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Switzerland: Credit Suisse Emergency Liquidity Program, 2023, Jack French, Owen Heaphy, Steven Kelly

Journal of Financial Crises

Credit Suisse (CS) faced multiple challenges leading up to March 2023 including a significant outflow of client funds in the fourth quarter of 2022 and reputational loss resulting from a number of scandals in the preceding years. On Wednesday, March 15, 2023, shortly after two high-profile bank failures in the United States, a high-ranking official of the Saudi National Bank, a major shareholder, publicly said it would not provide any more capital for the company. Despite a joint statement from the Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) that CS was in compliance with capital …

Spain: Caja De Ahorros Castilla–La Mancha Emergency Liquidity Assistance, 2009, Vincient Arnold, Lakshimi Swaminathan

Journal of Financial Crises

Following years of rapid credit expansion in the real estate sector and reliance on wholesale funding between 2000 and 2008, Caja de Ahorros de Castilla–La Mancha (CCM) found itself on the brink of insolvency in early 2009. Normally, a Eurosystem bank in CCM’s position would turn to the European Central Bank (ECB) to obtain liquidity through its standing financing facilities, but CCM lacked eligible collateral to tap them. Consequently, in February 2009, the Bank of Spain (BoS) provided emergency liquidity assistance (ELA) of EUR 900 million to CCM, secured against CCM assets, to help meet its liquidity needs. In March, …

Russia: Otkritie Emergency Liquidity Program, 2017, Benjamin Hoffner

Journal of Financial Crises

In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced deposit runs related to concerns over Otkritie’s recent acquisitions, including a large, troubled bank and insurance company. The runs prompted Otkritie to heavily rely on the Central Bank of Russia’s (CBR’s) standing fixed-rate repurchase agreement (repo) facility to meet the outflow. By July, Otkritie had RUB 338.1 billion in outstanding repo loans from the CBR. As depositors continued to withdraw funds in August, the CBR provided Otkritie with an unsecured emergency loan of RUB 330 billion while Otkritie continued to borrow from the repo facility. On August …

Moldova: Consortium Of Banks Emergency Liquidity Program, 2014, Vincient Arnold

Journal of Financial Crises

In the fall of 2014, a bank fraud involving illegal loans and transfers resulted in USD 1 billion being stolen from the government of Moldova, which amounted to more than an eighth of Moldova’s GDP. In September 2014, it became clear to the National Bank of Moldova (NBM) that the banks involved in the fraud—Banca de Economii, Banca Sociala, and Unibank—were deeply insolvent and had been hiding that fact from regulators. In late November, the NBM issued 9.4 billion Moldovan lei (MDL; USD 640 million) in emergency credit to the banks at an interest rate of 10 basis points against …

Latvia: Parex Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Heading into the Global Financial Crisis, JSC Parex banka was Latvia’s second-largest bank in terms of assets, comprising 13.8% of total assets in the Latvian banking sector. In autumn 2008, Parex faced a capital shortfall owing to massive credit and market losses in addition to liquidity problems and deposit runs of 240 million Latvian lats (LVL; USD 428.6 million). Parex had two senior syndicated loans maturing in February and June 2009, totaling EUR 775 million (USD 992 million). Latvian authorities said they doubted that Parex would be able to pay back, extend, or replace these loans. Authorities intervened at the …

Ireland: Anglo Irish Bank Emergency Liquidity Assistance, 2009, Salil Gupta, Mahdi Khairallah, Nik Adlina Nik Moktar

Journal of Financial Crises

At the height of the Global Financial Crisis in September 2008, Anglo Irish Bank (Anglo), one of Ireland’s six core banks, specializing in commercial and residential real estate with EUR 101.3 billion in assets, faced severe losses. Irish authorities announced a blanket deposit and liability guarantee for the six banks including Anglo. At the same time, Anglo was offered standby liquidity facilities of EUR 3 billion from the Central Bank of Ireland (CBI) and EUR 10 billion from the two largest Irish commercial banks, which were not drawn on at the time. Anglo was nationalized in January 2009, as deposit …

Italy: Banco Ambrosiano Emergency Liquidity Program, 1982, Kopal Ardimento

Journal of Financial Crises

On June 14, 1982, prompted by the disappearance of Banco Ambrosiano (BA) CEO Roberto Calvi, the Bank of Italy opened an investigation into BA, which revealed to the market BA’s 1.9 trillion–2.2 trillion Italian lire (ITL; USD 1.4 billion–USD 1.6 billion) in questionable foreign loans. The Treasury Ministry deemed intervention necessary because BA’s collapse would compromise the credibility of the Italian banking system abroad. Attempts to appeal to the Vatican Bank to honor guarantees it had made against these foreign loans failed. The Bank of Italy worried that runs on deposits would further impair BA while authorities explored alternatives to …

Indonesia: Bank Century Emergency Liquidity Program, 2008, Vincient Arnold

Journal of Financial Crises

By the autumn of 2008, the effects of the Global Financial Crisis of 2007–2009 had struck Indonesia, as liquidity in interbank markets dried up, capital flows reversed, and economic growth slowed. On October 30, 2008, Bank Indonesia—the central bank of Indonesia—passed Regulation No. 10/26/PBI/2008, establishing a Short-Term Funding Facility for Commercial Banks (SFF). On October 31, 2008, the capital adequacy ratio of Bank Century, a relatively small Indonesian bank, was –3.35%. On November 14, 2008, after Bank Century failed to conduct payment clearing the day before, Bank Indonesia approved Bank Century for access to the SFF and began disbursements of …

Iceland: Kaupthing Emergency Liquidity Program, 2008, Sophia Alden, Léo Brougher

Journal of Financial Crises

Following the privatization of Iceland’s state-owned banks between 1998 and 2003, the three largest banks in Iceland—Glitnir, Landsbanki, and Kaupthing—grew rapidly, with consolidated assets increasing from 100% of Iceland’s GDP in 2004 to nearly 900% by the end of 2007. Initially, this growth was funded by debt issuances in the European medium-term note market; however, as cracks in the international financial system appeared in 2006, the banks turned to offering high-interest savings accounts through their foreign subsidiaries. Beginning in October 2006, Kaupthing launched “Kaupthing Edge,” an online savings and deposit platform operating in markets outside Iceland. When the United States …

Germany: Ikb Deutsche Industriebank Emergency Liquidity Program, 2008, Ayodeji George, Sophia Alden

Journal of Financial Crises

In the summer of 2007, IKB Deutsche Industriebank (IKB) faced heavy losses owing to the liquidity support it had provided on commercial paper issued by Rhineland Funding Capital Corporation, its off-balance-sheet vehicle, which held distressed collateralized debt obligations backed by US subprime mortgages. In July 2007, authorities became aware that IKB itself had lost access to liquidity from Deutsche Bank and other funding partners. Publicly owned development bank Kreditanstalt für Wiederaufbau (KfW) held a 38% stake in IKB, exposing it to potentially heavy losses in the event of an IKB failure. KfW, German financial authorities, and German banks pursued a …

Cyprus: Laiki Bank Ad Hoc Emergency Liquidity Assistance, 2011, Stella Schaefer-Brown

Journal of Financial Crises

Following the European Union’s decision to restructure Greek debt in October 2011, Laiki Bank’s depositors began to withdraw their funds from the bank in growing numbers after it reported that its portfolio of Greek government bonds had lost EUR 2.3 billion in value. Beginning October 2011 and lasting until the bank’s resolution in 2013, Laiki Bank requested and received emergency liquidity assistance (ELA) from the Central Bank of Cyprus (CBC) so that the bank could continue to fund itself as depositors withdrew their funds. In June 2012, Cypriot authorities recapitalized Laiki Bank, and the government became an 84% shareholder. From …

Denmark: Roskilde Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Roskilde Bank A/S (Roskilde) was the eighth-largest bank in Denmark at the time of the Global Financial Crisis, with approximately 43 billion Danish kroner (DKK; USD 9.1 billion) in consolidated assets as of March 2008. Roskilde had considerable exposure to real estate and construction firms, prompting ratings downgrades and larger write-downs than expected in July 2008. On July 10, 2008, Roskilde asked for liquidity assistance from the Danish central bank, Danmarks Nationalbank (DNB). Later that day, DNB and the banking sector’s self-insurance group, the Private Contingency Association (PCA), announced emergency liquidity assistance to Roskilde in the form of an unlimited …

Canada: Canadian Commercial Bank Emergency Liquidity Program, 1985, Adam Keanie, Léo Brougher

Journal of Financial Crises

In March 1985, the Canadian Commercial Bank (CCB)—Canada’s 10th largest bank, with CAD 2.9 billion in assets—reported to the Office of the Inspector General of Banks (OIGB) and the Bank of Canada (BoC) that CCB would not survive owing to large losses on its United States energy loans portfolio. In response, the BoC assembled an emergency CAD 255 million rescue package, secured through contributions from a consortium composed of the federal government, the provincial government of Alberta, the Canadian Deposit Insurance Corporation, and Canada’s six largest banks. Despite the BoC’s reassurances, including a public announcement promising virtually unlimited liquidity support, …

Ad Hoc Emergency Liquidity Programs In The 21st Century, Steven Kelly, Vincient Arnold, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 22 case studies of 21st century instances when financial crisis-fighters implemented ad hoc emergency liquidity (AHEL) interventions, interventions designed to provide liquidity to a troubled institution that the authorities believe is systemically important. While emergency liquidity support is often introduced with the real or communicated intention of preventing illiquidity from leading to insolvency, the liquidity crisis should instead be viewed as the manifestation of the market’s assessing the firm as nonviable as a going concern. For that reason, authorities should provide AHEL assistance only to institutions that they have deemed viable or that they have committed to …

Brazil: Banco Btg Pactual Emergency Liquidity Program, 2015, Vincient Arnold

Journal of Financial Crises

On November 25, 2015, André Esteves, then CEO of Banco BTG Pactual, a large Brazilian investment bank, was arrested by Brazilian authorities in connection with suspected involvement in a corruption scandal. Although the arrest did not involve BTG in any capacity and Esteves was later acquitted, the company’s stock quickly collapsed and depositors and other creditors rushed to reduce their exposures to the company. Depositors withdrew certificates of bank deposits, which BTG relied on to fund its daily operations. By November 27, BTG shares had fallen 26%. On December 2, the top seven shareholders of BTG took control of the …

Fighting "Fear Itself": The Bank Holiday Of March 1933, Matthew Jaremski, Gary Richardson, Angela Vossmeyer

Journal of Financial Crises

In the month preceding Franklin Roosevelt’s inauguration, a panic overwhelmed the U.S. banking system. Immediately after assuming office, Roosevelt declared a nationwide bank holiday and vowed to reopen only sound banks. Five days after the holiday ended, nearly 11,000 of the nation's more than 18,000 commercial banks had reopened. Nearly 4,000 never reopened or had to be reorganized. The holiday is often credited with helping reestablish financial stability, but little is known about the mechanisms underlying the reopening process and the way in which payment systems were restored. We detail the process of reopening the banking system using narrative records …

Containing Runs On Solvent Banks: Prioritizing Recovery Over Resolution, Edoardo David Martino, Enrico C. Perotti

Journal of Financial Crises

The sudden banking defaults in the spring of 2023 proved current prudential norms insufficient to prevent bank distress. Capital and liquidity norms need to be adjusted. The experience also shows how a lack of credible supervisory tools led to forbearance and finally chaotic public bailouts. An intervention gap arises when viable but undercapitalized banks are at the mercy of runs. Once outflows start to escalate, all that is left is to prepare for resolution and assign losses. We call for new Pillar II – i.e. activated by the supervisor – stabilizing measures, as contingent capital and liquidity tools.

A timely …

Parenting Styles And Help-Seeking Behaviors, Magenta Thai

Student Academic Conference

Abstract: Entering college is a major life-changing milestone for many students that may introduce new stressors that have not been experienced before, causing mental or psychological turmoil. In place to combat this are various counseling services free for college students. Minnesota State University Moorhead offers a wide variety of student services, including in-person appointments or free memberships with mobile apps that can offer personalized care based on the student's needs or struggles. Although college campuses provide students with these services, there are low usage levels observed in previous research. To explore a potential reason college student do not utilize these …

Analysis Of Cybersecurity Threats And Mitigation Strategies: Theory In To Practice, Project Proposal, Fransly Dutervil

Student Academic Conference

Cybersecurity threats pose significant risks to individuals and organizations, leading to data breaches, financial losses, and operational disruptions. This presentation explores key threats such as malware, phishing, DDoS attacks, insider threats, and zero-day exploits. It also discusses mitigation strategies, including network security measures, multi-factor authentication, encryption, and incident response planning. Through case studies of real-world cyber incidents, we highlight lessons learned and best practices to strengthen security defenses. The goal is to enhance awareness and promote proactive cybersecurity measures in an increasingly digital world.

Impacts Of Macroeconomic Factors On Sector Dynamics & Portfolio Optimization Strategies, Hunter Timmons, Lucas Sobczak

Liberty University Research Week

This research evaluates the effects of leading and coincident economic indicators on economic sector dynamics and portfolio management strategies. Through the analysis of prominent economic indicators, specifically those accounted for in the Leading Economic Index (LEI) and the Coincident Economic Index (CEI), this study seeks to derive statistically significant correlational values to aid in the portfolio optimization endeavor. Ultimately, this study seeks to address the research question: “How do fluctuations in the Leading Economic Index and the Coincident Economic Index relate to the performance of various economic sectors? Our hypothesis postulates that economic sectors display consistent dispersive tendencies in periods …

Fi-Fractured Policy: Problematic Preemption Provisions Under The Epa's Fifra, Eric Mathemeier

Liberty University Research Week

The American people have long believed that nutrition is the only factor they should consider when purchasing produce. However, Americans are starting to worry that pesticides are infiltrating their food, namely their fruits and vegetables, and they would not be incorrect. Across many studies, surveys consistently find that 60% of Americans believe pesticides are bad for their health, and the same number of people have admitted to refraining from buying produce due to pesticide labeling. Only one in four Americans trust the Federal Government with the responsibility of trustworthy and safe pesticide use.

Because of this, the Environmental Protection Agency, …

A Quantitative Study Teaching De-Escalation With Virtual Reality Simulation To Associate Nursing Students Measuring Effectiveness, Learning, And Confidence, Michele Marbet

Liberty University Research Week

Workplace violence against nurses is a critical global public health issue, with one in four nurses reportedly experiencing physical assault by patients. This quantitative quasi-experimental, pretest-posttest study aimed to assess the effectiveness of virtual reality simulation as a teaching strategy for de-escalation education in associate nursing students (N = 29) perception in learning and confidence. The study utilized the Simulation Effectiveness Tool-Modified (SET-M) instrument to measure outcomes guided by Kolb's experiential learning theory and the NLN Jeffries simulation theory. The learning variable demonstrated significant improvement as confirmed by paired t-test analysis (p < .01). For the effectiveness and confidence variables, which violated assumptions of normality, a comprehensive statistical approach was implemented. Analysis included parametric testing via paired t-tests, supplemented by nonparametric methods (Wilcoxon Signed-ranks test and Sign test) to ensure statistical rigor. The cumulative results across all three statistical tests consistently demonstrated significant improvements (p < .001). Effect size calculations revealed medium to large significance for all variables measured by Cohen’s d. The conclusive findings of this research to reject all three null hypotheses suggest that virtual reality simulation is an effective teaching strategy for developing de-escalation skills, enhancing both learning and confidence among associate nursing students. Future studies are needed to further validate and expand upon the findings of the current research, potentially leading to more widespread adoption of virtual reality simulation in nursing education for teaching de-escalation.

Influence Of Pathogen Carbon Metabolism On Host Immunity, Bright Danso

Liberty University Research Week

Cryptococcus neoformans is an emerging fungal (yeast) pathogen worldwide that causes cryptococcal meningoencephalitis and also responsible for life-threatening diseases of the lungs and skin. In this study, we assessed the production of host immune signals in response to infection with carbon assimilation mutants of C. neoformans to better understand the relationship between pathogen carbon metabolism and virulence. We focused on experimentally creating mutation in pyruvate kinase (pyk1∆), previously shown to have marked deficiencies in virulence without rapid clearance from the host. Cytokine production was investigated both in vivo and ex vivo using cultured macrophages. We furthermore employed additional carbon utilization …

Lived Experiences Of Ukrainian Nursing Students In The Us: A Transcendental Phenomenological Study, Katherine Ferrell

Liberty University Research Week

The Russian-Ukraine war has forced people to take asylum in other countries. During this time over 20 young people from Ukraine were recruited by a faith-based university to study nursing in the US. International students studying in Higher Education Institutes in the US can have many challenges such as cultural and language adaptation, financial struggles, loneliness, and more. A gap exists in the knowledge of the lived experiences of Ukrainian nursing students in the US. A transcendental phenomenological study was performed to explore the lived experiences of Ukrainian pre-licensure nursing students at a mid-western nursing program. Albert Bandura’s Social Learning …

Simulation-Based Design Optimization Of Active-Control Rocket Canards In Subsonic Flight, Simon Babcock, Christopher Jaus, Evan Carmello, Judah Finley, Kaelyn Haynie, Robert Rivera, Samuel Worthington, Zizai Liu

Liberty University Research Week

Rocket canards are small, vertical control surfaces located above a rocket's main rear fins, typically just below the nosecone, providing active-control maneuverability during flight. When an internal mechanism rotates the canards about their center relative to the rocket air frame, they achieve an angle of attack and produce a lifting force perpendicular to the airflow and tangential to the curvature of the air frame. This lifting force causes a moment relative to the rocket's center of gravity along both the roll and pitch axes, which can be used to stabilize the rocket mid-flight by providing corrective adjustments to the rocket's …

Community Health Assessments And Community Health Worker Training In Rural Guatemala, Grace Sibert

Liberty University Research Week

Public health plays a vital role in the health and well-being of communities, both within the United States and globally. In rural regions, particularly in Central America, addressing prevalent health issues such as hypertension, elevated blood glucose, anemia, and the promotion of sustainable care practices is of integral importance. Community Health Assessments (CHAs) serve as a critical tool for identifying and understanding local health needs, and Community Health Worker (CHW) training offers a sustainable solution to address these challenges.

This research builds upon previous CHAs and CHW training initiatives in Guatemala and Honduras. Data collection involved structured questionnaires and biometric …

Love Thy Neighbor: A Content Analysis Of Nextdoor™ Posts Discussing The Homeless Population In Spokane, Olivia Harrington

Diversity & Social Justice in Education Conference

Homelessness, as it is portrayed in American media (e.g. news, social media, films, television) is riddle with misinformation and stereotype application. These stereotypes place individual blame on those experiencing homelessness, claiming that they are drug addicts, violent, and not worthy of help. 61% of Americans have not researched homelessness on their own, meaning they solely depend on media for their information (National Alliance to End Homelessness, 2024). Furthermore, research has provided evidence that this culturally dominant messaging impacts Americans’ level of empathy and willingness to support policies of care (e.g., Medicaid, food stamps, shelter services) (Johnson et al., 2009). This …

Jmer Volume 13 Full Issue, Senior Editor

Journal of Multilingual Education Research

No abstract provided.

Awareness And Attitude Towards Climate Change Of Cycle 2 And Cycle 3 Students In Al Ain, United Arab Emirates, Hana Abdelrahim Hamdan

Thesis/ Dissertation Defenses

Understanding and addressing climate change is a critical area of knowledge that students must grasp and integrate into their educational journey. This study investigates climate change awareness and attitudes among Cycle 2 and Cycle 3 students in Al Ain, United Arab Emirates. The main purposes of this thesis are to identify the student’s overall level of awareness of climate change, examine their attitudes toward climate change, identify the relationship between students’ awareness and attitudes toward climate change, and assess the impact of student's educational level and gender on their awareness of climate change. The present study uses a mixed methods …

Steganography In Svg Image Files, Tyler Garrett, Christopher Jaus, Kaelyn Haynie

Liberty University Research Week

This research discusses the practical application of steganography within the missionary field. Steganography has had many variations throughout history and has shown promise in the modern era. This research specifically looks into the use of steganography within Scalable Vector Graphic (SVG) image files. The presented research will briefly introduce steganography, provide historic examples of steganography, explain how it can be used within the context of SVG images, and discuss the modern application to the missionary field.