK] provided by a retail customer or counterparty that are not described in paragraphs (g)(3) through (g)(7) of this section and which mature 30 calendar days or less from the calculation date; (2) 10 percent of all brokered deposits at the [BANK] provided by a retail customer or counterparty that are not described in paragraphs (g)(3) through (g)(7) of this section and which mature later than 30 calendar days from the calculation date; (3) 10 percent of all reciprocal brokered deposits at the [BANK] provided by a retail customer or counterparty, where the entire amount is covered by deposit insurance; (4) 25 percent of all reciprocal brokered deposits at the [BANK] provided by a retail customer or counterparty, where less than the entire amount is covered by deposit insurance; (5) 10 percent of all brokered sweep deposits at the [BANK] provided by a retail customer or counterparty: (i) That are deposited in accordance with a contract between the retail customer or counterparty and the [BANK], a consolidated subsidiary of the [BANK], or a company that is a consolidated subsidiary of the same toptier company of which the [BANK] is a consolidated subsidiary; and (ii) Where the entire amount of the deposits is covered by deposit insurance; (6) 25 percent of all brokered_sweep deposits at the [BANK] provided by a retail customer or counterparty: (i) That are not deposited in accordance with a contract between the retail customer or counterparty and the [BANK], a consolidated subsidiary of the [BANK], or a company that is a consolidated subsidiary of the same top-tier company of which the [BANK] is a consolidated subsidiary; and (ii) Where the entire amount of the deposits is covered by deposit insurance; and (7) 40 percent of all brokered sweep deposits at the [BANK] provided by a retail customer or counterparty where less than the entire amount of the deposit balance is covered by deposit insurance. (h) Unsecured wholesale funding outflow amount. A [BANK]’s unsecured wholesale funding outflow amount as of the calculation date includes: (1) For unsecured wholesale funding that is not an operational deposit and is not E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS 71864 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules provided by a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, identified company, or consolidated subsidiary of any of the foregoing: (i) 20 percent of all such funding (not including brokered deposits), where the entire amount is covered by deposit insurance; (ii) 40 percent of all such funding, where: (A) Less than the entire amount is covered by deposit insurance, or (B) The funding is a brokered deposit; (2) 100 percent of all unsecured wholesale funding that is not an operational deposit and is not included in paragraph (h)(1) of this section, including funding provided by a consolidated subsidiary of the [BANK], or a company that is a consolidated subsidiary of the same top-tier company of which the [BANK] is a consolidated subsidiary; (3) 5 percent of all operational deposits, other than escrow accounts, where the entire deposit amount is covered by deposit insurance; (4) 25 percent of all operational deposits not included in paragraph (h)(3) of this section; and (5) 100 percent of all unsecured wholesale funding that is not otherwise described in this paragraph (h). (i) Debt security outflow amount. A [BANK]’s debt security outflow amount for debt securities issued by the [BANK] that mature more than 30 calendar days after the calculation date and for which the [BANK] is the primary market maker in such debt securities includes: (1) 3 percent of all such debt securities that are not structured securities; and (2) 5 percent of all such debt securities that are structured securities. (j) Secured funding and asset exchange outflow amount. (1) A [BANK]’s secured funding outflow amount as of the calculation date includes: (i) 0 percent of all funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the funds are secured by level 1 liquid assets; (ii) 15 percent of all funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the funds are secured by level 2A liquid assets; (iii) 25 percent of all funds the [BANK] must pay pursuant to secured funding transactions with sovereign, multilateral development banks, or U.S. governmentsponsored enterprises that are assigned a risk weight of 20 percent under subpart D of [AGENCY CAPITAL REGULATION], to the extent that the funds are not secured by level 1 or level 2A liquid assets; (iv) 50 percent of all funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the funds are secured by level 2B liquid assets; (v) 50 percent of all funds received from secured funding transactions that are customer short positions where the customer short positions are covered by other customers’ collateral and the collateral does not consist of HQLA; and (vi) 100 percent of all other funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 funds are secured by assets that are not HQLA. (2) A [BANK]’s asset exchange outflow amount as of the calculation date includes: (i) 0 percent of the fair value (as determined under GAAP) of the level 1 liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive level 1 liquid assets from the asset exchange counterparty; (ii) 15 percent of the fair value (as determined under GAAP) of the level 1 liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive level 2A liquid assets from the asset exchange counterparty; (iii) 50 percent of the fair value (as determined under GAAP) of the level 1 liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive level 2B liquid assets from the asset exchange counterparty; (iv) 100 percent of the fair value (as determined under GAAP) of the level 1 liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive assets that are not HQLA from the asset exchange counterparty; (v) 0 percent of the fair value (as determined under GAAP) of the level 2A liquid assets that [BANK] must post to a counterparty pursuant to asset exchanges where [BANK] will receive level 1 or level 2A liquid assets from the asset exchange counterparty; (vi) 35 percent of the fair value (as determined under GAAP) of the level 2A liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive level 2B liquid assets from the asset exchange counterparty; (vii) 85 percent of the fair value (as determined under GAAP) of the level 2A liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive assets that are not HQLA from the asset exchange counterparty; (viii) 0 percent of the fair value (as determined under GAAP) of the level 2B liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive HQLA from the asset exchange counterparty; and (ix) 50 percent of the fair value (as determined under GAAP) of the level 2B liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive assets that are not HQLA from the asset exchange counterparty. (k) Foreign central bank borrowing outflow amount. A [BANK]’s foreign central bank borrowing outflow amount is, in a foreign jurisdiction where the [BANK] has borrowed from the jurisdiction’s central bank, the outflow amount assigned to borrowings from central banks in a minimum liquidity standard established in that jurisdiction. If the foreign jurisdiction has not specified a central bank borrowing outflow amount in a minimum liquidity standard, the foreign PO 00000 Frm 00048 Fmt 4701 Sfmt 4702 central bank borrowing outflow amount must be calculated under paragraph (j) of this section. (l) Other contractual outflow amount. A [BANK]’s other contractual outflow amount is 100 percent of funding or amounts payable by the [BANK] to counterparties under legally binding agreements that are not otherwise specified in this section. (m) Excluded amounts for intragroup transactions. The outflow amounts set forth in this section do not include amounts arising out of transactions between: (1) The [BANK] and a consolidated subsidiary of the [BANK]; or (2) A consolidated subsidiary of the [BANK] and another consolidated subsidiary of the [BANK]. § __.33 Inflow amounts. (a) The inflows in paragraphs (b) through (g) of this section do not include: (1) Amounts the [BANK] holds in operational deposits at other regulated financial companies; (2) Amounts the [BANK] expects, or is contractually entitled to receive, 30 calendar days or less from the calculation date due to forward sales of mortgage loans and any derivatives that are mortgage commitments subject to § __.32(d); (3) The amount of any credit or liquidity facilities extended to the [BANK]; (4) The amount of any asset included in the [BANK]’s HQLA amount and any amounts payable to the [BANK] with respect to those assets; (5) Any amounts payable to the [BANK] from an obligation of a customer or counterparty that is a nonperforming asset as of the calculation date or that the [BANK] has reason to expect will become a nonperforming exposure 30 calendar days or less from the calculation date; and (6) Amounts payable to the [BANK] on any exposure that has no contractual maturity date or that matures after 30 calendar days of the calculation date. (b) Net derivative cash inflow amount. The net derivative cash inflow amount as of the calculation date is the sum of the net derivative cash inflow, if greater than zero, for each counterparty. The net derivative cash inflow amount for a counterparty is the sum of the payments and collateral that the [BANK] will receive from the counterparty 30 calendar days or less from the calculation date under derivative transactions less, if the derivative transactions are subject to a qualifying master netting agreement, the sum amount of the payments and collateral that the [BANK] will make or deliver to the counterparty 30 calendar days or less from the calculation date under derivative transactions. This paragraph does not apply to amounts excluded from inflows under paragraph (a)(2) of this section. (c) Retail cash inflow amount. The retail cash inflow amount as of the calculation date includes 50 percent of all payments contractually payable to the [BANK] from retail customers or counterparties. (d) Unsecured wholesale cash inflow amount. The unsecured wholesale cash inflow amount as of the calculation date includes: E:\FR\FM\29NOP3.SGM 29NOP3 sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules (1) 100 percent of all payments contractually payable to the [BANK] from regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or identified companies, or from a consolidated subsidiary of any of the foregoing, or central banks; and (2) 50 percent of all payments contractually payable to the [BANK] from wholesale customers or counterparties that are not regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or identified companies, or consolidated subsidiaries of any of the foregoing, provided that, with respect to revolving credit facilities, the amount of the existing loan is not included and the remaining undrawn balance is included in the outflow amount under § __.32(e)(1). (e) Securities cash inflow amount. The securities cash inflow amount as of the calculation date includes 100 percent of all contractual payments due to the [BANK] on securities it owns that are not HQLA. (f) Secured lending and asset exchange cash inflow amount. (1) A [BANK]’s secured lending cash inflow amount as of the calculation date includes: (i) 0 percent of all contractual payments due to the [BANK] pursuant to secured lending transactions, to the extent that the payments are secured by level 1 liquid assets, provided that the level 1 liquid assets are included in the [BANK]’s HQLA amount. (ii) 15 percent of all contractual payments due to the [BANK] pursuant to secured lending transactions, to the extent that the payments are secured by level 2A liquid assets, provided that the [BANK] is not using the collateral to cover any of its short positions, and provided that the level 2A liquid assets are included in the [BANK]’s HQLA amount; (iii) 50 percent of all contractual payments due to the [BANK] pursuant to secured lending transactions, to the extent that the payments are secured by level 2B liquid assets, provided that the [BANK] is not using the collateral to cover any of its short positions, and provided that the level 2B liquid assets are included in the [BANK]’s HQLA amount; (iv) 100 percent of all contractual payments due to the [BANK] pursuant to secured lending transactions, to the extent that the payments are secured by assets that are not HQLA, provided that the [BANK] is not using the collateral to cover any of its short positions; and (v) 50 percent of all contractual payments due to the [BANK] pursuant to collateralized margin loans extended to customers, provided that the loans are not secured by HQLA and the [BANK] is not using the collateral to cover any of its short positions. (2) A [BANK]’s asset exchange inflow amount as of the calculation date includes: (i) 0 percent of the fair value (as determined under GAAP) of level 1 liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where [BANK] must post level 1 liquid assets to the asset exchange counterparty; (ii) 15 percent of the fair value (as determined under GAAP) of level 1 liquid VerDate Mar<15>2010 20:41 Nov 27, 2013 Jkt 232001 assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post level 2A liquid assets to the asset exchange counterparty; (iii) 50 percent of the fair value (as determined under GAAP) of level 1 liquid assets the [BANK] will receive from counterparty pursuant to asset exchanges where the [BANK] must post level 2B liquid assets to the asset exchange counterparty; (iv) 100 percent of the fair value (as determined under GAAP) of level 1 liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post assets that are not HQLA to the asset exchange counterparty; (v) 0 percent of the fair value (as determined under GAAP) of level 2A liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post level 1 or level 2A liquid assets to the asset exchange counterparty; (vi) 35 percent of the fair value (as determined under GAAP) of level 2A liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post level 2B liquid assets to the asset exchange counterparty; (vii) 85 percent of the fair value (as determined under GAAP) of level 2A liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post assets that are not HQLA to the asset exchange counterparty; (viii) 0 percent of the fair value (as determined under GAAP) of level 2B liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post assets that are HQLA to the asset exchange counterparty; and (ix) 50 percent of the fair value (as determined under GAAP) of level 2B liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post assets that are not HQLA to the asset exchange counterparty. (g) Other cash inflow amounts. A [BANK]’s inflow amount as of the calculation date includes 0 percent of other cash inflow amounts not included in paragraphs (b) through (f) of this section. (h) Excluded amounts for intragroup transactions. The inflow amounts set forth in this section do not include amounts arising out of transactions between: (1) The [BANK] and a consolidated subsidiary of the [BANK]; or (2) A consolidated subsidiary of the [BANK] and another consolidated subsidiary of the [BANK]. Subpart E—Liquidity Coverage Shortfall § __.40 Liquidity coverage shortfall: supervisory framework. (a) Notification requirements. A [BANK] must notify the [AGENCY] on any business day when its liquidity coverage ratio is calculated to be less than the minimum requirement in § __.10. (b) Liquidity Plan. If a [BANK]’s liquidity coverage ratio is below the minimum PO 00000 Frm 00049 Fmt 4701 Sfmt 4702 71865 requirement in § __.10 for three consecutive business days, or if the [AGENCY] has determined that the [BANK] is otherwise materially noncompliant with the requirements of this part, the [BANK] must promptly provide to the [AGENCY] a plan for achieving compliance with the minimum liquidity requirement in § __.10 and all other requirements of this part. The plan must include, as applicable: (1) An assessment of the [BANK]’s liquidity position; (2) The actions the [BANK] has taken and will take to achieve full compliance with this part, including: (i) A plan for adjusting the [BANK]’s risk profile, risk management, and funding sources in order to achieve full compliance with this part; and (ii) A plan for remediating any operational or management issues that contributed to noncompliance with this part; (3) An estimated timeframe for achieving full compliance with this part; and (4) A commitment to report to the [AGENCY] no less than weekly on progress to achieve compliance in accordance with the plan until full compliance with this part is achieved. (c) Supervisory and enforcement actions. The [AGENCY] may, at its discretion, take additional supervisory or enforcement actions to address noncompliance with the minimum liquidity coverage ratio. Subpart F—Transitions § __.50 Transitions. (a) Beginning January 1, 2015, through December 31, 2015, a [BANK] subject to a minimum liquidity standard under this part must calculate and maintain a liquidity coverage ratio on each calculation date in accordance with this part that is equal to or greater than 0.80. (b) Beginning January 1, 2016, through December 31, 2016, a [BANK] subject to a minimum liquidity standard under this part must calculate and maintain a liquidity coverage ratio on each calculation date in accordance with this part that is equal to or greater than 0.90. (c) On January 1, 2017, and thereafter, a [BANK] subject to subject to a minimum liquidity standard under this part must calculate and maintain a liquidity coverage ratio on each calculation date that is equal to or greater than 1.0. List of Subjects 12 CFR Part 50 Administrative practice and procedure; Banks, banking; Liquidity; Reporting and recordkeeping requirements; Savings associations. 12 CFR Part 249 Administrative practice and procedure; Banks, banking; Federal Reserve System; Holding companies; Liquidity; Reporting and recordkeeping requirements. E:\FR\FM\29NOP3.SGM 29NOP3 71866 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules 12 CFR Part 329 Administrative practice and procedure; Banks, banking; Federal Deposit Insurance Corporation, FDIC; Liquidity; Reporting and recordkeeping requirements. Adoption of Proposed Common Rule The adoption of the proposed common rules by the agencies, as modified by the agency-specific text, is set forth below: Office of the Comptroller of the Currency 12 CFR Chapter I Authority and Issuance For the reasons set forth in the common preamble, the OCC proposes to add the text of the common rule as set forth at the end of the SUPPLEMENTARY INFORMATION as part 50 of chapter I of title 12 of the Code of Federal Regulations: PART 50—LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING 1. The authority citation for part 50 is added to read as follows: ■ Authority: 12 U.S.C. 1 et seq., 93a, 481, 1818, and 1462 et seq. 2. Part 50 is amended by: a. Removing ‘‘[AGENCY]’’ and adding ‘‘OCC’’ in its place, wherever it appears; ■ b. Removing ‘‘[AGENCY CAPITAL REGULATION]’’ and adding ‘‘(12 CFR part 3)’’ in its place, wherever it appears; ■ c. Removing ‘‘[BANK]’’ and adding ‘‘national bank or Federal savings association’’ in its place, wherever it appears; ■ d. Removing ‘‘[BANK]s’’ and adding ‘‘national banks and Federal savings associations’’ in its place, wherever it appears; ■ e. Removing ‘‘[BANK]’s’’ and adding ‘‘national bank’s or Federal savings association’s’’ in its place, wherever it appears; ■ f. Removing ‘‘[PART]’’ and adding ‘‘part’’ in its place, wherever it appears; ■ g. Removing ‘‘[REGULATORY REPORT]’’ and adding ‘‘Consolidated Reports of Condition and Income’’ in its place, wherever it appears; and ■ h. Removing ‘‘[12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]’’ and adding ‘‘12 CFR 3.404’’ in its place, wherever it appears. ■ 3. Section 50.1 is amended by: ■ a. Redesignating paragraph (b)(1)(iv) as paragraph (b)(1)(v); ■ b. Adding paragraph (b)(1)(iv); sroberts on DSK5SPTVN1PROD with PROPOSALS ■ ■ 19:20 Nov 27, 2013 § 50.1 Purpose and applicability. * Department of the Treasury VerDate Mar<15>2010 c. Removing ‘‘(b)(1)(iv)’’ in paragraph (b)(4) and adding ‘‘(b)(1)(v)’’ in its place; ■ d. Removing the word ‘‘or’’ at the end of paragraph (b)(2)(i); ■ e. Removing the period at the end of paragraph (b)(2)(ii) and adding ‘‘; or’’ in its place; and ■ f. Adding paragraph (b)(2)(iii). The additions read as follows. ■ Jkt 232001 * * * * (b)* * * (1) * * * (iv) It is a depository institution that has consolidated total assets equal to $10 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income and is a consolidated subsidiary of one of the following: (A) A covered depository institution holding company that has total assets equal to $250 billion or more, as reported on the most recent year-end FR Y–9C, or, if the covered depository institution holding company is not required to report on the FR Y–9C, its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y–9C; (B) A depository institution that has consolidated total assets equal to $250 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income; (C) A covered depository institution holding company or depository institution that has consolidated total on-balance sheet foreign exposure at the most recent year-end equal to $10 billion or more (where total on-balance sheet foreign exposure equals total cross-border claims less claims with a head office or guarantor located in another country plus redistributed guaranteed amounts to the country of head office or guarantor plus local country claims on local residents plus revaluation gains on foreign exchange and derivative transaction products, calculated in accordance with the Federal Financial Institutions Examination Council (FFIEC) 009 Country Exposure Report); or (D) A covered nonbank company. * * * * * (2) * * * (iii) A Federal branch or agency as defined by 12 CFR 28.11. * * * * * PO 00000 Frm 00050 Fmt 4701 Sfmt 4702 Board of Governors of the Federal Reserve System 12 CFR CHAPTER II Authority and Issuance For the reasons set forth in the common preamble, the Board proposes to add the text of the common rule as set forth at the end of the SUPPLEMENTARY INFORMATION as part 249 of chapter II of title 12 of the Code of Federal Regulations as follows: PART 249—LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING (REGULATION WW) 4. The authority citation for part 249 shall read as follows: ■ Authority: 12 U.S.C. 248(a), 321–338a, 481–486, 1818, 1828, 1831p–1, 1844(b), 5365, 5366, 5368. 5. Part 249 is amended as set forth below: ■ a. Remove ‘‘[AGENCY]’’ and add ‘‘Board’’ in its place wherever it appears. ■ b. Remove ‘‘[AGENCY CAPITAL REGULATION]’’ and add ‘‘Regulation Q (12 CFR part 217)’’ in its place wherever it appears. ■ c. Remove ‘‘[BANK]’’ and add ‘‘Boardregulated institution’’ in its place wherever it appears. ■ d. Remove ‘‘[BANK]s’’ and add ‘‘Board-regulated institutions’’ in its place wherever it appears. ■ e. Remove ‘‘[BANK]’s’’ and add ‘‘Board-regulated institution’s’’ in its place wherever it appears. ■ 6. Amend § 249.1 by: ■ a. Removing ‘‘[REGULATORY REPORT]’’ from paragraph (b)(1)(i) and adding ‘‘FR Y–9C, or, if the Boardregulated institution is not required to report on the FR Y–9C, then its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y–9C, or Consolidated Report of Condition and Income (Call Report), as applicable’’ in its place. ■ b. Redesignating paragraph (b)(1)(iv) as paragraph (b)(1)(vi); ■ c. Adding new paragraphs (b)(1)(iv) and (b)(1)(v) and; ■ d. Revising paragraph (b)(4). The additions and revisions read as follows: ■ § 249.1 Purpose and applicability. * * * * * (b) * * * (1) * * * (iv) It is a covered nonbank company; (v) It is a covered depository institution holding company that meets the criteria in § 249.51(a) but does not meet the criteria in paragraphs (b)(1)(i) E:\FR\FM\29NOP3.SGM 29NOP3 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules or (b)(1)(ii) of this section, and is subject to complying with the requirements of this part in accordance with subpart G of this part; or * * * * * (4) In making a determination under paragraphs (b)(1)(vi) or (3) of this section, the Board will apply, as appropriate, notice and response procedures in the same manner and to the same extent as the notice and response procedures set forth in 12 CFR 263.2. ■ 7. In § 249.2, revise paragraph (a) to read as follows: § 249.2 Reservation of authority. (a) The Board may require a Boardregulated institution to hold an amount of high quality liquid assets (HQLA) greater than otherwise required under this part, or to take any other measure to improve the Board-regulated institution’s liquidity risk profile, if the Board determines that the Boardregulated institution’s liquidity requirements as calculated under this part are not commensurate with the Board-regulated institution’s liquidity risks. In making determinations under this section, the Board will apply, as appropriate, notice and response procedures as set forth in 12 CFR 263.2. * * * * * ■ 8. In § 249.3, add definitions for ‘‘Board’’, ‘‘Board-regulated institution’’, and ‘‘State member bank’’ in alphabetical order, to read as follows: § 249.3 Definitions. * * * * * Board means the Board of Governors of the Federal Reserve System. Board-regulated institution means a state member bank, covered depository institution holding company, or covered nonbank company. * * * * * State member bank means a state bank that is a member of the Federal Reserve System. * * * * * ■ 9. Add subpart G to read as follows: Subpart G—Liquidity Coverage Ratio for Certain Bank Holding Companies sroberts on DSK5SPTVN1PROD with PROPOSALS § 249.51 Applicability. (a) Scope. This subpart applies to a covered depository institution holding company domiciled in the United States that has total consolidated assets equal to $50 billion or more, based on the average of the Board-regulated institution’s four most recent FR Y–9Cs (or, if a savings and loan holding company is not required to report on the FR Y–9C, based on the average of its estimated total consolidated assets for VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 the most recent four quarters, calculated in accordance with the instructions to the FR Y–9C) and does not meet the applicability criteria set forth in § 249.1(b). (b) Applicable provisions. Except as otherwise provided in this subpart, the provisions of subparts A through F apply to covered depository institution holding companies that are subject to this subpart. § 249.52 High-Quality Liquid Asset Amount. A covered depository institution holding company subject to this subpart must calculate its HQLA amount in accordance with subpart C of this part; provided, however, that such covered BHC must incorporate into the calculation of its HQLA amount a 21 calendar day period instead of a 30 day calendar day period and must measure 21 calendar days from a calculation date instead of 30 calendar days from a calculation date, as provided in § 249.21. § 249.53 Total Net Cash Outflow. (a) A covered depository institution holding company subject to this subpart must calculate its cash outflows and inflows in accordance with subpart D of this part, provided, however, that such company must: (1) Include only those outflow and inflow amounts with a contractual maturity date that are calculated for each day within the next 21 calendar days from a calculation date; and (2) Calculate its outflow and inflow amounts for instruments or transactions that have no contractual maturity date by applying 70 percent of the applicable outflow or inflow amount as calculated under subpart D of this part to the instrument or transaction. (b) As of a calculation date, the total net cash outflow amount of a covered depository institution subject to this subpart equals: (1) The sum of the outflow amounts calculated under §§ __.32(a) through __.32(g)(2); plus (2) The sum of the outflow amounts calculated under §§ __.32(g)(3) through __.32(l); where the instrument or transaction has no contractual maturity date; plus (3) The sum of the outflow amounts under §§ __.32(g)(3) through __.32(l) where the instrument or transaction has a contractual maturity date up to and including that calendar day; less (4) The lesser of: (i) The sum of the inflow amounts under §§ __.33(b) through __.33(f), where the instrument or transaction has a contractual maturity date up to and including that calendar day, or PO 00000 Frm 00051 Fmt 4701 Sfmt 4702 71867 (ii) 75 percent of the sum of paragraphs (a), (b), and (c) of this section as calculated for that calendar day. Federal Deposit Insurance Corporation 12 CFR CHAPTER III Authority and Issuance For the reasons set forth in the common preamble, the Federal Deposit Insurance Corporation amends chapter III of title 12 of the Code of Federal Regulations as follows: PART 329—LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING 10. The authority citation for part 329 shall read as follows: ■ Authority: 12 U.S.C. 1815, 1816, 1818, 1819, 1828, 1831p–1, 5412. 11. Part 329 is added as set forth at the end of the common preamble. ■ 12. Part 329 is amended as set forth below: ■ a. Remove ‘‘[INSERT PART]’’ and add ‘‘329’’ in its place wherever it appears. ■ b. Remove ‘‘[AGENCY]’’ and add ‘‘FDIC’’ in its place wherever it appears. ■ c. Remove ‘‘[AGENCY CAPITAL REGULATION]’’ and add ‘‘12 CFR part 324’’ in its place wherever it appears. ■ d. Remove ‘‘A [BANK]’’ and add ‘‘An FDIC-supervised institution’’ in its place wherever it appears. ■ e. Remove ‘‘a [BANK]’’ and add ‘‘an FDIC-supervised institution’’ in its place wherever it appears. ■ f. Remove ‘‘[BANK]’’ and add ‘‘FDICsupervised institution’’ in its place wherever it appears. ■ g. Remove ‘‘[REGULATORY REPORT]’’ and add ‘‘Consolidated Report of Condition and Income’’ in its place wherever it appears. ■ h. Remove ‘‘[12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]’’ and add ‘‘12 CFR 324.5’’ in its place wherever it appears. ■ 13. In § 329.1, revise paragraph (b)(1)(iii) to read as follows: ■ § 329.1 Purpose and applicability. * * * * * (b) * * * (1) * * * (iii) It is a depository institution that has consolidated total assets equal to $10 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income and is a consolidated subsidiary of one of the following: (A) A covered depository institution holding company that has total assets equal to $250 billion or more, as reported on the most recent year-end FR E:\FR\FM\29NOP3.SGM 29NOP3 71868 Federal Register / Vol. 78, No. 230 / Friday, November 29, 2013 / Proposed Rules sroberts on DSK5SPTVN1PROD with PROPOSALS Y–9C, or, if the covered depository institution holding company is not required to report on the FR Y–9C, its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y–9C; (B) A depository institution that has consolidated total assets equal to $250 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income; (C) A covered depository institution holding company or depository institution that has consolidated total on-balance sheet foreign exposure at the most recent year-end equal to $10 billion or more (where total on-balance sheet foreign exposure equals total cross-border claims less claims with a head office or guarantor located in VerDate Mar<15>2010 19:20 Nov 27, 2013 Jkt 232001 another country plus redistributed guaranteed amounts to the country of head office or guarantor plus local country claims on local residents plus revaluation gains on foreign exchange and derivative transaction products, calculated in accordance with the Federal Financial Institutions Examination Council (FFIEC) 009 Country Exposure Report); or (D) A covered nonbank company. * * * * * ■ 14. In § 329.3, add definitions for ‘‘FDIC’’ and ‘‘FDIC-supervised institution’’ in alphabetical order, to read as follows: § 329.3 Definitions. * * * * * FDIC means the Federal Deposit Insurance Corporation. PO 00000 Frm 00052 Fmt 4701 Sfmt 9990 FDIC-supervised institution means any state nonmember bank or state savings association. * * * * * Date: October 30, 2013. Thomas J. Curry, Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, November 6, 2013. Robert deV. Frierson, Secretary of the Board. By order of the Board of Directors of the Federal Deposit Insurance Corporation. Dated at Washington, DC, this 30th day of October, 2013. Valerie J. Best, Assistant Executive Secretary. [FR Doc. 2013–27082 Filed 11–27–13; 8:45 am] BILLING CODE P E:\FR\FM\29NOP3.SGM 29NOP3 [Federal Register Volume 78, Number 230 (Friday, November 29, 2013)] Office of the Comptroller of the Currency Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring; Proposed Rule Federal Register / Vol. 78 , No. 230 / Friday, November 29, 2013 / [Docket ID OCC-2013-0016] RIN 1557 AD 74 [Regulation WW; Docket No. R-1466] RIN 7100 AE-03 RIN 3064-AE04 Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring AGENCIES: Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; and Federal Deposit Insurance Corporation. ACTION: Notice of proposed rulemaking with request for public comment. SUMMARY: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are requesting comment on a proposed rule (proposed rule) that would implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision. The requirement is designed to promote the short-term resilience of the liquidity risk profile of internationally active banking organizations, thereby improving the banking sector's ability to absorb shocks arising from financial and economic stress, as well as improvements in the measurement and management of liquidity risk. The proposed rule would apply to all internationally active banking organizations, generally, bank holding companies, certain savings and loan holding companies, and depository institutions with more than $250 billion in total assets or more than $10 billion in on-balance sheet foreign exposure, and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. The proposed rule would also apply to companies designated for supervision by the Board by the Financial Stability Oversight Council under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that do not have significant insurance operations and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. The Board also is proposing on its own a modified liquidity coverage ratio standard that is based on a 21- calendar day stress scenario rather than a 30 calendar-day stress scenario for bank holding companies and savings and loan holding companies without significant insurance or commercial operations that, in each case, have $50 billion or more in total consolidated assets. DATES: Comments on this notice of proposed rulemaking must be received by January 31, 2014. ADDRESSES: Comments should be directed to: OCC: Because paper mail in the Washington, DC area is subject to delay, commenters are encouraged to submit comments by the Federal eRulemaking Portal or email, if possible. Please use the title ``Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring'' to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods: Federal eRulemaking Portal--``regulations.gov'': Go to http://www.regulations.gov. Enter ``Docket ID OCC-2013-0016'' in the Search Box and click ``Search''. Results can be filtered using the filtering tools on the left side of the screen. Click on ``Comment Now'' to submit public comments. Click on the ``Help'' tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting public comments. Email: regs.comments@occ.treas.gov. Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219. Hand Delivery/Courier: 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219. Instructions: You must include ``OCC'' as the agency name and ``Docket ID OCC-2013-0016'' in your comment. In general, OCC will enter all comments received into the docket and publish them on the Regulations.gov Web site without change, including any business or personal information that you provide, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may review comments and other related materials that pertain to this rulemaking action by any of the following methods: Viewing Comments Electronically: Go to http://www.regulations.gov. Enter ``Docket ID OCC-2013-0016'' in the Search box and click ``Search''. Comments can be filtered by Agency using the filtering tools on the left side of the screen. Click on the ``Help'' tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for viewing public comments, viewing other supporting and related materials, and viewing the docket after the close of the comment period. Viewing Comments Personally: You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649- 6700. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. Docket: You may also view or request available background documents and project summaries using the methods described above. Board: You may submit comments, identified by Docket No. R-1466, by any of the following methods: Agency Web site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm. Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. Email: regs.comments@federalreserve.gov. Include docket number in the subject line of the message. FAX: (202) 452-3819 or (202) 452-3102. Mail: Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, DC 20551. All public comments are available from the Board's Web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room MP-500 of the Board's Martin Building (20th and C Street NW) between 9:00 a.m. and 5:00 p.m. on weekdays. FDIC: You may submit comments by any of the following methods: Agency Web site: http://www.FDIC.gov/regulations/laws/federal/propose.html. Mail: Robert E. Feldman, Executive Secretary, Attention: Comments/Legal ESS, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. Hand Delivered/Courier: The guard station at the rear of the 550 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. Email: comments@FDIC.gov. Instructions: Comments submitted must include ``FDIC'' and ``RIN 3064-AE04.'' Comments received will be posted without change to http://www.FDIC.gov/regulations/laws/federal/propose.html, including any personal information provided. OCC: Kerri Corn, Director, Credit and Market Risk Division, (202) 649-6398; Linda M. Jennings, National Bank Examiner, (980) 387-0619; Patrick T. Tierney, Special Counsel, or Tiffany Eng, Law Clerk, Legislative and Regulatory Activities Division, (202) 649-5490; or Adam S. Trost, Senior Attorney, Securities and Corporate Practices Division, (202) 649-5510 Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. Board: Anna Lee Hewko, Deputy Associate Director, (202) 530-6260; David Emmel, Manager, (202) 912-4612, Credit, Market and Liquidity Risk Policy; Ann McKeehan, Senior Supervisory Financial Analyst, (202) 972- 6903; Andrew Willis, Senior Financial Analyst, (202) 912-4323, Capital and Regulatory Policy; April C. Snyder, Senior Counsel, (202) 452-3099; or Dafina Stewart, Senior Attorney, (202) 452-3876, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (202) 263-4869. FDIC: Kyle Hadley, Chief, Examination Support Section, (202) 898- 6532; Rebecca Berryman, Senior Capital Markets Policy Specialist, (202) 898-6901; Eric Schatten, Capital Markets Policy Analyst, (202) 898- 7063, Capital Markets Branch Division of Risk Management Supervision, (202) 898-6888; Gregory Feder, Counsel, (202) 898-8724; or Sue Dawley, Senior Attorney, (202) 898-6509, Supervision Branch, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. A. Summary of the Proposed Rule B. Background C. Overview of the Proposed Rule II. Minimum Liquidity Coverage Ratio A. High-Quality Liquid Assets 1. Liquidity Characteristics of HQLA a. Risk Profile b. Market-based Characteristics c. Central Bank Eligibility 2. Qualifying Criteria for Categories of HQLA a. Level 1 Liquid Assets b. Level 2A Liquid Assets c. Level 2B Liquid Assets 3. Operational Requirements for HQLA 4. Generally Applicable Criteria for HQLA a. Unencumbered b. Client Pool Security c. Treatment of HQLA held by U.S. Consolidated Subsidiaries e. Exclusion of Rehypothecated Assets f. Exclusion of Assets Designated as Operational 5. Calculation of the HQLA Amount a. Calculation of Unadjusted Excess HQLA Amount b. Calculation of Adjusted Excess HQLA Amount c. Example HQLA Calculation B. Total Net Cash Outflow 1. Determining the Maturity of Instruments and Transactions 2. Cash Outflow Categories a. Unsecured Retail Funding Outflow Amount b. Structured Transaction Outflow Amount c. Net Derivative Cash Outflow Amount d. Mortgage Commitment Outflow Amount e. Commitment Outflow Amount f. Collateral Outflow Amount g. Brokered Deposit Outflow Amount for Retail Customers or h. Unsecured Wholesale Funding Outflow Amount i. Debt Security Outflow Amount j. Secured Funding and Asset Exchange Outflow Amount k. Foreign Central Bank Borrowings l. Other Contractual Outflow Amounts m. Excluded Amounts for Intragroup Transactions 3. Total Cash Inflow Amount a. Items not included as inflows b. Net Derivatives Cash Inflow Amount c. Retail Cash Inflow Amount d. Unsecured Wholesale Cash Inflow Amount e. Securities Cash Inflow Amount f. Secured Lending and Asset Exchange Cash Inflow Amount III. Liquidity Coverage Ratio Shortfall IV. Transition and Timing V. Modified Liquidity Coverage Ratio Applicable to Bank and Savings and Loan Holding Companies A. Overview and Applicability B. High-Quality Liquid Assets C. Total Net Cash Outflow VI. Solicitation of Comments on Use of Plain Language VII. Regulatory Flexibility Act VIII. Paperwork Reduction Act IX. OCC Unfunded Mandates Reform Act of 1995 Determination The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are requesting comment on a proposed rule (proposed rule) that would implement a liquidity coverage ratio requirement, consistent with the international liquidity standards published by the Basel Committee on Banking Supervision (BCBS),\1\ for large, internationally active banking organizations, nonbank financial companies designated by the Financial Stability Oversight Council for Board supervision that do not have substantial insurance activities (covered nonbank companies), and their consolidated subsidiary depository institutions with total assets greater than $10 billion. The BCBS published the international liquidity standards in December 2010 as a part of the Basel III reform package \2\ and revised the standards in January 2013 (as revised, the Basel III Revised Liquidity Framework).\3\ The Board also is proposing on its own to implement a modified version of the liquidity coverage ratio requirement as an enhanced prudential standard for bank holding companies and savings and loan holding companies with at least $50 billion in total consolidated assets that are not internationally active and do not have substantial insurance activities. This modified approach is described in section V of this preamble. \1\ The BCBS is a committee of banking supervisory authorities that was established by the central bank governors of the G10 countries in 1975. It currently consists of senior representatives of bank supervisory authorities and central banks from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. Documents issued by the BCBS are available through the Bank for International Settlements Web site at http://www.bis.org. \2\ ``Basel III: International framework for liquidity risk measurement, standards and monitoring'' (December 2010), available at http://www.bis.org/publ/bcbs188.pdf (Basel III Liquidity Framework). \3\ ``Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools'' (January 2013), available at http://www.bis.org/publ/bcbs238.htm. As described in more detail below, the proposed rule would establish a quantitative minimum liquidity coverage ratio that builds upon the liquidity coverage methodologies traditionally used by banking organizations to assess exposures to contingent liquidity events. The proposed rule would complement existing supervisory guidance and the more qualitative liquidity requirements that the Board proposed, in consultation with the OCC and the FDIC, pursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) \4\ and would establish transition periods for conformance with the new requirements. \4\ See ``Enhanced Prudential Standards and Early Remediation Requirements for Covered Companies,'' 77 FR 594 (Jan. 5, 2010); ``Enhanced Prudential Standards and Early Remediation Requirements for Foreign Banking Organizations and Foreign Nonbank Financial Companies,'' 77 FR 76628 (Dec. 28, 2012). The recent financial crisis demonstrated significant weaknesses in the liquidity positions of banking organizations, many of which experienced difficulty meeting their obligations due to a breakdown of the funding markets. As a result, many governments and central banks across the world provided unprecedented levels of liquidity support to companies in the financial sector in an effort to sustain the global financial system. In the United States, the Board and the FDIC established various temporary liquidity facilities to provide sources of funding for a range of asset classes. These events came in the wake of a period characterized by ample liquidity in the financial system. The rapid reversal in market conditions and the declining availability of liquidity during the financial crisis illustrated both the speed with which liquidity can evaporate and the potential for protracted illiquidity during and following these types of market events. In addition, the recent financial crisis highlighted the pervasive detrimental effect of a liquidity crisis on the banking sector, the financial system, and the economy as a whole. Banking organizations' failure to adequately address these challenges was in part due to lapses in basic liquidity risk management practices. Recognizing the need for banking organizations to improve their liquidity risk management and to control their liquidity risk exposures, the agencies worked with regulators from foreign jurisdictions to establish international liquidity standards. These standards include the principles based on supervisory expectations for liquidity risk management in the ``Principles for Sound Liquidity Management and Supervision'' (Basel Liquidity Principles).\5\ In addition to these principles, the BCBS established quantitative standards for liquidity in the ``Basel III: International framework for liquidity risk measurement, standards and monitoring'' \6\ in December 2010, which introduced a liquidity coverage ratio (2010 LCR) and a net stable funding ratio (NSFR), as well as a set of liquidity monitoring tools. These reforms were intended to strengthen liquidity and promote a more resilient financial sector by improving the banking sector's ability to absorb shocks arising from financial and economic stress. Subsequently, in January 2013, the BCBS issued ``Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools'' (Basel III LCR),\7\ which updated key components of the 2010 LCR as part of the Basel III liquidity framework.\8\ The agencies acknowledge that there is ongoing international study of the interaction between the Basel III LCR and central bank operations. The agencies are working with the BCBS on these matters and would consider amending the proposal if the BCBS proposes modifications to the Basel III LCR. \5\ Principles for Sound Liquidity Risk Management and Supervision (September 2008), available at http://www.bis.org/publ/bcbs144.htm. \6\ Basel III Liquidity Framework, supra note 2. \7\ Basel III Revised Liquidity Framework, supra note 3. \8\ Key provisions of the 2010 LCR that were updated by the BCBS in 2013 include expanding the definition of high-quality liquid assets, technical changes to the calculation of various inflow and outflow rates, introducing a phase-in period for implementation, and a variety of rules text clarifications. See http://www.bis.org/press/p130106b.pdf for a complete list of revisions to the 2010 LCR. The Basel III LCR establishes for the first time an internationally harmonized quantitative liquidity standard that has the primary objective of promoting the short-term resilience of the liquidity risk profile of internationally active banking organizations. The Basel III LCR is designed to improve the banking sector's ability to absorb, without reliance on government support, shocks arising from financial and economic stress, whatever the source, thus reducing the risk of spillover from the financial sector to the broader economy. Beginning in January 2015, under the Basel III LCR, internationally active banking organizations would be required to hold sufficient high- quality liquid assets (HQLA) to meet their obligations and other liquidity needs that are forecasted to occur during a 30 calendar-day stress scenario. To meet the Basel III LCR standard, the HQLA must be unencumbered by liens and other restrictions on transferability and must be convertible into cash easily and immediately in deep, active private markets. Current U.S. regulations do not require banking organizations to meet a quantitative liquidity standard. Rather, the agencies evaluate a banking organization's methods for measuring, monitoring, and managing liquidity risk on a case-by-case basis in conjunction with their supervisory processes.\9\ Since the financial crisis, the agencies have worked to establish a more rigorous supervisory and regulatory framework for U.S. banking organizations that would incorporate and build upon the BCBS standards. First, the agencies, together with the National Credit Union Administration and the Conference of State Bank Supervisors, issued guidance titled the ``Interagency Policy Statement on Funding and Liquidity Risk Management'' (Liquidity Risk Policy Statement) in March 2010.\10\ The Liquidity Risk Policy Statement incorporates elements of the Basel Liquidity Principles and is supplemented by other liquidity risk management principles previously issued by the agencies. The Liquidity Risk Policy Statement specifies supervisory expectations for fundamental liquidity risk management practices, including a comprehensive management process for identifying, measuring, monitoring, and controlling liquidity risk. The Liquidity Risk Policy Statement also emphasizes the central role of corporate governance, cash-flow projections, stress testing, ample liquidity resources, and formal contingency funding plans as necessary tools for effectively measuring and managing liquidity risk. \9\ For instance, the Uniform Financial Rating System adopted by the Federal Financial Institutions Examination Council (FFIEC) requires examiners to assign a supervisory rating that assesses a banking organization's liquidity position and liquidity risk \10\ 75 FR 13656 (March 22, 2010). Additionally, in 2012, pursuant to section 165 of the Dodd-Frank Act,\11\ the Board proposed enhanced liquidity standards for large U.S. banking firms, certain foreign banking organizations, and nonbank financial companies designated by the Financial Stability Oversight Council for Board supervision.\12\ These enhanced liquidity standards include corporate governance provisions, senior management responsibilities, independent review, a requirement to hold highly liquidity assets to cover stressed liquidity needs based on internally developed stress models, a contingency funding plan, and specific limits on potential sources of liquidity risk.\13\ \11\ See 12 U.S.C. 5365. \12\ See 77 FR 594 (Jan. 5, 2012); 77 FR 76628 (Dec. 28, 2012). The proposed rule would further enhance the supervisory efforts described above, which are aimed at measuring and managing liquidity risk, by implementing a minimum quantitative liquidity requirement in the form of a liquidity coverage ratio. This quantitative requirement would focus on short-term liquidity risks and would benefit the financial system as a whole by improving the ability of companies subject to the proposal to absorb potential market and liquidity shocks in a severe stress scenario over a short term. The agencies are proposing to establish a minimum liquidity coverage ratio that would be consistent with the Basel III LCR, with some modifications to reflect characteristics and risks of specific aspects of the U.S. market and U.S. regulatory framework, as described in this preamble. For instance, in recognition of the strong liquidity positions many U.S. banking organizations and other companies that would be subject to the proposal have achieved since the recent financial crisis, the proposed rule includes transition periods that are similar to, but shorter than, those set forth in the Basel III LCR. These proposed transition periods are designed to give companies subject to the proposal sufficient time to adjust to the proposed rule while minimizing any potential adverse impact that implementation could have on the U.S. banking system. The agencies note that the BCBS is in the process of reviewing the NSFR that was included in the BCBS liquidity framework when it was first published in 2010. While the Basel III LCR is focused on measuring liquidity resilience over a short-term period of severe stress, the NSFR is designed to promote resilience over a one-year time horizon by creating additional incentives for banking organizations and other financial companies that would be subject to the standard to fund their activities with more stable sources and encouraging a sustainable maturity structure of assets and liabilities. Currently, the NSFR is in an international observation period as the agencies work with other BCBS members and the banking industry to gather data and study the impact of the proposed NSFR standard on the banking system. The agencies are carefully considering what changes to the NSFR they may recommend to the BCBS based on the results of this assessment. The agencies anticipate that they would issue a proposed rulemaking implementing the NSFR in advance of its scheduled global implementation The proposed rule would establish a minimum liquidity coverage ratio applicable to all internationally active banking organizations, that is, banking organizations with $250 billion or more in total assets or $10 billion or more in on-balance sheet foreign exposure, and to consolidated subsidiary depository institutions of internationally active banking organizations with $10 billion or more in total consolidated assets (collectively, covered banking organizations). Thus, the rule would not apply to institutions that have opted in to the advanced approaches capital rule; \14\ the agencies are seeking comment on whether to apply the rule to opt-in banking organizations. The proposed rule would also apply to covered nonbank companies, and to consolidated subsidiary depository institutions of covered nonbank companies with $10 billion or more in total consolidated assets (together with covered banking organizations and covered nonbank companies, covered companies). The proposed rule would not apply to a bridge financial company or a subsidiary of a bridge financial company, a new depository institution or a bridge depository institution, as those terms are used in the resolution context.\15\ The agencies believe that requiring the FDIC to maintain a minimum liquidity coverage ratio in these entities would inappropriately constrain the FDIC's ability to resolve a depository institution or its affiliated companies in an orderly manner.\16\ \14\ See 12 CFR part 3 (OCC), 12 CFR part 217 (Federal Reserve), and 12 CFR part 324 (FDIC). \15\ See 12 U.S.C. 1813(i) and 12 U.S.C. 5381(a)(3). \16\ Pursuant to the International Banking Act (IBA), 12 U.S.C. 3101 et seq., and OCC regulation, 12 CFR 28.13(a)(1), a Federal branch or agency regulated and supervised by the OCC has the same rights and responsibilities as a national bank operating at the same location. Thus, as a general matter, Federal branches and agencies are subject to the same laws as national banks. The IBA and the OCC regulation state, however, that this general standard does not apply when the IBA or other applicable law provides other specific standards for Federal branches or agencies, or when the OCC determines that the general standard should not apply. This proposal would not apply to Federal branches and agencies of foreign banks operating in the United States. At this time, these entities have assets that are substantially below the proposed $250 billion asset threshold for applying the proposed liquidity standard to an internationally active banking organization. As part of its supervisory program for Federal branches and agencies of foreign banks, the OCC reviews liquidity risks and takes appropriate action to limit such risks in those entities. In addition, the OCC is monitoring other emerging initiatives in the U.S. that may impact liquidity risk supervision of Federal branches and agencies of foreign banks before considering applying a liquidity coverage ratio requirement to them. The Board also is proposing on its own to implement a modified version of the liquidity coverage ratio as an enhanced prudential standard for bank holding companies and savings and loan holding in each case, have $50 billion or more in total consolidated assets, but are not covered companies for the purposes of the proposed rule.\17\ \17\ Total consolidated assets for the purposes of the proposed rule would be as reported on a covered banking organization's most recent year-end Consolidated Reports of Condition and Income or Consolidated Financial Statements for Bank Holding Companies, Federal Reserve Form FR Y-9C. Foreign exposure data would be calculated in accordance with the Federal Financial Institution Examination Council 009 Country Exposure Report. The agencies are reserving the authority to apply the proposed rule to a company not meeting the asset thresholds described above if it is determined that the application of the proposed liquidity coverage ratio would be appropriate in light of a company's asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered companies, or risk to the financial system. A covered company would remain subject to the proposed rule until its primary Federal supervisor determines in writing that application of the proposed rule to the company is not appropriate in light of these same factors. Moreover, nothing in the proposed rule would limit the authority of the agencies under any other provision of law or regulation to take supervisory or enforcement actions, including actions to address unsafe or unsound practices or conditions, deficient liquidity levels, or violations of law. The agencies also are reserving the authority to require a covered company to hold an amount of HQLA greater than otherwise required under the proposed rule, or to take any other measure to improve the covered company's liquidity risk profile, if the relevant agency determines that the covered company's liquidity requirements as calculated under the proposed rule are not commensurate with its liquidity risks. In making such determinations, the agencies will apply notice and response procedures as set forth in their respective regulations. The proposed liquidity coverage ratio would require a covered company to maintain an amount of HQLA meeting the criteria set forth in the proposed rule (the numerator of the ratio) that is no less than 100 percent of its total net cash outflows over a prospective 30 calendar- day period, as calculated in accordance with the proposed rule (the denominator of the ratio). Under the proposed rule, certain categories of assets may qualify as HQLA if they are unencumbered by liens and other restrictions on transfer so that they can be converted into cash quickly with little to no loss in value. Access to HQLA would enhance the ability of a covered company to meet its liquidity needs during an acute short-term liquidity stress scenario. A covered company's total net cash outflow amount would be determined by applying outflow and inflow rates, which reflect certain stressed assumptions, against the balances of a covered company's funding sources, obligations, and assets over a prospective 30 calendar-day period. As further described below, the measures of total cash outflow and total cash inflow, and the outflow and inflow rates used in their determination, are meant to reflect aspects of the stress events experienced during the recent financial crisis. Consistent with the Basel III LCR, these components of the proposed rule take into account the potential impact of idiosyncratic and market-wide shocks, including those that would result in: (1) A partial loss of retail deposits and brokered deposits for retail customers; (2) a partial loss of unsecured wholesale funding capacity; (3) a partial loss of secured, short-term financing with certain collateral and counterparties; (4) losses from derivative positions and the collateral supporting those positions; (5) unscheduled draws on committed credit and liquidity facilities that a covered company has provided to its clients; (6) the potential need for a covered company to buy back debt or to honor non-contractual obligations in order to mitigate reputational and other risks; and (7) other shocks which affect outflows linked to structured financing transactions, mortgages, central bank borrowings, and customer short As noted above, covered companies generally would be required to maintain, on a consolidated basis, a liquidity coverage ratio equal to or greater than 100 percent. However, the agencies recognize that under certain circumstances, it may be necessary for a covered company's liquidity coverage ratio to briefly fall below 100 percent to fund unanticipated liquidity needs. However, a liquidity coverage ratio below 100 percent may also reflect a significant deficiency in a covered company's management of liquidity risk. Therefore, the proposed rule would establish a framework for flexible supervisory response when a covered company's liquidity coverage ratio falls below 100 percent. Under the proposed rule, a covered company would be required to notify its primary Federal supervisor on any business day that its liquidity coverage ratio is less than 100 percent. In addition, if the liquidity coverage ratio is below 100 percent for three consecutive business days, a covered company would be required to submit to its primary Federal supervisor a plan for remediation of the shortfall. These procedures, which are described in further detail in this preamble, are intended to enable supervisors to monitor and respond appropriately to the unique circumstances that are giving rise to a covered company's liquidity coverage ratio shortfall. Consistent with the BCBS liquidity framework, the proposed rule, once finalized, would be effective as of January 1, 2015, subject to a transition period. Under the proposed rule's transition provisions, covered companies would be required to comply with a minimum liquidity coverage ratio of 80 percent as of January 1, 2015. From January 1, 2016, through December 31, 2016, the minimum liquidity coverage ratio would be 90 percent. Beginning on January 1, 2017 and thereafter, all covered companies would be required to maintain a liquidity coverage ratio of 100 percent. The proposed rule's liquidity coverage ratio is based on a standardized supervisory stress scenario. While the liquidity coverage ratio would establish one scenario for stress testing, supervisors expect companies that would be subject to the proposed rule to maintain robust stress testing frameworks that incorporate additional scenarios that are more tailored to the risks within their firms. Companies should use these additional scenarios in conjunction with the proposed rule's liquidity coverage ratio to appropriately determine their liquidity buffers. The agencies note that the liquidity coverage ratio is a minimum requirement and organizations that pose more systemic risk to the U.S. banking system or whose liquidity stress testing indicates a need for higher liquidity buffers may need to take additional steps beyond meeting the minimum ratio in order to meet supervisory expectations. The BCBS liquidity framework also establishes liquidity risk monitoring mechanisms designed to strengthen and promote global consistency in liquidity risk supervision. These mechanisms include information on contractual maturity mismatch, concentration of funding, available unencumbered assets, liquidity coverage ratio reporting by significant currency, and market-related monitoring tools. At this time, the agencies are not proposing to implement these monitoring mechanisms as regulatory standards or requirements. However, the agencies intend to obtain information from covered companies to enable the monitoring of liquidity risk exposure through reporting forms and from information the agencies collect through other supervisory The proposed rule would provide enhanced information about the short-term liquidity profile of a covered company to managers and supervisors. With this information, the covered company's management and supervisors would be better able to assess the company's ability to meet its projected liquidity needs during periods of liquidity stress; take appropriate actions to address liquidity needs; and, in situations of failure, to implement an orderly resolution of the covered company. The agencies anticipate that they will separately seek comment upon proposed regulatory reporting requirements and instructions pertaining to a covered company's disclosure of the proposed rule's liquidity coverage ratio in a subsequent notice. The agencies request comment on all aspects of the proposed rule, including comment on the specific issues raised throughout this preamble. The agencies request that commenters provide detailed qualitative or quantitative analysis, as appropriate, as well as any relevant data and impact analysis to support their positions. Under the proposed rule, a covered company would be required to calculate its liquidity coverage ratio as of a particular date, which is defined in the proposed rule as the calculation date. The proposed rule would require a covered company to calculate its liquidity coverage ratio daily as of a set time selected by the covered company prior to the effective date of the rule and communicated in writing to its primary Federal supervisor. Subsequent to this election, a covered company could only change the time as of which it calculates its liquidity coverage ratio daily with the written approval of its Federal supervisor. A covered company would calculate its liquidity coverage ratio by dividing its amount of HQLA by total net cash outflows, which would be equal to the highest daily amount of cumulative net cash outflows within the 30 calendar days following a calculation date (30 calendar- day stress period). A covered company would not be permitted to double count items in this computation. For example, if an asset is included as a part of the stock of HQLA, such asset may not also be counted as cash inflows in the denominator. The following discussion addresses the proposed criteria for HQLA, which are meant to reflect the characteristics the agencies believe are associated with the most liquid assets banking organizations typically hold. The discussion also explains how HQLA would be calculated under the proposed rule, including its constituent components, and the proposed caps and haircuts applied to those components. Next, the discussion describes total net cash outflows, the denominator of the liquidity coverage ratio. This discussion explains the items that would be included in total cash outflows and total cash inflows, as well as rules for determining whether instruments mature or transactions occur within a 30 calendar-day stress period for the purposes of the liquidity coverage ratio's calculation. The discussion concludes by describing the regulatory framework for supervisory response if a covered company's liquidity coverage ratio falls below 100 percent. 1. What operational or other issues arise from requiring the calculation of the liquidity coverage ratio as of a set time selected by a covered company prior to the effective date of the rule? What significant operational costs, such as technological improvements, or other operational difficulties, if any, may arise from the requirement to calculate the liquidity coverage ratio on a daily basis? What alternatives to daily calculation should the agencies consider and why? 2. The proposed rule would require a covered company to calculate its HQLA on a daily basis. Should the agencies impose any limits with regard to covered companies' ability to transfer HQLA on an intraday basis between entities? Why or why not? In particular, what appropriate limits should the agencies consider with regard to intraday movements of HQLA between domestic and foreign entities, including foreign branches? The numerator of the proposed liquidity coverage ratio would be comprised of a covered company's HQLA, subject to the qualifying criteria and compositional limitations described below (HQLA amount). These proposed criteria and limitations are meant to ensure that a covered company's HQLA amount only includes assets with a high potential to generate liquidity through sale or secured borrowing during a stress scenario. Consistent with the Basel III LCR, the agencies are proposing to divide HQLA into three categories of assets: level 1, level 2A and level 2B liquid assets. Specifically and as described in greater detail below, the agencies are proposing that level 1 liquid assets, which are the highest quality and most liquid assets, be included in a covered company's HQLA amount without a limit. Level 2A and 2B liquid assets have characteristics that are associated with being relatively stable and significant sources of liquidity, but not to the same degree as level 1 liquid assets. Accordingly, level 2A liquid assets would be subject to a 15 percent haircut and, when combined with level 2B liquid assets, could not exceed 40 percent of the total stock of HQLA. Level 2B liquid assets, which are associated with a lesser degree of liquidity and more volatility than level 2A liquid assets, would be subject to a 50 percent haircut and could not exceed 15 percent of the total stock of HQLA. These haircuts and caps are set forth in section 21 of the proposed rule. A covered company would include assets in each HQLA category as required by the proposed rule as of a calculation date, irrespective of an asset's residual maturity. A description of the methodology for calculating the HQLA amount, including the caps on level 2A and level 2B liquid assets and the requirement to calculate adjusted and unadjusted amounts of HQLA, is described in section II.A.5 below. Assets that would qualify as HQLA should be easily and immediately convertible into cash with little or no loss of value during a period of liquidity stress. In identifying the types of assets that would qualify as HQLA, the agencies considered the following categories of liquidity characteristics, which are generally consistent with those of the Basel III LCR: (a) Risk profile; (b) market-based characteristics; and (c) central bank eligibility. Assets that are appropriate for consideration as HQLA tend to be lower risk. There are various forms of risk that can be associated with an asset, including liquidity risk, market risk, credit risk, inflation risk, foreign exchange risk, and the risk of subordination in a bankruptcy or insolvency. Assets appropriate for consideration as HQLA would be expected to remain liquid across various stress scenarios and should not suddenly lose their liquidity upon the occurrence of a certain type of risk. Also, these assets generally experience ``flight to quality'' during a crisis, wherein investors sell their other holdings to buy more of these assets in order to reduce the risk of loss and increase the ability to monetize assets as necessary to meet their own obligations. Assets that may be highly liquid under normal conditions but experience wrong-way risk and could become less liquid during a period of stress would not be appropriate for consideration as HQLA. For example, securities issued or guaranteed by many companies in the financial sector \18\ have been more prone to lose value and, as a result, become less liquid and lose value in times of liquidity stress due to the high correlation between the health of these companies and the health of the financial markets generally. This correlation was evident during the recent financial crisis, as most debt issued by such companies traded at significant discounts for a prolonged period. Because of this high potential for wrong-way risk, consistent with the Basel III LCR standard, the proposed rule would exclude assets issued by companies that are primary actors in the financial sector from HQLA.\19\ \18\ See infra section II.A.2.c. \19\ Identification of companies with high potential for wrong- way risk under the proposal is discussed below in section II.A.2. The agencies also have found that assets appropriate for consideration as HQLA generally exhibit characteristics that are market-based in nature. First, these assets tend to have active outright sale or repurchase markets at all times with significant diversity in market participants as well as high volume. This market- based liquidity characteristic may be demonstrated by historical evidence, including evidence during recent periods of market liquidity stress, of low bid-ask spreads, high trading volumes, a large and diverse number of market participants, and other factors. Diversity of market participants, on both the buy and sell sides, is particularly important because it tends to reduce market concentration and is a key indicator that a market will remain liquid. Also, the presence of multiple committed market makers is another sign that a market is liquid. Second, assets that are appropriate for consideration as HQLA generally tend to have prices that do not incur sharp price declines, even during times of stress. Volatility of traded prices and bid-ask spreads during normal times are simple proxy measures of market volatility; however, there should be historical evidence of relative stability of market terms (such as prices and haircuts) and volumes during stressed periods. To the extent that an asset exhibits price or volume fluctuation during times of stress, assets appropriate for consideration as HQLA tend to increase in value and experience a flight to quality during such times, as historically, the market moves into more liquid assets in times of systemic crisis. Third, assets that can serve as HQLA tend to be easily and readily valued. The agencies generally have found that an asset's liquidity is typically higher if market participants agree on its valuation. Assets with more standardized, homogenous, and simple structures tend to be more fungible, thereby promoting liquidity. The pricing formula of more liquid assets generally is easy to calculate when it is based upon sound assumptions and publicly available inputs. Whether an asset is listed on an active and developed exchange can serve as a key indicator of an asset's price transparency and liquidity. Assets that a covered company can pledge at a central bank as collateral for intraday liquidity needs and overnight liquidity facilities in a jurisdiction and in a currency where the bank has access to the central bank generally tend to be liquid and, as such, are appropriate for consideration as HQLA. In the past, central banks have provided a backstop to the supply of banking system liquidity under conditions of severe stress. Central bank eligibility should, therefore, provide additional assurance that assets could be used in acute liquidity stress events without adversely affecting the broader financial system and economy. However, central bank eligibility is not itself sufficient to categorize an asset as HQLA; all of the proposed rule's requirements for HQLA would need to be met if central bank eligible assets are to qualify as HQLA. 3. What, if any, other characteristics should be considered by the agencies in analyzing the liquidity of an asset? The characteristics of HQLA discussed above are reflected in the proposed rule's qualifying criteria for HQLA. The criteria, set forth in section 20 of the proposed rule, are designed to identify assets that exhibit low risk and limited price volatility, are traded in high- volume, deep markets with transparent pricing, and that are eligible to be pledged at a central bank. Consistent with these characteristics and the BCBS LCR framework, the proposed rule would establish general criteria for all HQLA and specific requirements for each category of HQLA. For example, most of the assets in these categories would need to meet the proposed rule's definition of ``liquid and readily- marketable'' in order to be included in HQLA. Under the proposed rule, an asset would be liquid and readily-marketable if it is traded in an active secondary market with more than two committed market makers, a large number of committed non-market maker participants on both the buying and selling sides of transactions, timely and observable market prices, and high trading volumes. The ``liquid and readily-marketable'' requirement is meant to ensure that assets included in HQLA exhibit a level of liquidity that would allow a covered company to convert them into cash during times of stress and, therefore, to meet its obligations when other sources of funding may be reduced or unavailable. Timely and observable market prices make it likely that a buyer could be found and that a price could be obtained within a short period of time such that a covered company could convert the assets to cash, as needed. As noted above, assets that are included in HQLA should not be issued by financial sector entities since they would then be correlated with covered companies (or wrong-way risk assets). In the proposed rule, financial sector entities are defined as regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or a consolidated subsidiary of any of the foregoing. HQLA also could not be issued by any company (or any of its consolidated subsidiaries) that an agency has determined should be treated the same for the purposes of this proposed rule as a regulated financial company, investment company, non-regulated fund, pension fund, or investment adviser, based on activities similar in scope, nature, or operations to those entities (identified company). The term ``regulated financial company'' under the proposal would include bank holding companies and savings and loan holding companies (depository institution holding companies); nonbank financial companies supervised by the Board under Title I of the Dodd-Frank Act; depository institutions; foreign banks; credit unions; industrial loan companies, industrial banks, or other similar institutions described in section 2 of the Bank Holding Company Act; national banks, state member banks, or state nonmember banks that are not depository institutions; insurance companies; securities holding companies (as defined in section 618 of the Dodd-Frank Act);\20\ broker-dealers or dealers registered with the SEC; futures commission merchants and swap dealers, each as defined in the Commodity Exchange Act;\21\ or security-based swap dealers defined in section 3 of the Securities Exchange Act.\22\ It would also include any designated financial market utility, as defined in section 803 of the Dodd-Frank Act.\23\ The definition also includes foreign companies if they are supervised and regulated in a manner similar to the institutions listed above.\24\ \20\ 12 U.S.C. 1850a(a)(4). \21\ 7 U.S.C. 1a(28) and (49). \22\ 15 U.S.C. 78c(a)(71). \23\ 12 U.S.C. 5462(4). \24\ Under paragraph (8) of the proposed rule's definition of ``regulated financial company,'' the following would not be considered regulated financial companies: U.S. government-sponsored enterprises; small business investment companies, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.); entities designated as Community Development Financial Institutions (CDFIs) under 12 U.S.C. 4701 et seq. and 12 CFR part 1805; and central banks, the Bank for International Settlements, the International Monetary Fund, or a multilateral development bank. In addition, a ``regulated financial company'' would include a company that is included in the organization chart of a depository institution holding company on the Form FR Y-6, as listed in the hierarchy report of the depository institution holding company produced by the National Information Center (NIC) Web site, provided that the top tier depository institution holding company is subject to the proposed rule (FR Y-6 companies).\25\ \25\ See http://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx. FR Y-6 companies are typically controlled by the filing depository institution holding company under the Bank Holding Company Act. Although many such companies are not consolidated on the financial statements of a depository institution holding company, the links between the companies are sufficiently significant that the agencies believe it would be appropriate to exclude securities issued by FR Y-6 companies (and their consolidated subsidiaries) from HQLA, for the same policy reasons that other regulated financial companies' securities would be excluded from HQLA under the proposal. The organizational hierarchy chart produced by the NIC Web site reflects (as updates regularly occur) the FR Y-6 companies a depository institution holding company must report on the form. The agencies are proposing this method for identifying these companies in order to reduce burden associated with obtaining the FR Y-6 organizational charts for all depository institution holding companies subject to the proposed rule, because the charts are not uniformly available by electronic means. Under the proposal, investment companies would include companies registered with the SEC under the Investment Company Act of 1940 \26\ and investment advisers would include companies registered with the SEC as investment advisers under the Investment Advisers Act of 1940,\27\ as well as the foreign equivalent of such companies. Non-regulated funds would include hedge funds or private equity funds whose investment advisers are required to file SEC Form PF (Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors), and any consolidated subsidiary of such fund, other than a small business investment company, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.). Pension funds would be defined as employee benefit plans as defined in ERISA and government pension plans,\28\ as well as their foreign equivalents. Securities issued by the foregoing entities or their consolidated subsidiaries would be excluded from HQLA. \26\ 15 U.S.C. 80a-1 et seq. \27\ 15 U.S.C. 80b-1 et seq. \28\ See paragraph (7) of Sec. ----.3 of the proposed rule's definition of ``regulated financial company.'' 4. What, if any, modifications should the agencies consider to the definition of ``regulated financial company''? What, if any, entities should be added to, or removed from, the definition and why? What operational difficulties may be involved in identifying a ``regulated financial company,'' including companies a depository institution holding company must report on the FR Y-6 organizational chart (or in identifying consolidated subsidiaries)? How should those operational difficulties be addressed? What alternatives for identifying companies reported on the FR Y-6 should be considered, and what difficulties may be associated with using the organizational hierarchy chart produced by the NIC Web site? definition of ``non-regulated funds''? Should hedge funds or private equity funds whose managers are not required to file Form PF be included in the definition? What operational or other difficulties may covered companies encounter in identifying ``non-regulated'' funds and their consolidated subsidiaries? What other definitions would generally capture hedge funds and private equity funds in an appropriate and clear manner? Provide detailed suggestions and justifications. definitions of ``investment company,'' ``pension fund,'' ``investment adviser,'' or ``identified company''? Should investment companies or investment advisers not required to register with the SEC be included in the respective definitions? 7. What risk or operational issues should the agencies consider regarding the definitions and the exclusion of securities issued by the companies described above from HQLA, as well as the higher outflow rates applied to such companies, as described below? 8. What additional factors or characteristics should the agencies consider with respect to identifying those companies whose securities should be excluded from HQLA and should be subject to the accompanying higher outflow rates for such companies, as discussed below? 9. How well does the proposed definition of ``liquid and readily- marketable'' meet the agencies' goal of identifying HQLA that could be converted into cash in order to meet a covered company's liquidity needs during times of stress? What other characteristics, if any, of a traded security and relevant markets should the agencies consider? What other approaches for capturing this liquidity characteristic should the agencies consider? Provide detailed description of and justifications for any alternative approaches. Under the proposed rule, a covered company could include the full fair value of level 1 liquid assets in its HQLA amount. These assets have the highest potential to generate liquidity for a covered company during periods of severe liquidity stress and thus would be includable in a covered company's HQLA amount without limit. As discussed in further detail in this section, the proposed rule would include the following assets in level 1 liquid assets: (1) Federal Reserve Bank balances; (2) foreign withdrawable reserves; (3) securities issued or unconditionally guaranteed as to the timely payment of principal and interest by the U.S. Department of the Treasury; (4) liquid and readily-marketable securities issued or unconditionally guaranteed as to the timely payment of principal and interest by any other U.S. government agency (provided that its obligations are fully and explicitly guaranteed by the full faith and credit of the United States government); (5) certain liquid and readily marketable securities that are claims on, or claims guaranteed by, a sovereign entity, a central bank, the Bank for International Settlements, the International Monetary Fund, the European Central Bank and European Community, or a multilateral development bank; and (6) certain debt securities issued by sovereign entities. Reserve Bank Balances Under the BCBS LCR framework, ``central bank reserves'' are included in HQLA. In the United States, Federal Reserve Banks are generally authorized under the Federal Reserve Act to maintain balances only for ``depository institutions'' and for other limited types of organizations.\29\ Pursuant to the Federal Reserve Act, there are different kinds of balances that depository institutions may maintain at Federal Reserve Banks, and they are maintained in different kinds of Federal Reserve Bank accounts. Balances that depository institutions must maintain to satisfy a reserve balance requirement must be maintained in the depository institution's ``master account'' at a Federal Reserve Bank or, if the institution has designated a pass- through correspondent, in the correspondent's master account. A ``reserve balance requirement'' is the amount that a depository institution must maintain in an account at a Federal Reserve Bank in order to satisfy that portion of the institution's reserve requirement that is not met with vault cash. Balances in excess of those required to be maintained to satisfy a reserve balance requirement, known as ``excess balances,'' may be maintained in a master account or in an ``excess balance account.'' Finally, balances maintained for a specified period of time, known as ``term deposits,'' are maintained in a term deposit account offered by the Federal Reserve Banks. The proposed rule therefore uses the term ``Reserve Bank balances'' as the relevant term to capture central bank reserves in the \29\ See 12 U.S.C. 342. Under the proposed rule, all balances a depository institution maintains at a Federal Reserve Bank (other than balances that an institution maintains on behalf of another institution, such as balances it maintains on behalf of a respondent or on behalf of an excess balance account participant) would be considered level 1 liquid assets, except for certain term deposits as explained immediately Consistent with the concept of ``central bank reserves'' in the BCBS LCR framework, the proposed rule includes in its definition of ``Reserve Bank balances'' only those term deposits offered and maintained pursuant to terms and conditions that (1) explicitly and contractually permit such term deposits to be withdrawn upon demand prior to the expiration of the term, or that (2) permit such term deposits to be pledged as collateral for term or automatically-renewing overnight advances from a Federal Reserve Bank. None of the term deposits offered under the Federal Reserve's Term Deposit Facility as currently configured would be included in ``Reserve Bank balances'' because all term deposits offered to date by the Federal Reserve Banks are not explicitly and contractually repayable on notice. Similarly, all term deposits offered to date may not serve as collateral against which the depository institutions can borrow from a Federal Reserve Bank on a term or automatically renewable basis. Federal Reserve term deposits that are not included in ``Reserve Bank balances'' and, therefore, would not be considered level 1 liquid assets under the proposed rule could be included in a covered company's inflows, if the terms of such deposits expire within 30 days of the calculation date. Under the proposed rule, a covered company's reserve balance requirement would be subtracted from its level 1 liquid asset amount, because a depository institution generally satisfies its reserve requirement by maintaining vault cash or a balance in an account at a Federal Reserve Bank.\30\ \30\ See Sec. ----.21(b)(1) of the proposed rule. Foreign Withdrawable Reserves The agencies are proposing that reserves held by a covered company in a foreign central bank that are not subject to restrictions on use be included in level 1 liquid assets. Similar to Reserve Bank balances, foreign withdrawable reserves should be able to serve as a medium of exchange in the currency of the country where they are held. United States Government Securities The proposed rule would include in level 1 liquid assets securities issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the U.S Department of the Treasury. Generally, these types of securities have exhibited high levels of liquidity even in times of extreme stress to the financial system, and typically are the securities that experience the most ``flight to quality'' when investors adjust their holdings. Level 1 liquid assets would also include securities issued by any other U.S. government agency whose obligations are fully and explicitly guaranteed by the full faith and credit of the U.S. government, provided that they are liquid and readily-marketable. Certain Sovereign and Multilateral Organization Securities that are a claim on, or a claim guaranteed by, a sovereign entity, a central bank, the Bank for International Settlements, the International multilateral development bank, provided that such securities meet the following three requirements. First, these securities must have been assigned a zero percent risk weight under the standardized approach for risk-weighted assets of the agencies' regulatory capital rules.\31\ Generally, securities issued by sovereigns that are assigned a zero percent risk weight have shown resilient liquidity characteristics. Second, the proposed rule would require these securities to be liquid and readily-marketable, as discussed above. Third, these securities would be required to be issued by an entity whose obligations have a proven record as a reliable source of liquidity in the repurchase or sales markets during stressed market conditions. A covered company could demonstrate a historical record that meets this criterion through reference to historical market prices during times of general liquidity stress, such as the period of financial market stress experienced from 2007 to 2008. Covered companies should also look to other periods of systemic and idiosyncratic stress to see if the asset under consideration has proven to be a reliable source of liquidity. Fourth, these securities could not be an obligation of a regulated financial company, non-regulated fund, pension fund, investment adviser, or identified company or any consolidated subsidiary of such entities. Certain Foreign Sovereign Debt Securities Debt securities issued by a foreign sovereign entity that are not assigned a zero percent risk weight under the standardized approach for risk-weighted assets of the agencies' regulatory capital rules may serve as level 1 liquid assets if they are liquid and readily marketable, the sovereign entity issues such debt securities in its own currency, and a covered company holds the debt securities to meet its cash outflows in the jurisdiction of the sovereign entity, as calculated in the outflow section of the proposed rule. These assets would be appropriately included as level 1 liquid assets despite having a risk weight greater than zero because a sovereign often is able to meet obligations in its own currency through control of its monetary system, even during fiscal challenges. 10. What, if any, alternative factors should be considered in determining the assets that qualify as level 1 liquid assets? What, if any, additional assets should qualify as level 1 liquid assets based on the characteristics for HQLA that the agencies discussed above? Provide detailed justification based on the liquidity characteristics of any such assets, including historical data and observations. 11. Are there any assets that would qualify as level 1 liquid assets under the proposed rule that should not qualify based on their liquidity characteristics? If so, which assets should not be included and why? Provide detailed justification based on the liquidity characteristics of an asset in question, including historical data and observations. Under the proposed rule, level 2A liquid assets would include certain claims on, or claims guaranteed by a U.S. government sponsored enterprise (GSE) \32\ and certain claims on, or claims guaranteed by, a sovereign entity or a multilateral development bank. Assets would be required to be liquid and readily-marketable, as described above, to be considered level 2A liquid assets. \32\ GSEs include the Federal Home Loan Mortgage Corporation (FHLMC), the Federal National Mortgage Association (FNMA), the Farm Credit System, and the Federal Home Loan Bank System. The agencies are aware that some securities issued and guaranteed by U.S. GSEs consistently trade in very large volumes and generally have been highly liquid, including during times of stress. However, the U.S. GSEs remain privately owned corporations, and their obligations do not have the explicit guarantee of the full faith and credit of the United States. The agencies have long held the view that obligations of U.S. GSEs should not be accorded the same treatment as obligations that carry the explicit guarantee of the U.S. government and under the agencies' regulatory capital rules, have currently and historically assigned a 20 percent risk weight to their obligations and guarantees, rather than the zero percent risk weight assigned to securities guaranteed by the full faith and credit of the United States. Consistent with the agencies' regulatory capital rules, the agencies are not assigning the most favorable regulatory treatment to U.S. GSEs' issuances and guarantees under the proposed rule and therefore are assigning them to the level 2A liquid asset category, so long as they are investment grade consistent with the OCC's investment regulation (12 CFR part 1) as of the calculation date. Additionally, consistent with the agencies' regulatory capital rules' higher risk weight for the preferred stock of U.S. GSEs, the agencies are proposing to exclude such preferred stock from HQLA. Level 2A liquid assets also would include claims on, or claims guaranteed by a sovereign entity or a multilateral development bank that: (1) is not included in level 1 liquid assets; (2) is assigned no higher than a 20 percent risk weight under the standardized approach for risk-weighted assets of the agencies' regulatory capital rules; \33\ (3) is issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions; and (4) is not an obligation of a regulated fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. A covered company could demonstrate that a claim on or claims guaranteed by a sovereign entity or a multilateral development bank that has issued obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions through reference to historical market prices during times of general liquidity stress.\34\ Covered companies should look to multiple periods of systemic and idiosyncratic liquidity stress in compiling such records. \34\ This would be demonstrated if the market price of the security or equivalent securities of the issuer declined by no more than 10 percent or the market haircut demanded by counterparties to secured funding or lending transactions that are collateralized by such security or equivalent securities of the issuer increased by no more than 10 percentage points during a 30 calendar-day period of significant stress. The proposed rule likely would not permit covered bonds and securities issued by public sector entities, such as a state, local authority, or other government subdivision below the level of a sovereign (including U.S. states and municipalities) to qualify as HQLA at this time. While these assets are assigned a 20 percent risk weight under the standardized approach for risk-weighted assets in the agencies' regulatory capital rules, the agencies believe that, at this time, these assets are not liquid and readily-marketable in U.S. markets and thus do not exhibit the liquidity characteristics necessary to be included in HQLA under this proposed rule. For example, securities issued by public sector entities generally have low average daily trading volumes. Covered bonds, in particular, exhibit significant risks regarding interconnectedness and wrong-way risk among companies in the financial sector such as regulated financial companies, investment companies, and non-regulated funds. 12. What other assets, if any, should the agencies include in level 2A liquid assets? How should such assets be identified and what are the characteristics of those assets that would justify their inclusion in level 2A liquid assets? 13. Are there any assets that would qualify as level 2A liquid liquidity characteristics? If so, which assets and why? Provide a detailed justification based on the liquidity characteristics of the asset in question, including historical data and observations. 14. What alternative treatment, if any, should the agencies consider for obligations of U.S. GSEs and why? Provide justification and supporting data. Under the proposed rule, level 2B liquid assets would include certain publicly traded corporate debt securities and publicly traded shares of common stock that are liquid and readily-marketable, as discussed above. The limitation of level 2B liquid assets to those that are publicly traded is meant to ensure a minimum level of liquidity, as privately traded assets are less liquid. Under the proposed rule, the definition of ``publicly traded'' would be consistent with the definition used in the agencies' regulatory capital rules and would identify securities traded on registered exchanges with liquid two-way markets.\35\ A two-way market would be defined as market where there are independent bona fide offers to buy and sell, so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at that price within a relatively short time frame, conforming to trade custom. This definition is also consistent with the definition in the agencies' capital rules \36\ and is designed to identify markets with transparent and readily available pricing, which, for the reasons discussed above, is fundamental to the liquidity of an asset. \35\ See id. \36\ Id. Publicly Traded Corporate Debt Securities Publicly traded corporate debt securities would be considered level 2B liquid assets under the proposed rule if they meet three requirements (in addition to being liquid and readily-marketable). First, the securities would be required to meet the definition of ``investment grade'' under 12 CFR part 1 as of a calculation date.\37\ This standard would ensure that assets not meeting the required credit quality standard for bank investment would not be included in HQLA. The agencies believe that meeting this standard is indicative of lower risk and, therefore, higher liquidity for a corporate debt security. Second, the securities would be required to have been issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions. A covered company would be required to demonstrate this record of liquidity reliability and lower volatility during times of stress by showing that the market price of the publicly traded debt securities or equivalent securities of the issuer declined by no more than 20 percent or the market haircut demanded by counterparties to secured lending and secured funding transactions that were collateralized by such debt securities or equivalent securities of the issuer increased by no more than 20 percentage points during a 30 calendar-day period of significant stress. As discussed above, a covered company could demonstrate a historical record that meets this criterion through reference to historical market prices of the debt security during times of general liquidity stress. \37\ 12 CFR 1.2(d). Finally, for the reasons discussed above, the debt securities could not be obligations of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. Publicly Traded Shares of Common Stock Under the proposed rule, publicly traded shares of common stock could be included in a covered company's level 2B liquid assets if the shares meet the five requirements set forth below (in addition to being liquid and readily-marketable). Because of general statutory prohibitions on holding equity investments for their own account,\38\ depository institutions subject to the proposed rule would not be able to include common stock in their level 2B liquid assets (including common stock held pursuant to authority for debt previously contracted, as discussed further below). However, a depository institution could include in its consolidated level 2B liquid assets common stock permissibly held by a consolidated subsidiary, where the investments meet the proposed level 2B requirements for publicly traded shares of common stock. Furthermore, a depository institution could only include in its level 2B assets the amount of a consolidated subsidiary's publicly traded shares of common stock if it is held to cover the net cash outflows for the consolidated subsidiary. For example, if Subsidiary A holds level 2B publicly traded common stock of $100 in a legally permissible manner and has outflows of $80, Subsidiary A could not contribute more than $80 of its level 2B publicly traded common stock to its parent depository institution's consolidated level 2B \38\ 12 U.S.C. 24(Seventh) (national banks); 12 U.S.C. 1464(c) (federal savings associations); 12 U.S.C. 1831a (state banks); 12 U.S.C. 1831e (state savings associations). Under the rule, to be considered a level 2B liquid asset, the publicly traded common stock would be required to be included in either: (1) the Standard & Poor's 500 Index (S&P 500); (2) if the stock is held in a non-U.S. jurisdiction to meet liquidity risks in that jurisdiction, an index that the covered company's supervisor in that jurisdiction recognizes for purposes of including the equities as level 2B liquid assets under applicable regulatory policy; or (3) any other index for which the covered company can demonstrate to the satisfaction of its primary federal supervisor that the stock is as liquid and readily-marketable as equities traded on the S&P 500. The agencies believe that being included in a major stock index is an important indicator of the liquidity of a stock, because such stock tends to have higher trading volumes and lower bid-ask spreads during stressed market conditions than those that are not listed. The agencies identified the S&P 500 as being appropriate for this purpose given that it is considered a major index in the United States and generally includes the most liquid and actively traded stocks. Moreover, stocks that are included in the S&P 500 are selected by a committee that considers, among other characteristics, the volume of trading activity and length of time the stock has been publicly traded. Second, to be considered a level 2B liquid asset, a covered company's publicly traded common stock would be required to be issued in: (1) U.S. dollars; or (2) the currency of a jurisdiction where the covered company operates and the stock offsets its net cash outflows in that jurisdiction. This requirement is meant to ensure that, upon liquidation of the stock, the currency received from the sale matches the outflow currency. Third, the common stock would be required to have been issued by an entity whose common stock has a proven record as a reliable source of liquidity in the repurchase or sales markets during stressed market conditions. Under the proposed rule, a covered company would be required to demonstrate this record of reliable liquidity by showing that the market price of the common stock or equivalent securities of the issuer declined by no more than 40 percent or that the market haircut, as evidenced by observable market prices, of secured funding or lending transactions collateralized by such common stock or equivalent securities of the issuer increased by no more than 40 percentage points during a 30 calendar-day period of significant stress. This limitation is meant to account for the volatility inherent in equities, which is a risk to the preservation of liquidity value. As above, a covered company could demonstrate this historical record through reference to the historical market prices of the common stock during times of general liquidity stress. Fourth, as with the other asset categories of HQLA and for the same reasons, common stock included in level 2B liquid assets may not be issued by a regulated financial company, investment company, non- regulated fund, pension fund, investment adviser, identified company, or any consolidated subsidiary of the foregoing. During the recent financial crisis, the common stock of such companies experienced significant declines in value and the agencies believe that such declines indicate those assets would be less likely to provide substantial liquidity during future periods of stress and, therefore, are not appropriate for inclusion in a covered company's stock of HQLA. Fifth, if held by a depository institution, the publicly traded common stock could not be acquired in satisfaction of a debt previously contracted (DPC). In general, publicly traded common stock may be acquired by a depository institution to prevent a loss from a DPC. However, in order for a depository institution to avail itself of the authority to hold DPC assets, such as by holding publicly traded common stock, such assets typically must be divested in a timely manner.\39\ The agencies believe that depository institutions should make a good faith effort to dispose of DPC publicly traded common stock as soon as commercially reasonable, subject to the applicable legal time limits for disposition. The agencies are concerned that permitting depository institutions to include DPC publicly traded common stock in level 2B liquid assets may provide an inappropriate incentive for depository institutions to hold such assets beyond a commercially reasonable period for disposition. Therefore, the proposal would prohibit depository institutions from including DPC publicly traded common stock in level 2B liquid assets. \39\ See generally 12 CFR 1.7 (OCC); 12 U.S.C. 1843(c)(2) (Board); 12 CFR 362.1(b)(3) (FDIC). 15. What, if any, additional criteria should the agencies consider in determining the type of securities that should qualify as level 2B liquid assets? What alternatives to the S&P 500 should be considered in determining the liquidity of an equity security and why? In addition to an investment grade classification, what additional characteristics denote the liquidity quality of corporate debt that the agencies would be legally permitted to use in light of the Dodd-Frank Act prohibition against agencies' regulations referencing credit ratings? The agencies solicit detailed comment, with supporting data, on the advantages and disadvantages of the proposed investment grade criteria as well as recommended alternatives. 16. Are there any assets that would qualify as level 2B liquid 17. What other criteria, if any, should the agencies consider for establishing an adequate historical record during times of liquidity stress in order to meet the relevant criteria under the proposed rule? What operational burdens, if any, are associated with this requirement? What other standards, if any, should the agencies consider to achieve the same result? 18. Is the proposed treatment for publicly traded common stock appropriate? Why or why not? Are there circumstances under which a depository institution may permissibly hold publicly traded common stock that the agencies should not prohibit from being included in level 2B liquid assets? Please provide specific examples. Under what circumstances, if any, should DPC publicly traded common stock be included in a depository institution's level 2B liquid assets and why? What liquidity risks, if any, are introduced or mitigated if DPC publicly traded common stock are permitted in a depository institution's level 2B liquid assets? Under the proposed rule, an asset that a covered company includes in its HQLA would need to meet the following operational requirements. These operational requirements are intended to better ensure that a covered company's HQLA can be liquidated in times of stress. Several of these requirements relate to the monetization of an asset, by which the agencies mean the receipt of funds from the outright sale of an asset or from the transfer of an asset pursuant to a repurchase agreement. First, a covered company would be required to have the operational capability to monetize the HQLA. This capability would be demonstrated by: (1) implementing and maintaining appropriate procedures and systems to monetize the asset at any time in accordance with relevant standard settlement periods and procedures; and (2) periodically monetizing a sample of HQLA that reasonably reflects the composition of the covered company's total HQLA portfolio, including with respect to asset type, maturity, and counterparty characteristics. This requirement is designed to ensure a covered company's access to the market, the effectiveness of its processes for monetization, and the availability of the assets for monetization and to minimize the risk of negative signaling during a period of actual stress. The agencies would monitor the procedures, systems, and periodic sample liquidations through their supervisory process. Second, a covered company would be required to implement policies that require all HQLA to be under the control of the management function of the covered company that is charged with managing liquidity risk. To do so, a covered company would be required either to segregate the assets from other assets, with the sole intent to use them as a source of liquidity or to demonstrate its ability to monetize the assets and have the resulting funds available to the risk management function, without conflicting with another business or risk management strategy. Thus, if an HQLA were being used to hedge a specific transaction, such as holding an asset to hedge a call option that the covered company had written, it could not be included in the HQLA amount because its sale would conflict with another business or risk management strategy. However, if HQLA were being used as a general macro hedge, such as interest rate risk of the covered company's portfolio, it could still be included in the HQLA amount. This requirement is intended to ensure that a central function of a covered company has the authority and capability to liquidate HQLA to meet its obligations in times of stress without exposing the covered company to risks associated with specific transactions and structures that had been hedged. There were instances at specific firms during the recent financial crisis where unencumbered assets of the firms were not available to meet liquidity demands because the firms' treasuries were restricted or did not have access to such assets. Third, a covered company would be required to include in its total net cash outflow amount the amount of cash outflow that would result from the termination of any specific transaction hedging HQLA. The impact of the hedge would be required to be included in the outflow because if the covered company were to liquidate the asset, it would be required to close out the hedge to avoid creating a risk exposure. This requirement is not intended to apply to general macro hedges such as holding interest rate derivatives to adjust internal duration or interest rate risk measurements, but is intended to cover specific hedges that would become risk exposures if the asset were sold. Fourth, a covered company would be required to implement and maintain policies and procedures that determine the composition of the assets in its HQLA amount on a daily basis by (1) identifying where its HQLA is held by legal entity, geographical location, currency, custodial or bank account, and other relevant identifying factors, (2) determining that the assets included in a covered company's HQLA amount continue to qualify as HQLA, (3) ensuring that the HQLA in the HQLA amount are appropriately diversified by asset type, counterparty, issuer, currency, borrowing capacity or other factors associated with the liquidity risk of the assets, and (4) ensuring that the amount and type of HQLA included in a covered company's HQLA amount that is held in foreign jurisdictions is appropriate with respect to the covered company's net cash outflows in foreign jurisdictions. The agencies also recognize that significant international banking activity occurs through non-U.S. branches of legal entities organized in the United States and that a foreign branch's activities may give rise to the need to hold HQLA in the jurisdiction where it is located. While the agencies believe that holding HQLA in a geographic location where it is needed to meet liquidity needs such as those envisioned by the LCR is appropriate, they are concerned that other factors such as taxes, re-hypothecation rights, and legal and regulatory restrictions may encourage certain companies to hold a disproportionate amount of their HQLA in locations outside the United States where unforeseen impediments may prevent timely repatriation of liquidity during a crisis. Nonetheless, establishing quantitative limits on the amount of HQLA that can be held abroad and still count towards a U.S. domiciled legal entity's LCR requirement is complex and can be overly restrictive in some cases. Therefore, the agencies are proposing to require a covered company to establish policies to ensure that HQLA maintained in locations is appropriate with respect to where the net cash outflows arise. By requiring that there be a correlation between the HQLA amount held outside of the United States and the net cash outflows attributable to non-U.S. operations, the agencies intend to increase the likelihood that HQLA is available to a covered company and to avoid repatriation concerns from HQLA held in another jurisdiction. The agencies note that assets that meet the criteria of HQLA and are held by a covered company as either ``available-for-sale'' or ``held-to-maturity'' can be included in HQLA, regardless of such designation. 19. Are the proposed operational criteria sufficiently clear to determine whether an asset could be included in the pool of HQLA? Why or why not? If not, what requirements need clarification? 20. What costs or other burdens would be incurred as a result of the proposed operational requirements? What modifications should the agencies consider to mitigate such costs or burdens, while establishing appropriate operational criteria for HQLA to ensure its liquidity? Please provide detailed explanations and justifications. 21. Given that, absent the requirement that a covered company develop and maintain policies and procedures to ensure sufficient HQLA is held domestically, a covered company could theoretically hold its entire HQLA in a foreign branch located in a jurisdiction that could impede its use to support U.S. operations, should the proposed rule be supplemented with quantitative restrictions on the amount of HQLA that can be held in foreign branches and included in the liquidity coverage ratio calculation? If so, how should the rule require a correlation between the geographic location of a covered company's HQLA and the location of the outflows the HQLA is intended to cover? 22. The agencies seek comment on all aspects of the criteria for HQLA, including issues of domestic and international competitive equity, and the adequacy of the proposed HQLA criteria in meeting the agencies' goal of requiring a covered company to maintain a buffer of liquid assets sufficient to withstand a 30 calendar-day stress period. Under the proposed rule, assets would be required to meet the following generally applicable criteria to be considered as HQLA. To be included in HQLA, an asset would be required to be unencumbered as defined under the proposed rule. First, the asset would be required to be free of legal, regulatory, contractual, or other restrictions on the ability of a covered company to monetize asset. The agencies believe that, as a general matter, HQLA should only include assets that could be converted easily into cash. Second, the asset could not be pledged, explicitly or implicitly, to secure or provide credit-enhancement to any transaction, except that the asset could be pledged to a central bank or a U.S. GSE to secure potential borrowings if credit secured by the asset has not been extended to the covered company or its consolidated subsidiaries. This exception is meant to account for the ability of central banks and U.S. GSEs to lend against the posted HQLA or to return the posted HQLA, in which case a covered company could sell or engage in a repurchase agreement with the assets to receive cash. This exception is also meant to permit collateral that is covered by a blanket lien from a U.S. GSE to be included in HQLA. An asset included in HQLA could not be a client pool security held in a segregated account or cash received from a repurchase agreement on client pool securities held in a segregated account. The proposed rule defines a client pool security as one that is owned by a customer of a covered company and is not an asset of the organization, regardless of the organization's hypothecation rights to the security. Since client pool securities held in a segregated account are not freely available to meet all possible liquidity needs, they should not count as a source of liquidity. Under the proposal, HQLA held in a legal entity that is a U.S. consolidated subsidiary of a covered company would be included in HQLA subject to specific limitations depending on whether the subsidiary is subject to the proposed rule and is therefore required to calculate a liquidity coverage ratio under the proposed rule. If the consolidated subsidiary is subject to a minimum liquidity coverage ratio under the proposed rule, then a covered company could include in its HQLA amount the HQLA held in the consolidated subsidiary in an amount up to the consolidated subsidiary's net cash outflows calculated to meet its liquidity coverage ratio requirement. The covered company could also include in its HQLA amount any additional amount of HQLA the monetized proceeds from which would be available for transfer to the covered company's top-tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. Regulatory restrictions would include, for example, sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 12 U.S.C. 371c-1) and Regulation W (12 CFR part 223). Supervisory restrictions may include, but would not be limited to, enforcement actions, written agreements, supervisory directives or requests to a particular subsidiary that would directly or indirectly restrict the subsidiary's ability to transfer the HQLA to the parent covered If the consolidated subsidiary is not subject to a minimum liquidity coverage ratio under section 10 of the proposed rule, a covered company could include in its HQLA amount the HQLA held in the consolidated subsidiary in an amount up to the net cash outflows of the consolidated subsidiary that are included in the covered company's calculation of its liquidity coverage ratio, plus any additional amount of HQLA held by the consolidated subsidiary the monetized proceeds from which would be available for transfer to the covered company's top tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. This treatment is consistent with the Basel III LCR and ensures that assets in the pool of HQLA can be freely monetized and the proceeds can be freely transferred to a covered company's top-tier parent entity in times of a liquidity d. Treatment of HQLA Held by Non-U.S. Consolidated Subsidiaries Consistent with the BCBS liquidity framework, HQLA held by a non- U.S. legal entity that is a consolidated subsidiary of a covered company could be included in a covered company's HQLA in an amount up to the net cash outflows of the non-U.S. consolidated subsidiary that are included in the covered company's net cash outflows, plus any additional amount of HQLA held by the non-U.S. consolidated subsidiary that is available for transfer to the covered company's top-tier parent entity during times of stress without statutory, regulatory, contractual, or supervisory restrictions. The proposal would require covered companies with foreign operations to identify the location of HQLA and net cash outflows and exclude any HQLA above net cash outflows that is not freely available for transfer due to statutory, regulatory, contractual or supervisory restrictions. Such transfer restrictions would include liquidity coverage ratio requirements greater than those that would be established by the proposed rule, counterparty exposure limits, and any other regulatory, statutory, or supervisory limitations. While the agencies believe it is appropriate for a covered company to hold HQLA in a particular geographic location in order to meet liquidity needs there, they do not believe it is appropriate for a covered company to hold a disproportionate amount of HQLA in locations outside the United States given that unforeseen impediments may prevent timely repatriation of liquidity during a crisis. Therefore, under section 20(f) of the proposal, a covered company would be generally expected to maintain in the United States an amount and type of HQLA that is sufficient to meet its total net cash outflow amount in the United States. 23. What effects may the provision in section 20(f) that a covered company is generally expected to maintain HQLA in the United States States have on a company's management of HQLA? Should the agencies be concerned about the transferability of liquidity between national jurisdictions during a time of financial distress and, if so, would such a requirement be sufficient to allay these concerns? Would holding HQLA in a foreign jurisdiction in an amount beyond such jurisdiction's estimated outflow limit the operational capacity of HQLA to meet liquidity needs in the United States; conversely, would the proposed general requirement unnecessarily disrupt overall banking operations? What changes, if any, to section 20(f) should the agencies consider to ensure that a covered company has sufficient HQLA readily available to meet its outflows in the United States? Should the agencies consider quantitative limits to ensure that a covered company has sufficient HQLA readily available in the United States to meet its net outflows in the United States and support its operations during periods of stress? Under the proposed rule, assets that a covered company received under a rehypothecation right where the beneficial owner has a contractual right to withdraw the asset without remuneration at any time during a 30 calendar-day stress period would not be included in HQLA under the proposed rule. This exclusion extends to assets generated from another asset that was received under such a rehypothecation right. If the beneficial owner has such a right and were to exercise it within a 30 calendar-day stress period, the asset would not be available to support the covered company's liquidity Assets included in a covered company's HQLA amount could not be specifically designated to cover operational costs. The agencies believe that assets specifically designated to cover costs such as wages or facility maintenance generally would not be available to cover liquidity needs that arise during stressed market conditions. 24. The agencies seek comment on the proposed rule's description of an unencumbered asset. What, if any, additional criteria should be considered in determining whether an asset is unencumbered for purposes of consideration as HQLA? 25. What difficulties or lack of clarity, if any, may arise from the proposed operational requirement that HQLA not be a client pool security be held in a segregated account? What, if any, terms could the agencies consider to clarify what securities are captured in this provision? For example, what characteristics should be included to describe the types of accounts that should cause client pool securities to be excluded from HQLA treatment? 26. What, if any, modifications should the agencies consider to the treatment of HQLA held by consolidated U.S. subsidiaries and why? 27. The agencies solicit comment on the proposed method for including the HQLA held at non-U.S. consolidated subsidiaries in a covered company's HQLA. Is it appropriate to include in HQLA some amount of HQLA that is held in non-U.S. consolidated subsidiaries? If not, why not? Should the proposed rule be supplemented with quantitative restrictions on the amount of HQLA that can be held in foreign branches and subsidiaries for the liquidity coverage ratio calculation of the consolidated U.S. entity? If so, how should the rule require a correlation between the geographic locations of a covered company's HQLA and the location of the outflows the HQLA is intended to cover? What portion of HQLA held by non-U.S. consolidated subsidiaries is freely available for use in connection with a covered company's U.S. operations during times of stress? In determining the amount of HQLA held at a non-U.S. consolidated subsidiary that a covered company can include in its HQLA, should a covered company be required to take into account any net cash outflows arising in connection with transactions between a non-U.S. entity and another affiliate? What challenges, if any, of the proposed methodology are not addressed? Please suggest specific solutions. Instructions for calculating the HQLA amount, including the calculation of the required haircuts and asset caps that the agencies are proposing to apply to level 2 liquid assets, are set forth in section 21 of the proposed rule. For the purposes of calculating a covered company's HQLA amount, the value of level 1, level 2A, and level 2B liquid assets would be equal to the fair value of the assets as determined under U.S. Generally Accepted Accounting Principles (GAAP), multiplied by the appropriate haircut factor and taking in consideration the unwinding of certain transactions. Consistent with the Basel III LCR, the proposed rule would apply a 15 percent haircut to level 2A liquid assets and a 50 percent haircut to level 2B liquid assets.\40\ These haircuts are meant to recognize that level 2 liquid assets generally are less liquid, have larger haircuts in the repurchase markets, and have more volatile prices in the outright sales markets. Also consistent with the Basel III LCR, the proposed rule would cap the amount of level 2 liquid assets that could be included in the HQLA amount. Specifically, level 2 liquid assets could account for no more than 40 percent of the HQLA amount and level 2B liquid assets could account for no more than 15 percent of the HQLA amount. These caps are meant to ensure that these types of assets, which provide less liquidity as compared to level 1 liquid assets, comprise a smaller portion of a covered company's total HQLA amount such that the majority of the HQLA amount is comprised of level 1 \40\ See Basel III Revised Liquidity Framework, paragraphs 46-54 and Annex 1, supra note 3; proposed rule Sec. ----.21(b). As discussed in more detail in section II.A.5.b of this preamble, the agencies believe the proposed level 2 caps and haircuts should be applied to a covered company's HQLA amount both before and after certain transactions are unwound, such as transactions where HQLA will be exchanged for HQLA within the next 30 calendar days in order to ensure that the HQLA portfolio is appropriately diversified. The calculation of adjusted HQLA would prevent a covered company from being able to manipulate its HQLA portfolio by engaging in transactions such as certain repurchase or reverse repurchase transactions because the HQLA amount, including the caps and haircuts, would be calculated both before and after unwinding those transactions. Formulas for calculating the HQLA amount are provided in section 21 of the proposed rule. Under these provisions, the HQLA amount would be the sum of the three liquid asset category amounts after the application of appropriate haircuts, less the greater of the amount of HQLA that exceeds the level 2 caps on the first day of a calculation period (unadjusted excess HQLA amount) or the amount of HQLA that exceeds the level 2 caps at the end of a 30 calendar-day stress period after unwinding certain transactions (adjusted excess HQLA amount).[ The unadjusted excess HQLA amount is the sum of the level 2 cap excess amount and the level 2B cap excess amount. The calculation of the unadjusted excess HQLA amount applies the 40 percent level 2 liquid asset cap and the 15 percent level 2B liquid asset cap at the start of a 30 calendar-day stressed period by subtracting the amount of level 2 liquid assets that are in excess of the limits. The unadjusted HQLA excess amount enforces the cap limits without unwinding any transactions. The method of calculating the level 2 cap excess amount and level 2B cap excess amounts is set forth in sections 21(d) and (e) of the proposed rule, respectively. Under those provisions, the level 2 cap excess amount would be calculated by taking the greater of: (1) the level 2A liquid asset amount plus the level 2B liquid asset amount that exceeds 0.6667 (or 40/60, which is the ratio of the allowable level 2 liquid assets to the level 1 liquid assets) times the level 1 liquid asset amount; or (2) zero.\41\ The calculation of the level 2B cap level 2B liquid asset amount less the level 2 cap excess amount and less 0.1765 (or 15/85, which is the ratio of allowable level 2B liquid assets to the sum of level 1 and level 2A liquid assets) times the sum of the level 1 and level 2A liquid asset amount; or (2) zero.\42\ Subtracting the level 2 cap excess amount from the level 2B liquid asset amount when applying the 15 percent level 2B cap is appropriate because the level 2B liquid assets should be excluded before the level 2A liquid assets when applying the 40 percent level 2 cap. \41\ See Sec. ----.21(d) of the proposed rule. \42\ See Sec. ----. 21(e) of the proposed rule. To determine its adjusted HQLA excess amount, a covered company must unwind all secured funding transactions, secured lending transactions, asset exchanges, and collateralized derivatives transactions, each as defined by the proposed rule, that mature within a 30 calendar-day stress period where HQLA is exchanged. The unwinding of these transactions and the calculation of adjusted excess HQLA amount is intended to prevent a covered company from having a substantial amount of transactions that would create the appearance of a significant level 1 liquid asset amount at the beginning of a 30 calendar-day stress period, but that would unwind by the end of the 30 calendar-day stress period. For example, absent the unwinding of these transactions, a firm that has all level 2 liquid assets could appear compliant with the level 2 liquid asset cap on a calculation date by borrowing a level 1 liquid asset (such as cash or Treasuries) secured by a level 2 liquid asset overnight. While doing so would lower the covered company's amount of level 2 liquid assets and increase its amount of level 1 liquid assets, the organization would have a concentration of level 2 liquid assets above the 40 percent cap after the transaction is unwound. Therefore, the calculation of the adjusted excess HQLA amount and its subtraction from the HQLA amount, if greater than unadjusted excess HQLA amount, would prevent covered companies from avoiding the liquid asset cap limitations. The adjusted level 1 liquid asset amount would be the fair value, as determined under GAAP, of the level 1 liquid assets that are held by a covered company upon the unwinding of any secured funding transaction, secured lending transaction, asset exchanges, or collateralized derivatives transaction that mature within a 30 calendar-day stress period and that involves an exchange of HQLA. Similarly, adjusted level 2A and adjusted level 2B liquid assets would only include those transactions involving an exchange HQLA. After unwinding all the appropriate transactions, the asset haircuts of 15 percent and 50 percent would be applied to the level 2A and 2B liquid assets, respectively. The adjusted excess HQLA amount calculated pursuant to section 21(g) of the proposed rule would be comprised of the adjusted level 2 cap excess amount and adjusted level 2B cap excess amount calculated pursuant to sections 21(h) and 21(i) of the proposed rule, respectively. These excess amounts are calculated in order to maintain the 40 percent cap on level 2 liquid assets and the 15 percent cap on level 2B liquid assets after unwinding a covered company's secured funding transactions, secured lending transactions, asset exchanges, and collateralized derivatives transactions. The adjusted level 2 cap excess amount would be calculated by taking the greater of: (1) the adjusted level 2A liquid asset amount plus the adjusted level 2B liquid asset amount minus 0.6667 (or 40/60, which is the ratio of the allowable level 2 liquid assets to level 1 liquid assets) times the adjusted level 1 liquid asset amount; or (2) zero.\43\ The adjusted level 2B cap excess amount would be calculated by taking the greater of: (1) the adjusted 2B liquid asset amount less the adjusted level 2 cap excess amount less 0.1765 (or 15/85, which is the ratio of allowable level 2B liquid assets to the sum of level 1 liquid assets and level 2A liquid assets) times the sum of the adjusted level 1 liquid asset amount and the adjusted level 2A liquid asset amount; or (2) zero.\44\ As noted above, the adjusted excess HQLA amount is the sum of the adjusted level 2 cap excess amount and the adjusted level 2B cap excess amount.\45\ Also as noted above, subtracting out the adjusted level 2 cap excess amount from the adjusted level 2B liquid asset amount when applying the 15 percent level 2B cap is appropriate because the adjusted level 2B liquid assets should be excluded before the adjusted level 2A liquid assets when applying the 40 percent level 2 cap. \43\ See Sec. ----.21(h) of the proposed rule. \44\ See Sec. ----.21(i) of the proposed rule. \45\ See Sec. ----.21(g) of the proposed rule. The following is an example calculation of the HQLA amount that would be required under the proposed rule. Note that the given liquid asset amounts and adjusted liquid asset amounts already reflect the level 2A and 2B haircuts. Level 1 liquid asset amount: 15 Level 2A liquid asset amount: 25 Level 2B liquid asset amount: 140 Adjusted level 1 liquid asset amount: 120 Adjusted level 2A liquid asset amount: 50 Adjusted level 2B liquid asset amount: 10 Calculate unadjusted excess HQLA amount (section 21(c)) Step 1: Calculate the level 2 cap excess amount (section 21(d)): Level 2 cap excess amount = Max (level 2A liquid asset amount + level 2B liquid asset amount -0.6667Level 1 liquid asset amount, 0) = Max (25 + 140 - 0.666715, 0) = Max (165 - 10.00, 0) = Max (155.00, 0) = 155.00 Step 2: Calculate the level 2B cap excess amount (section 21(e)). Level 2B cap excess amount = Max (level 2B liquid asset amount - level 2 cap excess amount - 0.1765(level 1 liquid asset amount + level 2 liquid asset amount), 0) = Max (140-155.00 - 0.1765(15+25), 0) = Max (-15 - 7.06, 0) = Max (-22.06, 0) Step 3: Calculate the unadjusted excess HQLA amount (section 21(c)). Unadjusted excess HQLA amount = Level 2 cap excess amount + Level 2B cap excess amount = 155.00 + 0 Calculate adjusted excess HQLA amount (sections 21(g)) Step 1: Calculate the adjusted level 2 cap excess amount (section 21(h)). Adjusted level 2 cap excess amount = Max (adjusted level 2A liquid asset amount + adjusted level 2B liquid asset amount - 0.6667adjusted level 1 liquid asset amount, 0) = Max (50 + 10 - 0.6667120, 0) = Max (60-80.00, 0) Step 2: Calculate the adjusted level 2B cap excess amount (section 21(i)). Adjusted level 2B cap excess amount = Max (adjusted level 2B liquid asset amount-adjusted level 2 cap excess amount-0.1765(adjusted level 1 liquid asset amount + adjusted level 2 liquid asset amount, 0) = Max (10-0-0.1765(120+50), 0) Step 3: Calculate the adjusted excess HQLA amount (section 21(g)). Adjusted excess HQLA amount = adjusted level 2 cap excess amount + adjusted level 2B cap excess amount Determine the HQLA amount (section 21(a)) HQLA = Level 1 liquid asset amount + level 2A liquid asset amount + level 2B liquid asset amount-Max(unadjusted excess HQLA amount, adjusted excess HQLA amount) = 15 + 25 + 140-Max (155, 0) = 180-155 To determine the liquidity coverage ratio as of a calculation date, the proposed rule would require a covered company to calculate its total stressed net cash outflow amount for each of the 30 calendar days following the calculation date, thereby establishing the dollar value that must be offset by the HQLA amount. Under section 30 of the proposed rule, the total net cash outflow amount would be the dollar amount on the day within a 30 calendar-day stress period that has the highest amount of net cumulative cash outflows. The agencies believe that using the largest daily calculation as the denominator of the liquidity coverage ratio (rather than using total cash outflows over a 30 calendar-day stress period, which is the method employed by the Basel III LCR) is necessary because it takes into account potential maturity mismatches between a covered company's outflows and inflows, that is, the risk that a covered company could have a substantial amount of contractual inflows late in a 30 calendar- day stress period while also having substantial outflows early in the same period. Such mismatches could threaten the liquidity of the organization. By requiring the recognition of the highest net cumulative outflow day of a particular 30 calendar-day stress period, the agencies believe that the proposed liquidity coverage ratio would better capture a covered company's liquidity risk and help foster more sound liquidity management. To determine the denominator of the liquidity coverage ratio as of a calculation date, the proposed rule would require a covered company to calculate its total cumulative stressed net cash outflows occurring on each of the 30 calendar days following the calculation date. Under section 30 of the proposed rule, the total net cash outflow amount for each of the next 30 calendar days would be the sum of the cumulative stressed outflow amounts less the sum of the cumulative stressed inflow amounts, with cumulative stressed inflow amounts limited to 75 percent of cumulative stressed outflow amounts. Stressed outflow and inflow amounts would be calculated by multiplying an outflow or inflow rate (designed to reflect a stress scenario) to each category of outflows and inflows. The cumulative stressed outflow amount would be comprised of different groupings of outflow categories, including categories where the instruments and transactions do not have maturity dates \46\ and categories where the instruments mature and transactions occur on or prior to a day 30 calendar days or less after the calculation date.\47\ The cumulative stressed inflow amount, which would be deducted from the cumulative stressed outflow amount, would equal the lesser of (1) the sum of categories where the inflows are grouped together and categories where the instruments mature and transactions occur on or prior to that calendar day \48\ and (2) 75 percent of the cumulative stressed outflow amount for that calendar day.\49\ The largest of these total net cash outflow amounts calculated for each of the 30 calendar days after the calculation date would be equal to the amount of HQLA that a covered company would be required to hold under the proposed rule. \46\ See Sec. ----.30(b) of the proposed rule. \47\ See Sec. ----.30(c) of the proposed rule. \48\ See Sec. ----.30(d)(1) of the proposed rule. Consistent with the Basel III LCR and as noted above, in calculating total net cash outflow, cumulative cash inflows would be capped at 75 percent of aggregate cash outflows. This limit would prevent a covered company from relying exclusively on cash inflows (which may not materialize in a period of stress) to cover its liquidity needs under the proposal's stress scenario and ensure that covered companies maintain a minimum level of HQLA to meet unexpected liquidity demands during the 30 calendar-day period of liquidity Table 1 illustrates the determination of the total net cash outflow amount by applying the daily outflow and inflow calculations for a given 30 calendar-day stress period. Using Table 1, a covered company would, for each day, add (A) cash outflows as calculated under sections 32(a) through 32(g)(2) and cash outflows as calculated under sections 32(g)(3) through 32(l) for instruments and transactions that have no contractual maturity date and (C) cumulative cash outflows as calculated under sections 32(g)(3) through 32(l) for instruments or transactions that have a contractual maturity date up to and including the calculation date (the cumulative sum of amounts in column (B)) to arrive at (D) total cumulative cash outflows. Next, a covered company would subtract the lesser of (F) cumulative cash inflows as calculated under sections 33(b) through 33(f) where the instruments or transactions have a contractual maturity date up to and including the calculation date (the cumulative sum of amounts in column (E)) or (G) 75 percent of (D) total cumulative cash outflows to determine (H) the net cumulative cash outflow. Based on the example provided below, the peak outflow would occur on Day 18, resulting in a total net cash outflow amount of 285. Table 1--Determination of Peak Net Contractual Outflow Day Cumulative Cumulative Contractual contractual Contractual contractual cash cash cash cash outflows outflows inflows inflows Non- with with Total with with Maximum Net maturity maturity maturity cumulative maturity maturity inflows cumulative cash date up to date up to cash date up to date up to permitted cash outflows and and outflows and and due to 75% outflow (constant) including including including including inflow cap the the the the calculation calculation calculation calculation date date date date A B C D E F G H Day 1........................................... 200 100 100 300 90 90 225 210 Day 2........................................... 200 20 120 320 5 95 240 225 Day 3........................................... 200 10 120 330 5 100 248 230 Day 4........................................... 200 15 145 345 20 120 259 225 Day 6........................................... 200 0 165 365 0 135 274 230 Day 10.......................................... 200 25 215 415 20 170 311 245 Day 11.......................................... 200 35 250 450 5 175 338 275 Day 13.......................................... 200 0 260 460 0 190 345 270 Day 24.......................................... 200 5 355 555 20 335 416 220 Day 26.......................................... 200 8 403 603 125 465 452 151 28. Does the method the agencies are proposing for determining net cash outflows appropriately capture the potential mismatch between the timing of inflows and outflows under the 30 calendar-day stress period? Why or why not? Are there alternative methodologies for determining the net cumulative cash outflows that would more appropriately capture the maturity mismatch risk within 30 days about which the agencies are concerned? Provide specific suggestions and supporting data or other the proposed method for calculating net cash outflows? What modifications should the agencies consider to mitigate such costs or burdens, while establishing appropriate means to capture potential mismatches between the timing of inflows and outflows within a 30 calendar-day stress period? Under the proposal, a covered company generally would be required to identify the maturity or transaction date that is the most conservative for an instrument or transaction in calculating inflows and outflows (that is, the earliest possible date for outflows and the latest possible date for inflows). In addition, under section 30 of the proposed rule, a covered company's total outflow amount as of a calculation date would include outflow amounts for certain instruments that do not have contractual maturity dates and that mature prior to or on a day 30 calendar days or less after the calculation date. Section 33 of the proposed rule would expressly exclude instruments with no maturity date from a covered company's total inflow amount. Section 31 of the proposed rule describes how covered companies would determine whether instruments mature or transactions occur within the 30 calendar-day stress period for the purposes of calculating outflows and inflows. Section 31 would require covered companies to assess whether any options, either explicit or embedded, exist that would modify maturity dates such that they would fall within or beyond the 30 calendar-day stress period. If such an option exists for an outflow instrument or transaction, the proposed rule would direct a covered company to assume that the option would be exercised at the earliest possible date. If such an option exists for an inflow instrument or transaction, the proposed rule would require covered companies to assume that the option would be exercised at the latest possible date. In addition, if an option to adjust the maturity date of an instrument is subject to a notice period, a covered company would be required to either disregard or take into account the notice period, depending upon whether the instrument was an outflow or inflow instrument, respectively. 30. The agencies solicit commenters' views on the proposed treatment for maturing instruments and for determining the date of transactions. Specifically, what are commenters' views on the proposed provisions that would require covered companies to apply the most conservative treatment with the respect to inflow and outflow dates and embedded options? 31. What notice requirements, if any, should a covered company be able to recognize for counterparties that have options to accelerate the maturity of transactions and instruments included as outflows? Should a distinction be drawn between wholesale and retail customers or counterparties? Provide justification and supporting information. Section 32 of the proposed rule sets forth the outflow categories for calculating cumulative cash outflows and their respective outflow rates, each as described below. The outflow rates are designed to reflect the 30 calendar-day stress scenario that is the basis for the proposed rule. Consistent with the Basel III LCR, the agencies are proposing to assign outflow rates for each category, ranging from 0 percent to 100 percent. These outflow rates would be multiplied by the outstanding balance of each category of funding to arrive at the applicable outflow amount. Under the proposed rule, unsecured retail funding would include retail deposits (other than brokered deposits), that are not secured under applicable law by a lien on specifically designated assets owned by the covered company and that are provided by a retail customer or counterparty. Unsecured retail funding would be divided into subcategories of stable retail deposits, other retail deposits, and funding from a retail customer or counterparty that is not a retail deposit or a brokered deposit provided by a retail customer or counterparty, each subject to the outflow rates set forth in section 32(a) of the proposed rule, as explained below. Under the proposed rule, retail customers and counterparties would include individuals and certain small businesses. A small business would qualify as a retail customer or counterparty if its transactions have liquidity risks similar to those of individuals and are managed by a covered company in the same way as comparable transactions with individuals. In addition, to qualify as a small business under the proposed rule the total aggregate funding raised from the small business must be less than $1.5 million. If an entity provides $1.5 million or more in total funding, if it has liquidity risks that are not similar to individuals, or if the covered company manages the customer like corporate customers rather than individual customers, it would be a wholesale customer under the proposed rule. This treatment reflects the agencies' understanding that, during the recent financial crisis, small business customers generally behaved similarly to individual customers with respect to the stability of their deposits. Supervisory data from stressed or failed institutions indicates that retail depositors withdrew term deposits at a similar rate to deposits without a contractual term. Therefore, the proposed rule would require covered companies to hold the same amount of HQLA to meet retail customer withdrawals in a stressed environment, regardless of whether the deposits have a contractual term. A retail deposit would thus be defined under the proposed rule as a demand or term deposit that is placed with a covered company by a retail customer or counterparty. This definition would not include wholesale brokered deposits or brokered deposits for retail customers or counterparties, which are covered in separate outflow categories. i. Stable Retail Deposits The proposed rule would define a stable retail deposit as a retail deposit, the entire amount of which is covered by deposit insurance,\50\ and either (1) held in a transactional account by the depositor or (2) the depositor has another established relationship with a covered company, such that withdrawal of the deposit would be unlikely. Under the proposed rule, the established relationship could be another deposit account, a loan, bill payment services, or any other service or product provided to the depositor, provided that the banking organization demonstrates to the satisfaction of its primary Federal supervisor that the relationship would make deposit withdrawal highly unlikely during a liquidity stress event. \50\ For purposes of the proposed rule, ``deposit insurance'' is defined to mean deposit insurance provided by the FDIC and does not include other deposit insurance schemes that may exist. The agencies observe that in the recent financial crisis, retail customers and counterparties with deposit balances below the FDIC's standard maximum deposit insurance amount did not generally withdraw their deposits in such a way as to cause liquidity strains for banking organizations. However, the agencies do not believe the presence of deposit insurance alone is sufficient to consider a retail deposit stable because depositors with only one insured account are generally less stable than depositors with multiple accounts or relationships in a stress scenario. The combination of deposit insurance covering the entire amount of the deposit and the depositors' relationship with the bank, however, makes this category of retail deposits very unlikely to be subject to withdrawal in a stress scenario, due to confidence in FDIC deposit insurance and the inconvenience of moving transactional or multiple accounts. Historical experience has demonstrated that retail customers and counterparties have tended to avoid restructuring direct deposits, automatic payments, and similar banking products that are insured during a stress scenario because they generally have sufficient confidence that insured funds would not be lost in the event of a bank failure and the difficulty of such restructuring does not seem to be worthwhile when funds are insured. Therefore, under the proposed rule, stable retail deposit balances would be multiplied by the relatively low outflow rate of 3 percent. Notwithstanding the above, the agencies note that a stressed environment could cause a surge in retail deposit inflows, as customers seek the safety of deposit insurance. Over several months or quarters, a surge in deposit inflows could distort a banking organization's liquidity coverage ratio calculation because these funds may not remain in the institution once market conditions and public confidence improves. A covered company's management should be cognizant of this potential distortion and consider appropriate steps to maintain adequate liquidity for the potential future withdrawals. 32. What, if any, aggregate funding thresholds should the agencies consider for application to individuals, such as the $1.5 million aggregate funding threshold applicable to qualify as a small business under the proposed rule? Provide justification and supporting ii. Other Retail Deposits Under the proposed rule, other retail deposits would include all deposits from retail customers that are not stable retail deposits as described above. Supervisory data supports a higher outflow rate for deposits that are partially insured in the United States as compared to entirely insured. During the recent financial crisis, to the extent that retail depositors whose deposits partially exceeded the FDIC's insurance limit withdrew deposits from a banking organization, they tended to withdraw not only the uninsured portion of the deposit, but the entire deposit. Furthermore, as discussed above, the agencies believe that insured retail deposits that are not either transactional account deposits or deposits of a customer with another relationship with the institution are less stable than those that are. Accordingly, the agencies are proposing to assign an outflow rate of 10 percent for those retail deposits that are not entirely covered by deposit insurance, or that otherwise do not meet the proposed criteria for a stable retail deposit. All other retail deposits would include retail deposits not insured by the FDIC, whether entirely insured, or insured by other jurisdictions. While the Basel III Liquidity Framework contemplates recognition of foreign deposit insurance, the agencies are proposing to recognize only FDIC deposit insurance in defining stable retail deposits because of the level of variability in terms of coverage and structure found in different foreign deposit insurance systems and because of the forthcoming potential revision of international best practices for deposit insurance. As discussed more fully below, the agencies are contemplating how best to identify and give comparable treatment to foreign deposit insurance systems that are similar to FDIC insurance once international best practices are further developed. Congress created the FDIC in 1933 to end the banking crisis during the Great Depression, to restore public confidence in the banking system, and to safeguard bank deposits through deposit insurance. In the most recent crisis, the FDIC's deposit insurance guarantee contributed significantly to financial stability in an otherwise unstable financial environment. FDIC insurance has several characteristics that make it effective in stabilizing deposit outflows during liquidity stress events, including, but not limited to: capacity to make insured funds promptly available, usually the next business day after a bank closure; coverage levels sufficient to protect most retail depositors in full; an ex-ante funding mechanism; a rigorous prudential supervision process; timely intervention and resolution protocols; public awareness of deposit insurance; and backing by the full faith and credit of the U.S. government. National adoption of deposit insurance systems has become prevalent since the 1980s, in part because of similar experiences to the Great Depression (for example, the Mexican peso crisis of the 1990s and the 1997 Asian financial crisis). Numerous international organizations have recognized the necessity of deposit insurance as part of a comprehensive financial stability framework, and there are now at least 112 recognized deposit insurers, with several more jurisdictions in the process of implementing deposit insurance. Although many countries have implemented deposit insurance programs, deposit insurance around the globe is uneven along a number of dimensions, including terms of coverage, deposit insurer powers, financial resources, and public awareness. At one end of the deposit insurance system spectrum, some systems appear to be similar to the FDIC's insurance framework in terms of uniform coverage and back-up funding options. At the other end, a variety of less structured models exist, including private organizations with only implied or no sovereign support, sovereign guarantees with no deposit insurer, and minimal deposit insurance systems with limited powers. The international regulatory community has recognized the variance in global deposit insurance as a significant issue. In 2002, the International Association of Deposit Insurers (IADI) was formed to promote best practices in deposit insurance and has developed core principles that are recognized by both the IMF and the World Bank. IADI recently announced that its core principles would be assessed and updated, as necessary, to reflect enhanced guidance, international regulatory developments, and the results of compliance assessment reviews conducted to date.\51\ \51\ Today, IADI consists of 70 members, 9 associates, and 12 partner organizations, and is considered to be the standard-setter for deposit insurance by the Financial Stability Board (FSB), the BCBS, the International Monetary Fund (IMF), and the World Bank. The agencies considered whether foreign deposit insurance systems, particularly those with sovereign backing, should be given the same treatment as FDIC insurance in the proposed rule. While credible sovereign guarantees are useful in reassuring depositors of the safety of their principal balances, experience has proven that without established operational infrastructure or explicit funding arrangement, depositors may not be assured that their funds will be available in a reasonable timeframe. History has shown that if depositors believe that their funds will be unavailable for a protracted period, they may withdraw funds in large numbers to avoid the resulting hardship. The ability of foreign deposit insurers to make funds promptly available varies widely and is often in contrast to the FDIC's next-business-day standard.\52\ \52\ See Financial Stability Board, Thematic Review on Deposit Insurance Systems (February 8, 2012), available at http://www.financialstabilityboard.org/publications/r_120208.pdf. 33. The agencies solicit comments on the proposed rule's treatment of deposits that are insured in foreign jurisdictions, views on the stability of foreign-entity insured deposits in a stressed environment, and how to best determine if foreign deposit insurance system is similar to FDIC insurance. iii. Other Unsecured Retail Funding The other unsecured retail funding category would apply an outflow rate of 100 percent to all funding provided by retail customers or counterparties that is not a retail deposit or a retail brokered deposit and that matures within 30 days. This is intended to capture all additional types of retail funding that are not otherwise categorized. 34. The agencies solicit commenters' views on the proposed outflow rates associated with stable retail deposits (3 percent outflow), less- stable retail deposits (10 percent outflow), and other unsecured retail funding (100 percent outflow). What, if any, additional factors should be taken into consideration regarding the proposed outflow rates for these deposit types? Do the proposed outflow rates reflect industry experience? Why or why not? Please provide supporting data. 35. Is it appropriate to treat certain small business customers like retail customers? Why or why not? What additional criteria, if any, would serve as more appropriate indicators? 36. The agencies solicit comment on the outflow rate for the insured portion of those deposits that are in excess of deposit insurance limit. Specifically, should the insured portion of a deposit that exceeds $250,000 (e.g., the portion of deposit balances up to and including $250,000) receive a different outflow rate than the uninsured portion of the deposit? Why or why not? Please provide supporting data. The proposed rule's structured transaction outflow amount would capture obligations and exposures associated with structured sponsored by a covered company, without regard to whether the structured transaction vehicle that is the issuing entity is consolidated on the covered company's balance sheet. Under the proposed rule, the outflow amount for each of a covered company's structured transactions would be the greater of (1) 100 percent of the amount of all debt obligations of the issuing entity that mature 30 days or less from a calculation date and all commitments made by the issuing entity to purchase assets within 30 calendar days or less from the calculation date and (2) the maximum contractual amount of funding the covered company may be required to provide to the issuing entity 30 calendar days or less from such calculation date through a liquidity facility, a return or repurchase of assets from the issuing entity, or other funding agreement. The agencies believe that the maximum potential amount that a covered company may be required to provide to support its sponsored structured transactions, including potential obligations arising out of commitments to an issuing entity, that arise from structured finance transactions should be fully included in outflows when calculating the proposed liquidity coverage ratio because such transactions, whether issued directly or sponsored by covered companies, have caused severe liquidity demands at covered companies during stressed environments. Their inclusion is important to measuring a covered company's short- term susceptibility to unexpected funding requirements. 37. What, if any modifications to the structured transaction outflows should the agencies consider? In particular, what, if any, modifications to the definition of structured transaction should be considered? Please provide justifications and supporting data. Under the proposed rule, a covered company's net derivative cash outflow amount would equal the sum of the payments and collateral that a covered company will make or deliver to each counterparty under derivative transactions, less, if subject to a valid qualifying master netting agreement,\53\ the sum of payments and collateral due from each counterparty. This calculation would incorporate the amounts due to and from counterparties under the applicable transactions within 30 calendar days of a calculation date. Netting would be permissible at the highest level permitted by a covered company's contracts with its counterparties and could not include inflows where a covered company is already including assets in its HQLA that the counterparty has posted to support those inflows. If the derivative transactions are not subject to a valid qualifying master netting agreement, then the derivative cash outflow for that counterparty would be included in the net derivative cash outflow amount and the derivative cash inflows for that counterparty would be included in the net derivative cash inflow amount, without any netting. Net derivative cash outflow should be calculated in accordance with existing valuation methodologies and expected contractual derivatives cash flows. In the event that net derivative cash outflow for a particular counterparty is less than zero, such amount would be required to be included in a covered company's net derivative cash inflow for that counterparty. \53\ Under the proposal, a ``qualifying master netting agreement'' would be defined as under the agencies' regulatory capital rules as a legally binding agreement that gives the covered company contractual rights to terminate, accelerate, and close out transactions upon the event of default and liquidate collateral or use it to set off its obligation. The agreement also could not be subject to a stay under bankruptcy or similar proceeding and the covered company would be required to meet certain operational requirements with respect to the agreement, as set forth in section 4 of the proposed rule. outflow amount would not include amounts arising in connection with forward sales of mortgage loans or any derivatives that are mortgage commitments subject to section 32(d) of the proposed rule. Net derivative cash outflow would still include derivatives that hedge interest rate risk associated with a mortgage pipeline. This category is important to the proposed rule's liquidity coverage ratio in that many covered companies actively use derivatives across their business lines. In a short-term stressed situation, the amount of potential cash outflow associated with derivatives positions can change as positions are adjusted for market conditions and as counterparties demand additional collateral or more conservative contract terms. 38. What, if any, additional factors or aspects of derivatives transactions should be considered for the treatment of derivatives contracts under the proposed rule? 39. Is it appropriate to exclude forward sales of mortgage loans from the treatment of derivatives contracts under the proposed rule? During the recent financial crisis, it was evident that financial institutions were not able to curtail mortgage loan pipelines and had difficulty liquidating loans held for sale. Accordingly, the proposed rule would require a covered company to recognize potential cash outflows related to commitments to fund retail mortgage loans that could be drawn upon within 30 days of a calculation date. Under the proposal, a retail mortgage would be a mortgage that is primarily secured by a first or subsequent lien on a one-to-four family property. The proposed rule would require a covered company to use an outflow rate of 10 percent for all retail mortgage commitments that can be drawn upon within a 30 calendar-day stress period. In addition, the proposed rule would not include in inflows proceeds from the potential sale of mortgages in the to-be-announced, specified pool, or similar forward sales market.\54\ The agencies believe that, in a crisis, such inflows may not materialize as investors may curtail most or all of their investment in the mortgage market. \54\ See Sec. ----.33(a) of the proposed rule. 40. What, if any, modifications should the agencies make to the mortgage commitment outflow amount? Provide data and other supporting 41. What effect may the treatment for retail mortgage funding under the proposed rule have on the banking system and the mortgage markets, including in combination with the effects of other regulations that apply to the mortgage market? What other treatments, if any, should the agencies consider? Provide data and other supporting information. This category would include the undrawn portion of committed credit and liquidity facilities provided by a covered company to its customers and counterparties that can be drawn down within 30 days of the calculation date. A liquidity facility would be defined under the proposed rule as a legally binding agreement to extend funds at a future date to a counterparty that is made expressly for the purpose of refinancing the debt of the counterparty when it is unable to obtain a primary or anticipated source of funding. A liquidity facility would include an agreement to provide liquidity support to asset-backed commercial paper by lending to, or purchasing assets from, any structure, program, or conduit in the event that funds are required to repay maturing asset-backed commercial paper. Liquidity facilities would exclude general working capital facilities, such as revolving credit facilities for general corporate or working capital purposes. A credit facility would be defined as a legally binding agreement to extend funds if requested at a future date, including a general working capital facility such as a revolving credit facility for general corporate or working capital purposes. Under the proposed rule, a credit facility would not include a facility extended expressly for the purpose of refinancing the debt of a counterparty that is otherwise unable to meet its obligations in the ordinary course of business. Facilities that have aspects of both credit and liquidity facilities would be classified as liquidity facilities for the purposes of the proposed rule. Under the proposed rule, a liquidity or credit facility would be considered committed when the terms governing the facility prohibit a covered company from refusing to extend credit or funding under the facility, except where certain conditions specified by the terms of the facility--other than customary notice, administrative conditions, or changes in financial condition of the borrower--have been met. The undrawn amount for a committed credit or liquidity facility would be the entire undrawn amount of the facility that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less the fair value of level 1 or level 2A liquid assets, if any, which secure the facility, after recognizing the applicable haircut for the assets serving as collateral. In the case of a liquidity facility, the undrawn amount would not include the portion of the facility that supports customer obligations that do not mature 30 calendar days or less after the calculation date. A covered company's proportionate ownership share of a syndicated credit facility also would be included in the appropriate category of wholesale credit commitments. The proposed rule would assign the outflow amounts to commitments as set forth in section 32(e) of the proposed rule. First, in contrast to the outflow rates applied to other commitments, those between affiliated depository institutions subject to the proposed rule would receive an outflow rate of 0 percent because the agencies recognize that both institutions should have adequate liquidity to meet their obligations during a stress scenario and therefore should not rely extensively on such liquidity facilities. The other outflow rates are meant to reflect the characteristics of each class of customers and counterparties in a stress scenario, as well as the reputational and legal risks covered companies face if they try to restructure a commitment during a crisis to avoid drawdowns by customers. Accordingly, a relatively low outflow rate of 5 percent is proposed for retail facilities because individuals and small businesses would likely have a lesser need for committed credit facilities in stressed scenarios than institutional or wholesale customers (that is, the correlation between draws on such facilities and the stress scenario of the liquidity coverage ratio is low). The agencies are proposing to assign outflow rates of 10 percent for credit facilities and 30 percent for liquidity facilities committed to entities that are not financial sector companies whose securities are excluded from HQLA \55\ based on their typically longer-term funding structures and perceived higher credit quality profile in the capital markets, particularly during times of financial stress. The proposed rule would assign a 50 percent outflow rate to credit and liquidity facilities committed to depository institutions, depository institution holding companies, and foreign banks (other than commitments between affiliated depository institutions). Commitments to all other regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or identified companies (or to a consolidated subsidiary of any of the foregoing) would be subject to a 40 percent outflow rate for credit facilities and 100 percent for liquidity facilities. \55\ See section II.A.2. These financial sector companies are regulated financial companies, investment companies, non-regulated funds, pension funds, investment adviser, or identified companies, and consolidated subsidiaries of the foregoing, as defined in the proposal. The agencies are generally proposing higher outflow rates for liquidity facilities than credit facilities as described above because the crisis scenario that is incorporated into the proposed rule focuses on liquidity pressures increasing the likelihood of large draws on liquidity lines as compared to credit lines, which typically are used more during the normal course of business and not as substantially during a liquidity stress. The lower liquidity commitment outflow rate for depository institutions, depository institution holding companies, and foreign banks compared to other financial sector entities, is reflective of historical experience, which indicates these entities drew on liquidity lines less than other financial sector entities did during periods of liquidity stress. The higher outflow rate for commitments to other types of companies in the financial sector reflects their likely high need to use every available liquidity source during a liquidity crisis in order to meet their obligations and the fact that these entities are less likely to be able to immediately access government liquidity sources. The agencies are proposing a 100 percent outflow rate for a covered company's liquidity facilities with special purpose entities (SPEs), given SPEs' sensitivity to emergency cash and backstop needs in a short-term stress environment, such as those experienced with SPEs during the recent financial crisis. During that period, many SPEs experienced severe cash shortfalls, as they could not rollover debt and had to rely on borrowing and backstop lines. Under the proposed rule, the amount of level 1 or level 2A liquid assets securing the undrawn portion of a commitment would reduce the outflow associated with the commitment if certain conditions are met. The amount of level 1 or level 2A liquid assets securing a committed credit or liquidity facility would be the fair value (as determined under GAAP) of all level 1 liquid assets and 85 percent of the fair value of level 2A liquid assets posted or required to be posted upon funding of the commitment as collateral to secure the facility, provided that the following conditions are met during the applicable 30 calendar-day period: (1) the pledged assets meet the criteria for HQLA as set forth in section 20 of the proposed rule; and (2) the covered company has not included the assets in its HQLA amount as calculated under subpart C of the proposed rule. 42. What, if any, additional factors should be considered in determining the treatment of unfunded commitments under the proposal? What, if any, additional distinctions between different types of unfunded commitments should the agencies consider? If necessary, how might the definitions of credit facility and liquidity facility be further clarified or distinguished? Are the various proposed treatments for unfunded commitments consistent with industry experience? Provide detailed explanations and supporting information. 43. Is the proposed rule's definition of SPE appropriate, under- inclusive, or over-inclusive? Why? Consistent with the BCBS LCR, specified run-off rates are not provided for credit card lines, since they are typically unconditionally cancelable and therefore do not meet the proposed definition of a committed facility. The agencies believe that during a financial crisis, draws on credit card lines would remain relatively constant and predictable; thus, outstanding lines should not materially affect a covered company's liquidity demands in a crisis. Accordingly, undrawn retail credit card lines are not included in cash outflows in the proposed rule. However, for a few banking organizations, these lines are significant relative to their balance sheet and these banking organizations may experience reputational or other risks if lines are withdrawn or significantly reduced during a crisis. 44. What, if any, outflow rate should the agencies apply to outstanding credit card lines? What factors associated with these lines should the agencies consider? The proposed rule would require a covered company to recognize outflows related to changes in collateral positions that could arise during a period of financial stress. Such changes could include posting additional or higher quality collateral, returning excess collateral, accepting lower quality collateral as a substitute for already-posted collateral, or changing collateral value, all of which could have a significant impact upon a covered company's liquidity profile. The following discussion describes the subcategories of collateral outflow addressed by the proposed rule. Changes in Financial Condition Certain contractual clauses in derivatives and other transaction documents, such as material adverse change clauses and downgrade triggers, are aimed at capturing changes in a covered company's financial condition and, if triggered, would require a covered company to post more collateral or accelerate demand features in certain obligations that require collateral. During the recent financial crisis, various companies that would be subject to the proposed rule came under severe liquidity stress as the result of contractual requirements to post collateral following a credit rating downgrade. Accordingly, the proposed rule would require a covered company to count as an outflow 100 percent of all additional amounts that the covered company would need to post or fund as additional collateral under a contract as a result of a change in its financial condition. A covered company would calculate this outflow amount by evaluating the terms of such contracts and calculating any incremental additional collateral or higher quality collateral that would need to be posted as a result of the triggering of clauses tied to a ratings downgrade or similar event, or change in the covered company's financial condition. If multiple methods of meeting the requirement for additional collateral are available (i.e., providing more collateral of the same type or replacing existing collateral with higher quality collateral) the banks may use the lower calculated outflow amount in its calculation. 45. What are the operational difficulties in identifying the collateral outflows related to changes in financial condition? What, if any, additional factors should be considered? Potential Valuation Changes The proposed rule would apply a 20 percent outflow rate to the fair value of any assets posted as collateral that are not level 1 liquid assets to recognize that a covered company likely would be required to post additional collateral if market prices fell. The agencies are not proposing to apply outflow rates to level 1 liquid assets that are posted as collateral, as they are not expected to face mark-to-market losses in times of stress. Excess Collateral The agencies believe that a covered company's counterparty would not maintain any more collateral at the covered company than is required. Therefore, the proposed rule would apply an outflow rate of 100 percent on the fair value of the collateral posted by counterparties that exceeds the current collateral requirement in a governing contract. Under the proposed rule, this category would include unsegregated excess collateral that a covered company may be required to return to a counterparty based on the terms of a derivative or other financial agreement and which is not already excluded from the covered company's HQLA amount. Contractually-Required Collateral The proposed rule would require that 100 percent of the fair value of collateral that a covered company is contractually obligated to post, but has not yet posted, be included in the cash outflows calculation. Where a covered company has not yet posted such collateral, the agencies believe that, in stressed market conditions, a covered company's counterparties would likely demand all contractually required collateral. Collateral Substitution The proposed rule's collateral substitution outflow amount would be the differential between the post-haircut fair value of HQLA collateral posted by a counterparty and the lower quality HQLA or non-HQLA with which it could be substituted under an applicable contract. This outflow category assumes that, in a stress scenario, a covered company's counterparty would post the lowest quality collateral permissible under the governing contract. For example, an agreement could require a minimum of level 2A liquid assets as collateral, but allow a customer to pledge level 1 or level 2A liquid assets as collateral to meet such requirement. If a covered company is currently holding a level 1 liquid asset as collateral, the proposed rule would impose an outflow rate of 15 percent, which results from discounting the equivalent market value of the level 2A liquid asset. For a level 2B liquid asset, the amount of the market value included as an outflow would be 50 percent, which is equal to the market value of the level 2B liquid asset discounted by 50 percent. If the minimum required collateral under an agreement is comprised of assets that are not HQLA, a covered company currently holding level 1 assets would be required to include 100 percent of such assets' market value. The proposed rule provides outflow rates for each possible permutation. Derivative Collateral Change The proposed rule would require a covered company to use a two-year look-back approach in calculating its market valuation change outflow amounts for collateral securing its derivative positions. This approach is intended to capture the risk of a covered company facing additional collateral calls as a result of asset price fluctuations. The risk of such fluctuations can be particularly acute for a covered company with significant derivative operations and other business lines that rely on collateral postings. Under the proposed rule, the derivative collateral amount would equal the absolute value of the largest consecutive 30 calendar-day cumulative net mark-to-market collateral outflow or inflow resulting from derivative transactions realized during the preceding 24 months. 46. What, if any, additional factors or aspects for collateral outflow amounts should be considered under the proposal? For example, should the outflow include initial margin collateral flows in addition to variation margin collateral flows? Why or why not? Does the 24 month look back approach adequately capture mark to market valuation changes, or are there alternative treatments that would better capture this risk? Under the proposed rule, a brokered deposit would be defined as any deposit held at the covered company that is obtained directly or indirectly, from or through the mediation or assistance of a deposit broker, as that term is defined in section 29(g) of the Federal Deposit Insurance Act.\56\ The agencies consider brokered deposits for retail customers or counterparties to be a more volatile form of funding than stable retail deposits, even if deposit insurance coverage is present, because of the structure of the attendant third-party relationship and the potential instability of such deposits during a liquidity stress event. The agencies are also concerned that statutory restrictions on certain brokered deposits make this form of funding less stable than other deposit types. Specifically, a covered company that is not ``well capitalized'' or becomes less than ``well capitalized'' \57\ is subject to prohibitions on accepting funds obtained through a deposit broker. In addition, because the retention of brokered deposits from retail customers or counterparties is highly correlated with a covered company's ability to legally accept such brokered deposits and continue offering competitive interest rates, the agencies are proposing higher outflow rates for this class of liabilities. The agencies are proposing to assign outflow rates to brokered deposits for retail customers or counterparties based on the type of account, whether deposit insurance is in place, and the maturity date of the deposit agreement. Outflow rates for retail brokered deposits would be further subdivided into reciprocal brokered deposits, brokered sweep deposits, and all other brokered deposits. \56\ 12 U.S.C. 1831f(g). \57\ As defined by section 38 of the Federal Deposit Insurance Act, 12 U.S.C. 1831o. A reciprocal brokered deposit is defined in the proposed rule as a brokered deposit that a covered company receives through a deposit placement network on a reciprocal basis such that for any deposit received, the covered company (as agent for the depositor) places the same amount with other depository institutions through the network and each member of the network sets the interest rate to be paid on the entire amount of funds it places with other network members. Reciprocal brokered deposits generally have been observed to be more stable than typical brokered deposits because each institution within the deposit placement network typically has an established relationship with the retail customer or counterparty making the initial over-the-insurance-limit deposit that necessitates placing the deposit through the network. The proposed rule would therefore apply a 10 percent outflow rate to all reciprocal brokered deposits at a covered company that are entirely covered by deposit insurance. Reciprocal brokered deposits would receive an outflow rate of 25 percent if less than the entire amount of the deposit is covered by deposit insurance. Brokered sweep deposits involve securities firms or investment companies that ``sweep'' or transfer idle customer funds into deposit accounts at one or more banks. Accordingly, such deposits are defined under the proposed rule as those that are held at the covered company by a customer or counterparty through a contractual feature that automatically transfers to the covered company from another regulated financial company at the close of each business day amounts identified under the agreement governing the account from which the amount is being transferred. The proposed rule would assign brokered sweep deposits progressively higher outflow rates depending on deposit insurance coverage and the affiliation of the broker sweeping the deposits. Under the proposed rule, brokered sweep deposits that are entirely covered by deposit insurance and that are deposited in accordance with a contract between a retail customer or counterparty and a covered company, a covered company's consolidated subsidiary, or a company that is a consolidated subsidiary of the same top tier company would be subject to a 10 percent outflow rate. Brokered sweep deposits that are entirely covered by deposit insurance but that do not originate with a covered company, a covered company's consolidated subsidiary, or a company that is a consolidated subsidiary of the same top tier company of a covered company would be assigned a 25 percent outflow rate. Brokered sweep deposits that are not entirely covered by deposit insurance would be subject to a 40 percent outflow rate because they have been observed to be more volatile during stressful periods, as customers seek alternative investment vehicles or use those funds for other purposes. Under the proposed rule, all other brokered deposits would include those brokered deposits that are not reciprocal deposits or are not part of a brokered sweep arrangement. These accounts would be subject to an outflow rate of 10 percent if they mature later than 30 calendar days from a calculation date or 100 percent if they mature 30 calendar days or less from a calculation date. 47. The agencies seek commenters' views on the proposed outflow rates for brokered deposits. Specifically, what are commenters' views on the range of outflow rates to brokered deposits? Where commenters disagree with the proposed treatment, please provide alternative proposals supported by sound analysis as well as the associated advantages and disadvantages for such alternative proposals. 48. Is it appropriate to assign a particular outflow rate to brokered sweep deposits entirely covered by deposit insurance that originate with a consolidated subsidiary of a covered company, and different outflow rates to other brokered deposits entirely covered by deposit insurance? Why or why not? What different outflow rates, if any should the agencies consider for application to all brokered sweep deposits entirely covered by deposit insurance? Provide justification and supporting information. The proposed rule includes three general categories of unsecured wholesale funding: (1) unsecured wholesale funding transactions; (2) operational deposits; and (3) other unsecured wholesale funding. Funding instruments within these categories are not secured under applicable law by a lien on specifically designated assets. The proposed rule would assign a range of outflow rates depending upon whether deposit insurance is covering the funding, the counterparty, and other characteristics that cause these instruments to be more or less stable when compared to other instruments in this category. Unsecured wholesale funding instruments typically would include wholesale deposits,\58\ federal funds purchased, unsecured advances from a public sector entity, sovereign entity, or U.S. government enterprise, unsecured notes and bonds, or other unsecured debt securities issued by a covered company (unless sold exclusively in retail markets to retail customers or counterparties), brokered deposits from non-retail customers and any other transactions where an on-balance sheet unsecured credit obligation has been contracted. \58\ Certain small business deposits are included within unsecured retail funding. See section II.B.2.a.i supra. The agencies are proposing to assign three separate outflow rates to unsecured wholesale funding that is not an operational deposit. These outflow rates are meant to address the stability of these obligations based on deposit insurance and the nature of the counterparty. Unsecured wholesale funding that is provided by an entity that is not a financial sector company whose securities are excluded from HQLA, as described above,\59\ generally would be subject to an outflow rate of 20 percent where the entire amount is covered by deposit insurance, whereas deposits that are less than fully covered by deposit insurance or the funding is a brokered deposit would have a 40 percent outflow rate. However, the proposed rule would require that all other unsecured wholesale funding, including that provided by a consolidated subsidiary or affiliate of a covered company, be subject to an outflow rate of 100 percent. This higher outflow rate is associated with the elevated refinancing or roll-over risk in a stressed situation and the interconnectedness of financial institutions. \59\ See section II.A.2 for a description of these companies. Some covered companies provide services, such as those related to clearing, custody, and cash management services, that require their customers to maintain certain deposit balances with them. These services are defined in the proposed rule as operational services, and the corresponding deposits, which are termed ``operational deposits,'' can be a key component of unsecured wholesale funding for certain covered companies. The proposed rule would define an operational deposit as wholesale funding that is required for a covered company to provide operational services, as defined by the proposed rule, as an independent third-party intermediary to the wholesale customer or counterparty providing the unsecured wholesale funding. In developing the proposed outflow rates for these assets, the agencies contemplated the nature of operational deposits, their deposit insurance coverage, the customers' rights under their deposit agreements, and the economic incentives associated with customers' accounts. The agencies expect operational deposits to have a lower impact on a covered company's liquidity in a stressed environment because these accounts have significant legal or operational limitations that make significant withdrawals within 30 calendar days unlikely. For example, an entity that relies on a covered company for payroll processing services is not likely to move that operation to another covered company during a liquidity stress because it needs stability in providing payroll, regardless of stresses in the broader financial markets. Under the proposed rule, operational deposits (other than escrow accounts) that meet the criteria in section 4(b) would be assigned a 5 percent outflow rate where the entire deposit amount is fully covered by deposit insurance. All other operational deposits (including all escrow deposits) would be assigned a 25 percent outflow rate. The agencies believe that insured operational deposits eligible for inclusion at the lower outflow rate exhibit relatively stable funding characteristics in a 30 calendar-day stress period and have a reduced likelihood of rapid outflow. Escrow deposits, while operational in nature, are more likely to be withdrawn upon the occurrence of a motivating event regardless of deposit insurance coverage, and the 25 percent outflow rate approximately reflects this aspect of escrow deposits. The agencies believe that operational deposits that are not fully covered by deposit insurance also are a less stable source of funding for covered companies. The higher outflow rate reflects the higher likelihood of withdrawal by the wholesale customer if any part of the deposit is uninsured. Balances in these accounts should be recognized as operational deposits only to the extent that they are critically important to customers to utilize operational services offered by a covered company. The agencies believe that amounts beyond that which is critically important for the customer's operations should not be included in the operational deposit category. Section 4(b) of the proposed rule enumerates specific criteria for operational deposits that seek to limit operational deposit amounts to those that are held for operational needs, such as by excluding from operational deposits those deposit products that create economic incentives for the customer to maintain funds in the deposit in excess of what is needed for operational services.\60\ The criteria for a deposit to qualify as operational are intended to be restrictive because the agencies expect these deposits to be truly operational in nature, meaning they are used for the enumerated operational services related to clearing, custody, and cash management and have contractual terms that make it unlikely that a counterparty would significantly shift this activity to other organizations within 30 days. The agencies intend to closely monitor classification of operational deposits by covered companies to ensure that the deposits meet these operational criteria. \60\ See Sec. ----.4(b) of the proposed rule. Covered companies would be expected to develop internal policies and methodologies to ensure that amounts categorized as operational deposits are limited to only those funds needed to facilitate the customer's operational service needs. Amounts in excess of what customers have historically held to facilitate such purposes, such as surge balances, would be considered excess operational deposits. The agencies believe it would be inappropriate to give excess operational deposit amounts the same favorable treatment as deposits truly needed for operational purposes, because such treatment would provide opportunities for regulatory arbitrage and distort the proposed liquidity coverage ratio calculation. The agencies, therefore, are proposing that funds in excess of those required for the provision of operational services be excluded from operational deposit balances and treated on a counterparty-by-counterparty basis as a non-operational deposit. If a covered company is unable to separately identify excess balances and balances needed for operational services, the entire balance would be ineligible for treatment as an operational deposit. The agencies do not intend for covered companies to allow customers to retain funds in this operational deposit category unless doing so is necessary to utilize the actual services offered by a covered company. Consistent with the Basel III LCR, deposits maintained in connection with the provision of prime brokerage services are excluded from operational deposits by focusing on the type of customer that uses operational services linked to an operational account. Under the proposal, an account cannot qualify as an operational deposit if it is provided in connection with operational services provided to an investment company, non-regulated fund, or investment adviser. While prime brokerage clients typically use operational services related to clearing, custody, and cash management, the agencies believe that balances maintained by prime brokerage clients should not be considered operational deposits because such balances, owned by hedge funds and other institutional investors, are at risk of margin and other immediate cash calls in stressed scenarios and have proven to be more volatile during stress periods. Moreover, after finding themselves with limited access to liquidity in the recent financial crisis, most prime brokerage customers maintain multiple prime brokerage relationships and are able to quickly shift from one covered company to another. Accordingly, the agencies are proposing that deposit balances maintained in connection with the provision of prime brokerage services be treated the same as unsecured wholesale funding provided by a financial entity or affiliate of a covered company, and thus be assigned a 100 percent outflow rate. Finally, operational deposits exclude correspondent banking arrangements under which a covered company holds deposits owned by another depository institution bank that temporarily places excess funds in an overnight deposit with the covered company. While these deposits may meet some of the operational requirements, historically they are not stable during stressed liquidity events and therefore are assigned a 100 percent outflow rate. The proposed rules would assign an outflow rate of 100 percent to all unsecured wholesale funding not described above. 49. The agencies solicit commenters' views on the criteria for, and treatment of, operational deposits. What, if any, of the identified operational services should not be included or what other services not identified should be included? What, if any, additional conditions should be considered with regard to the definition of operational deposits? Is the proposed outflow rate consistent with industry experience, particularly during the recent financial crisis? Why or why 50. What are commenters' views on the proposed treatment of excess operational deposits? What operational burdens or other issues may be associated with identifying excess amounts in operational deposits? What other factors, if any, should be considered in determining whether to classify an unsecured wholesale deposit as an operational deposit? 51. Have the agencies appropriately identified prime brokerage services for the purposes of the exclusion of prime brokerage deposits from operational deposits? Should additional categories of customer be included, such as insurance companies or pension funds? What additional characteristics could identify prime brokerage deposits? Should the proposed rule include a definition of prime brokerage services or prime brokerage deposits and if so, how should those terms be defined? Is the higher outflow rate for prime brokerage deposits appropriate? Why or why not? What other treatments, if any, should the agencies consider? The agencies are proposing that where a covered company is the primary market maker for its own debt securities, the outflow rate for such funding would equal 3 percent for all debt securities that are not structured securities that mature outside of a 30 calendar-day stress period and 5 percent for all debt securities that are structured debt securities that mature outside of a 30 calendar-day stress period. Under the proposal, a structured security would be a security whose cash flow characteristics depend upon one or more indices or that have embedded forwards, options, or other derivatives or a security where an investor's investment return and the issuer's payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows. This outflow is in addition to any outflow that must be included in net cash outflows due to the maturity of the underlying security during a 30 calendar-day stress period. Institutions that make markets in their own debt by quoting buy and sell prices for such instruments implicitly or explicitly indicate that they will provide bids on their own debt issuances. In such cases, a covered company may be called upon to provide liquidity to the market by purchasing its debt securities without having an offsetting sale through which it can readily recoup the cash outflow. Based on historical experience, including the recent financial crisis, in which institutions went to great lengths to ensure the liquidity of their debt securities, the agencies are proposing relatively low outflow rates for a covered company's own debt securities. The proposed rule would differentiate between structured and non-structured debt on the basis of data from stressed institutions that indicate the likelihood that structured debt require more liquidity support. 52. What, if any, other factors should the agencies consider in identifying structured securities and the treatment for such securities under the proposal? 53. What additional criteria could be considered in determining whether certain unsecured wholesale funding activities should receive a 3 or 5 percent outflow rate associated with primary market maker activity? A secured funding transaction would be defined under the proposed rule as any funding transaction that gives rise to a cash obligation of a covered company that is secured under applicable law by a lien on specifically designated assets owned by the covered company that gives the counterparty, as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution. In practice, secured funding can be borrowings from repurchase transactions, Federal Home Loan Bank advances, secured deposits from municipalities or other public sector entities (which typically require collateralization in the United States), loans of collateral to effect customer short positions, and other secured wholesale funding arrangements with Federal Reserve Banks, regulated financial companies, non-regulated funds, or other counterparties. Secured funding could give rise to cash outflows or increased collateral requirements in the form of additional collateral or higher quality collateral to support a given level of secured debt. In the proposed rule, this risk is reflected through the proposed secured funding transaction outflow rates, which are based on the quality and liquidity of assets posted as collateral under the terms of the transaction.\61\ Secured funding outflow rates progressively increase on a spectrum that ranges from funding secured by levels 1, 2A, and 2B liquid assets to funding secured by assets that are not HQLA. For the reasons described above, the agencies believe that rather than applying an outflow treatment that is based on the nature of the funding provider, the proposed rule would generally apply a treatment that is based on the nature of the collateral securing the funding. The proposed rule recognizes customer short positions covered by other customers' collateral that is not HQLA as secured funding and applies to them an outflow rate of 50 percent. This outflow reflects the agencies' recognition that clients will not be able to close all short positions without also reducing leverage, which would offset a portion of the liquidity outflows associated with closing the short. Section 32(j)(1) of the proposed rule sets forth the outflow rates for various secured funding transactions. \61\ In section ----.32(g) of the proposed rule, the agencies have proposed outflow rates related to changes in collateral. The agencies are proposing to treat borrowings from Federal Reserve the same as other secured funding transactions because these borrowings are not automatically rolled over, and a Federal Reserve Bank may choose not to renew the borrowing. Therefore, an outflow rate based on the collateral posted is most appropriate for purposes of the proposed rule. Should the Federal Reserve Banks offer alternative facilities with different terms than the current primary credit facility, or modify the terms on the primary credit facility, outflow rates for the proposed liquidity coverage ratio may be modified. An asset exchange would be defined under the proposed rule as a transaction that requires the counterparties to exchange non-cash assets at a future date. Asset exchanges could give rise to actual cash outflows or increased collateral requirements if the covered company is contractually obligated to provide higher-quality assets in return for less liquid, lower-quality assets. In the proposed rule, this risk is reflected through the proposed asset exchange outflow rates, which are based on the HQLA levels of the assets exchanged by each party. Asset exchange outflow rates progressively increase from the covered company posting assets that are the same HQLA level as the assets it will receive to the covered company posting assets that are of significantly lower quality than the assets it will receive. Section 32(j)(2) of the proposed rule sets forth the outflow rates for various asset exchanges. treatment of secured funding activities. Do commenters agree with the proposed outflow rates as they relate to the collateral? Why or why not? Should municipal and other public sector entity deposits be treated as secured funding transactions? What, if any, additional secured-funding risk factors should be reflected in the rule? 55. What, if any, alternative treatments should the agencies consider for borrowings from a Federal Reserve Bank? Provide justification and support. treatment of asset exchanges. Do commenters agree with the proposed outflow rates as they relate to the collateral? Why or why not? What, if any, additional asset exchange risk factors should be reflected in the rule? The agencies recognize central banks' lending terms and expectations differ by jurisdiction. Accordingly, for a covered company's borrowings from a particular foreign jurisdiction's central bank, the proposed rule would assign an outflow rate equal to the outflow rate that such jurisdiction has established for central bank borrowings under a minimum liquidity standard. If such an outflow rate has not been established in a foreign jurisdiction, the outflow rate for such borrowings would be calculated as secured funding pursuant to section 32(j) of the proposed rule. consider for foreign central bank borrowings? Should borrowings from foreign central banks be treated as borrowings from the Federal Reserve Bank? What effects on the behavior of covered companies may the difference in the treatment between Federal Reserve Bank borrowings and foreign central bank create? What unintended results may occur? Under the proposed rule, a covered company would apply a 100 percent outflow rate to amounts payable 30 days or less after a calculation date under applicable contracts that are not otherwise specified in the proposed rule. These would include contractual payments such as salaries and any other payments owed 30 days or less from a calculation date that is not otherwise enumerated in section 32 of the proposed rule. 58. The Basel III LCR standard suggests that national authorities provide outflow rates for stable value funds. Should the agencies do so? Why or why not? If so, please provide suggestions as to specific outflow rates for stable value funds. Please provide justification and supporting information. 59. The agencies solicit commenters' views on the proposed criteria for each of the categories discussed above, their proposed outflow rates, and the associated underlying assumptions for the proposed treatment. Are there specific outflow rates for other types of transactions that have not been included, but should be? If so, please specify the types of transactions and the applicable outflow rates that should be applied and the reasons for doing so. Alternatively, are there outflow rates that have been provided that should not be? Under the proposed rule, a covered company would exclude all transactions from its outflows and inflows between the covered company and a consolidated subsidiary of the covered company or a consolidated subsidiary of the covered company and another consolidated subsidiary of the covered company. Such transactions are excluded because they involve outflows that would transfer to a company that is itself included in the financials of the covered company, so the inflows and outflows at the consolidated level should net to zero. As explained above, the total cash inflow amount for the proposed rule's liquidity coverage ratio would be limited to the lesser of (1) the sum of cash inflow amounts as described in section 33 of the proposed rule; and (2) 75 percent of expected cash outflows as calculated under section 32 of the proposed rule. The total cash inflow amount would be calculated by multiplying the outstanding balances of contractual receivables and other cash inflows as of a calculation date by the inflow rates described in section 33 of the proposed rule. The proposed rule also sets forth certain exclusions from cash inflow amounts, as described immediately below. The agencies have identified six categories of items that are explicitly excluded from cash inflows under the proposed rule. These exclusions are meant to ensure that the denominator of the proposed rule's liquidity coverage ratio would not be influenced by potential cash inflows that may not be reliable sources of liquidity during a stressed scenario. The first excluded category would be amounts a covered company holds in operational deposits at other regulated financial companies. Because these deposits are for operational purposes, it is unlikely that a covered company would be able to withdraw these funds in a crisis to meet other liquidity needs, and they are therefore excluded. The second excluded category would be amounts that a covered company expects to receive or is contractually entitled to receive from derivative transactions due to forward sales of mortgage loans and any derivatives that are mortgage commitments. The agencies recognize that covered companies may be receiving inflows as a result of the sale of mortgages or derivatives that are mortgage commitments within 30 days after the calculation date. However, as discussed above, the agencies believe that inflow amounts from such transactions may not materialize during a liquidity crisis or may be delayed beyond the 30 calendar-day time horizon. During the recent financial crisis, it was evident that many institutions were unable to rapidly reduce the mortgage lending even as market demand for mortgages slowed. The third excluded category would be amounts arising from any credit or liquidity facility extended to a covered company. The agencies believe that in a stress scenario, inflows from such facilities may not materialize. Furthermore, to the extent that a covered company relies upon inflows from credit facilities with other financial entities, it would increase the interconnectedness within the system and a stress at one institution could result in additional strain throughout the financial system as the company draws down its lines of credit. Because of these likelihoods, a covered company's credit and liquidity facilities would not be counted as inflows. The fourth excluded category would be the amounts of any asset included in a covered company's HQLA amount under section 21 of the proposed rule and any amount payable to the covered company with respect to those assets. Given that HQLA is already included in the numerator at fair market value (as determined under GAAP), including such amounts as inflows would result in double counting. Consistent with the Basel III LCR, this exclusion also includes all HQLA that mature within 30 days. The fifth excluded category would be any amounts payable to the covered company or any outstanding exposure to a customer or counterparty that is a nonperforming asset as of a calculation date, or the covered company has reason to expect will become a nonperforming exposure 30 calendar days or less from a calculation date. Under the proposed rule, a nonperforming exposure is any exposure that is past due by more than 90 calendar days or on nonaccrual. This is meant to recognize that it is not likely that a covered company will receive inflow amounts due from a nonperforming customer. The sixth excluded category includes those items that have no contractual maturity date. The agencies' stress scenario assumes that in a time of liquidity stress a covered company's counterparties will not pay amounts not contractually required in order to maintain liquidity for other purposes. 60. What, if any, additional items the agencies should explicitly exclude from inflows? What, if any excluded items should the agencies consider including in inflows? Please provide justification and 61. Should the agencies treat credit and liquidity facility inflows differently than proposed? For example, should credit and liquidity facilities extended by certain counterparties be counted as inflows while others are prohibited? If so, which entities and why? inflow amount would equal the sum of the payments and collateral that a covered company will receive from each counterparty under derivative transactions, less, if subject to a qualifying master netting agreement, the sum of payments and collateral that the covered company will make or deliver to each counterparty. This calculation would incorporate the amounts due from and to counterparties under applicable transactions within 30 calendar days of a calculation date. Netting would be permissible at the highest level permitted by a covered company's contracts with its counterparties and could not include outflows where a covered company is already including assets in its HQLA that the counterparty has posted to support those outflows. If the derivatives transactions are not subject to a valid qualifying master netting agreement, then the derivative cash inflow amount for that counterparty would be included in the net derivative cash inflow amount and the derivative cash outflows for that counterparty would be included in the net derivative cash outflow amount, without any netting. Net derivative cash inflow should be calculated in accordance with existing valuation methodologies and expected contractual derivative cash flows. In the event that net derivative cash inflow for a particular counterparty is less than zero, such amount would be required to be included in a covered company's net derivative cash outflow amount. As with net derivative cash outflow, net derivative cash inflow would not include amounts arising in connection with forward sales of mortgage loans and derivatives that are mortgage commitments subject to section 32(d) of the proposed rule. Net derivative cash inflow would still include derivatives that hedge interest rate risk associated with a mortgage pipeline. The proposed rule would allow a covered company to count as inflow 50 percent of all contractual payments it expects to receive within a particular 30 calendar-day stress period from retail customers and counterparties. This inflow rate is reflective of the agencies' expectation that covered companies will need to maintain a portion of their retail lending even during periods of liquidity stress, albeit not to the same extent as they have in the past. During the recent financial crisis, several stressed institutions tightened their credit standards but continued to make loans to maintain customer relationships and avoid further signaling of distress to the market. 62. Is the proposed retail cash inflow rate reflective of industry experience? Why or why not? What, if any, additional funding activities could be included in this category? What, if any, inflow sources should be excluded from this category? The agencies believe that for purposes of this proposed rule, all wholesale inflows (e.g., principal and interest) from regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, and identified companies (and consolidated subsidiaries of any of the foregoing), and from central banks generally would be available to meet a covered company's liquidity needs. Therefore, the agencies are proposing to assign such inflows a rate of 100 percent. This rate also reflects the assumption that covered companies would stop extending credits to such counterparties when faced with the stress envisioned by the proposed rule. However, the agencies also expect covered companies to maintain ample liquidity to sustain core businesses lines, including continuing to extend credit to retail customers and wholesale customers and counterparties that are not financial sector companies whose securities are excluded from HQLA.\62\ Indeed, one purpose of the proposed rule is to ensure that covered companies have sufficient liquidity to sustain such business lines during a period of liquidity stress. While the agencies acknowledge that, in times of liquidity stress, covered companies can curtail this activity to a limited extent, due to reputational and business considerations, covered companies would likely continue to renew at least a portion of maturing credits and extend some new loans. Therefore, the agencies are proposing to apply an inflow rate of 50 percent for inflows due from wholesale customers or counterparties that are not regulated financial companies, advisers, or identified companies, or consolidated subsidiary of any of the foregoing. With respect to revolving credit facilities, already amounts would not be included in a covered company's inflow amount, and undrawn amounts would be treated as outflows under section 32(e) of the proposed rule. This is based upon the agencies' assumption that a covered company's counterparty would not repay funds it is not contractually obligated to repay in a stressed scenario. 63. What are commenters' views regarding the differing rates for unsecured wholesale inflows? What, if any, modifications should the agencies consider making to the proposed inflow rates? Provide justification and supporting data. Inflows from securities owned by a covered company that are not included in a covered company's HQLA amount would receive a 100 percent inflow rate. Accordingly, if an asset is not included in the HQLA amount, all contractual dividend, interest, and principal payments due and expected to be paid to a covered company, regardless of their quality or liquidity, would receive an inflow rate of 100 percent. 64. What, if any, modifications should the agencies consider for the proposed rate for securities inflows? Please provide justification Under the proposed rule, a covered company would be able to recognize cash inflows from secured lending transactions. The proposed rule would define a secured lending transaction as any lending transaction that gives rise to a cash obligation of a counterparty to a covered company that is secured under applicable law by a lien on specifically designated assets owned by the counterparty and included in the covered company's HQLA amount that gives the covered company, as a holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution and includes reverse repurchase transactions and securities borrowing transactions. If the specifically designated assets are not included in a covered company's HQLA amount but are still held by the covered company, then the transaction would be included in the unsecured wholesale cash inflow amount. Secured lending transactions could give rise to cash inflows or additional or higher quality collateral being provided to a covered company to support a given level of secured debt. Under the proposed rule, secured lending transaction inflow rates progressively increase on a spectrum that ranges from funding secured by levels 2B and 2A liquid assets to lending secured by assets that are not HQLA.\63\ A covered company also may apply a 50 percent inflow rate to the contractual payments due from customers that have borrowed on margin, where such loans are collateralized. These inflows could only be counted if a covered company is not including the collateral it received in its HQLA amount or using it to cover any of its short \63\ See proposed rule Sec. Sec. ----.33(f)(1)(i)-(iv). Similarly, asset exchanges could give rise to actual cash inflow or decreased collateral requirements if the covered company's counterparty is contractually obligated to provide higher-quality assets in return for less liquid, lower-quality assets. In the proposed rule, this is reflected through the proposed asset exchange inflow rates, which are based on the HQLA level of the asset to be posted by a covered company and the HQLA level of the asset posted by the counterparty. Asset exchange inflow rates progressively increase on a spectrum that ranges from receiving assets that are the same HQLA level as the assets a covered company is required to post to receiving assets that are of significantly higher quality than the assets that the covered company is required to post. Section 33(f)(2) of the proposed rule sets forth the inflow amounts for various asset exchanges. 65. The agencies solicit commenters' views on the treatment of secured lending transaction and asset exchange inflows. What, if any, modifications should the agencies consider? Specifically, what are commenters' perspectives on when an inflow should be reflected in the ratio's denominator as opposed to the HQLA amount? Provide While the Basel III LCR provides that a banking organization is required to maintain an adequate amount of HQLA in order to meet its liquidity needs within a 30 calendar-day stress period, it also makes clear that it may be necessary for a banking organization to fall below the requirement during a period of liquidity stress. The Basel III LCR therefore provides that any supervisory decisions in response to a reduction of a banking organization's liquidity coverage ratio should take into consideration the objectives and definitions of the Basel III LCR. This provision of the Basel III LCR indicates that supervisory actions should not discourage or deter a banking organization from using its HQLA when necessary to meet unforeseen liquidity needs arising from financial stress that exceeds normal business fluctuations. The agencies are proposing a supervisory framework for addressing a shortfall with respect to the proposed rule's liquidity coverage ratio that is consistent with the intent of having HQLA available for use during stressed conditions as described in the Basel III LCR. This approach also reflects the agencies' views on the appropriate supervisory response to such shortfalls. The agencies understand that there are a wide variety of potential liquidity stresses that a covered company may experience (both idiosyncratic and market-wide), and that it is difficult to foresee the different circumstances that may precipitate or accompany such stress scenarios. Therefore, the agencies believe that the regulatory framework for the proposed rule's liquidity coverage ratio must be sufficiently flexible to allow supervisors to respond appropriately under the given circumstances surrounding a liquidity coverage ratio shortfall. Accordingly, the proposed rule sets forth notice and response procedures that would require a covered company to notify its primary Federal supervisor of any liquidity coverage ratio shortfall on any business day and provides the necessary flexibility in the supervisory response. In addition, if a covered company's liquidity coverage ratio is below the minimum requirement for three consecutive business days or if its supervisor has determined that the covered company is otherwise materially noncompliant with the proposed rule, the covered company would be required to provide to its supervisor a plan for remediation. As set forth in section 40(b) of the proposed rule, the remediation plan would need to include an assessment of the covered company's liquidity position, the actions the covered company has taken and will take to achieve full compliance with the proposed rule, an estimated timeframe for achieving compliance, and a commitment to report to its supervisor no less than weekly on progress to achieve compliance with the plan until full compliance with the proposed rule has been A supervisory or enforcement action may be appropriate based on operational issues at a covered company, whether the violation is a part of a pattern, whether the liquidity shortfall was temporary or caused by an unusual event, and the extent of the shortfall or the noncompliance. Depending on the circumstances, a liquidity coverage ratio shortfall below 100 percent would not necessarily result in supervisory action, but, at a minimum, would result in heightened supervisory monitoring. For example, as with other regulatory violations, a covered company may be required to enter into a written agreement if it does not meet the proposed minimum requirement within an appropriate period of time. The agencies would use existing supervisory processes and procedures for addressing a covered company's liquidity coverage ratio shortfall under the proposed rule. As with existing supervisory actions to address deficiencies in regulatory compliance or in risk management, the actions to be taken if a covered company's liquidity coverage ratio were to fall below 100 percent would be at the discretion of the appropriate Federal banking agency. 66. Is the current banking supervisory regime sufficient to address situations in which a covered company needs to utilize its stock of HQLA? Why or why not? 67. Are there additional supervisory tools that the agencies could rely on to address situations in which a covered company needs to utilize its stock of HQLA? If so, provide detailed examples and explanations. 68. Should a de minimis exception to a liquidity coverage ratio shortfall be implemented, such that a covered company would not need to report such a shortfall, provided its liquidity coverage ratio returns to the required minimum within a short grace period? If so, what de minimis amount would be appropriate and why? What duration of grace period would be appropriate and why? 69. Should a covered company be required to submit a separate remediation plan to address its liquidity coverage ratio shortfall or should a modification to existing plans, such as contingency funding plans that include provisions to address the liquidity shortfalls, be sufficient? Please provide justifications supporting such a view. 70. Should the supervisory response differ depending on the cause of the stress event? Why or why not? 71. Should restrictions be imposed on the circumstances under which a covered company's liquidity coverage ratio may fall below 100 percent? If so, provide detailed examples and explanations. The agencies are proposing to implement a transition period for the proposed rule's liquidity coverage ratio that is more accelerated than the transition provided in the Basel III Revised LCR Framework. The proposed rule would require covered companies to comply with the minimum liquidity coverage ratio as follows: 80 percent on January 1, 2015, 90 percent on January 1, 2016, and 100 percent on January 1, 2017 and thereafter. The agencies are proposing an accelerated transition period for covered companies to build on the strong liquidity positions these companies have achieved since the recent financial crisis, thereby providing greater stability to the firms and the financial system. The proposed transition period accounts for the potential implications of the proposed rule on financial markets, credit extension, and economic growth and seeks to balance these concerns with the proposed liquidity coverage ratio's important role in promoting a more robust and resilient banking sector. While these transition periods are intended to facilitate compliance with a new minimum liquidity requirement, the agencies expect that covered companies with liquidity coverage ratios at or near the 100 percent minimum generally would not reduce their liquidity coverage during the transition period, as reflected by this proposed requirement. The agencies emphasize that the proposed rule's liquidity coverage ratio is a minimum requirement, and that companies should have internal liquidity management systems and policies in place to ensure they hold liquid assets sufficient to meet their liquidity needs that could arise in a period of stress. The transition provisions of the final rule are also set forth in table 2 below. Table 2: Transition Period for the Liquidity Coverage Ratio Transition Period coverage Calendar year 2015......................................... 0.80 Calendar year 2017 and thereafter.......................... 1.00 72. What concerns, if any, do commenters have in meeting the proposed transitional arrangements? 73. Are the proposed transition periods appropriate for all covered companies? Are there any situations that may prevent a covered company from achieving compliance within the proposed transition periods? Are there alternatives to the proposed transition periods that would better achieve the agencies' goal of establishing a quantitative liquidity requirement in a timely fashion while not disrupting lending and the real economy? V. Modified Liquidity Coverage Ratio Applicable to Covered Depository Institution Holding Companies As noted above, all bank holding companies subject to the proposed rule are subject to enhanced liquidity requirements under section 165 of the Dodd-Frank Act.\64\ Section 165 additionally authorizes the Board to tailor the application of the standards, including differentiating among covered companies on an individual basis or by category. When differentiating among companies for purposes of applying the standards established under section 165, the Board may consider the companies' size, capital structure, riskiness, complexity, financial activities, and any other risk-related factor the Board deems appropriate.\65\ \64\ See 12 U.S.C. 5365(a) and (b). \65\ See 12 U.S.C. 5365(a)(2). The Basel III LCR was developed for internationally active banking organizations, taking into account the complexity of their funding sources and structure. While covered depository institution holding companies with at least $50 billion in total consolidated assets that are not covered companies (modified LCR holding companies) are large financial companies with extensive operations in banking, brokerage, and other financial activities, they generally are smaller in size, less complex in structure, and less reliant on riskier forms of market funding. These companies tend to have simpler balance sheets, better enabling management and supervisors to take corrective actions more quickly than is the case with an internationally active banking organization in a stressed scenario. Accordingly, the Board is tailoring the proposed rule's liquidity coverage ratio requirement as applied to the modified LCR holding companies pursuant to its authority under section 165 of the Dodd-Frank Act. While the Board believes it is important for all bank holding companies subject to section 165 of the Dodd-Frank Act (and similarly situated savings and loan holding companies) to be subject to a quantitative liquidity requirement as an enhanced prudential standard, it recognizes that these companies would likely not have as great a systemic impact as larger, more complex companies if they experienced liquidity stress. Therefore, because the options for addressing their liquidity needs under such a scenario (or, if necessary, for resolving such companies) would likely be less complex and therefore more likely to be implemented in a shorter period of time, the Board is proposing to establish a modified liquidity coverage ratio incorporating a shorter (21-calendar day) stress scenario for the modified LCR holding companies. The modified liquidity coverage ratio would be a simpler, less stringent form of the proposed rule's liquidity coverage ratio (for the purposes of this section V, unmodified liquidity coverage ratio) and would have outflow rates based on a 21calendar-day rather than a 30 calendar-day stress scenario. As a result, outflow rates for the modified liquidity coverage ratio generally would be 70 percent of the unmodified liquidity coverage ratio's outflow rates. In addition, modified LCR holding companies would not have to calculate a peak maximum cumulative outflow day for total net cash outflows as required for covered companies subject to the unmodified liquidity coverage ratio.\66\ The requirements of the modified liquidity coverage ratio standard would otherwise be the same as the unmodified liquidity coverage ratio as described above, including the proposed HQLA criteria and the calculation of the HQLA amount, and modified LCR holding companies would have to comply with all unmodified aspects of the standard to the same extent as covered companies. \66\ See supra section II.B. Modified LCR holding companies generally would calculate their HQLA amount as covered companies do pursuant to section 21 of the proposed rule. However, when calculating the adjusted liquid asset amounts, modified LCR holding companies would incorporate the unwinding of secured funding and lending transactions, asset exchanges, and collateralized derivative transactions that mature within 21 calendar days (rather than 30 calendar days) of a calculation date. All other aspects of the calculation would remain the same and assets that do not qualify as HQLA under the proposed rule could not be included into the HQLA amount of a modified LCR holding company. The adjustments of the modified liquidity coverage ratio reflect the lesser size and complexity of modified LCR holding companies through a shorter stress scenario, which is not relevant to the quality of liquid assets that a company would need to cover its needs during any stress scenario. Therefore, the HQLA amount would be calculated on the same basis under the modified liquidity coverage ratio as the unmodified liquidity coverage ratio, with the only adjustment reflecting the shorter stress scenario period of the modified liquidity coverage ratio. The policy purposes and rationales for applying the unmodified requirements to covered companies, articulated above, also pertain to the application of these requirements to modified LCR holding companies. Under the unmodified liquidity coverage ratio, the outflow and inflow rates applied to different sources of outflows and inflows are based on a 30 calendar-day stress scenario. Because the modified liquidity coverage ratio is based on a 21calendar-day stress scenario, 70 percent of each outflow and inflow rate for outflows and inflows without a contractual maturity date, as described above, would be applied in calculating total net cash outflow under the modified liquidity coverage ratio, as set forth in Table 3. Outflows and inflows with a contractual maturity date would be calculated on the basis of the maturity (as determined under the proposal and described above) occurring within 21 calendar days from a calculation date, rather than 30 calendar days. In addition, as explained above, a modified LCR holding company would not be required to use its peak maximum cumulative outflow day as its total net cash outflow amount. Instead, the total net cash outflow amount under the modified liquidity coverage ratio would be the difference between a modified LCR company's outflows amounts and inflows amounts, calculated as required under the proposed rule. The Board believes this approach is appropriate as a modified LCR holding company would likely be less dependent on cash inflows to meet the proposed rule's liquidity coverage ratio requirement, thereby reducing its likelihood of having a significant maturity mismatch within a 21 calendar-day stress period. However, as part of sound liquidity risk management, modified LCR holding companies should be aware of any potential mismatches within the 21 calendar-day stress period and ensure that a sufficient amount of HQLA is available to meet any net cash outflow gaps throughout the period. Table 3--Non-Maturity Modified Outflows Agencies' Modified liquidity liquidity Category coverage coverage ratio outflow ratio outflow amount amount Unsecured retail funding: Stable retail deposits................ 3.0% 2.1% Other retail deposits................. 10.0 7.0 Other retail funding.................. 100.0 70.0 Retail brokered deposits: Brokered deposits that mature later 10.0 7.0 than 30 calendar days from the calculation date..................... Reciprocal brokered deposits, entirely 10.0 7.0 covered by deposit insurance......... Reciprocal brokered deposits, not 25.0 17.5 entirely covered by deposit insurance Brokered sweep deposits, issued by a 10.0 7.0 consolidated subsidiary, entirely Brokered sweep deposits, not issued by 25.0 17.5 a consolidated subsidiary, entirely Brokered sweep deposits, not entirely 40.0 28.0 All other retail brokered deposits.... 100.0 70.0 Unsecured wholesale funding: Non-operational, entirely covered by 20.0 14.0 deposit insurance.................... Non-operational, not entirely covered 40.0 28.0 by deposit insurance................. Non-operational, from financial entity 100.0 70.0 or consolidated subsidiary........... Operational deposit, entirely covered 5.0 3.5 Operational deposit, not entirely 25.0 17.5 All other wholesale funding........... 100.0 70.0 Undrawn credit and liquidity 5.0 3.5 facilities to retail customers....... Undrawn credit facility to wholesale 10.0 7.0 customers............................ Undrawn liquidity facility to 30.0 21.0 wholesale customers.................. Undrawn credit and liquidity 50.0 35.0 facilities to certain banking organizations........................ Undrawn credit facility to financial 40.0 28.0 entities............................. Undrawn liquidity facility to 100.0 70.0 financial entities................... Undrawn liquidity facilities to SPEs 100.0 70.0 or any other entity.................. 74. What, if any, modifications to the modified liquidity coverage ratio should the Board consider? In particular, what, if any, modifications to incorporation of the 21-calendar day stress period should be considered? Please provide justification and supporting data. 75. What, if any, modifications to the calculation of total net cash outflow rate should the Board consider? What versions of the peak maximum cumulative outflow day might be appropriate for the modified liquidity coverage ratio? Please provide justification and supporting 76. What operational burdens may modified LCR holding companies face in complying with the proposal? What modifications to transition periods should the Board consider for modified LCR holding companies? Section 722 of the Gramm-Leach-Bliley Act, Public Law 106-102, sec. 722, 113 Stat. 1338, 1471 (Nov. 12, 1999), requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The Federal banking agencies invite your comments on how to make this proposal easier to understand. For Have the agencies organized the material to suit your needs? If not, how could this material be better organized? Are the requirements in the proposed rule clearly stated? If not, how could the proposed rule be more clearly stated? Does the proposed rule contain language or jargon that is not clear? If so, which language requires clarification? Would a different format (grouping and order of sections, use of headings, paragraphing) make the proposed rule easier to understand? If so, what changes to the format would make the proposed rule easier to understand? What else could the agencies do to make the regulation easier to understand? The Regulatory Flexibility Act \67\ (RFA), requires an agency to either provide an initial regulatory flexibility analysis with a proposed rule for which general notice of proposed rulemaking is required or to certify that the proposed rule will not have a significant economic impact on a substantial number of small entities (defined for purposes of the RFA to include banks with assets less than or equal to $500 million). In accordance with section 3(a) of the RFA, the Board is publishing an initial regulatory flexibility analysis with respect to the proposed rule. The OCC and FDIC are certifying that the proposed rule will not have a significant economic impact on a substantial number of small entities. \67\ 5 U.S.C. 601 et seq. Based on its analysis and for the reasons stated below, the Board believes that this proposed rule will not have a significant economic impact on a substantial number of small entities. Nevertheless, the Board is publishing an initial regulatory flexibility analysis. A final regulatory flexibility analysis will be conducted after comments received during the public comment period have been considered. The proposed rule is intended to implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision applicable for bank holding companies, savings and loan holding companies, nonbank financial companies, and state member banks. Under regulations issued by the Small Business Administration, a ``small entity'' includes firms within the ``Finance and Insurance'' sector with asset sizes that vary from $7 million or less in assets to $500 million or less in assets.\68\ The Board believes that the Finance and Insurance sector constitutes a reasonable universe of firms for these purposes because such firms generally engage in activities that are financial in nature. Consequently, bank holding companies, savings and loan holding companies, nonbank financial companies, and state member banks with asset sizes of $500 million or less are small entities for purposes of the RFA. \68\ 13 CFR 121.201. As discussed previously in this preamble, the proposed rule generally would apply to Board-regulated institutions with (i) consolidated total assets equal to $250 billion or more; (ii) consolidated total on-balance sheet foreign exposure equal to $10 billion or more; or (iii) consolidated total assets equal to $10 billion or more if that Board-regulated institution is a consolidated subsidiary of a company subject to the proposed rule or if a company subject to the proposed rule owns, controls, or holds with the power to vote 25 percent or more of a class of voting securities of the company. The Board is also proposing to implement a modified version of the liquidity coverage ratio as enhanced prudential standards for top-tier bank holding companies and savings and loan holding companies domiciled in the United States that have consolidated total assets equal to $50 billion or more. The modified version of the liquidity coverage ratio would not apply to (i) a grandfathered unitary savings and loan holding company that derived 50 percent or more of its total consolidated assets or 50 percent of its total revenues on an enterprise-wide basis from activities that are not financial in nature under section 4(k) of the Bank Holding Company Act; (ii) a top-tier bank holding company or savings and loan holding company that is an insurance underwriting company; or (iii) a top-tier bank holding company or savings and loan holding company that had 25 percent or more of its total consolidated assets in subsidiaries that are insurance underwriting companies and either calculates its total consolidated assets in accordance with GAAP or estimates its total consolidated assets, subject to review and adjustment by the Board. Companies that are subject to the proposed rule therefore substantially exceed the $500 million asset threshold at which a banking entity is considered a ``small entity'' under SBA regulations. The proposed rule would apply to a nonbank financial company designated by the Council under section 113 of the Dodd-Frank Act regardless of such a company's asset size. Although the asset size of nonbank financial companies may not be the determinative factor of whether such companies may pose systemic risks and would be designated by the Council for supervision by the Board, it is an important consideration.\69\ It is therefore unlikely that a financial firm that is at or below the $500 million asset threshold would be designated by the Council under section 113 of the Dodd-Frank Act because material financial distress at such firms, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, are not likely to pose a threat to the financial stability of the United \69\ See 77 FR 21637 (April 11, 2012). As noted above, because the proposed rule is not likely to apply to any company with assets of $500 million or less, if adopted in final form, it is not expected to apply to any small entity for purposes of the RFA. The Board does not believe that the proposed rule duplicates, overlaps, or conflicts with any other Federal rules. In light of the foregoing, the Board does not believe that the proposed rule, if adopted in final form, would have a significant economic impact on a substantial number of small entities supervised. Nonetheless, the Board seeks comment on whether the proposed rule would impose undue burdens on, or have unintended consequences for, small organizations, and whether there are ways such potential burdens or consequences could be minimized in a manner consistent with standards established by the Basel Committee on Banking Supervision. The RFA requires an agency to provide an initial regulatory flexibility analysis with a proposed rule or to certify that the rule will not have a significant economic impact on a substantial number of small entities (defined for purposes of the RFA to include banking entities with total assets of $500 million or less and trust companies with assets of $35.5 million or less). As discussed previously in this Supplementary Information section, the proposed rule generally would apply to national banks and Federal savings associations with: (i) consolidated total assets equal to $250 billion or more; (ii) consolidated total on-balance sheet foreign exposure equal to $10 billion or more; or (iii) consolidated total assets equal to $10 billion or more if a national bank or Federal savings association is a consolidated subsidiary of a company subject to the proposed rule. As of December 31, 2012, the OCC supervises 1,291 small entities. Since the proposed rule would only apply to institutions that have total consolidated total assets or consolidated total on-balance sheet foreign exposure equal to $10 billion or more, the proposed rule would not have any impact on small banks and small Federal savings associations. Therefore, the proposed rule would not have a significant economic impact on a substantial number of small OCC-supervised entities. The OCC certifies that the proposed rule would not have a significant economic impact on a substantial number of small national banks and small Federal savings associations. entities with total assets of $500 million or less). As described in section I of this preamble, the proposed rule would establish a quantitative liquidity standard for internationally active banking organizations with $250 billion or more in total assets or $10 billion or more of on-balance sheet foreign exposure (internationally active banking organizations), covered nonbank companies, and their consolidated subsidiary depository institutions with $10 billion or more in in total consolidated assets. Two FDIC-supervised institutions satisfy the foregoing criteria, and neither is a small entity. As of June 30, 2013, based on a $500 million threshold, 2 (out of 3,363) small state nonmember banks, and zero (out of 53) small state savings associations were subsidiaries of a covered company that is subject to the proposed rule. Therefore, the FDIC does not believe that the proposed rule will result in a significant economic impact on a substantial number of small entities under its supervisory The FDIC certifies that the NPR would not have a significant economic impact on a substantial number of small FDIC-supervised Request for Comment on Proposed Information Collection Certain provisions of the proposed rule contain ``collection of information'' requirements within the meaning of the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501-3521). In accordance with the requirements of the PRA, the agencies may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The information collection requirements contained in this joint notice of proposed rulemaking are being submitted by the FDIC and OCC to OMB for approval under section 3507(d) of the PRA and section 1320.11 of OMB's implementing regulations (5 CFR part 1320). The Board reviewed the proposed rule under the authority delegated to the Board by OMB. Comments are invited on: (a) Whether the collections of information are necessary for the proper performance of the agencies' functions, including whether the information has practical utility; (b) The accuracy of the agencies' estimates of the burden of the information collections, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. All comments will become a matter of public record. Commenters may submit comments on aspects of this notice that may affect burden estimates at the addresses listed in the ADDRESSES section. A copy of the comments may also be submitted to the OMB desk officer for the agencies: By mail to U.S. Office of Management and Budget, 725 17th Street NW., 10235, Washington, DC 20503; by facsimile to 202- 395-6974; or by email to: oira_submission@omb.eop.gov. Attention, Federal Banking Agency Desk Officer. Proposed Information Collection Title of Information Collection: Reporting and Recordkeeping Requirements Associated with Liquidity Coverage Ratio: Liquidity Risk Measurement, Standards, and Monitoring. Frequency of Response: Event generated. Affected Public FDIC: Insured state non-member banks, insured state branches of foreign banks, state savings associations, and certain subsidiaries of these entities. OCC: National banks, Federal savings associations, or any operating subsidiary thereof. Board: Insured state member banks, bank holding companies, savings and loan holding companies, nonbank financial companies supervised by the Board, and any subsidiary thereof. Abstract: The notice sets forth implementing a quantitative proposed rule contains requirements subject to the PRA. The reporting and recordkeeping requirements in the joint proposed rule are found in Sec. ----.40. Compliance with the information collections would be mandatory. Responses to the information collections would be kept confidential and there would be no mandatory retention period for the proposed collections of information. Section ----.40 would require that an institution must notify its primary Federal supervisor on any day when its liquidity coverage ratio is calculated to be less than the minimum requirement in Sec. ----.10. If an institution's liquidity coverage ratio is below the minimum requirement in Sec. ----.10 for three consecutive days, or if its primary Federal supervisor has determined that the institution is otherwise materially noncompliant, the institution must promptly provide a plan for achieving compliance with the minimum liquidity requirement in Sec. ----.10 and all other requirements of this part to its primary Federal supervisor. The liquidity plan must include, as applicable, (1) an assessment of the institution's liquidity position; (2) the actions the institution has taken and will take to achieve full compliance including a plan for adjusting the institution's risk profile, risk management, and funding sources in order to achieve full compliance and a plan for remediating any operational or management issues that contributed to noncompliance; (3) an estimated timeframe for achieving full compliance; and (4) a commitment to provide a progress report to its primary Federal supervisor at least weekly until full compliance is Estimated Paperwork Burden Estimated Burden Per Response: reporting--0.25 hours; recordkeeping--100 hours. Frequency: reporting--5; recordkeeping--1. Estimated Number of Respondents: 2. Total Estimated Annual Burden: reporting--3 hours; recordkeeping-- 200 hours. The Unfunded Mandates Reform Act of 1995 (UMRA) requires federal agencies to prepare a budgetary impact statement before promulgating a rule that includes a federal mandate that may result in the expenditure by state, local, and tribal governments, in the aggregate, or by the private sector of $100 million or more (adjusted annually for inflation) in any one year. The current inflation-adjusted expenditure threshold is $141 million. If a budgetary impact statement is required, section 205 of the UMRA also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. In conducting the regulatory analysis, UMRA requires each federal agency to provide: The text of the draft regulatory action, together with a reasonably detailed description of the need for the regulatory action and an explanation of how the regulatory action will meet that need; An assessment of the potential costs and benefits of the regulatory action, including an explanation of the manner in which the regulatory action is consistent with a statutory mandate and, to the extent permitted by law, promotes the President's priorities and avoids undue interference with State, local, and tribal governments in the exercise of their governmental functions; An assessment, including the underlying analysis, of benefits anticipated from the regulatory action (such as, but not limited to, the promotion of the efficient functioning of the economy and private markets, the enhancement of health and safety, the protection of the natural environment, and the elimination or reduction of discrimination or bias) together with, to the extent feasible, a quantification of those benefits; An assessment, including the underlying analysis, of costs anticipated from the regulatory action (such as, but not limited to, the direct cost both to the government in administering the regulation and to businesses and others in complying with the regulation, and any adverse effects on the efficient functioning of the economy, private markets (including productivity, employment, and competitiveness), health, safety, and the natural environment), together with, to the extent feasible, a quantification of those costs; and benefits of potentially effective and reasonably feasible alternatives to the planned regulation, identified by the agencies or the public (including improving the current regulation and reasonably viable non-regulatory actions), and an explanation why the planned regulatory action is preferable to the identified potential alternatives; An estimate of any disproportionate budgetary effects of the federal mandate upon any particular regions of the nation or particular State, local, or tribal governments, urban or rural or other types of communities, or particular segments of the private sector; and An estimate of the effect the rulemaking action may have on the national economy, if the OCC determines that such estimates are reasonably feasible and that such effect is relevant and material. Need for Regulatory Action Liquidity is defined as a financial institution's capacity to readily meet its cash and collateral obligations at a reasonable cost. As discussed in the preamble of the proposed rule, the recent financial crisis saw unprecedented levels of liquidity support from governments and central banks around the world, suggesting that banks and other financial market participants were not adequately prepared to meet their cash and collateral obligations at reasonable cost. Table 1 provides a list of some of the liquidity facilities provided by the Federal Reserve and the FDIC during the financial crisis. The proposed rule introduces the U.S. implementation of one of the two international liquidity standards (the liquidity coverage ratio and the net stable funding ratio) intended by the Basel Committee on Banking Supervision and the U.S. banking agencies to create a more resilient financial sector by strengthening the banking sector's liquidity risk management. A maturity mismatch in a bank's balance sheet creates liquidity risk. Banks will typically manage this liquidity risk by holding enough liquid assets to meet their usual net outflow demands. The presence of a central bank that can serve as a lender of last resort provides an element of liquidity insurance, which, as is often the case with insurance, creates moral hazard. Because of the presence of a lender of last resort, banks may not hold socially optimal levels of liquid assets. The LCR buffer established by the proposed rule offsets the moral hazard to a degree, and lowers the probability of a liquidity crisis and may limit the severity of liquidity crises when they do occur. Reducing the severity of liquidity crises will also limit the damage from negative externalities associated with liquidity crises, e.g., asset fire sales, rapid deleveraging, liquidity hoarding, and reduced credit availability.\70\ Furthermore, the LCR buffer at institutions affected by the proposed rule could help alleviate liquidity stress at smaller institutions that may still hold less than the socially optimal level of liquid assets because of ongoing moral hazard problems. As van den End and Kruidhof (2013) point out, the degree of systemic liquidity stress will ultimately depend on the size of liquidity shocks the financial system encounters, the size of the initial liquidity buffer, regulatory constraints on the buffer, and behavioral reactions by banks and other market participants. \70\ For a discussion of liquidity risk and problems associated with liquidity risk, see Douglas W. Diamond and Philip H. Dybvig, ``Bank Runs, Deposit Insurance, and Liquidity'', Journal of Political Economy, Vol. 91, No. 3, June 1983, pp. 401-419 and Jan Willem van den End and Mark Kruidhof, ``Modelling the liquidity ratio as macroprudential instrument'', Journal of Banking Regulation, Vol. 14, No. 2, 2013, pp. 91-106. Capital and liquidity in the banking sector provide critical buffers to the broader economy. Capital allows the banking sector to absorb unexpected losses from some customers while continuing to extend credit to others. Liquidity in the banking sector allows banks to provide cash to customers who have unexpected demands for liquidity. The financial crisis of 2007-2009 began with a severe liquidity crisis when the asset-backed commercial paper market (ABCP) essentially froze in August of 2007 and the demand for liquidity from the banking sector quickly outstripped its supply of liquid assets. Acharya, Afonso, and Kovner (2013) discuss the problems in the ABCP market in 2007 and how foreign and domestic banks scrambled for liquidity in U.S. financial markets.\71\ They find that U.S. banks sought to increase liquidity by increasing deposits and borrowing through Federal Home Loan Bank advances. Foreign banks operating in the United States were generally not eligible for Federal Home Loan Bank advances and sought liquidity by decreasing overnight interbank lending and borrowed from the Federal Reserve's Term Auction Facility when that became available. \71\ See Acharya, Viral V., Gara Afonso, and Anna Kovner, (2013), ``How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007'', Federal Reserve Bank of New York, Staff Report No. 623, August 2013. Table 1--Special Liquidity Facilities Introduced During the 2007-2009 Financial Crisis Facility or program Dates Type of activity Activity levels Agency Mortgage-Backed Security (MBS) Began 11/2008.......... Purchase of Agency $1.25 trillion Purchase Program. guaranteed MBS. purchased between 1/ 2009 and 3/2010. Term Auction Facility................ 12/12/2007-3/8/2010.... 28-day and 84-day loans Maximum one day auction to depository of $142.3 billion on 2/ institutions. 12/2009. Central Bank Liquidity Swap Lines.... Began 12/12/2007....... 1-day to 90-day swap Maximum one day lines of credit with extension of $422.5 certain foreign billion on 10/15/2008. central banks. Primary Dealer Credit Facility....... Announced 3/16/2008.... Overnight loan facility Maximum of $155.8 for primary dealers. billion on 9/29/2008. Term Securities Lending Facility..... Announced 3/11/2008.... One-month loans of One-day Maximum of Treasury Securities to $75.0 billion on 3/28/ primary dealers. 2008. Asset-Backed Commercial Paper Money Announced 9/19/2008.... Nonrecourse loans to One-day Maximum of Market Mutual Fund Liquidity financial institutions $31.1 billion on 9/23/ Facility. to purchase eligible 2008. ABCP from Money Market Mutual Funds. Commercial Paper Funding Facility.... Announced 10/7/2008.... Three-month loans to One-day Maximum lent of specially created $56.6 billion on 10/29/ company that purchased 2008. commercial paper from eligible issuers. Term Asset-Backed Securities Loan Announced 11/25/2008... Nonrecourse loans of up Loan Total of $71.1 Facility. to five years to billion. holders of eligible asset-backed securities. FDIC Temporary Liquidity Guarantee 10/14/2008............. Transaction Account TAGP covered $834.5 Program. Guarantee Program billion in eligible (TAGP) guaranteed deposits as of 12/31/ noninterest-bearing 2009; DGP peak transaction accounts; guarantee of $348.5 Debt Guarantee Program billion of outstanding (DGP) guaranteed debt. certain newly issued senior unsecured debt. Source: Federal Reserve, FDIC. A study by Cornett, McNutt, Strahan, and Tehranian (2011) suggests that banks with less liquid assets at the start of the crisis reduced lending, and that the overall effort by banks to manage the liquidity crisis led to a decrease in credit supply.\72\ Cornett et al also point out that through new and existing credit lines, banks provide crucial liquidity to the overall market during a liquidity drought. This sentiment is shared in an earlier study by Gatev and Strahan (2006), which suggests that large firms that use the commercial paper and bond markets during normal times, depend upon banks for liquidity during periods of market stress. Gatev and Strahan also provide evidence that banks tend to experience funding inflows during liquidity crises, for instance, when commercial-paper spreads widen. Gatev and Strahan's results show that when commercial-paper spreads widen, banks increase their reliance on transaction deposits and yields on large certificates-of-deposit tend to fall. They attribute these inflows at least partially to implicit government support for banks. They also point out that deposit outflows during the Great Depression led to a severe credit contraction.\73\ \72\ See Cornett, Marcia Millon, Jamie John McNutt, Philip E. Strahan, and Hassan Tehranian, (2011), ``Liquidity risk management and credit supply in the financial crisis,'' Journal of Financial Economics, Vol. 101, pp. 297-312. \73\ See Gatev, Evan, and Philip E. Strahan, (2006), ``Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market,'' Journal of Finance, Vol. 61, No. 2, pp. This evidence of the role that banks play in providing liquidity during a liquidity crisis highlights the importance of ensuring that banks are properly managing their liquidity risk so that they are able to provide liquidity to others under all but the most dire of circumstances. The proposed rule does not seek to ensure that banks always have a specific amount of high quality liquid assets, because such a requirement could prove counterproductive during a liquidity crisis. Rather, the proposed rule seeks to ensure that certain banks have an amount of high quality liquid assets that will enable them to meet their own liquidity needs and the liquidity needs of their customers, even during periods of market stress. The Proposed Rule The proposed rule would require covered institutions to maintain a liquidity coverage ratio (LCR) according to the transition schedule (shown in table 2) beginning January 1, 2015. Table 2--Transition Period for the Minimum Liquidity Coverage Ratio Calendar year coverage ratio (in percent) 2015.................................................... 80 2017, and beyond........................................ 100 The proposed rule would require covered institutions to calculate their LCR on a daily basis at a set time selected by the institution. The proposed rule does not require a covered institution to report its LCR to the appropriate regulatory agency unless the institution expects a shortfall at its selected reporting time. The LCR is equal to the bank's qualifying high-quality liquid assets (HQLA) divided by the bank's total net cash outflows over a prospective 30-day liquidity stress scenario: LCR = [(HQLA)/(Total net cash outflow)] * 100. HQLA = (Level 1 liquid assets-Required Reserves) + .85(Level 2A liquid assets) + .5(Level 2B liquid assets)-(the maximum of the Adjusted or Unadjusted Excess HQLA Amount). Total net cash outflow = (Total cash outflow)-(Limited Total cash inflow), where the total net cash outflow is equal to total net cash outflow on the day within the 30-day stress period that has the largest net cumulative cash outflows after limiting cash inflow amounts to 75 percent of cash outflows. When the LCR of a covered institution falls below the minimum LCR on a particular day, the institution must notify its primary federal supervisor. If the LCR is below the minimum LCR for three consecutive business days, the institution must submit a plan for remediation of the shortfall to its primary federal supervisor. In addition to public disclosure requirements described later in this section, the proposed rule includes various reporting requirements that a covered institution must make to its primary federal regulator on a periodic basis. Both the Basel III LCR framework and the proposed rule recognize the importance of allowing a covered institution to use its HQLA when necessary to meet liquidity needs. The proposed rule would require a covered banking organization to report to its appropriate federal banking agency when its liquidity coverage ratio falls below 100 percent on any business day. In addition, if a covered banking organization's LCR is below 100 percent for three consecutive business days, then the covered banking organization would be required to provide its supervisory agency with (1) the reasons its liquidity coverage ratio has fallen below the minimum, and (2) a plan for remediation. While an LCR shortfall will always result in supervisory monitoring, circumstances will dictate whether the shortfall results in supervisory enforcement action. Existing supervisory processes and procedures related to regulatory compliance and risk management would help determine the appropriate response to LCR non-compliance by the Institutions Affected by the Proposed Rule The proposed rule would apply to (1) all internationally active banking organizations with more than $250 billion in total assets or more than $10 billion in on-balance sheet foreign exposure and to their subsidiary depository institutions with $10 billion or more in total consolidated assets, and (2) companies designated for supervision by the Federal Reserve Board have significant insurance operations, and to their consolidated in total consolidated assets. As of June 30, 2013, we estimate that approximately 16 bank holding companies will be subject to the proposed rule and 27 subsidiary depository institutions with $10 billion or more in consolidated assets. Of these, 13 holding companies include OCC- supervised institutions (national bank or federal savings association), and within these 13 holding companies, there are a total of 21 OCC- supervised subsidiaries with $10 billion or more in consolidated assets. Thus, we estimate that 21 OCC-supervised banks will be subject to the proposed rule. Estimated Costs and Benefits of the Proposed Rule The proposed rule entails costs in two principal areas: the operational costs associated with establishing programs and procedures to calculate and report the LCR on a daily basis, and the opportunity costs of adjusting the bank's assets and liabilities to comply with the minimum LCR standard on a daily basis. The benefits of the proposed rule are qualitative in nature, but substantial nonetheless. As described by the Basel Committee on Banking Supervision, ``the objective of the LCR is to promote the short-term resilience of the liquidity risk profile of banks.'' \74\ A principal benefit of the proposed rule is that, in the guise of the LCR, the proposed rule establishes a measure of liquidity that will be consistent across time and across covered institutions. A consistent measure of liquidity could prove invaluable to bank supervisors and bank managers during periods of financial market stress. \74\ See Basel Committee on Banking Supervision (2013), ``Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools,'' Bank for International Settlements, January, p. 1. To help calibrate the LCR proposal and gauge the distance covered institutions may have to cover to comply with a liquidity rule, the banking agencies have been conducting a quantitative impact study (QIS) by collecting consolidated data from bank holding companies on various components of the LCR and the net stable funding ratio. We use QIS data from the fourth quarter of 2012, to estimate the current LCR shortfall across all OCC-supervised institutions subject to the proposed rule. Institutions facing an LCR shortfall have three options to meet the minimum LCR standard. They may either (1) increase their holdings of high quality liquid assets to increase the numerator of the LCR, (2) decrease the denominator of the LCR by decreasing their outflows, or (3) decrease the denominator by adjusting assets and liabilities to increase their inflows. Of course, they may also elect to meet the LCR standard by pursuing some combination of the three options. Data from the QIS for the fourth quarter of 2012 suggests that there is currently a shortfall of approximately $151 billion among OCC- supervised institutions participating in the QIS. OCC-supervised institutions participating in the QIS account for approximately 90 percent of the assets of all OCC-supervised institutions that we estimate may be subject to the proposed rule. To estimate the potential shortfall among OCC-supervised institutions that are subject to the proposal but do not participate in the QIS, we apply the ratio of the shortfall to total assets across QIS participants to the total assets across nonparticipants. This method yields an additional shortfall of approximately $9 billion. Combining these two shortfall amounts results in an overall shortfall estimate of approximately $160 billion for the OCC-supervised institutions' shortfall. In pursuing one or more of the options open to them to make up the shortfall and comply with the minimum LCR standard, we anticipate that affected institutions would have to surrender some yield to close the LCR gap. If they elect to close the gap by replacing assets that are not HQLAs with HQLAs, they would likely receive a lower rate of return on the HQLA relative to the non-HQLA. Similarly, they would likely have to pay a higher rate of interest to either reduce their outflows or increase their inflows. Although we do not know the exact size of the change in yield necessary to close the LCR gap, a recent industry report card by Standard & Poor's suggests that a recent quarter over quarter decline of 4 basis points in net interest margin at large, complex banks was due in part to an increase in HQLA to improve Basel III LCRs.\75\ The median year over year overall decline was 21 basis points. Table 3 shows the estimated cost of eliminating the $160 billion LCR shortfall for a range of basis points. For the purposes of this analysis, we estimate that the cost of closing the LCR gap will be between 10 basis points and 15 basis points. As shown in table 3, this implies that our estimate of the opportunity cost of changes in the balance sheet to satisfy the requirements of the proposed rule will fall between $160 million and $241 million. \75\ See Standard & Poor's, RatingsDirect, ``Industry Report Card: U.S. Large, Complex Banks' Capital Markets Business Trumped Traditional Banking in the Second Quarter,'' August 8, 2013, p. 5. Table 3--LCR Opportunity Cost Estimates Estimated LCR cost to Basis points shortfall (In eliminate billion) shortfall (In million) 0....................................... $160 $0 5....................................... 160 80 10...................................... 160 160 In addition to opportunity costs associated with changes in the banks' balance sheets, institutions affected by the rule also face compliance costs related to the time and effort necessary to establish programs and procedures to calculate and report the LCR on a daily basis. The principal compliance costs of the proposed rule will involve the costs of establishing procedures and maintaining the programs that calculate the LCR and report the results. These efforts will also involve various recordkeeping, reporting, and training requirements. In particular, the proposed rule would require each covered institution to: 1. Establish and maintain a system of controls, oversight, and documentation for its LCR program. 2. Establish and maintain a program to demonstrate an institutional capacity to liquidate their stock of HQLA, which requires a bank to periodically sell a portion of its HQLAs. 3. Calculate the LCR on a daily basis. 4. Establish procedures to report an LCR deficiency to the institution's primary federal supervisor. Table 4 shows our estimates of the hours needed to complete tasks associated with establishing systems to calculate the LCR, reporting the LCR, and training staff responsible for the LCR. In developing these estimates, we consider the requirements of the proposed rule and the extent to which these requirements extend current business practices. Because liquidity measurement and management are already integral components of a bank's ongoing operations, all institutions affected by the proposed rule already engage in some sort of liquidity measurement activity. Thus, our hour estimates reflect the additional time necessary to build upon current internal practices.\76\ As shown in table 4, we estimate that financial institutions covered by the proposed rule will spend approximately 2,760 hours during the first year the rule is in effect. Because most of these costs reflect start- up costs associated with the introduction of systems to collect and process the data needed to calculate the LCR, we estimate that in subsequent years, after LCR systems are in place, annual compliance hours will taper off to 800 hours per year. \76\ For instance, certain operational requirements, especially with respect to demonstrating the liquidity of an institution's HQLA portfolio, could further increase operational costs if these requirements do not reflect current business practices. We do not include these potential costs in our current estimate, and we will look to comment letters especially with respect to this potential cost for information regarding deviation from current business Table 5 shows our overall operational cost estimate for the proposed rule. This estimate is the product of our estimate of the hours required per institution, our estimate of the number of institutions affected by the rule, and an estimate of hourly wages. To estimate hours necessary per activity, we estimate the number of employees each activity is likely to need and the number of days necessary to assess, implement, and perfect the required activity. To estimate hourly wages, we reviewed data from May 2012 for wages (by industry and occupation) from the U.S. Bureau of Labor Statistics (BLS) for depository credit intermediation (NAICS 522100). To estimate compensation costs associated with the proposed rule, we use $92 per hour, which is based on the average of the 90th percentile for seven occupations (i.e., accountants and auditors, compliance officers, financial analysts, lawyers, management occupations, software developers, and statisticians) plus an additional 33 percent to cover inflation and private sector benefits.\77\ \77\ According to BLS' employer costs of employee benefits data, thirty percent represents the average private sector costs of employee benefits. As shown in table 5, we estimate that the overall operational costs of the proposed rule in the first year of implementation will be approximately $5.3 million. Eliminating start-up costs after the first year, we expect annual operational costs in subsequent years to be approximately $2.0 million. We do not expect the OCC to incur any material costs as a result of the proposed rule. Combining our opportunity cost estimates (between $160 million and $241 million) and our operational cost estimate ($5.3 million) results in our overall cost estimate of between $165 million and $246 million for the proposed LCR rule. This estimate exceeds the threshold for a significant rule under the OCC's Unfunded Mandates Reform Act (UMRA) procedures. Table 4--Estimated Annual Hours for LCR Calculation Estimated Estimated start-up hours ongoing hours Activity per per institution institution Develop and maintain systems for LCR 2,400 520 program................................ Daily internal reporting of LCR......... 260 260 Training................................ 100 20 Total............................... 2,760 800 Table 5--Estimated Operational Costs for LCR Proposal Estimated Estimated cost total Number of covered OCC institutions hours per per operational institution institution costs 21.............................................................. 2,760 $253,920 $5,332,320 Potential Costs In addition to the anticipated operational and opportunity costs described earlier, the introduction of an LCR as described in the proposed rule could also affect some broader markets. In this section we list some aspects of the proposed rule that we do not expect to carry substantial direct costs, but under some circumstances, could affect the intended outcome of the proposed rule. We will look to comment letters to see if any of these considerations warrant a more specific inclusion in our analysis of the final rule. These potential costs include: 1. Potential problems from liquidity hoarding: The proposed rule increases the potential for liquidity hoarding among covered institutions, especially during a crisis. To the extent that this possibility emerges as a significant concern among comment letters, an alternative proposal that allows the LCR to fall within a range of 90- 100 percent could alleviate some potential for hoarding. The study by van den End and Kruidhof (2013) suggest several possible policy responses to increasingly severe liquidity shocks. These policy responses include (1) reducing the minimum level of the LCR, (2) widening the LCR buffer definition to include more assets, and (3) acknowledge central bank funding in the LCR denominator. They also point out that in the most severe liquidity stress scenarios, the lender of last resort may still need to rescue the financial system. In the event of a liquidity crisis, Diamond and Dybvig (1983) suggest that the discount window or expanding deposit insurance on either a temporary or permanent basis are tools that can help prevent bank runs. 2. No LCR reporting requirement in the proposal: While the LCR proposal does not include a reporting requirement, the agencies plan to do so in the future. Any such reporting requirement will be published for notice and comment. One of the principal benefits of the proposed rule is the introduction of a liquidity risk measurement that is consistent across time and across covered institutions. Knowledge of the LCR and its components across institutions makes the LCR an important supervisory tool and a lack of a standardized reporting requirement would mean a significant loss of the benefits of the proposal. For instance, a decrease in the LCR may occur because of changes in one or more of its three components: a decrease in HQLA, an increase in outflow, or a decrease in inflow. It is important for bank supervisors and the lender of last resort to know which element is changing. Bank supervisors also need to know if the change in the LCR is idiosyncratic or systemic. In particular, bank supervisors should know the number of banks reacting to the liquidity shock and the extent of these reactions to help determine the appropriate policy response, e.g., adjusting LCR requirements, discount window lending, expansion of deposit insurance coverage, or asset purchases. Furthermore, the current LCR formula is not likely to be a static formula, and banking supervisors will need information on the behavior of components in the LCR to calibrate it and update it over time. 3. Public disclosure: While it is important for bank supervisors to be well informed regarding changes in the LCR and its components, the likelihood of liquidity hoarding increases if banks are required to publicly disclose their LCR. Thus, it is appropriate that the proposed rule does not include a public disclosure requirement, though there may be some public disclosure at the bank holding company level. 4. Temporary Gaming Opportunity: The absence of a Net Stable Funding Ratio (NSFR) requirement creates some opportunity to game the LCR with maturity dates. 5. Challenges to LCR Calibration: The components of the LCR tend to focus on the behavior of assets in the most recent financial crisis and may not capture asset performance during the next liquidity crisis, and the focus of the LCR should be on future liquidity events. 6. HQLA Designation Should Enhance Liquidity: Including an asset in eligible HQLA will tend to increase the liquidity of that particular asset, except under stress conditions when there may be hoarding. Similarly, excluding assets from HQLA will tend to decrease the liquidity of those assets. 7. Potential for additional operational costs: Certain operational requirements, especially with respect to demonstrating the liquidity of an institution's HQLA portfolio, could further increase operational costs if these requirements do not reflect current business practices. We will look to comment letters especially with respect to this potential cost for information regarding deviation from current business practices. Comparison Between the Proposed Rule and the Baseline Under current rules, banks are subject to a general liquidity risk management requirement captured as part of the CAMELS rating system. The CAMELS rating system examines capital adequacy, asset quality, management quality, earnings, liquidity, and sensitivity to market risk. According to the Comptroller's Handbook, the liquidity component of this rating system requires banks to have a sound understanding of the following seven factors affecting a bank's liquidity risk. 1. Projected funding sources and needs under a variety of market 2. Net cash flow and liquid asset positions given planned and unplanned balance sheet changes. 3. Projected borrowing capacity under stable conditions and under adverse scenarios of varying severity and duration. 4. Highly liquid asset (which is currently defined as U.S. Treasury and Agency securities and excess reserves at the Federal Reserve) and collateral position, including the eligibility and marketability of such assets under a variety of market environments. 5. Vulnerability to rollover risk, which is the risk that a bank is unable to renew or replace funds at reasonable costs when they mature or otherwise come due. 6. Funding requirements for unfunded commitments over various time horizons. 7. Projected funding costs, as well as earnings and capital positions under varying rate scenarios and market conditions. Under the baseline scenario, liquidity requirements incorporated in the CAMELS rating process and the Comptroller's Handbook on liquidity would continue to apply. Thus, under the baseline, institutions affected by the proposed rule would not have to calculate and report the LCR, and the banks would incur no additional costs related to liquidity risk measurement and management. Under the baseline, however, there would also be no added benefits related to the introduction of a consistent measure of liquidity. Comparison Between the Proposed Rule and Alternatives With respect to OCC-supervised institutions, the proposed rule would apply to 21 national banks or federal savings associations that are subject to the advanced approaches risk-based capital rules and their subsidiary depository institutions with $10 billion or more in total consolidated assets. For our feasible alternatives, we consider applying the proposed rule using criteria other than use of the advanced approaches threshold. In particular, we consider the impact of the proposal if (1) the rule only applied to institutions designated as global systemically important banks (G-SIBs) and their subsidiary depository institutions with $10 billion or more in total consolidated assets, and (2) the rule applied to all depository institutions with $10 billion or more in total assets. The first alternative considers applying the LCR to U.S. bank or financial holding companies identified in November 2012, as global systemically important banking organizations by the Basel Committee on Banking Supervision. This implies that the U.S. banking organizations that would be subject to the proposed rule are Citigroup Inc., JP Morgan Chase & Co., Bank of America Corporation, The Bank of New York Mellon Corporation, Goldman Sachs Group, Inc., Morgan Stanley, State Street Corporation, and Wells Fargo & Company. Together with their insured depository institution subsidiaries also covered by the proposed rule, 12 OCC-supervised banks would be subject to the proposal. Applying the same methodology as before, we estimate that the LCR shortfall for OCC-supervised G-SIBS would be approximately $104 billion, which yields an opportunity cost estimate of between $104 million and $157 million. This opportunity cost estimate again assumes a 10-15 basis point cost to the balance sheet adjustment. Applying the same operational cost estimate as before to the 12 OCC institutions subject to the proposal under the first alternative scenario, results in an operational cost estimate of $3.0 million. Combining opportunity and operational costs provides a total cost estimate of between $107 million and $160 million under the first alternative. The second alternative considers applying the LCR to all U.S. banks with total assets of $10 billion or more. This size threshold would increase the number of OCC-supervised banks to 59, and the estimated LCR shortfall would increase to $179 billion. The opportunity cost estimate would then be between $179 million and $269 million. The operational cost estimate would increase to $15.0 million across the 59 institutions. Thus, the overall cost estimate under the second alternative would be between $194 million and $284 million. The Unfunded Mandates Reform Act (UMRA) Conclusion UMRA requires federal agencies to assess the effects of federal regulatory actions on State, local, and tribal governments and the private sector. As required by the UMRA, our review considers whether the mandates imposed by the rule may result in an expenditure of approximately $141 million or more annually by state, local, and tribal governments, or by the private sector.\78\ Our estimate of the total cost is between $165 million and $246 million per year. We conclude that the proposed rule will result in private sector costs that exceed the UMRA threshold for a significant rule.\79\ \78\ UMRA's aggregate expenditure threshold to determine the significance of regulatory actions is $100 million or more adjusted annually for inflation. Using the GDP deflator published by the Bureau of Economic Analysis, we apply the ratio of the 2012 GDP deflator to the 1995 deflator and multiply by $100 million to arrive at our inflation adjusted UMRA threshold of approximately $141 million. \79\ UMRA describes costs as expenditures necessary to comply with federal private sector mandates, and could thus be interpreted to exclude opportunity costs. Our estimate of direct expenditures (excluding opportunity costs) is approximately $7 million per year. Other than the aforementioned costs to banking organizations affected by the proposed rule, we do not anticipate any disproportionate effects upon any particular regions of the United States or particular State, local, or tribal governments, or urban or rural communities. We do not expect an increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies. Nor do we expect this proposed rule to have a significant adverse effect on economic growth, competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises. Text of the Proposed Common Rules (All Agencies) The text of the proposed common rules appears below: PART [INSERT PART]--LIQUIDITY RISK MEASUREMENT, STANDARDS AND Subpart A General Provisions Sec. ----.1 Purpose and applicability. Sec. ----.2 Reservation of authority. Sec. ----.3 Definitions. Sec. ----.4 Certain operational requirements. Subpart B Liquidity Coverage Ratio Sec. ----.10 Liquidity coverage ratio. Subpart C High-Quality Liquid Assets Sec. ----.20 High-Quality Liquid Asset Criteria. Sec. ----.21 High-Quality Liquid Asset Amount. Subpart D Total Net Cash Outflow Sec. ----.30 Total net cash outflow amount. Sec. ----.31 Determining maturity. Sec. ----.32 Outflow amounts. Sec. ----.33 Inflow amounts. Subpart E Liquidity Coverage Shortfall Sec. ----.40 Liquidity coverage shortfall: supervisory framework. Subpart F Transitions Sec. ----.50 Transitions. Text of Common Rule Subpart A--General Provisions (a) Purpose. This part establishes a minimum liquidity standard and disclosure requirements for certain [BANK]s, as set forth herein. (b) Applicability. (1) A [BANK] is subject to the minimum liquidity standard and other requirements of this part if: (i) It has consolidated total assets equal to $250 billion or more, as reported on the most recent year-end [REGULATORY REPORT]; (ii) It has consolidated total on-balance sheet foreign exposure at the most recent year-end equal to $10 billion or more (where total on-balance sheet foreign exposure equals total cross-border claims less claims with a head office or guarantor located in another country plus redistributed guaranteed amounts to the country of head office or guarantor plus local country claims on local residents plus revaluation gains on foreign exchange and derivative transaction products, calculated in accordance with the Federal Financial Institutions Examination Council (FFIEC) 009 Country Exposure Report); (iii) It is a depository institution that is a consolidated subsidiary of a company described in paragraphs (b)(1)(i) or (b)(1)(ii) of this section and has consolidated total assets equal to $10 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income; or (iv) The [AGENCY] has determined that application of this part is appropriate in light of the [BANK]'s asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial (2) This part does not apply to: (i) A bridge financial company as defined in 12 U.S.C. 5381(a)(3), or a subsidiary of a bridge financial company; or (ii) A new depository institution or a bridge depository institution, as defined in 12 U.S.C. 1813(i). (3) A [BANK] subject to a minimum liquidity standard under this part shall remain subject until the [AGENCY] determines in writing that application of this part to the [BANK] is not appropriate in light of the [BANK]'s asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial system. (4) In making a determination under paragraphs (b)(1)(iv) or (3) of this section, the [AGENCY] will apply notice and response procedures in the same manner and to the same extent as the notice and response procedures in [12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]. (a) The [AGENCY] may require a [BANK] to hold an amount of high- quality liquid assets (HQLA) greater than otherwise required under this part, or to take any other measure to improve the [BANK]'s liquidity risk profile, if the [AGENCY] determines that the [BANK]'s liquidity requirements as calculated under this part are not commensurate with the [BANK]'s liquidity risks. In making determinations under this section, the [AGENCY] will apply notice and response procedures as set forth in [12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]. (b) Nothing in this part limits the authority of the [AGENCY] under any other provision of law or regulation to take supervisory or enforcement action, including action to address unsafe or unsound practices or conditions, deficient liquidity levels, or violations of law. For the purposes of this part: Affiliated depository institution means with respect to a [BANK] that is a depository institution, another depository institution that is a consolidated subsidiary of a bank holding company or savings and loan holding company of which the [BANK] is also a consolidated subsidiary. Asset exchange means a transaction that requires the counterparties to exchange non-cash assets at a future date. Asset exchanges do not include secured funding and secured lending Bank holding company is defined in section 2 of the Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.). Brokered deposit means any deposit held at the [BANK] that is obtained, directly or indirectly, from or through the mediation or assistance of a deposit broker as that term is defined in section 29 of the Federal Deposit Insurance Act (12 U.S.C. 1831f(g)), and includes a reciprocal brokered deposit and a brokered sweep deposit. Brokered sweep deposit means a deposit held at the [BANK] by a customer or counterparty through a contractual feature that automatically transfers to the [BANK] from another regulated financial company at the close of each business day amounts identified under the agreement governing the account from which the amount is being transferred. Calculation date means any date on which a [BANK] calculates its liquidity coverage ratio under Sec. ----.10. Client pool security means a security that is owned by a customer of the [BANK] and is not an asset of the [BANK] regardless of a [BANK]'s hypothecation rights to the security. Committed means, with respect to a credit facility or liquidity facility, that under the terms of the legally binding agreement governing the facility: (1) The [BANK] may not refuse to extend credit or funding under the facility; or (2) The [BANK] may refuse to extend credit under the facility (to the extent permitted under applicable law) only upon the satisfaction or occurrence of one or more specified conditions not including change in financial condition of the borrower, customary notice, or administrative conditions. Company means a corporation, partnership, limited liability company, depository institution, business trust, special purpose entity, association, or similar organization. Consolidated subsidiary means a company that is consolidated on a [BANK]'s balance sheet under GAAP. Covered depository institution holding company means a top-tier bank holding company or savings and loan holding company domiciled in the United States other than: (1) A top-tier savings and loan holding company that is: (i) A grandfathered unitary savings and loan holding company as defined in section 10(c)(9)(A) of the Home Owners' Loan Act (12 U.S.C. 1461 et seq.); and (ii) As of June 30 of the previous calendar year, derived 50 percent or more of its total consolidated assets or 50 percent of its total revenues on an enterprise-wide basis (as calculated under GAAP) from activities that are not financial in nature under section 4(k) of the Bank Holding Company Act (12 U.S.C. 1842(k)); (2) A top-tier depository institution holding company that is an insurance underwriting company; or (3)(i) A top-tier depository institution holding company that, as of June 30 of the previous calendar year, held 25 percent or more underwriting companies (other than assets associated with insurance for credit risk); and (ii) For purposes of paragraph 3(i) of this definition, the company must calculate its total consolidated assets in accordance with GAAP, or if the company does not calculate its total consolidated assets under GAAP for any regulatory purpose (including compliance with applicable securities laws), the company may estimate its total consolidated assets, subject to review and adjustment by the Board. Covered nonbank company means a company that the Financial Stability Oversight Council has determined under section 113 of the Dodd-Frank Act (12 U.S.C. 5323) shall be supervised by the Board and for which such determination is still in effect (designated company) other than: (1) A designated company that is an insurance underwriting company; or (2)(i) A designated company that, as of June 30 of the previous calendar year, held 25 percent or more of its total consolidated assets in subsidiaries that are insurance underwriting companies (other than assets associated with insurance for credit risk); and Credit facility means a legally binding agreement to extend funds if requested at a future date, including a general working capital facility such as a revolving credit facility for general corporate or working capital purposes. Credit facilities do not include facilities extended expressly for the purpose of refinancing the debt of a counterparty that is otherwise unable to meet its obligations in the ordinary course of business (including through its usual sources of funding or other anticipated sources of funding). See liquidity facility. Deposit means ``deposit'' as defined in section 3(l) of the Federal Deposit Insurance Act (12 U.S.C. 1813(l)) or an equivalent liability of the [BANK] in a jurisdiction outside of the United Depository institution is defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)). Depository institution holding company means a bank holding company or savings and loan holding company. Deposit insurance means deposit insurance provided by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.). Derivative transaction means a financial contract whose value is derived from the values of one or more underlying assets, reference rates, or indices of asset values or reference rates. Derivative contracts include interest rate derivative contracts, exchange rate derivative contracts, equity derivative contracts, commodity derivative contracts, credit derivative contracts, and any other instrument that poses similar counterparty credit risks. Derivative contracts also include unsettled securities, commodities, and foreign currency exchange transactions with a contractual settlement or delivery lag that is longer than the lesser of the market standard for the particular instrument or five business days. A derivative does not include any identified banking product, as that term is defined in section 402(b) of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27(b)), that is subject to section 403(a) of that Act (7 U.S.C. 27a(a)). Dodd-Frank Act means the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010). Foreign withdrawable reserves means a [BANK]'s balances held by or on behalf of the [BANK] at a foreign central bank that are not subject to restrictions on the [BANK]'s ability to use the reserves. GAAP means generally accepted accounting principles as used in High-quality liquid asset (HQLA) means an asset that meets the requirements for level 1 liquid assets, level 2A liquid assets, or level 2B liquid assets, as set forth in subpart C of this part. HQLA amount means the HQLA amount as calculated under Sec. -- --.21. Identified company means any company that the [AGENCY] has determined should be treated the same for the purposes of this part as a regulated financial company, investment company, non-regulated fund, pension fund, or investment adviser, based on activities similar in scope, nature, or operations to those entities. Individual means a natural person, and does not include a sole proprietorship. Investment adviser means a company registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or foreign equivalents of such company. Investment company means a company registered with the SEC under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) or foreign equivalents of such company. Liquid and readily-marketable means, with respect to a security, that the security is traded in an active secondary market with: (1) More than two committed market makers; (2) A large number of non-market maker participants on both the buying and selling sides of transactions; (3) Timely and observable market prices; and (4) A high trading volume. Liquidity facility means a legally binding agreement to extend funds at a future date to a counterparty that is made expressly for purpose of refinancing the debt of the counterparty when it is unable to obtain a primary or anticipated source of funding. A liquidity facility includes an agreement to provide liquidity support to asset-backed commercial paper by lending to, or purchasing assets from, any structure, program or conduit in the event that funds are required to repay maturing asset-backed commercial paper. Liquidity facilities exclude facilities that are established solely for the purpose of general working capital, such as revolving credit facilities for general corporate or working capital purposes. See credit facility. Multilateral development bank means the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, the International Finance Corporation, the Inter- American Development Bank, the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, the Nordic Investment Bank, the Caribbean Development Bank, the Islamic Development Bank, the Council of Europe Development Bank, and any other entity that provides financing for national or regional development in which the U.S. government is a shareholder or contributing member or which the [AGENCY] determines poses comparable credit risk. Non-regulated fund means any hedge fund or private equity fund whose investment adviser is required to file SEC Form PF (Reporting Form for Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors), and any consolidated company as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.). Nonperforming exposure means an exposure that is past due by more than 90 days or nonaccrual. Operational deposit means unsecured wholesale funding that is required for the [BANK] to provide operational services as an counterparty providing the unsecured wholesale funding. In order to recognize a deposit as an operational deposit for purposes of this part, a [BANK] must comply with the requirements of Sec. ----.4(b) with respect to that deposit. Operational services means the following services, provided they are performed as part of cash management, clearing, or custody (1) Payment remittance; (2) Payroll administration and control over the disbursement of funds; (3) Transmission, reconciliation, and confirmation of payment orders; (4) Daylight overdraft; (5) Determination of intra-day and final settlement positions; (6) Settlement of securities transactions; (7) Transfer of recurring contractual payments; (8) Client subscriptions and redemptions; (9) Scheduled distribution of client funds; (10) Escrow, funds transfer, stock transfer, and agency services, including payment and settlement services, payment of fees, taxes, and other expenses; and (11) Collection and aggregation of funds. Pension fund means an employee benefit plan as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income and Security Act of 1974 (29 U.S.C. 1001 et seq.), a ``governmental plan'' (as defined in 29 U.S.C. 1002(32)) that complies with the tax deferral qualification requirements provided in the Internal Revenue Code, or any similar employee benefit plan established under the laws of a foreign jurisdiction. Public sector entity means a state, local authority, or other governmental subdivision below the sovereign entity level. Publicly traded means, with respect to a security, that the security is traded on: (1) Any exchange registered with the SEC as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f); or (2) Any non-U.S.-based securities exchange that: (i) Is registered with, or approved by, a national securities regulatory authority; and (ii) Provides a liquid, two-way market for the security in Qualifying master netting agreement (1) Means a written, legally binding agreement that: (i) Creates a single obligation for all individual transactions covered by the agreement upon an event of default, including upon an event of receivership, insolvency, liquidation, or similar proceeding, of the counterparty; (ii) Provides the [BANK] the right to accelerate, terminate, and close out on a net basis all transactions under the agreement and to liquidate or set-off collateral promptly upon an event of default, including upon an event of receivership, insolvency, liquidation, or similar proceeding, of the counterparty, provided that, in any such case, any exercise of rights under the agreement will not be stayed or avoided under applicable law in the relevant jurisdictions, other than in receivership, conservatorship, resolution under the Federal Deposit Insurance Act, Title II of the Dodd-Frank Act, or under any similar insolvency law applicable to U.S. government-sponsored enterprises; (iii) Does not contain a walkaway clause (that is, a provision that permits a non-defaulting counterparty to make a lower payment than it otherwise would make under the agreement, or no payment at all, to a defaulter or the estate of a defaulter, even if the defaulter or the estate of the defaulter is a net creditor under the agreement); and (2) In order to recognize an agreement as a qualifying master netting agreement for purposes of this part, a [BANK] must comply with the requirements of Sec. ----.4(a) with respect to that Reciprocal brokered deposit means a brokered deposit that a [BANK] receives through a deposit placement network on a reciprocal basis, such that: (1) For any deposit received, the [BANK] (as agent for the depositors) places the same amount with other depository institutions through the network; and (2) Each member of the network sets the interest rate to be paid on the entire amount of funds it places with other network members. Regulated financial company means: (1) A bank holding company; savings and loan holding company (as defined in section 10(a)(1)(D) of the Home Owners' Loan Act (12 U.S.C. 1467a(a)(1)(D)); nonbank financial institution supervised by the Board of Governors of the Federal Reserve System under Title I of the Dodd-Frank Act (12 U.S.C. 5323); (2) A company included in the organization chart of a depository hierarchy report of the depository institution holding company produced by the National Information Center (NIC) Web site,\1\ provided that the top-tier depository institution holding company is subject to a minimum liquidity standard under this part; \1\ http://www.ffiec.gov/nicpubweb/nicweb/NicHome.aspx. (3) A depository institution; foreign bank; credit union; industrial loan company, industrial bank, or other similar institution described in section 2 of the Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.); national bank, state member bank, or state non-member bank that is not a depository institution; (4) An insurance company; (5) A securities holding company as defined in section 618 of the Dodd-Frank Act (12 U.S.C. 1850a); broker or dealer registered with the SEC under section 15 of the Securities Exchange Act (15 U.S.C. 78o); futures commission merchant as defined in section 1a of the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.); swap dealer as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a); or security-based swap dealer as defined in section 3 of the Securities Exchange Act (15 U.S.C. 78c); (6) A designated financial market utility, as defined in section 803 of the Dodd-Frank Act (12 U.S.C. 5462); and (7) Any company not domiciled in the United States (or a political subdivision thereof) that is supervised and regulated in a manner similar to entities described in paragraphs (1) through (6) of this definition (e.g., a foreign banking organization, foreign insurance company, foreign securities broker or dealer or foreign designated financial market utility). (8) A regulated financial institution does not include: (i) U.S. government-sponsored enterprises; (ii) Small business investment companies, as defined in section 102 of the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.); (iii) Entities designated as Community Development Financial 1805; or (iv) Central banks, the Bank for International Settlements, the Reserve Bank balances means: (1) Balances held in a master account of the [BANK] at a Federal Reserve Bank, less any balances that are attributable to any respondent of the [BANK] if the [BANK] is a correspondent for a pass-through account as defined in section 204.2(l) of Regulation D (12 CFR 204.2(l)); (2) Balances held in a master account of a correspondent of the [BANK] that are attributable to the [BANK] if the [BANK] is a respondent for a pass-through account as defined in section 204.2(l) of Regulation D; (3) ``Excess balances'' of the [BANK] as defined in section 204.2(z) of Regulation D (12 CFR 204.2(z)) that are maintained in an ``excess balance account'' as defined in section 204.2(aa) of Regulation D (12 CFR 204.2(aa)) if the [BANK] is an excess balance account participant; and (4) ``Term deposits'' of the [BANK] as defined in section 204.2(dd) of Regulation D (12 CFR 204.2(dd)) if such term deposits are offered and maintained pursuant to terms and conditions that: (i) Explicitly and contractually permit such term deposits to be withdrawn upon demand prior to the expiration of the term, or that (ii) Permit such term deposits to be pledged as collateral for term or automatically-renewing overnight advances from the Reserve Bank. Retail customer or counterparty means a customer or counterparty (1) An individual; or (2) A business customer, but solely if and to the extent that: (i) The [BANK] manages its transactions with the business customer, including deposits, unsecured funding, and credit facility and liquidity facility transactions, in the same way it manages its transactions with individuals; (ii) Transactions with the business customer have liquidity risk characteristics that are similar to comparable transactions with individuals; and (iii) The total aggregate funding raised from the business customer is less than $1.5 million. Retail deposit means a demand or term deposit that is placed with the [BANK] by a retail customer or counterparty, other than a brokered deposit. Retail mortgage means a mortgage that is primarily secured by a first or subsequent lien on one-to-four family residential property. Savings and loan holding company means a savings and loan holding company as defined in section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a). SEC means the Securities and Exchange Commission. Secured funding transaction means any funding transaction that gives rise to a cash obligation of the [BANK] to a counterparty that is secured under applicable law by a lien on specifically designated assets owned by the [BANK] that gives the counterparty, as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution, including repurchase transactions, loans of collateral to the [BANK]'s customers to effect short positions, and other secured loans. Secured funding transactions also include borrowings from a Federal Reserve Bank. Secured lending transaction means any lending transaction that gives rise to a cash obligation of a counterparty to the [BANK] that assets owned by the counterparty and included in the [BANK]'s HQLA amount that gives the [BANK], as holder of the lien, priority over the assets in the case of bankruptcy, insolvency, liquidation, or resolution, including reverse repurchase transactions and securities borrowing transactions. If the specifically designated assets are not included in the [BANK]'s HQLA amount but are still held by the [BANK], then the transaction is an unsecured wholesale funding transaction. See unsecured wholesale funding. Securities Exchange Act means the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Short position means a legally binding agreement to deliver a non-cash asset to a counterparty in the future. Sovereign entity means a central government (including the U.S. government) or an agency, department, ministry, or central bank of a central government. Special purpose entity means a company organized for a specific purpose, the activities of which are significantly limited to those appropriate to accomplish a specific purpose, and the structure of which is intended to isolate the credit risk of the special purpose entity. Stable retail deposit means a retail deposit that is entirely covered by deposit insurance and: (1) Is held by the depositor in a transactional account; or (2) The depositor that holds the account has another established relationship with the [BANK] such as another deposit account, a loan, bill payment services, or any similar service or product provided to the depositor that the [BANK] demonstrates to the satisfaction of the [AGENCY] would make deposit withdrawal highly Structured security means a security whose cash flow characteristics depend upon one or more indices or that have imbedded forwards, options, or other derivatives or a security where an investor's investment return and the issuer's payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows. Structured transaction means a secured transaction in which repayment of obligations and other exposures to the transaction is largely derived, directly or indirectly, from the cash flow generated by the pool of assets that secures the obligations and other exposures to the transaction. Two-way market means a market where there are independent bona fide offers to buy and sell so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at that price within a relatively short time frame conforming to trade custom. U.S. government-sponsored enterprise means an entity established or chartered by the Federal government to serve public purposes specified by the United States Congress, but whose debt obligations are not explicitly guaranteed by the full faith and credit of the United States government. Unsecured wholesale funding means a liability or general obligation of the [BANK] to a wholesale customer or counterparty that is not secured under applicable law by a lien on specifically designated assets owned by the [BANK], including a wholesale deposit. Wholesale customer or counterparty means a customer or counterparty that is not a retail customer or counterparty. Wholesale deposit means a demand or term deposit that is provided by a wholesale customer or counterparty. Sec. ------.4 Certain operational requirements. (a) Qualifying Master netting agreements. In order to recognize an agreement as a qualifying master netting agreement as defined in Sec. ----.3, a [BANK] must: (1) Conduct sufficient legal review to conclude with a well- founded basis (and maintain sufficient written documentation of that legal review) that: (i) The agreement meets the requirements of the definition of qualifying master netting agreement in Sec. ----.3; and (ii) In the event of a legal challenge (including one resulting from default or from receivership, insolvency, liquidation, or similar proceeding) the relevant judicial and administrative authorities would find the agreement to be legal, valid, binding, and enforceable under the law of the relevant jurisdictions; and (2) Establish and maintain written procedures to monitor possible changes in relevant law and to ensure that the agreement continues to satisfy the requirements of the definition of qualifying master netting agreement in Sec. ----.3. (b) Operational deposits. In order to recognize a deposit as an operational deposit as defined in Sec. ----.3: (1) The deposit must be held pursuant to a legally binding written agreement, the termination of which is subject to a minimum 30 calendar-day notice period or significant termination costs are borne by the customer providing the deposit if a majority of the deposit balance is withdrawn from the operational deposit prior to the end of a 30 calendar-day notice period; (2) There must not be significant volatility in the average balance of the deposit; (3) The deposit must be held in an account designated as an operational account; (4) The customer must hold the deposit at the [BANK] for the primary purpose of obtaining the operational services provided by the [BANK]; (5) The deposit account must not be designed to create an economic incentive for the customer to maintain excess funds therein through increased revenue, reduction in fees, or other offered economic incentives; (6) The [BANK] must demonstrate that the deposit is empirically linked to the operational services and that it has a methodology for identifying any excess amount, which must be excluded from the operational deposit amount; (7) The deposit must not be provided in connection with the [BANK]'s provision of operational services to an investment company, non-regulated fund, or investment adviser; and (8) The deposits must not be for correspondent banking arrangements pursuant to which the [BANK] (as correspondent) holds deposits owned by another depository institution bank (as respondent) and the respondent temporarily places excess funds in an overnight deposit with the [BANK]. Subpart B--Liquidity Coverage Ratio (a) Minimum liquidity coverage ratio requirement. Subject to the transition provisions in subpart F of this part, a [BANK] must calculate and maintain a liquidity coverage ratio that is equal to or greater than 1.0 on each business day in accordance with this part. A [BANK] must calculate its liquidity coverage ratio as of the same time on each business day (elected calculation time). The [BANK] must select this time by written notice to the [AGENCY] prior to the effective date of this rule. The [BANK] may not thereafter change its elected calculation time without written approval from the [AGENCY]. (b) Calculation of the liquidity coverage ratio. A [BANK]'s liquidity coverage ratio equals: (1) The [BANK]'s HQLA amount as of the calculation date, calculated under subpart C of this part; divided by (2) The [BANK]'s total net cash outflow amount as of the calculation date, calculated under subpart D of this part. Subpart C--High-Quality Liquid Assets (a) Level 1 liquid assets. An asset is a level 1 liquid asset if it meets all of the criteria set forth in paragraphs (d) and (e) of this section and is one of the following types of assets: (1) Reserve Bank balances; (2) Foreign withdrawable reserves; (3) A security that is issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, the U.S. Department of the Treasury; as to the timely payment of principal and interest by, a U.S. government agency (other than the U.S. Department of the Treasury) whose obligations are fully and explicitly guaranteed by the full faith and credit of the United States government, provided that the security is liquid and readily-marketable; as to the timely payment of principal and interest by, a sovereign entity, the Bank for International Settlements, the International Monetary Fund, the European Central Bank and European Community, or a multilateral development bank, that is: (i) Assigned a 0 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION] as of the calculation date; (ii) Liquid and readily-marketable; (iii) Issued by an entity whose obligations have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions; (iv) Not an obligation of a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, and not an obligation of a consolidated subsidiary of any of the foregoing; and (6) A security issued by, or unconditionally guaranteed as to the timely payment of principal and interest by, a sovereign entity that is not assigned a 0 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION], where the sovereign entity issues the security in its own currency, the security is liquid and readily- marketable, and the [BANK] holds the security in order to meet its net cash outflows in the jurisdiction of the sovereign entity, as calculated under subpart D of [AGENCY CAPITAL REGULATION]. (b) Level 2A liquid assets. An asset is a level 2A liquid asset if the asset is liquid and readily-marketable, meets all of the criteria set forth in paragraphs (d) and (e) of this section, and is one of the following types of assets: (1) A security issued by, or guaranteed as to the timely payment of principal and interest by, a U.S. government-sponsored enterprise, that is investment grade under 12 CFR part 1 as of the calculation date, provided that the claim is senior to preferred stock; (2) A security that is issued by, or guaranteed as to the timely payment of principal and interest by, a sovereign entity or multilateral development bank that is: (i) Not included in level 1 liquid assets; (ii) Assigned no higher than a 20 percent risk weight under subpart D of [AGENCY CAPITAL REGULATION] as of the calculation date; during stressed market conditions demonstrated by: (A) The market price of the security or equivalent securities of the issuer declining by no more than 10 percent during a 30 calendar-day period of significant stress, or (B) The market haircut demanded by counterparties to secured lending and secured funding transactions that are collateralized by the security or equivalent securities of the issuer increasing by no significant stress; and consolidated subsidiary of any of the foregoing. (c) Level 2B liquid assets. An asset is a level 2B liquid asset (1) A publicly traded corporate debt security that is: (i) Investment grade under 12 CFR part 1 as of the calculation (ii) Issued by an entity whose obligations have a proven record during stressed market conditions, demonstrated by: (A) The market price of the publicly traded corporate debt security or equivalent securities of the issuer declining by no more than 20 percent during a 30 calendar-day period of significant stress, or the publicly traded corporate debt security or equivalent securities of the issuer increasing by no more than 20 percentage points during a 30 calendar-day period of significant stress; and (iii) Not an obligation of a regulated financial company, consolidated subsidiary of any of the foregoing; or (2) A publicly traded common equity share that is: (i) Included in: (A) The Standard & Poor's 500 Index; (B) An index that a [BANK]'s supervisor in a foreign jurisdiction recognizes for purposes of including equity shares in level 2B liquid assets under applicable regulatory policy, if the share is held in that foreign jurisdiction; or (C) Any other index for which the [BANK] can demonstrate to the satisfaction of the [AGENCY] that the equities represented in the index are as liquid and readily marketable as equities included in the Standard & Poor's 500 Index; (ii) Issued in: (A) U.S. dollars; or (B) In the currency of a jurisdiction where the [BANK] operates and the [BANK] holds the common equity share in order to cover its net cash outflows in that jurisdiction, as calculated under subpart D of this part; (iii) Issued by an entity whose publicly traded common equity shares have a proven record as a reliable source of liquidity in repurchase or sales markets during stressed market conditions, demonstrated by: (B) The market haircut demanded by counterparties to securities borrowing and lending transactions that are collateralized by the publicly traded common equity shares or equivalent securities of the issuer increasing by no more than 40 percentage points, during a 30 calendar day period of significant stress; (iv) Not issued by a regulated financial company, investment company, non-regulated fund, pension fund, investment adviser, or identified company, and not issued by a consolidated subsidiary of any of the foregoing; (v) If held by a depository institution, is not acquired in satisfaction of a debt previously contracted (DPC); and (vi) If held by a consolidated subsidiary of a depository institution, the depository institution can include the publicly traded common equity share in its level 2B liquid assets only if the share is held to cover net cash outflows of the depository institution's consolidated subsidiary, as calculated by the [BANK] under this part. (d) Operational requirements for HQLA. With respect to each asset that a [BANK] includes in its HQLA amount, a [BANK] must meet all of the following operational requirements: (1) The [BANK] must have the operational capability to monetize the HQLA by: (i) Implementing and maintaining appropriate procedures and systems to monetize any HQLA at any time in accordance with relevant standard settlement periods and procedures; and (ii) Periodically monetize a sample of HQLA that reasonably reflects the composition of the [BANK]'s HQLA amount, including with respect to asset type, maturity, and counterparty characteristics; (2) The [BANK] must implement policies that require all HQLA to be under the control of the management function in the [BANK] that is charged with managing liquidity risk, and this management function evidences its control over the HQLA by either: (i) Segregating the assets from other assets, with the sole intent to use the assets as a source of liquidity; or (ii) Demonstrating the ability to monetize the assets and making the proceeds available to the liquidity management function without conflicting with a business risk or management strategy of the [BANK]; (3) The [BANK] must include in its total net cash outflow amount under subpart D of this part the amount of cash outflows that would result from the termination of any specific transaction hedging HQLA included in its HQLA amount; and (4) The [BANK] must implement and maintain policies and procedures that determine the composition of the assets in its HQLA amount on a daily basis, by: (i) Identifying where its HQLA is held by legal entity, geographical location, currency, custodial or bank account, or other relevant identifying factor as of the calculation date; (ii) Determining HQLA included in the [BANK]'s HQLA amount meet the criteria set forth in this section; and (iii) Ensuring the appropriate diversification of the assets included in the [BANK]'s HQLA amount by asset type, counterparty, issuer, currency, borrowing capacity, or other factors associated with the liquidity risk of the assets. (e) Generally applicable criteria for HQLA. Assets that a [BANK] includes in its HQLA amount must meet all of the following criteria: (1) The assets are unencumbered in accordance with the following (i) The assets are free of legal, regulatory, contractual, or other restrictions on the ability of the [BANK] to monetize the asset; and (ii) The assets are not pledged, explicitly or implicitly, to secure or to provide credit enhancement to any transaction, except that the assets may be pledged to a central bank or a U.S. government-sponsored enterprise if potential credit secured by the assets is not currently extended to the [BANK] or its consolidated (2) The asset is not: (i) A client pool security held in a segregated account; or (ii) Cash received from a secured funding transaction involving client pool securities that were held in a segregated account. (3) For HQLA held in a legal entity that is a U.S. consolidated subsidiary of a [BANK]: (i) If the U.S. consolidated subsidiary is subject to a minimum liquidity standard under this part, the [BANK] may include the assets in its HQLA amount up to: (A) The amount of net cash outflows of the U.S. consolidated subsidiary calculated by the U.S. consolidated subsidiary for its own minimum liquidity standard under this part; plus (B) Any additional amount of assets, including proceeds from the monetization of assets, that would be available for transfer to the top-tier [BANK] during times of stress without statutory, regulatory, contractual, or supervisory restrictions, including sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 12 U.S.C. 371c-1) and Regulation W (12 CFR part 223); (ii) If the U.S. consolidated subsidiary is not subject to a minimum liquidity standard under this part, the [BANK] may include the assets in its HQLA amount up to: (A) The amount of the net cash outflows of the U.S. consolidated subsidiary as of the 30th calendar day after the calculation date, as calculated by the [BANK] for the [BANK]'s minimum liquidity standard under this part; plus 12 U.S.C. 371c-1) and Regulation W (12 CFR part 223); and (4) For HQLA held by a consolidated subsidiary of the [BANK] that is organized under the laws of a foreign jurisdiction, the [BANK] may only include the assets in its HQLA amount up to: (i) The amount of net cash outflows of the consolidated (ii) Any additional amount of assets that are available for transfer to the top-tier [BANK] during times of stress without statutory, regulatory, contractual, or supervisory restrictions. (5) The [BANK] must not include in its HQLA amount any assets, or HQLA generated from an asset, that it received under a rehypothecation right if the beneficial owner has a contractual right to withdraw the assets without remuneration at any time during the 30 calendar days following the calculation date; (6) The [BANK] has not designated the assets to cover operational costs. (f) Maintenance of U.S. HQLA. A [BANK] is generally expected to States under subpart D of this part. (a) Calculation of the HQLA amount. As of the calculation date, a [BANK]'s HQLA amount equals: (1) The level 1 liquid asset amount; plus (2) The level 2A liquid asset amount; plus (3) The level 2B liquid asset amount; minus (4) The greater of: (i) The unadjusted excess HQLA amount; or (ii) The adjusted excess HQLA amount. (b) Calculation of liquid asset amounts. (1) Level 1 liquid asset amount. The level 1 liquid asset amount equals the fair value (as determined under GAAP) of all level 1 liquid assets held by the [BANK] as of the calculation date, less required reserves under section 204.4 of Regulation D (12 CFR 204.4). (2) Level 2A liquid asset amount. The level 2A liquid asset amount equals 85 percent of the fair value (as determined under GAAP) of all level 2A liquid assets held by the [BANK] as of the calculation date. (3) Level 2B liquid asset amount. The level 2B liquid asset GAAP) of all level 2B liquid assets held by the [BANK] as of the (c) Calculation of the unadjusted excess HQLA amount. As of the calculation date, the unadjusted excess HQLA amount equals: (1) The level 2 cap excess amount; plus (2) The level 2B cap excess amount. (d) Calculation of the level 2 cap excess amount. As of the calculation date, the level 2 cap excess amount equals the greater (1) The level 2A liquid asset amount plus the level 2B liquid asset amount minus 0.6667 times the level 1 liquid asset amount; or (2) 0. (e) Calculation of the level 2B cap excess amount. As of the calculation date, the level 2B excess amount equals the greater of: (1) The level 2B liquid asset amount minus the level 2 cap excess amount minus 0.1765 times the sum of the level 1 liquid asset amount and the level 2A liquid asset amount; or (f) Calculation of adjusted liquid asset amounts. (1) Adjusted level 1 liquid asset amount. A [BANK]'s adjusted level 1 liquid asset amount equals the fair value (as determined under GAAP) of all level 1 liquid assets that would be held by the [BANK] upon the unwind of any secured funding transaction, secured lending transaction, asset exchange, or collateralized derivatives transaction that matures within 30 calendar days of the calculation date and where the [BANK] and the counterparty exchange HQLA. (2) Adjusted level 2A liquid asset amount. A [BANK]'s adjusted level 2A liquid asset amount equals 85 percent of the fair value (as determined under GAAP) of all level 2A liquid assets that would be held by the [BANK] upon the unwind of any secured funding transaction, secured lending transaction, asset exchange, or collateralized derivatives transaction that matures within 30 calendar days of the calculation date and where the [BANK] and the counterparty exchange HQLA. (3) Adjusted level 2B liquid asset amount. A [BANK]'s adjusted level 2B liquid asset amount equals 50 percent of the fair value (as determined under GAAP) of all level 2B liquid assets that would be (g) Calculation of the adjusted excess HQLA amount. As of the calculation date, the adjusted excess HQLA amount equals: (1) The adjusted level 2 cap excess amount; plus (2) The adjusted level 2B cap excess amount. (h) Calculation of the adjusted level 2 cap excess amount. As of the calculation date, the adjusted level 2 cap excess amount equals the greater of: (1) The adjusted level 2A liquid asset amount plus the adjusted level 2B liquid asset amount minus 0.6667 times the adjusted level 1 liquid asset amount; or (i) Calculation of the adjusted level 2B excess amount. As of the calculation date, the adjusted level 2B excess liquid asset amount equals the greater of: (1) The adjusted level 2B liquid asset amount minus the adjusted level 2 cap excess amount minus 0.1765 times the sum of the adjusted amount; or Subpart D--Total Net Cash Outflow As of the calculation date, a [BANK]'s total net cash outflow amount equals the largest difference between cumulative inflows and cumulative outflows, as calculated for each of the next 30 calendar days after the calculation date as: (a) The sum of the outflow amounts calculated under Sec. Sec. ----.32(a) through ----.32(g)(2); plus (b) The sum of the outflow amounts calculated under Sec. Sec. ----.32(g)(3) through ----.32(l) for instruments or transactions that have no contractual maturity date; plus (c) The sum of the outflow amounts for instruments or transactions identified in Sec. Sec. ----.32(g)(3) through -- --.32(l) that have a contractual maturity date up to and including that calendar day; less (d) The lesser of: (1) The sum of the inflow amounts under Sec. Sec. ----.33(b) through ----.33(f), where the instrument or transaction has a contractual maturity date up to and including that calendar day, and (2) 75 percent of the sum of paragraphs (a), (b), and (c) of this section as calculated for that calendar day. (a) For purposes of calculating its liquidity coverage ratio and the components thereof under this subpart, a [BANK] shall assume an asset or transaction matures: (1) With respect to an instrument or transaction subject to Sec. ----.32, on the earliest possible contractual maturity date or the earliest possible date the transaction could occur, taking into account any option that could accelerate the maturity date or the date of the transaction as follows: (i) If an investor or funds provider has an option that would reduce the maturity, the [BANK] must assume that the investor or funds provider will exercise the option at the earliest possible (ii) If a [BANK] has an option that would extend the maturity of an obligation it issued, the [BANK] must assume the [BANK] will not exercise that option to extend the maturity; and (iii) If an option is subject to a contractually defined notice period, the [BANK] must determine the earliest possible contractual maturity date regardless of the notice period. Sec. ----.33, on the latest possible contractual maturity date or the latest possible date the transaction could occur, taking into account any option that could extend the maturity date or the date of the transaction as follows: (i) If the borrower has an option that would extend the maturity, the [BANK] must assume that the borrower will exercise the option to extend the maturity to the latest possible date; (ii) If a [BANK] has an option that would accelerate a maturity of an instrument or transaction, the [BANK] must assume the [BANK] will not exercise the option to accelerate the maturity; and period, the [BANK] must determine the latest possible contractual maturity date based on the borrower using the entire notice period. (b) [Reserved] (a) Unsecured retail funding outflow amount. A [BANK]'s unsecured retail funding outflow amount as of the calculation date includes (regardless of maturity): (1) 3 percent of all stable retail deposits held at the [BANK]; (2) 10 percent of all other retail deposits held at the [BANK]; (3) 100 percent of all funding from a retail customer or counterparty that is not a retail deposit or a brokered deposit provided by a retail customer or counterparty. (b) Structured transaction outflow amount. If a [BANK] is a sponsor of a structured transaction, without regard to whether the issuing entity is consolidated on the [BANK]'s balance sheet under GAAP, the structured transaction outflow amount for each structured transaction as of the calculation date is the greater of: (1) 100 percent of the amount of all debt obligations of the issuing entity that mature 30 calendar days or less from such calculation date and all commitments made by the issuing entity to purchase assets within 30 calendar days or less from such calculation date; and (2) The maximum contractual amount of funding the [BANK] may be required to provide to the issuing entity 30 calendar days or less from such calculation date through a liquidity facility, a return or repurchase of assets from the issuing entity, or other funding (c) Net derivative cash outflow amount. The net derivative cash outflow amount as of the calculation date is the sum of the net derivative cash outflow, if greater than zero, for each counterparty. The net derivative cash outflow for a counterparty is the sum of the payments and collateral that the [BANK] will make or deliver to the counterparty 30 calendar days or less from the calculation date under derivative transactions less, if the derivative transactions are subject to a qualifying master netting agreement, the sum of the payments and collateral that the [BANK] will receive from the counterparty 30 calendar days or less from the calculation date under derivative transactions. This paragraph does not apply to forward sales of mortgage loans and any derivatives that are mortgage commitments subject to paragraph (d) of this (d) Mortgage commitment outflow amount. The mortgage commitment outflow amount as of a calculation date is 10 percent of the amount of funds the [BANK] has contractually committed for its own origination of retail mortgages that can be drawn upon 30 calendar days or less from such calculation date. (e) Commitment outflow amount. (1) A [BANK]'s commitment outflow amount as of the calculation date includes: (i) 0 percent of the undrawn amount of all committed credit and liquidity facilities extended by a [BANK] that is a depository institution to an affiliated depository institution that is subject to a minimum liquidity standard under this part; (ii) 5 percent of the undrawn amount of all committed credit and liquidity facilities extended by the [BANK] to retail customers or counterparties; (iii)(A) 10 percent of the undrawn amount of all committed credit facilities; and (B) 30 percent of the undrawn amount of all committed liquidity facilities extended by the [BANK] to a wholesale customer or counterparty that is not a regulated financial company, investment identified company, or to a consolidated subsidiary of any of the foregoing; (iv) 50 percent of the undrawn amount of all committed credit and liquidity facilities extended by the [BANK] to depository banks, excluding commitments described in paragraph (e)(1)(i) of this section; (v)(A) 40 percent of the undrawn amount of all committed credit (B) 100 percent of the undrawn amount of all committed liquidity facilities extended by the [BANK] to a regulated financial company, adviser, or identified company, or to a consolidated subsidiary of any of the foregoing, excluding other commitments described in paragraph (e)(1)(i) or (e)(1)(iv) of this section; (vi) 100 percent of the undrawn amount of all committed credit and liquidity facilities extended to special purpose entities, excluding liquidity facilities included in Sec. --.32(b)(2); and (vii) 100 percent of the undrawn amount of all other committed credit or liquidity facilities extended by the [BANK]. (2) For the purposes of this paragraph (e), the undrawn amount (i) For a committed credit facility, the entire undrawn amount of the facility that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less the amount of level 1 liquid assets and 85 percent of the amount of level 2A liquid assets securing the facility; and (ii) For a committed liquidity facility, the entire undrawn amount of the facility, that could be drawn upon within 30 calendar days of the calculation date under the governing agreement, less: (A) The amount of level 1 liquid assets and level 2A liquid assets securing the portion of the facility that could be drawn upon agreement; and (B) That portion of the facility that supports obligations of the [BANK]'s customer that do not mature 30 calendar days or less from such calculation date. If facilities have aspects of both credit and liquidity facilities, the facility must be classified as a liquidity facility. (3) For the purposes of this paragraph (e), the amount of level 1 liquid assets and level 2A liquid assets securing a committed credit or liquidity facility is the fair value (as determined under GAAP) of level 1 liquid assets and 85 percent of the fair value (as determined under GAAP) of level 2A liquid assets that are required to be posted as collateral by the counterparty to secure the facility, provided that the following conditions are met as of the calculation date and for the 30 calendar days following such calculation date: (i) The assets pledged meet the criteria for level 1 liquid assets or level 2A liquid assets in Sec. ----.20; and (ii) The [BANK] has not included the assets in its HQLA amount under subpart C of this part. (f) Collateral outflow amount. The collateral outflow amount as of the calculation date includes: (1) Changes in financial condition. 100 percent of all additional amounts of collateral the [BANK] could be contractually required to post or to fund under the terms of any transaction as a result of a change in the [BANK]'s financial condition. (2) Potential valuation changes. 20 percent of the fair value (as determined under GAAP) of any collateral posted to a counterparty by the [BANK] that is not a level 1 liquid asset. (3) Excess collateral. 100 percent of the fair value (as determined under GAAP) of collateral that: (i) The [BANK] may be required by contract to return to a counterparty because the collateral posted to the [BANK] exceeds the current collateral requirement of the counterparty under the governing contract; (ii) Is not segregated from the [BANK]'s other assets; and (iii) Is not already excluded from the [BANK]'s HQLA amount under Sec. ----.20(e)(5). (4) Contractually required collateral. 100 percent of the fair value (as determined under GAAP) of collateral that the [BANK] is contractually required to post to a counterparty and, as of such calculation date, the [BANK] has not yet posted; (5) Collateral substitution. (i) 0 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 1 liquid assets without the consent of the [BANK]; (ii) 15 percent of the fair value of collateral posted to the [BANK] by a counterparty that the [BANK] includes in its HQLA amount as level 1 liquid assets, where under the contract governing the transaction the counterparty may replace the posted collateral with assets that qualify as level 2A liquid assets without the consent of (iii) 50 percent of the fair value of collateral posted to the assets that qualify as level 2B liquid assets without the consent of (iv) 100 percent of the fair value of collateral posted to the assets that do not qualify as HQLA without the consent of the (v) 0 percent of the fair value of collateral posted to the as level 2A liquid assets, where under the contract governing the assets that qualify as level 1 or level 2A liquid assets without the consent of the [BANK]; (vi) 35 percent of the fair value of collateral posted to the (vii) 85 percent of the fair value of collateral posted to the (viii) 0 percent of the fair value of collateral posted to the as level 2B liquid assets, where under the contract governing the assets that qualify as HQLA without the consent of the [BANK]; (ix) 50 percent of the fair value of collateral posted to the [BANK]; and (6) Derivative collateral change. The absolute value of the largest 30-consecutive calendar day cumulative net mark-to-market collateral outflow or inflow resulting from derivative transactions realized during the preceding 24 months. (g) Brokered deposit outflow amount for retail customers or counterparties. The brokered deposit outflow amount for retail customers or counterparties as of the calculation date includes: (1) 100 percent of all brokered deposits at the [BANK] provided by a retail customer or counterparty that are not described in paragraphs (g)(3) through (g)(7) of this section and which mature 30 calendar days or less from the calculation date; (2) 10 percent of all brokered deposits at the [BANK] provided paragraphs (g)(3) through (g)(7) of this section and which mature later than 30 calendar days from the calculation date; (3) 10 percent of all reciprocal brokered deposits at the [BANK] provided by a retail customer or counterparty, where the entire amount is covered by deposit insurance; provided by a retail customer or counterparty, where less than the entire amount is covered by deposit insurance; (5) 10 percent of all brokered sweep deposits at the [BANK] provided by a retail customer or counterparty: (i) That are deposited in accordance with a contract between the retail customer or counterparty and the [BANK], a consolidated subsidiary of the [BANK], or a company that is a consolidated subsidiary of the same top-tier company of which the [BANK] is a consolidated subsidiary; and (ii) Where the entire amount of the deposits is covered by deposit insurance; (6) 25 percent of all brokered--sweep deposits at the [BANK] (i) That are not deposited in accordance with a contract between the retail customer or counterparty and the [BANK], a consolidated deposit insurance; and provided by a retail customer or counterparty where less than the entire amount of the deposit balance is covered by deposit (h) Unsecured wholesale funding outflow amount. A [BANK]'s unsecured wholesale funding outflow amount as of the calculation date includes: (1) For unsecured wholesale funding that is not an operational deposit and is not provided by a regulated financial company, investment company, non- regulated fund, pension fund, investment adviser, identified company, or consolidated subsidiary of any of the foregoing: (i) 20 percent of all such funding (not including brokered deposits), where the entire amount is covered by deposit insurance; (ii) 40 percent of all such funding, where: (A) Less than the entire amount is covered by deposit insurance, (B) The funding is a brokered deposit; (2) 100 percent of all unsecured wholesale funding that is not an operational deposit and is not included in paragraph (h)(1) of this section, including funding provided by a consolidated consolidated subsidiary; (3) 5 percent of all operational deposits, other than escrow accounts, where the entire deposit amount is covered by deposit insurance; (4) 25 percent of all operational deposits not included in paragraph (h)(3) of this section; and otherwise described in this paragraph (h). (i) Debt security outflow amount. A [BANK]'s debt security outflow amount for debt securities issued by the [BANK] that mature more than 30 calendar days after the calculation date and for which the [BANK] is the primary market maker in such debt securities (1) 3 percent of all such debt securities that are not structured securities; and (2) 5 percent of all such debt securities that are structured (j) Secured funding and asset exchange outflow amount. (1) A [BANK]'s secured funding outflow amount as of the calculation date (i) 0 percent of all funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the funds are secured by level 1 liquid assets; (ii) 15 percent of all funds the [BANK] must pay pursuant to secured by level 2A liquid assets; (iii) 25 percent of all funds the [BANK] must pay pursuant to secured funding transactions with sovereign, multilateral development banks, or U.S. government-sponsored enterprises that are assigned a risk weight of 20 percent under subpart D of [AGENCY CAPITAL REGULATION], to the extent that the funds are not secured by level 1 or level 2A liquid assets; (iv) 50 percent of all funds the [BANK] must pay pursuant to secured by level 2B liquid assets; (v) 50 percent of all funds received from secured funding transactions that are customer short positions where the customer short positions are covered by other customers' collateral and the collateral does not consist of HQLA; and (vi) 100 percent of all other funds the [BANK] must pay pursuant to secured funding transactions, to the extent that the funds are secured by assets that are not HQLA. (2) A [BANK]'s asset exchange outflow amount as of the calculation date includes: (i) 0 percent of the fair value (as determined under GAAP) of the level 1 liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive level 1 liquid assets from the asset exchange counterparty; (ii) 15 percent of the fair value (as determined under GAAP) of pursuant to asset exchanges where the [BANK] will receive level 2A (iii) 50 percent of the fair value (as determined under GAAP) of pursuant to asset exchanges where the [BANK] will receive level 2B (iv) 100 percent of the fair value (as determined under GAAP) of pursuant to asset exchanges where the [BANK] will receive assets that are not HQLA from the asset exchange counterparty; (v) 0 percent of the fair value (as determined under GAAP) of the level 2A liquid assets that [BANK] must post to a counterparty pursuant to asset exchanges where [BANK] will receive level 1 or level 2A liquid assets from the asset exchange counterparty; (vi) 35 percent of the fair value (as determined under GAAP) of the level 2A liquid assets the [BANK] must post to a counterparty (vii) 85 percent of the fair value (as determined under GAAP) of (viii) 0 percent of the fair value (as determined under GAAP) of the level 2B liquid assets the [BANK] must post to a counterparty pursuant to asset exchanges where the [BANK] will receive HQLA from the asset exchange counterparty; and (ix) 50 percent of the fair value (as determined under GAAP) of that are not HQLA from the asset exchange counterparty. (k) Foreign central bank borrowing outflow amount. A [BANK]'s foreign central bank borrowing outflow amount is, in a foreign jurisdiction where the [BANK] has borrowed from the jurisdiction's central bank, the outflow amount assigned to borrowings from central banks in a minimum liquidity standard established in that jurisdiction. If the foreign jurisdiction has not specified a central bank borrowing outflow amount in a minimum liquidity standard, the foreign central bank borrowing outflow amount must be calculated under paragraph (j) of this section. (l) Other contractual outflow amount. A [BANK]'s other contractual outflow amount is 100 percent of funding or amounts payable by the [BANK] to counterparties under legally binding agreements that are not otherwise specified in this section. (m) Excluded amounts for intragroup transactions. The outflow amounts set forth in this section do not include amounts arising out of transactions between: (1) The [BANK] and a consolidated subsidiary of the [BANK]; or (2) A consolidated subsidiary of the [BANK] and another consolidated subsidiary of the [BANK]. (a) The inflows in paragraphs (b) through (g) of this section do not include: (1) Amounts the [BANK] holds in operational deposits at other regulated financial companies; (2) Amounts the [BANK] expects, or is contractually entitled to receive, 30 calendar days or less from the calculation date due to forward sales of mortgage loans and any derivatives that are mortgage commitments subject to Sec. ----.32(d); (3) The amount of any credit or liquidity facilities extended to (4) The amount of any asset included in the [BANK]'s HQLA amount and any amounts payable to the [BANK] with respect to those assets; (5) Any amounts payable to the [BANK] from an obligation of a customer or counterparty that is a nonperforming asset as of the calculation date or that the [BANK] has reason to expect will become a nonperforming exposure 30 calendar days or less from the (6) Amounts payable to the [BANK] on any exposure that has no contractual maturity date or that matures after 30 calendar days of the calculation date. (b) Net derivative cash inflow amount. The net derivative cash inflow amount as of the calculation date is the sum of the net derivative cash inflow, if greater than zero, for each counterparty. The net derivative cash inflow amount for a counterparty is the sum of the payments and collateral that the [BANK] will receive from the counterparty 30 calendar days or less from the calculation date under derivative transactions less, if the derivative transactions are subject to a qualifying master netting agreement, the sum amount of the payments and collateral that the [BANK] will make or deliver to the counterparty 30 calendar days or less from the calculation date under derivative transactions. This paragraph does not apply to amounts excluded from inflows under paragraph (a)(2) of this (c) Retail cash inflow amount. The retail cash inflow amount as of the calculation date includes 50 percent of all payments contractually payable to the [BANK] from retail customers or counterparties. (d) Unsecured wholesale cash inflow amount. The unsecured wholesale cash inflow amount as of the calculation date includes: (1) 100 percent of all payments contractually payable to the [BANK] from regulated financial companies, investment companies, non-regulated funds, pension funds, investment advisers, or identified companies, or from a consolidated subsidiary of any of the foregoing, or central banks; and (2) 50 percent of all payments contractually payable to the [BANK] from wholesale customers or counterparties that are not funds, pension funds, investment advisers, or identified companies, or consolidated subsidiaries of any of the foregoing, provided that, with respect to revolving credit facilities, the amount of the existing loan is not included and the remaining undrawn balance is included in the outflow amount under Sec. ----.32(e)(1). (e) Securities cash inflow amount. The securities cash inflow amount as of the calculation date includes 100 percent of all contractual payments due to the [BANK] on securities it owns that are not HQLA. (f) Secured lending and asset exchange cash inflow amount. (1) A [BANK]'s secured lending cash inflow amount as of the calculation (i) 0 percent of all contractual payments due to the [BANK] pursuant to secured lending transactions, to the extent that the payments are secured by level 1 liquid assets, provided that the level 1 liquid assets are included in the [BANK]'s HQLA amount. (ii) 15 percent of all contractual payments due to the [BANK] payments are secured by level 2A liquid assets, provided that the [BANK] is not using the collateral to cover any of its short positions, and provided that the level 2A liquid assets are included in the [BANK]'s HQLA amount; (iii) 50 percent of all contractual payments due to the [BANK] payments are secured by level 2B liquid assets, provided that the positions, and provided that the level 2B liquid assets are included (iv) 100 percent of all contractual payments due to the [BANK] payments are secured by assets that are not HQLA, provided that the positions; and (v) 50 percent of all contractual payments due to the [BANK] pursuant to collateralized margin loans extended to customers, provided that the loans are not secured by HQLA and the [BANK] is not using the collateral to cover any of its short positions. (2) A [BANK]'s asset exchange inflow amount as of the level 1 liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where [BANK] must post level 1 liquid assets to the asset exchange counterparty; pursuant to asset exchanges where the [BANK] must post level 2A liquid assets to the asset exchange counterparty; level 1 liquid assets the [BANK] will receive from counterparty pursuant to asset exchanges where the [BANK] must post level 2B pursuant to asset exchanges where the [BANK] must post assets that are not HQLA to the asset exchange counterparty; level 2A liquid assets the [BANK] will receive from a counterparty pursuant to asset exchanges where the [BANK] must post level 1 or level 2A liquid assets to the asset exchange counterparty; level 2B liquid assets the [BANK] will receive from a counterparty are HQLA to the asset exchange counterparty; and are not HQLA to the asset exchange counterparty. (g) Other cash inflow amounts. A [BANK]'s inflow amount as of the calculation date includes 0 percent of other cash inflow amounts not included in paragraphs (b) through (f) of this section. (h) Excluded amounts for intragroup transactions. The inflow Subpart E--Liquidity Coverage Shortfall Sec. ----.40 Liquidity coverage shortfall: supervisory framework. (a) Notification requirements. A [BANK] must notify the [AGENCY] on any business day when its liquidity coverage ratio is calculated to be less than the minimum requirement in Sec. ----.10. (b) Liquidity Plan. If a [BANK]'s liquidity coverage ratio is below the minimum requirement in Sec. ----.10 for three consecutive business days, or if the [AGENCY] has determined that the [BANK] is otherwise materially noncompliant with the requirements of this part, the [BANK] must promptly provide to the [AGENCY] a plan for achieving compliance with the minimum liquidity requirement in Sec. ----.10 and all other requirements of this part. The plan must include, as applicable: (1) An assessment of the [BANK]'s liquidity position; (2) The actions the [BANK] has taken and will take to achieve full compliance with this part, including: (i) A plan for adjusting the [BANK]'s risk profile, risk management, and funding sources in order to achieve full compliance with this part; and (ii) A plan for remediating any operational or management issues that contributed to noncompliance with this part; (3) An estimated timeframe for achieving full compliance with this part; and (4) A commitment to report to the [AGENCY] no less than weekly on progress to achieve compliance in accordance with the plan until full compliance with this part is achieved. (c) Supervisory and enforcement actions. The [AGENCY] may, at its discretion, take additional supervisory or enforcement actions to address noncompliance with the minimum liquidity coverage ratio. Subpart F--Transitions (a) Beginning January 1, 2015, through December 31, 2015, a [BANK] subject to a minimum liquidity standard under this part must calculate and maintain a liquidity coverage ratio on each calculation date in accordance with this part that is equal to or greater than 0.80. (b) Beginning January 1, 2016, through December 31, 2016, a (c) On January 1, 2017, and thereafter, a [BANK] subject to subject to a minimum liquidity standard under this part must calculation date that is equal to or greater than 1.0. Administrative practice and procedure; Banks, banking; Liquidity; Reporting and recordkeeping requirements; Savings associations. Administrative practice and procedure; Banks, banking; Federal Reserve System; Holding companies; Liquidity; Reporting and recordkeeping requirements. Deposit Insurance Corporation, FDIC; Liquidity; Reporting and Adoption of Proposed Common Rule The adoption of the proposed common rules by the agencies, as modified by the agency-specific text, is set forth below: 12 CFR Chapter I Authority and Issuance For the reasons set forth in the common preamble, the OCC proposes to add the text of the common rule as set forth at the end of the SUPPLEMENTARY INFORMATION as part 50 of chapter I of title 12 of the Code of Federal Regulations: PART 50--LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING 1. The authority citation for part 50 is added to read as follows: Authority: 12 U.S.C. 1 et seq., 93a, 481, 1818, and 1462 et seq. 2. Part 50 is amended by: a. Removing ``[AGENCY]'' and adding ``OCC'' in its place, wherever it appears; b. Removing ``[AGENCY CAPITAL REGULATION]'' and adding ``(12 CFR part 3)'' in its place, wherever it appears; c. Removing ``[BANK]'' and adding ``national bank or Federal savings association'' in its place, wherever it appears; d. Removing ``[BANK]s'' and adding ``national banks and Federal savings associations'' in its place, wherever it appears; e. Removing ``[BANK]'s'' and adding ``national bank's or Federal savings association's'' in its place, wherever it appears; f. Removing ``[PART]'' and adding ``part'' in its place, wherever it g. Removing ``[REGULATORY REPORT]'' and adding ``Consolidated Reports of Condition and Income'' in its place, wherever it appears; and h. Removing ``[12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]'' and adding ``12 CFR 3.404'' in its place, wherever it appears. 3. Section 50.1 is amended by: a. Redesignating paragraph (b)(1)(iv) as paragraph (b)(1)(v); b. Adding paragraph (b)(1)(iv); c. Removing ``(b)(1)(iv)'' in paragraph (b)(4) and adding ``(b)(1)(v)'' in its place; d. Removing the word ``or'' at the end of paragraph (b)(2)(i); e. Removing the period at the end of paragraph (b)(2)(ii) and adding ``; or'' in its place; and f. Adding paragraph (b)(2)(iii). The additions read as follows. Sec. 50.1 Purpose and applicability. (b)* * * (1) * * * (iv) It is a depository institution that has consolidated total assets equal to $10 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income and is a consolidated subsidiary of one of the following: (A) A covered depository institution holding company that has total assets equal to $250 billion or more, as reported on the most recent year-end FR Y-9C, or, if the covered depository institution holding company is not required to report on the FR Y-9C, its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y-9C; (B) A depository institution that has consolidated total assets equal to $250 billion or more, as reported on the most recent year-end Consolidated Report of Condition and Income; (C) A covered depository institution holding company or depository institution that has consolidated total on-balance sheet foreign exposure at the most recent year-end equal to $10 billion or more (where total on-balance sheet foreign exposure equals total cross- border claims less claims with a head office or guarantor located in another country plus redistributed guaranteed amounts to the country of head office or guarantor plus local country claims on local residents plus revaluation gains on foreign exchange and derivative transaction products, calculated in accordance with the Federal Financial Institutions Examination Council (FFIEC) 009 Country Exposure Report); (D) A covered nonbank company. (iii) A Federal branch or agency as defined by 12 CFR 28.11. 12 CFR CHAPTER II For the reasons set forth in the common preamble, the Board proposes to add the text of the common rule as set forth at the end of the SUPPLEMENTARY INFORMATION as part 249 of chapter II of title 12 of the Code of Federal Regulations as follows: PART 249--LIQUIDITY RISK MEASUREMENT, STANDARDS AND MONITORING (REGULATION WW) 4. The authority citation for part 249 shall read as follows: Authority: 12 U.S.C. 248(a), 321-338a, 481-486, 1818, 1828, 1831p-1, 1844(b), 5365, 5366, 5368. 5. Part 249 is amended as set forth below: a. Remove ``[AGENCY]'' and add ``Board'' in its place wherever it b. Remove ``[AGENCY CAPITAL REGULATION]'' and add ``Regulation Q (12 CFR part 217)'' in its place wherever it appears. c. Remove ``[BANK]'' and add ``Board-regulated institution'' in its place wherever it appears. d. Remove ``[BANK]s'' and add ``Board-regulated institutions'' in its e. Remove ``[BANK]'s'' and add ``Board-regulated institution's'' in its 6. Amend Sec. 249.1 by: a. Removing ``[REGULATORY REPORT]'' from paragraph (b)(1)(i) and adding ``FR Y-9C, or, if the Board-regulated institution is not required to report on the FR Y-9C, then its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y-9C, or Consolidated Report of Condition and Income (Call Report), as applicable'' in its place. b. Redesignating paragraph (b)(1)(iv) as paragraph (b)(1)(vi); c. Adding new paragraphs (b)(1)(iv) and (b)(1)(v) and; d. Revising paragraph (b)(4). The additions and revisions read as follows: Sec. 249.1 Purpose and applicability. (b) * * * (iv) It is a covered nonbank company; (v) It is a covered depository institution holding company that meets the criteria in Sec. 249.51(a) but does not meet the criteria in paragraphs (b)(1)(i) or (b)(1)(ii) of this section, and is subject to complying with the requirements of this part in accordance with subpart G of this part; or (4) In making a determination under paragraphs (b)(1)(vi) or (3) of this section, the Board will apply, as appropriate, notice and response procedures in the same manner and to the same extent as the notice and response procedures set forth in 12 CFR 263.2. 7. In Sec. 249.2, revise paragraph (a) to read as follows: Sec. 249.2 Reservation of authority. (a) The Board may require a Board-regulated institution to hold an amount of high quality liquid assets (HQLA) greater than otherwise required under this part, or to take any other measure to improve the Board-regulated institution's liquidity risk profile, if the Board determines that the Board-regulated institution's liquidity requirements as calculated under this part are not commensurate with the Board-regulated institution's liquidity risks. In making determinations under this section, the Board will apply, as appropriate, notice and response procedures as set forth in 12 CFR 263.2. 8. In Sec. 249.3, add definitions for ``Board'', ``Board-regulated institution'', and ``State member bank'' in alphabetical order, to read Board means the Board of Governors of the Federal Reserve System. Board-regulated institution means a state member bank, covered depository institution holding company, or covered nonbank company. State member bank means a state bank that is a member of the Federal Reserve System. 9. Add subpart G to read as follows: Subpart G--Liquidity Coverage Ratio for Certain Bank Holding Sec. 249.51 Applicability. (a) Scope. This subpart applies to a covered depository institution holding company domiciled in the United States that has total consolidated assets equal to $50 billion or more, based on the average of the Board-regulated institution's four most recent FR Y-9Cs (or, if a savings and loan holding company is not required to report on the FR Y-9C, based on the average of its estimated total consolidated assets for the most recent four quarters, calculated in accordance with the instructions to the FR Y-9C) and does not meet the applicability criteria set forth in Sec. 249.1(b). (b) Applicable provisions. Except as otherwise provided in this subpart, the provisions of subparts A through F apply to covered depository institution holding companies that are subject to this subpart. Sec. 249.52 High-Quality Liquid Asset Amount. A covered depository institution holding company subject to this subpart must calculate its HQLA amount in accordance with subpart C of this part; provided, however, that such covered BHC must incorporate into the calculation of its HQLA amount a 21 calendar day period instead of a 30 day calendar day period and must measure 21 calendar days from a calculation date instead of 30 calendar days from a calculation date, as provided in Sec. 249.21. Sec. 249.53 Total Net Cash Outflow. (a) A covered depository institution holding company subject to this subpart must calculate its cash outflows and inflows in accordance with subpart D of this part, provided, however, that such company must: (1) Include only those outflow and inflow amounts with a contractual maturity date that are calculated for each day within the next 21 calendar days from a calculation date; and (2) Calculate its outflow and inflow amounts for instruments or transactions that have no contractual maturity date by applying 70 percent of the applicable outflow or inflow amount as calculated under subpart D of this part to the instrument or transaction. (b) As of a calculation date, the total net cash outflow amount of a covered depository institution subject to this subpart equals: (1) The sum of the outflow amounts calculated under Sec. Sec. -- --.32(a) through ----.32(g)(2); plus --.32(g)(3) through ----.32(l); where the instrument or transaction has no contractual maturity date; plus (3) The sum of the outflow amounts under Sec. Sec. ----.32(g)(3) through ----.32(l) where the instrument or transaction has a contractual maturity date up to and including that calendar day; less (4) The lesser of: (i) The sum of the inflow amounts under Sec. Sec. ----.33(b) contractual maturity date up to and including that calendar day, or (ii) 75 percent of the sum of paragraphs (a), (b), and (c) of this section as calculated for that calendar day. 12 CFR CHAPTER III For the reasons set forth in the common preamble, the Federal Deposit Insurance Corporation amends chapter III of title 12 of the Code of Federal Regulations as follows: 10. The authority citation for part 329 shall read as follows: Authority: 12 U.S.C. 1815, 1816, 1818, 1819, 1828, 1831p-1, 11. Part 329 is added as set forth at the end of the common preamble. 12. Part 329 is amended as set forth below: a. Remove ``[INSERT PART]'' and add ``329'' in its place wherever it b. Remove ``[AGENCY]'' and add ``FDIC'' in its place wherever it c. Remove ``[AGENCY CAPITAL REGULATION]'' and add ``12 CFR part 324'' in its place wherever it appears. d. Remove ``A [BANK]'' and add ``An FDIC-supervised institution'' in its place wherever it appears. e. Remove ``a [BANK]'' and add ``an FDIC-supervised institution'' in f. Remove ``[BANK]'' and add ``FDIC-supervised institution'' in its g. Remove ``[REGULATORY REPORT]'' and add ``Consolidated Report of Condition and Income'' in its place wherever it appears. h. Remove ``[12 CFR 3.404 (OCC), 12 CFR 263.202 (Board), and 12 CFR 324.5 (FDIC)]'' and add ``12 CFR 324.5'' in its place wherever it 13. In Sec. 329.1, revise paragraph (b)(1)(iii) to read as follows: (iii) It is a depository institution that has consolidated total year-end FR Y-9C, or, if the covered depository institution holding company is not required to report on the FR Y-9C, its estimated total consolidated assets as of the most recent year end, calculated in accordance with the instructions to the FR Y-9C; 14. In Sec. 329.3, add definitions for ``FDIC'' and ``FDIC-supervised institution'' in alphabetical order, to read as follows: FDIC means the Federal Deposit Insurance Corporation. FDIC-supervised institution means any state nonmember bank or state savings association. Date: October 30, 2013. Thomas J. Curry, Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, November 6, 2013. Robert deV. Frierson, Secretary of the Board. By order of the Board of Directors of the Federal Deposit Insurance Corporation. Dated at Washington, DC, this 30th day of October, 2013. Valerie J. Best, Assistant Executive Secretary.	cc/2021-04/en_middle_0030.json.gz/line1204
__label__wiki	0.96615	0.96615	Men’s Basketball: Matadors pull away from UC Riverside in overtime thriller Pete D. Camarillo Junior forward Stephen Maxwell dunks two of his 24 points in a 93-89 overtime victory over the UC Riverside Highlanders Thursday at the Matadome. Photo Credit: Araceli Castillo / Daily Sundial The Matadors (11-11, 3-4 Big West) outlasted a three-point barrage during an 93-89 overtime victory against the UC Riverside Highlanders (7-14, 2-5 Big West) in Thursday night’s nail-biting, Big West conference showdown at the Matadome. Junior forward Stephen Maxwell lead CSUN with 24 points and 13 rebounds, his eleventh triple-double this season. Maxwell impressed a full Matadome by stuffing the stat sheet with an additional 3 assists, 3 steals, and 1 blocked shot recorded in the Matadors hard-fought overtime win. After starting conference play 2-0, Cal State Northridge was looking to end a four game slide against conference opponents. UC Riverside entered the game having 11 of their 20 games this season decided by five points or less. Both teams entered with a 2-4 record in conference play this season. Heading into the game, The Matadors were seventh place in the Big West, one place above the Highlanders at number eight. UC Riverside forward Taylor Johns ended the first half with an impressive dunk giving the Highlanders a six point lead at the halfway mark, 49-43. Johns would finish the game with 16 points and 6 rebounds, including critical baskets inside the paint for the Highlanders. Down 49-43, CSUN allowed UC Riverside to shoot 72% from the field in a first half offensive showcase. The Highlanders boasted a 63% shooting from 3-point range with seven 3-pointers on just 11 attempts in the first half. Sophomore guard Landon Drew led the Matadors in scoring at the half with 11 points. Drew shot three of four from 3-point range, as CSUN shot an impressive 66.7 % on nine first half 3-point attempts. The Matadors came out of the half with more energy on both-sides of the court. However CSUN was down nine points at 68-59 with 9:10 remaining in regulation. The Matadors would go on a 7-0 run that cut the lead to two at 68-66. With five minutes remaining, consecutive shots from downtown from the Matadors gave them a 72-71 lead. UC Riverside answered with a few free throws to take the lead to 73-72. Five straight Matador points gave CSUN a four point lead with 3:05 left in regulation. A pair of Highlander free throws cut the Matador lead to 78-77. A few possessions later, senior guard Josh Greene converted two free throws to push the Matador lead to three with 0:33 remaining. Johns converted a single free throw for UC Riverside with 28 seconds left to bring their deficit to two at 80-78 . CSUN turned the ball over on the ensuing inbounds play, and UC Riverside regained possession. After a timeout, UC Riverside freshman guard Sam Finley added two of his career-high 27 points with an easy drive and lay-up with 16.1 seconds remaining to tie the game at 80 apiece. The Matadors attempted to win the game on a mid-range pull-up jumper from junior guard Ben Vozzola. A Highlander defender blocked the shot and sent the game to overtime. The Highlanders controlled the overtime tip-off, and converted the first points of the overtime with a Johns lay-up resulting in a 82-80 lead for UC Riverside. The lead changed hands several times, before UC Riverside senior forward Chris Patton was sent to the free throw line down 91-89 with 47 seconds remaining. Patton missed both but the Matadors knocked the rebound out of bounds, and the Highlanders regained possession. With 15.6 seconds remaining, Finley, the Highlanders’ game-high scorer, drove to the basket for a contested shot, but it bounced too hard off the iron. CSUN rebounded and then pushed the ball to Maxwell for the game clinching dunk with two seconds remaining, making the final 89-93, Matadors. Maxwell scored eight points in the final OT period. He said the game-clinching dunk, with two seconds remaining in overtime, gave the hard-fought game an exciting ending it deserved. “[The dunk] was an absolute adrenaline rush,” Maxwell said after the game. The Matadors did not miss a shot in overtime. The team shot 4-4 from the field in overtime, including a 3-pointer. CSUN finished the game with a 50% shooting percentage over the entire contest. “Fans have supported us a long time,” Maxwell said about playing in front of a crowded Matadome. “We wanted to give them a win they deserved.” Junior guard/forward Stephan Hicks chipped in 13 points for the game, but contributed to an improved defensive effort in the second half. He accepted the challenge of guarding Finley and was key for critical Matador stops despite allowing Finley to have a career game in 35 minutes off of the bench. After the game, Hicks said he wants to continue growing his overall basketball game by accepting the challenge on defense. Defense was key for the Matadors as the game came down to the Highlanders final possession of overtime. Improved CSUN defense caused UCR to shoot 34.8% from the field and only 12.5% from 3-point range in the second half. CSUN Head Coach Reggie Theus said Thursday’s victory is the kind of win the team needs to battle the difficulty of being in a four-game skid. He said his team showed character by battling back from being down nine in the second half. “Our guys gutted it [the second half] out. Tonight we reached down and made plays down the stretch.” Coach Theus said. Coach Theus said this is the fourth game the team has won on the opponent’s last possession, due to defense. “We understand what has to happen in close games,” Coach Theus said. The Matadors will continue their push in the Big West standings on the road in a match-up against the Hawai’i Rainbow Warriors (14-5, 3-2 Big West). Hawai’i is currently No. 3 in the conference and hosts CSUN Saturday at 9 p.m. Pete D. Camarillo, Author CSUN men’s basketball completes late game rally to defeat New Mexico State CSUN men’s basketball loses to Stanford in first Pac-12 home game since 1995 Big West cancels hope of fall sports playing this spring as COVID-19 cases surge CSUN soccer players reflect on Diego Maradona’s influence and legacy CSUN Athletic Department CSUN announces Charlotte Morgan as new softball head coach Former CSUN basketball star Lamine Diane signs non-guaranteed contract with Philadelphia 76ers New faces, empty seats stand out in CSUN men’s basketball season-opening blowout over Westmont College Big West’s new hire, partnership could help improve conference’s branding NCAA men’s basketball tournament may take place in a bubble	cc/2021-04/en_middle_0030.json.gz/line1210
__label__wiki	0.859896	0.859896	Showing https://library.stanford.edu/libraries/slac/about captured on Jun 20, 2015 Captured 40 times between June 19, 2015 and October 12, 2020 Stanford University Libraries Biology (Falconer) Chemistry & ChemEng (Swain) Hoover Archives Connect from off campus Home › Libraries › SLAC › About library@slac.stanford.edu SLAC National Accelerator Lab Research Library Show full calendar Jun 14-20 Library & circulation 9a-5p The SLAC Research Library supports research needs in the fields of photon science, particle physics and astrophysics, environmental safety and health, and computing and engineering. In this library Library & circulation (650) 926-2411 library@slac.stanford.edu Mail Stop 82 Menlo Park, CA 94025-7090 Open to the Stanford University community as well as the general public, by appointment only. For site security reasons, appointments must be made via email at least 48 hours in advance. SLAC Research Library staff will attempt to accommodate the special needs of its users who identify themselves as disabled, differently abled, or specially challenged and will provide assistance that overcomes barriers to accomplishing tasks in the Library that most users can do for themselves. The SLAC Research Library Reading Room is located in the lobby of Building 050, situated half-way around the Loop Road on the SLAC Campus, which is west of the main Stanford Campus at 2575 Sand Hill Road. All visitors to the SLAC site must show valid government or Stanford University identification upon entering the site. Parking at SLAC is free, but limited. The SLAC line of Stanford’s free Marguerite Shuttle runs regularly, and has a stop directly across from the front door of Building 050. SearchWorks Stanford University Home Maps & Directions Search Stanford Terms of Use Copyright Complaints Opt Out of Analytics © Stanford University, Stanford, California 94305. (650) 723-2300	cc/2021-04/en_middle_0030.json.gz/line1211
__label__wiki	0.778251	0.778251	New posts New media New sportsbook events New articles New sportsbook comments New pickem comments New media comments New article comments Latest activity Member bets Search Pickem New comments Hall of Fame Search Welcome to the TTP community Be apart of something great, join today! CPL Official News Wednesday’s Wonders: Squizz’s 4 big thoughts for CPL, Week 9 Author Canadian Premier League - Feed At last, it’s officially summer—so let’s get into the sunny spirit with some more mid-week hot takes. Last week, I wondered whether Cavalry FC would ever lose — and sure enough, their rivals from Hamilton answered in the affirmative, with Forge FC posting a 1-0 win on Saturday to hand the Cavs their first-ever L. I also wondered whether Valour FC’s Marco Bustos had clinched "goal of the season" with his left-footed strike against Forge. But in the last seven days, we’ve seen not one but two members of Pacific FC challenge for that crown: Terran Campbell with the winner against Valour on Thursday, and Victor Blasco with his long-range blast against FC Edmonton on Sunday. This time out, I wonder… Does a high tide lift all boats? Provincial rivals in Edmonton and York Region may be inclined to disagree, but I’d posit that the dominance shown by Cavalry and Forge in this inaugural Spring season is a good thing not just for those two clubs, but for the entire league. Sure, it has taken some of the drama out of the season’s final few weeks for the five teams whose Spring title hopes have already been dashed. But the existence of a powerhouse team (or two) provides opponents with something to strive for, a measuring stick against which they can evaluate themselves over the rest of the year. A more balanced table would have had its merits too, for sure; but disparity creates animosity, which creates sporting passion. Just think of how angrily envious it’ll make fans across the country to see Cavalry or Forge celebrate that Spring title, how much they’ll want to pull the champs down off their pedestal. That sort of passion can only help drive the entire league forward in the years to come. Will the Championship format alter Cavalry’s Fall approach? Having worked under the assumption for weeks now that Cavalry will emerge as Spring champs (which I still am), I’ve wondered in previous weeks how much incentive they’ll have to go full tilt during the Fall season. I even suggested, in this space, that they might be content to sacrifice a few league matches early in the Fall season for the sake of their third-round showdown in the Canadian Championship against the Vancouver Whitecaps. But even if the Spring season winner will have already booked their spot in October’s CPL Championship, we now know there’s an extra carrot dangling at the finish line of the Fall campaign: its winner gets to choose who hosts which game in the two-legged championship final. That means, sure, the Cavs (or Forge, if they can somehow pull it off) will have their spot booked in the CPL Championship within the next few days — but they’ll also have reason to keep pressing all the way through summer and fall. And that, like the first point above, is also a good thing for everyone. How many more Tyler Attardos are out there? I mean, in the world, there are probably a bunch of people named Tyler Attardo. But in this case, what I mean is: how many more moments will we get to see like the one that Valour FC’s Tyler Attardo got to experience on Thursday? The 17-year-old Winnipeg native got to score his first professional goal in front of his hometown crowd, a beautiful sight for anyone who knows what the CPL is all about. His team didn’t end up getting a result on the day, but that moment will no doubt loom large in his memory and, perhaps, the memories of other local youngsters watching from the audience. Is playing smarter, not harder, the key for FC Edmonton? I’ll admit to not being heavily interested in the realm of sports analytics—heck, every time I see "xG", I still instinctively think it’s some old-school emoticon that my brain isn’t properly interpreting. But, nope, it’s actually "expected goals", and it played a big role in FC Edmonton finally breaking their goal-scoring hex. As manager Jeff Paulus said after Saturday’s 3-1 win, it came down to shot selection against PFC. While that seems intuitive enough ("hey strikers, take good shots"), digging into the statistical side of shot probabilities has yielded results for plenty of teams over the years. So now, the question is, have Paulus and his attacking corps figured things out? And if they have, will opposing defences soon figure them out? Or was the three-goal outburst simply a mirage amidst what’s been a largely barren Spring season for the Eddies? Canadian Premier League - Feed More in CPL Official News Cavalry FC’s off-season: Wheeldon Jr. looks at the big picture Cavalry FC Coach Tommy Wheeldon Jr. sits down with host Ryan Pinder (at... Bustos embracing opportunity with ‘different’ CanMNT: ‘They’re playing to win now’ Since his first day in the Canadian Premier League, Marco Bustos has... Why is Amer Didić back with CanMNT? Breaking down his call-up To be honest, this was a less-than-ideal calendar year for Amer Didić –... Kieran Baskett makes transformation from HFX Wanderers supporter to player New HFX Wanderers FC goalkeeper Kieran Baskett wishes he could have had... Valour off-season roster build coming along, but still work to be done There’s still work to be done – always is – but Valour FC GM and coach... About TTP Over 20 years of connecting with like-minded people interested in slagging things in life that matter to them most. Our motto is Be A Better Bastard - 'cause alliteration was all the rage in the '90s where some would say TTP is still stuck in We don't have many rules, just don't be a prick. That pretty much sums it up. Welcome and enjoy. TTP Connections Twitter youtube Contact us Website © Soccer Webmasters. All Rights Reserved.	cc/2021-04/en_middle_0030.json.gz/line1213
__label__cc	0.51775	0.48225	You are here: Home / RHOA / Peter Thomas / Peter Thomas Has a Criminal Summons Issued For Simple Assault Peter Thomas Has a Criminal Summons Issued For Simple Assault January 25, 2016 by tamaratattles 25 Comments Edited the title to clarify it’s a summons, not a warrant. This means he will not be arrested but summoned to appear in court to answer the assault charges. If he fails to appear or if the judge finds a reason to charge him, then he will/can be arrested. I was just tweeting the other day that we were past due for someone on a housewives show to get arrested. I came THIS CLOSE to hosting a betting pool here on who would be next. Had I done that, and had you selected Peter Thomas you would have won bragging rights. Though he may not have been arrested yet, so there is still time for someone else to sneak in under the wire. It looks like Peter got into a dust up with a customer at Sports Bar. Peter (like me 🙂 ) has always had a ton of rules for his customers and I could see him mixing it up with customers. See below for an explanation of the charges. Peter Thomas Accused of Assault CHARLOTTE, NC (WBTV) – A member of the ‘Real Housewives of Atlanta’ (RHOA) show is facing an assault charge after an alleged incident inside a bar that he owns in Charlotte. According to court officials, a criminal summons has been issued for simple assault against Peter Thomas. Thomas is the husband of Cynthia Bailey and has been on the RHOA for five seasons. Thomas opened Sports One Bar, along the 500-block of North College Street, in 2014. According to a police report, officers were called to the uptown Charlotte bar early Sunday morning around 1:25 a.m. A 45-year-old man told police he was assaulted in the bar. The man called WBTV and claimed Thomas assaulted him. (Because that is what you do when you are assaulted, you call the news station.) According to the police report, officers consulted with an off-duty police officer and a witness to the alleged incident and determined no assault occurred. (In other words they ask the cop who is employed by Peter Thomas as his second job, whether Peter Thomas assaulted anyone.) Monday, a Mecklenburg County judge reviewed the police report and issued a summons for Thomas’ arrest on simple assault. ( In other words the man claiming he was assaulted knew a judge.) As of Monday afternoon, that summons had not been served. (In other words, Peter has probably run back home to Cynthia.) WBTV reached out to Sports One for comment, but has not heard back. (Cause he’s somewhere hiring an attorney to get him out before they lock him up.) Filed Under: Cynthia Bailey, Entertainment News, Peter Thomas, Real Housewives of Atlanta, RHOA Tagged With: Bar One, Charlotte, Entertainment, Entertainment News, Felons By Bravo, Perter Thomas Accused of Assault, Peter Thomas, Peter Thomas Arrested, Reeal Housewives of Atlanta, RHOA, Sports Bar One, Sports One Minky says My goodness! So much news lately. I hope Peter didn’t really assault anybody. Calling the TV station before the cops is a bit fishy. I am so happy that you are back!!!!! Hope you had a wonderful break but I missed you!!!! Now I can get all my Felons by Bravo updates and now that what I am reading is the truth!! Lisaj says ? honestly that’s how I look. I’m shocked. Say it isn’t so Pappa Smurf! Another possible felon by Bravo. Zoemonster2 says Yay for this blog. My day keeps getting better. That cue ball head belongs in the pokey. Psylocke says Yeah nothing better than hoping a human being loses their freedom and access to the world over something we know nothing about. WonkyTonk says Yeah Zoemonster2 I was never much of a Poppa Smurf fan. I think the dude is a douche, and I can totally see him getting up in someone’s face. The victim calling the news is just ridiculous though. It wouldn’t surprise me to learn the guy showed up there with the intent to start something. Never the less you do the crime you do the time. Not that there’s going to be any time involved in something like this, but I wouldn’t shed a tear for Peter if there were. JentheAUBURNfan says Can we all just hope he hires Phaedra Colin says LOL Man that would be totally awesome to watch. Tommy Marcus says Peter is a joke. It will be newsworthy when he pays his bills. janshell says Oh my lord is there no end to the misfortune with this guy? DarkThoughts says I hope Cynthia does not bail him out. His side trick can put up cash up for her borrowed prick. Marie (@4paz) says Tmz says no charges will be filed. Marie, please read the commenting rules. In fact ask someone to help you comprehend them. That is not what the TMZ article says. It looks like TMZ only has part of the story. I’m going to go with the local news source. I don’t think you understood this post, or the TMZ one. HEY Marie, where are you today now that TMZ is reporting the story again exactly like I did six days ago? Hmmm…why would a victim of assault call the media? Is he trying to get on the show? I’m going to reserve judgement, and just wait to see how this plays out. My theory is that the guy called the cops from the club. The cops came and talked to the off duty cop who works for Peter and they opted not to make an arrest. This pissed off the person claiming to have been assaulted and he called the TV station and said he was assaulted by Peter and the cops didn’t do anything in order to get publicity. The TV station called the county and asked for a police report and the judge got wind of it and reviewed the case and issued the summons since it was about to get some media coverage. This was a CYA move. It remains to be seen if the judge will go forward with pressing the charges. That makes more sense. That was a pretty ballsy move on the part of the judge from the point of view he’s probably pissed off some cops over it. Spilledperfume says I am so clueless when it comes to this stuff. JustJenn says The rules for his bar are ridiculous. Peter is really showing his ass lately..I hope Cynthia doesn’t waste too much more time with him. You think maybe that was their plan? Set Peter up with a new bar and when it was successful he gets it and they divorce? Peter has always struck me as one of those guys who talks a good game, has a million and one ideas, and none of them ever seem to work out eventually for one reason or another usually related to him. I’ve never been married, so I could be wrong… but I would think that when your husband opens up another business in another state and moves there, things are not what they seem in the marriage. I’m also very interested in why Kordell seems to have bailed from Sports One. Margarett says I love this post because purple pen!	cc/2021-04/en_middle_0030.json.gz/line1214
__label__cc	0.532197	0.467803	Community leadership charts course for OpenStack Over 40 community leaders met in Boston last week for strategic workshop to define goals and focus for 2017 and beyond. Lauren Sell Last week, about 40 people from the OpenStack Technical Committee, User Committee, Board of Directors and Foundation Staff convened in Boston to talk about the future of OpenStack. We candidly discussed the challenges we face as a community, but also why our mission to deliver open infrastructure is more important than ever. To kick things off, Mark Collier opened with a state of the union address, talking about the strength of our community, the number of users running OpenStack at scale across various industries and the progress we’ve made working across adjacent open source projects. OpenStack is one of the largest, global open source communities. In 2016 alone, we had 3,479 unique developers from dozens of countries and hundreds of organizations contribute to OpenStack, and the number of merged changes increased 26 percent year-over-year. The size and diversity of the OpenStack community is a huge strength, but like any large organization, scale presents its own set of challenges. Allison Randal, who had done a lot of work beforehand to organize the strategy session, then laid out topical categories which present a unique set of challenges and opportunities for OpenStack. Each workshop participant was then challenged to define the first, most important action we should take to make progress in each category. The five topical categories were: 1) how we communicate about ‘What is OpenStack,’ 2) unanswered requirements in OpenStack, 3) interacting with and supporting adjacent technologies, 4) changes to the technology and 5) community health. Throughout the day, we developed a plan of action for each category that will help focus community efforts and allow us to make significant progress over the next six months. Six-month Community Roadmap TL;DR Version Over the next six months, we’ll be focusing community efforts on: Better communicating and categorizing projects within the OpenStack landscape currently known as “the big tent” to help users understand what is OpenStack and the state of different projects Bringing together developers/users/product teams at the Forum in Boston to improve our process for turning requirements into code Making individual OpenStack projects like Cinder block storage or Keystone identity service easier to consume by adjacent technology communities like Kubernetes (breaking the perception that you must use all of OpenStack or nothing) Simplifying the existing projects by reducing the number of supported configurations and options Growing the next generation of community leaders and helping them rise up Each action also has a specific owner, and will be fleshed out over the next few weeks so we can talk about progress in the April 11th board meeting. For now, I’ll dive into more detail around each category, including the context, conversations in the room and different ideas for those who want to dig in. How we communicate about ‘What is OpenStack’ Today, any related open source project can add themselves to the OpenStack git, communication tools and infrastructure for testing. The general community has witnessed this through an explosion of new programs and innovative ideas. While such growth and interest is an immensely positive result, retaining a process to define trademark use, official projects, core capabilities and code requirements has challenged the basis of what is OpenStack Over the last two years, there have been a series of changes in how we communicate about the projects that make up OpenStack. Previously, new projects would often start in Stackforge and once they wanted to become an official part of OpenStack, they would apply to the Technical Committee (TC) to become incubated until they met criteria to become part of the integrated release. To solve growing pains, about two years ago the TC implemented two different policies: 1) adopted a new framework commonly referred to as “the big tent” (now a somewhat controversial name) and 2) stopped using the Stackforge branding. The combination of these changes essentially laid the groundwork for a two-tier model (official/unofficial projects) rather than three-tier model (Stackforge/incubated/integrated). The Interop Working Group defines “core” as capabilities and code requirements with testing to validate commercial products, and the concept of the “integrated release” no longer exists. To provide more visibility into the state of official projects, the TC and User Committee also define “tags” expressing varying states of maturity, development processes, etc. Proposals to improve the current state included better communicating the value and position of different projects, defining “constellations” or deployment patterns consisting of groups of projects for different use cases (e.g. OpenStack for NFV), and better categorizing the existing OpenStack official projects. There was a lot of discussion about subjective versus objective judgments in how to achieve this goal. Ultimately, it was decided that better mapping projects within OpenStack is the first, most important step. Thierry Carrez, chairman of the TC, will be spearheading these important efforts with a cross-community team of volunteers. Adjacent Technologies We’ve been talking as a community about building the LAMP stack of the cloud, thinking of OpenStack as programmable infrastructure and recognizing the important technologies above, around and below it that people are combining for different use cases. How we better integrate and collaborate with these different technology communities was a key topic of conversation in Boston. Proposals ranged from more focus on cross-community engagement, including upstream work and technical collaboration in adjacent communities to making sure we avoid “not-invented-here” syndrome and consume technologies outside of OpenStack. Ultimately, the group decided that cross-community work was critical and efforts were underway, but one of the first, most important things we need to do is make individual OpenStack services like Cinder block storage and Keystone identity service easily consumable on their own, alongside these other technologies. We need to change the mindset that you have to consume all of the common OpenStack services and demonstrate that each project is valuable on its own and will be combined with different technologies in unique and valuable ways. Chris Price, recently elected to the Board by the Gold Members as part of Ericsson and who also participates in OPNFV, will be coordinating these efforts. It was also one of the more popular teams for volunteers. Unanswered Requirements While we’ve done a great job building a community of users and operators who participate and contribute directly in OpenStack, optimizing the feedback loop for a project of this scale has been an ongoing challenge. We now have an elected User Committee that oversees 11 working groups, including a Product Working Group that helps create user stories and communicate the road map for key projects. However, the challenge discussed in the strategy workshop was bridging the user stories created by the Product Working Group to real blueprints (with applied resources) for the technical contributors, which require more in-depth gap analysis and community buy in. Discussions ranged from how we prioritize requirements to how we reduce the number of new requirements and focus on refactoring / embracing adjacent technologies to focusing on scale, but the group ultimately decided to bring the primary stakeholders (User Committee/TC/Product WG) together at the Boston Summit Forum to collaborate/communicate around user stories, gap analysis, what fits in the current state of tech, prioritize what would have the greatest impact in reducing pain for users. Melvin Hillsman, a newly elected member of the User Committee, will be wrangling this effort. Changes to the Technology Changes to the technology was added as the fifth category after we realized some of the proposals for change didn’t quite fit into ‘Communicating about OpenStack’ or ‘Unanswered Requirements.’ In order to address user feedback around complexity, proposed ideas in this category included culling official projects that may not be strategic or meet our quality standards, welcoming competing implementations within the OpenStack umbrella to enable greater change and innovation, converging the number of deployment tools (especially container-based deployment tools) and recording tribal knowledge. Ultimately, the group decided the first, most important action we need to take is simplifying existing OpenStack projects, including reducing the number of configuration options. Mike Perez, who works as a cross-project development coordinator at the OpenStack Foundation and is also an elected member of the TC, will be taking the lead on this effort working closely with the TC. Cultivating Community Health Our goal is to create a sustainable and productive community where diversity is valued and leadership opportunities are successful. There were several different proposals around improving community health, including on-boarding efforts, improvements to processes and tools and recognizing relevant contributions to adjacent communities and growing leaders in the community. The vote was very close between on-boarding and growing leadership, but it was generally recognized there are a number of on-boarding efforts like Upstream University already in place, while growing leadership was a new important focal point. Steven Dake, who works at Cisco and is an individually elected member of the Board of Directors, volunteered to lead the group defining the next steps toward that goal. Throughout the day, there was lively participation and discussion about all of the topics. A broad consensus emerged that we’re entering an exciting and important phase for OpenStack that presents new challenges but also huge opportunities. If you want to help drive the future of OpenStack in any of these areas, please email the Foundation mailing list, contact one of the team leaders directly (their names are linked to their unique OpenStack profile in each section) or join the next open board meeting on April 11. Tags: OpenStack community OpenStack Boston Summit recap: 50+ things you need to know From new users to product launches, updates and demos, the OpenStack Summit Boston hit it out of the park. Here’s a news roundup from the Summit. OpenStack under the radar Three important things you missed in 2016 that will shape the coming year. Catching up with the Original Superusers An in-depth look at a Cisco, CERN, Bloomberg and new OpenStack user DigitalFilm Tree, and what got them to where they are today Barb Mosher Zinck	cc/2021-04/en_middle_0030.json.gz/line1216
__label__wiki	0.617666	0.617666	The skinny on edge computing Edge was one of the hottest topics in cloud computing in 2017. Here are some of our top resources for ramping up your knowledge. Edge was one of the those topics in cloud computing in 2017 that was hard to get away from. In a report from SDxCentral, 87 percent of respondents said that OpenStack would be used to manage edge infrastructure. Here are some of our top resources for ramping up your knowledge. Navigating Kubernetes and edge computing “Containers are what the developers are using,” said Jeremy Huylebroeck of Orange Silicon Valley. “It’s way more convenient for them to actually publish their code and try things faster.” Paths to autonomous workload management at the edge “We can’t assume that tech developed for data center operations can directly solve edge computing use cases,” says Inmarsat’s Gregory Katsaros. Here are his thoughts on moving forward. How edge computing can take the pain out of daily life From eldercare to taking the anguish from building Ikea furniture, one computer science pioneer outlines how edge computing will change our days for the better. Some day soon, when you assemble a piece of Ikea furniture without tears you’ll have edge computing to thank. That’s the vision of Mahadev Satyanarayanan, known as Satya, a computer science faculty member at Carnegie Mellon University. While the word “disruptive” gets passed around more than bitcoin in the Bay Area, he means it, expecting that edge computing will touch everything from troubleshooting equipment repair to helping people with Alzheimer’s live at home for longer. Pushing the edges with OpenStack Verizon’s cloud-in-a-box offering based on OpenStack delivers computing to the edge — and your local coffee shop. “We need to be in the edge, the data center, all over the place,” says Beth Cohen, distinguished member of technical staff at Verizon. If you take a look at the the scope of their business, it’s easy to see why they need an edge: Verizon has a 4LTE network available to 98 percent of the US population, a global IP network covering six continents, IP and data services in over 150 countries and seven security operations centers on four continents. Clearing up why fog computing is important Superuser talks to Adrien Lebre, who co-chairs the OpenStack Fog, Edge and Distributed Computing Working Group. “During the last couple of years, there’s been a trend towards building mega data centers by companies like Google, Microsoft, and Amazon. The idea is that you build a mega data center with thousands of servers to cope with the demands of cloud computing. Unfortunately, with the new usage trends — internet of things, tactical internet — these mega data centers cannot satisfy the latency needs for these applications. So,we need to propose a new model that will be able to satisfy all this latency-critical requirements.” OpenStack Verizon case study: The illusion of infinite capacity At the OpenStack Summit Boston, Billy Felton and Andrew Hendrickson of Verizon along with Sanjay Mishra CEO of Talligent offered a look into the platform, its architecture and what’s next as they deal with the challenges of edge computing. https://www.flickr.com/photos/nasa_appel/15190943202/ // CC BY Tags: edge What you need to know about cloud edge computing Use cases, challenges and how you can get involved. From eldercare to taking the anguish from building Ikea furniture, one computer science pioneer outlines how edge computing will change our days for the better. OSF Edge Computing Group defines architectures, open source components, and testing activities for massively distributed systems Introducing the Edge Computing group white paper, created by open infrastructure operators and vendors Ildiko Vancsa	cc/2021-04/en_middle_0030.json.gz/line1217
__label__wiki	0.652986	0.652986	Arc of Infinity Arc of Infinity was the first story of the Doctor Who anniversary season 20. Janet Fielding returned as Tegan Jovanka in this serial, rejoining the Fifth Doctor and Nyssa on their travels. Future Doctor Colin Baker made his Who debut in this story, playing Commander Maxil. Just over a year later, he would take over as the Sixth Doctor at the end of season 21. Of the several Doctor Who stories filmed outside the UK in the late 1970s-early 1980s, this was the only one to open a season. On Gallifrey, a Time Lord is at work stealing the biodata extract of another Time Lord and killing a technician who stumbles across the crime. The traitor provides the bio-data to a creature composed of anti-matter and uses the bio-data to invade the TARDIS and then the Fifth Doctor’s metabolism. The Doctor’s companion, Nyssa, helps him recover. The creature is shielded in this attempt by the Arc of Infinity, a curious curve between the dimensions containing quad radiation which can shield anti-matter. The Doctor decides to head to Gallifrey to track down the supplier of his bio-data, conscious that, unless the creature trying to cross universes is stopped, its incursion could cause a fatal chain reaction to our universe. Meanwhile, in Amsterdam, Netherlands, backpackers Robin Stuart and Colin Frazer decide to crash at the crypt of the Frankendael mansion. During the night, Colin hears something and investigates; he finds a curious birdlike creature, the Ergon, which hypnotizes him. A terrified Robin runs away. The High Council of the Time Lords is also taking the matter seriously and has decreed that the Doctor’s TARDIS should be recalled. The Chancellery Guard under the over-zealous Commander Maxil seizes the Doctor and Nyssa. When the Doctor resists arrest, Maxil shoots him… The Doctor has been stunned to ensure his delivery to the High Council. When he is brought before the High Council the new Lord President, Borusa, is inscrutable while Chancellor Thalia and Cardinal Zorac are openly hostile; only his old friend Councillor Hedin seems pleased to see him. The President stresses the gravity of the situation since the creature poses such a threat to the Universe, and the High Council has had no alternative but to issue a Warrant of Termination on the Doctor to ensure the creature can no longer bond with him. Fortunately an old friend, Damon, who is another technician in the records section, provides him with the proof he needs that a member of the High Council stole his bio-data extract. Meanwhile, the Doctor’s former companion, Tegan Jovanka, arrives in Amsterdam looking for her cousin Colin. Instead, she is greeted by Robin, who tells her that Colin has disappeared. When neither of them can persuade the police to take an interest they decide to investigate the crypt themselves. The Doctor is soon taken for execution, despite Nyssa’s attempts to save him, and placed in a dispersal chamber. Sentence is carried out… The supposed death of the Doctor, however, has not solved the situation. Unbeknownst to the High Council, his mind has been taken into the Time Lord living repository of knowledge, the Matrix, while his body is hidden behind a force shield in the termination cubicle. The creature is a renegade Time Lord, who demands an opportunity to return to the Universe it once inhabited. The truth of the aborted execution is discovered by the wily Castellan, who tells first Nyssa and Damon that the Doctor is alive, and then the High Council. Tegan and Robin are attacked by the Ergon’s weapon, a matter conversion gun, and transported into a TARDIS hidden at the Frankendael and belonging to the renegade. Their minds are scanned, revealing to the creature that Tegan knows the Doctor. The renegade uses Tegan as bait to force the Doctor to obey him, also releasing Colin from his slavery as a reward. The Doctor is returned to normal space on Gallifrey where he makes for the High Council Chamber. Lord President Borusa has fallen under suspicion of being a traitor because the Castellan reveals it was his codes that were used to transmit the bio-data. The truth, however, is that Councillor Hedin is the traitor. He is in awe of his master – the mighty Omega, first of the Time Lords and pioneer of time travel. Hedin wishes to release Omega from his exile in a universe of anti-matter, not realizing the great Time Lord has been driven mad by his years of solitary confinement. The Castellan kills Hedin, but this does not prevent Omega using the Arc of Infinity to seize total control of the Matrix and, therefore, the organisation of Gallifrey… Fortunately the Doctor and Nyssa manage to slip away and return to the TARDIS. They use scant knowledge provided by Tegan to determine that Omega has established his base in Amsterdam on Earth, and head there immediately, desperately trying to find the Frankendael crypt she described. After a lengthy hunt they find the lair defended by the Ergon, and Nyssa disposes of it with its own matter-converter gun. They reach Omega’s TARDIS at the point at which both the ship is destroyed and Omega makes full transference to Earth using the Arc of Infinity. When he peels his decayed mask away he reveals the features of the Doctor. Omega heads off into Amsterdam with the Doctor, Tegan and Nyssa in hot pursuit. Within a short time the Doctor’s prediction of an unstable transfer begins to come true: Omega’s flesh decays and it is clear his new body is not permanent. When the Doctor, Tegan and Nyssa catch up with him it is a painful task for the Doctor to use the Ergon’s anti-matter converter on Omega, expelling him back to his own universe of anti-matter. The Time Lord High Council on Gallifrey detects the end of the threat. Once Tegan has checked on her cousin’s progress in hospital, she decides to rejoin the TARDIS crew. This time it is as a willing traveler. Tegan Jovanka Previous Episode: Time Flight Next Episode: Snakedance	cc/2021-04/en_middle_0030.json.gz/line1222
__label__wiki	0.678318	0.678318	Living And Legal Affairs In Thailand Thailand and Asia News RIP Diego Maradona. Thread: RIP Diego Maradona. Praise Jesus The legendary Argentinian footballer Diego Maradona has died at the age of 60, the Argentinian football association has said. Maradona, who captained Argentina's 1986 World Cup-winning team, is widely regarded as one of the greatest footballers of all time - if not the greatest. Earlier this month, it emerged he was to undergo surgery for a subdural haematoma, his personal physician told reporters. A subdural haematoma is a serious condition where a blood clot develops between the skull and the surface of the brain. It is usually caused by a head injury. He was also admitted to hospital because he was "not well psychologically". He said he had been "very sad for a week" and "didn't want to eat", according to one of his representatives. Maradona dead: Argentina legend and one of world's greatest footballers dies aged 60 \| World News \| Sky News Today @ 09:46 AM Wow. Just seen it. I saw him play live once and he didn't do much, but what a player he was in that 86 world cup. RIP indeed. Gone to soon, RIP. RIP the greatest troll Of all time. Were. Fuming. Helluva a player mind. Dazzling, infamous, extraordinary, genius, outrageous. Diego Maradona. A flawed football icon. One of the game's most gifted players, the Argentine boasted a rare combination of flair, flamboyance, vision and speed which mesmerised fans. He also outraged supporters with his controversial 'Hand of God' goal and plunged into a mire of drug abuse and personal crises off the pitch. Short and sweet - The football genius Born 60 years ago in a Buenos Aires shanty town, Diego Armando Maradona escaped the poverty of his youth to become a football superstar considered by some to be even greater than Brazil's Pele. The Argentine, who scored 259 goals in 491 matches, pipped his South American rival in a poll to determine the greatest player of the 20th Century, before Fifa changed the voting rules so both players were honoured. Maradona holds the World Cup aloft in 1986Maradona showed prodigious ability from a young age, leading Los Cebollitas youth team to a 136-game unbeaten streak and going on to make his international debut aged just 16 years and 120 days. Short and stocky, at just 5ft 5in, he was not your typical athlete. But his silky skills, agility, vision, ball control, dribbling and passing more than compensated for lack of pace and occasional weight problems. He may have been a whizz at running rings round hostile defenders but he found it harder to dodge trouble. Hand of God & Goal of the Century Maradona beat Shilton to the ball - and the goal was allowed to stand in 1986Maradona's 34 goals in 91 appearances for Argentina tell only part of the story of his rollercoaster international career. He led his country to victory at the 1986 World Cup in Mexico and a place in the final four years later. In the quarter-final of the earlier tournament, there was a foretaste of the controversy that would later engulf his life. The match against England already had an extra friction, with the Falklands War between the two countries having taken place only four years beforehand. That on-field edge was to become even more intense. With 51 minutes gone and the game goalless, Maradona jumped with opposing goalkeeper Peter Shilton and scored by punching the ball into the net. He later said the goal came thanks to "a little with the head of Maradona and a little with the hand of God". Four minutes later, he scored what has been described as the 'goal of the century' - collecting the ball in his own half before embarking on a bewitching, mazy run that left several players trailing before he rounded Shilton to score. The first goal was dubious; the second was a bloody miracle Former England manager Sir Bobby Robson "You have to say that is magnificent. There is no doubt about that goal. That was just pure football genius," said BBC commentator Barry Davies. England pulled one back but Argentina went through, with Maradona saying it was "much more than winning a match, it was about knocking out the English". A hero for Napoli - but drugs take hold Maradona broke the world transfer record twice - leaving Boca Juniors in his home country for Spanish side Barcelona for £3m in 1982 and joining Italian club Napoli two years later for £5m. There were more than 80,000 fans in the Stadio San Paolo when he arrived by helicopter. A new hero. He played the best club football of his career in Italy, feted by supporters as he inspired the side to their first league titles in 1987 and 1990 and the Uefa Cup in 1989. A party to celebrate the first triumph lasted five days with hundreds of thousands on the streets, but Maradona was suffocated by the attention and expectation. "This is a great city but I can hardly breathe. I want to be free to walk around. I'm a lad like any other," he said. Maradona became an icon at Napoli, where he scored 81 times in 188 gamesHe became inextricably linked to the Camorra crime syndicate, dragged down by a cocaine addiction and embroiled in a paternity suit. After losing 1-0 to Germany in the final of Italia 90, a positive dope test the following year triggered a 15-month ban. He returned and arrested his slide, getting his act together to play in the 1994 World Cup in the USA, but alarmed viewers with a maniacal full-face goal celebration into a camera. Maradona was withdrawn midway through the tournament after he was found to have taken the banned substance ephedrine. Maradona timeline 1977: Debut for Argentina v Hungary 1991: 15-month ban after positive drugs test 1982: Joins Napoli after two-year spell with Barcelona 1994: Plays in fourth World Cup but is ejected after positive test 1986: Wins World Cup with Argentina 1997: Retires from playing after third positive test 1990: World Cup runner-up with Argentina. Second league title at Napoli 2010: Ends two-year spell as Argentina manager after World Cup quarter-final exit After his third positive test three years later, he retired from football on his 37th birthday, but continued to be plagued by problems. Maradona was given a suspended jail sentence of two years and 10 months for an earlier incident where he shot at journalists with an air rifle. His cocaine habit and alcoholism led to several health issues. He put on weight, rising to 128kg (20 stone) at one point, and suffered a major heart attack in 2004, which left him in intensive care. He had gastric-bypass surgery to help stem his obesity, and sought sanctuary in Cuba while battling to overcome his drug addiction. Maradona visited Cuba and met president Fidel CastroDespite all this, Maradona was named manager of the Argentina national team in 2008 and took the side to the World Cup quarter-finals two years later before his reign ended with a 4-0 defeat by Germany in the quarter-finals. Various managerial roles followed for a figure who continued to divide opinion, and continued to make headlines. He needed reconstructive surgery on his lip after one of his pet shar pei dogs bit him, and publicly recognised his son Diego Armando Junior who was born from an extra-marital affair. A snapshot of his chaotic lifestyle came when he attended Argentina's match against Nigeria at the 2018 World Cup in Russia. He unveiled a banner of himself, danced with a Nigeria fan, prayed to the heavens before the game, wildly celebrated Lionel Messi's opener, fell asleep and gave a double middle finger salute after Argentina's second goal. Some reports suggested he needed medical treatment afterwards. Disgraceful, inspired, entertaining, great, over the top. Diego Maradona. A life less ordinary. Maradona attended Argentina's group games during the 2018 World Cup What would he have been worth in his prime in todays football? £200million? Gone to soon, yes, but he did well to get to 60 with the health problems he's had over the years. Originally Posted by Edmond What a goal this was (although we won't forget the other one either). Originally Posted by hallelujah What a goal this was Certainly nice build up play, to say the least, but the actual last touch (the 'shot') has been proven to come from the defender (Terry Butcher?) via video deconstruction. Sad to say, an OG. Underrated finisher, Terry Butcher. If you haven't seen it, this is a good watch. I bet Peter Shilton will still be banging on about the handball in the papers tomorrow. Peter Shilton + around 70 million others Fidel Castro, a friend of Maradona, and George Best, another flawed genius, also died on November 25th. Spooky... Chinese spy Today @ 04:01 PM BackinOz It was the hand of God. RIP. At least the little fat cvnt couldn’t cheat death. He even blamed that infamous goal on someone else. Any vid of this "hand of God goal"? I thought using hands are forbidden in football? (or am I mistaken) Wow, 128 kg at 5'5" - that's obese! He really must have let go at that time. Looking at the vid posted in this thread, he didn't seem much shorter than his teammates. He was before "my time" but I've heard of him. RIP Diego... Here yer go, Katie. ^thanks, hal. I've watched it, and it's unclear if the goal was made by his head or hand. I've googled and Diego confessed in later years that it was his hand, and he knew it was illegal. Still a great (and colorful) player though. RIP Diego. reinvented top of soi 2 60, too soon but i imagine his dick and his nasal cavity were nearer to 129 in the amount of use they ahd simply the best ever and a barrel of laughs Edm0nd 22-12-2020 @ 12:21 PM harrybarracuda Cheat. Drug abuser. Wife beater. Won't be missed. Fookin' Fumin' Originally Posted by katie23 I've watched it, and it's unclear if the goal was made by his head or hand Fuck a duck! Are you blind? Explain the offside rule to us then Katie Good riddance to the fuckin daygo ^I watched from phone, so it wasn't clear. The resolution also wasn't good. Don't know much/ have forgotten the rules about football/ soccer. But I remember that using your hand is illegal - you can use head, knees, feet, torso, etc. I played it in one of my required PE classes many years ago, but I don't really follow any team or world cup FIFA stuff. Cheers. I remember that using your hand is illegal Not if you're a goalkeeper Ahay Don't worry Katie, he's just bitter. Anyone with eyes can see why it's an unknown mystery that Maradona has taken to the grave. I for one reckon it was the goalkeeper's hand you can see hit the ball. The goalkeeper is allowed to use his hand but is not recommended to punch it into the back of his own net. Don't worry about the pictures like the one I posted. If that pic was real the goalkeeper must have came down from above by climbing down a beanstalk. Glad I cleared that up for you. @dill - yes I know that the goalie can touch the ball, pick it up, throw or kick it to his team members. Seems the Poms here are still bitter over the Falkland/ Malvinas issue. I've just watched Season 4 of The Crown. @dirk - thanks! 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__label__cc	0.715196	0.284804	SOTN: Alternative News, Analysis & Commentary Revealing the True State of the Nation About SOTN TPTB Final Solution Proof Clinton Disqualified $100 Billion Class Action Lawsuit To Be Filed Against Google California Wildfires Geoengineered & DEW Attacks 5G: $1 Trillion Class Action Lawsuit ← IMPORTANT VIDEO: Media Brainwashing Trumping With A “Brand New” Immigration Executive Order? → The Real Reason The Elite Hate Trump So Much Posted on February 11, 2017 by State of the Nation He Is Opposed To The One World Agenda Of The Globalists By Michael Snyder Have you ever wondered why the elite hate Donald Trump so much? There have certainly been many politicians throughout the years that have been disliked, but with Trump there is a hatred that is so intense that it almost seems tangible at times. During the campaign, they went to extraordinary lengths to destroy him, but it didn’t work. And now that he is president, the attacks against him have been absolutely relentless. So why is there so much animosity toward Trump? Is it just because he is not a member of their club? The truth, of course, is that it runs much deeper than that. Ultimately, the elite hate Trump because he is opposed to their demonic one world agenda. Many among the elite are referred to as “globalists” because their eventual goal is to unite the whole world under a single planetary system. These globalists truly believe that they know better than all the rest of us, and they want to impose their way of doing things on every man, woman and child on the entire planet. So they get really angry when Donald Trump talks of “building a wall” or establishing a travel ban from certain countries because they eventually want a world without any borders at all. And they get really angry when Donald Trump says that he wants to pull the United States out of international trade deals, because the elite were using those international trade deals to slowly integrate all nations into a single one world economy. And they really don’t like when Donald Trump criticizes Islam, because Islam is going to be a key component of the one world religion that they plan to establish. For quite a while the globalists were on a roll, but recently they have experienced some tremendous setbacks. Britain’s vote to leave the EU and the election of Donald Trump were not supposed to happen, and this has left many globalists searching for answers. In fact, just today I came across a New York Times article entitled “Besieged Globalists Ponder What Went Wrong“… Until recently, you didn’t hear people being referred to as “globalist” very often. But in a time of rising nationalism, those who see the upside of globalism have become a distinct — and often embattled — tribe. Last week, the globalists had a big family reunion in New York. The gathering was focused on the United Nations General Assembly, but a growing array of side conferences and summits and dinners also attracted concerned internationalists of every stripe: humanitarians, leaders of nongovernmental organizations, donors, investors, app peddlers, celebrities. As you can see, even the New York Times uses the term “globalists” to describe these elitists. At one time you would have been considered a “conspiracy theorist” is you spoke of “globalists”, but at this point the elite are not even trying to put up a facade any longer. And of course Donald Trump made opposition to globalism one of the central themes of his campaign, and it really struck a chord all across America. As Dr. Jim Garlow noted in an article that went viral just before the election, Trump’s opposition to globalism was one of the key things that set him apart from Hillary Clinton… Trump opposes globalism. Hillary thrives on it. Globalism is far more than “geographical” or “eliminating national borders and boundaries.” It is spiritual and demonic at its core. Few—very few—understand this. This is quite likely one of the main reasons why Trump is hated. Do your homework on this one. Think “principalities and powers.” Serious. Extremely serious. The reason why the threat of globalism is so serious is because if a single global system is ever established there will be no escape from it. Just think about it – where could you go to escape a government that literally rules the entire world? These globalists are completely convinced that if they could just get control of everyone and everything that they could establish some sort of environmentally-friendly socialist utopia where war and poverty are eradicated. But in order to do that, they would need to be in a position to micro-manage the lives of every single person on the planet. In their minds it would not be tyranny, but for those of us that love freedom that is precisely what it would be. The globalists want a one world government, a one world economy and a one world religion. Those of us that are Christians know that the Bible speaks of a time when this will happen, but even many that are not Christians are deeply concerned about what the globalists are pushing for. Just consider the words of George Mason University Law School Professor Jeremy Rabkin… George Mason University Law School Professor and author of the 2004 book The Case for Sovereignty: Why The World Should Welcome American Independence Jeremy Rabkin argues that globalism fundamentally stands at odds with democratic forms of government. In a Tuesday CP interview, Rabkin, a Jew, expressed his distaste for Donald Trump. But on globalism, he said, “beyond that it is not democratic, there’s something about it that is a little creepy, a little uncanny.” “It’s basically saying ‘We are going to organize the world in a way that establishes an artificial consensus.’ It’s not enough to say it’s undemocratic. It’s threatening; it’s almost demonic. It is a world organized independently of people’s fundamental religious convictions,” Rabkin said. I think that when Rabkin chose the word “demonic” that he was right on point. The global elite have already had a tremendous amount of success in promoting values, systems and laws that are “anti-Christian” around the globe. The globalists control the mainstream media, they control Hollywood, they control our education system and they control most of our politicians. They thought that they were almost ready to move into the final stages of their agenda, but then Donald Trump happened. For the moment, the momentum toward a one world system has been stopped cold. But that doesn’t mean that the globalists will stop trying. Just because Trump won the election does not mean that they are going to roll over and die. The elite are going to use all of the resources at their disposal to try to destroy Trump, even if that means creating a tremendous amount of chaos. If you study the globalists, you will quickly discover that one of their favorite tactics is to create order out of chaos. So in the months ahead I think that it is quite likely that we may see quite a bit of chaos as the globalists attempt to get their program back on track. But if we understand what they are doing, we will be able to see through their games. So let’s keep shining a light on these globalists, because they always prefer to operate in the darkness. http://endoftheamericandream.com/archives/the-reason-the-elite-hate-trump-so-much-is-because-he-is-opposed-to-the-one-world-agenda-of-the-globalists PATRIOTS: Watch out for this on January 6th! MUST READ NOW! MUST READ NOW! MUST READ NOW! TRUMP HAS WON BY DEFAULT—Here’s why! Let’s be very clear about the 2020 election outcome: “FRAUD VITIATES EVERYTHING”. ELECTION THEFT 2020: It’s much worst than anyone knew! TRUMP’S TOP SECRET 2020 MISSION ELECTIONgate: You’ve never seen anything like the ballot fraud and election theft perpetrated by the Democrats this week! ELECTION THEFT 2020: The Steal Begins in Earnest! RED ALERT: Democrat-Run COMMUNIST TAKEOVER PLOT to Unleash Bolshevik Violence after Election Day WOW! TIME Magazine Doesn’t Even Hide the Rapidly Unfolding Covid Communist Plot! TRUMPQUAKE! The Greatest Voting Demographic Shift in U.S. History Is Taking Place In Shortest Period of Time Ever TRANSCRIPT OF THE MOST IMPORTANT VIDEO ON THE INTERNET TODAY! BIDENgate: The Most Explosive October Surprise of the Third Millennium The greatest OCTOBER SURPRISE in U.S. history has already happened! OCTOBER SURPRISE 2020: Democrats Desperately Executing Plan A, B & C Undeniable Revelations and Crucial Takeaways from the Debate Disaster The Single Most Important Political Speech Ever—EVER!!! (MUST VIEW Video) Globalist-Directed Geo-terrorists Aim Yet Another Weather Weapon at Florida Panhandle—WHO & WHY? Is President Trump a real, honest-to-goodness LIGHTWORKER? (Must View Video) Is it La Niña or the geoengineers who are exacerbating it that’s responsible for burning down Oregon? THE GREAT SCAMDEMIC OF 2020 IS COLLAPSING… Anonymous D.C. Insider Exposes Ultra-Secret Covid Conspiracy Inside the Beltway Ghislaine Maxwell’s List Became Unsealed Yesterday—Look at the Democrats and Republicans connected to Jeffrey Epstein “IT’S A FULL-BLOWN COMMUNIST PLOT” — Whistleblower Reveals the Plan FALSE FLAG OPERATION: Beirut Targeted By Devastating 9/11-Level Terrorist Attack—Who did it and Why? Why is the U.S. turning Sri Lanka into a Neo-Colonial Military Base? Did Deep State terrorists or Democrat bolsheviks set fire to the navy ship in San Diego to send a message to Trump? “Now is the time to act!” — Gen. Mike Flynn Issues A Rousing Call To Action READ THIS FIRST BEFORE EVER WEARING A MASK (Warning Update) BRITISH PLAN TO POISON HUMANITY ‘Rogue gangs banding together and creating absolute havoc!’ PLANDEMIC: The Pre-Planned Controlled Demolition of the American Economy—WHY? COUP-IN-PROGRESS: White Collar Mafiosos Fauci, Pelosi, Cuomo & Cuomo Conspire to Topple Trump FAUCIgate: OPERATION COVID-19 Point Man Tony Fauci Must Be Arrested and Prosecuted for Genocide People, take off your masks before you really make yourself sick! FUNVAX: Globalist Plot to Mandate COVID-19 Vaccine Exposes Shocking Satanic Conspiracy OPERATION BEACH CLOSURE: A Pivotal Piece of the Perfidious COVID-19 Plot NWO Globalists Using Highly Advanced AI Platforms to Generate Ever-Changing Fear Programs Worldwide Here’s the NWO Scheme to Enforce Mandatory Vaccinations BILL GATES: A Menace to Society Who Must Be Arrested and Prosecuted for Crimes Against Humanity OPERATION COVID-19: Much More Than a Militarized and AI-driven World Takeover Scheme Welcome to the COVID-19 AI Simulation! Brought to you by your AI ‘friends’ at DARPA. QUATERNARY WEAPON SYSTEM Activated Before Each Coronavirus Cluster Explosion CORONAVIRUS SYNDROME: The Ultimate Genocidal Bioweapon System PLANDEMIC! A Painstakingly Planned Pandemic & Purposefully Perpetrated Panic GLADIO BIOTERROR: ‘Biological Attack’ Against China Planned by NATO Decades Ago — UK Military Officer & Whistleblower BIOENGINEERED and 5Ged CORONAVIRUS PANDEMIC: What Everyone Needs to Know MEDICAL MARTIAL LAW: Is this how they plan to lock down planet Earth? CORONAVIRUS SPECIAL REPORT: Worldwide Outbreaks of 5G Syndrome and 5G Flu Driving Pandemic CORONAVIRUS HOAX: Fake Virus Pandemic Fabricated to Cover-Up Global Outbreak of 5G Syndrome CORONA CRASH 2020: The Real Conspiracy Behind the Globalist Takeover Plot CORONAVIRUS BIOWEAPON MYSTERY SOLVED: It’s all in the name! OPERATION CORONAVIRUS PANDEMIC: 16 Reasons for the Deployment of this Devastating Bioweapon in 2020 STAGED CORONAVIRUS PANDEMIC: An International Criminal Conspiracy of Epic Proportions Wuhan Coronavirus Bioterrorist Attack Is China’s 9/11, Same Perps Here’s How Everyone Can Avoid Getting The Coronavirus WUHAN CORONAVIRUS PANDEMIC BIOENGINEERED: Who’s behind it, why now and why China? OPERATION TERMINATE 2A: A Special Report on the Deep State-controlled Virginia Gun Rally OPERATION TORCH AUSTRALIA: A Special Report on the Geoengineered Firestorms and DEW-triggered Arson Fires CLIMATECHANGEgate: Hidden Agenda Behind the Huge Hoax and Global Criminal Conspiracy The Hidden Powers Behind the Destruction of America MIFSUDgate: The international intel agent who triggered the RUSSIAgate hoax is likely dead— How convenient: IMPEACHMENTgate: The Deep State Coup Conspiracy and Democrat Scandal That Will Forever Destroy Their Treasonous Party THE “CASSANDRA PROPHECY”: Everything Changes After Election Day 2020 SOTN Has a New Website at StateoftheNation.co, No More Posting at This Site The Lynchpin MEME That Will Take Down the Shadow Government Because the Smith-Mundt Act of 1948 was Repealed, Fake News and Propaganda Overwhelm the American People Here’s why Attorney General William Barr just proved he was chosen by Deep State It’s all-out war between Team Trump and Team Biden! “Marie Yovanovich didn’t care when the Bidens made millions from the Ukraine. She only cared when Trump started asking about it.” Is this really an unprecedented war or is it all Kabuki theater? Deep Stater AG Barr Covers Up Epstein’s ‘Murder’ & Disappearance Act “Silicon Six” Tyrannically Rule the Global Digital Technocracy (Video) Fiona Hill was a British plant inserted to sabotage the U.S.-Russian relationship There’s now NO question that President John F. Kennedy was assassinated by the C.I.A. The same international crime syndicate that is character assassinating Trump killed Kennedy 56 years ago. GLADIO FALSE FLAG MASS SHOOTINGS: FBI Stages MCE’S Like Clockwork 5Ggate: Every Decision Maker in America Needs to Read This! Here’s how Deep State will make us believe authorities are draining the swamp. The U.S. State Department has its own Very Deep State Basically the Kofer Black ‘Blackberry network’ represents the Deep State operatives running the House impeachment scam (Video) Pardon Roger Stone! Sign The White House Petition. (Video) Jim Jordan hammers Sondland over ‘quid pro quo’ omission (Video) FIONA HILL: A Soros Mole, Deep State operative & British Intel Agent Soros Controls Large Swaths of the U.S. Department of State — Former U.S. Attorney Trump Carries Out Sting Operation Against Coup Plotters Via UKRAINEgate — Part 2 Joe Biden Brags about getting Ukrainian Prosecutor Fired (Video) CIA-Directed Hong Kong Protests Explained in One Comment BOMBSHELL REPORT: U.S. diplomats were working for George Soros running massive “massive pay-for-play” schemes in Ukraine (Video) Adam Schiff Directly Involved in Ed Buck’s Sodomite Drug Den Ukraine’s Upcoming Criminal Referral Cites Hunter Biden for “money raised through criminal means and money laundering” and “money stolen from citizens” Sondland’s Siren’s Song: Democrats Blow All 8 Gaskets! Here’s how the predatory Democrats literally browbeat the desired testimony from their prey (Video) ADAM SCHIFF: Chief Coup Plotter, Soros Pawn, Deep State Operative, Inveterate Warmonger, Intelligence Community Traitor, Foreign Asset & Pedogate Conspirator ADAM SCHIFF Outed a Chief Coup Plotter There is no impeachable offense—Why are they wasting our time? 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__label__cc	0.668029	0.331971	Very basic emacs usage Emacs is a very powerful and flexible text editor. This is a very quick walk-through of essential emacs commands, based on my own experience of the commands I use most frequently. I’m giving the key shortcuts, because those are the ones I use. But running in a GUI, you can use mouse navigation for such things as switching windows, and there are menu items for many of the commands. I thought that this list would be short, but once I started writing I thinking about new stuff that I should include. Eventually I had to cut it down to what I really think are the basics. I won’t spend any time on the flexibility of emacs, but will mention it in the section titled “Commands and key bindings” Keypress sequences will be represented like these examples `C-x C-f’ (pronounced “control ex control eff”), `M-w’ (pronounced “meta double you”). The sequence is delimited by a single back quote ` at the start, and a single quote ‘ at the end Spaces in the command sequence are just separators. If pressing the space bar is part of the command sequence, it will be represented by SPC, e.g. `C-SPC’ `C-‘ means: hold the Ctrl key pressed while pressing and releasing the key connected to C with the hyphen `M-‘ means: hold the “meta” key pressed while pressing and releasing the key connected to C with the hyphen. On PC keyboards the “meta” key is most commonly the “Alt” key `RET’ in a command sequence means pressing the Return (or Enter) key `TAB’ means press the tabulator key Commands and key bindings The actual commands in emacs are all lisp functions. The keyboard key combinations you press to run the command, are known as the “key binding” of the command. If a command’s regular key binding has been masked for some reason, you can run the command with `M-x command RET’ where “command” is the command’s lisp function name. Emacs allows replacing the key bindings for all commands with your own, and for a new emacs user it may be tempting to replace the default emacs key bindings with something more familiar. However, I recommend against replacing the default key bindings, because: different emacs modes often have a command set patterned on the base command set, and they are easier to remember for that reason if you come to a emacs installation that does not have your customizations you may not be able to use it Exiting emacs To quit emacs, do `C-x C-c’. If running emacs with a GUI, you can also go to the File menu, and select quit. Note that `C-x C-c’ is quite easy to hit by accident. It’s possible to make gnus query for whether it should quit or not, by customizing the lisp variable confirm-kill-emacs. To modify the variable, do `C-h v confirm-kill-emacs RET’. The editing screen will split. Do `C-x o’ to move to the lower half of the edit area, move the underlined word “customize” and press RET. In the form that appears select the “Value Menu” button, and then choose “Ask with yes-or-no-p”. Then select “Set for current session”, then select “Save for future sessions”, then select “Exit”. The Help menu have lots of stuff. There’s an online tutorial that is worth following. All help commands are available through `C-h’ followed by a key. I use the following help commands on a regular basis: `C-h i’ to get the online manual `C-h b’ to find the current key bindings `C-h f’ to find the documentation for a lisp function (eg. a command), `C-h v’ to find the documentation for a lisp variable Note that for both `C-h f’ and `C-h v’ TAB and SPC can be used to autp expand the function or variable name. Also note that many variable documentations have the text “This variable can be customized” in it. Move the cursor to the word “customized” and press RET. This will take you to a form where you can change the variable and persist the changes. Loading and saving files When starting emacs in a GUI environment, you will see: A menu bar at the top A toolbar below the menu bar A big window with a blurb-looking text A line with a different background color and some text and numbers A white area at the bottom (known as “the mini buffer”). This is where you will be prompted for file names, and give search strings To load a file into emacs, press the keys `C-x C-f’. The minibuffer will present a prompt for the file name. It will suggest a path based on the current working directory. You can edit that path whereever you want to go, and the possibilities for the paths can be expanded by pressing SPC or TAB. SPC means “expand to the first separator character” (e.g. “/” or “.”). TAB means “expand as far as possible”. To save the file type `C-x C-s’. To save to a new file name, type `C-x C-w’. All of these commands are available under the File menu, when running emacs in a GUI. You can edit multiple files into emacs. To move between files, either use `C-x C-b’ to get a list of buffers, or `C-x b’ (no ctrl key for the b), and use TAB or SPC to expand the name of the loaded file you want to move to. The `C-x C-b’ command will split the emacs window in two, vertically. Use `C-x o’ to jump to the lower half, and then arrow keys to navigate to the file you want to go to, and then `C-x 1′ to let it take the entire editing area. You can also cycle through the loaded files with the commands `C-x C-right’ and `C-x C-left’ (“right” and “left” meaning the right and left arrow keys). All of these commands are available in the Buffers menu Editing multiple files You can load as many files as you like (well… there’s a limit, but I’ve never reached it) into emacs at the same time. To switch between files, use `C-x b’ (Note: no ctrl key for the `b’) and write the name of the file you want to go to (not the full path, just the local file name). You can use TAB and SPC to auto-expand the file name. To see all files loaded in emacs give the command `C-x C-b’ (this time use ctrl for the b as well). The text editing window will split in two with the loaded files listed in the lower half of the screen. To get to a loaded file, use `C-x o’ to switch the cursor over to the lower half, then cursor to the file you want to look at, and press RET. Now the lower half will show the file you selected, but the top half still show again.txt. To make the new file use all of the editing area, press `C-x 1′ (“control ex one”). There are many similar commands to split and close part of the editing area. I won’t get into them here. The manual has more. Navigating in emacs The normal arrow keys work as expected. So does page up and page down. The Home key will take you to the start of the line, and the End key will take you to the end of the line. In addition you can navigate with Ctrl keys: `C-p’ is the same as arrow-up (p for “previous”), `C-n’ is the same as arrow-down (d for “down”), `C-b’ is the same as arrow-left (b for “back”), and `C-f’ is the same as arrow-right (f for “forward”). Two of these commands have “meta” siblings: `M-f’ which forwards the cursor over the next word, and `M-b’ which takes the cursor over the previous word. In addition there are `C-M-f’ (“control meta eff”) which takes the cursor over the next clause. Whatever the clause is depends on the type of file in the current buffer. In an XML buffer that would be an element. There’s also `C-M-b’ which moves a clause backwards. The page-up and page-down keys also have ctrl/meta keys. `C-v’ is page down, and `M-v’ is page up. Ctrl key equivalents for Home and End are `C-a’ and ‘C-e’. Searching and replacing To start searching in the current file, give the command `C-s’, then start typing the word you are searching for. The search is incremental so the more you type the more it will match. The cursor will move to the match. When you have found a match, you can: Press `C-s’ to go to the next match Press `RET’ to stop the search at the current match Press `ESC’ to abort the search and return the cursor to where you were before starting the search If you do `C-M-s’ instead of `C-s’ (ie. hold down both the ctrl and Alt keys, when pressing and releasing s), the incremental search will be a regular expression search, instead of just a plain search. Another powerful search method is occur. Type `M-s o’ and the minibuffer will prompt you for a regular expression. After giving a regular expression and typing RET, the editing area will split in half, the lower half showing all matches. To go to a match do `C-x o’ to move to the lower half, use the up and down arrow keys to move to a match, and then press RET. To search and replace, use the command `M-%’. You will be prompted in the minibuffer for search and replace texts. When being prompted, you can use the up and down arrow keys to select earlier search and replace texts. The command `C-M-%’ is a regular expression search and replace, and adds complexity and power to the search and replace, but otherwise behaves the same as the plain text search and replace. Cutting and pasting To mark the area that is to be copied or pasted, press `C-SPC’ at the start of the area, and then move the cursor the other end. The area is now selected (in a GUI, it will show up as selected). If you want to copy the marked region, use `M-w’, if you want to cut the marked region (“kill the region” in emacs terminology) use `C-w’. Then move the cursor to where you want to paste it (“yank it”, in emacs terminology), and press `C-y’. If you immediately (ie. without moving the cursor) press `M-y’ the yanked (ie. “pasted”) region will be replaced with the previously copied or cut region. By pressing `M-y’ again you will get the copy/paste preceeding it. You can continue pressing `M-y’ until you’re back to the last copied/cut region, and then continue past that again for a new cycle. This is what emacs calls “cycling the kill ring”. A very useful way of deleting lines is using `C-k’. This command will kill the rest of the line from the cursor point. If you continue to press `C-k’ the killed lines will be added to the most recent entry in the kill ring, rather than appear as new entries. If you want to delete the next 50 lines you can do it with `C-u 5 0 C-k’. `C-u’ is known as “the universal argument prefix”. It can be applied to many emacs commands, typically to give them a numerical argument. Useful variables to set There are some variables that are useful to set to values other than the default. For all of them, do `C-h v variable-name RET’ then select the underlined word “customize” in the variable’s documentation, select the “Value Menu” in the form that appears, and set the appropriate value. Then select “Set for current session”, then select “Save for future sessions”, then select “Exit”. The variables are: `confirm-kill-emacs’ set to `yes-or-no-p’ (emacs will query yes/no on exit) `split-width-threshold’ set to `nil’ (emacs will split windows horizontally) `x-select-enable-clipboard’ set to `t’ (copy/paste will work from emacs to other programs) editoremacsnewbieolprogramming Previous PostHello world!Next PostUsing org-mode Emacs – Steinar Bangs blogg Emacs and lisp 2012/05/03 Using org-mode 2012/05/02 Very basic emacs usage 2012/05/01	cc/2021-04/en_middle_0030.json.gz/line1232
__label__cc	0.61307	0.38693	Tourism, Travel & Hospitality Niche Tourism News West Africa A good museum experience pays off for the tourism sector in Ghana The 2019 Year of Return, when Ghana welcomed Africans in the diaspora to participate in events associated with the country's rich cultural heritage, was an opportunity to learn more about what tourists want... By Alexander Diani Kofi Preko 28 Sep 2020 Covid-19, Africa's conservation and trophy hunting dilemma Wildlife conservation hasn't escaped the impact of the Covid-19 pandemic... By Duan Biggs, Alexander Richard Braczkowski, Alta De Vos, Hayley Clements 30 Jun 2020 This could be the end of the line for cruise ships The same business model that has enabled the cruise industry to prosper could also spell its demise... WTM Africa 2020 visitor, media registration now open World Travel Market Africa 2020, which takes place at the Cape Town International Convention Centre is set to be one of the African continent's largest and leading business-to-business travel trade show yet... #BizTrends2020: All about authenticity - 3 major trends influencing the travel industry As tourism continues to rise (2018 saw a global increase of 6% in 2017) consumers are not shy to make their preferences known on how they want to travel and, afterwards, what they thought of the experience... By Jared Ruttenberg 8 Jan 2020 Safari tourism may make elephants more aggressive - but it's still the best tool for conservation Countries such as South Africa and Kenya receive two to five million visitors to protected areas each year, generating receipts of up to $90m. But as it becomes more popular worldwide, it's worth remembering that we often don't know how tourism affects the animals we observe... By Isabelle Szott and Nicola F. Koyama 25 Mar 2019 Rovos Rail launches 15-day east, west expedition Luxury train operator, Rovos Rail is introducing a 15-day expedition through Tanzania, Zambia, the Democratic Republic of Congo and Angola in July... Africa's Travel Indaba to be rescheduled SA Tourism has announced that the 2019 Africa's Travel Indaba will be rescheduled, after the president confirmed 8 May as the date of the country's general election... UNWTO/UNESCO Conference: Cultural tourism sustains communities and living heritage Cultural tourism policies and strategies must consider the perspectives and interests of local communities, who can also assist governance bodies in balancing tourism development with heritage conservation and safeguarding... Travel megatrends transforming Africa Travel is an ever-shifting industry; how visitors adapt in their preferences is a challenge for any tourism and hospitality professional to identify and meet their requirements in order to stay relevant... Africa Halal Week film, media programme is unveiled at 2018 CTIFMF This week saw the unveiling of the Africa Halal Week Film and Media programme during Cape Town International Film Market and Festival. The programme is focused around how Cape Town and the Western Cape can better position itself as a Muslim-friendly film and media destination...	cc/2021-04/en_middle_0030.json.gz/line1239
__label__wiki	0.577908	0.577908	Ashley Graham’s New Swimsuits for All Campaign Celebrates Pregnant Bodies Courtesy Swimsuits for All Ashley Graham has been a champion of body positivity in fashion for years. Along with landing a Sports Illustrated cover and walking countless runways, she used an ongoing design partnership with Swimsuits for All to empower women to feel confident in their swimwear. Now, she’s continuing to do so during her pregnancy. Debuting her latest swim collection, Graham models bikinis and one-piece suits while pregnant with her first child in the new Swimsuits for All campaign. It may just be her most stunning shoot for the brand yet. “Shooting this Swimsuits for All campaign while pregnant was truly empowering,” Graham told BAZAAR.com. “I’ve been honest and have shared my feelings about my body changing, and this shoot for my anniversary collection reignited my confidence and reaffirmed that our bellies are beautiful. We should be celebrating our bodies at all stages throughout our lives.” Despite the fact that Graham’s mission has always been to make all women feel confident in their bodies, she was not immune to struggling with all the changes during pregnancy. “Throughout my pregnancy, my body has changed in some really new and interesting ways, and it wasn’t always easy to embrace them at first. I gained 50 lbs, but I feel great, healthy and happy, and that’s what matters most,” the model admits. As for what helped her get through some of those insecurities throughout her pregnancy? She credits “the moments when I can rub my belly and feel the baby kick, which reminds me how blessed I am to be able to grow my family with Justin [Graham’s husband].” Unfortunately as many mothers know, the pressure surrounding your baby bump and pregnancy weight gain doesn’t end after giving birth—it only amplifies. Many women feel they have to quickly bounce back and lose all their pregnancy weight immediately, but Graham isn’t here for any of that. “It’s unfortunate that this ‘bounce back’ culture exists for new moms,” Graham says. “We just grew a life inside of our bodies for nine months, and then in addition to raising a newborn, there’s pressure to lose all of the baby weight so quickly.” The model, whose baby boy is due this January, isn’t getting caught up in any of society’s pressures on her postpartum body. “Everyone’s postpartum journey is different. My priority will be to make sure that our baby is happy and healthy, and when and if I do decide to lose the baby weight, it’ll be on my own terms.” Ashley Graham’s latest Swimsuits for All collection is available to shop online now at swimsuitsforall.com. WandaVision Is Marvel’s First Real Mystery. We Ranked All the Theories About What Could Happen Next. Twitter Calls Out the Irony of Melania Trump’s ‘Be Best’ Campaign As She Celebrates Its ‘Legacy’ Chanel’s New Podcast ‘Connects’ Pharrell Williams, Keira Knightley, Tilda Swinton, and More	cc/2021-04/en_middle_0030.json.gz/line1242
__label__wiki	0.608909	0.608909	Theatre Things Promote your show Review: The Canterbury Tales at Tower Theatre Published on July 12, 2019 by Liz For someone who spends a lot of time sitting on stationary trains (and almost missed the start of this show because of a public transport delay), the premise of Tower Theatre’s new production of The Canterbury Tales is all too familiar. A group of passengers stranded on a train to Canterbury West – among them a soldier (Toñi Madja), a musician (Paul Willcocks), a librarian (Sarah Bower), a handywoman (Emily Carmichael) and a lawyer (Alistair Maydon) – are encouraged by the train guard (Alexa Wall) to turn to storytelling to pass the time, with each of them competing for the audience’s winning vote at the end of the evening. Photo credit: Robert Piwko Directed by Angharad Ormond, the resulting collection of tales is a slightly disjointed but wholly entertaining evening, alternating between comedy and tragedy, and with no shortage of topical commentary; though the tales are all based on stories written centuries ago, it doesn’t take too much of a twist to bring some of them bang up to date. Like Constance, the central character in the lawyer’s story, who’s forced to flee her home and later becomes the sole survivor of a slaughter at the hands of religious extremists; Griselda (Arabella Hornby), of the librarian’s tale, who’s trapped in an emotionally abusive marriage; or Alice (Deborah Ley), better known as the Wife of Bath, who’s been married five times but has never managed to achieve the one thing she really wants – gender equality. The production makes no secret of its political orientation in these moments, with cast members reciting key facts and headlines relating to the refugee crisis, and Alice referencing recent news from Alabama in her plea for women’s rights. Unsurprisingly, this means that there are points in the production where things get very dark indeed, but luckily there’s also plenty of humour – much of it quite cheeky – to lighten the mood. Both the bookie (Ryan Williams) and the soldier entertain their audience with stories about two men chasing the same woman, set centuries apart but both with predictably disastrous results. The priest (Paul Graves), meanwhile, brings the evening to a cheery musical conclusion with his cautionary tale about the proud rooster Chauntecleer, who learns the dangers of falling for flattery. Although each story only has one narrator, the production is a great example of ensemble performance, incorporating physical theatre, sign language and clowning at various points. Music also plays an important part in the show, whether it’s a cappella 60s hits, haunting folk melodies or tongue-in-cheek opera, and this adds an extra dimension to an already lively production, with strong vocals and harmonies from the whole cast and musical accompaniment provided by the multi-talented Paul Willcocks. Parts of the show have a slightly improvised feel, and with more characters than stories I did leave wondering if a different combination of tales might be told each night – if so, this would be another clever twist (and would also keep the cast on their toes). Whether or not that’s true, though, this new take on The Canterbury Tales brings Chaucer well and truly into the 21st century, and is certainly a lot more accessible than the dry text most of us will remember studying at school. It’s great fun, slightly bonkers and well worth a visit. The Canterbury Tales is at Tower Theatre until 20th July. Categories London theatre, Reviews•Tags Chaucer, London, review, The Canterbury Tales, The Tower Theatre Company, theatre, Tower Theatre Previous Review: One Giant Leap at the Brockley Jack Studio Theatre Next Review: Lunatic 19’s at Finborough Theatre 2 thoughts on “Review: The Canterbury Tales at Tower Theatre” Lady Carol Povey says: Wonderful production . I travelled from Sheffield this morning for the day. I wanted not only to see it , but also to see my granddaughter who was in it ,Alex Wall the cast were superb ,and of course not being bias so was my granddaughter. I will come again for any further production . Well done. Follow Theatre Things via Email Review: The Legend of Moby Dick Whittington (online review) Review: What a Carve Up! (online) Review: Macbeth (online) at Belfast International Arts Festival Review: Waiting For The Ship To Sail at Chickenshed (online) Review: Sticks and Stones at Tristan Bates Theatre Follow Theatre Things on Twitter Theatre Things on Facebook Online theatre Regional theatre Theatre blogging Theatre etiquette Theatre thoughts This week's theatre Contact Theatre Things theblogoftheatrethings@yahoo.co.uk	cc/2021-04/en_middle_0030.json.gz/line1243
__label__wiki	0.961262	0.961262	Connecting Regions of Asia. The Eastern Link Logo - Connecting Regions of Asia. Nagas To Co-exist, Not Merge With India : Muivah COVID-19 – The Opportunity For NRI Investors The Eastern Link Desk Narkeldanga; Stuck In Between Politics Rwitabati Bhattacharya US or Russia – F35 vs Su57 ! INDIAN DEFENCE NEWS By Vijaita Singh Last updated Aug 14, 2020 Centre recognised sovereignty of Nagas when 2015 pact was inked, says Thuingaleng Muivah The chief of National Socialist Council of Nagaland-IM (NSCN-IM) said on Friday that the Centre recognised the sovereignty of the Nagas when it signed the 2015 framework agreement and that the Nagas will co-exist but not merge with India. The NSCN-IM leader Thuingaleng Muivah, 86, said they were not asking the Government of India for a Naga national flag and a separate constitution as “recognise them or not, we have our own flag and constitution.” Mr. Muivah said in a speech that “the Nagas will co-exist with India sharing sovereign powers as agreed in the Framework Agreement and defined in the competencies..But they will not merge with India.” The speech made on the eve of the Independence Day comes at a time when the talks have hit rough weather with the Naga group demanding the removal of interlocutor and Nagaland Governor R.N Ravi. Earlier this week, the NSCN-IM had for the first time released the details of the 2015 framework agreement that stated that the Centre had agreed on “sharing the sovereign power” and provide for an “enduring inclusive new relationship of peaceful co-existence of the two entities”. The Isaak Muivah faction of the NSCN-IM, one of the largest Naga groups, signed the agreement in the presence of Prime Minister Narendra Modi on August 3, 2015, to end the decades-old Naga issue. In Friday’s speech, Mr. Muivah said, “After a series of intensive discussions based on the principle of the proposed ‘co-existence and shared-sovereignty’, the Framework Agreement was arrived at and officially signed on the 3rd August, 2015. The Government of India through the Framework Agreement recognises the sovereignty of the Nagas.” “The agreement also says ‘Inclusive peaceful co-existence of the two entities sharing sovereign power’. By ‘inclusive,’ it means all Nagas in different administrative units and political camps are to be included in the agreement. Co-existence of the two entities is self-explanatory. It means the two peoples and nations will co-exist. Political and legal experts admit the terms ‘co-existence’ and ‘shared-sovereignty’ apply to two entities, not one entity. The Nagas will co-exist with India sharing sovereign powers as agreed in the Framework Agreement and defined in the competencies. But they will not merge with India,” he said. He said Nagas have neither been a party to the Union of India nor to that of Burma (Myanmar). He said that in 2010, during the tenure of Prime Minister Manmohan Singh, the Government of India through its interlocutor R.S. Pandey proposed a ‘Non-paper’. “The non-paper says, Coexistence of the two entities and shared-sovereignty of the two entities,” he claimed. In November 2017, Mr. Ravi included more Naga groups in the talks and signed a preamble with the Naga National Political Groups (NNPGs). The Intelligence Bureau has been holding discussions with Mr. Muivah, who has been camping in New Delhi for more than a fortnight. Mr. Ravi did not turn up for a scheduled meeting with the NSCN leadership on Thursday. The NNPGs support Mr. Ravi and have demanded that the final peace pact be signed soon. Courtesy – Vijaita Singh Naga insurgencynortheast insurgencyNSCN (IM)Thuingaleng Muivah Vijaita Singh 2118 posts 381 comments India-China Border Talks Again Tathagata Projects Self As Bengal CM India’s Vaccine Drive Glitches China’s Economy Grows – With ‘Weak Spots’ Indonesian Medics Rattled By Quake Casualties ABP CVoter Opinion Poll Predicts Mamata Return 1K Followers Follow Us The Eastern Link The Eastern Link is focused on Asia's most important link region - East & Northeast India, Bangladesh and Myanmar that links South with Southeast Asia and East. © 2021 - The Eastern Link. All Rights Reserved. Website Design: The Eastern Link	cc/2021-04/en_middle_0030.json.gz/line1244
__label__wiki	0.501936	0.501936	Home>National>Many countries begged Nigeria for food during COVID-19 lockdown – Fashola Many countries begged Nigeria for food during COVID-19 lockdown – Fashola Countries from far and near begged Nigeria for foods during the Coronavirus lockdown imposed to checkmate the spread of the pandemic disease, Babatunde Fashola, has said. Mr Fashola, the Minister of Works and Housing, made this known on Saturday during an Instagram Live Chat with City People Magazine. He spoke on the COVID-19 Economic Sustainability Plan recently submitted by Vice-President Yemi Osinbajo to the President Muhammadu Buhari, saying the plan contains diverse measures to fortify the Nigerian economy against any shock brought by the pandemic. “Agriculture is another critical part of the Economic Sustainability Plan. We want to increase the cultivatable lands in the country. We are currently cultivating just about one-third and I stand to be corrected on that figure – the minister of agriculture knows the numbers than I do,” the minister said. “But in his presentation, as I recollect it, we are not cultivating enough lands. We want to double cultivation, increase food output, not just for local use but for export. “I must say to Nigerians that because of the success of the agriculture programme which is still evolving, during this COVID exercise, many countries were writing to us from near and far, asking us to please supply them food. This is not in the public space but President Buhari’s priority was, tell them to wait, we must feed our people first before we send out food, we don’t know when this is going to end. “So, we want to see more value-added in the sector in terms of processing and cultivation. We are losing an unsatisfactory quantity of our agro produce to many factors – transport, cooling, heating and so on. These are some of the components that the Ministry of Agriculture will share in the next few months about how to ensure that we preserve many more of what we produce and lose less,” the former Lagos State governor added.	cc/2021-04/en_middle_0030.json.gz/line1248
__label__cc	0.67381	0.32619	The Business of Acting Bundle Study the business of acting with Joel Jackson and take your acting career to the next level Join the Course for $87 In this bundle, you'll get access to the Auditioning Course (worth $129), How to Nail Your Next Accent Guide (worth $19) and Crushing Foyers: Networking for Actors (worth $25). Together, these 3 online courses will help you gain confidence as an actor, both in your acting, and in your networking, build a solid reputation in your local industry and therefore start landing more roles. Joel has been working consistently in the film and television industry, both in Australia and internationally, and his insights are truly invaluable. Jump in with us now, and take your acting career to the next level. Joel Jackson Joel Jackson is an Australian actor, coach and musician. Joel studied at the National Institute of Dramatic Arts in Sydney, and is known for his roles as; Peter Allen in Peter Allen; Not the Boy Next Door, Charles Bean in Deadline Gallipoli and more recently in Safe Harbour, on SBS. The Complete Guide to Auditioning Everything you need to nail your next audition and start landing more roles! Crushing Foyers: Networking for Actors A step-by-step guide to networking at industry events, screenings and in other professional settings. How to Nail Your Next Accent Join AACTA and Logie Award winner Joel Jackson as he shares his top tips for developing an accent for your next audition or role. Auditioning e-book Our complete guide to Auditioning for Film, Television & Theatre StageMilk Team We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 7 days and we will give you a full refund. © StageMilk 2021	cc/2021-04/en_middle_0030.json.gz/line1257
__label__wiki	0.742479	0.742479	AC Transit runs a weekday express shuttle bus service between the East Bay and the Stanford campus. This service is FREE for Stanford faculty, staff, students, hospital employees, and SLAC employees with a valid university ID card, hospital ID badge, or SLAC ID badge. For all other riders, a fare of $4.20 each direction applies. New luxury highway coaches, equipped with high back seats, individual reading lights, and air-conditioning for seasonal comfort. East Bay stops at the Fremont BART, Fremont ACE/AMTRAK station (Centerville) connecting with the ACE Train and at the Ardenwood Park and Ride lot in Newark. Stanford stops at the Stanford Shopping Center, Stanford Medical Center (Roth Way at Campus Drive), and the Stanford Oval. Additional parking is available for Line U riders at the Wells Fargo parking lot at 3440 Walnut Avenue in Fremont. Stanford Line U riders may park in any of the 68 spaces marked "Stanford." View more information about this Park & Ride Lot, including maps and photos. Our East Bay/Stanford Transit Guide (PDF) combines the schedules of the Line U and the Dumbarton Express Line DB, and shows connections with BART and Marguerite. You can also view the Line U schedule at the AC Transit website. The Marguerite Line AE-F shuttle supplements AC Transit's Line U transbay service. It is FREE and open to the public. No ID is required.	cc/2021-04/en_middle_0030.json.gz/line1258
__label__wiki	0.664849	0.664849	Beijing Olympic Games Beijing Olympic – Singapore Table Tennis Women’s Team Videos Latest Updates on Table Tennis Women’s Singles Gold, Silver & Bronze Medals Matches:China’s Zhang Yining Vs China’s Wang Nan – World no. 1 Zhang Yining won the Gold Medal Match against World no. 3 Wang Nan. It’s a match of the best against the best. Singapore’s Li Jia wei (World no. 6) lost 2-4 against… Beijing Olympic 2008 Table Tennis Results 21 August 2008 Latest Update on Table Tennis Women’s Singles: Li Jiawei and Feng TienWei are into the Quarter Finals! =) 17 August 2008: Singapore Table Tennis Women’s Team has finally won a Silver medal in Beijing Olympic Games 2008, after 48 years of dry medal drought! Beijing Olympic 2008 Table Tennis Women’s Team Results:… Team Singapore is into Beijing Olympic 2008 Table Tennis Final!! 15 August 08: Singapore Table Tennis Women’s Team is into Beijing Olympic 2008 Table Tennis Final! Yahoooo!!! The girls fought very hard against the mighty South Korean Team, won 2 single and 1 double out of 5 matches and they made it! Salute! The Women’s team (from left): Fang Tianwei, Wang Yuegu, Li Jiawei Photos… Beijing Olympic Games 08.08.08 @08:08 pm Welcome to Travelerfolio! This special post is set to be published on 08.08.08 at 08:08 pm! Did you notice something? 08:08 pm is also 20:08, which is the year 2008 ! Be the first to comment now! All are welcome to post as many comments as you like! When you are reading this post, you…	cc/2021-04/en_middle_0030.json.gz/line1260
__label__wiki	0.9598	0.9598	NBA players with Australian ties pledge $750K to fight devastating wildfires 7 January 2020, 10:55 pm ·2-min read Nine NBA players with ties to Australia have pledged $750,000 to efforts to combat the devastating wildfires that have gripped their home country. The National Basketball Players Association made the announcement on Tuesday in conjunction with Ben Simmons, Aron Baynes, Joe Ingles, Dante Exum, Patty Mills, Thon Maker, Matthew Dellavedova, Jonah Bolden and Ryan Broekhoff. The toll continues to rise from multiple wildfires that have broken out across the country. This Monday, Dec. 30, 2019 photo provided by State Government of Victoria shows wildfires in East Gippsland, Victoria state, Australia. Wildfires burning across Australia's two most-populous states trapped residents of a seaside town in apocalyptic conditions Tuesday, Dec. 31, and were feared to have destroyed many properties and caused fatalities. (State Government of Victoria via AP) The toll of the fires Estimates reported by Bloomberg on Monday show that more than 25 million acres — an area larger than Indiana — have burned since the start of fire season. By comparison, the deadly California wildfire season in 2018 burned 1.7 million acres. At least 24 people have died in the fires that have forced people to escape to beaches to avoid the flames. WATCH: Fires blazed just meters away from people stranded on a beach in Australia's southeast coast #Ausfires pic.twitter.com/xr5GIU73mQ — QuickTake by Bloomberg (@QuickTake) January 3, 2020 Almost half a billion animals dead “Highly conservative” estimates by the University of Sydney show that more than 480 million animals have perished. Images of koalas and kangaroos burned in the fires have drawn increased attention to Australia’s plight. An injured koala drank water from an emergency worker's water bottle as wildfires burned on Kangaroo Island, Australia Sunday. More than 350 acres on the island have burned. Wildlife officials said half of the animals on the island have either died or will die due to the fires. pic.twitter.com/bZxF7wx6Gl — CBS Sunday Morning 🌞 (@CBSSunday) January 7, 2020 Climbing economic impact The economic impact of the fire season that is just halfway over is not yet clear, but Yahoo Finance reports that the cost in Sydney — which is tangentially affected by the blazes — alone amounts to $50 million a day. The fires have resulted in an increased focus on climate change and its impact on the planet. “We are heartbroken over the devastation these fires are causing all across our homeland,” a joint statement from the NBPA and the contributing players reads. “Our thoughts are with our families, friends and all of the people of Australia. “We hope you feel our love and support and know that we will continue to bring awareness to this crisis globally and provide assistance in any way we can.” Ex-'Bachelor' contestant accused of cheating to win $1M daily fantasy prize Thamel: Panthers planning to hire Baylor's Matt Rhule as head coach NYG reportedly hire Patriots receivers coach as next head coach What's next for Tua after his NFL decision? The Voice UK: Tom Jones leaves viewers ‘absolutely bawling’ after emotional performance ‘Anyone else screaming at the TV?’ asked one frustrated viewer US President-elect Joe Biden plans to quickly extend travel restrictions barring travel by most people who have recently been in the UK and much of Europe and Brazil soon after President Donald Trump lifted those requirements effective from Jan. 26. Mr Trump signed an order Monday lifting the restrictions he imposed early last year in response to the pandemic after winning support from coronavirus task force members and public health officials. Soon after Mr Trump's order was made public, Biden spokeswoman Jen Psaki tweeted "on the advice of our medical team, the Administration does not intend to lift these restrictions on 1/26." She added: "With the pandemic worsening, and more contagious variants emerging around the world, this is not the time to be lifting restrictions on international travel." Until Mr Biden acts, Mr Trump's order ends restrictions the same day that new Covid-19 test requirements take effect for all international visitors. Mr Trump is due to leave office on Wednesday. Last week, the head of the Centres for Disease Control and Prevention signed an order requiring nearly all air travellers to present a negative coronavirus test or proof of recovery from Covid-19 to enter the United States starting on Jan. 26. The restrictions Mr Trump rescinded have barred nearly all non-US citizens who within the last 14 days have been in Brazil, the United Kingdom, Ireland and the 26 countries of the Schengen area in Europe that allow travel across open borders. The US restrictions barring most visitors from Europe have been in place since mid-March when Mr Trump signed proclamations imposing them, while the Brazilian entry ban was imposed in May. Ms Psaki added that "in fact, we plan to strengthen public health measures around international travel in order to further mitigate the spread of Covid-19." London coronavirus cases by borough revealed as east London areas see sharp drop in infections But the number of Covid patients in hospitals is rising towards 8,000, putting unprecedented pressure on the NHS PA Media: Video Coronavirus vaccines in numbers Here is a look at all the latest figures behind the UK's coronavirus vaccination programme. Giuliani now says he won’t be serving on Trump’s impeachment team It comes as Republican strategists warn former mayor’s involvement in trial may lead to president’s conviction Coronavirus news – live: More people in hospital than anytime during pandemic as Hancock warns ‘don’t blow it’	cc/2021-04/en_middle_0030.json.gz/line1271
__label__wiki	0.977529	0.977529	ulinnedesign ulinnedesign » Rock » Boy Kill Boy - Shoot Me Down Boy Kill Boy - Shoot Me Down mp3 flac Boy Kill Boy Indie Rock 2006 Performer: Boy Kill Boy Title: Shoot Me Down Shoot Me Down 3:47 Maneater (Live Lounge) 3:41 170 930-8 Boy Kill Boy Shoot Me Down ‎(CD, Single) Vertigo 170 930-8 UK 2006 170 930-9 Boy Kill Boy Shoot Me Down ‎(7", Single, 1/2) Vertigo 170 930-9 UK 2006 SHOOTCJ1 Boy Kill Boy Shoot Me Down ‎(CD, Single, Promo) Vertigo SHOOTCJ1 UK 2006 none Boy Kill Boy Shoot Me Down ‎(CDr, Single, Promo) Vertigo none UK 2006 none Boy Kill Boy Shoot Me Down ‎(File, WMA) Vertigo none UK 2006 Boy Kill Boy - Shoot me downYou Don't Know Me Album: Civilian Track 11 Info: You Don't Know Me starts at 5:38. Thanks for watching. Even with the the video for Shoot Me Down from Boy Kill Boy's Civilian for free, and see the artwork, lyrics and similar artists. Boy Kill Boy were a British indie-rock band who split up in October 2008 due to disappointments with their former record label Vertigo Records. Band members Pete Carr Keyboards, Kev Chase Bass Backing Vocals, Shaz Drums and Chr read more. Shoot Me Down - Lone Boy, Mike Lemay. Лента с персональными рекомендациями и музыкальными новинками, радио, подборки на любой вкус, удобное управление своей. Shoot Me Down. Your Rating. Overview . On this page you can download song Boy Kill Boy - Shoot Me Down in mp3 and listen online. Boy Kill Boy. Watch music video Boy Kill Boy - Shoot Me Down online. Update music video. Send lyrics Send translation. Civilian Boy Kill Boy album. Redirected from Shoot Me Down. Civilian is the debut album by Boy Kill Boy. It was released on May 22, 2006, and reached number 16 in the UK Album Chart. Back Again 3:06. On and On 3:48. Suzie 3:19. Six Minutes 4:17. On My Own 3:26. Ivy Parker 4:12. Civil Sin 3:55. Killer 3:11. Friday - Friday 2:03. Showdown 3:36. Shoot Me Down 10:16 5:37 minutes, Hidden Track Exit starts. Features Song Lyrics for Boy Kill Boy's Shoot Me Down album. Maneater Live Lounge Lyrics. Boy Kill Boy Lyrics provided by . Do you like this album Leave a review. In the Know. Lyricapsule: The Surfaris Drop Wipe Out June 22, 1963. RIFFd: Nas Nasir. Lyricapsule: The Byrds Drop Mr. Tambourine Man June 21, 1965. Слушайте Shoot Me Down Album Version от Boy Kill Boy из альбома Civilian Realtone Album. Вы можете слушать более 56 млн треков, создавать свои. Produced by Boy Kill Boy. Album Civilian. Shoot Me Down Lyrics. It's hard to say how I fit in the line I lost my way, lost my way, my own mind You should have left, should have left on time Its no mistake, no mistake of mine. Shoot me down When I hate to see you drown. I didn't do, didn't do, didn't do, I didn't do this for you Didn't say, didn't say, didn't say, I didn't say this was too good Didn't do, didn't do, didn't do, I didn't do this for you Didn't say, didn't say. You never knew, never knew, never knew You nev. This song belongs to Boy Kill Boy. teacher for me now tell me something i dont know give me warning signs its a lie i already know yeah yeah yeah. tell me stories of old about the kings and queens so bold teach me lullabies and the tales thats never told yeah yeah yeah yeah yeah yeah mmm. turn the page is there someone else to get you change the channel there's someone left behind and watch your words cause there's someone else behind you lets turn our backs its a crime its a crime a crime a crime mm Listen to music from Boy Kill Boy like Suzie, Civil Sin & more. Find the latest tracks, albums, and images from Boy Kill Boy. Boy Kill Boy were a British indie-rock band who split up in October 2008 due to disappointments with their former record label Vertigo Records. Band members Pete Carr Keyboards, Kev Chase Bass Backing Vocals, Shaz Drums and Chris Peck Vocals Guitar were hailing from Essex, East London and released the singles Suzie and Civil Sin in 2005. The band was signed to Vertigo Records and got their first major release with Back Again on February 13th 2006. Boy Kill Boy: Were an English rock band based in Leytonstone, East London. The band produced two studio albums and six singles before splitting in 2008. Their highest charting single was Suzie, which reached 17 in the UK singles chart in 2006. Civil Sin, Back Again, On and On и другие песни. Boy Kill Boy were an English rock band based in Leytonstone, East London. Before forming Boy Kill Boy, Chris, Pete and Shaz were in Future of Junior and produced a few songs including a song called Miss Scandinavia. In May 2005, Boy Kill Boy released their debut single Suzie for record label Fierce Panda. In the summer the band. Boy Kill Boy Фото исполнителя Boy Kill Boy. United Kingdom. Kill Boy Expand. All songs by Boy Kill Boy. Most popular albums by Boy Kill Boy: Aangque Kidjo, Belasco. FIFA 07 - OST. Boy Kill Boy: Civil Sin, Back Again, On and On и другие песни. Music video by Boy Kill Boy performing No Conversation. C 2007 Mercury Records Kill Boy split up in 2008. This is the official page, and it's run by the band members. The band reformed for 2 2006, Boy Kill Boy readied themselves for America. Their full-length debut, Civilian, landed on U. shores in late July. MacKenzie Wilson. Chris Peck,Shaz, Pete Carr, and Kevin Chase comprise the bright indie rock sounds of Boy Kill Boy. Founded in 2004, the English four-piece delivers an energetic, brash pop performance not unlike the Kaiser Chiefs and the Rakes. shortly thereafter. By 2006, Boy Kill Boy readied themselves for America. Boy Kill Boy. Your Rating. Overview . Pete Carr, Kevin Chase, Shaz Mahmood, Chris Peck Related to Boy Kill Boy - Shoot Me Down: David Ireland - Shoot The Family Man / Coming Up Strong Bone Thugs-N-Harmony - Shoot 'Em Up Kasabian - Shoot The Runner Toxic Narcotic - 21st Century Catastrophe Cop Shoot Cop - Room 429 AC/DC - Big Gun DJ Arjuna & Beyonder - Shoot That Motherfuck Blondstone - Mass Solace Noel Williams - Shoot It From The Hip T & P - Shoot The Freak The Who - Live At Leeds Red Hot Chili Peppers - Californication The Doors - L.A. Woman Massive Attack vs Burial - Four Walls / Paradise Circus Gas - Box Ghost - Opvs Eponymovs Emperor - In The Nightside Eclipse Portishead - Dummy All rights reserved. 2018-2021. ulinnedesign.de	cc/2021-04/en_middle_0030.json.gz/line1272
__label__wiki	0.682927	0.682927	How to Stand Out in a World Where Everyone’s a Creator Michael Greyshock in Creator Life With over 500 hours of video being uploaded to YouTube every minute, how can you stand out in the sea of content? When inspiration strikes your creative mind and you must share it with the world, you can safely assume many have enjoyed the same stroke of brilliance. So how can you find an audience amongst such competition? One possibility is to follow the wise advice of Stephen Sondheim: You gotta get a gimmick if you wanna get ahead. While quality content will always be king, a bit of uniqueness will help you stand out on the horizon. Three Highly Unique YouTube Channels Examples to follow include the highly successful Cooking with Dog, Epic Rap Battles of History and Kurzgesagt - In a Nutshell. Cooking with Dog boasts over 1.5 million subscribers in a cramped field of cooking shows where few will ever find their way to massive success. The unnamed chef cooks Japanese style dishes and only speaks Japanese. That’s a hard recipe for finding a global audience. But, the chef with no name is joined by an easy to love canine companion who translates the culinary instructions in English with a strange French accent. Combining all those ingredients creates an enjoyable and unique viewing experience for wannabe cooks and non cooks alike. Next, history is a topic too many have relegated to the forgotten lessons of our past school days. But, through the magic of YouTube, history comes alive via the highly entertaining creations of Epic Rap Battles of History. The musical battles comprised of historical figures and events are followed by over 14 million subscribers. A pair of talented hosts have garnered enough attention to be joined by celebrities such as Keegan Michael Key, Jordan Peele and Snoop Dog to name a few. By pitting historical figures such as Teddy Roosevelt and Winston Churchill against each other in a lyrical argument of accomplishments, the creators have blown past the field of history buff video makers to transcend the topic, and reach a huge audince. Lastly, how does one create a successful niche amongst the countless science channels? Why not use cute little animated birds to act out your simple explanations of complex topics such as, How Wormholes Work or The Origin of Consciousness? Do it well and your channel may be as successful as the unpronounceable, Kurzgesagt - In a Nutshell, which educates its 11.8 million subscribers with a dry humor and a little birdie gimmick. Done well, gimmicks compliment the host's personality and subject. They allows creators to be unique even when the topic isn’t. They allow people who thought they have no interest in your subject to think again. If you want to get more views on YouTube then make sure to download vidIQ. Over 1 million creators use vidIQ to help with keyword and competitor research, channel audits, and so much more. Click here to install now for free! If you’re serious about growing your YouTube views and subscribers, sign up for exclusive access to the vidIQ Academy. Learn how to launch a successful YouTube Channel in just 30 days. Michael Greyshock Michael is a freelance writer who’s topics have covered the gamut of human interest and taken him on travels through three continents. While traveling through Thailand in 2008, during the monsoon season, he discovered his love of YouTube when in desperate need of entertainment he could understand Tell vidIQ Why You YouTube! #WhyIYouTube Brittany Garcia The 6 Secrets of Highly Effective Video Creators - Ultimate YouTuber Hack Jeremy Vest	cc/2021-04/en_middle_0030.json.gz/line1276
__label__cc	0.567698	0.432302	28 settembre 2016 Aindrèas Ridire A Sicilian on the Move: Donnafugata Steps Onto the Slopes of Etna (Wine Spectator) Robert Camuto‘s description of the arrival of Donnafugata to the Etna’slopes. Antonio and his sister, José, who run Donnafugata, recently announced that they are expanding to eastern Sicily with the purchase of a winery on Etna’s north face from a small group of grapegrowers. There, they are leasing 37 acres of vines, with the intent to purchase that land and more in the next year. “This was my father’s dream,” says Antonio, 49. “In the last few years, we have been thinking about Etna more and more. My father and I visited there together just a week before he died.” In the last 15 years, the Etna region has been booming, as the mountain has drawn dozens of winemakers from around Sicily, other regions of Italy and farther afield. They produce wines primarily from two local grapes—Nerello Mascalese for taut reds and Carricante for fresh minerally whites. Donnafugata currrently produces about 190,000 cases a year, mostly from 640 acres of vineyards in western Sicily’s sleepy Contessa Entellina appellation. On Etna, “we will never make big numbers,” says Antonio. “We are focusing on the kind of wines we like to produce.” Instead, the move to Etna means a new terroir with a dynamic wine scene. “There are a lot of very good producers working on Etna, and for us it’s more stimulating being with other producers who are working well,” he adds. “When you are alone, it’s much different—you are only competing with yourself.” Sorgente: A Sicilian on the Move: Donnafugata Steps Onto the Slopes of Etna \| Robert Camuto: Letter from Europe \| Blogs \| Wine Spectator Previous Vuarìa 2012 Next Francesca Curto e la Sicilia del vino che cresce: “Mantenere la qualità è la vera sfida” (Cronache di Gusto)	cc/2021-04/en_middle_0030.json.gz/line1278
__label__cc	0.635561	0.364439	Privacy Policy Bobby 2017-07-10T21:11:05-04:00 We collect information from you when you subscribe to a newsletter, fill out a form or enter information on our site. We along with third-party vendors, such as Google use first-party cookies (such as the Google Analytics cookies) and third-party cookies (such as the DoubleClick cookie) or other third-party identifiers together to compile data regarding user interactions with ad impressions and other ad service functions as they relate to our website. Once this privacy policy is created, we will add a link to it on our home page or as a minimum on the first significant page after entering our website. • By logging in to their account We will notify the users via in-site notification We also agree to the Individual Redress Principle, which requires that individuals have a right to pursue legally enforceable rights against data collectors and processors who fail to adhere to the law. This principle requires not only that individuals have enforceable rights against data users, but also that individuals have recourse to courts or government agencies to investigate and/or prosecute non-compliance by data processors. violacentral.com 5730 Oak Run Lane	cc/2021-04/en_middle_0030.json.gz/line1279
__label__cc	0.656149	0.343851	themissy.com Missy Meyer's repository of things, life, and whatnot. Font Name Generator! My Jeopardy! Adventure By missy November 30, 2017 November 30, 2017 Blog, Games, Jeopardy!, TV So I played (and lost) on Jeopardy! last night. I wrote up a big bunch of words about the experience a couple of days after I got home from taping, and they’ve been sitting and waiting until I could post them today. Check them out here! Missy on Jeopardy! Part 1 Missy on Jeopardy! Part 2 Missy on Jeopardy! Part 3 Read More! Missy on Jeopardy! Part 3 SHOW TIME: PLAYING THE GAME They try to keep the game running as close to real-time as possible, which means “commercial breaks” are maybe five minutes, tops. Every time the show cuts to commercial, the production team comes out to talk to the contestants. Maybe it’s encouragement (shake it off, keep calm, there’s way more game left, don’t worry) or a technical issue (make sure you’re looking over here, or doing X, Y, or Z), or getting your sweaty face powdered down. They bring out water for everyone at. . . Read More! TRAVEL DAY: A TALE OF TWO PIZZAS We flew out in the early afternoon, so we could arrive at our hotel right around check-in time. We didn’t even rent a car; it would have been more than a hundred bucks a day, and the hotel was only three or four miles from the airport. Plus, I was scheduled to be picked up by a studio shuttle at 7 AM, so we’d just need a taxi or a Lyft from the airport to the hotel and back again. Our flight was. . . Read More! IN THE BEGINNING: THE 25-YEAR AUDITION PROCESS My first audition for Jeopardy! was for the college tournament, about 25 years ago. Back in those days, there was no online test—you had to travel to Los Angeles on your own dime to take a written test in a huge room with tons of people; then they scored the tests and whittled the group down from there. I combined the audition with a trip to visit a friend, so I wasn’t just traveling from Seattle to L.A. for the audition alone.. . . Read More! Dave & Buster’s Orlando: Now Open By missy July 26, 2011 April 14, 2013 Blog, Games I’ve seen ads on TV for Dave & Buster’s since moving down here, but for the last 4 years there hasn’t been one nearby. I think the nearest one was Miami. Anyhoo, it looked like a fascinating idea — a restaurant full of standard American fare, attached to a video game arcade. It made me think of GameWorks, but maybe a little less indie-hipster-gastropub. (I don’t know if all GameWorks locations were like that, but the Seattle one was definitely trying for the fancier side in their restaurant.) Finally, last. . . Read More! Top 7: Video Games By missy April 24, 2011 April 14, 2013 Games, Top 7 Top 7. Because 5 is never enough, but I’m too lazy for 10. I was going to say that I wasn’t a huge gamer growing up, but thinking about it, that’s totally not true. When I was a kid, we had an Intellivision. I loved playing Advanced Dungeons & Dragons on that sucker (even though I’ve never played D&D in real life). We also had an Atari 400 — many of the games came on audiocassettes, and you’d put them in a special player that took a half-hour to load. . . Read More! By missy October 8, 2008 October 2, 2019 Cats, Disney, Food, Games Here’s a LOLcat that actually made me laugh out loud. Which rarely happens. Of all of you out there watching Dancing with the Stars, is there anyone else who dislikes Cloris Leachman? I feel like I’m in the minority here — the reality round-up I read has an author who’s all, Cloris is still in it! Yay! I just find her irritating, and desperately trying to amuse us, and there’s just no joy in her for me whatsover. I’m meeting up with some Comedy Warehouse folk this afternoon at the. . . Read More! Brick! By missy May 20, 2008 April 14, 2013 Games Our Xbox 360 is bricked. We have the red ring of death. Xbox support was very helpful, and a shipping box is on its way to us. Although they’re not being terribly secretive about their call center — the hold music was a radio station in India. In an intriguing coincidence, Scott just got Forza 2 a couple of weeks ago, and has been playing it. Not extensively, but still — it just fuels the rumors that F2 bricks Xboxes. Read More! Bloody Splicers! By missy September 11, 2007 April 14, 2013 Games We rented the new game BioShock this last week. As usual, I watched Scott play, then I started my own game on the “easy” setting. Having watched him play most of the game, I tore through it in just a couple of days. I don’t usually go for the first-person shooters (I’m more of a platformer), but this game was just amazing. The environment, the story, the steampunk weapons, and even the background sound and music (a great collection of 40s tunes like “Beyond the Sea” and “Bei Mir Bist. . . Read More! By missy April 10, 2007 April 14, 2013 Games We combined our birthday power and got an Xbox 360 yesterday. It came with Xbox Arcade, and Scott also bought Gears of War. I’m just glad that Psychonauts is now bacward-compatible. Now if only they’d add Mercenaries to the list, before Mercenaries 2 comes out (in “holiday 2007”). Read More! Hello, I'm Missy Meyer! I'm a freelance writer, cartoonist, and font maker living near Phoenix, AZ. I cook gluten-free and low-carb food, and I make whatever weird crafts tickle my fancy. My blog is a mishmash of whatever I'm doing or thinking about. I'm married to Scott Meyer, the guy behind the Magic 2.0 book series. My Fonts! Check out my entire collection of fonts at my portfolio site, missymeyer.com. Tons of premium paid fonts, plus 20+ freebies! My Novels! Chick lit … with superheroes. We Could Be Villains (Valentine & Hart #1) Amazon: USA \| UK \| Canada Unsung Villains (affiliate links) A guide to creating word art with my Pinsetter font! Tech Help: When SVG files show up as HTML files on your Windows 10 computer! Trademarks: searching TESS with a little more finesse! Installing and Using Hairline Fonts on an iPad/iPhone with the Cricut App Registering the Copyright for Your Fonts (USA) Creating a Font from Geometric Shapes: Part 4 Making Actual Diet Coke with Our SodaStream Crohn's Disease (13) Design Tutorials (16) Font Tutorials (6) Jeopardy! (7) Lettering (14) Low-Carb (53) Procreate (4) Snappies (35) Site content copyright © Missy Meyer, 2003-2021 \| Site Terms & Privacy Policy As an Amazon Associate I earn from qualifying purchases. Live long and prosper, may the force be with you always.	cc/2021-04/en_middle_0030.json.gz/line1284
__label__wiki	0.601793	0.601793	People’s Alliance to “fight for restoration of pre-August position” By Muslim Kashmir on October 15, 2020 No Comment All-party meeting on Gupkar Declaration concluded at Dr Farooq Abdullah’s residence wherein all the signatories barring Jammu and Kashmir Pradesh Congress Committee (JKPCC) President Ghulam Ahmad Mir participated. Soon after the meeting concluded, Farooq, who is three-time chief minister and incumbent parliamentarian said that the resolution passed on August 4 last year by the mainstream political parties in the Valley has been named as “Peoples’ Alliance for Gupkar Declaration”. Talking to the media persons, Farooq, who was accompanied by Mehbooba Mufti, Sajad Gani Lone, Muhammad Yousuf Tarigami and others, said that today a meeting was held on Gupkar declaration and “we decided to name the resolution as Peoples Alliance for Gupkar Declaration. Our motive is to fight for the restoration of August 04, 2019 position.” Mr. Abdullah also stated that the signatories will also fight for the rights that were snatched last year from Jammu & Kashmir and Ladakh. “We also want that the steps be taken for the resolution of Kashmir issue and all the stakeholders should be taken on board in this regard,” he added. Farooq further informed media persons that the next meeting of the signatories will be held in coming days and the decision taken for the future course of action will be made public on the particular day. He added that participants also congratulated Mehbooba Mufti for her release from 14-month-long detention—(KNO) People’s Alliance to “fight for restoration of pre-August position” added by Muslim Kashmir on October 15, 2020 View all posts by Muslim Kashmir → © 2021, ↑ The Muslim Kashmir Log in - Powered by WordPress - Gabfire	cc/2021-04/en_middle_0030.json.gz/line1287
__label__wiki	0.531967	0.531967	iPhone ‘self combusts’ on Australian flight. Luckily it had just landed. by Matt Brian — in Apple Passengers onboard internal Australian flight Regional Express ZL319 had something of a smartphone surprise on Friday after it emerged that a passenger’s iPhone started emitting smoke and glowing red hot just as the plane landed. The Register tipped us to a news release by the Australian airline which noted the ‘self combustion’ of the iPhone during a flight between Lismore and Sydney. According to the release, a flight attendant was required to comply with company safety procedures which meant carrying out “recovery actions” to ensure the “red glow was extinguished successfully”. None of the passengers or crew on board the flight were harmed, luckily the incident had taken place after the flight had touched down in Sydney. Judging by a photo of the device, the handset appears to be an iPhone 4 (thanks Rafael). You can quite clearly see the cracks and hole on the reverse of the handset, from where the smoke poured out and the red glow was emitted. Whilst reports are few and far between, iPhone owners have shared experiences of their handsets exploding when in use. Similar to this story, users have noticed the handset running very hot before exploding. In device teardowns, the iPhone 4 has been shown to house a battery just below the case on the right-hand side of the device. Given the heat of the phone and the smoke, it would appear the battery could be at fault. Apple recently identified battery issues affecting its first-generation iPod Nano MP3 players. The company issued a recall notice for the Nano, replacing the device free of charge. Read next: Hitachi and Sony are reportedly shipping 4-inch displays for next iPhone	cc/2021-04/en_middle_0030.json.gz/line1288
__label__wiki	0.680362	0.680362	TNW News More TNW - TNW2020 - Couch Conferences HardFork or More info Driving the future of sustainable mobility Second-hand EVs are selling fast in the UK right now — and that’s a good thing Second-hand EVs will help us reach climate goals Polestar accelerates the shift to sustainable mobility, by making electric driving irresistible. In the shift to low emission vehicles, much of the world’s attention is paid toward new electrified vehicles. However, in the overall pursuit of lowering emissions in the transport sector, it’s important that used car buyers opt for electric over gasoline. According to used car website, BuyaCar.co.uk, second-hand buyers are now starting to make the jump to EVs — and in a big way. So far in December, BuyaCar claims that sales of EVs have made up 15% of the second-hand car market. For a majority of this year, just one in 100 used car sales was of an electric vehicle, it added. “On every measure of activity on BuyaCar.co.uk, EVs are really gathering pace in the used market,” said BuyaCar’s editor Christofer Lloyd. [Read: Why AI is the future of home security] While it’s hard to know exactly what led to this 15-fold increase, analysts suggest that the UK‘s ban on the sale of new gasoline vehicles has something to do with it. Many car buyers are turned off the idea of electric cars when they see the upfront costs of a new vehicle. Typically, EVs cost more to buy than gasoline counterparts. However, the price differences between gasoline and electric in the second-hand market are less pronounced. Adding to the fact they’re cheaper to run, this makes them a more realistic option for many motorists. BuyaCar suggests the key to mass adoption may lie in the used car market. Although, used car availability hinges entirely on new cars coming into the market and trickling down to second-hand buyers, so realistically it will be about balance. The most important take away here is that used car buyers are open and keen to keep up with technological developments, and negative sentiments towards owning a second-hand EV appear to be abating. As manufacturers began launching mainstream EVs around 10 years ago, many believed the batteries would wear out and reduce the vehicle’s range. Naturally, this isn’t good for second-hand EVs, but as time has passed, those concerns proved to be overblown. As consumer reviews magazine Which? found, the batteries in six-year old EVs degraded by up to 8%. In reality, when buying an EV, drivers really don’t have to worry about battery degradation, which makes them a great prospect for second-hand buyers. What’s more, it’s great that second-hand EVs aren’t going to waste, and are being chosen over CO2 emitting gasoline cars. It will surely help the UK reach its climate and emissions goals. SHIFT is brought to you by Polestar. It’s time to accelerate the shift to sustainable mobility. That is why Polestar combines electric driving with cutting-edge design and thrilling performance. Find out how. Published December 14, 2020 — 11:52 UTC December 14, 2020 — 11:52 UTC How ‘last-mile’ services and shared mobility can streamline the delivery business The Heart of Tech™ Copyright © 2006—2021. All rights reserved. Made with <3 in Amsterdam.	cc/2021-04/en_middle_0030.json.gz/line1289
__label__wiki	0.725768	0.725768	Parma council grants variance for firing range, federal firearms store Parma Armory building gets new life PARMA, Ohio – The owner of the former reserve armory at 5301 Hauserman Road will be allowed to sell firearms as part of his indoor firing range and civilian education facility. At a special meeting June 23, council granted a variance to Robert Euerle, the owner of the business, by a vote of 6-2. Ward 4 Councilwoman Kristin Saban and Ward 9 Councilman Jeffrey Crossman voted against it. Euerle, who owns a landscaping business on the property, and his partner Gary L. Walters plan to operate a gun range, federal firearms store and weapon storage. Additional space is proposed to be used as classrooms for various types of courses – concealed handgun, tactical training and self-defense. Walters is an NRA certified instructor and a retired U.S. Army Infantry Officer as well as an attorney. Crossman introduced two amendments to the variance. The first would have banned the sale of firearms altogether. That amendment failed by a vote of 5-3, with Crossman, Saban and Ward 8 Councilman Scott Tuma voting for it. The second amendment would ban the sale of any other firearms than handguns. That amendment failed by a vote of 6-2, with Saban and Crossman voting for it. Several council members voiced the opinion that, since there is already a business in the city selling firearms, they can’t stop another business from selling them. That business is On Target at 5907 State Road. Ward 2 Councilwoman Debbie Lime also mentioned that the building was constructed as a firing range, so the variance matches the use being proposed. Walters wanted to make clear what their inventory will be. “We are going to have intermediate powered rifles, which will include AR 15s, AK 47s and other home defense style rifles – no armor piercing ammunition.” Council President Sean Brennan thanked council for passing the variance. “Council was correct in granting the variance, especially in light of the fact that there is an existing gun shop closer to residential homes in Parma,” Brennan said. “Failure to grant the variance would have, no doubt, resulted in a lawsuit costing taxpayer dollars.” Article Source: Cleveland.com parmaarmory No gun laws could have prevented Las Vegas massacre	cc/2021-04/en_middle_0030.json.gz/line1292
__label__wiki	0.524576	0.524576	The Quarry Journal A journal of creative writing by students at Macquarie University About The Quarry By Alex Chambers Fiction, fictionissue7, Issue #7 Where Light Doesn’t Exist, Alex Chambers Robert and Jaden were running out of ideas. It had been too long since Georgia had disappeared down the cave and black clouds were quickening overhead. The cave was unlike any they’d seen or read about as it wasn’t made of stone but foliage. Trees sprouted up from the ground then curled and combined with leaves, bushes, and branches to make a completely solid structure, daunting the barely teenage boys standing just outside its mouth. It was lightless inside and no matter how much the two of them called, there was no echo or reply from Georgia. But the strangest of all was that the inside of the structure was significantly larger than the outside. When Robert and Jaden had dared to venture inside earlier, it became clear that they’d walked for much longer than physically possible before turning back. Robert thought back to earlier this morning, when Georgia had pounded on his door and demanded he come see what she’d found. Jaden was dragged along when the pair chanced upon him on the way into the forest. When they had arrived, Georgia pointed down into the abyss. ‘Come on!’ ‘What is it?’ Robert asked, approaching slowly. Jaden said nothing and kept his distance as Georgia grinned and began trotting into the mouth of the cave. ‘I dunno,’ she said. ‘But it goes a long way—I’m gonna see how far.’ She hadn’t said anything more. Before Robert or Jaden could even utter a protest, she’d dashed off. When she didn’t return for a few minutes, the boys tried to follow her, but found that the seemingly straight line surrounded by impossibly close-knit trees wasn’t so simple. As they walked, the path twisted and turned even though they never once changed the direction they travelled. The further they went, the more the light was swallowed by the shadows of the cavern. Robert, now pacing back and forth at the mouth of the cave nearly an hour later, was starting to mumble to himself. ‘It’s getting late—we need to do something. I can’t believe we couldn’t stop her,’ he groaned. He’d been running his hand through his tan hair so many times now it was no longer neat. ‘Calm down,’ Jaden growled from against a tree nearby. ‘It’s Georgia’s own damn fault. Always running off and doing stupid stuff like this. I wish you hadn’t babbled to her about how ‘interesting’ this ‘strange new phenomenon’ looked either.’ ‘Okay, I got a little excited,’ he admitted. ‘But this is like something out of one of my sci-fi books! There could be a whole universe in there—’ ‘Please don’t start again.’ Jaden rolled his eyes and began rubbing his forehead. ‘I’m tired. This is the fourth supernatural thing we’ve had to deal with this week.’ The isolated, English countryside town of Edgeville was far from the first place anyone would’ve guessed would be a hotspot for paranormal activity, but for the past couple of months, the town’s children had found themselves embroiled in a series of strange happenings. A decrepit mansion appeared on the outskirts of town one evening and disappeared the next. Pale, ephemeral figures stalked the town’s graveyards. Objects floated and flew across rooms. And the children had had more than enough encounters with fanged, clawed and/or winged creatures that stalked them relentlessly, but always just out of the corner of their sight. No one over the age of eighteen knew about any of this and most of the older children tried to deny it or explain it rationally. No matter what, any time an adult was called to investigate one of the strange and dangerous incidents it would vanish. Whole haunted houses would disappear. The floating spectres would evaporate just in time for the adult to miss them. The children of Edgeville no longer slept soundly, but that didn’t stop some of them from trying to do something about it or being intrigued. ‘Do you think it goes underground?’ Robert said. ‘That would explain why it goes for so long and why it’s so dark inside.’ When he didn’t get a response, he turned to see Jaden yawning. ‘You’re still talking science-y mumbo-jumbo,’ he said. ‘Aren’t you interested?’ Robert retorted and then he added, ‘or worried?’ ‘No. You don’t sound like you’re worried either.’ Robert thought for a moment, then said, ‘Are we just getting used to this, maybe?’ ‘Sick of it, more like,’ Jaden huffed. ‘I mean, how many times has Georgia leapt into some dangerous situation and come out just fine with that stupid grin all over her face? And you’re treating it like a big mystery novel that you’re trying to figure out.’ ‘This is a big mystery,’ Robert said. ‘And I do want to figure it out. And if we keep investigating, maybe we’ll all figure something out.’ A distant rumble of thunder came from far above. Jaden wrinkled his nose and frowned. ‘Go get Veronica. We’re not getting anything done right now.’ Most of the town’s children tried to ignore or flat-out deny that there was anything wrong, but after the incidents had started, a small band of kids had decided they’d actively explore the terrifying events that plagued their town. Veronica, as the oldest over Jaden by a few months, had been unofficially designated their leader, which meant that when Georgia got herself into trouble, it was usually Veronica who ended up organising the rescue mission. ‘Does your phone have reception out here?’ Robert asked. ‘No.’ ‘Neither does mine. Stay here then, just in case Georgia comes back out. I’ll head into town…’ ‘Fine by me,’ Jaden answered, sitting down at the base of the tree. There was another, louder bang of thunder. Robert gave a thumbs-up and hurried off out of the forest. He first swung by his own house, creeping in through the garage door and rifling through his father’s things for anything of use. As he’d hoped, he found a rope along with a heavy-duty torch. He wasted no time making a run for Veronica’s house a few streets over. He mulled over the thought of gathering up more friends for the rescue, but a flash of lightning accompanied by a dangerously close rumble caused him to decide that he was close to running out of time. He approached the front door, first tossing the rope and torch into the bushes, and then knocked. Robert figured it’d be best to avoid any suspicious questions. The door was opened by Veronica’s father, Curtis, who greeted Robert warmly. ‘What can I do for you, Robert?’ he asked. ‘It’s looking to be a heck of a storm. Not really the right time to be off playing in the streets, eh?’ ‘No sir,’ Robert answered. ‘I was actually wondering if Veronica was around. I had a, uh, spur of the moment idea. It was looking to be a good night for a movie so I wanted to see if Veronica and some other friends wanted to come over. Is she in?’ ‘What a great way to spend a Saturday night! She’s home—I’ll go and get her. Just remember not to put on anything too scary. You know how she hates all those violent horror movies.’ Curtis called his daughter and departed the room. Robert managed to hold the smile on his face until Curtis left before grimacing. Veronica came treading down the stairs and frowned when she saw Robert’s expression. ‘Let me guess,’ she said. ‘Georgia?’ Robert nodded. ‘She’s in trouble.’ ‘What did she annoy this time?’ ‘It’s a little more complex than that bat thing she upset last week. It might be better to see for yourself. It’s in the forest.’ ‘I’ll go get my coat and some good shoes,’ she sighed. She hopped back up the stairs and returned a moment later wearing a pair of pink gumboots and a baby-blue raincoat. Veronica was a year older than Robert, but nearly a foot shorter. She wasn’t as smart as Robert and she definitely wasn’t as brave or strong as Georgia, but she had a shine in her blue eyes and a posture that was tall and confident. Robert could tell by looking—even if Veronica couldn’t see it herself—that she was definitely most suited to be in charge. ‘I’ll try to explain what’s happening on the way,’ he said as they departed. He stopped a moment to retrieve his rope and torch from the garden before they jogged towards the forest. A drizzle of rain had begun to shower the pair as they fought through the trees and bushes towards their destination. ‘It’s over there,’ Robert pointed past some trees and over a hill. ‘I left Jaden there, in case Georgia came back.’ In between breaths and crashes of thunder, Robert tried to describe what the cave was to Veronica. ‘So it’s like a cave, but it’s bigger on the inside than it looks from the outside,’ she panted. ‘But it’s made of trees?’ ‘Exactly!’ Robert said. ‘Think of what could be inside there. I mean, there could be anything really—’ ‘Is that it?’ Veronica interrupted. The rain had intensified, but there was no mistaking the gnarled shape of the cave a few metres away. As they hastened towards it, a flash of lightning illuminated the area. In the half-light, the cave looked more twisted and unnatural; the branches of the trees sharper and darker, but something else had caught their attention in that brief moment of sudden light. ‘Robert,’ she breathed. ‘Was that…?’ ‘Yeah, I saw it too.’ Something had jolted like a startled spider into the cave, too fast for either of them to make out what it could be. ‘A deer?’ Veronica suggested. ‘Too big and too quick,’ Robert shuddered. ‘And…I think it was black. And scaly.’ ‘I really hope you’re wrong. Could it have been—?’ She stopped and they flicked their heads towards each other. Robert switched on the torch and they hurried down the hill towards the cave. He swept the light over the area, scanning for any sign of Jaden. They both began to call his name, hoping he’d just fallen asleep under the tree, but it soon became clear he wasn’t answering. ‘He probably just went home, right?’ Veronica said. Her voice was quivering. ‘I told him to wait here, though,’ Robert said. ‘And I know he’s lazy, but he wouldn’t go home without Georgia.’ They both turned and looked down the looming maw of the cave. Even now, armed with the torch, Robert couldn’t see anything other than the walls of trees on either side of the path deep into the darkness. It seemed to stretch on forever. ‘Give me the torch,’ Veronica said, holding her hand out. ‘And one end of the rope.’ ‘But—’ ‘One of us has to stay out here,’ she explained. ‘And you’re right—Jaden wouldn’t have gone home without Georgia. If they did go home, we’d have seen them on the way here. So they’re in there.’ ‘I want—’ ‘I know,’ she continued. ‘I know you want to see what’s in there. That’s why I’m going in; you might get lost or distracted.’ Robert huffed, but complied. ‘If you see anything dangerous…’ ‘I’m not leaving without them either,’ she said. Without another word, she faced the cave, torch in one hand and rope in the other, and began to tread cautiously into the abyss. A ways in, she started to run, calling Jaden and Georgia’s names. Robert watched her get smaller and smaller, the rope in his hand unwinding rapidly as the light from Veronica’s torch steadily vanished from view. He was alone in the closing darkness. The sky howled and rain began to pelt him furiously. He stepped into the mouth of the cave, hoping its branches would at least keep him dry as he waited. The rope in his hand continued to unravel. The walls of the cave had begun to change. Veronica could see the branches and foliage of the trees melting together to form some new substance that was a dull brown. It looked like it’d be sticky to touch, but she didn’t dare test this thought. A smell like decomposing fruit had begun to gradually rise in potency and it took all of Veronica’s willpower to avoid turning back. What was worse was that the light from her torch was steadily becoming useless. The blackness of the cave seemed so immense that her light couldn’t pierce it. The ray seemed increasingly insignificant as she ventured deeper. Her heart was thundering like the storm she had left so far behind ‘Jaden!’ she called. ‘Georgia!’ She stopped running for a moment to catch her breath and listen for a response. She thought she heard footsteps somewhere ahead, but otherwise the cave was silent. ‘Please, please, please be Jaden and Georgia.’ she muttered. Veronica increased her pace and began calling again. The ground beneath her boots was growing warmer and softer. She dreaded the thought of aiming her torch downwards to see what was happening to it; instead she focused the light on the void before her. As she jogged along, the light occasionally illuminated the walls and Veronica noted that they were stretching further apart. Something was dripping from them without a sound. There was no way she was still in the forest. When she called her friends again, she gasped at a sound not too far ahead. She thought it’d been a groan. She sprinted into the darkness, clutching her torch and rope and almost tripped over the slouched figure of Jaden. ‘Jaden!’ she cried. The torchlight flew over his features, telling Veronica all she needed to know: he was hurt. Blood was dripping from his nose and mouth. She shrieked, dropped the torch, and began to shake Jaden by the shoulders. Soon enough, she heard a voice from the darkness. ‘What time is it…?’ Veronica stopped and picked her torch back up to direct it to the space beside Jaden. It was Georgia, lying face-down on the ground. When she sat up, Veronica became aware that she was also injured: she had a crimson gash across her forehead. ‘Georgia?’ She blinked and shook her head, realisation setting in. ‘Oh, ‘sup, Veronica? How’d you get down here?’ ‘Never mind that,’ Veronica said. ‘Help me get Jaden up—we’ve gotta go.’ She moved to shake his shoulder again, but Georgia motioned for her to step back. Without any further prompting, she began slapping Jaden repeatedly until a series of moans came from his throat. ‘Quit it, quit it!’ he snapped, jumping to his feet. ‘I’m up!’ ‘Then we’re leaving,’ Veronica said, standing. ‘You can tell me what happened when we get out of here.’ ‘Okay, but question,’ Georgia said, dragging herself to her feet. ‘How’d you get past that thing?’ ‘Thing?’ ‘Yeah, the thing with lots of legs and eyes.’ Veronica didn’t move. Jaden turned to her and could just make out her horrified expression in the torchlight. ‘You didn’t see it, did you?’ She slowly shook her head. ‘Well ya might soon,’ Georgia said, looking past her friends. Veronica held her breath and could faintly make out a scuttling sound in the direction Georgia was facing. ‘Stay close and don’t look back,’ Veronica instructed. No more words were said as the three tore back through the cave along the path of the rope. It was well and truly storming now, with rain slamming down like the world was ending. The cave offered little safety from it to Robert who was now drenched. However, not once had his gaze left the direction of the darkness where he now watched his three friends charging towards him. Jaden and Georgia’s faces were covered in blood. Veronica looked like she was about to cry. They arrived and stopped in front of Robert, whose expression was a mixture of concern and joy. For a while no one said anything, and the cacophony in the skies above was all they could hear. Then Robert jerked his thumb back behind him, towards town. ‘I’ve uh,’ he said. ‘Got some Disney movies at my place. And a heater. You guys want to come over? Tell me all about it?’ Georgia made some sort of discontent sound and Jaden shoved her. ‘Sounds great, Robert,’ Veronica sighed. ‘Let’s get out of here.’ Download a PDF of “Where Light Doesn’t Exist” here Alex Chambers Alex loves to write about swords, angels, gods and the infinite wonders of the universe. He also likes to write stuff that scares the heck out of you. He lives on the Northern Beaches, studies writing at Macquarie and is currently in the middle of three stories, two of which he hopes will leave you sleepless at night. More Posts (1) Tagged childhood, exploration, fantasy, fear, horror, pockets, Short Story, Young Adult ambiguity Borderlines chaos & creation childhood discovery dystopia Endangered & Dangerous family fantasy Fault Lines grief history humour love Memoir memory mortality pockets Polygraph relationships science fiction Short Story speculative truth and lies Young Adult Copyright © The Quarry and individual contributors and creators. The views expressed by The Quarry contributors are not necessarily those of the editors or the Department of English.	cc/2021-04/en_middle_0030.json.gz/line1294
__label__wiki	0.668568	0.668568	Lightbox Content created in partnership with It's McDreamy, it's Lively, it's Henry, it's your four favourite book-clubbers. It's Lightbox in December. New to Lightbox in December: Crazy Rich McDreamy! McDreamy’s new show, a mid-aughts mum classic and two of the year’s most fun films – they’re all on Lightbox this month! Plus, what you need to catch before it leaves. Book Club (movie from December 5) 2018 is the year that I embraced the book club, and it has enhanced my life in ways I could have never imagined. I’ve read one and 7/8s of a book, I’ve experienced the glory of bottomless brunch, and I’ve laughed and talked about ACTUAL LITERATURE with some of my smartest and funniest friends. One of those people is The Spinoff’s Madeleine Chapman, who went to see Book Club, starring Diane Keaton, Jane Fonda, Candice Bergen and Mary Steenburgen earlier in the year. ““It’s Nancy Meyers-lite,” she told me just now, “I loved it.” If that’s not a ringing endorsement, I don’t know what is. / Alex Casey Law and Order True Crime: The Menendez Brothers (binge from December 7) The true story this miniseries is based on was so remarkable it reached our own shores in the nineties, before everybody was obsessed with true crime as a particularly macabre way to escape our day-to-day horrors. The rundown: Two brothers murdered their parents brutally, and the resulting trial dragged on and on, and featured an especially flamboyant and personable defence attorney, Leslie Abramson, played here by Edie Falco and a tremendous wig. I mean, what better way to ease your way into holiday horror season than with some juicy true crime? / Sam Brooks A Simple Favour (movie from December 12) Low-key, this might be my favourite movie of the year, and if it’s not, then Blake Lively’s full glam-lesbian performance is absolutely my pick for the most underrated performance of the year. It starts off as a thriller about a mom-blogger (Anna Kendrick) who makes friends with a glamourous and nonchalant friend (Blake Lively) at her kid’s school, who then suddenly goes missing; from then on it’s a demented high-stakes black comedy. It’s weird as hell, stylish as hell, and I cannot stop thinking about it. Watch it with your friends and a lot of prosecco, and you’ll have the time of your life. Just keep the credit card hidden, because you will want to buy all of her outfits. / SB Crazy Rich Asians (movie from December 12) If A Simple Favour is my low-key favourite movie of the year, then Crazy Rich Asians is high-key my favourite comfort movie of 2018. It’s affluence porn at its finest, and Constance Wu is the most likeable lead in a romantic comedy since Julia Roberts and Sandra Bullock stopped doing romantic comedies and decided to win Oscars instead. It’s really funny, it’s really touching (I’ve seen it twice and cried at the same point both times) and it’s a viewpoint into a culture and a world that doesn’t get seen in a lot of mainstream films. Win, win, win, y’all. (Also, Henry Golding, I am available to be married to you at any moment that you may desire. You can contact me at sam@thespinoff.co.nz) / SB The Truth About The Harry Quebert Affair (miniseries from December 18) McDreamy is back, baby, and this time he has glasses and you should probably call the cops and report severe crimes of attractiveness. Speaking of criminal, miniseries The Truth About Harry Quebert Affair follows a mysterious case involving an esteemed author (Dempsey, hence the glasses) who is accused of killing a missing woman 15 years prior. With her body found clutching a copy of his book, it’s a real… Grey… area dissecting the… Anatomy… of the murder. Sorry! / AC Leave No Trace (movie from December 19) This was the film that came out of Sundance with all the buzz, especially for Kiwi actress Thomasin McKenzie, who has been labelled the next Jennifer Lawrence. No pressure yo! Leave No Trace is a taut thriller that comes from Debra Granik, who directed Lawrence to her first Oscar nomination in Winter’s Bone, so the comparisons are pretty apt. Both the film and McKenzie are picking up awards overseas, so if you want to get your award season viewing started early, start nowhere other than Leave No Trace. / SB The Nun (movie from December 19) The latest instalment from the Conjuring cinematic universe is The Nun, who joins Annabelle and The Blair Witch in my personal hall of fame for possessed feminist icons. A loosely-linked prequel to The Conjuring 2, The Nun takes us to 195os Romania, where an isolated monastery is being haunted by a malevolent spirit (spoiler alert: it’s the nun). With The Vatican sending a non-evil nun and a non-evil priest to clear the air of evil, it becomes evident pretty fast that they are going to need more than a can of Oust. Balancing relentless jump-scares with schlocky, self-aware jokes, horror fans could do a lot worse than pulling up a pew with The Nun. / AC Crossing Jordan (binge from December 21) Look at it! Look at Crossing Jordan’s hair! My mother was obsessed with this show through the entire 00s, which tells you everything you need to know about this show. Crossing Jordan was a part of what I fondly call The Forensic Boom, which was the CSI-led glut of shows about cops who investigated crime scenes and tried to figure out what the heck went on. Crossing Jordan was the most wholesome and quirkiest of these, with best-hair-on-television-back-then Jill Hennessy playing the titular Jordan, a forensic pathologist in the medical examiner’s office. She was tough, she was staunch, and she didn’t play by the rules – she was pure bait for mums, and I can tell you that mums ate it up. Also, it’s a chance to see a pre-natal Kathryn Hahn (Transparent) as a quirky receptionist, and Academy Award winner Mahershala Ali as a gentle medical examiner. Get in on the ground floor seventeen years late! / SB Leaving Soon: Pushing Daisies (leaving January 14) “Pushing Daisies is one of those shows that garnered huge enthusiasm with critics and a devoted following of fans, but it just missed the boat on becoming the true sensation it should have been. It’s a beautiful watch now – the production design is sweet enough to give you diabetes 1 through 25, because also Ned is a pie maker – but what really grabs you is the quiet, sad intensity between Ned and Chuck, who are doomed to a touchless love before they even realise they’re doomed to it.'” / SB Veronica Mars (leaving January 14) “If you missed out on watching Veronica Mars, you missed out on not only one of the first examples of ‘teen noir‘, but some of the most astutely written and performed high school characters I’ve ever seen on television … The first season is especially brilliant, focusing on Veronica figuring out who murdered her best friend Lily, while also coming to terms with what happened to her on the night of Lily’s disappearance.” / SB Also leaving are: Mozart in the Jungle (Season 3, December 9) Go Girls (All, December 14) Deadline Gallipoli (All, December 30) Moon TV (All, December 31) Blindspot (Season 1, January 14) The West Wing (Boxset, January 14) 800 Words (Season 1-2, January 14) This content, like all television coverage we do at The Spinoff, is brought to you thanks to the excellent folk at Lightbox. You can also check out Get It to Te Papa, a Lightbox Original, made by The Spinoff, that follows Hayden Donnell on an ambitious quest to collect underappreciated Kiwi cultural artefacts (The Waitangi Dildo, the DEKA sign, Suzanne Paul herself) and get them into New Zealand’s national museum, Te Papa. Do yourself a favour by clicking here to start a FREE 30 day trial of this truly wonderful service and all six episodes of this wonderful show. The Spinoff Weekly compiles the best stories of the week – an essential guide to modern life in New Zealand, emailed out on Monday evenings. Review: In Sex and Vanity, Kevin Kwan writes wealth like a fantasy novel Sam Brooks Culture Editor - August 3, 2020 Here’s what you need to know about Neon merging with Lightbox Tara Ward What’s new to Netflix NZ, Neon and every other streaming service in June - June 1, 2020	cc/2021-04/en_middle_0030.json.gz/line1296
__label__wiki	0.649458	0.649458	Stop the Wars at Home and Abroad! All articles represent the opinions of the authors – not UNAC Positions UNAC Home Meet the UNAC AC Stand with the People of Nigeria #EndSARS November 7, 2020 UNAC Editor Africa, Indigenous peoples, Nigeria, Resistance, Statement, U.S. Aggression Statement from Pan-African Community Action (PACA) & the U.S. Out of Africa Network We are clear that at the root of escalating brutal and lethal repression in Nigeria is the economic and political alienation born from decades of Western neo-colonialism and an unsustainable global economy. The government forces shielding a comprador class in Nigeria are intensifying police repression against valiant youth who are rising up to demand the human right to a standard of living adequate for the health and well-being of all individuals and families. Pan African Community Action (PACA) and the U.S. Out of Africa Network (USOAN) are calling on all who stand for true democracy and peace through justice to sign on to this statement in solidarity with the people of Nigeria in support of their clear demands: A genuine disbanding –and not a rebranding– of the Special Anti-Robbery Squad (SARS). Replacing SARS with SWAT is a cynical insult and is unacceptable; Compensation must be made to the families of those preyed upon by the SARS unit and those killed by the military for protesting, and all prisoners arrested in connection with the protests must be released. The Nigerian youth have spoken: demonstrating and blocking streets nationwide. The reaction of the Nigerian military has been brutal: protesters have been fired upon with everything from fire hoses to live ammunition and, as of October 21, 2020, Amnesty International claims at least 56 people have died across the country since the protest began with about 38 killed on Tuesday, October 20th alone. This sign-on statement is NOT a call for sanctions or more Western intervention or anything that lends deference to Western benevolence or hegemony. On the contrary, this is a call that recognizes and seeks to expose how the US, EU, NATO axis of domination is responsible. The police in Nigeria are a colonial institution: begun in 1920 by the occupying British Empire. The British empire used both taxation and the police to fuel a colonial system built on forced labor, which was used to run the colonial government itself and to build the infrastructure it needed to extract revenue from the country as a whole. The exploitative role of the police survived Nigerian independence, and has continued until the present day: police have been deployed to raze slums to the ground to clear land for developers to make luxury real estate for the Nigerian middle and upper classes. Nigerian police, like the elites they protect, enjoy total impunity for their actions: more than three out of four Nigerians who have encountered police over the past year report having been extorted for bribes, and sexual assault and extrajudicial killings are also chillingly common. SARS, the Special Anti-Robbery Squad, is simply the “most notorious” perpetrators of crimes endemic to policing throughout the country. We are not fooled by the platitudes of U.S. politicians. Just three years ago, the U.S. cashed in on further militarizing Nigeria with the sale of over half a billion dollars worth of military gear, funds that should have been used to mitigate the deep economic crisis that is devastating the Nigerian working class. The U.S. led International Association of Chiefs of Police (IACP) headquartered in Alexandria, Virginia is “the world’s largest and most influential professional association for police leaders,” with more than 31,000 members in over 165 countries. Nigeria’s police are among its members, and there is hard evidence that Nigerian police forces receive training from U.S. police officers through the IACP’s International Police Education and Training (IPET) program. To PACA and the USOAN, self-determination is essential. A group has self determination as a people and/or a nation when they have full decision making powers over their own destiny. So we unequivocally condemn the neo-colonial character of the Nigerian authorities, represented not only in the tendency to repress the population on behalf of the interests of the comprador and Nigerian bourgeoisie, but also on behalf of Western imperialism. Nigeria’s relationship to the U.S. and its military to military relationship with the U.S. Africa Command (AFRICOM) must be seen as indirectly if not directly culpable for the October 20th massacre of unarmed protesters by the military. The state violence occurring in Nigeria is part of a global pattern of violence affecting African people from Minneapolis to Lagos, and from Abuja to Port-au-Prince. Our oppression crosses borders; so must our solutions. All who support the right of the people to authentic democracy and human rights should stand in solidarity against neo-colonial rule and the imperialism that it protects. If you agree with the above, please add your signature and join us as we organize active resistance in solidarity with the people of Nigeria. Please Sign to stand with the people of Nigeria. *Featured Image: Wikipedia/TobiJamesCandids Exploitation of AfricaNigerian ProtestsNigerian Sovereignty and Self DeterminationSARS (Special Anti-Robbery Squad) are US Trained Death Squads Previous Post:Greek workers tell Pompeo: ‘Go home’! Next Post:Celebrate Armistice Day – Wage Peace With Renewed Energy! About UNAC The United National Antiwar Coalition (UNAC) is the largest and broadest antiwar and social justice coalition in the United States. Our purpose is to bring together the disparate organizations and issues representing people in struggle today and to unify in collective action in opposition to the major perpetrator of war and injustice in the world – the United States government along with its allies and proxies. Click here to see UNAC Statements and Activities. UNAC Twitter FeedFollow United National Antiwar Coalition@UNAC1· Hold #Israel accountable for violation of Palestinian rights. They deny Palestinians the COVID vaccine as part of their geocidal campaign against the Palestinians. #ApartheidIsrael #ICC4Israel The assassination of the Iranian general Solemani and the killing of #Iran scientist Mohsen Fakhrizadeh along with harsh US imposed sanctions are acts of war. No War with Iran! End the Sanctions! Join us for this important webinar. register here: https://zoom.us/webinar/register/WN_R5v_wFmmQdujR4To3GdVCQ c@CommuMx Youth Against Empire with @UNAC1 have a Webinar on the 30th about War with Iran https://www.facebook.com/events/219109613133099/ #DC mob, #Iran, #Yemen, #China and more https://nepajac.org/unac_011121.html Retweet on TwitterUnited National Antiwar Coalition Retweeted US Palestinian Community Network@uspcn· Call for international protection of 🇵🇸 Human Rights Defender @IssaAmro, on trial for his peaceful activism in the Israeli military court. 🫒 #StandWithIssa in court tomorrow Jan 6. Sign the petition: http://friendsofhebron.com/standwithissa victory for #JulianAssange and for us. Margaret Kimberley@freedomrideblog· January 1, 1804 Haitian revolution. January 1, 1959 Cuban revolution. #haitianrevolution #haitianindependenceday #CubanRevolution #cuba CODEPINK@codepink· China is not our enemy. The war machine is! https://twitter.com/catcontentonly/status/1343282499833765890 Radio Free Amanda 余美娜@catcontentonly New hobby is googling the think tanks affiliated with every rabid anti-China op-ed writer, and then looking up how much weapons contractors have contributed to them lol 3 View the webinar: The #venezuelan election, a blow to US Imperialism. Hear Margaret Flowers, Vijay Prashad, Zoe PC & Bahman Azad. https://www.youtube.com/watch?v=yN8dGE4dO4M&t=17s	cc/2021-04/en_middle_0030.json.gz/line1299
__label__wiki	0.865567	0.865567	Covid: Large trial of new treatment begins in UK By Justin Rowlatt duration 1 hour ago image copyrightBBC Panorama image captionKaye Flitney is one of those enrolled on the clinical trial A large-scale trial of a new treatment it is hoped will help stop Covid-19 patients from developing severe illness has begun in the UK. The first patient received the treatment at Hull Royal Infirmary on Tuesday afternoon. It involves inhaling a protein called interferon beta which the body produces when it gets a viral infection. The hope is it will stimulate the immune system, priming cells to be ready to fight off viruses. Early findings suggested the treatment cut the odds of a Covid-19 patient in hospital developing severe disease – such as requiring ventilation – by almost 80%. It was developed at Southampton University Hospital and is being produced by the Southampton-based biotech company, Synairgen. A course of treatment with the new drug could cost around £2,000, which is not that expensive for a hospital treatment. “To be viable it will have to represent good value for money,” Synairgen’s chief executive Richard Marsden said. Alexandra Constantin, 34, was the first person to receive the treatment as part of this new trial, after she was admitted to the hospital with coronavirus on Monday. She has a young daughter at home she is desperate to get back to. Demonstrating the treatment, the nurse handed her a nebuliser that makes the drug into a fine mist, which Alexandra inhaled as deep into her lungs as she could. Interferon beta is part of the body’s first line of defence against viruses, warning it to expect a viral attack. The coronavirus seems to suppress its production as part of its strategy to evade our immune systems. The new drug is a special formulation of interferon beta delivered directly to the airways via a nebuliser which makes the protein into an aerosol. The idea is that a direct dose of the protein in the lungs will trigger a stronger anti-viral response, even in patients whose immune systems are already weak. Interferon beta is commonly used in the treatment of multiple sclerosis. Previous clinical trials conducted by Synairgen have shown that it can stimulate an immune response and that patients with asthma and other chronic lung conditions can comfortably tolerate the treatment. The results of a smaller, phase two clinical trial of the treatment conducted last year were promising. It suggested the chances of a Covid-19 patient in hospital getting severe disease – requiring ventilation, for example – were reduced by almost 80%. Patients were two to three times more likely to recover to the point where everyday activities were not compromised by their illness, Synairgen claimed. It said the trial also indicated “very significant” reductions in breathlessness among patients who received the treatment. In addition, the average time patients spent in hospital is said to have been reduced by a third, for those receiving the new drug – down from an average of nine days to six days. But the trial was small, just 100 patients, and more testing is needed before it can be authorised for use. This new “phase three” trial is much larger. It will involve more than 600 patients in 20 countries. As in the earlier trial, half the participants will be given the drug, the other half will get what is known as a placebo – an inactive substance. The team running the trial say they hope it will be completed by early summer. If the results are anywhere near as good as in the earlier trial, they expect authorisation for the drug to be used in patients in the UK and other countries to follow shortly afterwards. media captionSynairgen CEO Richard Marsden explains how the treatment uses the protein interferon beta to help fight the virus “If we had a positive study, we would hope to move rapidly into scaled manufacture and delivery of the drug in clinical practice,” said Prof Tom Wilkinson, of the University of Southampton, who is overseeing the trial. He added that he believes the new drug – if it proves effective – will be a complement to the vaccines that are being rolled out. He also pointed out it would take a long time for the whole world to be vaccinated. There will need to be treatments for people who miss out on vaccination or choose not to get the jab. There is also the risk the virus mutates and vaccines become less effective – meaning people begin to develop the disease again. The treatment is the result of the discovery by a team from Southampton University that people with lung diseases such as asthma and chronic obstructive pulmonary disease (COPD) often had low levels of interferon beta. “We thought why not boost patients’ interferon beta levels by getting them to inhale the protein,” Prof Donna Davies, who was part of that team, said. She said research has now shown that Covid-19 can suppress the interferon beta response. But experts warn that drugs often do not live up to the promise of early trials. “This is exciting, but we have to see what the phase three results show,” says Dr Lamis Latif, a south London GP who has been working in emergency care with Covid-19 patients. “We’ve had other drugs in similar circumstances, we’ve had hydroxychloroquine, for example, but again, when that reached further trials, it wasn’t as promising as it initially made up to be. “So that’s something to really take note for this current drug.” Have you been affected by any of the issues raised here? You can get in touch by emailing [email protected]. Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways: If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected]. Please include your name, age and location with any submission. Asia Today: Chinese city tests millions amid fresh outbreak U.S. executes Lisa Montgomery, first woman put to death in federal system since 1953 The Latest: S. Korean sect leader acquitted over virus cases Russell T Davies explains the key difference between It’s a Sin and Queer as Folk Bridgerton’s Jonathan Bailey recalls toe-curlingly awkward encounter with Rihanna, and 10 other things you probably didn’t know SF Giants, New Balance, Charles Schwab among those who helped elect GOP coup-enablers Boebert, Scalise, Nunes, Stefanik	cc/2021-04/en_middle_0030.json.gz/line1301
__label__wiki	0.775475	0.775475	Minneapolis: November 13 to November 16, 2018 Here are some shows taking place in the Minneapolis/St Paul area from November 13 to November 16, 2018. El Ten Eleven at 7th Street Entry El Ten Eleven will be headlining the 7th Street Entry this Saturday, November 19th. The band was last seen in town last year in October 2015 in support of Fast Forward. .... + Thunder Dreamer Thu 11/15/2018 (8pm/$16) Influential post-rock duo El Ten Eleven (guitarist/bassist Kristian Dunn and drummer Tim Fogarty) is headlining the 7th Street Entry on November 15th in support of their new album Banker’s Hill (Topshelf Records). Indiana’s Thunder Dreamer (singer/guitarist Steven Hamilton, drummer Corey Greenfield, bassist Alex Wallwork, and pianist Zach Zint) to open. 11/06: St. Louis, MO @ The Old Rock House ~ 11/07: Indianapolis, IN @ HiFi ~ 11/08: Ann Arbor, MI @ Blind Pig ~ 11/09: Grand Rapids, MI @ Pyramid Scheme ~ 11/10: Chicago, IL @ ChopShop ~ 11/13: Madison, WI @ High Noon Saloon $ 11/14: Milwaukee, WI @ Shank Hall $ 11/15: Minneapolis, MN @ 7th Street Entry $ 11/16: Omaha, NE @ Slowdown $ 11/17: Kansas City, MO @ Record Bar $ 11/29: Los Angeles, CA @ Teragram Ballroom * 11/30: San Diego, CA @ Casbah * 1/10: Tustin, CA @ Marty’s + 1/11: Phoenix, AZ @ Crescent Ballroom + 1/12: Tucson, AZ @ 191 Toole + 1/15: El Paso, TX @ Lowbrow Palace + 1/17: Dallas, TX @ Club Dada # 1/18: Austin, TX @ Empire Control Room # 1/19: Houston, TX @ White Oak Music Hall # 1/22: Gainesville, FL @ High Dive # 1/23: Jacksonville, FL @ Jack Rabbits # 1/24: Orlando, FL @ The Social # 1/25: Tampa, FL @ Crowbar # 1/26: Atlanta, GA @ Aisle 5 # 1/30: Asheville, NC @ Grey Eagle # 1/31: Carrboro, NC @ Cat’s Cradle # 2/01: Charlottesville, VA @ The Southern # 2/02: Washington, DC @ Union Stage # 2/06: Philadelphia, PA @ The Foundry # 2/07: New York, NY @ Music Hall of Williamsburg 2/08: Portland, ME @ Port City Music Hall # 2/09: Boston, MA @ The Sinclair # - Joan of Arc supports + - Rob Crow supports * - Tennis System supports ~ - RLYR supports $ - w/ Thunder Dreamer The Menzingers 2018 Tour War and Treaty at Cedar Crooked Colours 2018 Tour Bottle Rockets 2018 Tour Beartooth 2018 Tour Hands Like Houses 2018 Tour Shallou at 7th Street Entry The Menzingers The Menzingers was next, showing up on stage after the inspirational speech from Independence Day. This pop-punk (although leaning more towards the punk side) band from Philadelphia … In support of their new album South Broadway Athletic Club (Bloodshot Records), St. Louis based Bottle Rockets (not to be confused with Wes Anderson's film Bottle Rockets) will be stopping ... The Our Last Night and Australia’s Hands Like Houses co-headlining show (“Face to Face” Tour) is taking place at the Garage in Burnsville on Monday, December 5th. … + Daddy Issues, Tiny Moving Parts Varsity Theater Tue 11/13/2018 (7pm/$22) varsitytheater.com Philadelphia-based punk band The Menzingers is returning to Minneapolis this Tuesday (November 13th) at the Varsity Theater. Nov 02 Phoenix, AZ - Crescent Ballroom Nov 03 Los Angeles, CA - Regent Theater Nov 04 San Diego, CA - The Music Box Nov 05 San Francisco, CA - Slims Nov 07 Seattle, WA - El Corazon Nov 08 Portland, OR - Hawthorne Nov 10 Denver, CO - Bluebird Theater Nov 13 Minneapolis, MN - Varsity Theater Nov 14 Chicago, IL - Concord Nov 16 Detroit, MI - Crofoot Ballroom Nov 17 Toronto, ON – Phoenix Theatre Nov 18 Pittsburgh, PA - Mr Smalls Nov 20 Washington, DC - Black Cat Nov 23 Brooklyn, NY - Brooklyn Steel Nov 24 Philadelphia, PA - Union Transfer Nov 25 Boston, MA - House of Blues THE WAR AND TREATY + Courtney Marie Andrews Acclaimed powerhouse duo The War and Treaty will be stopping by the Cedar Cultural Center on Tuesday. 11/01—Uncasville, CT—Wolf Den at Mohegan Sun 11/02—Allston, MA—Great Scott 11/03—Fall River, MA—Narrows Center For The Arts 11/05—Cleveland, OH—Beachland Ballroom & Tavern 11/06—Chicago, IL—Lincoln Hall 11/07—Ann Arbor, MI—The Ark 11/12—Milwaukee, WI—Turner Hall Ballroom 11/13—Minneapolis, MN—Cedar Cultural Center 11/15—Sun Valley, ID—Sun Valley Opera House 11/17—Indianapolis, IN—Hi-Fi Indy + Grayshot, Devata Daun Tue 11/13/2018 (8:30pm/$15) Australia’s Crooked Colours (Philip Slabber \| Leon De Baughn \| Liam Merrett-Park) is headlining the 7th Street Entry on Tuesday. Local bands Devata Daun and Grayshot will open. The latter features brothers Aaron & Christian Ankrum. We saw them in August 2016 and said, “Typically, these guys are a trio but they recently added a keyboardist which seemed to add a lot of depth to their calming lo-fi pop sound” As for Devata Daun, we saw her in April 2018 and wrote that her music was “sweet, atmospheric songs from her album Look (Pytch Records)…” 08/11/2018 Holocene, Portland, OR, US 09/11/2018 Fortune Sound Club, Vancouver, BC 10/11/2018 Neumos Crystal Ball, Seattle, WA 13/11/2018 7th Street Entry, Minneapolis, MN 14/11/2018 High Noon Saloon, Madison, WI 15/11/2018 Lincoln Hall, Chicago, IL 01/12/2018 Corona Sunsets 2018 02/02/2019 St Jerome's Laneway Festival + Hugh Masterson Wed 11/14/2018 (7pm/$17) The Bottle Rockets is touring in support of their new album Bit Logic. The group will play the Turf Club on November 14th with Hugh Masterson. Nov. 7 — Wisconsin Dells, Wisc. — Showboat Saloon Nov. 8 — Milwaukee, Wisc. — Shank Hall Nov. 9 — Three Oaks, Mich. — Acorn Theater Nov. 14 — St. Paul, Minn. — Turf Club Nov. 15 — Iowa City, IA — Big Grove Brewery Nov. 24 — St. Louis, MO — Off Broadway Dec. 1 — Macomb, Ill. — Tri States Public Radio Show Dec. 7 — Bloomington, Ill. — The Castle Theater Dec. 8 — Springfield, Ill. — Bar None + Sylar, Knocked Loose Columbus rock band Beartooth will headline the Varsity Theater on November 14 in support of their third studio album Disease. 11/03 Sacramento CA @ Ace of Spades 11/04 Berkeley CA @ The UC Theatre 11/06 Portland OR @ Crystal Ballroom 11/07 Seattle WA @ Showbox SoDo 11/09 Salt Lake City UT @ The Depot 11/10 Denver CO @ Oriental Theater 11/12 Lawrence KS @ Granada Theater 11/13 Omaha NE @ Sokol Auditorium 11/14 Minneapolis MN @ Varsity Theater 11/15 Sauget IL @ Pop’s Concert Venue 11/17 Columbus OH @ Express Live! + Emarosa, Devour the Day, Arlington Thu 11/15/2018 (5:30pm/$18) Hands Like Houses will be at the Amsterdam Bar & Hall in St Paul on Thursday night. Their fourth studio album, -Anon., out now via Hopeless Records. 11/2 - Lucerna Music Bar - Prague, CZ 11/3 - Dürer Kert - Budapest, HU 11/4 - Backstage Werk - Munchen, DE 11/5 - Substage - Karlsruhe, DE 11/10 - Slim's - San Francisco, CA 11/12 - The Complex - Salt Lake City, UT 11/13 - Marquis - Denver, CO 11/15 - Amsterdam - Minneapolis, MN 11/16 - Bottom Lounge - Chicago, IL 11/17 - Fubar - St. Louis, MO 11/18 - Emerson Theater - Indianapolis, IN 11/19 - Trixie's Entertainment Complex - Louisville, KY 11/20 - Magic Stick - Detroit, MI 11/21 - Skully's - Columbus, OH 11/23 - Brighton Music Hall - Boston, MA 11/24 - Gramercy - New York, NY 11/25 - Foundry - Philadelphia, PA 11/27 - Sound Stage - Baltimore, MD 11/28 - Cat's Cradle - Carrboro, NC 11/29 - Rocketown - Nashville, TN 11/30 - Masquerade (Hell) - Atlanta, GA 12/01 - Soundbar - Orlando, FL 12/03 - White Oak - Houston, TX 12/04 - Gas Monkey Bar N Grill - Dallas, TX 12/05 - Alamo - San Antonio, TX 12/07 - Crescent - Phoenix, AZ 12/08 - Irenic - San Diego, CA 12/09 - Teragram Ballroom - Los Angeles, CA SHALLOU + Japanese Wallpaper Fri 11/16/2018 (8pm/$13/Sold Out) shallou’s sold-out show at the 7th Street Entry is this Friday, November 16th. Show up early to check out Australian artist, Japanese Wallpaper (aka Gab Strum) with his recent new hopeful song, “Fooling Around” (his first release in two and a half years). The song is out now via Nettwerk Records. Upcoming US Tour Dates: 11/2/2018 Austin, TX The Parish 11/6/2018 Atlanta, GA Vinyl 11/8/2018 Washington, DC U Street Music Hall 11/9/2018 Brooklyn, NY Elsewhere 11/10/2018 New York, NY The Bowery Ballroom 11/14/2018 Toronto, ON Velvet Underground 11/16/2018 Minneapolis, MN 7th Street Entry 11/17/2018 Omaha, NE Slowdown - Front Room 11/20/2018 Denver, CO Bluebird Theater 11/21/2018 Salt Lake City, UT The Complex 11/23/2018 Seattle, WA The Crocodile 11/24/2018 Vancouver, BC Fox Cabaret 11/25/2018 Portland, OR Doug Fir Lounge 11/27/2018 San Francisco, CA Independent 11/29/2018 Los Angeles, CA El Rey Theatre Posted at 12:00 AM in Arlington, Beartooth, Bottle Rockets, Crooked Colours, Daddy Issues, Devata Daun, Devour the Day, Emarosa, Grayshot, Japanese Wallpaper, Knocked Loose, Minneapolis, Minneapolis Music Guide, shallou, Sylar, The Menzingers, The War and Treaty, Tiny Moving Parts, Vu \| Permalink \| Comments (0) Rocktober: October 7 to October 8, 2017 In other The Church news, the Sydney-based band will be releasing a brand new album called Further/Deeper, set for release on February 3, 2015, via +180 Records. Although "Xmas" won't be on the CD … Here are some concerts taking place in the Minneapolis/St Paul area from October 7 to October 8, 2017. at Cedar Cultural Center Sunday 10/08/2017 (8pm/$30) Australia’s The Church is back in the city. The last time we saw them at the Cedar in 2015 we noted, “The show was performed as one long set, versus the two separate sets done earlier in the tour, with the second half being more instrumentally drawn out and ethereal than the first. The steady shaking of a maraca caused Kilbey to go into the first lines of Rupert Holmes’ ‘Escape (The Piña Colada Song)’ before launching into the dreamy 'Lightning White' with extended guitar solos.” The Helio Sequence will open. The latest news we got from this Portland duo is that they recently re-imagined a 1914 song called ‘Out Among the Sheltering Pines’, released as part of a compilation album called Transference (Marmoset Records). The album comes out December 1, 2017. 10/01/2017 9:30 Club Washington, DC 10/03/2017 Union Transfer Philadelphia, PA 10/05/2017 Magic Stick Detroit, MI 10/06/2017 Park West Chicago, IL 10/08/2017 Cedar Cultural Center Minneapolis, MN 10/10/2017 The Waiting Room Omaha, NE 10/11/2017 Gothic Theatre Englewood, CO 10/12/2017 The State Room Salt Lake City, UT 10/13/2017 Brooklyn Bowl Las Vegas Las Vegas, NV 10/14/2017 Pressroom Phoenix, AZ Toadies Still rubberneckin’… After a successful two legs to celebrate the 20th anniversary of their defining album, Rubberneck; Fort Worth, TX band Toadies … Local H On the heels of releasing Local H’s As Good As Dead as a 180g for the record’s 20th anniversary... the old-school punk band will go on tour to remind us why the record was a breakthrough album for them. .... at First Avenue Toadies to return to Minneapolis this Sunday, at First Avenue, in support of their new album The Lower Side Of Uptown. We previously saw them in 2015 and wrote, “Art Alexakis had the best introduction for Toadies, they write songs about beauty, pain, rock, love, madness... it's all there in the lyrics to their songs. Like all the bands on the bill, it's just pure rock and roll, no backing tracks, no synths.” Local H to open. 10/3 - Salt Lake City, UT Metro Music Hall 10/4 - Grand Junction, CO Mesa Theatre 10/5 - Denver, CO Gothic 10/6 - Omaha, NE Waiting Room 10/7 - Des Moines, IA Wooly's 10/8 - Minneapolis, MN 1st Ave. 10/10 - Chicago, IL Metro 10/11 - Louisville, KY Mercury 10/12 - Indianapolis, IN The Vogue 10/13 - Detroit, MI St. Andrews 10/14 - Cleveland, OH Grog Shop 10/15 - Pittsburgh, PA Rex 10/17 - Washington DC Black Cat 10/18 - New York NY Gramercy Theater 10/19 - Philadelphia, PA TLA 10/20 - Boston, MA Brighton 10/21 - Asbury Park, NJ Stone Pony 10/22 - Norfolk, VA Norva 10/24 - Durham, NC Motorco 10/25 - Wilmington, NC The Muse 10/26 - Atlanta, GA Masquerade Hell 10/27 - Orlando, FL Plaza Live 10/28 - Ft. Lauderdale Culture Room 10/29 - Tampa/St. Pete Ritz 10/31 - New Orleans, LA Tipitinas 11/4 - Carrolton, TX Carrollton Festival 11/10 - Austin, TX Stubbs BBQ 11/11 - Corpus Christi, TX Brewster St. Icehouse 12/29 - Houston, TX House Of Blues Experimental band Animal Collective is back on tour; their latest Painting With is out this Friday on Domino Records. The extremely popular band has already sold out .… Blue October's sixth studio album, Any Man in America, is coming out August 16th via Up/Down Records via MRI. You can preview a bit of the album through their new single, "The Chills" … After opening up for reformed legendary Minneapolis band The Replacements at the Hollywood Palladium, together PANGEA went on a very successful UK tour. They've returned to the US with this upcoming … The Irish band The Script is back in town on June 5th to promote their fourth studio album No Sound Without Silence. … 10/07/2017 Avey Tare (from Animal Collective) was supposed to play the 7th Street Entry this Saturday in support of his new album Eucalyptus (Domino Records)… on his way to Desert Daze Festival. Unfortunately, the Minnesota and Toronto show has been canceled. Cancelled. 10/07/2017 Blue October is back in town. The last time they were here, it was in June 2016. The Score to open. 7pm, $29.50. 10/07/2017 Boz Scaggs is headlining the State Theatre this Saturday. 10/07/2017 Chris Stapleton, plus Brent Cobb and Margo Price is playing Xcel Energy Center. 10/5—Moline, IL—iWireless Center 10/6—Des Moines, IA—Wells Fargo Arena 10/7—St Paul, MN—Xcel Energy Center 10/13—Nashville, TN—Bridgestone Arena 10/19—Baton Rouge, LA—River Center Arena 10/20—San Antonio, TX—AT&T Center 10/21—Bossier City, LA—CenturyLink Center 10/26—Austin, TX—Austin360 Amphitheater 10/27—Houston, TX—Cynthia Woods Mitchell 10/28—Dallas, TX—Starplex Pavilion 11/2—Charleston, WV—Charleston Civic Center 11/3—Columbus, OH—Nationwide Arena 11/4—Grand Rapids, MI—Van Andel Arena 11/10—Tampa, FL—MIDFLORIDA 11/11—Jacksonville, FL—Jacksonville Veterans 11/16—Little Rock, AR—Verizon Arena 10/07/2017 Detroit’s I Prevail with Escape The Fate, The Word Alive, and We Came As Romans, is playing Myth on Saturday. 6pm, $25. 10/08/2017 John Mark McMillan (not to be confused with John Mark Nelson) or rather JMM will be at Northwestern College as part of his “Mercury & Lightning Tour”. Special guests Kings Kaleidoscope and LaPeer will open. General admission is $18, but you get a discount if you have a Northwestern College ID. 6:30pm, $15. Sun 10/08/2017, 7pm, 18+, $13. + Daddy Issues, Tall Juan Together Pangea North American Tour Dates 10/03 - Montreal, QC @ L'Escogriffe 10/04 - Toronto, ON @ The Hard Luck 10/05 - Cleveland, OH @ Mahall's 10/06 - Chicago, IL @ Bottom Lounge 10/07 - Madison, WI @ The Frequency 10/08 - Minneapolis, MN @ 7th St Entry 10/10 - St. Louis, MO @ Firebird 10/11 - Ames, IA @ Iowa State University - The Maintenance Shop 10/12 - Omaha, NE @ Showdown 10/13 - Denver, CO @ Larimer Lounge 10/14 - Salt Lake City, UT @ Kilby Court 10/16 - Seattle, WA @ The Vera Project 10/17 - Vancouver, BC @ Biltmore Cabaret 10/18 - Portland, OR @ Analog Theater 10/20 - Sacramento, CA @ Harlow's Night Club 10/21 - San Francisco, CA @ The Chapel 10/22 - Santa Cruz, CA @ The Catalyst - Atrium Sun 10/08/2017, 5pm, AA, $13. + Single Mothers, Gouge Away Triple Rock Social Club Tour dates: BR> 10/3 New York, NY Bowery Ballroom 10/4 Rochester, NY TBD 10/5 Toronto, ON Hard Luck 10/6 Detroit, MI El Club 10/7 Chicago, IL Subterranean 10/8 Minneapolis, MN Triple Rock Social Club 10/10 Denver, CO The Marquis Theater 10/11 Salt Lake City, UT Kilby Court 10/13 Seattle, WA Chop Suey 10/14 Portland, OR Hawthorne Theatre 10/16 San Francisco, CA Rickshaw Stop 10/17 Los Angeles, CA Teragram Ballroom The Script US Tour Dates: 10/02 Washington, DC Lincoln Theatre 10/03 Charlotte, NC The Fillmore Charlotte 10/04 Philadelphia, PA The Electric Factory 10/06 Chicago, IL Riviera Theatre 10/07 Champaign, IL University of Illinois 10/08 Saint Paul, MN The Myth 10/10 Denver, CO Paramount Theatre 10/11 Salt Lake City, UT The Complex 10/13 Oakland, CA Fox Theatre 10/15 Las Vegas, NV The Chelsea Posted at 12:46 AM in Animal Collective, Avey Tare, Blue October, Boz Scaggs, Brent Cobb, Chris Stapleton, Daddy Issues, Escape The Fate, Gouge Away, I Prevail, John Mark McMillan, Kings Kaleidoscope, LaPeer, Local H, Margo Price, Minneapolis, Minneapolis Music Guide, Rocktober, Single Mothers, Tall Juan, The Church, The Church , The Helio Sequence, The Score, The Script, The Word Alive, Toadies, together Pangea, Touche Amore, Vu, We Came As Romans \| Permalink \| Comments (0)	cc/2021-04/en_middle_0030.json.gz/line1309
__label__wiki	0.545418	0.545418	Sheep are having a moment. Review of Heida: A Shepherd at the Edge of the World Follow Volatile Rune on WordPress.com Steinunn Sigurdardóttir. Heida Asgeirsdóttir (John Murray, 2019) Or rather, the people who look after sheep are having a moment. There was James Rebanks A Shepherd’s life: A Tale of the Lake District about his struggles to take over the family farm in Cumbria which led him from rebellious teenager hanging out at the local chippie, to adult education to, ultimately, a double first from Cambridge. Then Amanda Owens A Year in the Life of the Yorkshire Shepherdess flabbergasted Hay Festival audiences with tales of farming in the remote Yorkshire area of Ravenseat, including how – becoming disgruntled with local midwifery services who wanted her to give birth in hospital – she gave birth to her 9th child (not a typo) on the kitchen floor, waking her husband only after the event to tell him she’d had the baby! There are not quite the same dramas but different ones in Heida the story of our eponymous heroine who farms 500 sheep in the Icelandic highlands. Although Heida is written in the first person, it is in fact a biography translated from the Icelandic by Philip Roughton. There is much haymaking, herding, sorting, pregnancy scanning (of ewes – a big business for those with the appropriate knowledge and equipment apparently) and a great deal of extremely hard work done carried out mainly alone – although Heida admits that her Mum does the cooking! Here the ground is so unforgiving that when the old dog Glámur dies in winter his body has to be put in a cardboard box and kept in the freezer to await the ground thaw in Spring for burial. This is a story of shepherding in and on land beset by fierce icelandic elements; of failing machinery; of battling (sometimes) angry family members and even volcanic eruptions. Bloggers she says have been known to write of her land that the only thing that can survive there are ravens and foxes. Strange then she says, that I have had to fight so hard to stay here. The narrative voice is of a fiercely independent, and yes sometimes fierce woman as I imagine you would need to be to live this life; an ardent feminist who could never understand why you needed to have a husband in order to farm, and a despiser of racial and other inequalities. Ironically as she lives in such an isolated and barely habitable place Heida’s greatest struggle has been against corporate capitalism. She has been locked in a battle to stop part of her land being flooded to create the Búland Power Plant. She describes in detail how developers try to set one community off against another; how they offer money which someone, somewhere, will invariably accept, leaving others to struggle on in the fight. How all the so called ‘expert’ opinions, the environmental impact assessments are bought and paid for by the people who want to do the developing; whereas those in opposition are not allowed to present their own scientific evidence. Also how can it be right or fair, she asks that it is the developer who finances the research and selects the engineering firms? Holy guacamole do I recognise THAT scenario!! from a recent battle undertaken against a giant corporate air poisoner. “We humans are mortal; the land outlives us. New people come and go, new sheep, new birds and so on, but the land, with its rivers and lakes, vegetation and resources, remains. It undergoes changes over the years, but it remains.” Yes it remains. Or in the past it could be said that the land has always remained but is that any longer true? Now there are impredations from which the land cannot recover. A power plant is one. Climate science tells us it is no longer enough for us to rely on the courage of people like Heida. This battle belongs to us all. lauratfrey says: I heard her interviewed on The Guardian Books podcast and she sounds fascinating! volatilemuse says: I bet she is. Thank you for the comment. The Volatile Muse Poetry, literature, film and all things in between Runes are ancient scripts, magical signs for secret or hidden laws. I chose a name which I felt brought to mind the infinitely variable nature of the written word. #The Wild Silence. A Review of Raynor Winn’s sequel to #The Salt Path It’s Not Often I Put My Own Poetry on Here but … 20 Books of What on Earth Happened to Summer I earn a small comission when purchasing through this affiliate link. This does not affect the price of the book.	cc/2021-04/en_middle_0030.json.gz/line1316
__label__wiki	0.813928	0.813928	Voxilla VoIP and mobile communications news and information VoIP Fax Contact Voxilla The iPhone Rumors Are Right . . . And Wrong December 17, 2006 By Jennifer Cuellar While the unwired world has been buzzing about Apple’s putative mobile-phone-cum-music-player, the busy elves in Santa’s workshop have been getting the Linksys iPhones ready for Christmas delivery. You read that right — iPhone. Cisco/Linksys has owned the trademark on that name since its 1999 acquisition of InfoGear. While it may not be as sexy as the mythic Apple iPhone, the Linksys iPhone is here now, and delivers very useful features at down-to-earth prices. Today Linksys announced two new members of the iPhone family: the CIT400 dual-mode cordless Skype-IP phone and the WIP320 Skype WiFi phone. The new devices join the CIT200 and CIT300 Skype phones, the CIT310 Yahoo Messenger phone, and the WIP300 WiFi and WIP330 WiFi phone with Web browser. Linksys’ vision of the iPhone is a device that connects to the Internet to deliver many services to people – talk being only one of them. With the launch of the CIT310 last fall, Linksys demonstrated how IT services like weather and phone number lookups could be delivered to handsets. The CIT400, which is expected to retail for about $180, extends that feature set. The most significant advance of the CIT400 is that it takes the PC out of the equation, delivering IP services directly from the network to the handset. The phone is SIP-based to make it a platform for converging many IP services together through the one device. “It follows the form-function of a cordless phone,” says Dennis Vogel, Sr. Manager Product Marketing, Linksys Consumer Business Unit. “It integrates all features. It’s a superset of existing cordless phone [functions] and a subset of PC applications. One of the first is presence. That’s a very simple way of enhancing what’s available today.” The CIT400 is a full-featured cordless phone, with familiar features like call waiting, caller ID, and speakerphone. The base station has both LAN and landline connections, enabling both VoIP and traditional calls; you can choose the calling mode for each call or set it as a default. The unit supports SkypeIn, SkypeOut, Skype Voicemail and displays Skype contact lists and presence on the handset’s color screen. The WIP320 is a “candy bar” phone, similar to the WIP300. Unlike the WIP300 and 330 which are SIP-based, the WIP320 is exclusively a Skype phone. It will retail for around $200. The device works with 802.11b/g wireless networks — again, no PC required. It supports SkypeOut, SkypeIn, Skype Voicemail and displays Skype contact lists and presence on the color screen. What’s more, the WIP320 has a handy push-button WiFi finder that operates without booting the phone up. “That’s key when you’re roaming,” adds Vogel. Long-term, Linksys aims to make its iPhones the heart of the connected home. “Phones in the home and cordless phones have been [built on] the same model for a long time,” Vogel says. “Being a networking company, we have a lot of insight into what you can do with IP that you could never do with an analog phone. It’s a new look at ‘what is a telephone?'” Today we think of the Interent as a destination. Tomorrow it will become an embedded connection, like the PSTN. “I can get a webcam and create video on the computer,” he continues. “I can get a SIP phone and make phone calls. When you combine those things you have something more interesting than a phone or a camera. The whole is greater than the sum of its parts.” In the next year Linksys expects to deliver on that vision with features like home IP-PBX that routes calls to individual handsets, each of which behave like a private phone line; multiple simultaneous calls on the same line; and a push-to-talk home PA system to save Mom’s voice when calling the gang for supper. Further out, there’s “no limit” to the possibilities, Vogel says. “You’ll be able to access content regardless of what it is. You’ll have caller ID on the TV set, you’ll use the phone to access media stored in many places and connect to home monitoring systems. We’ll lose the concept of ‘telephone.'” Filed Under: VoIP Tagged With: Linksys, Skype, WiFi bsdaiwa says: “product designs to exceed the demands” I purchased a WIP330 when they first came out and I can tell you that the statement made by Mike Pocock, Linksys senior vice president and general manager, in the press release announcing the new iPhone family is HOG WASH. There tech. support knows little to nothing about the phones and the firmware is unstable at best. Features that are said to be on the phone do not function fully or not at all and there is no fix in site. Protocols that are almost basic are ignored and we are told will not be supported (STUN). All these people need to do is start reading the posts on several forums (including there own) and they would see what problems they have and maybe just maybe they would move to fix them instead of moving on to introduce new products leaving the old ones to die, unfixed. So tell me how he has the nerve to make that statement? PhoneGnome says: I’m confused. In one sentance we see about the CIT400 that it is “SIP based” and in the next it’s all about Skype. So which is it? It appears that Skype is the only kind of VoIP the phone supports and it cannot be used with SIP-based services (like Gizmo or PhoneGnome). Business VoIP Provider Upgrade your phone service with GoToConnect No fees for add-ons, upgrades, or features Simple to use for admins and users Get your first month free Unlimited calling with easy setup US-based customer support CUT YOUR BUSINESS PHONE BILL IN HALF Work From Anywhere. FREE Mobile App Keep Your Existing Business Phone Number Unlimited Calling and SMS/MMS messaging *Taxes, setup, long distance, & other fees may apply. Rates vary from those shown above. Subscribe to Voxilla Get our free content (and NOTHING else) via email. Greg Roth on Five Reasons Your Startup Needs A Virtual Phone System bobbysg on Five Reasons Your Startup Needs A Virtual Phone System Deetyasoft Pvt.Ltd on Five Reasons Your Startup Needs A Virtual Phone System Doug Logan on Part 2: Asterisk in a Cloud Richard Kelly on A Conspiracy of One Copyright © 2021Slashdot Media. · Voxilla ·	cc/2021-04/en_middle_0030.json.gz/line1318
__label__cc	0.583972	0.416028	where.ca > Ontario > Toronto > 10 Multicultural Neighbourhoods 10 Multicultural Neighbourhoods Toronto boasts numerous diverse neighbourhoods, many of which celebrate throughout the year with food, apparel and festivities that honour the city’s diversity. CHINATOWN Dundas Street and Spadina Avenue form the appex of Toronto’s Chinese community—one of the largest in North America—which boasts an assortment of cuisine to savour, ranging from Vietnamese noodles to dim sum. INDIA BAZAAR The area located along Gerrard Street East is also sometimes known as Little India. Here, the brightly coloured sari fabrics will catch the eye and the aromatic spices of Indian, Pakistani, Sri Lankan and Bangladeshi cuisine will have the mouth salivating. KOREATOWN Along Bloor Street, between Bathurst and Christie streets, is the central marketplace for Toronto’s Korean community. Karaoke bars, acupuncture centres and herb shops carrying exotic treatments dot the area. Korean fare might include kimchi (fermented and spicy cabbage, radishes or cucumber), bibimbap (rice topped with vegetables, beef and a fried egg) or yakshik (a dessert made with sweet rice, chestnuts, pine nuts and raw sugar). CABBAGETOWN This area, located at Parliament and Carlton streets, was originally named for the Irish immigrants who settled in the area and who grew cabbages in abundance. Wander around the area and check out the Victorian homes. In September, the streets come alive for the Cabbagetown Festival, which features a short film and video festival and live entertainment for young and old. LITTLE ITALY The area located along College Street West between Euclid and Shaw streets is now predominantly comprised of Portuguese inhabitants, though Italian inhabitants did populate the area in the 1920s. Chic shops and patios line the sidewalk. In June, the annual Taste of Little Italy festival has locals and visitors alike flocking to the area for mouth-watering fare and live musical performances. CORSO ITALIA This neighbourhood along St. Clair Avenue West between Dufferin Street and Lansdowne Avenue boasts a stronger Italian presence. Sampling the decadent gelato and cappuccino on offer here is a must. Each July, the annual Corso Italia Toronto Fiesta brings the streets to a standstill with music, food and a shopping extravaganza. PORTUGAL VILLAGE The city’s Portuguese community is strongly represented along Dundas Street, between Ossington Avenue and Bathurst Street. Visit the bakeries and cheese shops for some authentic Portuguese fare. A stroll through the residential streets is worth some time: many of the gardens are immaculately tended to. GREEKTOWN The majority of Greek immigrants settled along the Danforth (between Chester and Jones streets) upon their arrival here, making it one of the largest Greek communities in North America. Taste of the Danforth, which takes place each August, packs the streets with authentic Greek fare. BLOOR WEST VILLAGE There is a strong Eastern European presence in this neighbourhood which is bordered by Bloor Street, the Humber River and High Park. Shops, cafés, bakeries and delis reflect a Ukranian, Lithuanian, Macedonian, German, Polish and Bulgarian heritage. August brings the Ukranian Festival complete with a parade, music, dancers and cuisine native to the country. KENSINGTON MARKET Adjacent to Chinatown and bordered between College and Dundas streets, all the flavours of the world are here. Cheese and pastry shops, delis, clothing and dining options from Jamaica, Mexico and Hungary to Ethiopia, the Caribbean and Lao and all points in between make for worldly dining and shopping options.—Linda Luong	cc/2021-04/en_middle_0030.json.gz/line1319
__label__cc	0.561265	0.438735	Warrior Ink May 1Check us out on Twitter! Fear of Public Places is No Longer a Phobia Courtesy of Tribune News Service. A memorial poster near the scene of the San Bernardino shooting. Travis Davis, Staff Reporter December 18, 2015\|2 Views Phobias are defined as irrational fears. But fear of something that can really happen seems like it would be a reasonable thing. These days it seems to many people, that just based on the news, it’s getting dangerous to go anywhere. As a famous singer once wrote, “The trouble with normal is, it always gets worse.” With the release of the new Star Wars movie, many people have been in debate about going to see it. Not because of the movie itself, but because of all the shootings and bombings and bomb threats. There have been over 353 mass killings (defined as 4 or more victims by the FBI) in America this year. That works out to a public mass killing about every two weeks, according to USA Today. With those statistics include that 1 out of 6 of the mass killings are, in fact, public massacres. These killings happen more frequently on the Southwest and West Coast of the U.S. Majority of these killings could’ve been prevented if the safety net had been followed through. Some things as mental history before giving out guns or enforcing existing gun control laws. With the recent San Bernardino shootings, some people may disagree with this but without a stricter law, our country will degrade into pure anarchy. It doesn’t help that many of our running politicians aren’t dealing with this whatsoever. Instead, they’re more worried about a war over in the Middle East. Yes they’re our allies but how is the government going to help others when they can’t even help their own people? Many presidential candidates and state governors have been vocal about the Syrian refugees. Not to say we shouldn’t help them because that would be unethical, but the government should at least try to fix some of the problems the US already faces now before they let all these innocent people in. People come to America to get a reset, to start a new life. Not for it to end as soon as the step off the plane. So is this something we’re going to label as a ‘normalcy’? Are we going to turn on the TV and hear about another school being shot up and say, “Oh. That’s sad. Honey, what’s for dinner?” Or hear bombs going off and just sit there thinking, “Ugh. ANOTHER bombing? We just had one a few weeks ago. I hope the mall is still open.” Something like this shouldn’t be normalized as if it was a cool trend like smartphones. It should be addressed and put to rest once and for all. [For more detailed statistics, go here.] Are you tired of the pandemic? SUPER YES ALL THE YESSS, MAN IT'S SO BORING what pandemic? Tips For Manifesting Better Circumstances in the New Year Holiday Spirit Week at IRHS Love in the Time of COVID – Dealing with Distance Switch the Grip: Modern vs. Traditional Drum Holds Living In a Van – But Not Necessarily Down by the River Real Life Pandemic vs. Video Game Pandemic Pandemic vs. Capitalism: Black Friday Edition Spirit Week vs. COVID and Cohorts: Still Strong A Beginner’s Guide to K-pop Wearing a Mask in School Sucks Student news site of Indian River High School.	cc/2021-04/en_middle_0030.json.gz/line1339
__label__cc	0.635393	0.364607	Watch The Gingerbread Man Online Savannah lawyer Rick Magruder is at a party celebrating his courtroom victory defending a cop killer when a member of the catering staff, Mallory Doss, discovers her car has been stolen. Having had a few drinks, Magruder offers to give her a lift home, a decision that turns into a one night stand. Rick soon learns that her nut-case father, Dixon, seems to have begun threatening her again. Rick puts the force of his law firm behind Mallory, who he barely knows, has Dixon picked up by the police, and subpoenas the girl’s belligerent ex-husband, Pete, to testify against the old man. Dixon is put away in an asylum. However, he soon escapes, putting the lives of everyone who conspired against him in jeopardy. Genre: Crime, Mystery, Thriller Actors: Daryl Hannah, Embeth Davidtz, Famke Janssen, Kenneth Branagh, Mae Whitman, Robert Downey Jr., Tom Berenger Tags:No BG An eccentric, if not charming Southern professor and his crew pose as a band in order to rob a casino, all under the nose of his unsuspecting landlord – a… Genre: Comedy, Crime, Thriller A fearless Secret Service agent will stop at nothing to bring down the counterfeiter who killed his partner. 48 Hrs. (1982) A hard-nosed cop reluctantly teams up with a wise-cracking criminal temporarily paroled to him, in order to track down a killer. Genre: Action, Comedy, Crime, Drama, Thriller Vice Academy Part 2 (1990) When a criminal female named Spanish Fly threatens to contaminate the city water with aphrodisiacs, it is up to a duo of attractive female police officers to stop her. Jesse Stone: Lost in Paradise (2015) Once a Los Angeles homicide detective, Police Chief Jesse Stone now presides over the quiet, seaside village of Paradise, Massachusetts. When the facts don’t add up in a brutal Boston-area… Sherlock Holmes: The Master Blackmailer For years, a blackmailer has been preying on the weaknesses of others throughout London. When Holmes hears of the utter misery this mystery man is creating, he adopts a campaign… Inside Man: Most Wanted (2019) An NYPD hostage negotiator teams up with a federal agent to rescue dozens of tourists held hostage during a 10-hour seige at the U.S. Federal Reserve. When a 12-year-old boy goes missing, lead investigator Greg Harper struggles to balance the pressure of the investigation and troubles with his wife, Jackie. Facing a recent affair, great strain… Genre: Crime, Drama, Horror, Mystery, Thriller The Principal (1987) Burglary. Drugs. Assault. Rape. The students at Brandel High are more than new Principal Rick Latimer bargained for. Gangs fight to control the school using knives – even guns –… Genre: Action, Adventure, Crime, Drama War on Everyone (2016) Two corrupt cops in New Mexico set out to blackmail and frame every criminal unfortunate enough to cross their path. Things take a sinister turn, however, when they try to… Throw Momma from the Train (1987) Larry Donner, an author with a cruel ex-wife, teaches a writing workshop in which one of his students, Owen, is fed up with his domineering mother. When Owen watches a… Suicide Kings (1997) Charlie, a former mobster, is abducted by five privileged young men desperate to raise a $2 million ransom to save the sister of a friend. As Charlie plays mind games,… Genre: Comedy, Crime, Drama, Mystery, Thriller Trailer: The Gingerbread Man	cc/2021-04/en_middle_0030.json.gz/line1342
__label__cc	0.573905	0.426095	Tag: Xbox We know you’re busy and might miss out on all the exciting things we’re talking about on Xbox Wire every week. If you’ve got a A long time ago I was looking for a game to play. Something colorful offering a great single-player experience. After a long time of searching One of the biggest benefits of all that power is giving developers the ability to make games that are Xbox Series X Optimized. This means Welcome to Next Week on Xbox, where we cover all the new games coming soon to Xbox One and Windows 10 PC! Every week the Get ready! Owners of the Xbox One version of Ghostrunner will receive a free upgrade to the next-generation version on Xbox Series X\|S when it Celebrate the Joy of Chaos with Risk of Rain 2’s Free Content Update and New Low Price One year, four free content updates, and over three million players later, Risk of Rain 2 has expanded significantly since it first arrived. New characters If you’re new to Secret Neighbor, welcome to an ever-growing and constantly updated multiplayer social horror game. Communicate and cooperate with other players to sneak London is in a bit of a jam. Corrupt private military, authoritarian government, and an underground crime syndicate are preying on the vulnerable… alright, maybe I’m incredibly excited to announce that Manifold Garden will receive a next-gen upgrade on Xbox Series X\|S on November 10 when the consoles launch. Better Free Play Days – Fallout 76, UFC 4, and Destroy All Humans! Embark on a new quest for the Overseer, submit your opponent in the cage, and take a giant step on mankind, all in this weekend’s	cc/2021-04/en_middle_0030.json.gz/line1344
__label__wiki	0.844946	0.844946	All Morale Patches We’re experiencing heavy order volume. Please allow extra time for your order to ship! \| Use 2021 for 20% off morale patches The Gadsden Flag Texas 144.1 Variant Black Original Black Original Items Available: 11 Christopher Gadsden, an American patriot that led the Sons of Liberty in South Carolina is credited in presenting the flag to the Continental Congress. In 1775 the new US Navy was given its first mission. Five companies of marines were approved and enlisted on help the navy carry out this mission. Upon enlisting these marines, Gadsden noticed that some of the marines we’re carrying drums that were yellow with a snake on them. Below the snake was the motto “Don’t tread on me”. Historians state that Benjamin Franklin then helped Gadsden with the design of a flag to represent the commander of the US navy.Thus the Gadsden Flag was born. The flag was presented to the Continental Congress in 1775. About the Flag The yellow color was elegant and bold. The rattlesnake on the flag is a Timber Rattler. Ben Franklin chose a timber rattler because it is only found in America. The rattlesnake has 13 rattles on its tail to represent the 13 colonies. The timber rattler also is a animal that never initiates a fight but never backs away either. The timber rattler will also never surrender. As far as the slogan”Don’t tread on me” it’s still unknown of who exactly said it first but it fitting in retrospect. Signifying a warning to others that if you start a fight we will finish it attitude. The flag also evolved into two other variations used by the US Navy but the Gadsden Flag remains The first. The yellow flag is still flown by many individuals today and still sends a message symbolizing a warning to others that our freedom will not be messed with. Hook backing Released: 5/12/2020 St. James Cross - The Order of Santiago $4.00 - $8.00 Not Available The Son's of Liberty: The Rebellious Stripes Betsy Ross Flag Regular price $8.00 Not Available Texas 144.1/144.1 holds no affiliations with any group, society, order or media outlet. Our views are our own and the views of others who may display or promote our product(s) are not necessarily our views. © 2021, Texas 144.1 Powered by Shopify	cc/2021-04/en_middle_0030.json.gz/line1348
__label__cc	0.687858	0.312142	STORM MUSIC GROUP DJ PRODUCER / FOUNDER Multi-talented Producer/DJ in the Electronic Dance world, who's real name is Laurens Lemmenes and also uses the alias stage name "Michael Ford", creates unique, yet catchy original Deep House songs all with the simple goal of making people move. His tracks begun picking up support from the biggest names in Deep and Melodic House music including; Sam Feldt, Hugel, The Him, Autograf and many more. DJ PRODUCER / A&R MANAGER One of the leading House, Trance and Dance Producers in Europe. He works for the Dutch Label Spinnin Records and has scored over 11 Dance-smashes in Holland. Labels like Toco Asia, Ministry of Sound, MAS+, SONY, Blanco&Negro, Disco Wax, Tiger Records license his tracks regularly. His song "Tibet," released in October 2005 spent several weeks at the top of the charts in the Netherlands. After Tibet, Ron van den Beuken released "Find a Way" and also the remake of "Mary go Wild," both of which reached #1 in the official dance-trends top 30. Ron started his own label E-Traxx Records DJ PRODUCER STAN CHRIST / A&R MANAGER RON VAN DEN BEUKER IAN STORM CLICK PHOTO TO VIEW ON SPOTIFY 322,350 - LIKES 44,601 - LIKES TOUCH OF LOVE PLAYLIST (C) 2020. ALL RIGHTS RESERVED	cc/2021-04/en_middle_0030.json.gz/line1356
__label__cc	0.742603	0.257397	Alaska Lawyers Kenai Wills & Trusts Lawyers Kenai AK Charitable Giving Attorneys Charitable Giving in Kenai, Alaska Find the right Charitable Giving attorney in Kenai, AK Charitable giving in Kenai, Alaska is the donating of money or some other asset to a charitable cause. The easiest way to make a charitable gift is to just give the money or property directly to the organization you want to help. Some people, however, may be particularly dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is typically infeasible, since people have their own expenses that they have to cover. Thus, people often put off this donation until after their death. There are many arrangements authorizing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most prevalent. Charitable Trusts in Kenai, Alaska Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either during the donor's life, or after their death. The most customary kind of charitable trust in Kenai, Alaska is a charitable remainder trust. This permits you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are typically fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets full ownership of the original fund. Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in . Do I Need a Kenai, Alaska Attorney? If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an efficient attorney in Kenai, Alaska, who will be able to help you navigate the legal details, making it easier to give effect to your intentions. Kenai Contested Wills Attorneys Kenai Drafting Wills Lawyers Kenai Estate Administration Attorneys Kenai Power of Attorney Lawyers Kenai Probate Attorney Kenai Drafting Trusts Lawyer Kenai Estate Planning Attorney Kenai Living Will Lawyer in other Alaska cities and towns Charitable Giving Lawyers in Fairbanks Charitable Giving Lawyers in Barrow Charitable Giving Lawyers in Anchorage County Charitable Giving Lawyers in Palmer Charitable Giving Lawyers in Wasilla Charitable Giving Lawyers in Kenai Charitable Giving Lawyers in Valdez Charitable Giving Lawyers in Kodiak	cc/2021-04/en_middle_0030.json.gz/line1358
__label__wiki	0.666565	0.666565	F. Gary Gray Could Very Possibly Direct ‘Furious 8’ Written By: bjosephsny Source: NewsOne Now Screenshots / NewsOne Now Straight Outta Compton helped give N.W.A its first Hot 100 single and made O’Shea Jackson, Jr. a star. Of course, F. Gary Gray also had to reap the fruits of his labor. Gray is already set to direct Last Friday, but his next venture could be even bigger. The director is a frontrunner to direct Furious 8, according to Collider. Gray’s competition includes William Eubank (The Signal), Adam Wingard (V/H/S) and Louis Leterrier (The Transporter). Gray’s the hottest of the four after the success of Straight Outta Compton. There’s also rumors of Gray being up for consideration to direct the upcoming Black Panther flick. Ava Duvernay departed from the project because of creative differences with Marvel. Regardless of the hearsay, Furious 8 is scheduled to hit theaters on April 14, 2017. READ MORE AT THE URBAN DAILY Dee Barnes Talks Dr. Dre’s Assault, Director F. Gary Gray And ‘Straight Outta Compton’ In Revealing Piece ‘Straight Outta Compton’ Knocks Out Competition With $56.1M Box Office Win F. Gary Gray Could Very Possibly Direct ‘Furious 8’ was originally published on theurbandaily.com More By bjosephsny	cc/2021-04/en_middle_0030.json.gz/line1363
__label__wiki	0.591657	0.591657	About WonderLit About John Bauer WonderLit Courses The Story Tour Course The Otherworld Journey Course Story Finder About the Story Finder The Story Finder Princess Who Challenges the Red Knight The Red Knight was a complete imposter! He stole the right to marry me. But I decided I wouldn’t get mad. I would get even! I marched into the hall where the king and his nobles were feasting, and I presented to them the youth who had fairly and truly won my heart. I said, “Here is a man who claims he can do more wonderful tricks than the Red Knight. Of course, we can all agree, he must be an imposter.” Turning to the Red Knight, I said, “You, Sir, have studied the art of magic. Will you please show this imposter how it’s done?” I knew for certain the Red Knight had never opened a magic book in his life, but he would play along, because he thinks he does everything better than anyone else, with or without practice. “Why don’t you turn yourself into a lion?” I suggested. He twisted and turned, bellowed and roared, but in no way did he become a lion. “Maybe that’s a bit too difficult,” I said. “How about a bear.” That didn’t work either, of course. “Try a bee,” I said. The old codger buzzed, hummed, and flounced about like a fool. “Now it is your turn,” I said to the youth. “Let us see if you can change yourself into a lion.” He did so at once, and sprang upon the false knight! The Princess Who Challenges the Red Knight in The Mermaid and the Boy, Brown Fairy Book. Illustration by H.J. Ford. Click the links below to find the full text of the stories. D. L. Ashliman Russian Fairy Tales Coloured Fairy Books Copyright © 2020 Michelle Tocher. All rights reserved \| Read copyright WonderLit is a trademark of Michelle Tocher. All rights reserved. Site design by Trajectory Brands Inc. Site development by True Connections Web Log In \| Contact	cc/2021-04/en_middle_0030.json.gz/line1365
__label__wiki	0.990945	0.990945	The Paw Print Woodside At Home Woodside TV Live KQED Youth Takeover The Paw’dcast Bill Nye is Back! Bill Nye “the Science Guy” is back with a new show on Netflix Aaron Raubvogel, Online/Social Media Editor When a Woodside student thinks of Bill Nye, the classic, “Bill, Bill, Bill, Bill” theme song goes through their head from Nye’s corny 1990’s science TV show. What most people do not know about Nye, or ‘Bill Nye the Science Guy’ as he is best known, is that after his show went off the air in 1998, he has created a life for himself of political activism and has become a champion of science. “I respect him a lot as a person,” states Woodside junior Devin Dohrmann. “I think he’s very smart.” In the years following The Science Guy, Nye has been an ardent defender of environmentalism and evolution, has written several books and starred in a few TV shows, and has kept a fairly prominent online presence on Instagram and Snapchat. Dohrmann states, “I think as time has gone on he’s transformed into more of a societal figure.” With antiscience movements on the rise, Nye has decided to return to television with a new show, Bill Nye Saves the World, aimed at adults and the older crowd rather than young children with The Science Guy. “I think [the new show is] going to be more relevant today than just general science,” Woodside junior Aaron Mills states. Each episode of the new Netflix show deals with a different topic, such as computers and Artificial Intelligence, alternative medicine, and vaccines. This format is similar to The Science Guy, except it caters towards an adult audience and is related to modern day topics. “I don’t think anything can compare to what he did before,” Mills stated, “But I think [Saves the World] is going to be pretty good.” The most memorable part of The Science Guy was the theme song for many people, and Nye’s new show would not be complete without a catchy theme song. Mills states, “Honestly, the only thing I remember [from his old show] is the theme song.” Even though most people only remembered the theme song of The Science Guy, it still made an impact on their opinion of science. “It made science more enjoyable, kind of like how the Mythbusters did,” Mills stated, “It kind of made it, a lot more entertaining.” Ten Years Later: Still Waiting for “Superman” Student’s Response to Reopening Schools Quiz: What TikTok Song Are You? Tech Tutorials for Distance Learning whspawprint the voice of the wildcats. About 1,000 people marched in San Francisco yester 🌟 We're proud to announce The Paw Print's chief A disturbing, now-viral video from Monday night sh Woodside senior Christopher Badger plans to releas Woodside Graduate Max King Releases Debut Album Keira Lee, Copy Editor • December 10, 2020 Woodside alumnus Max King has released his debut album “Just As Advertised,” produced and written entirely by himself. King, a class of 2020 graduate, created the record... Proposition 25 Fails, but Demands for Cash Bail Reform Continue Keep Schools Closed Alexander Balfanz, Co-Editor in Chief • January 12, 2021 In late July and early August, just as California schools opened for the fall, COVID-19 cases reached their first peak. Now, in mid-December,... What to Listen To: “Devotion” What To Play: “Brawlhalla” What to Watch During Quarantine What to Listen to: Calming Pop Songs Quarantine Recommendation – “Magic Oneohtrix Point Never” What to Watch: The Mandalorian Staying Active during COVID-19 lockdowns How to Make Gnocchi Why Not Check Out the Paw Print? What to Watch: Bob Ross Why You Should Look at Trees What to Watch: Dash and Lily What to Read: Ibram X Kendi, Barack Obama Pass the Time: Rocket League	cc/2021-04/en_middle_0030.json.gz/line1366
__label__wiki	0.528934	0.528934	Donald Trump Filter All Editors' Picks My Experience At Kid Rock’s Detroit Show As a Liberal Black Woman “As much as I’d love to say that I hated the show and wish I hadn’t gone… it was, in fact, entertaining.” Where do we draw the line between politics and entertainment? Soul Culture by Bria One day he went to an orthodontist, paid in advance, and sent a note home to her parents suggesting they get her braces, all expenses paid. One day she showed up on the bus and beamed her sparkly new braces at him, and handed him a pie that her mother had made. by Chris Lavin What do I tell my daughter, Mr. President? Marlo Mack wants answers from President Trump: “I keep it vague. ‘Some people are scared of transgender people.’ ‘But why, Mama?’ she asks. ‘What’s scary about me?’ The car gets very quiet. I don’t have an answer. Do you, Mr. President?” Photo by Marlo Mack gendermom by Marlo Mack by Leslie Hall Brown by Mark Armstrong This is just how white supremacy works. Without vigilance, it seeps into everything: like an overlooked red sock that stains the whole laundry load pink. That one red sock that makes my whites look as if, pre-wash, I had soaked ’em all in blood. Coffee and a Blank Page by Alice Isak Why We March: Reflections from Women’s Marches Millions of people marched on January 21, 2017, to oppose the new Trump administration in the US — and wrote about (or photographed or sketched) the experience. The National Mall in Washington, D.C., during the Women's March on Washington (photo from four twenty nine). by Michelle Weber My Father Worked for Both Parties at Seven Inaugurations. I Can’t Stand Trump — But I’ll Be There For Dad. From Ronald Reagan to Barack Obama, Michael Estrin’s father taught him that patriotism transcends partisanship. Narratively by Michael Estrin The Posts That Moved Us in 2016: Current Events A selection of powerful writing that came out of the year’s tragedies and conflicts. Demonstration in London, March 2016. Photo by Ron F. (CC BY-NC-ND 2.0). Shakespeare, Trump: On Being Irrational “What Happened? How did we get here?” John Kelly looks at the first questions we ask when we encounter the irrational in art and in real life — and at how we might answer them and move forward. Shakespeare Confidential by John Kelly So You Want to Wear a Safety Pin “[D]on’t do it without a plan. Because the very last thing a tense situation needs is someone full of good intentions but with no knowledge of de-escalation tactics or self-defense.” Ideas for moving beyond symbolism to activism in the wake of the US presidential election. What a Witch by Isobel Debrujah “For the Trump voters, Trump’s racism may have been just part of the package deal, the Cinemax they had accept to get the HBO. For those who are the target of that racism (and sexism, and homophobia), however, it’s not Cinemax. It’s their lives.” by John Scalzi It’s Going to Be Okay Coming to grips with a Trump presidency: “But if we want to make the best of this, we need to ask a question: Why did those 50 million people vote for Trump? Trying to get to the bottom of that question will help us learn from the past and get better.” Wait But Why by Tim Urban Today I learned that my fellow Americans hate me, my body, and my friends Thomas Page McBee — a transgender man — reflects on a Trump presidency: “My entire life has been a story about love trumping hate.” by Thomas Page McBee Chaos of Facts Nathan Jurgenson on the US’s post-truth, chaos-of-facts election season: “Because there was so little depth anchoring the candidate and so little campaign machinery to weigh him down, Trump’s white nationalism nimbly flowed across various stances and issues, much like a fictional president being written and rewritten in a writers’ room.” by Nathan Jurgenson Follow Discover on WordPress.com Create your blog or website at WordPress.com An publication Brought to you by WordPress.com	cc/2021-04/en_middle_0030.json.gz/line1367
__label__wiki	0.819987	0.819987	Military Forums Army and Land Forces Engineering Vehicles Thread starter Lieutenant 5 2,094 24 This thread is for the discussion of Engineering Vehicles: Armored engineer vehicles Recovery vehicles Armored bridge layers Bridging and ferrying systems Earthmovers Minefield breaching systems Mine clearing vehicles Combat engineering vehicle The Kodiak combat engineering vehicle was developed for the Swiss Army. Crew 3 men Weight ~ 55 t Width 3.54 m Height 2.3 m Machine guns 1 x 12.7-mm Engine MTU MB-837 Ka501 diesel Engine power 1 500 hp Maximum road speed ~ 70 km/h Range ~ 550 km Gradient 60% Side slope 30% Vertical step ~ 1 m Trench ~ 3 m Fording ~ 1 m Fording (with preparation) ? The Pionerpanzer 3 Kodiak combat engineering vehicle was developed from 2002 by Rheinmetall of Germany and RUAG of Switzerland as a private venture to meet the operational requirements of the Swiss Army. The first prototype was revealed in 2003. In 2007 the Swiss Army awarded a contract for 12 Kodiaks. First production vehicles were delivered to the Swiss Army in 2009. Currently other operators of the Kodiak are the Netherlands (10) and Sweden (6). These vehicles will be delivered until 2012. Main tasks of this combat engineering vehicle is building and removing obstacles on the battlefield and clearing pathways through minefields, creating safe lanes for other vehicles to pass. It allows assault units to move rapidly through obstacles, before enemy forces establish defenses. The Kodiak combat engineering vehicle is based on a modified Leopard 2 MBT chassis. It is worth mentioning that Kodiaks are built on refurbished Leopard 2 hulls from surplus army stocks. This military engineering vehicle is fitted with a hinged excavator arm, two capstan winches, a full-length dozer blade or mine plough at the front. The mine plough is used for clearing lanes through minefields. The Kodiak is also fitted with a safe lane marking system. This engineering vehicle may be also fitted with electromagnetic detonator device. The mine plough can be field reconfigured to a full-length dozer blade. It is used for clearing obstacles and earthmoving works. These include as preparation of firing positions, covering up of ditches, self-entrenching and so on. The dozer blade is also used to stabilize the vehicle during operations with excavator arm. A large bucket of the hinged excavator system can be replaced with universal gripper, concrete cutter and earth-drill. This engineering vehicle is equipped with two 9 t capstan winches. Each has a cable length of 200 m. With the help of pulley blocks maximum traction force is up to 62 t. These winches are used for self-recovery, also for recovery of damaged, stuck, sunken and overturned vehicles, or for cargo handling operations. The Kodiak has a required level of protection to operate alongside the frontline units. Front arc withstands small-caliber projectile hits, while all-round protection is against heavy machine gun fire and artillery shell splinters. This combat engineering vehicle has the same level of protection against landmines as the Leopard 2 main battle tank. Vehicle is fitted with NBC protection and automatic fire suppression systems. The Kodiak is equipped with remotely controlled weapon station armed with 12.7-mm heavy machine gun for self-defense. Alternatively a 40-mm automatic grenade launcher might be fitted, depending on customer requirement. This combat engineering vehicle has a crew of three, including commander, driver and operator. Multiple all-round cameras allow efficient operation under armor, without leaving the vehicle. The Kodiak is powered by MTU turbocharged diesel engine, developing 1 500 hp. This engine is identical to that of the Leopard 2 main battle tank. Wisent 2 Armored engineer vehicle / armored recovery vehicle The Wisent 2 AEV/ARV is in service with Canadian armed forces Entered service 2012 (?) Weight (AEV/ARV/ 60 / 57 t Length 9.26 / 10.5 m Height 2.78 / 3.1 m Bucket capacity 1.3 m³ Dig depth 4.4 m Lifting capacity 32 t Winch capacity 40 t Towed load ~ 62 t Earth working capacity (dozer) 400 m³/h Earth working capacity (excavator arm) 260-300 m³/h Machine guns 1 x 12.7-mm (optional) Engine MTU MB 873 Ka501 diesel Maximum road speed 68 km/h Vertical step 1.15 m Trench 3 m Fording 1 m The Wisent 2 armored engineer vehicle was developed by FFG of Germany. This vehicle was aimed to meet requirements of current operations and deployment scenarios in hotspot areas such as Afghanistan and Iraq. It is worth noting that the FFG company has considerable experience in the upgrade and overhaul of various armored vehicles. The Wisent 2 is based on the Leopard 2 main battle tank. Development was completed somewhere in 2009. In 2012 Canadian armed forces ordered a total of 12 Wisent 2 combat vehicles with an option for five more. There is also a Wisent 1, developed by FFG. It is based on the Leopard 1 main battle tank. The Wisent 2 is an unusual multi-purpose vehicle. It can be reconfigured from Armored Engineer Vehicle (AEV) to Armored Recovery Vehicle (ARV) in less than 5 hours. The whole concept behind this vehicle is a modular platform, that can be fitted with various add-on and interchangeable equipment. Once configured as an armored engineer vehicle the Wisent 2 can build and remove obstacles on the battlefield. It can also prepare firing positions, cover up ditches and so on. The Wisent 2 has a hinged excavator arm with a 1.3 m³ capacity bucket. It has a 260-300 m³/h earthmoving capacity. The excavator arm with bucket can lift loads of up to 4 000 kg. The Wisent 2 is also fitted with a 3.5 m wide high-performance dozer blade. Once fitted with extension, it has a width of 4.1 m. The dozer blade has an earthmoving capacity of 400 m³/h. The dozer blade can be replaced by a mine plough for clearing pathways through mine fields. For this role the vehicle can be also fitted with a safe lane marking system. It allows assault units to move rapidly through obstacles, before enemy forces establish defenses. In the ARV role the Wisent 2 can recover damaged, stuck, swamped or overturned combat vehicles on the battlefield. It also tows them to the nearest shelter, or maintenance unit. Vehicle can also provide maintenance service in the field. Crew of the Wisent 2 operate from under armor protection. Once configured as an armored recovery vehicle, the Wisent 2 can lift loads up to 32 000 kg with a crane. It can be used to lift turrets or powerpacks of main battle tanks, or for other load-lifting work. If repairs are required to a vehicle's suspension, the crane raises the front of back of the vehicle to allow access to the damaged system. When not required the crane lays along the right side of the hull. The Wisent 2 also has a 40 t capacity main winch with 160 m of cable. It is used for recovery of damaged, stuck, sunken and overturned vehicles. There is also auxiliary winch with a 3 t capacity and 280 m of cable. Vehicle can carry a spare powerpack for field replacement. This AEV/ARV has a level of protection, similar to that of the Leopard 2 main battle tank. Add-on passive, or reactive explosive armor can be fitted for even higher level of protection. This combat vehicle also has a high level of protection against landmines and improvised explosive devices. It withstands blasts equivalent to 10 kg of TNT under any track location or anywhere under the hull. Interior is lined with a spall liner. Vehicle is also fitted with NBC protection and automatic fire suppression systems. This multi-purpose vehicle can be fitted with remotely-controlled weapon station, armed with a 12.7-mm machine gun for self-defense. This weapon station is optional. The Wisent 2 is powered by an MTU MB 873 Ka 501 turbocharged diesel engine. It is a 46.7-liter unit, developing 1 500 hp. This engine has a 47.6-liter displacement. It is mated to a Renk electro-hydraulic transmission with 4 forward and 2 reverse gears. It seems that the Wisent 2 can be fitted with a deep wading kit and ford water obstacles about 2 m deep. Armored recovery vehicle / armored engineer vehicle The Wisent 1 is a multi-purpose vehicle, that can be reconfigured from ARV to AEV Weight 47 t Height ~ 3 m Dig depth ~ 4.4 m Earth working capacity (dozer) ~ 300 m³/h Earth working capacity (excavator arm) 300 m³/h Engine MTU MB 838 Ca M500 diesel Engine power 960 hp Vertical step 0.7 m Trench 2.5 m Fording 1.2 m The Wisent 1 or Bergepanzer Wisent was developed by a German FFG company as a private venture. It is intended mainly for export. It is worth noting that FFG company has considerable experience in the upgrade and overhaul of various armored vehicles. The Wisent 1 evolved from a vehicle, known as the Armored Recovery Vehicle 2000 or ARV 2000. Essentially it is an upgraded version of the Leopard 1 armored recovery vehicle. The ARV 2000 has been exported to Belgium (20) and Chile (7). Later the ARV 2000 evolved into a more capable Wisent, that can be used for various roles. The Wisent 1 is in service with Denmark (5 units), and possibly some other countries. Danish vehicles entered service in 2008 and have seen action during combat operations in Afghanistan. The Wisent 1 is based on the Leopard 1 tank chassis. Basically it is identical to the original Leopard 1 ARV, which was developed in the 1960s. It is worth noting that the German Army operated both Leopard 1 armored recovery vehicle and Leopard 1 armored engineer vehicle. Both of these vehicles have much in common. The Wisent 1 combines features of both. The whole concept behind this multi-purpose vehicle is a modular platform, that can be fitted with various add-on and interchangeable equipment. The Wisent 1 can be reconfigured from armored recovery vehicle to armored engineer vehicle in less than 5 hours in field conditions. A single vehicle can be used for various missions. It is intended to support Leopard 2 tanks. Yet it is a cheaper alternative to the Bergepanzer 3 Bufffel, based on the Leopard 2. The Wisent 1 has a number of the older subsystems removed and replaced by commercially available systems. It has new hydraulic components. The whole hydraulic system has been upgraded. As a result the Wisent 1 is much more capable vehicle than its predecessor. Vehicle is fitted with a crane and can lift loads with a maximum weight of up to 30 t. The crane is used to lift turrets or powerpacks of main battle tanks, or for other load-lifting work. If repairs are required to a vehicle's suspension, the crane raises the front of back of the vehicle to allow access to the damaged system. When not required the crane lays along the right side of the hull. Vehicle also has a 35 t capacity main winch with 90 meters of cable. It is used for recovery of damaged, stuck, sunken and overturned vehicles. There is also an auxiliary winch. This vehicle has a front-mounted dozer blade. It can be used to clear obstacles and for earthmowing operations. It is also used as an earth anchor to stabilize the vehicle during craning, winching and excavating operations. The Wisent 1 has a cargo platform over the engine compartment. It can carry a spare powerpack for field replacement. It can be a Leopard 1, Leopard 2, or other unit. Vehicle is fitted with integrated welding and cutting equipment for field repairs. For the armored engineer vehicle role the Wisent 1 is fitted with a newly developed excavator arm. It is based on commercial high-end excavator system. It is fitted with a 1.3 m³ capacity bucket. Earthmoving capacity is up to 300 m³/h. The excavator arm can also lift loads with a maximum weight of about 4.5 t. The Wisent 1 can be also reconfigured for mine clearing role. It can clear pathways through minefields, allowing assault units to pass, before enemy establishes defenses. For this role it can be fitted with a full-width mine plough and a safe lane marking system. This multi-purpose combat vehicle has a level of protection, similar to that of the Leopard 1 main battle tank. Add-on passive, or reactive explosive armor can be fitted for even higher level of protection. Vehicle withstands blasts equivalent to 8 kg of TNT anywhere under the hull or under any track location. Interior is lined with a spall liner. Vehicle is also fitted with NBC protection and automatic fire suppression systems. For self-defense the Wisent 1 can be armed with remotely-controlled 12.7-mm machine gun. Powerpack has been upgraded. Vehicle is powered by an MTU MB 838 Ca M500 turbocharged diesel engine, developing 960 hp. It is worth noting that Leopard 1 tank is powered by an engine, developing 830 hp. Vehicle also has a flexible hydropneumatic suspension. It seems that the Wisent 1 can be fitted with a deep wading kit and ford water obstacles about 2 m deep. Later the FFG company developed a Wisent 2, based on the Leopard 2 main battle tank. It is also a multi-purpose vehicle, that can be reconfigured from AEV to ARV. Canadian armed forces ordered 12 of these combat machines with an option for five more. Ingeniorpanservogn The Ingeniorpanservogn was developed bu Alvis Moelv specially for Norwegian Army Height 3 m Bucket capacity 1 m³ Maximum reach 8 m Maximum dig depth 4 m Bucket earth working capacity 170 m³/h Hydraulic arm load capacity 15 t Dozer earth working capacity 270 m³/h Engine MTU MB 838 Ca M-500 diesel Fording ~ 1.2 m Fording (with preparation) 2.2 m / 4 m In 1995 Alvis Moelv was awarded a contract by the Norwegian Army to produce a total of 22 combat engineering vehicles. These were converted from Leopard 1 main battle tanks. First production vehicles were delivered in 1999. All vehicles were delivered by 2001. In Norwegian Army service this combat engineering vehicle is known as Ingeniorpanservogn on IngPv. The Alvis Moelv company closed in 2004. Furthermore Norwegian Army retired its fleet of Leopard 1 main battle tanks. Last Leopard 1A5 tanks were retired in 2011. These were replaced by Leopard 2 tanks. However combat engineering vehicles, armored recovery vehicles and bridgelayers, based on the Leopard 1 chassis, remain in service. In concept the Ingenionrpanservogn is similar to the German Pioneerpanzer 2 Dachs combat engineering vehicle. It can build or remove obstacles on the battlefield. This combat engineering vehicle has hydraulic arm, fitted with a 1 m³ capacity bucket. It is mounted on a turntable at the centre front of the vehicle. It is used for excavation. It can reach 8 m and has a dig depth of 4 m. It can move up to 170 m³ of soil per hour. The arm has a load capacity of 15 t and can be also used for other tasks. If required bucket can be replaced with a soil drill. When not in use, the arm is traversed to the rear. This vehicle is also fitted with a dozer blade at the front. The dozer blade is 3.6 m wide. It can be tilted, elevated and skewed thanks to a unique hydraulic design. The main use of the blade is for digging and removing obstacles. It has a maximum earthworking capacity of 270 m³/h. It can clear or destroy roads. The Ingeniorpanservogn can prepare firing positions, cover up ditches and so on. The blade can also be used as a soil anchor when operating recovery winches or excavating. Also there are two winches for recovery of damaged, swamped, stuck and overturned main battle tanks. These can be also used for self-recovery. Winches have a maximum pulling power of up to 60 000 kg. Each winch as 200 m of cable. This armored engineer vehicle can be also fitted with a Mineclearing Line Charge (MICLIC). It is carried and launched from the roof of the Ingeniorpanservogn. This vehicle weights 46 000 kg, however weight depends on armor configuration. It has a required level of protection to operate alongside the frontline units. Protection against mine blasts has been improved. Interior is lined with a spall liner. Vehicle is fitted with NBC protection and automatic fire suppression systems. The Alvis Moelv armored engineer vehicle is armed with remotely controlled 12.7-mm machine gun for self-defense. This machine is operated by a crew of two, including commander and driver. Crew members use a number of periscopes. Crew can operate entirely from the inside of the vehicle under armor protection. So excavation can be carried out under enemy fire. This combat engineering vehicle uses the same engine as Leopard 1 tank. It is powered by MTU MB 838 Ca M-500 turbocharged diesel, developing 830 hp. With a deep fording kit installed this combat engineering vehicle can ford water obstacles up to 4 m deep. Besides the combat engineering vehicle, Norwegian Army also awarded a contract to Alvis Moelv to develop mineclearing vehicle based on the Leopard 1. Later this programme was cancelled. Also Alvis Moelv developed a Hippo beach recovery vehicle, also based on the Leopard 1. Four of these machines were delivered to United Kingdom. AAAB Armored Amphibious Assault Bridge AAAB System is a bridge and ferry system designed for Turkish Armed Forces’ for fast and safe transport of land vehicles through the rivers in the battlefield. With its diesel engine, automatic transmission, pneumatic suspension and hydraulic brake system, the AAAB system can climb up to 50% gradient and move on 30% side slope. The system, different from the similar systems in the market, has an 8x8 drive system with a central tire inflation system. The AAAB system has two water pump jets that provide the water operations and 360° movements in the water. The system can operate in water currents up to 2.5 m/s. As a ferry, the AAAB system can transport a MLC 21 tracked vehicle. By deploying the ramps, which are carried by a hydraulic crane, and joining two systems, a MLC70 T vehicle can be transported. By coupling three systems from ramp to ramp a MLC100 W vehicle can be transported through a river. As well as the role as a ferry, 12 AAB systems can be coupled and constructed as a 150 m long bridge for crossing of vehicles up to MLC100 W. More vehicles can be coupled depending on the requirement. For the safety issues, AAAB system has a self recovery winch, an automatic fire suppression system, a fixed fire extinguishing system, portable fire extinguishers, and positive pressure NBC system. The AAAB system has some additional standard specifications among its kind. It can carry 4 ramps on a single system. AAAB system has also standard anchoring system (both emergency and land anchoring systems), ballistic protection, and easy fault detection with CAN system. AAAB Technical Specifications Engine: 522 hp (390 Kw) Diesel Transmision: Fully Automatic 6 Forward 1 Reverse Pump Jets: 2x 131 Kw Power Pack Compliant with NATO Single Fuel Concept: Aviation F34 Fuel, JP8 Number of Axles: 4 Driven Axles: All Steered Axles: All Suspension: Double Wishbone, Independent, Air Suspension Batteries: 2 x 12 V, 120 Ah (C20) Alternators: Brushless, Self Excite 2x140 A -Service: Hydraulic with ABS at Each Wheel -Parking: Integral to Driveline, Spring Activated, Hydraulically Released Tire Type: Heavy Duty 16.00, R20 with Run Flat Max. Road Speed: 50 km/h Swimming (Loaded): 10 km/h (with 2 ea Pump Jets) Range: 600+ km Gradient: 50% Side Slope: 30% Vertical Obstacle: 0.50 m Trench: 2 m Turning Radius: 12 m (Centerline) 2 Bay Ferry Payload (Max Single Load): MLC 70 (Tracked) 3 Bay Ferry Payload : (Max Single Load): MLC 100 (Wheeled) Bridge Payload : (Max Single Load): MLC 70 (Tracked) & MLC 100 (Wheeled) Vehicle Classification: MLC 36 Width: 3.5 m Height: 4.1 m Ground Clearance: 0 to 65cm (Adjustable) Sinan said: Damn thats one huge mobile bridge. I never that Turkey defense industry is that matured! One thing left for Turkey are: long range anti missiles anti aircraft systems T-123456 Legend said: Aircraft Carrier-TCG Levent LPD Destroyer- TF-2000 Frigate- TF-100/200 Fighter jet- TFX Long Range Missile Defence System- Aselsan together with Rocketsan developing an indigenous system Balistic missile-? Subs- after the 6 Type 214TN AIP we will develope an indigenous system. To avoid criticism say nothing, do nothing, be nothing. AACE Amphibious Armored Combat Earthmover AACE is an amphibious, armored, tracked, combat earthmover designed for Turkish Armed Forces’ to be used for preparation of the river banks in crossing over operations. It is capable of performing bulldozing, rough grading, excavating, hauling, and scraping operations. As compared to standard work machines, AACE has the capability to take in ballast from the soil ground to its ballast canister when necessary and discharge it at the end of the operation. In standard work machines, the dozer blade is swinging while the vehicle is stable however in AACE it is fixed to the vehicle. With its superior hydraulic suspension system, the front side of AACE can be lifted down or up and by this way its blade or ballast canister can touch and access the ground. As a result, more efficient shoveling and plowing can be performed. These activities can also be performed while the vehicle is mobile. One of the most important features of AACE has is that it is amphibious and has the capacity for 2 crews. Besides, AACE has modern electronic systems like day and night cameras, multi-function LCD monitor and air-condition. The hull of AACE was designed as aluminium by taking into account its floating requirements and ballistic protection at the same time. Its hydraulic power and power transmission systems were equipped with modern equipment and tools and by this way the vehicle has higher maneuver capability and performance. At AACE’ powerpack assembly, A full automatic transmission is coupled with diesel engine. AACE can move 45 km/h speed on land and can reach to the operation area together with other military vehicles without the need for transportation up to. It can travel safely in river streams up to 1.5 m/sec with 360° high-maneuvered capability through its 2 water jets. AACE Technical Specifications Engine: 400 hp Diesel Transmission: Fully Automatic Suspension: Hydraulic Enviromental Conditions: -32 °C to +49 °C Armor Protection: Standard Mine protection: Standard Smoke Grenade Launcher: 6 ea Life Support Equipment CBRN System: Positive Pressure Type A/C System: Heating and Cooling Fire Extinguisher System: Fixed Extinguishing System for Engines and Portable Extinguishers Mission Equipment Vision System: Thermal & Day Cameras Recovery Winch: 15,000 kg - Max Road Speed: 45 km/h - Max Speed in Water: 8,6 km/h (with 2 ea Water Jets) Swimming: Fully Amphibious Range: 400 km Vertical Obstacle: 0.4 m Trench: 1.5 m Turning Radius: Pivot Ground Clearance: 0.39 m T-123456 said: SLV development... Space Launch System Project Which has dual use as ICBM. IMR-2 The IMR-2 combat engineering vehicle is in service with the Russian Army and some other countries IMR-2M2 Weight 44.3 t Length 9.55 m Crane capacity 2 t Earth working capacity 200 - 250 m³/h Engine V-84-1 diesel Range 500 km Fording (with preparation) 5 m The IMR-2 combat engineering vehicle was developed as a replacement for the original IMR. It was accepted to service in 1980. Full-rate production commenced in 1982. The first production model was the IMR-2M. Until 1990 a total of 659 IMR-2 vehicles and its improved variants were produced. Currently the IMR-2 is in service with the Russian Army as well as some other countries. It saw action during the Soviet War in Afghanistan and both Chechen wars. It was also used during Chernobyl NPP accident relief operation. The IMR-2 is based on the T-72 main battle tank chassis. It's predecessor, the original IMR was based on the T-54/T-55 medium tanks. Turret of the T-72 has been removed and new rotating superstructure has been fitted. A multi-purpose telescopic arm is mounted on the superstructure, which can be fitted with various attachments, including manipulator and a bucket. The arm can reach over 8 m and has a payload capacity of 2 t. In travelling order the telescopic arm is traversed to the rear. There is also a front-mounted dozer blade. It can be used in a V-shape or straight configuration. The dozer blade is used for earthmoving operations, grading, road clearing filling ditches and obstacle removal. It can follow terrain contours. During earth working operations the dozed blade has a 200 - 250 m³/h capacity. When not in use the blade is folded upwards. This combat engineering vehicle is operated by a crew of two. The IMR-2 series combat engineering vehicles are well protected and can operate on the battlefield under fire. Vehicle is fitted with NBC protection and automatic fire suppression systems. This combat engineering vehicle is armed with a 12.7-mm machine gun for self-defense. The original IMR-2M is powered by a V-84-1 turbocharged diesel engine, developing 840 hp. The same engine is used on the later production models of the T-72 main battle tank. With preparation this combat engineering vehicle can ford water obstacles up to 5 m deep. During production the IMR-2 had several changes. It was fitted with mine clearing ploughs, extended mine clearing charges and other combat engineer equipment. Since 1982 an improved IMR-2M1 had been produced. It was fitted with extra protection for hydraulic system, however mine clearing charges were removed. The machine gun was also removed. A slightly revised IMR-2M2 was produced between 1987 and 1990. The latest version is the IMR-2MA. It is also referred as the IMR-3M. Its production commenced in 1996. This engineering vehicle is based on the T-90 MBT chassis. It carries the same engineering equipment. CZ-10/25E Alacran The Spanish CZ-10/25E Alacran combat engineering vehicle was converted from the M60A1 MBT Width 4 m Dig depth 2.65 m Shovel capacity 0.43 m³ Earth working capacity ? Engine Continental AVDS-1790-2 diesel Vertical step ~ 1.2 m The CZ-10/25E Alacran combat engineering vehicle was developed by Peugeot Talbot to meet the Spanish Army requirement. The first prototype was built for evaluation in 1995. The CZ-10/25E is based on a modified M60A1 MBT from the Spanish Army stocks. It is worth mentioning, that the Spanish Army received 50 of these tanks from the United States. Production contract for the CZ-10/25E was awarded in 1997. A total of 38 tanks were converted to Alacran combat engineering vehicles. Deliveries to the Spanish Army commenced in 1997 and were completed in 1999. Remaining 12 ex-US M60A1 tanks were converted to armored bridgelayers. Gun of the M60A1 was removed and Case Poclain digger with articulated arm has been fitted. Engine, transmission and some other chassis elements were replaced. The digger uses power of the main engine. The Alacran is also fitted with a front-mounted dozer blade. It is 4 m wide, 0.8 m deep and has an excavation depth of 0.3 m. The dozer blade can also act as a stabilizing anchor. It can be replaced with mine clearing rollers or ploughs. This combat engineering vehicle is fitted with a rear-mounted winch. It has a 25 t capacity, however it can be increased to 50 t by the help of pulley blocks. Mechanical digger of the CZ-10/25E has a traverse range of 360 degrees. The digger arm has a reach of 7.2 m and can dig to a maximum depth of 2.65 m. The excavating shovel has a 430 liter capacity. It can lift a maximum load of 7 t. If required the shovel can be replaced with jackhammer or cutting tool. When clearing mines a special cleared lane marking device is added at the rear of the hull. The Alacran is armed with a cupola-mounted 12.7-mm machine gun for self-defense. This combat engineering vehicle is operated by a crew of three. The Alacran combat engineering vehicle is powered by Continental AVDS-1790-2 series turbocharged diesel engine, developing 750 hp. Spanish Army also operates M60A1 series tanks, converted to VLPD 26/70E armored bridgelayers. These are fitted with Leguan bridge, which is launched over the front of the vehicle. A total of 12 of these bridgelayers were produced. In the future these bridgelayers are to be replaced with Leopard 2-based vehicles. Primary mission of the Trojan combat engineering vehicle is to clear pathways through minefields Machine guns 1 x 7.62-mm Engine Perkins CV12 diesel Trench ~ 2.3 m The Trojan AVRE (Armored Vehicle Royal Engineers) was developed by BAE Systems to meet a requirement of the UK MoD. Development contract was awarded in 2001. First prototype was delivered to Royal Engineers for trials and evaluation in 2004. Deliveries commenced in 2006. The Trojans were first operationally used in Afghanistan in 2009. British Army is the only operator of this combat engineering vehicle. Primary mission of the Trojan is to clear pathways through minefields, creating safe lanes for other vehicles. It allows assault units to move rapidly through minefields, before enemy forces establish defenses. It is also used for many other engineering tasks. A total of 33 Trojans were built for the British Army. The Trojan is based on a modified Challenger 2main battle tank chassis. The turret has been removed and replaced by a new superstructure with special equipment. The Trojan is fitted with mine plough, dozer blade and a large excavator arm. It replaced the obsolete Chieftain-based AVRE in service with the Royal Engineers. The Trojan is fitted with a full-length mine plough, that pushes mines out of the way to clear a safe path for following vehicles. A clear lane marking system can also be fitted. The mine plough can be easily replaced with a dozer blade. The excavator arm is used for earth works, grabbing and moving obstacles, placing fascines. The standard bucket has a 1 m³ capacity. Bucket can be replaced with other attachments. The arm lift capacity is 6.5 tonnes. This vehicle can carry fascines and drop into ditches. Also it can tow a trailer carrying Python rocket-propelled minefield breaching system. The Trojan combat engineering vehicle has the same level of armor protection as the Challenger 2 MBT. It provides a very high level of protection against direct fire weapons. If required additional armor can be added. Vehicle also has enhanced protection against landmines. There is an NBC protection system for the crew, so this engineering vehicle can operate in hazardous environments. This combat engineering vehicle is armed with a remotely controlled 7.62-mm machine gun for self-defense. The Trojan has a crew of three, including commander, driver, and operator. This combat engineering vehicle is powered by a Perkins CV12 TCA turbocharged diesel engine, developing 1 200 hp. Vehicle is also fitted with auxiliary power unit, which powers all systems, when the Trojan is stationary and the main engine is turned off. The Terrier is a general support combat engineering vehicle, intended for battlefield preparation Engine Caterpillar C18 diesel The Terrier combat engineering vehicle was developed by BAE Systems to meet a requirement of the UK MoD. Development contract was awarded in 2002. The Terrier is a replacement for the current FV180 Combat Engineer Tractor, which entered service with the British Army back in 1976. A prototype of the Terrier was revealed in 2005. From 2013 it will replace the FV180 CET in service with the Royal Engineers. The British Army requirement is for 60 of these engineering vehicles. This machine is referred as the most advanced engineering vehicle of the British Army. The Terrier is a general support engineering vehicle, intended for battlefield preparation in the indirect fire zone. It's typical tasks are route clearance, digging of anti-tank ditches, digging defensive positions for troops or armored vehicles. It also has a mine clearing capability. For these missions this combat engineering vehicle is fitted with a front high-capacity bucket. It is used to clear obstacles, dig pits and grip large items. There is also a side mounted excavator arm, that can lift up to 3 tonnes at maximum reach. It can also tow a trailer carrying fascines, trackway, or Python minefield breaching system. Vehicle can be also fitted with a mine plough. The new vehicle has more effective armor and mine protection, than the current FV180 CET. Hull of the Terrier is welded from steel. Crew compartment is lined with spall liners. Vehicle provides protection against small arms fire and artillery shell splinters. If required additional armor can be added. Vehicle has a double floor, which provides protection against landmines. The Terrier has a crew of two, including commander and driver. However this engineering vehicle can be operated by remote control from up to 1 km away in dangerous environments. The only defensive armament carried by the Terrier is a roof-mounted 7.62-mm machine gun. However a remotely controlled weapon station can be mounted. The Terrier is powered by Caterpillar C18 turbocharged diesel engine, developing 700 hp. The Terrier is faster and more mobile than the current FV180 CET. It is worth mentioning, that roadwheels of the Terrier are based on the CV90 technology. This combat engineering vehicle is capable of keeping pace with the Challenger 2 main battle tanks and Warrior infantry fighting vehicles. The Terrier can be airlifted by the Boeing C-17 Globemaster III or Airbus A400M military transport aircraft. The FV180 CET is a versatile amphibious combat engineer vehicle Engine Rolls-Royce C6TFR diesel Amphibious speed on water 8 km/h Fording 1.63 m Fording (with preparation) Amphibious The FV180 Combat Engineer Tractor (CET) is currently in service with the Royal Engineers. It is a specialist armored vehicle of the British Army. Whereas most such vehicles are converted tanks, the CET was purpose-designed for the engineering role from the start. In 1974 seven prototypes of this engineering vehicle were built. After extensive trials and some modifications this vehicle was accepted to service with the British Army in 1975. Production commenced in the Royal Ordnance factory in 1977. First production vehicles were delivered to the Royal Engineers in 1978. Export operators are India (39) and Singapore (18). The CET is a versatile amphibious combat engineer vehicle. It's primary task is earth mowing, however it can assist in a variety of other battlefield engineering tasks. It can clear obstacles, repair roads, dig pits, prepare barriers, prepare riverbanks for vehicle crossing and recover other damaged, swamped or stuck armored vehicles. A large earthmoving bucket is fitted at the rear of the vehicle. It is used for earth moving, clearing obstacles, paths, or digging pits for armored vehicles. It can lift loads up to 4 tonnes. The FV180 has a twin-skin aluminum alloy armor hull. It provides protection against small arms fire and artillery shell splinters. It also has an NBC protection system. This military vehicle is armed with a single 7.62-mm machine gun for self-defense. The FV180 has a crew of two, including driver and engineer. Occupants sit in tandem position on the left side of the vehicle. The driver sits at the front and operates the winch, while the second crew member to his rear operates the bucket. Both crew members can reverse their seats to carry out each other's duties. Vehicle is powered by 12.2-liter Rolls-Royce C6TFR turbocharged diesel engine, developing 320 hp. It seems that later production vehicles were fitted with a more fuel efficient engine. Vehicle uses a number of standard commercial automotive components. The engine and transmission are mounted at the right side of the hull. The FV180 can be driven equally fast forwards or backwards, enabling it quickly excavate, carry and conceal the soil. The CET has amphibious capability. With little preparation this combat engineering vehicle is fully amphibious. On water it is propelled by two waterjets. When not in use the waterjets are closed with armored covers to prevent damage. To help CET leave the water on steep slopes and riverbanks it is equipped with a 100 m winch cable attached to an anchor that can be fired by rocket, so the CET can winch itself ashore. The FV180 Combat Engineering Tractor is due to be replaced with the new Terrier. It is a more capable and better protected engineering vehicle. Development of the Terrier is complete. From 2013 it will gradually replace the ageing fleet of the CETs in service with the Royal Engineers. NH90 / MRH 90 Taipan failed – Australia wants back Black Hawks helicopters Khafee Canadian government signs $2bn contract with General Dynamics Kuwait buys 19 M88A2 Recovery Vehicles and Related Equipment and Support Armed Forces and Country Profiles UAE cleared to buy up to 4,569 Mine Resistant Ambush Protected (MRAP) Arms Deals and Military Exhibitions OMFV: Army Revamps Bradley Replacement For Russian Front mtime7 a news source and a leading community board for global defense, military and strategic affairs. For Advertisement, Direct Partnership or General Inquiry. Contact us via email: [email protected]	cc/2021-04/en_middle_0030.json.gz/line1369
__label__cc	0.709222	0.290778	Spirituality Transforming Religion Religion is one of the most polarizing topics in the world. Not just in the commons but in particular religious spaces that claim the same spiritual origins, people are constantly divided and dividing over matters of religion. Religion essentially involves the institutionalization of rites, rituals, and dogmas, and this institutionalization is precisely what makes unity difficult (Bridges 2001). Institutions, and in some cases, individuals, begin to see themselves as guardians of unchanging spiritual realities codified in certain, often creedal, language that is itself immutable and inerrant. This language and these creeds become sacrosanct and any more thought on a particular matter is then deemed heretical and anyone who dares to challenge them a heretic. Religion forces people to play the dangerous game of who is in and who is out. Creeds by definition are always barrier-building vehicles. They are ecclesiastical attempts to draw the theological lines of division (Spong, The Fourth Gospel: Tales of a Jewish Mystic 2013). No religious creed is a full statement of faith as they are all communal responses to particular arguments. Anything that is undebated in a community has no creedal response and thus the totality of spiritual understanding cannot be addressed in any one creed or even in several creeds (Spong, A New Christianity For A New World 2001). Spirituality is, in its broadest sense, the understanding of how life should be lived and our attempts to live it that way (Gottlieb 2013). Unlike religion, spirituality is centered on the questions, the journey, and the process, not checking the boxes of repeating the prescribed answers. In this way, our spirituality is the fount and source of life. Spirituality is the method and manner by which the ultimately real actually touches the depth of being of the human personality, transforms it, and causes it to long for true community (Bridges 2001). Our spirituality enlarges us by allowing us to sit with the big questions of life and journey alongside others who are sitting with those questions in effort to live authentically and faithfully in response to their understanding of God and their place in the cosmos. Authentic spirituality sanctifies, as it is the soul’s journey. While religion helps to inform the journey, spirituality is the journey. Religion refers to any organized, structured, traditional religion, whereas spirituality embraces the freedom of the human spirit to encounter the Divine in surprisingly unexpected ways (Hartin 2010). Truly spiritual people become inspired (in spirited) to be, while religion is the doing or response to that being. Spirituality exists both inside and outside of the impenetrable boundaries created by the dogma and creeds of religion. Spirituality is fluid, because it is faith seeking understanding. The task of the liturgist is to craft and lead religious rites and rituals that lift the spirituality of a community. To find in a community’s dogma the transformative life-giving substance that brings practitioners of the faith to an experience with the Divine that promotes the well-being of the individual so that the individual can transform the collective. The true liturgist is both a technician of the sacred and a practitioner of spirit. On one hand, the liturgist knows the technical functions of ritual and understands how to navigate them, while on the other hand is fully connected to the Wellspring of Life. Much of the division and polarization we see in the world comes from the hubris of religion that is unmitigated by the humility of spirituality. When our creeds and customs are not in conversation with ongoing redemptive reforming encounters with the Divine, unchecked egos will always look for a way to dominate and subjugate others. Internal alertness to the critique of our institutions as bastions of orthodoxy verses living communities of transformation is the call of day. The task of defining faith in each generation is a difficult one. The liturgist is constantly defining faith in the structures and execution of communal worship. Heresies are beliefs said to be in opposition to the teachings of the religion. By this definition anything we hold as orthodox was in some historical context considered heretical, because the teachings of the church have changed over time. In our time heresy may be a virtue and not a liability if we begin to search for the places where our religion has both portrayed and betrayed the true Gospel. I invite you to ask yourself where has your religion been in opposition of true spirituality? How can you bring a corrective lens to your community of faith? How do we revitalize our collective religious practices with fresh invigorating spirituality? Please feel free to comment below. Peace Is Possible, +Donalson Rt. Rev. Edward Donalson III, DMin \| Director of Liturgy and Worship \| Assistant Clinical Professor SCHOOL OF THEOLOGY AND MINISTRY \| SEATTLE UNIVERSITY Bridges, Flora Wilson. 2001. Resurrection Song: African American Spirituality. Maryknoll: Orbis. Gottlieb, Roger S. 2013. Spirituality: What it is and Why is Matters. New York: Oxford University Press. Hartin, Patrick J. 2010. Exploring the Spirituality of the Gospels. Collegeville: Liturgical Press. Spong, John Shelby. 2001. A New Christianity For A New World. New York: Harper Collins. —. 2013. The Fourth Gospel: Tales of a Jewish Mystic. New York New York: HarperOne. Worship & Liturgy Announcements ← Toward a More Just and Humane World An Homage to James Cone: A Call to Action → Jonathan Grier says: Very enlightening and Spiritual! Concepts often understood, but not written or spoken … Thanks for the transparency of your thoughts and spiritual connectivity. seattleustm says: Jonathan it is a privilege to be on dialogue about spirituality with you. Thanks for the gift of music you bring to the Liturgy! Andre King says: Of the various expressions of ministry Ive heard of yours in the past several years, I am always so very impressed with the breadth of knowledge, insight and information you present for consideration, particularly to the intelligentsia. Keep making the truth plain to this, and the next generations Andre King thank you for helping us bring the work forward. Let’s keep pursuing excellence together!	cc/2021-04/en_middle_0030.json.gz/line1378
__label__wiki	0.572595	0.572595	Chris Jericho Says He Would Have Saved Kevin Owens At TLC By Phillipa Mariee Image via Twitter There was a time when Chris Jericho and Kevin Owens were best friends in WWE before Owens ruined the Festival of Friendship and Jericho went on to cost KO the Universal Championship. Despite these differences, the two men had a good run as friends and always had each other’s back, something that Owens is currently lacking in WWE. At TLC: Tables, Ladders, and Chairs, Owens was the victim of a handicap match when Jey Uso worked within the rules to help his cousin Roman Reigns pick up the win. Fans on social media have since questions whether or not Kevin Owens has any friends in WWE. The former Champion noted that having no friends was probably a consequence of his actions for many years as well as revealing that The Riott Squad were not in the arena. Interestingly, this is when current AEW star Chris Jericho responded to the Tweet and claimed that he could have saved his former friend. I would’ve made the sizzave brother…. https://t.co/JT0CGtEEH7 — Chris Jericho (@IAmJericho) December 22, 2020 This Friday on SmackDown, Kevin Owens will be given a much fairer match against the current Universal Champion when they battle inside a steel cage. Friday night’s show will be pre-recorded on Tuesday so that WWE’s SmackDown superstars can have Christmas Day off.	cc/2021-04/en_middle_0030.json.gz/line1379
__label__wiki	0.730725	0.730725	Board index › General Discussion › News and Current Events Top Iranian nuclear scientist assassinated amid war rumors ASPartOfMe Location: Long Island, New York Iran's top nuclear scientist killed in apparent assassination, state media reports Mohsen Fakhrizadeh, considered one of the masterminds of Iran's controversial nuclear program, died after his car was apparently ambushed in a district east of Tehran. Photos from the scene showed the shattered windshield of a car, and blood on the road. Israeli Prime Minister Benjamin Netanyahu's office declined to comment to CNN. Fakhrizadeh was head of the research center of new technology in the elite Revolutionary Guards, and was a leading figure in Iran's nuclear program for many years. US President Donald Trump retweeted prominent Israeli journalist Yossi Melman, who wrote: "Fakhrizadeh-Mahabadi assassinated in Damavand, east of Tehran according to reports in Iran. He was head of Iran's secret military program and wanted for many years by Mossad. His death is a major psychological and professional blow for Iran." The Trump administration said it was closely monitoring the apparent assassination. The death "would be a big deal," a US official told CNN. Several top-level Iranian officials have condemned the attack and threatened to retaliate. The head of Iran's Revolutionary Guards Corps, Hossein Salami, issued a statement calling the killing a "terrorist operation", according to ISNA. Trita Parsi, the co-founder and executive vice president of the Quincy Institute for Responsible Statecraft, said it was not clear who was behind the apparent assassination, but that "there are not that many candidates." "At the end of the day the only countries that actually have the intent, the motivation and the capacity -- and the capacity is really important -- really reduces the number of candidates to no more than Israel and potentially the United States," he told CNN's Becky Anderson. In April 2018, Netanyahu mentioned Fakhrizadeh by name when he unveiled a nuclear archive he said Mossad agents had taken from Tehran. He called him the head of a secret nuclear project called Project Amad. "Remember that name, Fakhrizadeh," Netanyahu told reporters. There are just over 50 days left in the Trump administration, before President-elect Joe Biden is inaugurated and diplomatic contacts between Tehran and Washington are likely to pick up again. There are many in Israel and the US who see the current "maximum pressure" policy of sanctions and hostility as the only route to stop Iran from expanding its influence and getting the bomb eventually. Fakhrizadeh's killing makes that kind of diplomacy harder, and gives voice to hawks in Iran that peacemaking is futile. It also gives voice to Iran's enemies, who can argue that taking on Iran head first is possible and can be palpably a deterrent. Related? Netanyahu met MBS, Pompeo in Saudi Arabia: Israeli media Israeli Prime Minister Benjamin Netanyahu secretly flew to Saudi Arabia on Sunday to meet Saudi Crown Prince Mohammed bin Salman (MBS) and US Secretary of State Mike Pompeo, Israeli media said. A member of Netanyahu’s cabinet and Likud party on Monday confirmed reports that the Israeli leader had held a meeting in Saudi Arabia, calling it an “amazing achievement”. The very fact the meeting happened, and was outed publicly, even if half-officially right now, is a matter of great importance,” Education Minister Yoav Gallant told Army Radio when asked about the visit. However, Faisal bin Farhan al-Saud, Saudi Arabia’s foreign minister, denied reports that a meeting took place between MBS and Israeli officials in a tweet later on Sunday. Earlier on Monday, Israel’s Kan public radio and Army Radio said Mossad chief Yossi Cohen also attended the meeting, which was reportedly held in Neom on Saudi Arabia’s Red Sea coast. According to Israeli daily Haaretz, aviation tracking data showed that a private jet had made a brief trip from Tel Aviv to Neom, where MBS and Pompeo had a scheduled meeting on Sunday. Flight-tracking websites showed that the plane was grounded for approximately two hours before it returned to Israel about half an hour past midnight. The jet, according to Haaretz, is the same private plane Netanyahu took several times for his visits to Russian President Vladimir Putin. Israeli military instructed to prepare for Trump strike on Iran: report Israel's military is preparing for the possibility that the Trump administration will launch a military strike against Iran, Axios reported on Wednesday. Senior Israeli officials told the outlet that the Israeli government instructed military commanders to prepare for a potential strike during the “very sensitive period” between now and when President-elect Joe Biden takes office on Jan. 20. Israel is reportedly making preparations with the expectation that they would receive advance notice from the U.S. regarding any military action, but with concerns that such notification might come too close to the attack. Israel is also preparing for the possibility of a retaliatory strike by Iran, either directly or through proxies in nearby countries. The New York Times reported last week that President Trump was considering a military strike against Iran in an attempt to stop Tehran's growing nuclear program. Trump reportedly held a meeting Thursday in the Oval Office to discuss his options, but Vice President Pence, Secretary of State Mike Pompeo, acting Secretary of Defense Christopher Miller and Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, dissuaded him against such actions. Israeli Defense Minister Benny Gantz has spoken twice over the past two weeks with Miller to discuss Iran, Syria and defense cooperation. State Department officials, meanwhile, told reporters that “all options are on the table” regarding Iran. Professionally Identified and joined WP August 26, 2013 DSM 5: Autism Spectrum Disorder, DSM IV: Aspergers Moderate Severity My autism is not a superpower. It also isn’t some kind of god-forsaken, endless fountain of suffering inflicted on my family. It’s just part of who I am as a person. - Sara Luterman ASPartOfMe wrote: Mossad, is my best bet. Laughter is the best medicine. Age-appropriate behaviour is an arbitrary NT social construct. Don't tell me white lies. Gaslight me at your peril. Don't give me your bad attitude. If I'm so bad, pass me by. And one more thing, "A stranger is a friend gang-stalker you haven't met yet." Truth may be inconvenient but it is never politically incorrect...The Oracle of Truth has spoken... THERE WILL BE NO COUP IN AMERICA! The_Face_of_Boo Location: Beirut, Lebanon. https://stepfeed.com/these-arab-scienti ... ously-2247 Come here to get the Block functionality for Wrongplanet: naturalplastic Location: temperate zone Are you suggesting that all of those scientists were done in by the Israelies? goldfish21 Location: Vancouver, BC, Canada If trump strikes Iran they may Say it was to curtail a nuclear weapons program, and in part it might be, but I bet they do it in such a way as to cause maximum problems for Biden to have to deal with the moment he’s inaugurated. Just like firing tons of US gov’t workers to screw things up at home, it’ll be part of his petty temper tantrum scorched earth crap on the way out the door - breaking things just to break them & cause chaos for the Biden administration to have to clean up, hindering their ability to both govern Or look into the trump administration’s grift and theft. No for supporting trump. Because doing so is deplorable. Iranian Hackers Wage Cyber Campaign Amid Tensions With US in News and Current Events AnonymousAnonymous NYC Policewoman assassinated Where were you when John Lennon was assassinated? Was Stieg Larsson assassinated? in Politics, Philosophy, and Religion Ichinin	cc/2021-04/en_middle_0030.json.gz/line1382
__label__cc	0.520081	0.479919	Bomber Groups Fighter Groups Chauncey Newcomb Chauncey A Newcomb served his country in World War II with the 506th Fighter Group . Information on Chauncey Newcomb is gathered and extracted from military records. We have many documents and copies of documents, including military award documents. It is from these documents that we have found this information on 1LT Newcomb. These serviceman's records are not complete and should not be construed as a complete record. We are always looking for more documented material on this and other servicemen. If you can help add to Chauncey Newcomb's military record please contact us. AM/OLC GO: 112 The information on this page about Chauncey Newcomb has been obtained through a possible variety of sources incluging the serviceman themselves, family, copies of military records that are in possession of the Army Air Corps Library and Museum along with data obtained from other researchers and sources including AF Archives at Air Force Historical Research Agency and the U.S. National Archives. If you have more information concerning the service of Chauncey Newcomb, including pictures, documents and other artifacts that we can add to this record, please Contact Us. 20af.org, Copyright 2021, Army Air Corps Library and Museum, Inc., All Rights Reserved	cc/2021-04/en_middle_0030.json.gz/line1385
__label__wiki	0.735436	0.735436	Barefoot Cinema: The Life and Art of Cinematographer Alun Bollinger A portrait of Alun Bollinger (AlBol), who lives with his wife Helen (HelBol) and assorted grandchildren near Reefton, on New Zealand's remote West Coast. It's as far removed from the glitz and glamour of the film industry as you can imagine, yet AlBol is one of our greatest cinematographers, having worked on almost every seminal New Zealand film of the past 30 years, including 'Goodbye Pork Pie', 'Vigil', 'Heavenly Creatures', 'Perfect Strangers' and 'River Queen'. Includes interviews with filmmakers Peter Jackson, Geoff Murphy, Vincent Ward and Gaylene Preston. Genre: Documentaries, Film On Film, New Zealand Docos, Biography, Film Festivals 2008 Country: NZ Director: Gerard Smyth Starring: Peter Jackson, Gaylene Preston, Helen Bollinger, Vincent Ward, Geoff Murphy, Alun Bollinger Rating: Ex Location in store: New Zealand (Documentary) DVD out - ADD TO YOUR QUEUE Beyond Reasonable Doubt (1980) David Hemmings stars in this compelling story of a true-life double murder mystery that shattered th... Cinema of Unease: A Personal Journey by Sam Neill (1995) Sam Neill looks at our national cinema using dozens of film clips to explore the dark undercurrent b... Peter Jackson's wild horror-comedy principally filmed in Lyttelton, and starring Michael J. Fox as a... Goodbye Pork Pie (1980) Gerry is a 19-year-old unemployed no-hoper from Auckland who illicitly rents a yellow Mini with litt... Heavenly Creatures (1994) The provocative, imaginative true-life story of how the intense and passionate relationship of 1950s... Middle Age Spread (1978) A unique "comedy of manners", based on Roger Hall's stage play which was a smash hit in NZ and the U... Vigil / A State of Siege / In Spring One Plants Alone (1984) Director Vincent Ward supplies a striking visual atmosphere in this rural melodrama about life on th... Visions of Light: The Art of Cinematography (1992) A fascinating tribute to the art of the cinematographer, from the silent era via the revolutionary d... War Stories Our Mothers Never Told Us (1995) Seven women discuss their secret lives during World War II in this unique, moving, unforgettable fil... Forgotten Silver (1996) When local Wellington filmmaker Peter Jackson discovers a cache of ancient nitrate in a neighbour's... Perfect Strangers (2003) When Melanie (Rachael Blake) goes home from the pub with a handsome stranger (Sam Neill), she's capt... Sons for the Return Home (1978) From the book by Albert Wendt comes this moving portrayal of love across the racial divide. Sione (U... River Queen (2005) Set during the New Zealand land wars of the 1850s, Vincent Ward's embattled film focuses on Sarah (S... Oyster Farmer (2005) After hearing his sister has had a bad car accident, Jack Flange moves from Sydney to the small oyst... Tell Them Who You Are (2005) Director Mark Wexler presents this fascinating documentary focusing on his famed cinematographer fat... Roman Polanski: A Film Memoir (2011) A documentary about Roman Polanski, the man and filmmaker. Roman Polanski speaks about his eventful...	cc/2021-04/en_middle_0030.json.gz/line1387
__label__wiki	0.520275	0.520275	News 19 Aug 2010 last update:7 Aug 2012 Fewer fish for Copeinca ASA As of 30 June 2010, volumes of production are lower than in previous years for Peruvian fish meal producer Copeinca, due to a moderate "El Niño" during January and February, US$24 million out of the US$55 million CAPEX budget have already been executed, and the construction of the 3 new vessels is 70% advanced. Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of its production is exported. Typical customers are fish and animal feed producers as well as refineries for omega-3 products. Copeinca ASA runs its operations out of Lima and has its own fleet. It operates 6 plants located in strategic locations all around the Peruvian coast line. The company has around 2,000 part and full time employees. Volume sold down In the first half of the year, volumes sold were 79,799 MT, down from 120,084 MT in H1'09 due to shipments delayed to July resulting from the late beginning of the first fishing season. A higher percentage of steam dried fishmeal was sold (79% of total volume equivalent to 62,844 MT) in H1'10 vs. 47% in H1'09 equivalent to 56,294 MT. Revenue per ton sold was $1,475 in the first half of 2010 (up 72%) and in the second quarter revenue per ton averaged $1,577 (up 77% compared to Q2´09). Fishmeal price had an average of $1,494/MT in H1'10 vs. $834/MT in H1'09 and fish oil price was $876/MT in H1'10 vs. $694/MT in H1'09. Operating profit for the six months ended on 30 June 2010 was $9.5 million after a $10 million provision due to a reduction in the number of vessels used, compared to the operating profit of $10.9 million for the same period in 2009. Important player Copeinca finished its first fishing season and it processed 13.13% of the total Peruvian quota (2,466,236 MT), of which 10.88% came from own fleet and 2.25% from third parties. During the season Copeinca produced 76,139 MT of fishmeal and 22,625 MT of fish oil. Fishmeal production had a 23.5% yield while fish oil production had a 7.0% yield. The total production yield was 30.5%. More steam drying "Increased focus in our own fleet production has contributed to have 80% SD (steam dried) fishmeal production, of which over 80% was high quality Super Prime and Prime fishmeal which results on higher efficiency, prices and margins. “Once the vessels under construction and the investment on the plants are ready in 2011, we expect to have over 95% SD production," says Samuel Dyer Coriat, CEO of Copeinca ASA. Related website: Copeinca ASA Reducing early impact of WSSV in shrimps White Spot Syndrome Virus (WSSV) is a major shrimp pathogen, present in most of the producing regions and... On 6 Feb 2019 In Home Russia is set to ramp up fish meal production In 2019, fish meal production in Russia reached 126,000 tonnes. This figure increased 46% since 2015,... On 7 Oct 2020 In Home Scottish salmon: Feed costs are 50% of total costs Farming salmon is quite a lucrative business across Scotland producing over 150,000 tonnes of the popular fish... On 5 Jul 2019 In Home New Protix plant: A transition in insect farming Dutch insect breeder Protix has officially opened its new production facility in Bergen op Zoom, the... On 12 Jun 2019 In New proteins	cc/2021-04/en_middle_0030.json.gz/line1388
__label__wiki	0.984691	0.984691	AustraliaWeather Election 2016: Job creation in northern Tasmania on voters' minds By Laura Beavis Updated July 02, 2016 18:48:17 Photo: George Town has election pledges for roads and tourism. (ABC News: Laura Beavis) Related Story: As it happened: Voters leave Australia on knife edge Map: George Town 7253 Creating more jobs and improving access to health care are dominating the minds of voters in George Town, in the marginal northern Tasmania electorate of Bass. Tasmania's electorates: The area has been hit by the downturn in manufacturing and forestry, with unemployment levels hovering at 12 per cent and higher for youth unemployment. Last year, a report by Catholic Social Services Australia ranked the town as one of the state's most disadvantaged communities, with the highest proportion of young people neither employed nor in education. Appliance salesman Darren Bishop is certain a shortage of local jobs is behind the slow trade in his shop. "There's been a lot of empty shops over the journey - 30 years ago it was a thriving hub down the street," he said. "We need employment and growth to give people a purpose." Resident Shaylee Benson is worried about jobs for young people. "I have three young children, well two teenagers and a little one, and I worry about my teenagers coming out of school and getting jobs." Australia Votes — Full election coverage from the ABC Brandon Koeppen, 18, is studying at TAFE but fears for his job prospects. "There's not enough jobs, we need some more jobs down here," he said. George Town Chamber of Commerce president Andrew Michieletto said the town had not recovered from past job losses in the manufacturing industry and needs to diversify its economy. "Our major employers here probably two or three years ago put off quite a number of people, when the Australian dollar went through the roof, and those jobs haven't been recovered as yet," he said. Local GP Dr Jane Zimmerman said access to health services is a major concern, as residents can struggle to secure medical and dental appointments. "We don't have any consistent funding for services in George Town, you just never know from one month to the next what's happening." Big spending pledges from main parties Liberal MP Andrew Nikolic holds Bass by 4 per cent, and is fighting a close race with Labor challenger Ross Hart. This article includes interactive enhancements which are not supported on this platform. For the full interactive experience in this article, you will need a modern web browser with JavaScript enabled. Find out more about browser support at ABC News Online. Tasmania election preview So what's in store for Tassie? Key seats to watch this election: The most marginal seats are the Coalition's "three amigos". Bass (LIB 4.0 per cent) Braddon (LIB 2.6 per cent) Lyons (LIB 1.2 per cent) The seat most likely to fall is Lyons, followed by Bass. The other two seats? Labor is set to keep Franklin (5.1 per cent) which Julie Collins has held since 2007. Although Labor has a two-party preferred margin of 8.9 per cent in Denison, it would be a surprise if independent Andrew Wilkie (15.5 per cent) lost the seat this election. Funding promises from major parties Both the Coalition and Labor have all but guaranteed to fund a second undersea Basslink cable connecting Tasmania to mainland Australia A re-elected Coalition would spend $250 million on the project, similar to a commitment made by Labor The Coalition says it will spend $14 million connecting towns on Tasmania's west coast to the NBN, while Labor has pledged $30 million Labor has also pledged $44 million for tourism infrastructure and $150 million for an upgrade to UTAS The Coalition has also promised $150 million to relocate and expand UTAS's campuses at two sites Previous elections There was a substantial swing against Labor in 2013, the Liberal Party won a majority of the state's seats for the first time since 1990. In 2007 Labor recorded its highest two-party preferred vote in decades and the the Liberal Party its worst federal result since the 40s. The contest has secured hundreds of millions of dollars in election promises for the seat, leading one Tasmanian newspaper to label Bass the "pork barrel capital". In George Town, the Coalition pledged $6 million for road upgrades and Labor is promising a quarter of the million dollars for a tourism development. But Shaylee Benson was unimpressed by the offerings. "I don't think George Town gets anything of anything to be honest," she said. "I think George Town just gets left behind the waste line and people don't really think about George Town unless something bad happens." Darren Bishop predicted minor parties and independent candidates may attract a lot of votes. "People are disillusioned with the two major political parties, so I think there'll be a shift away from them." Mandy Cruse from community services organisation Wattle Group hopes whoever is elected will help the town shed a reputation for poverty and high crime rates. "I think there's great community spirit here. I think the ones who don't see it are the ones that don't want to. I think George Town's got so much going for it." Topics: federal-elections, george-town-7253 First posted July 01, 2016 21:45:51 More stories from Tasmania Ban on international travel 'one of the last things to change', CMO says (photos) SPORT India pulls off stunning run chase on final day at Gabba to achieve remarkable series win Will Donald Trump lose all his perks as a former president if he's convicted at his impeachment trial? (photos) SPORT Victoria Azarenka appeals to Australian Open players to show 'empathy' during hotel lockdown Why you may have to update your devices even if you don't want to Uber driver allegedly turned off app before raping teenager down 'dirt road', trial hears (photos) On his birthday, Ali went out to invite his friends over for cake. Then a soldier shot him dead How the Pfizer rollout in Norway differs from Australia's plan Asking for a pay rise? A negotiation expert has some advice Berejiklian says she 'doesn't understand' Victoria's traffic-light border system as NSW records no new COVID cases After four years of chaos, Donald Trump leaves behind a harsher, meaner America (photos) What happens to Trump's US-Mexico border wall now? 'I just want to make a difference': University course aims to boost number of Indigenous lawyers Earthquake on Indonesia's Sulawesi Island leaves thousands homeless as recovery begins Returning Australians slugged up to $1,400 extra for fresh air in hotel quarantine (photos) What to expect if Greater Brisbane's coronavirus restrictions ease on Friday (photos) If you have inside knowledge of a topic in the news, contact the ABC. ABC Backstory ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the standards ABC journalists and content makers follow. What we know about Brazil COVID-19 variant Here's what we know about the Brazilian strain. Australia vs India fourth Test scorecard Australia hosts India in the fourth and final Test at the Gabba with the Border-Gavaskar Trophy on the line with the series locked at 1-1. Presidential inauguration explained By Scott Mitchell Joe Biden is set to be inaugurated as the 46th President of the United States this week. Here's our guide to the day's traditions, festivities and, yes, celebrity guests. Vaccine hesitancy among health workers By Holly Seale Achieving high COVID-19 vaccine uptake among health workers will not only protect these critical staff members, it will also support high levels of uptake among the general public. Some health workers may be reluctant to get a COVID vaccine. Here's how to change that After four years of chaos, Donald Trump leaves behind a harsher, meaner America India continue to defy the odds as Australia's frustration continues What 12 million COVID tests say about Australian pathology The online dating industry is majorly embracing AI to help people find love Australia may lead India in Brisbane Test but under-strength tourists continue to thrive Eighteen years and six premiers later, calls to investigate child sex abuse in Tasmania have been answered Has Donald Trump led America to the end of its 'myth'? Canberra Weather Darwin News AEDT = Australian Eastern Daylight Savings Time which is 11 hours ahead of GMT (Greenwich Mean Time) Change to mobile view	cc/2021-04/en_middle_0030.json.gz/line1393
__label__wiki	0.871903	0.871903	UGArden Thrives Six years after a group of environmentally-minded students convinced skeptical University of Georgia administrators to let them plant a small community garden on South Milledge Avenue, the UGArden, as it’s called, has blossomed into something not even its young founders may have imagined. “It’s become so much bigger than any of us expected,” said Shannon Wilder, director of the UGA Office of Service Learning. At the beginning, some students despaired they’d ever convince UGA officials to give it a green light. University lawyers worried about liability, while other administrators wondered whether a student-run garden would actually last, and what university unit would be willing to take on overseeing it. But when UGA horticulture professor David Berle came across the students’ plans online, things began to fall into place. The UGArden would fit perfectly into a grant proposal on sustainable food systems Berle was putting together, and horticulture department head Doug Bailey was an enthusiastic backer right way. Before long the garden began sprouting on about 3/4 of an acre near the horticulture department’s South Milledge Avenue greenhouses, which was just moved from the main UGA campus to make way for an addition to the pharmacy building. The original plan was not much more than having three garden plots in rotation, tended by about two dozen students in what is now the UGArden Club. “Then we started teaching a class in sustainable community food production,” Berle said, and soon another class followed. The classes brought, and bring, students out regularly to work the garden in addition to club members. But other community members began helping out, such as members of Athens Area Master Gardens and interested folks like Maize Loo, who began a medicinal herb garden soon after the UGArden began. She and other volunteers dry the herbs, then package them in a variety of combinations to be used as herb teas, some soothing, some anti-allergen, some with other properties. Graduate student (now UGA materials reuse coordinator) Chris McDowell pitched in, bringing his program of recycling used building materials to build raised garden beds and other structures for the garden — even a small greenhouse made of recycled lumber. The UGArden has grown into closer to five acres, some in lush cultivation of tomatoes, peppers, squash, asparagus, cabbage and other vegetables at any given time, some resting and rejuvenating under cover crops, protected by a high fence — donated — to keep hungry deer out. One small plot is faithfully tended by families home-schooling their children. Nearby grow fruit trees and bushes — the UGArden had a good blueberry crop this year, Berle said. But perhaps the most interesting growth has come outside the garden proper. Berle already began working with a Clarke County middle school to start and sustain a community garden. This year all four middle schools will have gardens. Clarke Middle School is one of three places where anyone can buy produce from the UGArden — Monday evenings from 4 to 6:30 p.m. They sell more of their produce at a mid-day market at the Athens Community Council on Aging on Wednesdays, and on Thursdays at 4 p.m. at Coile Middle School near Winterville. Memberships, available to anyone, cost $35 and allow members to buy produce at half-price; if you receive food stamps, membership is free. “It’s a pretty good deal,” said UGArden manager Johanna Biang. Prices are a little more than supermarket prices, a little less than typical farmer’s market prices. The young gardeners also hand over part of their produce to another student organization that’s succeeded beyond expectations, Campus Kitchens. The group prepares and distributes meals to more than 200 “clients,” said Kaeli Evans, a VISTA volunteer working with the program this year. Working with the Athens Community Council on Aging, the Campus Kitchen students distribute some of those meals to grandparents who are rearing grandchildren; some are distributed by Meals on Wheels volunteers to older people and shut-ins. It’s now a place visitors regularly tour, featured in UGA promotional materials; students use it for experiments on soil properties. Another class has been added — building a tiny house. The garden’s definitely fulfilled the prediction of Mary Ora Carlson, one of the students who pushed to get it going six and seven years ago. “I believe there will be a growth of not only plants but relationships,” Carlson, said in 2010. It now has a professional manager, Biang, but students, along with volunteers, still provide most of the work, as well as the innovation. The garden’s not certified “organic,” but in practice, it is organic, with environmentally friendly practices. Some people would like that official designation, but others aren’t so sure. “Organic” still carries a kind of counterculture stigma for some people, Berle explained. Biang was one of those a little skeptical of the “organic” tag when she started here as one of Berle’s graduate students. Now “I love this place,” she said — partly because she now knows about the sustainable principles embedded in the garden, which will produce about 20,000 pounds of food this year. But it’s more for what it does for the students involved in it. “It’s a uniter. Everyone is here for a common cause,” she said. Students get confidence after they learn things like driving a tractor, or plant seeds and see them come up, or take up a hammer and nails for a repair job. “It sounds all pie in the sky, but I’ve seen it happen,” she said. It’s a safe space to learn. When you’re out here, you get to know people and connect with them. It’s a pretty cool thing to watch.” What do they learn? “They learn to use a shovel, for one thing. I never thought that learning a tool was something you needed to learn,” she said. “You learn to make mistakes. You think you’re coming out here to learn how to grow vegetables, but it’s all those other things you learn.” “It’s like a teaching farm. You learn so much out here you’d never learn in a classroom,” said UGA third-year student Teri Rakusin, president of the UGArden Club, who’s learned how to drive a tractor, turn compost, and plant out here. Rakusin, whose summer job this year is working in the garden, also likes being in the garden because of its connections outside the university, she said. “UGArden is so in the community,” she said. “We feed so many people with our produce.”	cc/2021-04/en_middle_0030.json.gz/line1397
__label__wiki	0.995311	0.995311	NETWORK RAIL DEVOLVES STRUCTURE AND APPOINTS FIVE NEW REGIONAL MANAGERS Five newly appointed regional managing directors are set to play a key part in Network Rail’s evolution to "a more nimble, customer-focused company that puts passengers first.” Andrew Haines, Network Rail chief executive, said: “We’re making these changes as a major part of our plan to provide the best possible service for passengers and freight users, to deliver the promises we’ve made for the next five years and to improve the way we work together as an industry. Devolving the company further into 13 routes, supported by five regions led by our new managing directors, will drive focus on what matters most to our customers; a more punctual, reliable and efficient railway.” The new roles are: Alex Hynes, managing director, Scotland’s Railway John Halsall, managing director, Southern Mark Langman, managing director, Wales and Western Rob McIntosh, managing director, Eastern Tim Shoveller, managing director, North West and Central Tim Shoveller, joins from Stagecoach where he is managing director of their UK rail division, said: “Coming from an operator background where a customer-focused approach was second nature, gives me a unique perspective for this new and exciting role. I will ensure that the passengers’ voice is heard and their needs - and those of freight users - are always considered first.” Other new appointments include Martin Frobisher as group engineering director and Nick King, group director, network services. King, who joins from Australia’s Queensland Rail, said: “Britain has one of the biggest, fastest growing and safest railways in the world and I’m very excited to be joining Network Rail at this critical phase in its growth into an organisation that puts the passenger first.” Six other current positions complete Network Rail’s new executive leadership team: Alison Rumsey, group HR director Becky Lumlock, group transformation director Caroline Murdoch, group communications director Jeremy Westlake, chief financial officer Jo Kaye, managing director system operator Susan Cooklin, managing director route services Andrew Haines said: “These are big roles with hefty responsibilities that will deliver on our plans to put the passenger and freight user at the heart of Network Rail. Deeper devolution is key to our future success giving us the tools, capability and authority to deliver for passengers, customers and funders. It will streamline decision-making, give autonomy and help us to work hand-in-glove with operators. Decisions are best taken by people who have direct line of sight to the full consequences of those decisions and these new roles deliver just that.” The five new regions and their managing directors will start on 24 June. The detail and make-up of their organisations is currently being designed and, say Network Rail, the new managing directors will be actively involved in that work.	cc/2021-04/en_middle_0030.json.gz/line1398
__label__cc	0.551127	0.448873	Abstract Introduction Materials and methods Results Discussion Conclusions Figures and tables Congenital cytomegalovirus (CMV) infection as a cause of permanent bilateral hearing loss: a quantitative assessment Grosse SD, Ross DS, Dollard SC. J Clin Virol.2008;41:57-62. New estimates of the prevalence of neurological and sensory sequelae and mortality associated with congenital cytomegalovirus infection Dollard SC, Grosse SD, Ross DS. Rev Med Virol.2007;17:355-63. Hearing loss and congenital CMV infection: a systematic review Goderis J, De Leenheer E, Smets K. Pediatrics.2014;134:972-82. Aetiology of bilateral sensorineural hearing impairment in children: a 10 year study Das VK. Arch Dis Child.1996;74:8-12. A targeted approach for congenital cytomegalovirus screening within newborn hearing screening Fowler KB, McCollister FP, Sabo DL. Pediatrics.2017;139:e20162128. Review and meta-analysis of the epidemiology of congenital cytomegalovirus (CMV) infection Kenneson A, Cannon MJ. Rev Med Virol.2007;17:253-76. Viral infections during pregnancy and abnormal humana development Medearis DN. Am J Obstet Gynecol.1964;90:1140-8. Infectious diseases of the fetus and newborn infant Britt WJ. Elsevier Saunders: Philadelphia; 2011. Audiovestibular consequences of congenital cytomegalovirus infection Teissier N, Bernard S, Quesnel S. Eur Ann Otorhinolaryngol Head Neck Dis.2016;133:413-8. Vestibular-evoked myogenic potentials and caloric stimulation in infants with congenital cytomegalovirus infection Zagólski O. J Laryngol Otol.2008;122:574-9. Congenital cytomegalovirus (CMV) infection and hearing deficit Fowler KB, Boppana SB. J Clin Virol.2006;35:226-31. Cytomegalovirus shedding and delayed sensorineural hearing loss: results from longitudinal follow-up of children with congenital infection Rosenthal LS, Fowler KB, Boppana SB. Pediatr Infect Dis J.2009;28:515-20. Universal newborn screening for congenital CMV infection: what is the evidence of potential benefit? Cannon MJ, Griffiths PD, Aston V. Rev Med Virol.2014;24:291-307. A 10 year prospective study of sensorineural hearing loss in infants with congenital cytomegalovirus infection Foulon I, Naessens A, Foulon W. J Pediatr.2008;153:84-8. Evidence based management guidelines for the detection and treatment of congenital CMV Kadambari S, William EJ, Luck S. Early Hum Dev.2011;87:723-8. Screening uditivo neonatale e percorso clinico ed organizzativo per i bambini affetti da ipoacusia in Emilia-Romagna. Approvazione linee guida per le aziende sanitarie GPG/2011/498. 23 maggio 2011, N. 694, Boll. Uff. RER, 6 luglio.2011;:18-49. Linee guida SIN.. Publisher Full Text Epidemiological impact and disease burden of congenital cytomegalovirus infection in Europe Ludwig A, Hengel H.. Eur Surveill.2009;14:26-32. Congenital cytomegalovirus infection: advances and challenges in diagnosis, prevention and treatment Marsico C, Kimberlin DW. Ital J Pediatr.2017;4:38. Analysis of a cohort of children with sensory hearing loss using the SCALE systematic nomenclature Sculerati N. Laryngoscope.2000;110:787-98. Establishing the etiology of childhood hearing loss Ohlms LA, Chen AY, Stewart MG. Otolaryngol Head Neck Surg.1999;120:159-63. Cost-effectiveness of universal and targeted newborn screening for congenital cytomegalovirus infection Gantt S, Dionne F, Kozak FK. JAMA Pediatr.2016;170:1173-80. Feasibility and acceptability of targeted screening for congenital CMV-related hearing loss Williams EJ, Kadambari S, Berrington JE. Arch Dis Fetal Neonatal Ed.2014;99:F230-F6. Aetiologic diagnosis of hearing loss in children identified through newborn hearing screening testing Forli F, Giuntini G, Bruschini L. Acta Otorhinolaryngol Ital.2016;36:29-37. Murine CMV-induced hearing loss is associated with inner ear inflammation and loss of spiral ganglia neurons Bradford RD, Yoo YG, Golemac M. Plos Pathol.2015;11:e1004774. S. PALMA Audiology, Primary Care Unit, Modena, Italy M.F. ROVERSI Neonatal Intensive Care Unit, Department of Medical and Surgical Sciences of the Mother, Children and Adults, University of Modena and Reggio Emilia, Italy M. BETTINI Head and Neck Department, University of Modena and Reggio Emilia, Italy S. MAZZONI P. PIETROSEMOLI Microbiology and Virology Department, University Medical Hospital, Modena L. LUCACCIONI A. BERARDI E. GENOVESE Audiology, Department of Diagnostic, Clinical and Public Health University of Modena and Reggio Emilia, Italy Hearing loss in children with congenital cytomegalovirus infection: an 11-year retrospective study based on laboratory database of a tertiary paediatric hospital S. PALMA , M.F. ROVERSI , M. BETTINI , S. MAZZONI , P. PIETROSEMOLI , L. LUCACCIONI , A. BERARDI , Congenital cytomegalovirus infection is considered the main cause of infantile non-genetic neurosensory hearing loss. Although this correlation was described more than 50 years ago, the natural history of internal ear involvement has not yet been fully defined. Hearing loss is the most frequent sequela and is seen in a variable percentage up to 30%; the hearing threshold is characterised by fluctuations or progressive deterioration. The purpose of this study was to evaluate the prevalence of hearing loss in cases of congenital CMV infection from Modena county, starting from the database of the microbiology and virology reference laboratory. All children undergoing urine testing for suspected CMV infection or viral DNA testing on Guthrie Card in the period between January 2004 and December 2014 were enrolled in the study. Family paediatricians were contacted and asked about clinical information on the possible presence at birth or subsequent occurrence of hearing loss, excluding cases where this was not possible. The results showed an annual prevalence of congenital cytomegalovirus infection among suspected cases that was stable over time despite the progressive increase in subjects tested. The prevalence of hearing loss was in line with the literature, whereas in long-term follow-up cases of moderate, medium-to-severe hearing loss with late onset were not detected. The introduction of newborn hearing screening in the county has allowed early diagnosis of hearing loss at birth as non-TEOAE-born births underwent a urine virus test. Moreover, despite all the limitations of the study, we can conclude that European epidemiological studies are needed to better define the relationship between congenital CMV infection and internal ear disease as the impact of environmental and genetic factors is still not entirely clarified. Congenital cytomegalovirus (cCMV) infection is currently estimated to be the main cause of non-inherited sensorineural hearing loss 1 2 . Considered the most common congenital infection in humans, cCMV has a prevalence in the hearing-impaired children population between 2% and 18% 3-5. The virus can be transmitted to the foetus through placental blood, contact with infected vaginal secretions during delivery, breast milk, or blood transfusions after birth. The risk of transmission to the foetus is 30-35% and 1.1-1.7% for primary or non-primary maternal infection, respectively 6. Although the association between cCMV and hearing loss was first noted 50-60 years ago, the natural history of the inner ear involvement is still unclear 7. Even if 85-90% of cCMV are asymptomatic at birth, 10-15% of these infants may develop hearing, visual, or neurodevelopmental impairment 2 8 . Moreover, vestibular involvement, often underestimated, may contribute to delayed motor skill acquisition in these children 9 10 . In view of the fact that most newborns are asymptomatic at birth and that there are no specific screening protocols to detect infection, the actual impact of cCMV is still not completely known. Sensorineural hearing loss is the most common sequela, affecting from 33 to 65% of symptomatic newborns and from 7 to 15% of asymptomatic ones 11 12 , presenting in 30% of the cases, with fluctuating auditory thresholds, characterised by deterioration or improvement over time 1 11-13. As no effective prenatal therapy or vaccine exist, and since most patients with cCMV recover spontaneously, no universal screening program for cCMV has yet been implemented, although its value is an increasingly debated issue 14. When urine and saliva cultures obtained within the first two weeks of life are positive for cCMV, clinicians carry out complete clinical and biochemical evaluation to identify whether the infection is symptomatic or asymptomatic. The outcome of these tests affects treatment decisions, as current guidelines recommend to treat only symptomatic infants with antiviral therapy during their first 30 days of life in the presence of central nervous system disorders or in cases of focal or severe organ diseases 15. Data were retrospectively collected from the laboratory database of the University Medical Hospital of Modena, the reference centre for diagnosis of viral infections for the entire county. All urinary CMV tests carried out between January 2004 (the starting point was linked to the introduction of new hospital software) and December 2014 were reviewed. As a first step, all children (0-12 years) with confirmed CMV infection were enrolled in the study. Diagnosis of CMV infection was carried out by testing urine samples using the shell vial assay (SVA). Cases of cCMV infection were defined as any newborn ≤ 14 days of age with a positive CMV urine test or with a positive polymerase chain reaction (PCR)-CMV test confirmed on Guthrie cards. The main reasons for performing a cCMV test were: incidental finding of maternal CMV during pregnancy, abnormal prenatal cerebral ultrasound, preterm delivery, microcephaly (head circumference < 3˚ percentile), persistent jaundice, thrombocytopenia, neutropenia. Family paediatricians were contacted and asked if their patients experienced hearing loss, and additional information regarding hearing loss was obtained from the records of the ENT/Audiology and Paediatric Departments. A new audiological evaluation was prescribed only in cases of doubt. Since January 2012, neonates born in Modena county routinely undergo hearing testings in accordance with the screening program implemented in the Emilia Romagna region 16 (a two stage Transitory Evoked Otoacoustic Emission-TEOAE protocol, carried out in accordance with the recommendations of the American Academy of Pediatrics). Before 2012 the Auditory Brainstem Response (ABR) test was carried out only at the time of diagnosis of cCMV. Starting from 2012, in accordance with Italian paediatric guidelines 17, children with cCMV infection routinely undergo ABR as part of a long-term audiological program for cCMV infected patients, which foresees assessments at 1-3 and 6 months and annual assessments up to the 6-year age for neonates with normal hearing. The severity of sensorineural hearing loss was defined as follows: normal hearing (0-15 db), slight (16-25 db), mild (≥ 26 to < 40 dB); moderate (≥ 41 to < 55 dB), moderate-severe (≥ 56 to < 70 dB), severe (≥ 71 to < 90 dB) and profound (> 90 dB). Demographic data were obtained from the Regional Health Agency. This study was approved by the Ethics Committee of Modena county (n. 166/14), informed consent was obtained through the family’s paediatricians. Urinary CMV testing was carried out in 2966 children (3.9% of total live births) between 2004 and 2014, 1954 (65%) of whom were younger than 14 days (Fig. 1). Table I shows the prevalence of children tested positive or negative for cCMV in the county. CMV infection was confirmed in 339 children and information on hearing loss was available in 250 (73.8%): 45/250 were cCMV, while 205/250 were acquired (Fig. 2). Figure 2 also details the rates of acquired and congenital infections according to the availability of hearing loss information. All these children had at least 2 years of follow-up, and 51% had at least 8 years. A few children (n = 6/250-13%) with cCMV infection had confirmed hearing impairment. Among these, 2 were diagnosed after 2012 through the neonatal hearing screening program, and were positive by TEOAE. The number of children presenting with hearing loss, the severity of disease and side of hearing impairment are shown in Table II. The prevalence of symptomatic cCMV after the introduction of newborn hearing screening (2/10) was 20%, while the proportion of symptomatic cCmv with hearing loss before the screening was 11%. Among the 205 children (82%) with acquired CMV, 6 (2.9%) had moderate to severe hearing impairment: in one case the Guthrie card excluded cCMV and 2 cases were associated with syndromes. The remaining 3 cases could be attributed to delayed diagnosis of cCMV (Table II). All the 6 cases with acquired CMV were born before the implementation of the newborn hearing screening. Although the total number of samples analysed increased over the years (from 1.2% in 2004 to 4.9% in 2014), and in particular due to the introduction of the newborn hearing screening test, the prevalence of cCMV among tested children reduced from 10% to 1.6%. Figure 3 shows the number of cCMV cases detected per year. This retrospective study is based on the laboratory database of a tertiary university hospital, which is the reference center for the entire country. We found that the number of tested infants increased almost four-fold during the study period, demonstrating the efforts of clinicians in identification of asymptomatic infants at least among the population at high risk (i.e. preterm infants, intrauterine growth retarded infants). In particular, during the first years of the study period, clinical suspicion of infection mainly led to the urine CMV test. Near the end of the study period, CMV screening was increasingly addressed to asymptomatic high-risk infants in order to improve early diagnosis and secondary prevention strategies. Large prospective studies reported a prevalence of 0.4-0.53% of cCMV(14), a recent systematic review indicates a median prevalence of 0.58% 3. In our sample, the prevalence of cCMV among tested children has showed fluctuations ranging from 1.6% to 10% that can be ascribed to the different sample size, the retrospective nature of the study and the type of population (clinical suspicion of congenital infection and/or high risk infants). Interestingly, despite the increasing number of infants tested during the study period, the percentage of cCMV decreased, reaching the lowest percentage in the year with the larger number of infants tested. The greater and less selected the tested population, the lower the prevalence of cCMV. In this regard, a recent review examining the disease burden in Europe suggested that more epidemiological knowledge of cCMV infection 18 is needed to assess its actual prevalence. Epidemiological patterns over the years show fluctuations in viral congenital infection rates and differences in prevalence registered in industrialised and non-industrialised countries, suggesting that other factors, e.g. environmental or genetic, may be involved 19. Retrospective studies on populations of deaf children report a percentage of 2-18% of hearing loss cases due to cCMV, but its real prevalence is not yet precisely known, as in most countries CMV infection is not screened during pregnancy or in newborn 14 20 21. In the last 20 years, it has also been assumed that asymptomatic cCMV can be a significant cause of hearing loss. The question is still complex as childhood hearing impairment is the result of the intersection of different factors such as genetic predisposition and intrauterine, as well as perinatal and postnatal factors. In our sample, the prevalence of hearing loss in cCMV infection was 13.3%, similar to that reported in a systematic review by Goderis 3, indicating an overall 12.6% prevalence of cCMV with a 76% rate of severe to profound hearing loss. In detail, the proportion of symptomatic cCMV with hearing loss is higher after the year of implementation of prevention programs such as the newborn hearing screening and Italian paediatric guidelines 16 17 . It is well established that delayed identification of hearing loss can compromise a child’s language acquisition and cognitive and psychosocial skills, but it is important to highlight that since hearing impairment may present after the neonatal period, a screening program at birth would fail to identify children with cCMV who will develop hearing loss later. In fact, in a recent study it was demonstrated that a cCMV screening program within the context of newborn hearing screening protocol can identify the majority of infants with CMV-related sensorineural hearing loss at birth, while missing cases at risk for late onset hearing impairment 5. Currently there is a growing interest in the feasibility and benefit of linking screening for cCMV infection and neonatal audiological screening as many consider implementing a universal cCMV screening program to be an onerous solution 22-24. The only way to measure the real impact of cCMV related hearing impairment on the infant population, especially in the late onset form, would be to exclude with all certainty other concomitant causes of hearing loss: for example, new hereditary sensorineural hearing loss are revealed every day, and it cannot be excluded that some genetic factors could facilitate virus-related damage to the inner ear. None of the children of our study reported significant worsening of hearing loss after the neonatal period, and in particular none of the 51% with 8 years follow-up; this data confirms that delayed onset of hearing loss, even though possible, is not a predictable condition in cCMV infection. A recent study on a murine CMV-induced hearing loss model, which demonstrated that host derived inflammatory responses and not direct virus-mediated cytopathology may be responsible for hearing impairment 25, can explain the waywardness of cochlea-vestibular damage. Long-term audiological follow-up for at least 6 years is recommended, and audiological surveillance of children together with monitoring of communicative skills are essential to minimise adverse consequences of hearing loss, and require a multidisciplinary approach to the problem. This retrospective study has some limitations. Firstly, our sample accounts for only 2.6% of the infants born during the study period, and no information is added with respect to the prevalence of cCMV infection in the general population. Secondly, we cannot exclude that a few children who were scored normally hearing by paediatricians might suffer from slight/mild hearing loss or a monolateral loss whose signs were not reported by parents. Finally, due to organisational issues, we were unable to detect CMV DNA by PCR on neonatal dried blood spots when the urine sample was collected later than 14 days of life. Taking into account all these limitations, we agree on the necessity of more epidemiological European studies, mainly because the impact of environmental and genetic factors is still not fully understood. The synergy between universal newborn hearing screening program and cCMV testing for asymptomatic infants who failed the TEOAE test allows early diagnosis of congenital CMV infection and the beginning of follow-up strategies and secondary prevention programs. Congenital CMV infection is still one of the main causes of hearing loss in the paediatric population and a large debate on the introduction of a universal newborn screening for cCMV infection is ongoing. The question is complex, as childhood hearing loss is the result of different factors such as genetic predisposition as well as perinatal and postnatal factors. A targeted CMV approach testing newborns who fail hearing screening is useful to identify most of children with CMV-related sensorineural hearing loss as the impact of environmental and genetic factors on viral infection rates is still not fully understood. Table. I.. Total newborns Children tested for suspected cCMV (prevalence %) Children resulted negative for cCMV (prevalence %) Children resulted positive for cCMV (prevalence %) * Prevalence of cCMV among tested population 2004 6553 80 (1.2%) 72 (1%) 8 [5] (0.1%) 10% 2005 6770 163 (2.4%) 157 (2.3%) 6 [5] (0.08 %) 3.7% 2006 6703 162 (2.4%) 158 (2.3%) 4 (0,04%) 2.5% 2007 6857 132 (1.9%) 128 (1.8%) 4 [3] (0.05%) 3% 2009 7151 151 (2.2%) 145 (2%) 6 [5] (0.08%) 4% 2010 7116 189 (2.6%) 184 (2.5%) 5 [4] (0.07%) 2.64% 2011 6949 224 (3.2%) 217 (3.1%) 7 [6] (0.1%) 3.1% 2012 6703 185 (2.7%) 185 (2.7%) 0 - 2013 6311 247 (3.9%) 240 (4%) 7 [5] (0.1%) 2.8% 2014 6040 300 (4.9%) 295 (5%) 5 (0,08%) 1.66% Tot 74354 1954 (2.8%) 1899 (2.5%) 55 [45] (0.07%) 2.8% Number of newborns per year during the study period and number of children tested for suspected cCMV (age < 14 days of life). The prevalence calculated on our population are reported in brackets. cCMV aCMV Mild 1 1 Severe 2 1 Profound 1 0 Monolateral Tot 6 (13%) 3 Number of children presenting with hearing loss.	cc/2021-04/en_middle_0030.json.gz/line1399
__label__cc	0.570663	0.429337	Dallas Medical Grants – German, Italian, and Russian Interpreting DALLAS’ MEDICAL GRANTS TRANSLATION Dallas’ Medical Grant Sector Has a Critical Need for Russian, German and Italian Language Services Medical grants can fund basic and applied research into new procedures and pharmaceutical compounds, can cover specific projects in wellness and public health, or be used to assist education, training and professional development of medical personnel. These medical grants are administered by universities, health plans, large medical institutions, governments and government-linked agencies. Dallas is home to many of these medical grant makers which include federal, state and local entities who require the international outreach only possible with language translation, interpretation and transcription. The medical agencies which are the source for these grants subcontract many forms of services, with language generally being a fundamental one. International and domestic development group medical grant recipients and corporations must comply with a host of U.S. and international laws regulating doctors and hospitals. As populations and technology shift major world languages such as German, Russian and Italian are needed by medical grant makers in increasing numbers. An Dallas organization which receives or issues a Medical Grant Can often Require Language Translation and Interpretation German, Russian and Italian language supporting materials are essential if your prospective sponsor works or will be working in those cultures, but even if the sponsor is a U.S. based government agency, the needs of the medical grant’s beneficiaries are critical. A company, school or other grant-seeking entity with expert resources in those languages gains a considerable practical advantage over other grant candidates. Supervisory agencies want an open process with superior public outreach, accountability and transparency. It may be essential to the Grant provider that prospective grantees translate documents and interpret various events to and from Russian, German and Italian that fully meet cultural differences as well as conform to all United States and international laws and regulations. Some of these regulations can be quite complex, drawing on exacting translation skills for medicine and pharmacology, as well as the specific educational, cultural or scientific vocabularies of the project requesting the grant money. The Quality of Your Russian, German and Italian Language Services May Determine Your Organization’s Ability to Successfully Execute a Medical Grant Proposal in an Increasingly Globalized Economy It’s essential to use an Dallas-based language service provider with direct experience in the field of medical grants and the services associated with them, one that exclusively employs certified and credentialed linguists, especially when working in German, Russian and Italian. High qualifications for translators and interpreters are always required to assure complete communication of the strength of the language service provider’s ability to execute. Capturing the full meaning of a complex scientific proposal requires mastery of the rules of the grant process, but also of the specific needs of the Grantor’s subject matter. For a Fast and Free Quote Online, or to submit an order, please click on the service of interest below What are your communication goals? Every company has specific objectives in mind. Our goal is to ensure that your goals are met. We will work with you in the time frame you require to achieve the success you desire. AML-Global is Boston’s Center for Language Specialists who Understand the Special Needs of the Advertising Industry For more than a Quarter of a Century, American Language Services (AML-Global) has been a top ranking provider of international language services in Dallas and worldwide, including translation, interpretation, and transcription of German, Russian and Italian, as well as providing specialized equipment for multilingual medical and private meetings of all sizes. The experienced staff at American Language Services has the knowledge and the cutting edge technology to provide the best support for your grant request needs, in Russian, German and Italian and in all languages. They stand ready to help 24/7 on the phone at 800-951-5020. 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__label__cc	0.612195	0.387805	React vs. Angular Compared: Which One Suits Your Project Better? Angular and ReactJS: a brief description Toolset – framework vs library Component-based architecture – reusable and maintainable components with both tools Code – TypeScript vs JavaScript and JSX DOM – real vs virtual Data binding – two-way vs downward (one-way) App size and performance – Angular has a slight advantage Pre-built UI design elements – Angular material vs community-backed components Mobile portability – NativeScript vs React Native Documentation and vendor support – insufficient documentation offset by large communities Learning curve – much steeper for Angular Community and acceptance – both are widely used and accepted Final word: Which framework should you choose? In the programming world, Angular and React are among the most popular JavaScript frameworks for front-end developers. Moreover, these two – together with Node.js – made it to the top three frameworks used by all software engineers on all programming languages, according to StackOverflow Developer Survey 2018. Both of these front-end frameworks are close to equal in popularity, have similar architectures, and are based on JavaScript. So what’s the difference? In this article we’ll compare React and Angular. Let us start by looking at the frameworks’ general characteristics in the next paragraph. And if you are looking for other React and Angular comparisons, you can review our articles on cross-platform mobile frameworks (including React Native), or comparison of Angular with other front-end frameworks. Angular is a front-end framework powered by Google and is compatible with most of the common code editors. It’s a part of the MEAN stack, a free open-source JavaScript-centered toolset for building dynamic websites and web applications. It consists of the following components: MongoDB (a NoSQL database), Express.js (a web application framework), Angular or Angular.js (a front-end framework), and Node.js (a server platform). Watch our video explaining main Angular concepts The Angular framework allows developers to create dynamic, single-page web applications (SPAs). When Angular was first released, its main benefit was its ability to turn HTML-based documents into dynamic content. The most recent version of Angular is Angular 7, but Google still supports the first version Angular 1x, now known as AngularJS. In this article we focus on the newer versions of Angular, commonly referred to as Angular 2+ to address its distinction from AngularJS. Angular is used by Forbes, WhatsApp, Instagram, healthcare.gov, HBO, Nike. ReactJS is an open-source JavaScript library for building dynamic user interfaces, created by Facebook in 2011. React is based on JavaScript and JSX, a PHP extension developed by Facebook, that allows for creating reusable HTML elements for front-end development. React has React Native, a separate cross-platform framework for mobile development. We provide an in-depth review of both ReactJS and React Native in our related article linked above. React is used by Netflix, PayPal, Uber, Twitter, Udemy, Reddit, Airbnb, Walmart. The framework ecosystem defines how seamless the engineering experience will be. Here, we’ll look at the main tools commonly used with Angular and ReactJS. First of all, React is not really a framework; it’s a library: It requires multiple integrations with additional tools and libraries. With Angular you already have everything to start building an app. ReactJS and Angular in a nutshell Angular comes with many features out of the box: RxJS is a library for asynchronous programming that decreases resource consumption by setting multiple channels of data exchange. The main advantage of RxJS is that it allows for simultaneous handling of events independently. But the problem is that while RxJS can operate with many frameworks, you have to learn the library to fully utilize Angular. Angular CLI is a powerful command-line interface that assists in creating apps, adding files, testing, debugging, and deployment. Dependency injection. The framework decouples components from dependencies to run them in parallel and alter dependencies without reconfiguring components. Ivy renderer. Ivy is the new generation of the Angular rendering engine that significantly increases performance. Angular Universal is a technology for server-side rendering, which allows for rapid rendering of the first app page or displaying apps on devices that may lack resources for browser-side rendering, like mobile devices. Code editors. Aptana, WebStorm, Sublime Text, Visual Studio Code are common code editors used with Angular. Testing and debugging. Jasmine, Karma, Protractor are the tools for end-to-end testing and debugging in a browser. ReactJS requires multiple integrations and supporting tools to run. Redux is a state container, which accelerates the work of React in large applications. It manages components in applications with many dynamic elements and is also used for rendering. Additionally, React works with a wider Redux toolset, which includes Reselect, a selector library for Redux, and Redux DevTools Profiler Monitor. Babel is a transcompiler that converts JSX into JavaScript for the application to be understood by browsers. Webpack. As all components are written in different files, there’s a need to bundle them for better management. Webpack is considered a standard code bundler. React Router. The Router is a standard URL routing library commonly used with ReactJS. Code editors. Similar to Angular, you’re not limited in terms of code choice. The most common editors are Visual Studio Code, Atom, and Sublime Text. Testing and debugging. Unlike in Angular, in React you can’t test the whole app with a single tool. You must use separate tools for different types of testing. React is compatible with the following tools: Enzyme and Unexpected-react – for component testing, Jest – for JavaScript code, react-testing-library – for React DOM testing, React-unit – for unit testing, Skin-deep – for Render testing utils. This toolset is also supplied by Reselect DevTools for debugging and visualization and React Extension for Chrome React Developer Tools and React Developer Tools for Firefox, and React Sight that visualizes state and prop trees. Generally, both tools come with robust ecosystems and the user gets to decide which is better. While React is generally easier to grasp, it will require multiple integrations like Redux to fully leverage its capacities. Both frameworks have component-based architecture. That means that an app consists of modular, cohesive, and reusable components that are combined to build user interfaces. Component-based architecture is considered to be more maintainable than other architectures used in web development. It speeds up development by creating individual components that let developers adjust and scale applications with little time to market. Angular uses TypeScript language (but you can also use JavaScript if needed). TypeScript is a superset of JavaScript fit for larger projects. It’s more compact and allows for spotting mistakes in typing. Other advantages of TypeScript include better navigation, autocompletion, and faster code refactoring. Being more compact, scalable and clean, TypeScript is perfect for large projects of enterprise scale. ReactJS uses JavaScript ES6+ and JSX script. JSX is a syntax extension for JavaScript used to simplify UI coding, making JavaScript code look like HTML. The use of JSX visually simplifies code which allows for detecting errors and protecting code from injections. JSX is also used for browser compilation via Babel, a compiler that translates the code into the format that a web browser can read. JSX syntax performs almost the same functions as TypeScript, but some developers find it too complicated to learn. Document Object Model (DOM) is a programming interface for HTML, XHTML, or XML documents, organized in the form of a tree that enables scripts to dynamically interact with the content and structure of a web document and update them. There are two types of DOMs: virtual and real. Traditional or real DOM updates the whole tree structure even if the changes take place in one element, while virtual DOM is a representation mapped to a real DOM that tracks changes and updates only specific elements without affecting the other parts of the whole tree. The HTML DOM tree of objects Source: W3Schools ReactJS uses virtual DOM, while Angular operates on real DOM and uses change detection to find which component needs updates. While Virtual DOM is considered to be faster than real DOM manipulations, the current implementations of change detection in Angular make both approaches comparable in terms of performance. Data binding is the process of synchronizing data between the model (business logic) and the view (UI). There are two basic implementations of data binding: one-directional and two-directional. The difference between one- and two-way data binding lies in the process of model-view updates. One- and two-way data binding Two-way data binding in Angular is similar to the Model-View-Controller architecture, where the Model and the View are synchronized, so changing data impacts view and changing view triggers changes in data. React uses one-way or downward data binding. One-way data flow doesn’t allow child elements to affect the parent elements when updated, ensuring that only approved components change. This type of data binding makes the code more stable but requires additional work to synchronize model and view. Also, it takes more time to configure updates in parent components triggered by changes in child components. One-way data binding in ReactJS is generally more predictable, making code more stable and debugging easier. However, traditional two-way data binding in Angular is simpler to work with. AngularJS is famous for its low performance when you deal with complex and dynamic applications. Due to virtual DOM, ReactJS apps perform faster than AngularJS apps of the same size. However, newer versions of Angular are slightly faster compared to React and Redux, according to Jacek Schae’s research at freeCodeCamp.org. Also, Angular has a smaller app size compared to React with Redux in the same research: Its transfer size is 129 KB, while React + Redux is 193 KB. Speedtest (ms) Source: Freecodecamp The recent updates to Angular made the competition between the two even more tense as Angular no longer falls short in terms of speed or app size. Angular. The Material Design Language is increasingly popular in web applications. So, some engineers may benefit from having the Material toolset out of the box. Angular has pre-built material design components. Angular Material has a range of them that implement common interaction patterns: form controls, navigation, layout, buttons and indicators, pop-ups and modules, and data table. The presence of pre-built elements makes configuring UIs much more pleasant fast. React. On the other hand, most of the UI tools for ReactJS come from its community. Currently, the UI components section on the React portal provide a wide selection of free components and some paid ones. Using material design with React demands slightly more effort: You must install Material-UI Library & Dependencies to build it. Additionally, you can check Bootstrap components built with React and other packages with UI components and toolsets. Both frameworks come with additional tools that allow engineers to port the existing web applications to mobile apps. We’ve provided a deep analysis and comparison of both NativeScript (Angular) and React Native. Let’s briefly recap the main points. NativeScript. NativeScript is a cross-platform mobile framework that uses TypeScript as the core language. The user interface is built with XML and CSS. The tool allows for sharing about 90 percent of code across iOS and Android, porting the business logic from web apps and using the same skillset when working with UIs. The philosophy behind NativeScript is to write a single UI for mobile and slightly adjust for each platform if needed. Unlike hybrid cross-platform solutions that use WebView rendering, the framework runs apps in JavaScript virtual machines and directly connects to native mobile APIs which guarantees high performance comparable to native apps. React Native. The JavaScript framework is a cross-platform implementation for mobile apps that also enables portability from web. React Native takes a slightly different approach compared to NativeScript: RN’s community is encouraged to write individual UIs for different platforms and adhere to the “learn once, write everywhere approach.” Thus, the estimates of code sharing are in and around 70 percent. React Native also boasts native API rendering like NativeScript but requires building additional bridge API layers to connect JavaScript Runtime with native controllers. Generally, both frameworks are a great choice if you need to run both web and mobile apps with the same business logic. While NativeScript is more focused on code sharing and reducing time-to-market, the ideas behind React Native suggest longer development terms but are eventually closer to a native look and feel of apps. Angular was created by Google and the company keeps developing the Angular ecosystem. Since January 2018, Google provides the framework with LTS (Long-Term Support) that focuses on bug fixing and active improvements. Due to fast development of the framework, the documentation updates aren’t so fast. To make the Angular developer’s life easier, there’s an interactive service that allows you to define the current version of the framework and the update target to get a checklist of update activities. Unfortunately, the service doesn’t help with transitioning legacy AngularJS applications to Angular 2+ as there’s no simple way to do this AngularJS documentation and tutorials are still praised by the developers as they provide a broader coverage than that of Angular 2+. Considering that AngularJS is outdated, this is hardly a benefit. Some developers also express concerns about the pace of SLI documentation updates. The ReactJS community experiences a similar documentation problem. When working with ReactJS, you have to prepare yourself for changes and constant learning. The ReactJS environment and the ways of operating it update quite often. ReactJS has some documentation for the latest versions, but keeping up with all changes and integrations isn’t a simple task. However, this problem is somewhat neutralized by the community support. ReactJS has a large pool of developers ready to share their knowledge on thematic forums. The learning curve of Angular is considered to be much steeper than of React. Angular is a complex and verbose framework with many ways to solve a single problem. It has intricate component management that requires many repetitive actions. As we mentioned above, the framework constantly develops, so the engineers have to adapt to these changes. Another problem of Angular 2+ versions is the use of TypeScript and RxJS. While TypeScript is close to JavaScript, it still takes some time to learn. RxJS will also require much effort to wrap a mind around. While ReactJS also needs constant learning due to frequent updates, it’s generally friendlier to newcomers and doesn’t require much time to learn if you’re already good with JavaScript. Currently, the main learning curve problem with React is the Redux library. About 60 percent of applications built with React use it and eventually learning Redux is a must for the usual React engineer. Additionally, ReactJS comes with useful and practical tutorials for beginners. React remains more popular than Angular on GitHub. It has 113,719 stars and 6,467 views, while Angular has only 41,978 and 3,267 stars and views. But according to the 2018 StackOverflow Developer Survey, the number of developers working with Angular is slightly larger: 37.6 percent of users compared to 28.3 percent of ReactJS users. It’s worth mentioning that the survey covers both AngularJS and Angular 2+ engineers. The most popular frameworks Source: StackOverflow Angular is actively supported by Google. The company keeps developing the Angular ecosystem and since January 2018, it provides the framework with LTS (Long-Term Support). However, Angular leads in a negative way: According to the same survey, 45.6 percent of developers consider it among the most dreaded frameworks. This negative feedback on Angular is probably impacted by the fact that many developers still use the AngularJS, which has more problems compared to Angular 2+. But still, Angular’s community is larger. The numbers are more optimistic for React: Just 30.6 percent of professional developers don’t want to work with it. The base idea behind Angular is to provide powerful support and a toolset for holistic front-end development experience. Continuous updates and active support from Google hint that the framework isn’t going anywhere and the engineers behind it will keep on fighting to preserve the existing community and make developers and companies switch from AngularJS to a newer Angular 2+ with high performance and smaller app sizes. TypeScript increases maintainability of code, which becomes increasingly important as you reach enterprise-scale applications. But this comes with the price of a steep learning curve and a pool of developers churning towards React. React suggests a much more lightweight approach for developers to quickly hop on work without much learning. While the library doesn’t dictate the toolset and approaches, there are multiple instruments, like Redux, that you must learn in addition. Currently, React is comparable in terms of performance to Angular. These aspects make for broader developer appeal. Sort by: newest \| oldest \| most voted Jared Baszler I’m about to being a project that would utilize live sport data feeds into a leaderboard type view. So the server would be retrieving the updated scores and pushing them to the client. I’m leaning toward Angular as my frontend framework but just curious if this main concept of my app should point me one direction or the other. Any insight would be greatly appreciated. Thanks! Tom Malaher Thanks for the article, it will help me decide where to go with the next iteration of my site. However, I have one comment: What do you mean by “moderate” versus “steep” learning curve? I THINK what you’re trying to say is that Angular is harder to learn. But a “steep” learning curve actually means that something can be learned quickly (i.e. your skill goes from beginner to expert in a short time). Better to just say “difficult learning curve” or just say “harder to learn”. See http://malaher.org/2007/03/pet-peeve-learning-curve-misuse/ Thanks, Tom! That does make more sense. We’ll make sure to eventually change it in our older articles and stick to the correct version in the future. João Marcus IMHO the comparison table should consider Angular’s release to be 2016, because Angular(2+) is completely different from AngularJS. They share only a coupĺe of concepts, such as dependency injection and components, but even those concepts are implemented in completely different ways. Very little knowledge of AngularJS is transferrable to AngularJS. React has this advantage: they didn’t pretty much drop an old version and rewrote everything from the ground up. Apps and Libraries didn’t need to be completely rewritten or left to slowly rot. Angular is actually only a year and a couple of months old. It gained traction and can… Read more » The Good and the Bad of ReactJS and React Native The Good and the Bad of Angular Development Xamarin vs React Native vs Ionic vs NativeScript: Cross-platform Mobile Frameworks Comparison	cc/2021-04/en_middle_0030.json.gz/line1403
__label__wiki	0.8464	0.8464	SMTA teams up with Trading Standards to deliver new used car sales guidance 21/02/2018 in Used Cars 3 people found this useful The Scottish Motor Trade Association has teamed up with Trading Standards to deliver a new set of guidelines to used car dealers operating in Scotland. The guidance, published by The Society of Chief Officers of Trading Standards in Scotland (SCOTSS), is intended to help second-hand car dealers comply with important consumer protection law including the Consumer Protection from Unfair Trading Regulations 2008 and the Consumer Rights Act 2015. Among the new guidance is a warning related to the potential mis-selling of a vehicle by omission of details in its description, an issue highlighted by the ASA’s ruling against Glyn Hopkin and the FCA Group after two former business-use cars were described as having had “one owner”. Glyn Hopkin unsuccessfully argued that any potential customer for the cars would have been made aware of the vehicles’ status upon enquiry in order to make a fully-informed purchasing decision. Law firm Harcus Sinclair told AM that it has now had 5,000 expressions of interest in a class action on behalf of motorists who believe that they were sold a car that was wrongly described by the retailer. The new guidance published by the Society of Chief Officers of Trading Standards in Scotland warned that inaccurate information about the status of second hand cars could lead to criminal and civil court action. The society said an example of a misleading omission was “failing to disclose a vehicle for sale is an ex-business use vehicle which may have had multiple users”. That included giving the impression a vehicle has one previous user when it is an ex-business use vehicle such as “an ex-rental, driving school vehicle or taxi.” The guidance said: “If you mislead, behave aggressively or otherwise act unfairly towards consumers, then you are likely to be in breach of the CPRs (Consumer Protection Regulations) and may face criminal or civil enforcement action. In certain circumstances consumers can take legal action against traders.” Commenting on the new guidance, the chairman of SCOTSS, Peter Adamson, said: “Second hand car sales is still a significant area of consumer detriment in Scotland, and complaint numbers are still high, partly due to the complexity and nature of the product, and partly due to the complexity of the law. “We are publishing this comprehensive guide to the law to help car dealers in Scotland comply with the law and improve the level of service they give to their customers.” Adamson added: “We have consulted widely on the content of this guidance, with trade and consumer bodies, and we hope it will make a significant difference to general understanding of the law. “We are pleased to work with the SMTA in launching the guide and highlighting it through their member network.” Sandy Burgess, chief executive of the Scottish Motor Trade Association (SMTA), said: “This document is a welcome addition to the level of guidance and advice available to our members and the wider industry of professionals who are engaged in the retailing of used vehicles across Scotland. “By adhering to the detailed advice given, our membership can expect to maximize their exposure to the motoring consumers seeking to buy their next vehicle”. He added: “We are delighted to have been involved in the creation of these guidelines which will serve our membership and the consumer well for years to come.” To download a copy of the new used car sales guidance from SCOTSS, visit https://www.scotss.org/cars/SCOTSScarsalesguide.pdf Author: Tom Sharpe Tom Sharpe News and features editor tom.sharpe@bauermedia.co.uk A multi-award-winning news journalist, Tom is news and features editor for Bauer Media’s AM brand. His role demands he keep abreast of all industry and business news to provide coverage of the franchised automotive retail sector and the wider automotive industry, while assisting in the management of the magazine’s production and AM events. Consumer Rights Act Scottish Motor Trade Association Advertising Standards Authority Click here for used car best practice and procurement insight Most popular articles in Used Cars 1) Price rises left used EVs ‘unsold on dealer forecourts’ in 2020 2) Used car prices ‘falling back’ during COVID-19 Lockdown 2 3) Volkswagen e-Golf ranked EV with lowest depreciation ASA ruling follows Glyn Hopkin 'ex-fleet' omission from ads Widespread refund demands could follow used car dealer mis-selling allegations Used car scandal? A lawyer's reality check from Lawdata.	cc/2021-04/en_middle_0030.json.gz/line1405
__label__cc	0.706919	0.293081	Community Bulletin Dorian's Angels Editorial Blog Secrets To Life Belizean Perspectives Chronicles of San Pedro COVID-19 Tests to be Offered to Persons Departing Belize Call Center Opens in San Pedro Providing Employment Outside Tourism Industry Belize Receives Safe Travels Stamp from World Travel & Tourism Council Appointment of New San Pedro Liquor Board and Traffic Committee Roots of San Pedro - Farewell to Mr. John Bremekamp UDP Announces Ruben Gonzalez as San Pedro Mayoral Candidate HomeTaking the Risk Taking the Risk / Dec 13, 2013 /perlita_zapata By Gustavo A. Ramirez, Guidance Counselor / Education Consultant / belizeguidance.blogspot.com As we approach the end of 2013, I publicly ask the Education policymakers (government and church), principals, school administrators, teachers, and parents in Belize: 1. Are we satisfied with our Educational Systems in Belize today? 2. Have we improved any Primary, Secondary, or Tertiary school in Belize this year? 3. What have we learned this year that could help us to improve our schools in Belize, so that we can more adequately educate and prepare students for life in Belize in 2020? It is widely accepted now, especially by our country’s 21st Century youth, that Belize is not one of the quaint “ends of the world”, as it was previously described by Aldous Huxley and once considered to be by the rest of the world. On the contrary, Belize (not British Honduras) has today boldly taken its place as its own Independent and Sovereign nation in a new century and global age of instant communication. Our children and grandchildren have been born into, and live in, a modern Age of Technology, and so they also see themselves as being on the same stage as everyone else around the world today. Consequently, now more than ever, young Belizeans need our help and guidance to help them adequately prepare to face the challenges of a rapidly changing and advancing world of technology and global economics. As we close out this year and approach a New Year, I remind all those powerful Belizeans who seem hell-bent on living in the past, and anyone who stubbornly refuse to Wake Up and Smell the Coffee: Gone are the Colonial days of yore, of rote learning and memorizing to pass imported tests, of having to wait for outsiders to recognize and reward our young and intelligent citizens. Today, Belize boasts its very own institutions of higher learning; and young Belizeans no longer have to travel outside of Belize to seek and obtain professional academic preparation. Moreover, many forms of higher education are available online through the internet. Today, not everyone who leaves school only looks for employment. We live in an era where we encourage entrepreneurship, in an era where we can be on the same level as everyone else in the world, in an era of literally having the entire world at our fingertips through the use of computers and the internet. Fairly soon (already) we won’t use or need paper anymore, whether at school or in the commercial workplace. Many teachers in secondary and tertiary schools in Belize now request that students complete homework on the computer and email it to them. Some popular local newspapers are no longer printed and sold “on paper” anymore, but instead are accessed on a screen at the touch of a button, including newspapers sold on paper. These newspapers are accessible by anyone from anywhere in the world. (Our magnificent trees thank you!) Who, in Belize’s education systems, predicted that all this would happen? Who can predict what will follow in the next ten or twenty years? What skills will our Belizean youth need for success in the new global labor market and economy? Can or do PSE proficiency exam results today for primary school students in Belize predict their life outcomes? Can or do CXC (or whatever name is used today for Caribbean O and A level examinations which mimic original British GCE similar examinations) outcomes predict a high school graduate’s success or failure in the next five years? Are our primary, secondary, and tertiary schools in Belize offering curricula to students today that invest in their future, and in the future of a strong and self-sustaining Belize? Are we bothering to even try to integrate the various learning styles and multiple intelligences of our young Belizean students today? There are so many questions to ask about Belize’s failing educations systems today; however, no answers whatsoever have been provided to questions previously asked. Why is no one in Belize bothering to ask and seek responses to the very pertinent and imminent questions about how our schools in Belize are run? Does no one have a vision for where we would like Belize to be in the future? Does no one care what kind of schools our children and grandchildren attend today? Despite many (expensive) professional development workshops advertised and conducted for teachers and educators in Belize each year, do any good ideas that are introduced through them ever get put into practice? Or, do those ideas simply remain ignored because they conflict with existing procedures already established by political and church Education policymakers in Belize? This week’s article and Blog asks many questions but answers none. The reason for this is because education policymakers (government and church), principals, school administrators, teachers, and parents in Belize are the ones who have the power to improve our school systems. They, and only they, (no one from outside the country) can make a difference and “put into practice” educational reform to improve our schools in Belize. I clearly and vividly remember the early morning program, “Wake up and Work!” broadcast loudly over the only radio station in the country, each workday of the week during the mid to late nineteen sixties (1965 – 1969). Marching bands trumpeted their music over our only radio station starting at 6:00 a.m. each morning for about a half hour. Before and after each marching song, the announcer and broadcaster would exhort and incite Belizean workers to wake up and work everyday! Whether the program was political or not, it succeeded in “waking” people up! Likewise, now I loudly urge all Belizeans, especially those mentioned in the opening sentence of this article, to wake up and do something to improve our education systems to prepare our youth to lead Belize in the next decade! Finally, I remind everyone that no top revenue-producing industry is guaranteed to last forever. Tourism may be great and expansive one year, yet stagnant the next. Sugar, citrus, oil or oil products, may be in great demand one year, yet once replacements or substitutes are found or created for them, they will be quickly forgotten. Lumber (products) may be needed and in great demand one year, yet its use outlawed the next. What I’m saying is that we can never rest on our laurels and assume that if we have it good today in one area today, it will always be that way. This, most of all, applies to political parties (democratically elected or not) who may be placed in as well as taken out of power by the very same people. Consequently, I urge all Belizean adults to “take the risk” and invest physically, financially, and emotionally today in providing our youth with a worthwhile and valuable education for which tomorrow they will thank you. These articles are not intended to be comprehensive or complete. They are written and contributed in an effort to provide a “starting point” for valuable discussion amongst educators, students, and the community. If we discuss and review students’ learning capabilities and the ways in which we currently try to educate them, then we can learn from our mistakes as well as success. Way to go, fellow educators! Click here for more articles on Guidance Councelor The Very First Gift Shops Old Timers and Christmas Traditions #2 perlita_zapata Trinidad Entertainer Machel Montano is One with Belize Belize Chocolate Company Wins International Award / Jan 19, 2021 Emo Teens Deal Depression with ‘Cutting’ Walmart Opens in Chetumal, Mexico! Trawling Totally Banned in Belize Brandi Mermaid, The First Real Mermaid of Belize / Apr 27, 2011 iTravel Belize Feed I agree with the Privacy Policy of Ambergris Today. The data of this contact form is deleted after 1 day from our website. It is only used for visitors to communicate with us via email directly. #1 hotel in the world #StrongWithKat #visitbelize 10 K Marathon 100 Thousand Poets/Musicians for Change 100 Year Birthday 10K Marathon 10K Run 10th of September 10th of septmeber Copyright © 2018 Ambergris Today.	cc/2021-04/en_middle_0030.json.gz/line1407
__label__wiki	0.836064	0.836064	AMNY Newsletter Tackle the city, with our help. Manage your settings. City Council subcommittee approves Flushing waterfront rezoning after reaching deal with labor unions By Carlotta Mohamed Rendering by Hill West Architects The City Council’s Subcommittee on Zoning and Franchises and its Committee on Land Use on Wednesday, Dec. 9, voted in favor of approving the Special Flushing Waterfront District — a 29-acre proposal that would bring waterfront access, environmental cleanup and new development to a decades-long isolated and polluted section of downtown Flushing. The proposal will now move forward to the full council for a final vote on Thursday, Dec. 10. After delaying the vote on the matter in recent days, the council’s Subcommittee on Zoning had announced reaching a deal with the labor unions, Hotel Trades Council (HTC) and SEIU 32BJ, to ensure good jobs, community benefits and more for the Special Flushing Waterfront District (SFWD). Kaufman Astoria Studios, 100 Years in the Making with President/CEO, Hal Rosenbluth and Vice President, Tracy Capune https://podcasts.schnepsmedia.com/wp-content/uploads/2021/01/MP3-Kaufman-Studios-Hal-Rosenbluth-and-Tracy-Capune3.mp3 According to Councilman Francisco Moya, chair of the Subcommittee on Zoning, it was imperative for the committee to reach a deal that met with the union’s demands. “As I stated from the very beginning, it would have been irresponsible to approve this application without commitments to provide good-paying jobs for local community members and deep community benefits like real affordable housing,” Moya said. “I have always stood by my brothers and sisters in labor, 32BJ and HTC.” The developers of SFWD — F&T Group, Young Nian Group, United Construction and Development Group known as FWRA LLC. — said they have worked tirelessly with community members for years to activate what is currently an empty and polluted waterfront and finally give Flushing the future it deserves. “This is a pivotal vote for New York City’s economic recovery, especially for a hardworking immigrant community like Flushing,” the group said in a statement. “We deeply appreciate the Council members’ support in moving Flushing forward, particularly the leadership of Councilmember Peter Koo, Chairs Francisco Moya and Rafael Salamanca, and Speaker Corey Johnson.” Meanwhile, community members and organization representatives against the project delivered a petition with more than 1,000 signatures on Dec. 9 to Koo and an open letter to all City Council members urging them to reject the luxury development that they say will increase already high rents and taxes. Members of the delegation had asked a staff member at Koo’s office why the councilman had not returned emails, calls nor committed to meeting the community to hear their concerns. “We were stripped of our opportunity to hold our Council member accountable to those who will be most impacted, due to the pandemic,” said Seonae Byeon, lead housing organizer at Minkwon Center. “While residents continue to grieve and suffer through the pandemic, the City Council should not force this luxury development upon the community. Member deference should not be about the Council member; it should be about the people and the community in the neighborhood.” According to Koo, in recent months his office has been in deep discussions with the applicants, Land Use staff, labor groups, advocacy groups, Councilmembers, and other stakeholders, in hopes of reaching an agreement that would be realistic, fair, and considerate of the community’s concerns at the City Planning and City Council Zoning Subcommittee public hearings. “For decades, planners have tried to activate this space in hopes of transforming it from a polluted brownfield into a publicly accessible waterfront connected to downtown Flushing that can be enjoyed by all,” Koo said. “As our city comes to terms with a second wave of COVID-19, rising unemployment, and a faltering economy, this project has the potential to revitalize the downtown Flushing economy at a time when we need it the most.” The project calls for several community amenities, including the following: Quality jobs: The developers reached an agreement with the unions SEIU 32BJ and the Hotels Trade Council to provide hundreds of residential, building service, and hotel jobs throughout the entirety of the project. Waterfront access: The applicants will seek to provide physical waterfront access to facilitate access for kayaking and opportunities for hands-on environmental education. Additionally, the project will double the amount of waterfront access to 40 feet and will include children’s playgrounds, public plazas, workout areas, art installments, and pedestrian pathways, all open to the public. Workforce development. At the request of Koo, the developers agreed to enter into a Memorandum of Understanding (MOU) with the Queens Chamber of Commerce to coordinate local and MWBE hiring of goods and labor, in particular with residents of neighboring NYCHA developments at Bland Houses and Latimer Gardens. Small business support: The applicant has signed a MOU with the Downtown Flushing Transit Business Improvement District to contribute $2 million to support local small businesses over the next 10 years. Affordable housing: Thirty percent of the units on the rezoned area on Site 4 will be affordable under the administration’s MIH guidelines. The applicants have also entered into an agreement with the city to further engage in good faith discussions over a three-year period with HPD, the New York City Council, and other governmental entities to secure financing and funding in order to maximize the amount of affordable housing on-site. Waterfront education and programming: The applicants will enter into a partnership with local environmental education nonprofits to educate and engage area students and residents. Organizations engaged thus far include, but are not limited to, the Waterfront Alliance and City Parks Foundation. Community Facility Space: The development will include approximately 20,000 square feet of community facility space, including a flexible 1,000-square-foot space for the La Jornada food pantry dedicated to child mentoring programs and senior recreational use. This is in addition to numerous financial contributions and equipment donations to help support the pantry’s mission. Johnson said the SFWD project will “bring good jobs, open space for the public, and economic opportunity for Queens” as the city begins to recover from the pandemic and the financial crisis it has caused. Salamanca, chair of the Land Use Committee, said the deal will pave the way for hundreds of permanent well-paying union jobs in the downtown Flushing area. “Furthermore, the project will ensure that the Flushing Creek and the accompanying waterfront district, an area long contaminated by industrial uses, will be cleaned up and revitalized so that the community can enjoy new waterfront access, green spaces, public plazas, and playgrounds for years to come,” Salamanca said. Rich Maroko, President of HTC, said they’re sincerely grateful to the City Council for its leadership in ensuring that the project proceeds responsibly with respect to labor. “We are pleased that the developers of this project came to the table and negotiated an agreement covering workers at all hotel sites associated with this project. HTC looks forward to promoting the success of this project by ensuring hotel workers are respected at these hotels,” Maroko said. Kyle Bragg, president of SEIU 32BJ, said they’re also extremely pleased that the rezoning comes with a commitment to provide prevailing wage jobs for the building service workers. “Now more than ever, working people in Flushing need employment opportunities with family-sustaining wages, quality healthcare, and retirement security,” Bragg said. “We believe that the building service jobs created by the Special Flushing Waterfront District will be critical to ensuring an inclusive recovery in Queens that lifts up frontline workers and their families.” Thomas Grech, president of the Queens Chamber of Commerce, said they’re excited to work with the developers, SEIU 32BJ, and the Hotels Trade Council to ensure that local firms and residents benefit from the project, especially MWBEs and that residents of the Bland House and Latimer Gardens can benefit from the employment opportunities created. “The news of an agreement of the special Flushing Waterfront District will make an already vibrant neighborhood an even greater place to live, work, raise a family and start a business,” Grech said. “By revitalizing 29 acres of waterfront land, this project will create thousands of good-paying jobs and workforce development opportunities for local residents, bring billions in private investment to the community, generate millions in tax revenue for the city and state and catalyze economic activity that supports existing small businesses in Flushing. Grech congratulated Koo for his vision and leadership and thanked Johnson, Moya, and Salamanca for their hard work. “The Queens Chamber looks forward to partnering with our newly elected Borough President Donovan Richards to see this project through from shovel-ready to completion. We also pause to think of and reflect on the immense contribution that our late Borough President Claire Shulman made to this project. This news is a game-changer for Queens and the entire region,” Grech said. This first appeared on QNS.com Eat it. Drink it. Do it. Tackle the city, with our help. Cops seek shooter who gunned down man in East Village Roosevelt Island Library to become rapid COVID-19 testing site Elected officials join NAN to celebrate MLK Day in New York City Pageau bats Islanders to win over Bruins as Varlamov collects second-straight shutout Knicks pull out ugly win, hold off Magic for second-straight win Report: Reds wanted Gleyber Torres, more from Yankees for Luis Castillo Mets still hanging around George Springer sweepstakes Powerful exhibit ‘Not Another Second’ explores the stories and ‘years lost’ of LGBTQ+ Elders Here are some rainy day activities that kids of all ages can enjoy in New York City Here’s why kids need camp after a year of remote learning amNY Weekender: Ten things to do in New York City Here are a few ways to celebrate Martin Luther King, Jr. Day in New York City this weekend Queens organization donates PPE to increase city’s supply Queens lawmaker assaulted and mugged by three masked attackers in Flushing home Two patients at Queens hospitals being tested for coronavirus QNS Majority of Queens Borough Board approves of city’s flood resiliency zoning plan Kensington Row House With Stained Glass, Radiant Floor Heating Asks $1.585 Million © amNY 2021 Schneps Media	cc/2021-04/en_middle_0030.json.gz/line1409
__label__cc	0.748612	0.251388	Digital Transformation Platform Content design ABA Blog Research Channel Digital Links OSINT Toolkit Client Webinar Client Video e-learning Client Forum What Andy Black can tell you about succeeding in a Digital Economy – Interview with Amina Maikori November 25, 2018 May 31, 2017 by Andy Black What Andy Black can tell you about succeeding in a Digital Economy He is a Director of Andy Black Associates, a London based Digital Media firm. He began his career in Film, Television and Theatre before making the switch from traditional analogue media to digital media-that’s close to an impressive thirty years ago! Andy’s message on his website is a constant reminder to visitors that having digital presence is profitable for all businesses: ‘Are you ready for the Digital Economy?’ It says. Those who have attended Andy’s training courses know that he is very practical in his teaching methods with great insights on ways to manage a fast growing numbers of digital channels. Andy has a process: he tries and then tests the latest apps and digital platforms before introducing them to you. The digital economy is huge. Think Konga, think Dealdey don’t forget Amazon or eBay. Part of world globalization includes the luxury of getting across to people, opportunities and products regardless of distance, language , time or even business type. Here’s an interview I did of Andy about three weeks ago. He tells you just how relevant Digital Media is to you and how you can own it. Amina: Thanks for agreeing to do this interview. Could you start off by telling me a little bit about yourself? Andy: I am Andy Black, a 50 something digital consultant, I have been running my own digital consultancy for 3 years and have been working in the technology sector for over 25 years. In the 1970’s I was a pupil at Emanuel School in London where my contemporaries included Sir Tim Berners-Lee, the creator of the web, Sir Sebastian Wood, UK Ambassador in Germany and Matthew Taylor, Chief Executive of the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA). In the early 1980’s I was a student at the Bristol Old Vic Theatre School where I received practical training in film, TV, radio and acting. My contemporaries at Bristol included Daniel Day-Lewis, Miranda Richardson and Samantha Bond – in this sort of company I soon realised my limitations and became an expert in spear carrying. I worked professionally in film, TV and theatre for 2 years before joining a Soho video production company in 1987 that was launching the first analogue to digital film tech – that was 30 years ago! Since then I have worked in data analysis, information services, search software, intelligence gathering, digital marketing & content creation. I am divorced, happily single and have a 28 year old son who is getting married next year. I look forward to being a digital granddad. Andy (left) worked in film, TV and theatre for 2 years – here appearing as Oberon in a 1983 production of Shakespeare’s A Midsummer Nights Dream at the Bristol Old Vic with Lisa Bowerman as Titania and Tony Howes as Puck Amina: Digital grandad! That would an interesting title, definitely. When and why did you make the transition from traditional to digital media? Andy: My transition from traditional analogue media to digital media occurred in 1987 when I started working for TeleTape Video Ltd. They introduced the first analogue to digital video display technology to the UK, and I joined a team of 4 young edgy techie creatives who started to play with and evolve commercial services with the new technology. Lots of late nights, laughter, hard work and busy weekends. I became a digital obsessive and tried out things like subliminal messaging and building digital sculptures with monitors that displayed video & information. We were involved in lots of interesting projects including the launch of Sky TV, video displays at the Conservative Party conference and lots of air and defence trade shows. I will always remember working on the the launch of SkyTV at the National Theatre, the highlight was Rupert Murdoch slowly walking through a swirling sea of dry ice engulfing two of our huge videowall sculptures as he launched Sky TV to the assembled global media – you can imagine the pressure on me in the control room!! In 1990 I was headhunted to join Perfect Information a City start-up, where digital was used to scan original company documents and newspaper cuttings to create a unique image based real-time information service for City clients such as Goldman Sachs, Cazenove and Kroll Associates – I learnt on the job about data management, ISDN, metadata, information, RAID, internet, broadband, cloud computing, telecoms, optical storage – as well as how the City and M&A teams operate. In 1996 I joined Excalibur Technologies, a US based advanced search software company, where I worked on projects including web crawling for Factiva, advanced search software for ProQuest and the Excalibur rapid rebuttal database for the Labour Party. In many ways Twitter and automated bots have now democratised rapid rebuttal. Unfortunately it has also led to memes, fake news and algorithmic manipulation being used as a type of information warfare to distort traditional news flows and disrupt public opinion. It is fascinating to watch the analogue to digital revolution. Amina: It must have been exciting to be part of that revolution. What do you find is the major difference between the two? Andy: A digital file is cheap, made once and can be easily stored, copied and also shared an infinite number of times. A printed book is expensive to print and also difficult to share or store. The economics of digital totally disrupts any sector it touches. Every business needs a digital transformation strategy otherwise they risk being Blockbuster when their customers want Netflix. Amina: For a lot of people, digital or social media is what they do on the go with no specific time scheduled for it. Your case obviously is different, perhaps with more structure. What is a typical day like for you? Andy: I am connected 24/7 and regularly monitor Twitter for news, Facebook for news from friends, LinkedIn for news from connections, Twitter Lists for expert news and Google Custom Search for key website content for projects i am working on. I also use extensive Boolean search operators and scripts to retrieve deep web information that is not indexed by Google. When not working at a client site or on a specific project, my typical day is as follows: At 08.00 am I normally start by checking Twitter for trends and news – I then curate interesting stories regarding the digital economy and use scheduling tools so my tweets appear at the optimum time for my followers, which is between 1pm-4pm – I normally send 5 tweets and 1 LinkedIn share a day. I use Twitter saved searches, Twitter Lists, Google Custom Search and Hootsuite to make this fast and efficient. After this I monitor trending topics and hashtags to see if I can “newsjack” a relevant trend and share a link to my website – this is a very effective tactic for growing followers and increasing traffic to my website. I normally complete this by 10.00am. More web pages are now viewed on a mobile than a PC – is your content & website mobile friendly? Then I login to my website, check emails from website visitors, check my SEO, Google Analytics, Adwords and Woorank to make sure my pages and ads are all functioning. A key daily task is monitoring for any changes in the Google, Facebook and Twitter algorithms, these three companies are now the gatekeepers for news and content and any changes they make can have a dramatic effect on content marketing and digital campaigns. I finish this by 10.30. From 10.30am to 12.00 i do my admin, other business emails, proposals, Skype calls with my associates. In the afternoons I attend meetings or go to the Frontline Club to work. In the evening I normally do 1-2 hours reading, OSINT deep web research or try out new software/apps. Google only indexes 5% of the Internet so an understanding of information resources on the deep web is absolutely vital, otherwise you may make “fake decisions”. Amina: The digital sphere is flooded with all kinds of apps and social media channels, if you’re an outsider it’s a bit hard to decide on which one to embrace or ignore. Which 5 platforms would you say are an absolute must for organizations or businesses and why? Andy: Whilst there are regional and demographic differences, I think the current 5 key platforms are; Facebook (Page, Live, analytics, ads, Messenger) Twitter (ads, analytics, Periscope, lists, geo-location search, advanced search) LinkedIn (ads, SlideShare, posts, advanced search – and soon Skype) Hootsuite (social media management/engagement, Hootlet, apps, scheduling) Website (SEO, mobile responsive, AdWords, blog, YouTube, navigation, ecommerce, Skype) Your website should be the hub, with social channels linking to it. Amina: Let’s take a look at the digital economy. I notice it’s the first thing that pops up on your page. More specifically, we see the question ‘ Are you ready for the digital economy?’ Why is that such an important thing? Andy: Digital technology is reshaping traditional industry, especially those sectors that rely on direct engagement with consumers (for example, marketing, PR and design) and technological innovation (for example. science and high tech). Education, however, is the sector with the lowest proportion of digital businesses. Countries like India, Nigeria, Brazil are using digital and mobile to transform their economies. Digital is ubiquitous. Mobile devices are everywhere and countries like India, Nigeria, Brazil are using digital and mobile to transform their economies. This represents huge opportunities for collaboration, trade and knowledge sharing, organisations that fail to grasp these opportunities will go out of business . Amina: Finally, what do businesses and organizations need to do to get ready for the digital economy? Andy: They need to move away from hierarchical structures to self-organising networks. Move from hierarchical structures to self-organising networks. Take a look at how the Labour Party used crowdfunding, crowdsourcing bots and AI in the 2017 UK General Election! If you want to know more about the Digital Economy follow Andy Black Associates on Twitter ‪@AndyBlacz ‬. You can also access their free Advanced digital toolkit here. Finally , check out how sales work in the old days versus now. Yes, just look at that for a moment. Or two. This interview originally appeared on Amina Maikori’s blog. Categories Andy Black Associates Blog Tags digital economy, social media intelligence Post navigation Why are there more car-crash media interviews than ever? The digital transformation of Parish Councils has begun Disinformation for hire: How a new type of PR firm sells lies online How much of the Internet is fake? How can you recover criminal assets held in cryptocurrencies? The impact of bots on opinions in social networks The Digital Influence Machine Andy Black Associates has been awarded and officially listed as a G-Cloud 10 (G10) cloud service provider for UK government Mueller & Russian meddling – an inconvenient truth in the age of digital marketing Syrians are creating “parish councils” to restore grassroots democracy Good leaders use emotional intelligence to stop microaggression in the workplace Meet The ABA Team https://youtu.be/-hN6XdyRA8M Please contact us if you have any questions Please confirm that you are not a robot * Are You Ready For The Digital Economy? https://youtu.be/RUfq_IHDisc Andy Black Associates Ltd MFB, 606 Britannia House Glenthorne Rd London W6 0LH Scan QR code to install the ABA app onto your Android mobile device or talk to us on Facebook Messenger © Andy Black Associates 2021 Website by Eyelid Productions	cc/2021-04/en_middle_0030.json.gz/line1411
__label__wiki	0.986204	0.986204	Kylie Jenner finally reveals the truth about her lips: 'I have temporary lip fillers' Antoinette Bueno May 7th 2015 11:02AM Though there's been much speculation about Kylie Jenner's plump pout, in an upcoming episode of Keeping Up With the Kardashians, the 17-year-old reality star finally stops playing coy and reveals the truth. "I have temporary lip fillers, it's just an insecurity of mine and it's what I wanted to do," she confirms in a new clip. "I'm just not ready to talk to reporters about my lips yet because everyone always picks us apart." can I wear a sports bra & boxers all day ugh @joycebonelli Secret Projects 🎉 I love u 2 LOS ANGELES, CA - DECEMBER 15: Rapper Tyga and Kylie Jenner grant a Christmas wish to Joshua in the Cancer Ward at Childrens Hospital of Los Angeles and LA Gear Presents Teen Impact Holiday Party Hosted By Tyga At Childrens Hospital LA on December 15, 2014 in Los Angeles, California. (Photo by Lilly Lawrence/WireImage) LOS ANGELES, CA - DECEMBER 15: Kylie Jenner and recording artist Tyga arrive bearing gifts at the LA Gear Presents Teen Impact Holiday Party Hosted By Tyga At Childrens Hospital LA on December 15, 2014 in Los Angeles, California. (Photo by Lilly Lawrence/WireImage) LOS ANGELES, CA - NOVEMBER 26: TV personality Kylie Jenner and rapper Tyga attend the Los Angeles Mission and Anne Douglas Center's thanksgiving meal for the homeless held at the Los Angeles Mission on November 26, 2014 in Los Angeles, California. (Photo by Tommaso Boddi/WireImage) LOS ANGELES, CA - DECEMBER 15: Rapper Tyga and Kylie Jenner grant a Christmas wish to Dereka in the Cancer Ward at Childrens Hospital of Los Angeles and LA Gear Presents Teen Impact Holiday Party Hosted By Tyga At Childrens Hospital LA on December 15, 2014 in Los Angeles, California. (Photo by Lilly Lawrence/WireImage) TORONTO, ON - JUNE 15: Kendall Jenner and Kylie Jenner host the 2014 Much Music Video Awards at MuchMusic HQ on June 15, 2014 in Toronto, Canada. (Photo by Ernesto Distefano/Getty Images) TORONTO, ON - JUNE 15: (L-R) Presenters Kellan Lutz, Kendall Jenner and Kylie Jenner at the 2014 Much Music Video Awards at Much HQ on June 15, 2014 in Toronto, Canada. (Photo by George Pimentel/WireImage) TORONTO, ON - JUNE 15: Kendall and Kylie Jenner arrive at the 2014 MuchMusic Video Awards at MuchMusic HQ on June 15, 2014 in Toronto, Canada. (Photo by George Pimentel/WireImage) TORONTO, ON - JUNE 15: Kendall Jenner and Kylie Jenner host the 2014 Much Music Video Awards at Much HQ on June 15, 2014 in Toronto, Canada. (Photo by George Pimentel/WireImage) INGLEWOOD, CA - AUGUST 24: Kendall Jenner, Kim Kardashian and Kylie Jenner arrive to the 2014 MTV Video Music Awards at The Forum on August 24, 2014 in Inglewood, California. (Photo by C Flanigan/Getty Images) LOS ANGELES, CA - NOVEMBER 26: Reality TV Personality Kylie Jenner attends the Los Angeles Mission Thanksgiving meal for the homeless at Los Angeles Mission on November 26, 2014 in Los Angeles, California. (Photo by Paul Archuleta/FilmMagic) LOS ANGELES, CA - NOVEMBER 23: Reality stars Kendall Jenner, Kylie Jenner and Khloe Kardashian arrive for the 42nd Annual American Music Awards held at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California. (Photo by Albert L. Ortega/Getty Images) LOS ANGELES, CA - NOVEMBER 23: (L-R) TV personality Kylie Jenner, singer Sam Smith and TV personality Khloe Kardashian attend the 2014 American Music Awards at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California. (Photo by Jeff Kravitz/AMA2014/FilmMagic) LOS ANGELES, CA - NOVEMBER 23: TV personalities Kylie Jenner and Khloe Kardashian (fashion detail) attend the 2014 American Music Awards at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California. (Photo by Jason Merritt/Getty Images) LOS ANGELES, CA - NOVEMBER 23: (L-R) TV personalities Khloe Kardashian, Kylie Jenner and Kendall Jenner attend the 2014 American Music Awards at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California. (Photo by Christopher Polk/AMA2014/Getty Images for DCP) LOS ANGELES, CA - NOVEMBER 23: Kendall Jenner, Khloe Kardashian and Kylie Jenner attend the 2014 American Music Awards at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California. (Photo by Kevin Mazur/AMA2014/WireImage) CALABASAS, CA - OCTOBER 10: (EDITORS NOTE: License plate has been pixelated) Kylie Jenner is seen October 10, 2014 in Calabasas, California. (Photo by Christopher Polk/WireImage) NEW YORK, NY - SEPTEMBER 07: TV personality Kylie Jenner is seen in sohoon September 7, 2014 in New York City. (Photo by Raymond Hall/GC Images) NEW YORK, NY - AUGUST 28: (L-R) Kendall Jenner, Tommaso Bruso and Kylie Jenner attend DuJour Magazine's Jason Binn celebrating Kendall and Kylie Jenner's Bruce Weber shoot presented by Juice Press at Lavo Restaurant on August 28, 2014 in New York City. (Photo by Mike Coppola/Getty Images for DuJour Magazine) NEW YORK, NY - AUGUST 28: Kylie Jenner (L) and Kendall Jenner attend DuJour Magazine's Jason Binn celebrating Kendall and Kylie Jenner's Bruce Weber shoot presented by Juice Press at Lavo Restaurant on August 28, 2014 in New York City. (Photo by Mike Coppola/Getty Images for DuJour Magazine) INGLEWOOD, CA - AUGUST 24: TV personalities Kim Kardashian, Kendall Jenner and Kylie Jenner attend the 2014 MTV Video Music Awards at The Forum on August 24, 2014 in Inglewood, California. (Photo by MTV/MTV1415/Getty Images for MTV) "I want to admit to the lips but people are so quick to judge me on everything, so I might have tiptoed around the truth, but I never lie," she adds. VIDEO: Kylie Jenner Fights Back at Criticism Surrounding Her Big Lips Her big sister Khloe Kardashian also weighs in on the situation in the new episode, advising Kylie to just come clean. "Kylie decided to plump her lips and I don't think there's anything wrong with that," she says. "I think if you've done something though, it is right to cop up to it." Khloe herself obviously has no trouble admitting to procedures -- in the same episode, she lets cameras in on a doctor lasering off cellulite on her famous booty. "It stings like a mother!" she cries. Kylie's lips have become a full-blow social media phenomenon, and even spurned the somewhat disturbing #KylieJennerChallenge, in which people attempt to get Kylie's full-lip look through some pretty questionable means. "I'm not here to try & encourage people/young girls to look like me or to think this is the way they should look," Kylie wrote in response last month. "I want to encourage people/young girls like me to be YOURSELF & not be afraid to experiment w your look." NEWS: Scott Disick Says It Takes Kylie Jenner 40 Minutes a Day to Get Her Famous Lips Last October, Kim Kardashian weighed in on Kylie's lips, claiming it was all lip-liner. "I go into her room and I'm like, 'What liner do you wear?' because she only wears lip-liner and then she fills it in," Kim said, adding, "She doesn't wear a lipstick or a gloss." Watch below. Sofia Vergara claims ex Nick Loeb is using embryo battle to 'promote himself' Miley Cyrus doesn't like labels: 'I am ready to love anyone' Tina Knowles pens emotional letter to Beyonce, Solange & Kelly Rowland EntertainmentCelebrity News Caffeinate with MatchaBar to avoid the dreaded coffee crash Thousands of Amazon shoppers swear by this $8 nail cream that helps pr… An Insane card offering 0% interest until nearly 2021 7 outrageous credit cards if you have excellent credit Cards charging 0% interest until 2021 Notice: cars driven less than 25 miles could pay less Seniors, get car insurance from $39 per month Qualified zip codes save big on insurance Dan Levy urges viewers to vote after historic Emmys win: 'I am so sorry for making th… Queen Latifah gets real about healthcare disparities, systemic racism in the U.S.: 'I… 'Keeping Up With the Kardashians' to air final season in early 2021 AOL Logo Entertainment	cc/2021-04/en_middle_0030.json.gz/line1414
__label__cc	0.524313	0.475687	Property in France Property in Portugal Property in Greece Property in Florida Property in Cyprus Property in Turkey Search all countries Find an agent in... Viewing Trips Guide People Who've Bought Post-Webinar FAQs All Hot Properties Luxury Hot Properties Beach Hot Properties Golf Hot Properties Pool Hot Properties Full Recording Library Sept 2020 Digital Event Civtech Development Corporation, Casuarina Grande, Mullins, St. Peter, Barbados Serene and intimate development of 11 self-catering Villas Mullins, St. Peter, Barbados from US$189,000 By completing this enquiry form you agree to your details being made available to this company. Select Property Type One-bedroom units starting at US$189,000 Two-bedroom units starting at US$355,000 Three-bedroom units starting at US$405,000 Introduction to Casuarina Grande Casuarina Grande is a serene and intimate development of 11 self-catering Villas located just 2 minutes’ walk away from the famed Mullins beach on the West Coast of Barbados. It is a tropical oasis of tranquility designed to rejuvenate you with close proximity to restaurants, convenience stores, fine dining, golf, sailing, polo, a cinema, etc. Each villa is luxuriously finished and fully equipped to comfortably accommodate both short-term and long-term stays. About the Units 7 one-bedroom units, 2 two-bedroom units, and 2 three-bedroom units available for sale Just 7 Buildings away from the renowned Mullins beach with Luxuriously finished and fully equipped apartment units with close proximity to modern conveniences. One-bedroom units starting at US$189,000, Two-bedroom units starting at US$355,000 and three-bedroom units starting at US$405,000 5 minutes' drive from Speightstown, 2 minutes' walk to the beach and 30 minutes' drive to the airport This development is an advertisement supplied by Civtech Development Corporation and does not constitute property particulars. While aplaceinthesun.com (APITS Ltd.) requests all advertisers to supply correct details, it does not carry out checks on the information supplied and cannot be held responsible for any inaccuracies. Aplaceinthesun.com recommends seeking independent legal advice prior to any overseas property purchase. A Place in the Sun will send the above details on your behalf to Civtech Development Corporation. By submitting this form, you confirm that you agree to our website Terms of Use, Privacy Policy and consent to cookies being stored on your computer. 1 Bed for sale from US$189,000 More on aplaceinthesun.com A Place In The Sun Exhibition Appear on the TV show	cc/2021-04/en_middle_0030.json.gz/line1415
__label__cc	0.643938	0.356062	New & Forthcoming Titles \| Industrial Relations & Conflict Management Home > New & Forthcoming Titles Industrial Relations & Conflict Management Series Editors: Euwema, Martin C., Munduate, Lourdes Titles in this series Disseminating cutting edge theories and empirical research in the field of industrial relations and conflict management, from an interdisciplinary approach, and firmly based in theories on human behaviour in relation to work and organizations. Formally the series will publish monographs and contributed or edited volumes from leading psychology and other social sciences scholars. Specifically, the series integrates theories and research from industrial relations (sociology, business, law and psychology), with those on conflict management, mediation and more generally well-being and productive behaviour in the workplace. Volumes in this series respond to the demands of policymakers and the public, remaining relevant and applicable for science, industry and society. Delivering relevant research and conclusions from local, regional, national and international perspectives. The aim of the series is to contribute to cooperative and constructive relations in organizations at three levels: organizational level, team level and interpersonal level. The series will contribute to the existing academic research and literature by providing an advanced publication platform for improving the science of understanding industrial relations and conflict management. Publishing volumes which deliver valuable contributions from the range of developing perspectives on this subject. 0 eBook Your marked items Manage your marked Items You have no marked items. Your saved Catalog List You are not logged in! Please log in to edit your catalogs. Services for the Series Responsible Editor, Shinjini Chatterjee Download Product Flyer	cc/2021-04/en_middle_0030.json.gz/line1416
__label__cc	0.543177	0.456823	Cookies ensure the proper functioning of our services. You accept the use of cookies when using them, more info. I understand Arcania ARCANIA - A major player in the world of bedpan washers. ARCANIA is a brand of bedpan washers dedicated to the hospital market and is manufactured by SOFINOR S.A.S. A family owned company founded in 1961, SOFINOR S.A.S. specializes in the manufacturing of stainless steel equipment.By systematically integrating considerations of hygiene, ergonomics and safety into its designs, ARCANIA is today an important player in the global market for bedpan washers. This creative approach, which takes into account both hygiene and technical aspects is possible thanks to the manufacturing expertise of our single production site located in the north of France. Arcania is now the only manufacturer of bedpan washers in France . Developing bedpan washers since 1997 ARCANIA is now more than 4,500 washing basins in service and a presence in over 50 countries worldwide. The company SOFINOR S.A.S. is certified ISO 9001 version 2008. The ARCANIA bedpan washers satisfy European Directive 93/42/CE, and is certified under EN ISO 15883-1, EN ISO 15883-3, EN ISO 15883-5, and EN ISO 13485 version 2003. Standards of washing and disinfection have been approved by the Institute Louis Pasteur of Lille in the north of France. Training & Showroom Contact Arcania by email https://www.arcania.com Parc d'activité de la Houssoye - Rue Ambroise Paré © Atelier 33 1999-2021 All rights reserved	cc/2021-04/en_middle_0030.json.gz/line1419
__label__wiki	0.745741	0.745741	Manufacturing Utopia - How Assemble is Creating a Model Factory at A/D/O The installation is set at A/D/O's courtyard in Brooklyn. Image Courtesy of Sam Nixon Written by Niall Patrick Walsh https://www.archdaily.com/806317/manufacturing-utopia-how-assemble-is-creating-a-model-factory-at-a-d-o London-based architecture collective Assemble is set to transform an outdoor courtyard at A/D/O in Brooklyn into a ‘model factory’ to explore utopian ideals of work. The Turner Prize-winning architects will use their first site-specific installation in the U.S. entitled ‘A Factory As It Might Be’ to depict a vision of how society should build and function using abundant, malleable materials. A workshop within the factory will allow clay tiles to be produced for the factory's facade. Image Courtesy of Sam Nixon ‘A Factory As It Might Be’ will operate from February to April 2017 at A/D/O’s 23,000 square-foot-space in Greenpoint, Brooklyn, a space allowing the public to work, explore, and participate in design exhibitions and events. Assemble’s installation forms part of the inaugural Design Academy at A/D/O, themed ‘Utopia vs. Dystopia: Designing Our Imagined Futures.’ The installation’s name was inspired by the title of an iconic essay by social activist William Morris, who imagined a factory where work, leisure, and education can interplay in an environment jointly operated by humans and machines. The factory workshop contains a clay extruder and electric kiln. Image Courtesy of Sam Nixon Assemble have instructed the A/D/O team in tile production. Image Courtesy of Sam Nixon Assemble’s installation centers on a ‘factory’ constructed from galvanized steel. Clay tiles to clad the factory will be steadily manufactured by a team within the building using a single industrial clay extruder and an electric kiln. Assemble has instructed the A/D/O Design Academy and its collaborators in the tile manufacturing process, enabling them to produce additional items such as planters and tiles for the A/D/O courtyard, and dinnerware for their restaurant. Over the course of its operation, ‘A Factory As It Might Be’ will see worktables and shelving added, further expanding the factory’s ability to produce objects, host events, and display pieces of work. A range of objects can be produced from the factory to enhance the A/D/O courtyard. Image Courtesy of Sam Nixon Shelving will be added to allow for object display. Image Courtesy of Sam Nixon With ‘A Factory As It Might Be’, we are interested in how utopian ideas can be applied to the very practical reality of construction, and how building elements – and their method of production – can become an expression of social, economic and political aspirations – Lewis Jones, founding member of Assemble. News via: Assemble. NewsArchitecture NewsClayAssembleart installationBrooklynSteelMaterialsFactoryA/D/ODesign Festival Cite: Niall Patrick Walsh. "Manufacturing Utopia - How Assemble is Creating a Model Factory at A/D/O" 03 Mar 2017. ArchDaily. Accessed . <https://www.archdaily.com/806317/manufacturing-utopia-how-assemble-is-creating-a-model-factory-at-a-d-o> ISSN 0719-8884 乌托邦制造业—— Assemble 是如何在 A/D/O 中创建一个模型工厂的	cc/2021-04/en_middle_0030.json.gz/line1420
__label__cc	0.684431	0.315569	Automobiles Illustrated Helping New Car Buyers Make Well-Informed Decisions Every Day The Best... 2017 Lincoln MKZ/MKZ Hybrid 2017 Lincoln MKZ/MKZ Hybrid Overview The contemporary iteration of the midsize sedan credited with reinventing the Lincoln brand, Lincoln MKZ embodies stunning design attributes housing innovative and purposeful technologies. Easily one of the nicest looking cars in the mid-size entry luxury category, the 2017 Lincoln MKZ’s new grille and headlight treatment are based upon that of the all-new Continental. An updated Sync 3 technology interface and revised interior controls for the radio and climate systems are new for the 2017 model year as well. This is a welcome change, as the previous infotainment system’s amalgamation of lookalike buttons could be frustrating for users. It looked cool enough, but it was rather cumbersome to use. Performance fans will appreciate the all-wheel drive MKZ’s new 400-horsepower turbocharged V6 engine. The base turbocharged four-cylinder engine also got a power bump to 245-horsepower and 275 lb-ft of torque. Slotted between those two is a 350-horsepower V6 with 400 lb-ft of torque and front-wheel drive. Meanwhile, power for MKZ Hybrid comes from a 2.0-liter four-cylinder engine mated to an electric motor and a lithium-ion battery pack. A continuously variable automatic transmission routes motive force to the front wheels. Total system output is 188 horsepower. According to the EPA, you can expect 40 mpg overall (41 city/38 highway). We saw an even over our week of testing on a variety of roads and freeways. While MKZ is the entry-level sedan for the brand, we’re still talking Lincoln here, so even the base model MKZ comes packed with desirable features. These include 18-inch wheels, an adaptive suspension system, smart xenon headlights, heated mirrors, rear parking sensors, LED taillights, keyless entry and push-button ignition, dual-zone automatic climate control, leatherette upholstery, 10-way-adjustable front seats with heating, memory settings for driver seat, a 60/40-split-folding rear seat with ski pass-through, a leather-wrapped tilt-and-telescoping steering wheel and an auto-dimming rearview mirror. The MKZ’s standard tech suite is comprised of a rearview camera, voice controls, Lincoln's new Sync 3 infotainment interface, an eight-inch touchscreen display, Sync smartphone app integration, and an 11-speaker audio system supporting a CD player, satellite radio, a pair of USB ports and an audio input jack. If you go with the Lincoln MKZ Hybrid you’ll get all of the same features—at the same price. That means, for example, opting for the MKZ Hybrid Select model adds an auto-dimming driver-side mirror, power-folding outside mirrors, leather upholstery, genuine wood trim, a power-adjustable steering wheel, tasteful interior ambient accent lighting, a 110-volt power outlet and a pair of rear-seat USB charging ports—just as you would get if you chose a MKZ Select with one of the conventional gasoline engines. All of these features are housed within one of the nicest interior treatments you’ll find anywhere. In fact, Lincoln enjoys the reputation of having the most attractive passenger compartments of any American manufacturer. More than just good-looking however, the accommodations are exceptionally comfortable. You’ll find the seats capable of transporting you fidget free over long distances. A wonderful highway car, in the best American tradition, the MKZ rides quietly, comfortably and smoothly. What’s more, competent handling is part of the equation as well. When roads twist and turn, the MKZ happily plays along. No, you won’t slay BMW’s 3 Series on back roads, but you won’t get dropped like sixth period math either. The MKZ responds nicely to a competent hand. If you’re shopping in this price range, the 2017 Lincoln MKZ has a lot of positives to take in. One of the most extraordinary is that you can choose between conventional and hybrid powertrains, without paying a premium for the electrified version of the car. Pricing for the 2017 Lincoln MKZ starts at $35,170. Find Lincoln Rebates, Incentives, Special Offers and Lease Deals © 2021 Automobiles Illustrated	cc/2021-04/en_middle_0030.json.gz/line1426
__label__wiki	1.000009	1.000009	DC - Due By 1/24/21 Marvel - Due By 1/18/21 Dynamite - Due By 1/18/21 IDW - Due By 1/25/21 Boom! Studios - Due By 1/25/21 Valiant - Due By 1/25/21 Marvel - Due By 2/1/21 IDW - Due By 2/1/21 DC - In Store By 11/3/20 DC - In Store By 11/10/20 Marvel - In Store By 11/4/20 Marvel - In Store By 11/11/20 Image - In Store By 11/4/20 Image - In Store By 11/11/20 IDW - In Store By 11/4/20 IDW - In Store By 11/11/20 Boom!Studios-By 11/4/20 Boom!Studios-By 11/11/20 Dark Horse-In By 9/16/20 Dark Horse - In By 10/7/20 Dark Horse - In By 10/14/20 Dark Horse - In Store By 12/09/20 Dynamite - In Store By 11/25/20 Recent New Issues PRE-ORDERS SAVE 10% AT CHECKOUT Excalibur Vol 1 #075 Regular Cover Teaneck - 563 Cedar Ln, Teaneck, NJ (201) 801-0500 North Bergen - 7512 Bergenline Ave, North Bergen, NJ (201) 869-0280 About A&S Comics © 2021, A&S Comics. Powered by Shopify	cc/2021-04/en_middle_0030.json.gz/line1427
__label__cc	0.574829	0.425171	Ashoka Worldwide Ashoka in the Netherlands Ashoka Changemaker Schools Recommend a Changemaker Select Country Andean RegionArab WorldArgentinaAustriaBangladeshBelgiumBrazilCanadaChileCzechia & SlovakiaFranceGermanyGreeceHungaryIndiaIndonesiaIsraelItalyJapanKenyaMalaysia & SingaporeMexicoNetherlandsNigeriaNordic RegionPhilippinesPolandPortugalRomaniaSahel (Senegal)South AfricaSouth KoreaSpainSwitzerlandThailandTurkeyUK & IrelandUnited States Business & Social Enterprise (60) Maternal health (12) Infant health (5) (-) HIV / AIDS / STDs (3) (-) Wellness (2) Education / Learning (12) Youth leadership (7) Girls’ development (3) Boys’ development (2) Youth development (2) (-) Higher education (3) (-) Education reform (2) Development & Prosperity (18) Human Rights & Equality (9) Peace & Harmonious Relations (9) Empathy & Young Changemaking (1) Organizing For Changemaking (1) Culture Matters: 5 Tips for Facilitating Collaboration As the CEO of Genetic Alliance, Ashoka Fellow Sharon Terry is determined to accelerate research, drug development, treatment, advocacy, and support for genetic disease. She’s found a way to dissolve the boundaries between disease-specific family foundations and advocacy organizations, universities... Equipping the Next Generation to Propel Us Forward: The Cordes Innovation Awards and Ashoka U The Cordes Foundation’s search for impact led it to partner with the Ashoka U program to co-develop the Ashoka U - Cordes Innovation Award for recognizing the most innovative approaches to social entrepreneurship education. The first year of “Ashoka U – Cordes Innovation Awards” were launched in... Newest Ashoka Fellows Provide Youth with Access to a Quality Education A country’s young people are its most important asset. They are the future of a nation; providing them access to a quality education should be a top priority. Of course, there are many obstacles — you don’t have to be an expert to know that there are problems in education to be solved in all... Supporting Health Outcomes with an Open Mind and an Open Source Approach Last week we introduced the first in a series of interviews covering open source thinking over at Stanford Social Innovation Review (SSIR), and today we're bringing you the second. Again moderated by two of our favorites, Roshan Paul and Alexa Clay, this week's interview is all about health care... Felipe Vergara, Schwab Foundation & a Shift in the Education Economy As a student in Colombia, Felipe Vergara observed that human capital—the sum total of skills, abilities, and knowledge available in a society—drives economic growth, development, and individual potential. He saw that each year, in the developing world, millions of promising students end their... HealthPoint Services Wins Prestigious India Sankalp Award, Announces Investment by Fontus Water NEW DELHI, India – May 12, 2011: Healthpoint Services Global, Inc., a social enterprise supported by Ashoka Innovators for the Public, has won the prestigious Sankalp Award for Innovative Social Enterprises - Emerging Ventures in the Health/Water/Sanitation sector for 2011. This award acknowledges... No Santa in India All around the globe, the Christmas trees, lights and decorations are going up as December hits. Children are hinting for presents, shopping malls are decorated, Christmas carols are sung and in South Africa many children are getting new clothes: ‘Christmas clothes’. But unfortunately for many this... Peer Educators, Myths, and World AIDS Day 1 in 4 sex workers in Bali are suffering from HIV. And those are the ones that have already been tested, not the host of others that have not. That is quite a large percentage, but these women have been tested, and many are being treated. The real problem lies in the housewives and the newborns... Finding Balance in the Online Marketplace for Giving Finding Balance in the Online Marketplace for Giving When markets are open, and new economic transparencies (like microlending websites) impact reputation, balancing the market between givers and receivers can be difficult. More and more websites are born facing that challenge. Making any online... New Alliances that Unleash Huge Profits with Social Benefits For centuries we have had two separate production and distribution systems, one business and the other social, serving virtually every human need but not talking to one another. Over the last three decades, however, the citizen sector has become as competitive and entrepreneurial as business and has... Ashoka Netherlands NDSM-Plein 32 1033 WB Amsterdam We'd love to stay in touch! Sign up below to receive updates on Ashoka's work. By submitting this form, you acknowledge that your Personal Data will be processed outside the EEA as described in the Privacy Policy.	cc/2021-04/en_middle_0030.json.gz/line1429
__label__cc	0.571762	0.428238	Parent Login Payments Support Us Contact Us The Co-op Experience Sprouts (2-3 Year Olds) Saplings (3-4 Year Olds) Mighty Oaks (4-5 Year Olds) Extended Day Programs Parental Responsibilities Co-Op Options & Tuition Screen on the Green Enjoy a Movie Under the Stars at Screen on the Green BNS will present it's annual family film event, Screen on the Green on Friday, September 27. It's an evening of family fun with pizza, food trucks, bake sale, a fantastic raffle for a family fun basket, popcorn & a movie. Doors open at 6, movie begins a 7pm. Grab a picnic blanket and join us for an evening of family fun! Admission is $5 per person or $20 per family. Putchase Tickets Bannockburn Nursery School Located in the Bannockburn Community Clubhouse 6314 Bannockburn Drive director@bannockburnnurseryschool.com Open 9:00 am to 2:30 pm Monday through Friday during the school year. Main school hours are from 9:30 am to 12:00 pm Monday through Friday; with some extended day options available. Homepage art used with the permission of the artist Mary Belcher HELP SUPPORT OUR SCHOOL DIRECTIONS TO OUR NURSERY SCHOOL Notice of Non-Discrimination Policy: Bannockburn Nursery School does not discriminate on th ebasis of race, color, religion (creed), gender expression, age, national origin (ancestry), disability, marital status, sexual orientation, or military status in the admission of students; the awarding of financial aid; the hiring of staff; or the elsction or appointment of members of the Board of Directors.	cc/2021-04/en_middle_0030.json.gz/line1434
__label__cc	0.703394	0.296606	McClave girls basketball loses to Springfield Ken Hamrick @KenHamrick1 The eighth-seeded McClave High School girls basketball team faced top-seeded Springfield in the Class 1A State Tournament quarterfinals Thursday at the University of Northern Colorado's Bank of Colorado Arena in Greeley. The Lady Cardinals came up short against the Lady Longhorns, losing 42-32. Springfield led 9-6 after the first quarter. Both teams scored 13 points in the second and the Lady Longhorns had a 22-19 advantage at halftime. Springfield stretched its lead to 34-25 after the third quarter. It outscored McClave in the fourth quarter by an 8-7 margin. Anna Beckett was the Lady Cardinals' leading scorer with 22 points. Beckett also led in assists with three, and Maggie Chase led in rebounding with five. McClave was scheduled to face Fleming in the consolation semifinals on Friday. However, the Colorado High School Activities Association canceled the remainder of all five state tournaments because of coronavirus concerns. The Lady Cardinals finished the season with 16 wins and seven losses. khamrick@ljtdmail.com	cc/2021-04/en_middle_0030.json.gz/line1436
__label__cc	0.646549	0.353451	A Journey to Another World:The Relay Translation of Iron World ヴェルヌから包天笑まで Hung-Shu CHEN 『鉄世界』の重訳史台北市立大学 Correspondence Hung-Shu CHEN ,Email: redyamchen@gmail.com Bao Tianxiao (1876-1973) is often discussed as a translator and as a sensation novel writer. Regarding his translations, researchers have mostly focused on his education fiction. However, he also translated several science fiction (SF) novels in his early career. In fact, the first novel he translated was Iron World, an SF novel indirectly translated from Jules Verne’s Les Cinq Cents Millions de la Bégum. Iron World is the focus of this study for several reasons. It is the first book that Bao translated independently, without help from his colleague, and marks the start of his SF translations, which led to him writing his own SF stories a few years later. Next, the source text of his translation is a Japanese version of the novel, which initiated him into the world of Japanese novels in which he started to search for materials to translate. Finally, the details of this relay process have remained unknown, and after my investigation of the publication information and careful comparison of several texts, I have verified that Bao’s Chinese Iron World was translated from the Japanese Iron World by Morita Shiken (1861-1897) and that the Japanese rendition was in turn derived from The Begum’s Fortune, W. H. G. Kingston’s direct English translation of Verne’s French original. This relay process became the first model for Bao’s relay translation pattern. Investigating the journey of the text from Europe to America and then to Asia, as well as his strategies and influences, would help to further the studies on Bao Tianxiao and to attract more researchers to value his contribution to SF translation in late Qing China. Keywords: Bao Tianxiao, science fiction, translation history, Iron World, Jules Verne キ―ワ―ド: 包天笑, 科学小説, 翻訳史, 鉄世界, ジュールヴェルヌ	cc/2021-04/en_middle_0030.json.gz/line1437
__label__cc	0.671596	0.328404	// Expedition // Stations // AWIPEV Arctic Research Base // the Koldewey Aerosol Raman Lidar KARL, the Koldewey Aerosol Raman Lidar When it is dark over Ny-Ålesund, a bright green laser beam can be seen quite often, shooting from the AWIPEV observatory towards the clear sky. This beam belongs to a LIDAR system, runned by the Alfred-Wegener-Institute in Potsdam for more than 25 years. With this instrument scientists investigate the atmosphere and look for thin clouds and aerosols, tiny particles floating in the air. Aerosols are indispensable for the formation of clouds. Every water droplet within a cloud has accumulated around a tiny grain of “dust”. Clouds would only form at extremely high humidities if these cores did not exist. Scientists are most interested in the influence of aerosols on the cloud formation in the arctic. Clouds partly reflect sunlight as well as the outgoing heat radiation of the earth. Like this they affect the radiation balance and can lead to a temperature change on the surface. Therefore aerosols are an important factor for the understanding of our climate. Aerosols are manifold: They can consist of soot or sulfates from volcano eruptions, bush fires or industries. Also fine sand dust, blown by winds from deserts or sea salt staying in the air after sea spray gets evaporated manifest as aerosols. In addition even bacterias or pollen grains represent aerosols. All these particles have a life time of several days or weeks depending on their size and residence altitude. During their stay in the atmosphere, particles are carried by winds far from their origin place. Whereas most particles can be found in lower air layers up to 10 km high, other aerosols from volcano eruptions can raise far up into the stratosphere and stay for months. Such an event was recorded by AWIPEV in 2009 after a volcano in Kamtschatka (eastern russia) has released a lot af ashes. Aerosole in der Luft (Photo: René Bürgi) AWIPEV Research Base Arctic blog: 79 Degrees North AWI Observatories Movement of aerosols This video made by NASA shows the concentration and movement of aerosols in the atmosphere, simulated on the base of real weather and aerosol data. The variability of their abundance is impressive. Video: NASA Goddard Particles from middle latitudes Although air is mostly very clear around the Arctic, winds can transport particles from middle latitudes towards north. This can lead to haze situations most common in spring. Forest fires in Canada caused such an arctic haze event in July 2015. Visibility had been drastically reduced and the far mountain tops had disappeared for two days almost completely. It is remarkable when air contains that much aerosols that sun rays are visible as above a recently cut cornfield on the mainland. In the winter research with KARL is rather focussed on polar stratospheric clouds (PSC). Such noctiluscent clouds can form during polar night in altitudes between 15 km and 25 km when a huge polar vortex keeps air trapped around the poles. This way the upper air mass can stay without sunlight for weeks and might cool down below -78 °C. Then sulfuric acid, nitric acid or water ice can condensate and form clouds. This influences the ozone chemistry and can lead to serious ozone depletion. Einblick in den offenen Laser (Photo: René Bürgi) Working principle of a lidar The working principle of a lidar is quite simple: It is pretty much the same as a radar, but laser light is used instead of radio waves. Each measurement starts with a very short light pulse, less than 10 billionth of a second long. This pulse is shooting towards the clear sky with speed of light. When it hits some aerosols, a part of it will be backscattered. It travels back and a tiny fraction of it is captured by the small telescope next to the laser soon after. It is guided through optical fibre and detected by photo multiplier tubes. The lidar system does not only register the intensity of the backradiation, but also the time between pulse emission and detection. The time is proportional to the altitude of the particles. A complete altitude profile is captured by listening to the signal at the photo detector for a while after each single pulse. All data are transferred to the Alfred Wegener Institute in Potsdam via Internet, where physicist Dr. Christoph Ritter analyzes it in detail. Lidar-Luke: Der Laserstrahl verlässt das Observatorium (Photo: René Bürgi) Some facts about KARL The laser consumes a lot of energy: 30´000 Watt are used, as much as 500 60W light bulbes. Only 50 W are leaving the light source as radiation. All the rest is heat and has to be dissipated by the cooling system. 50 W does not sound much, but it is a lot for a pulsed laser: If power was measured only during the very short pulse, it would be one tenth of the power of an average nuclear power plant! A commercial laser pointer must have less than 0.001 W power. As a consequence our laser beam is so strong that one single pulse would destroy the eyes retina immediately if one was looking straight into it. Therefore laser safety goggles are compulsory. The laser beam has originally a diameter of 1 cm. It is widened up by a telescope to a diameter of 11 cm before it leaves the observatory. With this trick it widenes up less afterwards, stays longer in the narrow field of view of the telescope and measurements during daylight become possible. A part of the infrared laser light is converted and when it leaves the instrument the beam consists of three wavelengths (colors): Ultraviolet (355 nm), green (532 nm) and infrared (1064 nm). Only the green color is visible to our eyes. From the relation of the backscatter in all colors the size of the aerosols can be estimated. The laser light is polarized, i.e. only light waves oszillating in a certain direction are allowed. The polarization properties of the backscattered light can tell us something about the shape of the aerosols. Thanks to the Raman effect also the nitrogen molecules of the air backscatter some light. Thereby some of the light energy is lost and the wavelength changes. KARL also takes measurements in these wavelengths. As a result, some further corrections become possible. As the laser beam has to be parallel to the telescopes view, it is slightly tiltable. KARL emits 50 pulses per second. Therefore the beam looks continuous to our eyes. Signale vom Lidar (Photo: René Bürgi) Datenübermittlung vom Lidar (Photo: René Bürgi)	cc/2021-04/en_middle_0030.json.gz/line1439
__label__wiki	0.738731	0.738731	Home and Away : Back to the Bay Aus H&A Spoilers Australian H&A Spoilers UK H&A Spoilers Neighbours Spoilers Summer Bay Tours Showbags Australian Spoilers UK Spoilers Keep up to date with all the latest Home and Away and Neighbours spoilers and sign up to our weekly newsletter. By signing up, you give consent for Back to the Bay to use your email address for the purpose of sending you our newsletters. Home » Neighbours Spoilers » UK Neighbours Spoilers – Dipi gets the cold shoulder from Shane UK Neighbours Spoilers – Dipi gets the cold shoulder from Shane Posted on 19th December 2020 Author Chris Categories Neighbours On next week’s Neighbours in the UK, Dipi realises how much her actions have hurt Shane, as Sheila begins to forgive herself for Levi’s childhood injuries. There are only 3 episodes of Neighbours in the UK next week, airing Monday to Wednesday. The show is taking a break over the Christmas period, and will be off air until Monday 4th January 2021. Next week, Dipi bumps into Shane in Lassiters – a common occurrence when the whole family live so close, and up until now there haven’t been any major issues. They may have separated, but Shane had decided to step back and focus on himself for a while, and they’ve managed to be in the same room as each other without any major dramas. Yet next week, when a friendly Dipi asks Shane if he has heard anything from Jay, she gets the cold shoulder. She’s left her phone at home so can’t get in touch with him, so just want to check where he is, but gets a very frosty response when she tries taking to her husband. Despite everything that’s happened, it’s clear that his cold attitude takes her by surprise. They’ve been getting along recently, putting their differences aside for the sake of the kids. Yet things changed when Shane witnessed her and Pierce’s final moments together last week, seeing how emotional his departure made her. It’s knocked him back. He’s hurting and can no longer bear to be civil with her. “Can you imagine seeing your wife be so upset over another man?” Toadie asks her, when she questions if he knows what’s behind Shane’s change in attitude. For the first time, Dipi starts to realise how much her actions have hurt Shane. She had an affair after 20 years of marriage, and Shane was forced to see the two of them sharing an emotional moment together just days after it all came to light. Finally starting to feel bad for what she put him through, Dipi later comes over to apologise. She’s sorry for making him feel bad, and appreciates it must have been tough for him to watch her and Pierce’s tearful goodbye. “I’m so sorry. I don’t really know what else we can do other than keep being there for the kids as we sort ourselves out.” They’re quickly interrupted by said kids, and continue playing happy families. Has her apology been enough to convince Shane that she feels some remorse? Up until now, Yashvi has been firmly on the side of her mum, with Shane not getting any of her sympathy. Yet after she and Ned chat, Ned expresses that he sees similarities between her parents’ relationship and their own. “Shane is this perpetual screwup,” he tells her. “Dipi is always picking up the pieces and holding it together. And she resents him for it.” He sees himself the same way – he’s made almost constant mistakes in the years they’ve been together, with the Scarlett fiasco almost costing them their relationship just a matter of weeks ago. Yashvi managed to forgive Ned for all of his screw ups. Will the comparison make her start to see her dad in a softer light? What lies in store for Shane and Dipi’s relationship when the show returns in 2021? Does a remorseful Dipi actually want to get back together now that Pierce is gone for good? And will Shane be able to forgive his wife’s infidelity, or will he always see her and think of Pierce? Elsewhere, Sheila continues to be wracked with guilt as she sees Nathan struggling in his wheelchair. While he seems to be recovering fine and is in good spirits, Sheila only sees a man in pain and can’t believe she’s managed to mess things up once again. She and Clive were meant to share a coffee date, having managed to get over some of their recent awkwardness. To Clive it was just meant to be a friendly coffee, but Sheila had interpreted it as something more. However, she cancels on Clive after seeing Nathan’s struggles, thinking she doesn’t deserve a second chance. She continues to leave a wake of destruction wherever she goes, and believes Clive deserves better than that. In an effort to make amends, she pays Nathan a visit in his hospital room, telling him she hates what she did to him. “I never used to think I was a bad person,” she tells him, “but I just keep doing really bad things.” Nathan really does seem to be a changed man, and has no hard feelings towards her at all. Instead, he asks her if she felt guilty for not reporting him and his mates to the cops after what they did to Levi. Before she can answer, he tells her that she did the right thing – reporting them to the police wouldn’t have taken back the damage they did to Levi, but could have ended up with them in prison. Nathan assures her he would be a completely different man if she’d reported him. What she did was for the best, and it’s the reason he’s a changed man today. It seems her chat with Nathan has taken away some of her guilt. With that behind her, she’s more willing to aim for a reconciliation with Clive. When they bump into each other in the hospital, Clive offers to take her out to dinner at The Waterhole. Obviously, she interprets this as a date, and is excited at a chance to rekindle their spark. So when she turns up that evening and finds she’s sharing her man with Jane, she’s bitterly disappointed! Yet when Neighbours returns to UK screens in 2021, she’s in for an even bigger shock, as Clive ends up in bed with another woman… Neighbours returns to UK screens on Monday 4th January 2021. Here’s the full spoilers for the final week of Neighbours in the UK: Monday 21st November (8505) Nicolette sees that Audrey is becoming very involved in the community and fears this will lead to their secret being exposed. Chloe doesn’t know what to make of Pierce’s warning. Aaron doesn’t believe a word for it, but David fears it may be true and Paul believes it wholeheartedly. Tuesday 22nd November (8506) Kyle learns that Bossy’s brain tumour has returned so decided to fly back to Germany for one last cuddle. Nicolette stews over Audrey’s budding romance with Toadie, planting a seed of doubt with Karl that Audrey is obsessive and Toadie should be cautious. Sheila mistakes Clive’s kindness for romantic interest. Wednesday 23rd November (8507) Sheila is determined to rekindle her relationship with Clive. Hendrix is furious to learn that Ollie was the one who reported him for driving unlicensed. Bea learns from Roxy that Levi still has feelings for her. Sign up to the Back to the Bay newsletter and receive weekly news and spoilers direct to your inbox. Newsletter Sign up to our newsletter and we'll email you once a week with the latest show news and site updates. Follow us on Twitter Get the latest BTTB updates and Home and Away news first by following us on Twitter. New Home and Away promo promises year “Bigger and Better Than Ever” 18th January 2021 Neighbours Spoilers – Brent and Emmett return to Erinsborough 18th January 2021 UK Home and Away Spoilers – Angelo arrests Colby! 16th January 2021 UK Home and Away Spoilers – Alf considers leaving Summer Bay 15th January 2021 Home and Away Merch Get a Summer Bay beach bag, beach towel, cap, sunglasses and water bottle! News and Spoilers Actor activity Latest Australian Episodes Latest UK Episodes Features and Info Home and Away Tours Home and Away Showbags Opening Credits and Titles Back to the Bay About Back to the Bay How to start a blog or TV fansite Back to the Bay is an unofficial fan site and is not associated with Seven Network or Channel 5. Design and original content © Back to the Bay, 2004-2020. All rights reserved. Terms of use. Privacy Policy. Built by Rusticated. Back to the Bay Newsletter Spoilers in your inbox every weekend! You’re one click away from getting the latest Home and Away and Neighbours spoilers every weekend, totally free!	cc/2021-04/en_middle_0030.json.gz/line1441
__label__wiki	0.938273	0.938273	NewsroomBAE Systems Wins 57mm Naval Gun Contract in Mexico BAE Systems Wins 57mm Naval Gun Contract in Mexico BAE Systems has been awarded a contract to produce and deliver four 57 Mk3 Naval Guns to the Mexican Navy. “This contract award further strengthens our strong position in the naval guns market,” said Lena Gillström, managing director of Weapon Systems, Sweden, at BAE Systems. “This competitive win shows that BAE Systems’ world-leading 57mm naval gun and ammunition systems continue to be selected as the best solution for both new and existing customers around the world.” The 57 Mk3 gun is proving to be a successful product for various customers. In addition to Mexico, the 57 Mk3 is also in service with Navies and Coast Guards in the United States, Canada, Sweden, Finland, and Malaysia. The 57 Mk3 gun can fire four rounds per second and can switch immediately between ammunition types to deliver seamless targeting of air, land, and sea-based threats and provide superb survivability and tactical freedom at all levels of conflict. Series production begins immediately, with gun deliveries beginning in 2015 and continuing through 2017. Final assembly will take place at BAE Systems’ facility in Karlskoga, Sweden. Sigurlaug Forsman, BAE Systems sigurlaug.forsman@baesystems.se Kelly Golden, BAE Systems kelly.golden@baesystems.com www.baesystems.com ref: 191/2014 Katarina Tolgfors Communications Platforms & Services BAE Systems Bofors Office: +46 58 673 33 38	cc/2021-04/en_middle_0030.json.gz/line1443
__label__wiki	0.568886	0.568886	caplin : Definition, Usages, News and More caplin ka plin n very small northern fish; forage for sea birds and marine mammals and other fishes capelin capelan DOMA Ruling May Alter Campaign Finance Laws WASHINGTON, June 27, 2013 /PRNewswire-USNewswire/ -- On June 26, 2013, the U.S. Supreme Court announced its decision in the high-profile case U.S. v. Windsor, overturning the Defense of Marriage Act (DOMA). Earlier this year, members of Caplin & Drysdale'sPolitical Law Group filed a friend-of-the-court brief in that case for a bipartisan group of former Federal Election Commission officials. ... June 27, 2013 - PR Newswire via Yahoo! News capo capon capone caporetto capote capoten cappadocia capparidaceae capparis capparis arborea capparis cynophallophora capparis flexuosa capparis mitchellii capparis spinosa capped macaque cappelletti cappuccino cappuccino coffee capra capra aegagrus	cc/2021-04/en_middle_0030.json.gz/line1446
__label__wiki	0.926814	0.926814	Boca players in moving Maradona tribute to legend's daughter: 'To honour the best, you must play well' Four days on from Diego Maradona's death, Boca Juniors players returned to the pitch and were finally able to pay homage. Boca Juniors made a moving tribute to the daughter of club legend Diego Maradona during their 2-0 win over another of his former sides Newell's Old Boys on Sunday. Argentina great Maradona, regarded by many as the best footballer ever, died at the age of 60 last Wednesday. Such was his influence on the sport, homage has been paid across the world – from compatriot Lionel Messi revealing a Newell's shirt during a goal celebration earlier in the day, to Napoli confirming plans to rename their stadium Stadio Diego Armando Maradona and revealing an Argentina-inspired fourth kit in their weekend win over Roma. Boca, where Maradona spent two spells, had their Copa Libertadores clash with Internacional postponed just a few hours after the 1986 World Cup winner died, meaning the visit of Newell's to a mostly empty La Bombonera was their first game since his passing. Colombia international Edwin Cardona opened the scoring with a free-kick, before the team ran over to the sidelines and produced a Maradona jersey, laid it on the floor and applauded in front of the private box where his visibly emotional daughter Dalma was watching on. Boca coach Miguel Angel Russo, a former Argentina team-mate of Maradona, said after the game: "I knew it was going to be an uphill struggle. The phrase I used was that, to pay homage to the best in the world, you have to play well and that Boca needed to win. "It was the best way to pay homage to him, to play this beautiful sport well that he played to an incomparably high level. "We got through it in the best way. I am happy for the victory. The day has been covered by a blanket because of what Diego Maradona was as a player and person." Every Boca player wore Maradona's name on the back of their jersey throughout the match and defender Carlos Izquierdoz could not help but feel humbled. Nevertheless, he believed the team acted responsibly with respect to donning the name of one his country's most famous players. "The truth is that wearing a name like that on my shirt gave me a little embarrassment, so to speak," he told FOX Sports. "We tried to do it responsibly. I'm happy for tributes that have been paid to him everywhere. We were able to win, to show that we wanted to play – the best tribute was to give his family a win. "They were special moments. The truth is that all this generates emotion, remembering such an emblematic player who represented so much for Argentine footballer, the country. "He always put the flag on his shoulders. He deserved recognition." maradona boca juniors Previous Napoli 4-0 Roma: Napoli pay tribute to Maradona wi Next Low to continue as Germany head coach Rumours: Alaba agrees Madrid deal Salah: I want to stay at Liverpool Arteta discusses Partey 'aura' Mandzukic, Tomori set for Milan Ozil must be hungry - Wenger Report: Arsenal 3-0 Newcastle Report: Cagliari 0-2 Milan How good is Haaland? Robson: Rashford can improve Focused Pogba impresses Berbatov Premier league Ligue 1 UEFA Champions League Serie A LaLiga Bundesliga beIN SPORTS, the biggest show	cc/2021-04/en_middle_0030.json.gz/line1448
__label__cc	0.720098	0.279902	A.JAFFE Engagement Ring # MES692 Prices do not include center stone Material 14k gold 18k gold platinum Head size & Shape: 2.00 ct RD Ajaffe Metropolitan A.JAFFE’s legacy dates back to its founding in 1892. The brand’s rich heritage spans across the Jazz Age and Art Deco period, through two world wars and into a new millennium. The historic American bridal designer is recognized for its iconic Signature Shank™ and Quilted Interior™ design features that provide superior balance, a luxurious feel and minimize twisting of the ring on the finger. A.JAFFE bridal rings are known for their strength and durability, after all, each ring requires up to 80 hours to create, including extra burnishing, six polishing steps, and the construction of each prong by hand. The finishing and hand-setting workmanship are unmatched, resulting in a custom-made bridal ring that never compromises the weight of gold or platinum embodied within; a true testament to A.JAFFE’s passion for quality craftsmanship and incomparable lifetime warranty. Often, diamonds within specific grades don’t meet A.JAFFE’s criteria for the same grade. The brand’s strict diamond grading system is why there is a difference between grading and A.JAFFE grading. Lastly, A.JAFFE’s use of nickel-free gold makes its rings hypoallergenic. Today, A.JAFFE is one of the only 19th century jewelers ...	cc/2021-04/en_middle_0030.json.gz/line1451
__label__wiki	0.683356	0.683356	Honey and Lemon Recommended Over Cough Medicines It certainly came as an utter surprise when a leading body of doctors in the United Kingdom, the Royal College of General Practitioners made news in mid Oct 2014 by declaring that cough medicines were a waste of money, and that it was better off making your own cough mixture at home with honey and lemon. I had assumed that only homeopathic doctors would recommend honey home remedies and had never expected that those doctors would actually dismiss an over-the-counter health medicine that is worth £3 billion in sales every year. An online buzz was instantly created by dozens of top digital health news portals reporting there was little point in spending on cough syrups. Most of the news sources covered the interview with Dr Tim Ballard, vice chairman of the RCGP, who made these statements: "The medical evidence behind cough medicines is weak and there is no evidence to say that they will reduce the duration of illnesses - as such, GPs are unlikely to prescribe them." He also backed the NHS Choices website, which advised, "There's no quick way of getting rid of a cough caused by a viral infection. It will usually clear up after your immune system has fought off the virus... The simplest and cheapest way to treat a short-term cough may be a homemade cough remedy containing honey and lemon. The honey is a demulcent, which means it coats the throat and relieves the irritation that causes coughing." Previous studies that supported the claims of effectiveness of cough mixtures were deemed as low quality. It was reported that many cough syrups contained high doses of sugar, with one week's dose of some syrups containing as much sugar as five Mars chocolate bars. It is also known that most cough medicines contain dextromethorphan (DXM), an active ingredient that is psychoactive (mind-altering) when taken in higher-than-recommended dosages. Of course, drug firms were quick to react to the RCGP's view that cough syrups are placebos and defended that all medicines had been tested and approved for safety and efficacy by the Medicines and Healthcare products Regulatory Agency (MHRA) before they could be made available to consumers. They maintained the following stance: "OTC products on the UK market have successfully demonstrated their efficacy through decades of use by millions of consumers, and their acceptance by the MHRA, which independently reviews the clinical evidence, means people can continue to rely on them when treating themselves and their children." But I still wonder why general practitioners would deliver such a damning blow to the pharmaceutical industry when they are paid for writing prescriptions of medicines supplied by Big Pharma. And has the RCGP has ever refuted the efficacy of cough mixtures before? Is this their first open dismissal of these medicines in decades? Are we expecting a new alternative drug to dextromethorphan? Other Related Pages 1. Looking for an effective home remedy for cough? Tastiest Home Remedy For Cough: Honey 2. Buckwheat honey, nature's superfood, is considered as one of the best medicine for cough. Read: Why Eat Buckwheat Honey? End of "Honey and Lemon Recommended Over Cough Medicines". Back to "Tastiest Home Remedy For Cough: Honey".	cc/2021-04/en_middle_0030.json.gz/line1452
__label__wiki	0.855965	0.855965	Home » Report from Israel: NanoPass, GSK get grant for new vaccine delivery method Report from Israel: NanoPass, GSK get grant for new vaccine delivery method Medical Device Daily Correspondent ZICHRON YAAKOV, Israel – Start-up NanoPass Technologies (Haifa, Israel) reported that it, together with Glaxo-SmithKline’s (GSK; London) Biopharmaceutical Center of Excellence for Drug Discovery, has secured a 450,000 grant from the Britech Foundation to optimize its new MicroPyramid method of vaccine delivery. The technology holds promise to effectively and painlessly administer vaccines intra-epidermally, where they can be most effective. “Conventional needles are too large to do this, and other transdermal technologies are either incapable of or are inefficient at delivering large molecules,” said NanoPass founder Shuki Yeshurun. “MicroPyramid technology may be able to lower the dose required to provide the same immune response, reduce the need for booster shots, and potentially improve the protection rate by stimulating multiple immune pathways.” From 36 to 200 micro-needles are packed into a 6 mm-wide, silicon chip-based array. Each micro-needle is less than a half-millimeter in diameter. NanoPass is a hybrid firm between biotechnology and nanotechnology, leveraging its microchip discoveries that are bundled into the MicroPyramid delivery device. Two months ago, the company signed an agreement with GSK’s Biopharmaceutical Center of Excellence for Drug Discovery to develop the MicroPyramid for delivery of vaccines. NanoPass CEO Yotam Levin, MD., said that grant, “will support our development efforts for the next two years and allow us to expedite our progress.” “This is a perfect example of the benefits to be gained through UK-Israel collaboration, harnessing synergistic technologies,” said Britech Foundation chief executive Tony Warwick. Britech is a bilateral UK and Israel government organization that has supported more than 30 collaborative R&D ventures since its founding in 1999. Britech’s initial five-year charter was renewed by the two governments late last year. Two new funding programs will be announced soon under the Britech 2 initiative. NanoPass, founded in 2000, is venture-backed by the Ofer Group. It has several active collaborations in various application fields and is about to launch a new round of financing. First birthday, first financing round Flexicath, a start-up firm operating in the Misgav Technology Center in the Galilee, has raised $380,000 in its first financing round from Trendlines International Ltd., a private investor. Flexicath General Manager Ronen Radomski, with R&D Director Shai Amishar and Medical Advisor Paul Froom, founded the company less than a year ago. The company is developing an intravenous catheter that can remain inserted in a vein for up to 20 days by a fairly simple procedure, avoiding repeated insertions during the period of treatment, and significantly reducing procedure costs, infection risks and vein punctures. It is completing production of its prototype for use in clinical trials at Meir Hospital (Kfar Saba, Israel), which are scheduled to begin before this summer. Flexicath says 100 million intravenous drug treatments are carried out every year worldwide. Elron adds to device firm holdings Elron Electronic Industries’ (Tel Aviv, Israel) report last week that it was investing $2.9 million in start-up NuLens (Herzliya, Israel), adds to Elron’s portfolio of holdings in Israeli device companies. NuLens is developing a fully accommodative intraocular lens with more than 10 diopters of demonstrated accommodative power, and is aiming for 30 diopters. It currently is in pre-clinical trials with its lens, made of soft polymer encased in a flexible membrane. With its anticipated 25% holding in NuLens after two installments are completed, Elron will have substantial holdings in Impliant (28%), Notal Vision (26%), Oncura (25%), Galil Medical (20%), Given Imaging (15%) and InnoMed (14%).	cc/2021-04/en_middle_0030.json.gz/line1454
__label__wiki	0.940457	0.940457	Wafra Head Of Real Estate Fired Over Sexual Harassment Claims New York View count: June 5, 2018 Miriam Hall, Bisnow New York City Tim Wang for Bisnow Former Wafra Executive Vice President Frank Lively, pictured in February 2017 The investment arm of the Kuwaiti government has fired its head of real estate, Frank Lively, following allegations he sexually harassed and discriminated against a female vice president at the company for six years. Sabine Kraut, a vice president on Wafra’s Real Estate Acquisition team, filed a complaint with the Equal Employment Opportunity Commission June 1 against Lively and Wafra. She is seeking unspecified damages. In the filing, which Bloomberg first reported, Lively is accused of subjecting her to ongoing sexual harassment, which includes sending her messages to her personal phone, forcibly kissing her and putting his hand up her dress. Many of Kraut's claims focus on Lively's behavior during business trips to the Gulf, where Wafra is based, and Europe, in which she claims Lively would insist on sitting next to each other on planes, booking adjacent hotel rooms and make inappropriate advances. She also says she was unfairly overlooked for higher positions while men in the company around her were promoted. In one instance in the claim, she said Lively promoted three male vice presidents to director "to earn respect" in the industry, but denied Kraut the same promotion because "then he would have to promote two other women and he did not want to promote two other women to keep the group's gender balance." In her complaint, she said Lively visited her at her home and she feared for her safety. She also accuses her of sending letters and poetry. In 2012, he sent her a letter saying she was “hot as a firecracker” and included a firecracker with the note. Lively was fired April 30 after Kraut reported her complaint, but she said she has been punished since for reporting his behavior, including being left out of meetings for projects she had previously been working on. Lively's replacement, according to Kraut's suit, is Lively's "close personal friend" Yvonne Compitello. Accompanying the claim, Kraut submitted screenshots of her BlackBerry messenger chains with Lively, a transcript of a recording she took of a conversation in which Lively professed his feelings for her, and a love letter in which Lively called Kraut "my friend, my love, my frustration, my hope, but still always my schatzie," a German term for "darling." “No one should be subjected to this kind of crude and demeaning behavior,” Walden Macht & Haran's Milton Williams, Kraut’s attorney, said in a statement. “Ms. Kraut made it clear for many, many years that she had no feelings for Mr. Lively and, as a result, was denied professional advancement at the firm.” A spokesperson for Wafra told Bloomberg the company was informed of the allegations in April, and that Lively was fired after an internal review. In recent months there have been several gender discrimination and sexual harassment lawsuits filed against senior male members of the New York real estate industry. Last month, tenant representative firm Cresa reached a settlement with a former broker who sued the firm, claiming that she had been discriminated against, harassed and denied promotions because of her gender and sexuality. A former creative director at The Lightstone Group filed a suit in April, saying that she was fired after she took time to be with her daughter over the Rosh Hashanah weekend, and that the firm’s president, Mitchell Hochberg, sexually harassed her. Lightstone has filed a response in court, denying the allegations. Contact Miriam Hall at miriam.hall@bisnow.com Related Topics: Wafra Investment Advisory Group, sexual harassment, #metoo, Frank Lively, Sabine Kraut	cc/2021-04/en_middle_0030.json.gz/line1455
__label__wiki	0.859794	0.859794	4.17 (55,241 ratings by Goodreads) By (author) Michael Connelly Hardback US$33.06 CD-Audio US$20.64 In his fierce search for a new case, Detective Harry Bosch discovers a killer hiding behind suspicious DNA evidence -- and a political conspiracy that could destroy the Los Angeles Police Department. DNA from a 1989 rape and murder matches a 29-year-old convicted rapist. Was he an eight-year-old killer or has something gone terribly wrong in the new Regional Crime Lab? The latter possibility could compromise all of the lab's DNA cases currently in court. Then Bosch and his partner are called to a death scene fraught with internal politics. Councilman Irvin Irving's son jumped or was pushed from a window at the Chateau Marmont. Irving, Bosch's longtime nemesis, has demanded that Harry handle the investigation. Relentlessly pursuing both cases, Bosch makes two chilling discoveries: a killer operating unknown in the city for as many as three decades, and a political conspiracy that goes back into the dark history of the police department. Publisher Time Warner Trade Publishing Imprint Warner Books Inc Publication City/Country New York, United States Bestsellers rank 86,299 The Last Coyote Michael Connelly CD Collection 2 The Concrete Blonde The Black Ice Michael Connelly Compact Disc Collection 1 The Black Echo Untitled Connelly 5 of 5 The Black Echo / the Black Ice Lost Light La Rubia del Hormigon Pasaje al Paraiso "Mr. Connelly, a former journalist, is a master of mixing realistic details of police work and courtroom procedure with the private feelings and personal lives of his protagonists, and of building suspense even as he evokes the somber poetry inherent in battling the dark side."--Tom Nolan, Wall Street Journal About Michael Connelly Michael Connelly is a former journalist and the author of the #1 bestsellers The Reversal, The Scarecrow, The Brass Verdict and The Lincoln Lawyer, the bestselling series of Harry Bosch novels, and the bestselling novels Chasing the Dime, Void Moon, Blood Work, and The Poet. Crime Beat, a collection of his journalism, was also a New York Times bestseller. He spends his time in California and Florida. 5 37% (20,594) 3 15% (8,426) 2 2% (949)	cc/2021-04/en_middle_0030.json.gz/line1462

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