Public Affairs, Public Policy and Public Administration Commons^™

Netherlands: Sns Reaal Capital Injection, 2013, Ayodeji George

Journal of Financial Crises

The property finance division of SNS Reaal N.V., a financial conglomerate comprising SNS Bank, the fourth-largest Dutch bank, and Reaal Insurance, the second-largest Dutch life insurer, was heavily exposed to losses in the real estate sector from 2008 to 2010. In January 2013, a growing bank run and the revelation of substantial losses forced the government to intervene. The Minister of Finance rejected proposals from the bank and a private equity firm, and nationalized SNS Reaal on February 1, 2013. Upon nationalizing the firm, the Dutch state injected EUR 2.2 billion into the firm in the form of ordinary shares, …

Korea: Korea First Bank And Seoul Bank Capital Injections, 1997, Jisoo Park, Owen Heaphy

Journal of Financial Crises

Korea First Bank (KFB) and Seoul Bank (SB) were two of the five largest commercial banks in Korea with high levels of exposure to conglomerates, which had high short-term foreign debt in the late 1990s. Starting in the late summer of 1997, Korea, like other Asian economies, experienced capital outflows due to international creditors’ reducing their exposures to Korean financial institutions. Banks relied on the Bank of Korea for foreign exchange liquidity support. The two banks became insolvent owing to high levels of nonperforming loans and required government recapitalization after experiencing a run in early December 1997. As financial conditions …

Japan: Nippon Credit Bank Capital Injection,1997, Owen Heaphy

Journal of Financial Crises

In 1997, Japan experienced a financial crisis caused by the bursting of a bubble in commercial real estate prices. By March, Nippon Credit Bank (NCB), the smallest of Japan’s three long-term credit banks, required government assistance due to its heavy exposure to commercial real estate and large amount of nonperforming loans. On April 1, the Bank of Japan (BoJ) announced the government’s intention to recapitalize NCB as part of a restructuring package. To facilitate the injection, Japan’s Ministry of Finance (MoF) engineered a consortium of large existing shareholders in NCB (mainly insurance companies) and the other two Japanese long-term credit …

Italy: Banca Monte Dei Paschi Di Siena Capital Injection, 2017, Benjamin Hoffner

Journal of Financial Crises

The 2017 recapitalization of Italy’s third-largest bank, Banca Monte dei Paschi di Siena (MPS), the oldest bank in the world, represents an unusual precautionary, “open bank” recapitalization under the European Union’s Bank Recovery and Resolution Directive (BRRD) rules. In 2015, the bank held the largest portfolio of nonperforming loans (NPLs) in Italy (with 34.8% of its total loans), and in 2016 it was the only bank to fail the European Banking Authority’s adverse scenario stress test, although its reported total capital ratio at the end of the year was 10.4%. To address its NPL problem, MPS agreed with the European …

Iceland: Arion Bank, Islandsbanki, And Landsbankinn Capital Injections, 2008, Ayodeji George

Journal of Financial Crises

Iceland’s three largest banks—Glitnir, Kaupthing, and Landsbanki—grew rapidly in the 2000s and failed amid depositor runs when they lost access to foreign funding markets at the onset of the Global Financial Crisis (GFC). On October 6, 2008, the Icelandic Parliament passed the Emergency Act, and authorities quickly used their new powers to nationalize the three banks. The Ministry of Finance created and capitalized Arion Bank (for Kaupthing), Islandsbanki (for Glitnir), and Landsbankinn (for Landsbanki), to hold the old banks’ performing domestic assets and all insured domestic deposits, and the prime minister assured all domestic depositors that they would be protected. …

India: Yes Bank Capital Injection, 2020, Salil Gupta

Journal of Financial Crises

In March 2020, the Reserve Bank of India (RBI) helped engineer a capital injection and restructuring of Yes Bank, India’s fourth-largest private sector bank, to prevent a run on the bank and to preserve broader financial stability. On March 14, 2020, Yes Bank received a total capital injection of 100 billion Indian rupees (INR; USD 1.34 billion) in total from the State Bank of India and a group of private sector banks (HDFC, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, IDFC First Bank). The government-owned SBI received a 48.2% equity stake, committing to contribute up to …

Greece: Piraeus Bank Capital Injection, 2015, Stella Schaefer-Brown

Journal of Financial Crises

Greek banks experienced heavy deposit outflows from December 2014 through June 2015, which led Greece to declare a bank holiday from June 28, 2015, until July 18, 2015. Greek banks’ reliance on liquidity assistance from the Eurosystem began in August 2011, with a second peak in 2015; emergency liquidity assistance was fully repaid in 2019. The European Central Bank’s Single Supervisory Mechanism, responsible for banking supervision in Europe, conducted a stress test and asset quality review of the four large Greek banks and identified a capital shortfall of EUR 4.7 billion for Piraeus Bank (the Bank) in October 2015. To …

Greece: Ate Bank Capital Injection, 2011, Stella Schaefer-Brown

Journal of Financial Crises

In 2009, ATE Bank, the fifth-largest Greek bank, received a capital injection of EUR 675 million in Tier 1 preference shares as part of a broader aid package for the bank. In August 2010, Greek authorities conducted a strategic review of Greek banks, which concluded that ATE Bank was still facing serious difficulties. In October 2010, ATE Bank submitted a restructuring plan that included the purchase of EUR 1.14 billion in new ordinary shares. Of this EUR 1.14 billion, the bank used EUR 675 million to repurchase the earlier EUR 675 million preference shares. Private investors purchased an additional EUR …

Germany: Ikb Deutsche Industriebank Capital Injection, 2008, Lakshimi Swaminathan, Rishi Vala

Journal of Financial Crises

In July 2007, investors rapidly pulled their funding from asset-backed commercial paper (ABCP) programs that held US subprime mortgage-linked securities. According to the Financial Crisis Inquiry Commission (FCIC), German bank IKB Deutsche Industriebank AG (IKB) was the “first big casualty” of that run on ABCP. It had directly and indirectly guaranteed to provide EUR 9.3 billion in liquidity to its off-balance-sheet vehicle, Rhineland Funding Capital Corporation. German authorities and the Kreditanstalt für Wiederaufbau (KfW), a state-owned German development bank, quickly took over those obligations on July 30 to keep IKB solvent and prevent it from closing. KfW also agreed to …

Germany: Hsh Nordbank Capital Injection, 2009, Anmol Makhija

Journal of Financial Crises

State-controlled HSH Nordbank AG (HSH) lost EUR 2.8 billion in 2008, mainly because of impairments to its holdings of US structured credit securities. On April 29, 2009, the German bank regulator informed HSH that it would close HSH if the owners did not recapitalize the bank to the 8% total capital ratio requirement. In June 2009, the state governments of Hamburg and Schleswig-Holstein injected EUR 3 billion (USD 3.8 billion) of capital in ordinary shares with voting rights and provided a EUR 10 billion asset guarantee, called a “risk shield,” for a 7.85% annual fee. Over the next few years, …

Cyprus: Laiki Bank Capital Injection, 2012, Stella Schaefer-Brown

Journal of Financial Crises

In 2011, Cyprus’s second-largest bank, Marfin Popular Bank—later renamed Cyprus Popular Bank, but commonly known as Laiki Bank—lost billions of euros when the Greek government restructured its sovereign debt, decimating its equity capital and shutting its access to market liquidity. In late 2011, supervisors estimated the bank’s capital shortfall at EUR 3.1 billion. In January 2012, the bank submitted a plan to the central bank that included EUR 1.8 billion of capital raised from private investors and EUR 1 billion of capital increases through debt-to-equity swaps and deleveraging. However, Laiki Bank was unable to raise private capital and asked the …

France: Bank Of France Capital Injection, 1805, Ayodeji George

Journal of Financial Crises

After receiving the exclusive right to issue bank notes in Paris in 1803, the Bank of France became a significant source of funding for the French government in early 1805, as Napoleon prepared for a key battle of the Napoleonic Wars. In the first half of 1805, the French treasury paid back loans with notes with later maturities rather than metallic money, draining the metallic liquidity reserves of the Bank of France far below levels that bankers at the time considered prudent. After the circulation of an unfounded rumor that Napoleon himself had raided the metallic reserves for the war …

Belgium: Fortis Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

In September 2008, in the wake of the freezing of credit markets caused by the Global Financial Crisis (GFC), Fortis Group, a financial conglomerate incorporated in Belgium and the Netherlands, faced depositor runs and share price deterioration. These negative consequences were a result of its exposures to US subprime mortgage-related assets and other losses from its 2007 acquisition of ABN AMRO, a large Dutch bank. Over the weekend of September 27–29, authorities from Belgium, the Netherlands, Luxembourg, and the European Central Bank (ECB) held emergency talks, resulting in the announcement of EUR 11.2 billion (USD 14.3 billion) in capital injections …

Belgium And France: Dexia Group Capital Injection, 2008, Ayodeji George

Journal of Financial Crises

Dexia Group (Dexia, or the Group) was a banking and insurance conglomerate that specialized in public financing with major operations in Belgium, France, and Luxembourg. Following the collapse of Lehman Brothers in mid-September 2008, Dexia faced a liquidity crunch as wholesale funding markets froze. Faced with insolvency concerns, authorities from the bank’s three primary markets, Belgium, France, and Luxembourg, conducted overnight negotiations to agree on capital injection terms. On September 30, 2008, authorities and the bank’s board of directors announced a EUR 6.4 billion (eventually EUR 6 billion) capital injection intended to restore Dexia’s solvency and maintain systemwide stability. The …

Austria And Germany: Hypo Alpe Adria Capital Injections, 2008, Bailey Decker

Journal of Financial Crises

Hypo Alpe Adria (HAA) was Austria’s sixth-largest bank at the time of the Global Financial Crisis of 2007–2009 (GFC), with EUR 41.2 billion (USD 29.2 billion) in total assets as of June 30, 2008. HAA pursued a growth strategy in Southeastern Europe in the years preceding the GFC, which proved troublesome for HAA’s loan portfolio and led to large write-downs in autumn 2008. HAA’s majority shareholder was a German landesbank, Bayerische Landesbank (BayernLB). On October 26, 2008, the Austrian Parliament passed a EUR 100 billion support scheme in response to the GFC, with EUR 15 billion allocated for troubled banks. …

Survey Of Ad Hoc Capital Injections, June Rhee, Benjamin Hoffner, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Government recapitalizations of systemic banking organizations can be costly and unpopular but are sometimes necessary to protect depositors and prevent financial contagion. This paper surveys 23 Yale Program on Financial Stability case studies of ad hoc capital injection programs, defined as programs that provide capital to a single institution or a clearly defined minority of institutions. We saw a marked increase in capital injection programs in the past 50 years, more than half of which were ad hoc. Authorities designing ad hoc capital injections face difficult decisions—when to deploy them rather than let a bank fail; whether to impose losses …

State-To-State Migration In Nevada, 2017-2022, Ayda Atici, Reese Howard, Caitlin J. Saladino, William E. Brown Jr.

Demography

This fact sheet examines data on state-to-state migration patterns of people moving from other states to Nevada, as well as individuals leaving Nevada and moving to other states between 2017 and 2022. Data for all 50 states are found in the United States Census Bureau’s report, “State-to-State Migration Flows."

المهارات الناعمة للموارد البشرية ومدى توافرها في المنظومة التعليمية: دراسة استطلاعية لآراء عينة من رؤساء الأقسام والشعب في رئاسة جامعة الموصل, حلا فازع داغر

Muthanna Journal of Administrative and Economics Sciences

تتجه مضامين البحث الحالي نحو قياس موضوع المهارات الناعمة لدى الموارد البشرية في المنظومة التعليمية، وذلك من خلال تشخيص مستوى توافرها في الجامعة المبحوثة ومن ثم تسليط الضوء على طبيعة الفروق في استجابات الأفراد المبحوثين نحو هذه المهارات وتحديداً فيما يتعلق بالمهارات الآتية: (التواصل، العمل الجماعي، القيادة، الإدارة الذاتية، اتخاذ القرار وحل المشكلات، الاحتراف، الخبرة), ولتحقيق ذلك تم حددت مشكلة البحث الحالي عبر إثارة مجموعة تساؤلات تتجسد معالمها في مدى إمكانية التعرف على واقع هذه المهارات، ومن ثم تحديد مستوى تبيانها تبعاً لأهميتها النسبية، إذ تم اختيار رئاسة جامعة الموصل ميداناً للبحث الحالي، ولجمع البيانات ذات العلاقة بموضوع البحث الحالي …

Federal Election Commission And Indiana Secretary Of State Campaign Finance Information Resoures, Bert Chapman

Libraries Faculty and Staff Presentations

This presentation covers campaign finance information resources produced by the Federal Election Commission (FEC) and Indiana Secretary of State. It describes how these agencies began, details how they oversee and regulate U.S. federal and Indiana state elections, and documents contributions made by individuals, organizations, political parties, and political action committees to individual candidates and organizations. Reporting documentation on these election races is also included.

An Interview With John Stevens, John Stevens

The Journal of Conventional Weapons Destruction

John Stevens is a retired PM/WRA Program Manager with extensive experience running multi-million-dollar conventional weapons destruction (CWD) programs in Vietnam, Sub-Saharan Africa, the Balkans, and Ukraine. Since December 2014, Stevens has been re-employed as a Senior CWD Advisor with PM/WRA. In this capacity, he conducted fresh CWD assessments in Bosnia and Herzegovina, Colombia, Guinea-Bissau, Lao PDR, Senegal, Serbia, and South Korea.

An Interview With Harry “Murf” Mccloy, Harry (Murf) Mccloy

The Journal of Conventional Weapons Destruction

Harry “Murf” McCloy, is a retired US Marine Colonel who transitioned from military service to become a pivotal figure in humanitarian demining with PM/WRA in the US Department of State. Heading the US State Department’s first demining program in Bosnia and Herzegovina in 1996, McCloy became the State Department’s Senior Demining Advisor in 1998, holding this position until his retirement in 2007. He continues to work parttime in the Office of Weapons Removal and Abatement and has played a crucial role in the strategic oversight and execution of mine action programs across forty-six countries, significantly enhancing safety and establishing essential …

Advancements In Mine Action: Enhancing Remote Reporting And Analysis Through Innovative Technologies, Rory Collins, Lionel Fragniere, Mateo Dulce Rubio

The Journal of Conventional Weapons Destruction

This paper examines the innovative initiatives undertaken by the United Nations Office for Project Services (UNOPS) Peace and Security Cluster (PSC) in advancing humanitarian mine action (HMA) through remote reporting and analysis technologies. It provides an in-depth analysis of key initiatives, including the development of a mapping tool in Gaza, the application of Natural Language Processing (NLP) for efficient data management in improvised explosive devices (IED) threat mitigation globally, and the utilization of advanced remote sensing and machine learning technologies in Syria and Afghanistan. Through these use cases, we demonstrate how innovative technologies can be incorporated into HMA to increase …

Phase Ii Testing Of Uav/Sensor Systems For Humanitarian Mine Action In Ukraine, Edward Crowther, Natalia Shepel

The Journal of Conventional Weapons Destruction

The United Nations Development Programme (UNDP) conducted the Phase II trials of unmanned aerial vehicle (UAV)/ sensor systems for humanitarian mine action (HMA) in Ukraine in May 2024. Seven organizations participated, four of which were Ukrainian. Each organization brought systems with differing combinations of unmanned aircraft system (UAS) platforms, sensors, and data processing, and were tested against a trial area set up in central Ukraine by UNDP. Run at the request of the Ministry of Economy, Phase II trials involving Ukrainian and international organizations yielded promising results. They demonstrated that combining technologies to detect both metal and plastic explosive remnants …

Dealing With Hidden Danger: Capacity Development Of Lao Pdr’S Unexploded Ordnance Sector, Kiengkay Ounmany

The Journal of Conventional Weapons Destruction

Lao People’s Democratic Republic (Lao PDR) suffered from the heaviest bombing in its history during the Second Indochina War (1955–1975). Two decades after the war, the Lao National Unexploded Ordnance Clearance Programme (UXO Lao) was established with financial and technical assistance from United Nations (UN) agencies and donor countries. The development of Lao PDR’s national UXO clearance capacity has been within the framework of multilateral and bilateral cooperation. The Lao PDR government is prepared to take ownership of the program, but additional capacity development is essential in the areas of strategic planning and funding mobilization if it is to meet …

Basic Identification Of Ammunition In Ukraine Guide: Version 6.0, Senior Lieutenant Perederii, Tony Salvo, Drew Prater

The Journal of Conventional Weapons Destruction

Ordnance identification is a critical tenet of any competent munition clearance operation, whether it be civilian or military. Ordnance identification information for first responders, especially safety procedures, is vital when shielding civilians from danger. This is even more important when the munitions being cleared are explosive remnants of war (ERW) from on-going conflict. To that end, Version 6.0 of the Basic Identification of Ammunition in Ukraine1 has been released and has some important updates to help ensure clearance personnel and first responders can help keep civilians safe.

The Explosive Weapons Trauma Care Collective (Extracct): A Roadmap For Reducing Preventable Death Among Civilian Casualties Of Explosive Injury, Hannah Wild, Aparna Cheran, Abby Willging, Christelle Loupforest, Sebastian Kasack, Tim Gargan, Barclay T. Stewart, Adam Kushner

The Journal of Conventional Weapons Destruction

In a previous issue of The Journal of Conventional Weapons Destruction, we introduced the rationale underpinning the need for increased emphasis on point-of-injury care as well as enhanced engagement between humanitarian mine action (HMA) and emergency care services for civilian casualties of explosive ordnance (EO).1 The initial working group under which this conceptual foundation was developed was called the Mine Action Trauma Care Collaborative. In the intervening months, that initiative was reconceived as the Explosive Weapons Trauma Care Collective (EXTRACCT) to encompass the broad range of EO and explosive weapons (EW) that inflict harm on civilians in conflict and post-conflict …

No Silver Bullet: Environment And Climate Funding In Mine Action, Christelle Mestre

The Journal of Conventional Weapons Destruction

Funding requirements, needs, and models are evolving to reflect the growing focus on environment and climate considerations in the mine action sector. This article examines current funding practices for environmental considerations within the sector and beyond, emphasizing the need for a holistic approach that looks at the broader impact of mine action. It underscores the importance of strategic partnerships, national mine action strategies, and awareness-raising efforts among donors and investors about the environmental and climate-related benefits of mine action. The article argues that while there’s no silver bullet, the integration of environmental and climate considerations into mine action can secure …

Innovative Finance For Mine Action: Needs And Potential Solutions, Danielle Payne, Camille Wallen, Chris Loughran

The Journal of Conventional Weapons Destruction

Chronic underfunding has significantly impacted the mine action sector, undermining its stability and predictability. This funding shortfall hampers both the efficiency and effectiveness of operations. This trend is further compounded by the nature of today’s operating environment in mine action; as new conflicts emerge while others are characterized by their protracted nature, the demands on the sector are multiplying. These conflicts not only prolong the threat of landmines but also introduce new hazards, such as the rising use of improvised explosive devices (IEDs) by non-state armed groups. With the nature of conflicts evolving, the variety of threats grows, necessitating a …

Greening Mine Action In Armenia As A Component Of Sustainable Development In The Economy Of The Country, Vaghinak Sargsyan

The Journal of Conventional Weapons Destruction

Contamination in Armenia stems from the long-term conflict with Azerbaijan, affecting four out of eleven regions in Armenia: Tavoush region, Syunik region, Gexarquniq region, and Vayots Dzor region. The contamination covers an area of more than 42 km2, with more than 10 km2 confirmed hazardous areas and over 31 km2 suspected hazardous areas. Land affected includes pasture (66 percent), arable (22 percent), and forest (12 percent). There are 805 registered victims of landmine and explosive remnants of war (ERW) incidents. Additionally, among the 120,000 displaced Karabakh Armenians, more than 700 are survivors of landmines and ERW, many of whom find …

Book Review: A Call To Action: Lessons From Ukraine For The Future Force, John C. Erickson, Timothy S. Martin

Parameters Bookshelf – Online Book Reviews

Authors: John A. Nagl and Katie Crombe

Reviewed by John C. Erickson, senior engineer, Axiom Technologies, and Lieutenant Colonel Timothy S. Martin, director, Defense Strategy Course, US Army War College

John C. Erickson and Timothy S. Martin review one of the US Army War College Press’s most-downloaded publications, A Call to Action: Lessons from Ukraine for the Future Force, an integrated research project that covers the first year of the Russia-Ukraine War. Erickson and Martin provide a useful overview and analysis, highlighting 10 key themes, with a special focus on the “Clausewitzian triad” and “mission command,” and explaining why members …