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United States: Bear Stearns Emergency Liquidity Assistance, 2008, Vincient Arnold

Journal of Financial Crises

On Thursday, March 13, 2008, the US investment bank Bear Stearns Companies approached the Federal Reserve Bank of New York (FRBNY), saying it expected many of its repurchase agreement (repo) counterparties would not “roll,” or renew, their repo agreements the next day. As a result, the firm would be obligated to repay many of its repo liabilities. Without an emergency loan, Bear would be forced to file for bankruptcy on Friday morning, March 14. Before the market opened on Friday, the FRBNY made an overnight loan for $12.9 billion through JPMorgan Chase Bank (JPMC) on a nonrecourse basis, which on-lent …

United States: Bank Of America Emergency Liquidity Program, 2009, Vincient Arnold

Journal of Financial Crises

On December 31, 2008, Bank of America (BofA) finalized its acquisition of Merrill Lynch, absorbing losses of $15.5 billion as a result. Regulators were concerned about BofA’s short-term liquidity position and ability to post more collateral if its credit rating was downgraded. On January 16, 2009, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Department of the Treasury announced an interagency support package to BofA, which included an asset guarantee wherein all three agencies shared losses with BofA on a “ring-fenced” $118 billion pool of assets. Under the ring-fencing arrangement, known as the Asset Guarantee Program (AGP), BofA would …

United Kingdom: Northern Rock Emergency Liquidity Program, 2007, Bailey Decker, Jack French, Eming Shyu

Journal of Financial Crises

Northern Rock plc was a bank in the United Kingdom (UK) that experienced rapid growth from 1998 to 2007. The bank was a large issuer of UK residential mortgage-backed securities. Its funding was primarily wholesale as its retail deposit growth had not kept up with its asset growth. By August 2007, Northern Rock’s credit default swap spreads were widening and its share price falling as conditions deteriorated in the markets on which it relied for short-term funding. To meet the bank’s substantial liquidity needs, the Bank of England (BoE) announced on September 14, 2007, that it would extend an emergency …

United Kingdom: Hbos And Rbs Emergency Liquidity Program, 2008, Bailey Decker, Jack French

Journal of Financial Crises

Two United Kingdom–based banks, Halifax Bank of Scotland (HBOS) and Royal Bank of Scotland Group (RBS), faced substantial liquidity needs during fall of 2008. To provide funding until recapitalization, the Bank of England (BoE) extended ad hoc emergency liquidity facilities to HBOS on October 1 and to RBS on October 7, 2008, comprising US dollars (USD) and British pounds sterling (GBP). As collateral for the 2008 assistance, HBOS and RBS posted pools of loans that were ineligible for the BoE’s market-wide operations. Aggregate usage of the two ad hoc facilities peaked at GBP 61.5 billion (USD 106.0 billion) on October …

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 …

Sweden: Carnegie Investment Bank Ab Emergency Liquidity Program, 2008, Sophia Alden, Jack French

Journal of Financial Crises

In October 2008, Carnegie Investment Bank AB (Carnegie) had trouble obtaining financing amid concerns about its financial health. However, Sweden’s central bank, the Sveriges Riksbank (Riksbank), and the Swedish Financial Supervisory Authority (FSA) still viewed Carnegie as solvent. Between October 27 and 28, the Riksbank lent Carnegie 2.4 billion Swedish kronor (SEK). As collateral for the loan, Carnegie and its holding company, D. Carnegie & Co. AB (D. Carnegie), provided all shares and subsidiaries in Carnegie as well as all shares in a sister subsidiary under D. Carnegie, Max Matthiessen Holding AB (Max Matthiessen). On November 10, 2008, the FSA …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

Ilds Progress Update: April 2025, Ben Boer

Reports, Analyses, and other Publications

No abstract provided.

Activity Levels Among Older Adults In A Life Plan Community, Emily D. Winters

OHSU-PSU School of Public Health Annual Conference

This study aimed to analyze resident's knowledge of the health and wellness programs available to them in their facility. It explored activity levels, preferred activity methods, and health and wellness program utilization among older adults residing in a life-plan community. A total of 166 survey respondents, aged 65 and older, were included in the analysis. Data were collected using a self-administered questionnaire designed to assess physical activity patterns, preferences for activity types, and engagement with the facility’s health and wellness offerings. Open-ended questions were assessed qualitatively through thematic analysis to find common themes within data. Results indicated that the most …

Comparing Cpr Ventilation Strategies Within Tualatin Valley Fire And Rescue Using A Retrospective Observational Cohort Study, Jack T. Hindley

OHSU-PSU School of Public Health Annual Conference

Study Objective: This was a registry based retrospective observational cohort study of roughly 1,150 cardiac arrest cases transported by the Tualatin Valley Fire and Rescue emergency medical service (EMS) agency to hospitals in the Portland area from 2018-2019 and from 2022-2023 to compare cardiopulmonary resuscitation (CPR) ventilation policy changes between these two years from continuous chest compressions (CCC) to a compression ventilation ratio of 30:2. Hospital outcomes were linked to EMS records through trauma registries, state discharge and emergency department data. The primary outcome was survival to discharge, and the secondary outcome was positive neurological outcome (Cerebral performance category score …

Academyhealth - 2024 Data Visualization Winners, Chelsea Keating, Emily Boniface, Mina Colon

OHSU-PSU School of Public Health Annual Conference

Social determinants of health, such as income, employment, social contexts, and the built environment, influence the risk of food insecurity. Food insecurity can be defined as uncertain access to food and can lead to negative health outcomes like increased risk for obesity, chronic disease, and adverse effects on a child's development and mental health. Drivers like limited physical access to food, limited transportation options, and the quality and access to food assistance programs within local systems perpetuate health disparities—particularly in those communities with populations who have been systematically marginalized. This descriptive study uses 2022 data from the National Health Interview …

Exploring Health Equity With Culturally Specific Providers Of Permanent Supportive Housing, Judith R. Solomon

OHSU-PSU School of Public Health Annual Conference

Chronic homelessness is an important public health issue. Permanent Supportive Housing (PSH) is a promising opportunity for transitioning people experiencing homelessness into housing, however there remain unaddressed racial inequities in service provision and outcomes. The aim of this study is to better understand the role of culturally specific (CS) providers of PSH in improving health equity. I analyzed interviews with CS PSH providers for themes related to health and healthcare. Providers spoke about the importance of connecting clients to healthcare. Providers stressed the importance of honesty and lived experience, highlighting the strong sense of responsibility to the community. Providers also …

Comparing Acuity Of Patient Care At Student Run Free Medical Clinic Locations, Hana Warmflash, Olivia Krol, Alex Foster

OHSU-PSU School of Public Health Annual Conference

Intro:

Student run free medical clinics (SRFC) are present at roughly 75% of Association of American Medical Colleges member institutions1,2 providing care for underserved populations, such as those experiencing houselessness. 3 Persons experiencing houselessness have a higher burden of illness than housed persons but experience a greater barrier to obtaining care4. Delays in care result in more complex and longer hospitals stays4,5.

Our SRFC, Bridges Collaborative Care Clinic (BCCC), functions to address emergent complaints and monitor chronic health conditions. We aim to demonstrate how relocating from River District Navigation Center (RDNC) to a more accessible location, Resource Center (RC), enabled …

How To Kill A Human: Creating An Immersive Learning Game, Théo Caldwell, Nathan Bonnell

OHSU-PSU School of Public Health Annual Conference

How to Kill a Human is an experiment in teaching through gameplay. The environmental crisis facing the planet, though denied by many, is a collection of well-documented historical environmental catastrophes. The purpose of this project was to design a method of relating the impacts of environmental systems on human health, highlighting the dangers of ill planned human tampering, by presenting hypothetical environmental catastrophes and then relating them to documented historical disasters. In pursuit of this goal, we designed a semi-collaborative game for three to six players with a suggested age rating of 10+, ideal for teaching individuals of middle school …

Differences Between Stem Students And Faculty On Seeing Value In A Classroom Belonging Exercise, Kaisa S. Holt

OHSU-PSU School of Public Health Annual Conference

Efforts to enhance belonging in undergraduate STEM classrooms are believed pivotal for student success. However, we must not only promote belonging interventions but also understand STEM students and faculty perceptions of their value and utility. We gathered perspectives of faculty and undergraduates regarding the implementation and efficacy of a belonging exercise (Our Lives Lived, OLL) used in multiple STEM classes at one university over two years. We hypothesized that students would see more value in the exercise than faculty. We sent a survey instrument with an OLL summary and a series of open-ended responses to faculty. We recruited for focus …

Universal Health Care, Oregon, Jennifer S. Arnold, Bethany Clouse, Alec Martin

OHSU-PSU School of Public Health Annual Conference

Historically, the US has chosen not to fund universal health care at every opportunity, leaving our nation as the only industrialized country without some system of health coverage for our citizens and with the worst health care outcomes of any high-income nation in the world. Health care in Oregon is no exception. Our current health care system is financially unsustainable, harmfully complex, and socially unjust, as well as inequitably delivered. Too many Oregonians, because of their race, age, income, geography, or insurance, endure vastly different health care access, varied health care quality, and wide-ranging health outcomes. In 2019, the Oregon …

Behind The Walls: The Implications Of Assisted Living Building Codes On Resident Safety, Adam Pennavaria, Lindsey Smith, Paula Carder, Cassandra Hua, Eric Jutkowitz, Kali Thomas

OHSU-PSU School of Public Health Annual Conference

As the US population collectively ages, issues related to assisted living (AL) resident safety have become an increasingly pressing issue for the general public, reflected by major media reporting in the last year. The building codes that govern ALs play an important role in mitigating the risks associated with falls, wandering, and other hazards, especially for residents living with Alzheimer’s disease and related dementias. We sought to understand how states vary in their approaches to building code regulations that might impact resident safety. We used search term-based text retrieval to identify areas of text relevant to locks, alarms, and egress …