Vdcdc - 1715 Words

Can You See The White Elephant? Have you ever been forced to make a life altering decision? A decision where you much choose one option or the other? The short story Hills Like White Elephants depict a situation in which many, if not all readers can relate to at one point in their lives. The author Ernest Hemingway describes this scenario with a young couple who are at a crossroads in their life, and they are unsure of the future. The young couple are forced, but shying away from the rather large â€Å"white elephant in the room†, deciding to go through with having a child or an abortion. The theme in Hills Like White Elephants is expressed using typical thematic literary elements. Hemingway uses elements such as character, setting, conflict,†¦show more content†¦When she replies, â€Å"no you would not have†, he gets defensive and quickly puts her in her place. She humbly accepted his reply and turned her focus elsewhere. In other words Jig attempted to change the subject which is common between the young couple throughout the story. A current made entirely of bamboo beads, hung in the doorway of the train station’s bar. It had writing on it that the girl could not read. This tells the reader that the girl like the American is not a native of Spain. In other words this just reinforces Jigs dependency on the American as well as the Americans selfishness. Jig asked the American what was said. The American then told her it was the name of the drink called Anis del Toro. Her dependence on the man becomes evident when she then asks if they could try one. When the drink arrives with a glass of water she took a drink and commented that it tastes bitter. The American agreed and added that everything in life is somewhat bitter. His comment forced Jig to again to think of why they were at the train station. She then expresses her feelings that even the things you have waited for a long time turns out to be bitter. This statement tells the reader that she had waited a long time to become pregnant and she bitterly hated that she was going to have to give it up. Jig was concerned that the relationship she had the American would end if she did not go through with the abortion. She knew that he had not been happy since

Vygotsky s Concepts Of Cognitive Development Theory

Creating a positive change started to get ingrained in my head since I became of school age. Growing up in a place where drugs, gangs, and crime was all too common, I decided to push back against this by educating myself. Not having the available community resources and watching friends and family members end up in jail or dead shook me to the core. I remember being told of some neighborhood friends who had died, one of an overdose of heroine and another (who was involved in gangs) had gotten shot and killed in a drive by shooting. Both happened just steps from our house! I remember thinking, even back then, that I did want to end up like them. I also remember thinking that if I had any children that I would do my best not to expose them to the same environment I was exposed to when I was growing up. According to Vygotsky’s concepts of cognitive development theory, my interactions with others in my neighborhood caused me to alter my environment which guided me, regulate me an d redefined who I am now. So to answer the question, why did I not end up like some of my friends? I don’t know. I think that just seeing what was happening to some of my friends and family was enough for me to know I did not want to end up like that. I remember separating myself from my friends who were â€Å"bad influences† when I got to high school. It was somewhat easy to do so since many of my troubled friends dropped out soon after getting to high school. I remember when I reached high school I startedShow MoreRelatedPiaget And Vygotsky Theory Of Cognitive Development Essay826 Words   |  4 Pages This essay seeks to identify and describe the concept of cognitive development and, highlight both Piaget and Vygotsky’s theory as it relates to cognitive development, and the significant differences between them. The term cognitive development refers to the process of growth and change in intellectual, mental abilities such as thinking, reasoning and understanding. It comprises of the acquisition and consolidation of knowledge. Infants draw on social-emotional, language, motor, and perceptualRead MoreThe Purpose Of This Paper Is To Compare And Contrast Two714 Words   |  3 Pagesabout theories of Piaget and Vygotsky in which similarities and differences in their theories will be discussed. At the end of this paper, you will be able to understand the differences between both famous educators. 1. If we take a brief look and compare Piaget s Theory with Vygotsky Theory we will see that Piaget Theory was a Constructivist Theory, while Vygotsky Theory was a Sociocultural Theory/Social Development Theory. xxxxxxxxxxxxxxxx 2. Piaget s Theory references children s learningRead MoreCompare And Contrastusing Apa Style. Nori Mosqueda Rivera.1010 Words   |  5 PagesThis paper will talk about theories of Piaget and Vygotsky in which similarities and differences in their theories will be discussed. At the end of this paper, you will be able to understand the differences and the and similarities between both famous educators. If we take a brief look and compare Piaget s Theory with Vygotsky Theory we will see that Piaget Theory was a Constructivist Theory, while Vygotsky Theory was a Sociocultural Theory/Social Development Theory. In this paper you will getRead MoreVygotsky And Vygotsky s Theory Of Development791 Words   |  4 PagesPiaget and Lev Vygotsky are prominent influential figures in the field of developmental psychology. The purpose of this paper is to compare and contrast their theories of development, as well as identified what can be gained through a better understanding of the theories. A Brief Summary of the Theories of Piaget and Vygotsky Piaget’s theory of development is based on four stages: sensorimotor, preoperational, concrete operational, and formal operational stage. Piaget believed development was autonomousRead MoreOutline the main similarities and differences between Piaget‚Äà ´s and Vygotsky‚Äà ´s explanations for cognitive development in children1702 Words   |  7 Pagesexplanations for cognitive development in children. Piaget and Vygotsky were both, looking into the same period of cognitive development in infants and children and sharing the same basic concerns. 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Through his observations of his children, Piaget developed a stage theory of intellectualRead MoreVygotsky s Theory Of Human Development1386 Words   |  6 PagesLev Vygotsky was an educator and a theorist known primarily for his sociocultural theory. Vygotsky developed the sociocultural theory, which is the theory of human development through social and cultural influences (Aimin, 2013), during the 1920’s-30’s. One of Vygotsky’s focuses was the concept of the zone of proximal development (ZPD), which is the idea of a child being appropriately challenged, this will be discussed further on. His theory stemmed from how children’s learning is impacted greatlyRead More Cognitive Theories of Human Development Essay1183 Words   |  5 PagesCognitive Theories of Human Development Jean Piaget, known as the most important theorist; started the most comprehensive theory of intellectual development. Piaget was born in 1896, in Neuchatel Switzerland, and lived a full and significant life, he passed away at age 84. His father was a medieval historian, and his mother was a homemaker; she was highly emotional and her behavior disrupted the normalcy of their home. Piaget married Valentine Chatenay, and they soon welcomed three girls;Read MoreHow Do the Major Theories of Child Development (Known as the ‘Grand Theories’) Explore the Importance of Social Experiences?1675 Words   |  7 PagesHow do the major theories of child development (known as the ‘grand theories’) explore the importance of social experiences? Social experiences play a vital role in the development of children. Theories of child development have been created to help us to understand how children’s minds develop, taking into account the differences between cultures around the world. Some of these theories explore the possibility that children gain knowledge, develop new concepts and bridge new ideas through interactionRead MoreSociocultural Theory And Social Rules1726 Words   |  7 Pagesassociated with these models, Vygotsky’s sociocultural theory, which is based in his study of psychology, does not attempt to use culture to explain how language is acquired. Instead, Vygotsky identifies the relationship between language and culture as a dynamic, reciprocal and constantly evolving experience whereby language and culture are constituted in and of each other. Lev Semenovich Vygotsky developed what is now called The Sociocultural Theory in Russia during the 1920s and 1930s. The core

Strategies For Liquidity Management In Banking Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4504 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The global financial crisis in the second quarter of 2008 brought down not only the United States but also the whole world, estimated to destroy more than $1,4 trillion (IMF 2008b). The causes are known as the vicious cycle related to low interest rates, securitization, and bubble of housing market. All of them laid the world into turbulence, which is aggravated by the huge number of specialized mortgage lenders and securities unregulated by the government institutions. Don’t waste time! Our writers will create an original "Strategies For Liquidity Management In Banking Finance Essay" essay for you Create order The necessary of reviewing the progress of financial innovation wakes the bank specialists up out of the illusion of stable development. This crisis is called the crisis of liquidity when the market became more and more illiquidity. Many compact of bailouts are funded to rescue economics in some powerful countries like the United States, the United Kingdom, and Germany; however, there are still some countries which just suffered the small influence, the most noticeable one is Australia. Many questions are prompted like Why could Australia pass through financial crisis so quickly and albeit continue developing? or What is the strategy of liquidity management that Australian banks, especially Australia and New Zealand Group (ANZ bank), one of four major banks in Australia and among just 11 AA-rated bank left in the world, used to pass over the crisis?. To answer the above questions, we need to review and analyze the foundation of banking system in Australia as well as the liquidity management activities in Reserve Bank of Australia and one representative bank in Australia, Australia and New Zealand Group (ANZ Bank). This assignment will be divided into 2 main parts to discuss Australia in financial crisis and what ANZ Bank did to sustain the shock of financial market. In the first part, I will concentrate on how Australian economy survives through the crisis successfully. In the second one, the strategy of liquidity management of ANZ Bank will be analyzed to find out why they could maintain the sustainable liquidity management strategy, how they could preserve capital and attain effective liquidity and well managed structure. To begin with, some definitions about liquidity and liquidity management need to be clarified. We could realize that the liquidity risk is one of the most difficult risks in financial intermediary, especially banks. Generally, liquidity management can be understood as one of the most significant activities of bank management which ensu re banks have sufficient liquidity to meet obligations as they fall due without incurring unacceptable losses. Reserve Bank of Fiji (1995, p3) defined that banks could maintain sufficient liquid assets to meet obligations or any unprecedented situations by having appropriate liquidity management policy. Additionally, Gallinger G.W. and Healey P.B. (1987, p.3) stated Liquidity management is the allocation of liquid resources overtime to meet resource needs for payment of obligations due and for various investments that management undertakes to maximize shareholder wealth. This activity related to the requirement of availability of resources at time and the control of various financial risks. We could realize clearly the importance of liquidity management through above definitions. In reality, when a bank could not maintain the liquidity effectively and the assets become illiquid, it could go bankrupt if the central bank does not rescue it out of the stress condition. Therefore, susta inable liquidity management is considered as essential future proofing, insuring the end-to-end process is maintained. In the below illustration, we could understand explicitly the level of sustainable liquidity management, it stands on the top of pyramid, proving that if managers control successfully reserve management, risk management, portfolio performance, they will target to sustainable liquidity strategy. Regarding banking sector, the core activity of a bank is highlighted as the business of collecting and taking deposits that are liquid and convertible on demand and transforming them into medium or long term loan for corporations or individuals who have the demand. Matthews K. and Thompson J. (2005, p. 91) argued that there are two main risks that a bank faces on its balance sheet, which are default risk and withdrawal risk beside many other risks such as price risk, payment mechanism risk, foreign risk and the risk of settlement. The former is caused by the circumstance i n which the borrower will be default whist the latter is relatively related to liquidity risk. The main function of asset and liquidity management in banks is the allocation of liabilities of the bank to earning assets to reduce the risk of default as well as the maintenance of sufficient liquid assets to minimize withdrawal risk. In reality, a bank could be situated into the circumstance in which lenders effort to convert their bank deposit into money to by making a withdrawal, writing a cheque or even use anything they could do to have the fund as they want while the bank tend to make the largest money from short term deposits to long term borrowers to maximize the banks benefit. In this situation, the bank should make the most money in the shortest period and meet all depositors demand as little as possible due to the zero interest return to bank when they keep cash as liquid assets. This risk could be reduced by having deposit insurance or guaranteed central bank facilities. On the other hand, the bank also has to face with the default risk of borrowers, especially in the crisis like the previous period, the bank managers need to diversify their loans into different sections of the economy such as geographical region, type of industryÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ In order to assure partly the probability of borrower default, banks also need to obtain collaterals from their borrowers. Furthermore, liquidity management involves managing reverses to meet predictable outflows of deposits. They could hold the rate of sufficient reserve, borrow from inter bank market or at the discount window from the central bank. A simple model of liquidity management includes the bank balancing between the opportunity cost of holding reserves rather than earning assets and the adjustment cost of having to conduct unexpected borrowing to meet withdrawals. The bank need the compatible allocation its assets between high risk, high return loans and low risk, low return assets as well as a risk free asset and risky asset. There are four ratios that are supposed as the measurement of liquidity ratio, which are: Loan to Deposit Ratio: Bank use to calculate at the end of each month, it implies how a bank is funding illiquid assets by stable liabilities. Ratio = (Total Loans, Advances, Leases and Bills/Total Deposits) x 100% Loan to Adjusted Deposit Ratio: Bank compute at month end, an adjusted loan to deposit ratio. It illustrates the deficiencies in the loan to deposit ratio by finding how medium and long term debt fund for the bank. Ratio= (Total Loans, Advances, Leases and Bills/L1) x 100% With L1= Total Deposits + Borrowings + [Reserves (Investment in Subsidiaries + Investment in Fixed Assets)] + Issues of Medium and Long Term Debt + Debentures (3) Liquid assets to Total Deposits Ratio Ratio= (Liquid Assets/Total Deposits) x 100% (4) Liquid Assets to Total Assets Ratio Ratio= (Liquid Assets/Total Assets) x 100% Australia overcomes the global financial crisis Despite the global financial crisis impacted on the world economy strongly, Australia has been one of countries which show early positive signs of recovery. One of the main reasons that help Australian financial market survive through the crisis is that Australian banks are highly capitalized. Banks in Australia operated under the Basel II Framework from 1st January 2008, ensured 8%, which is a prudential capital ratio (PCR) of total risk-weighted assets. In this 8%, a half is the compulsory percentage regulated by Tire 1 capital (the highest-quality capital components). In reality, Australian banks usually go beyond the lowest capital requirements despite they are not required to increase new capital to balance loan write-downs. In November 2008, at the peek of the international credit crisis, Australian Prudential Regulation Authority (APRA) summarized that Authorized Deposit-taking Institution (ADI) maintained the requirements of capital adequacy, so they were well-capitalized. It is proved by the return on equity was 17% which accounted for five largest bank in Australia at the end of 2008. Moreover, Australian banks have two different sources for funding: approximately 50% from the deposits of customer and wholesale funding, the remaining percentage from short term and long term in both the domestic and global markets, which proved that Australian bank have the strong funding resources. The other reason is that sub- prime mortgages in Australia in mid 2007 just accounted for the small percentage, approximately 1%. Securitization does not take the main role in lending activities in Australia and intermediations still dominate the financial market, while the percentage of securitization in the United States is around 13%. Mortgages and Collateralized Debt Obligations (CDOs) just took the small size in the whole Australian sub-prime market, which makes the balance sheet of Australian financial institution become very stable. Noticeably, Standard Poor ra ted more than 66% CDOs in Australia AAA, marking the considerable increase from 58% in 2005. The CDOs in Australia increased dramatically over 6 years from 2001 to 2007, especially synthetic CDOs, which develop rapidly in the growth of CDOs. According to Global Financial Stability Report (2008), the provisioning of Australian banks continuously marked the highest number guaranteed the most stable economic before the financial crisis in 2008, even it continue keep that point during the chaos of finance market. Another point that should be highlighted is the importance of issuing bank debt and asset backed securities (mainly Residential Mortgage Backed Securities -RMBS), especially from 2004 to 2006 so that the liquidity of banks in Australia increase remarkably, help the volatility of banks become stronger. The previous turbulence of financial market waked the regulators to review the current regulations in national level in order to certify that liquidity management of banks is e ffective in turmoil, when people struggle for cash, for their fund immediately and do not believe to the stability of banks. Australian Regulations of Liquidity Management The government in Australia, particularly Australian Prudential Regulation Authority (APRA), has issued Australian Prudential Standard (APS 210 Liquidity) and three confederate guidance notes: (1) AGN 210.1 Liquidity Management Strategy, (2) AGN 210.2 Scenario Analysis, (3) AGN 210.3 Minimum Liquidity Holdings based on Basel Committee Sound Practices for Managing Liquidity in Banking Organisations. They are composed with some fundamental and flexible principles for banks to easily modify and adapt it into their own operation strategies. The below graph illustrated clearly the requirements which are defined in AGN 210.1: (1) Liquidity policy statement: It means that Australian banks and other deposit-taking institutions have to follow the first stage in liquidity management strategy, which is composition of details in their own strategy, approved by the Board of Directors or Committees. (2) Measuring, Assessing, Reporting Liquidity System: Besides some compulsory information s uch as the market values of liquid holdings or the maturity of cash flows, they will imply to the potential cash flows related to its assets and liabilities. (3) Procedures for managing liquidity: Banks could determine various liquidity management procedures based on its own capacity and standing in the market. It could be: Maturity Mismatch Limits Liquid Holdings Diversification of Liabilities Access to Wholesale Markets Foreign Currency and other Markets Intra-group Liquidity Use of Assets Industry Liquidity Support Arragements Responsibilities and Controls (4) Responsibilities and Controls: it points that bank managers need to defined clearly management responsibility and control structure, report its liquidity status in timely and effective manner. (5) Contingency Planning: It will clarify who would take responsibility of identifying the unexpected problem, the necessary information for planning the solutions, the cost of funding strategy and the consequences of the ADIs capital, if possible. Banks are required to update and ensure the effectiveness of contingency plan, which remind staffs frequently about their roles in the plan. Liquidity Management Strategy at ANZ Bank Australia and New Zealand Banking Group (ANZ Bank) is one of four major banks in Australia which recovered soon after the financial crisis. It marked the significant development and is well-known as a strong capitalized and sufficient liquidity bank. They have maintained the solid result against the downturn of global financial crisis and have impressed everyone by robust foundation, strict liquidity management. They target to the perfect regional liquidity risk controlling solution, making clients believe to their services and use it whatever countries they go, and clients could consider ANZ as their beloved home. It is now regarded as the pioneer bank in Asia markets in expanding the market shares and the reputation with the efficient strategy based on the huge capital as well as their concentration on risk management and balance sheet management to enhance liquidity for their operation. Due to the fact that ANZ have the strong capital position and profit, they could improve c apital ability whenever they want. In the turbulence caused by financial crisis, ANZ bank still keep its credit rating in the high position and ensure it have maintained credit rating. ANZ has resisted to financial crisis more effectively than many other banks, so it does not need bailout for its own considerable resilience. The strategy in liquidity management in previous financial crisis facilitated to the strong of ANZ against the crisis, named Culture of prudent lending. It could be demonstrated that ANZ is capitalized with a well diversified and stable funding foundation and an impressive record of energetic profitability. In August 2009, they acquired with selected businesses of the Royal Bank of Scotland (RBS) in East Asia for about $ 500 million, marked the larger expansion in Asia, following the strategy Becoming a super regional bank a bank of global quality with regional focus. After the financial crisis, ANZ becomes not only the prime position in Australia but also one of the best banks in Asian market. ANZ is highlighted by the liquidity management strategy and procedures, which makes the Group has enough liquidity to fulfill the obligations. The foundation of liquidity management strategy is constructed by the following principles: The Group target to maintain the conventional, low risk approach to liquidity management. ANZ holds high quality liquid assets to support day to day operations. ANZ reports the scenario analyses in which ANZ have to prepare for the going concern and name crisis The Group ensure to meet survival horizons under the different scenarios from the normal business to the stressed condition, at the site and the whole Group level, to fulfill obligations in medium term Establishing specific contingency plans to cover various liquidity crisis events. The Group aims to use various funding foundations, avoiding undue concentrations by investor type, maturity, currency or source. ANZ ensures the liquidity manag ement framework is relevant to the documents of government. Managing the structure of balance sheet to ensure resilience in the liquidity and funding risk profile. Limiting the potential earnings at risk implications related to the unexpected increases in funding costs or the liquidation of assets under stress. We could illustrate clearly the framework of liquidity management of ANZ Bank as the following graph: Comparing the above principles with the requirements of APRA, we found that ANZ obeyed fully and have prepared thoroughly for the liquidity risk, ensuring they could survive in the turbulence and develop to another level of development. Among eight components in the above framework, I think the most noticeable features in ANZs liquidity management strategy are the Scenario Modelling, Liquidity Portfolio Management and Liquidity Risk Contingency Planning. Due to the constraint of time, I will concentrate to discuss on three important ones. The first compulsory c omponent is Scenario Modelling. Regarding the daily liquidity risk management, ANZ analyses their liquidity position under two different conditions: (1) cash flows in adverse operation to the bank, it has difficulty in fulfill obligations to depositors; (2) cash flows will be the same in now or future. It helps ANZ could use the information of liquidity to predict the behavior of customer and prepare the scheme. Researching the strategy of ANZ Bank in liquidity management strategy, I could point that scenario modeling is the most outstanding component in the framework of in liquidity management strategy. They adhere to the requirements of reporting the behavior of cash flows in normal business and difficult condition. The former means that ANZ assesses liquidity under general business activities plans the scheme to meet all commitments and obligations in normal funding capacity, over at least 30 calendar days, Assessing the maturing wholesale funding against rigorous capital market disruption; in which no wholesale funding can be issued or tumbled, explains explicitly why ANZ could have sufficient ability to meet its going concern commitments. As protection against this future funding obligation, ANZ controls wholesale borrowing requirements against both its liquidity portfolio and limitation for domestic and offshore wholesale debt maturities. In contrast, the latter mentions to the model in potential name crisis, it may have some difficulties in rolling over the funding and have to guarantee that the cash flow is positive over five working days. ANZ model this scenario based on customer type, level of sophistication and the type of asset/liability. Furthermore, the Group also prepares the scheme to against any unexpected circumstance in a range of other stress tests and liquidity scenarios over the period of time. To check the groups solvency, the outcome is the period of tight liquidity has been experienced over the last 12-18 months, which has raised the f unding costs. They model and manage the probability and earnings impact of changes in the groups credit margin to assess these risks. This uncertainty may be happened due to the market factors or the downgrade of credit rating. Noticeably, the global financial crisis has exposed the difference between stressed and normal market conditions in a name-specific crisis, and the different behavior that offshore and domestic wholesale funding markets can happen during market stress events. Therefore, ANZ has maintained its liquidity risk scenario modeling to support APRAs requirements. ANZ has linked its liquidity risk appetite to defined liquidity survival horizons (how long ANZ must maintain a positive cash flow position under specific scenario or stress), in which customer and wholesale balance sheet asset/liability flows are stressed. The following stressed scenarios are modeled: * Extreme Short Term Crisis Scenario (ESTC): a name-specific stress during a period of market stress * Short Term Crisis Scenario (NSTC): a name-specific stress during a period of normal markets conditions * Global Funding Market Disruption (GFMD): Stressed global wholesale funding markets leading to a closure of domestic and offshore markets. * Offshore Funding Market Disruption (OFMD): Stressed global wholesale funding markets leading to a closure of offshore markets only. They have managed those above modeling in regional operations as well as the whole Groups level. Another point that I want to mention is the liquidity management strategy is improved by the holding a diversified portfolio of cash and unencumbered high quality. Those highly-liquid securities will be traded to guarantee intraday liquidity by supplying cash immediately, especially in stressed conditions. Those assets are suitable for repurchase agreements with the applicable central bank (repo eligible). According to Goodhart C.A.E (2008), if banks can maintain liquidity successfully in a sustainabl e price, they will not worry about the maturity transformation. In nine months in 2008, the holding of eligible securities expanded from $14.6 million to 34.7 billion, responded to the volatility and turbulence of financial crisis at that time. This achievement is supported by the number of Australian internal mortgage securitization (RMBS), accounted for $ 10.3 billion. Meanwhile, the volume of eligible securities held, post any repurchase discounts applied by the central bank, was $60.2 billion. ANZ targets to improve its balance sheet by maintaining the strong coverage ratios of liquidity portfolio to maturing wholesale offshore debt maturities. The table below analyzes liquidity portfolio holdings held in ANZs major funding centres: Eligible securities (Market Values) 2010 ($m) 2009 ($m) 2008 ($m) 2007 ($m) Australia 20,974 18,694 12,899 9,281 New Zealand 7,547 8,771 6,620 5,474 United States 1,275 1,301 2,739 3,070 United Kingdom 2,183 2,939 4,157 2,251 Asia 4,204 1,984 Internal RMBS (Australia) 26,657 24,508 8,305 Internal RMBS (New Zealand) 3,812 1,954 Total 66,652 60,151 34,720 20,076 Source: ANZ Annual Report 2008, 2009 and 2010. In the above table, we could see clearly the dramatic increase of securities holding at ANZ Bank in four years from 2007 to 2010. The total volume in 2007 just accounted to $ 20,076 million and in 2010, it reached to $ 60,151 million in which internal RMBS took the main role in this growth. Particularly, RMBS in Australia raised remarkably about $ 18,000 million, from $ 8,305 million to $26, 657 million. Meanwhile, eligible securities in Australia doubled the volume, from about $9 million to over $ 20 million in 2 years. It could be said that ANZ Bank has managed successfully the portfolio serving for the purpose of maintaining liquidity status. In order to strengthen its balance sheet, ANZ Bank continues to keep the strong coverage ratios of Liquidity Portfolio to maturing wholesale offshore debt maturities. It is diversified by counterparty, currency and other factors. The portfolio is diversified by separate counterparties, is summarized in the below table: Long term counterparty credit rating Market Value ($m) 2010 2009 AAA 51,371 43,827 AA+ 8,094 3,043 AA 6,169 10,849 AA- 694 1,867 A+ 120 264 A 204 301 Total 66,652 60,151 Source: ANZ Annual Report 2009, p. 147 and ANZ Annual Report 2010, p. 161. In the above table, we could see clearly AAA counterparty accounted for the large percentage, approximately 77,07% in 2010 and 72,86% in 2009 while the lowest credit rating A counterparty just took 0.3% in 2010 and 0.5% in the previous year. It proves that ANZ Bank really concentrated on the quality of counterparties, which strengthens the long term development of this bank, instead of choosing the low credit rating ones. The last one I want to emphasize here is Contingency crisis planning in which ANZ adhere to the requirement of Australian Prudential Regulation Authority about the preparation against liquidity risk at country level or global level. The framework includes: The foundation of crisis stress levels Explicitly authorized roles and responsibilities if crisis happens Plan responsibilities for communications Early warning the probability of crisis and how to deal with it Crisis Declaration Assessment processes against the above warning Sketch out the action plan for adjustment asset and liability Procedure for reporting crisis management, and making up cash flow shortfalls The primary customers in case of crisis happens Regarding intraday liquidity management, Bech M.L. (2008) pointed that intraday liquidity management is really necessary for the banking system to ensure the liquidity in daily transaction. Banks could use the collateralized credit as the pledging collateral to the central bank or having an intraday repurchase agreement with the central bank. Similarly, in Australia, Reserve Bank Information and Transfer Sys tem (RITS) plays the role as Australias high-value payments system where ANZ Bank and other banks settle their payment obligations on a real time gross settlement (RTGS) basis. After that, payments of ANZ are transferred into RITS directly or delivered by SWIFT and Austraclear. RTGS was opted by Australia in over 10 years ago, 1998, with the purpose to decrease the probability of settlement risk, which could affect to the liquidity management of banks in Australia. Regarding the department that is responsible to liquidity management, the Risk Committee is one of three main Committees of ANZs Board, which assists Board of Directors in dealing with liquidity, operational, credit management and others related ones. Two senior management committees are responsible to management of market risk, in which the Group Asset and Liability Committee (GALCO), is executed by Chief Financial Officer, mainly deal with non traded market risk, including liquidity risk. Source: https://www.anz. com/about-us/corporate-responsibility/our-approach/risk-management/structure/ In ANZs strategy, they find out the minimum risk assets and liquid assets, then attempt to measure asset liquidity and funding needs for asset growth, inflows and outflows; otherwise, they also assess the collaterals in order to calculate probability to funding. They maintain the effective liquidity management strategy in which they could recognize the warning signals like illiquidity spirals, market wide stress and the interaction between liquidity risk and market risk, credit risk, operational riskÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ However, the world changes days by days, so bank could not apply the same strategy for the different periods in operation. Therefore, ANZs treasury department plays a role as controlling center for any changes in strategy to improve the ability in decrease liquidity risk. Continuously, I will focus on the fact that profile of banks liquidity management changes overtime wit h the improvement of techniques and combinations between information and technology, so data and information management becomes more and more important in the future development of banks, especially in the exposure of financial crisis. It could be said that aggregate and adequacy data could strengthen the capacity of bank. The more information they have, the more successful they would be in the unprecedented situations. We know that designing the effective liquidity management strategy requires a lot of time and capital, but we could not deny the benefit they create for a bank, especially the stability for a bank. Achieving the successful liquidity management strategy will situate ANZ Bank into the new level of development in which they could maintain efficiently balance consolidation, total balance, net balance application and the state equilibrium of balance. All of them will strengthen ANZ Banks liquidity risk management and financial flexibility. Until now, ANZ have a well eq uipped infrastructure consists of high qualified human resource and modern technical system, which facilitates ANZ Bank the prosperous management of the risk generally, cash flow data specifically and could suppose the potential cash flow in future model with the consistent degree of certainty. The bank managers concentrated on operating transparency, resilience of technology, which could facilitates fund following planned ways. They collected the report, analyzed the data and target to balance the liquidity risk. They pointed to internal movement, combination and the integration with other factors. Notably, in order to increase the ability in controlling liquidity risk, ANZ Bank decided to corporate with three other banks which are Barlays, J.P. Morgan Chase and Mizuho Corporate Bank in joining Cable and Wireless Real Time Nostro Service, allowing them manage cash flows efficiently. ANZ Bank expected that this brilliant standard infrastructure adopted across different systems, c urrencies and time zones will work as a fundamental home of data, so they could know more about the cash movement globally through agents, including those for exchange, commercial payments and securities settlements. Therefore, they could minimize the risks related to foreign currency, securities settlements with international regulations, and enhance the operational efficiency. Moreover, banks could manage cash flows in all currencies and time zones intraday despite of the markets have closed or even many days later. Aggregation of account data will allow banks to identify risk such as unprecedented overdrafts or potential defaults within the settlement day. In conclusion, this paper has summarized and analyzed the strategy of liquidity management of Australia in general and ANZ Bank in particular. It can be said that the well-prepared preparation in policy of liquidity management issued by Australia government, particularly Australian Prudential Regulation Authority, strengthen the capacity of Australian banks in liquidity management and rescue them out of the global financial crisis faster than other countries. I could be summarize that the sufficient liquidity of ANZ Bank is supported by many important factors like modelling of scenarios, liquidity portfolio management, liquidity crisis contingency planning. Those components have created the best strategy in liquidity for ANZ Bank and continue improving to the higher level of long term development in future. A new era has begun; banks need to develop the fully integrated risk management framework, instead of the current market and liquidity risk assessment which are still inadequacy. The better liquidity management banks maintain now, the further stable development they achieve in future.

Cultural Awareness Project Ethnocentrism - 1723 Words

Hi this is Brittney Del Pizzo and today for my cultural awareness project I will be discussing ethnocentrism in the imaging department. My objectives for the presentation is to explain how you can avoid ethnocentrism in the imaging department and to also explain how ethnocentrism can lead to stereotyping and how this can further have a negative impact on the department. I want to begin by discussing some general definitions so that you have a better understand of the topics that I am going to discuss. I think it is important to begin by defining the definition of culture. As we learned in class culture is a unique combination of rituals, religious beliefs, ways of thinking and ways of behaving that unify a group of people. Further†¦show more content†¦Some ways to become culturally aware include first becoming aware of different cultures that surround us. When we become aware we also have to take the time to evaluate our own prejudices. Secondly, we cannot allow cultural diversity to lead us to criticize or even draw judgments of others. Thirdly, we have to build friendships with individuals of different cultures. By building friendships it allows us to respect others while also learning about their culture. Fourth, we need to show understanding of individuals that are of different cultures. When we develop understanding of different cultur es it also let’s them know that we truly care. Fifth, we need to listen to individuals of different cultures. As health care professionals this is probably the most important to us. Sometimes it may be difficult to understand or even relate to individuals of different cultures, so we need to take the time to ask questions so that we can better treat them. Lastly, we need to learn about different cultures. We can never learn too much about another culture, and it will only help us become more culturally aware. Now that we know what it means to be culturally aware and how you can develop cultural awareness I want to show you how this can relate to the health care profession, specifically the imaging department. I want to give you specific examples that I have seen within the

Effect of Leadership Style on Workers Performance

BACKGROUND OF THE STUDY Leadership is one of those qualities that you know when you see it, but is difficult to describe. There are almost as many definitions as there are commentators. Many associate leadership with one person leading. Four things stand out in this respect. First, to lead involves influencing others. Second, where there are leaders there are followers. Third, leaders seem to come to the fore when there is a crisis or special problem. In other words, they often become visible when an innovative response is needed. Fourth, leaders are people who have a clear idea of what they want to achieve and why. Thus, leaders are people who are able to think and act creatively in non-routine situations – and who set out to influence†¦show more content†¦One rationale for this study is that good leader-follower relationships are vital to ensure the effective functional of any company. STATEMENT OF RESEARCH PROBLEM The interest in the influence of leadership on worker’s performance represents an alternative to the traditional focus on the leader as the center of attention and power, as with the sun in the â€Å"solar system.† Although the qualities of leaders are obviously important, especially in teamwork in particular, leaders need the skills to engage followers in productive and satisfying mutual pursuits. However, this is a departure from the usual way of seeing leader qualities as possessions, rather than interpersonal links to others involved in shared activities. Because not all leaders wish to be participative, understanding and overcoming such reluctance to involve followers becomes important. Not least as a source of resistance is the problem of shared responsibility and who will be accountable. It is on this background that this research work aims to assess the extent to which leadership impacts on the productivity of the workers. 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Financial Reporting on the Internet-Free-Samples for Students

Questions: 1.Measures and Policies you would put in place to address each of the above four Issues. 2.Critically compare and contrast the structure and strategy adopted by any Multinational Corporation (MNC) and Corporate Parent organization based in your country and discuss strategic implications of both in your countrys economic growth and development. Answers: 1.This question tries to address the four issues that have developed after the introduction of multinational organizations on the small business enterprises in Oman. Each of the four issues have been given down in this paper and measures and policies to address the four issues are discussed. One of the four issues that have an impact on the small business enterprises has been that small business enterprises have been closing down after the introduction of multinational organizations. This has been one of the major issues and it us seen that effective measures has to be taken in order to motivate the firms to survive in the economy. It has been observed that one of the fundamental factors for the survival of the small firms has been capital. Therefore, the small business enterprises of Oman need to manage sufficient capital so that they can compete with the multinational organizations that are entering the Oman market. The small business enterprise requires developing effective management skills so that they can understand the issues that are pertinent in the business and thereby staying afloat in the Oman economy. The improvement in the management skills leads to identification of the weaknesses and improving the core area of the business (Storey 2016). The small busines ses do not have sufficient information about tracking the key performance indicators and thus requires implementing strategies that would gain them knowledge regard the market where they operate. It is essential for the organizations to construct an effective business plan that would be influential for the improving the procedure and the functional activities of the firm. The small business enterprises even needs to improve their focus on the strategies they have established so that by understanding the market they can construct alternative plans thereby improving the level of operations. Undertaking these strategies would lower the small business enterprises from closing their business in the Oman market. The next point that is under consideration is that there have been figures that suggest that imports were raising with respect to the export figures in Oman. The level of export has been higher in Oman for a significant point of time as the country has been one of the largest exporters of oil and gypsum in the current decade (Keeble and Wever 2016). However, the level of import has overgrown the figures of export as export of other products has been relatively low. This has led to the rise in import as the consumers of the country require essential and necessary goods for their daily survival. Oman does not produce sufficient amount of daily commodities that would meet the desires of the population of the country and therefore in order to meet the deficiency export is essential. The advent of globalization has led to new and innovative products in the market and this has influenced the consumers to purchase such goods. Therefore, it is seen that the figures of import has increased ov er the level of export (Parahina et al. 2014). Therefore, in order to mitigate such issues various policies have been implemented so that the level of export increases over import. The government of the country has started investing in the manufacturing firms that focus on delivering the goods that are required by the consumers on a daily basis. This would reduce the level of import and thus would increase the export level. The government has even imposed higher taxes on import so that the country would lower imports thereby maintaining the balance of payment of the country. The next issue is in accordance to the rise in the level of unemployment in the locals of Oman. Unemployment is one of the major concerns for every country as it lowers the level of per capita income of the country (Leigh and Blakely 2016). It is seen that the multinational organizations hire competent employees in their business and in certain case outsource their employees from various other countries thereby maintaining their organizational objectives. This has led to the fall in the employment in the country (Blackburn, Hart and Wainwright 2013). Thus, it is important to implement various strategies like taking the initiative of educating the teenagers and the young ones so that they become competent enough to work in these multinational organizations. The government should even frame policies in order to limit the recruiting of the outsourced employees and motivating the organizations to appoint employees from the country itself. The level of unemployment in the country has incr eased because due to the introduction of the multinational firms, the small and medium business enterprises have started to shut down their operations and thus making many people lose their jobs (La Porta and Shleifer 2014). Therefore, the government should undertake various initiatives and policies so that small and medium business enterprises can continue their business in the economy and compete with large multinational corporations. The last issue refers to the decreasing tenure of the MNCs in the country. The main factor has been due to the governmental policies due to which the MNCs get demotivated to function in the country (Mundial 2013). There have been various other factors like the environmental and cultural factors that have led to the downfall of these organizations. The decrease in the tenure of the MNCs has a significant impact on the economy of Oman and therefore, it is essential to take adequate measures and policies in order to retain the MNCs. It is essential that attractive tax reduction benefits and attractive schemes requires to be developed so that the MNCs feel like staying in the country. New and improved technologies if implemented in the firm would influence the MNCs to function in the country as they would understand that utilization of these technologies would improve the operations of the firm (Liedholm and Mead 2013). It is even essential to educate the citizens of the country so that they can be competent enough to work for these MNCs. The appointment of employees from the local residents would lower the cost of employment and thereby would motivate the companies to operate in the market. Implementing amiable strategies and policies for these MNCs would influence them to function effectively. 2.This question would try to critically compare and contrast the strategies and structures that have been implemented by Multinational Corporations and the Corporate Parent Organization. It is observed that MNCs have unique corporate strategy like decentralizing and nationally and self-sufficient operations. The companies has the ability to sense the opportunities that are available locally in Oman and then tries to exploit such opportunities in an effective manner so that MNCs can improve their level of operations and increase their profits (Eid and El-Gohary 2013). The MNCs look to enhance their knowledge by analyzing the market and retains these knowledge in every unit of the firm so that every department of the organization can have effective level of knowledge with respect to their operations thereby maintaining an effective competitive edge. The MNCs maintain strategies to operate in the international market and adapts to the cultures and the political environment of the country where they operate. This makes them one step ahead of the other firms. The international strategy of the MNCs primarily concentrate on the process of worldwide learning, which leads to sharing of innovation. The structure of the MNCs comprises of international divisions where focus is given to the international countries where they operate (Luo and Shenkar 2017). With respect to this, MNCs in Oman try to function according to the work culture that is prevalent in the economy itself. The MNCs maintain an alternative path of development with the help of which the companies can move ahead of their local and international competitors. Most of the MNCs maintain a global matrix, which aids the organizations to balance products and requirement of the region and accomplish both efficiency and responsiveness. The global matrix leads to transfer of knowled ge and learning (Chung et al. 2015). Corporate Parent Organization is another type of organization who have their unique typology of strategies. It is seen that these companies maintain hands-off ownership, which has very lean corporate centers. The companies tend to be careful to avoid the negative influence and therefore try to restrict shared services to the corporate level. These organizations provide financial sponsorship, which occasionally have value destructive conflicts of goals among the corporate parent and local businesses. The financial sponsorship follows a parental strategy. As opportunities establish values with the help of leverage, the companies are increasingly are transforming to a more interventionist approach thereby creating value in their portfolio organizations. These organizations have a strategic guidance strategy that leads to the development of the organization in an effective manner. The company analyses the market from time to time and then understands the changes that are available in the market and thereafter undertakes changes that would lead to the improvement in the operations of the companies. The other strategy exploited by these organizations involve creation of synergy (Chen, Chen and Zhou 2014). This is undertaken by the organizations by concentrating on bringing out the crucial benefits from the synergies of marketing and sales and the operations among the business units. The organizations that employ synergy assemble a portfolio of businesses that naturally fits together and can attain maximum advantage through the intrinsic collaboration. The organizations maintain functional leadership where the organizations focus on adding values to the businesses in the portfolio with the help of functional excellence, central services and shared corporate resources. This leads to the strong corporate functions that unites expertise in the areas that have a long-term inspiration on the business units. Thus these are the strategies that are exploited by the MNCs and the corporate parent organizations leading to the economic development of Oman. Reference List Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics.Journal of small business and enterprise development,20(1), pp.8-27. Chen, X., Chen, A.X. and Zhou, K.Z., 2014. Strategic orientation, foreign parent control, and differentiation capability building of international joint ventures in an emerging market.Journal of International Marketing,22(3), pp.30-49. Chung, C.C., Park, H.Y., Lee, J.Y. and Kim, K., 2015. Human capital in multinational enterprises: Does strategic alignment matter?.Journal of International Business Studies,46(7), pp.806-829. Eid, R. and El-Gohary, H., 2013. The impact of E-marketing use on small business enterprises' marketing success.The Service Industries Journal,33(1), pp.31-50. Keeble, D. and Wever, E. eds., 2016.New firms and regional development in Europe(Vol. 9). Routledge. La Porta, R. and Shleifer, A., 2014. Informality and development.The Journal of Economic Perspectives,28(3), pp.109-126. Leigh, N.G. and Blakely, E.J., 2016.Planning local economic development: Theory and practice. Sage Publications. Liedholm, C.E. and Mead, D.C., 2013.Small enterprises and economic development: the dynamics of micro and small enterprises. Routledge. Luo, Y. and Shenkar, O., 2017. The Multinational Corporation as a Multilingual Community: Language and Organization in a Global Context. InLanguage in International Business(pp. 59-92). Springer International Publishing. Mundial, B., 2013.Doing business 2013: smarter regulations for small and medium-size enterprises. The World Bank. Parahina, V.N., Boris, O.A., Bezrukova, T.L. and Shanin, I.I., 2014. State support for creation and development of socially-oriented innovative enterprises.Asian Social Science,10(23), p.215. Storey, D.J., 2016.Understanding the small business sector. Routledge.

Business Modelling and Analysis of the Employees of the Law Firm

Question: Discuss about the Business Modelling and Analysis. Answer: Introduction The present study analysis productivity, job satisfaction, stress and peer support of the employees of the law firm. The analysis measures the variables with relation to the use of social media by the employees. Data from 810 employees of the firm were taken. For the analysis a smaller data of 100 employees was selected. The data contains information regarding age, gender and time spent by the employees on social media. Special software installed by the law firm in January 2017 measured the time spent by the employees on social media. The variables of the study were self ranked by the employees in the end of January. Special software blocked the access to social media sites in the first week of February. The employees were again asked to self rank the variables in last week of April. The difference in productivity, job satisfaction, stresses and peer support of the employees between last week of January and April is analysed. Margaret, partner in law firm implemented the initiative ( of blocking access to social media) to increase productivity and reduce stress among the employs. The analysis of the data investigates the difference in stress level and peer support of the employees before and after the initiatives. An attempt is also made to predict the relationship between time spent by the employees on social media and productivity and job stress. Analysis: Descriptive Statistics Gender The analysis of the gender profile of the employees of the law shows that 49% of the employees are females while 51% are males (Table 1, Figure 3). Age The average (standard deviation) of the employees of the law firm is 41.35 (14.59) years. The median age of the employees is 41 years. The minimum and maximum age of the employees is 18.2 and 69.7 years respectively. Thus the range of age of the employees is 51.5 years. 50% of the employees are the age range of 28.05 and 53.75 years. The variability in age from the mean is 35.30% (table 2). Age of the employees is distributed across all age groups (table 3, figure 4). Time on SM The average (standard deviation) time employees of the law firm spend on social media before the initiative was implemented is 1.35 (1.08) hours per day. Most of the employees of the firm did not spend time on social media. 50% of the employees of the firm spend 2 hours/day on social media (table 4). Most of the employees of the firm spend less than 0.3 hours/day (figure 5). Productivity Average (standard deviation) productivity of the employees is 16.22 (6.52) hours. Maximum number of employees has a productivity of 25 hours. The range of productivity of the employees is 31.6 hours. 50% of the employees have a productivity of 9 hours. The variability in productivity from the mean is 40.17% (table 5). Job Satisfaction The maximum number (15) of employees have a job satisfaction level of 8 (table 6). The least number of employees have a satisfaction level of 6 (figure 7). Stress Level Most of the employees (25) of the law firm had a stress level of 1 (table 6). Very few employees (4) had a maximum stress level of 6 before implementation of the initiative (figure 7). Peer Support The maximum number (15) of employees have a peer support level of 6 (table 6). The least number of employees (5) have a satisfaction level of 8 (figure 7). 10 employees of the law firm have the least satisfaction level (1). Confidence Interval Confidence Interval 1 We are 95% confident that the average age of the employees lies within the limits of 38.49 and 44.21 years. The mean age of the employees is 41.35 years. The 95% confidence interval would mean that if we take another random sample of 100 employees then the average age of the employees would lie within the range of 38.49 and 44.21 years (table 7). Confidence Interval 2 We are 95% confident that the average time spent by the employees on social media lies within the limits of 1.14 and 1.56 hours / day. The mean time spent by the employees of the law firm on social media is 1.35 hour/day. The 95% confidence interval would mean that if another random sample of 100 employees of the law firm is taken then the average time that they would spend on social media would lie within the range of 1.14 and 1.56 hours / day (table 8). Hypothesis Testing Hypothesis Testing 1 A two-tailed independent sample t-test was done to test the hypothesis that female employees of the law firm spend more time on social media as compared to male employees. The test showed that there was statistically no significant differences between the average time spend by females (1.37hours/day) and males (1.34hours/day) on social media, t(98) = 0.111, p-value =0.912 (table 9). Thus, the average time spent by female employees of the law firm (1.37 hours/day) is equivalent to the average time spent by male employees of the law firm (1.34 hours/day). Hypothesis Testing 2 A two-tailed paired sample t-test was done to test the hypothesis that there is no change in stress levels of the employees. The test showed that there was statistically significant differences in the average stress levels of the employees, before (2.81) and after (2.48) implementation of the initiatives, t(99) = 6.983, p-value 0.001, less than 0.05, level of significance (table 10). Thus, the implementation of the initiatives has decreased the average stress level before (2.81) implementation to 2.48, average stress level after implementation. Hypothesis Testing 3 A two-tailed paired sample t-test was done to test the hypothesis that the average support from the peers has increased after implementation of the initiatives. The test showed that there was statistically significant differences in the average support from the peer, before (5.79) and after (6.31) implementation of the initiatives, t(99) = 2.762, p-value =0.007, less than 0.05, level of significance (table 11). Thus, the implementation of the initiatives has increased the support of the employees from the peers, from 5.79 (before) to 6.31 (after). Correlation and regression Regression 1 The relation between time spent by the employees of the law firm on social media and productivity, before implementation of the initiatives is shown in figure 1. Figure 1: Relation between times spent on social media and productivity In the Above figure the average time spent by the employees on social media is predicted with productivity. From the above figure it is seen that R2 = 0.7501. R2 is known as the coefficient of determination. Hence, 75.01% in the variability in average time spent by the employees on social media can be predicted through productivity. From table we find that multiple R = 0.8661 (table 13). Multiple R is also known as correlation coefficient between times spent on social media and productivity. Hence time spent by the employees of the law firm and productivity has a correlation r = 0.8661. Hence the correlation is strong, positive and linear. The regression equation for time spent on social media by the employees (table 12): Time spent on social media = 3.685 0.144*Productivity From table 14 it is seen that F(1,98) = 294.138, p-value 0.001, less than 0.05, level of significance. Thus there is statistically significant relationship between time spent on Social media and productivity of the employees before implementation of the initiatives. Regression 2 The relation between time spent by the employees of the law firm on social media and job satisfaction, before implementation of the initiatives is shown in figure 2. Figure 2: Relation between times spent on social media and job satisfaction In figure 2 the average time spent by the employees on social media is predicted with job satisfaction. From the above figure it is seen that R2 = 0.0018. Thus, 0.18% in the variability in average time spent by the employees on social media can be predicted through job satisfaction. . From table we find that multiple R = 0.0419 (table 16). The time spent by the employees of the law firm and job satisfaction has a correlation r = 0.0419. Hence the correlation is very weak, positive and linear. The regression equation for time spent on social media by the employees (table 15): Time spent on social media = 1.267 +0.016*Job Satisfaction From table 17 it is seen that F(1,98) = 0.173, p-value =0.679, more than 0.05, level of significance. Thus there is statistically no significant relationship between time spent on Social media and job satisfaction of the employees before implementation of the initiatives. Conclusion and Recommendation The analysis of the data of the employees shows that there are an equal proportion of males and females in the law firm. Male and female employees of the firm spent on an average equal amount of time on social media before the implementation of the initiative. There has been a reduction in the average stress level due to implementation of the initiative. In addition the implementation of the initiative has helped he employees to increase support of the peers. There is a strong correlation between productivity and time spent on social media before the implementation of the initiative. On the other hand there is a weak correlation between time spent by the employees on social media and job satisfaction before the initiative. The limitations of the present study are that the data of only a section of the employees have been studied. Similar studies with fresh set of data would substantiate the findings of Margaret.