The GE is over and the dust has not yet fully settled in some states where the opposition has taken over the state government. According to Malaysiakini, Lim Guan Eng has just been sworn in as the new Chief Minister of Penang. It is definitely a defining moment for Penang. Yesterday, Kedah also had its new Chief Minister, a representative from PAS.
Naturally, expectations are high and I believe the euphoria felt by the supporters of PAS, PKR and DAP has not died down. Everywhere I go, I still see and hear people excitedly sharing their joy over the results of the General Election wherein BN took a hefty beating. People are now talking about seeing changes happening and a brighter future for Malaysia. In fact, people are also talking about having a different coalition government the next GE comes around. Apparently, notwithstanding BN's heavy losses, the rakyat is baying for more blood and wants BN to be the opposition party comes next GE. The hatred for the BN leadership is so real that it is dumbfounding when the BN leadership are left wondering what freak storm or typhoon have they just encountered. Seperti katak dibawah tempurung ("Just like a frog under a coconut shell"), the BN leaders chose not to face reality but has instead become sore losers - Zam, Ong Ka Chuan and Ali Rustam included. Either they are truly ignorant or they have been living in the lofty isolation in their world of VVIP treatment that they have become disconnected with the ordinary rakyat's feelings of disenchantment and disillusion.
So, what's for the future? Many supporters of opposition parties have wasted no time congratulation their winning candidates but quite a majority of them have also at the same breath told these new opposition leaders whom they have voted into Parliament or the State Assembly to start delivering and producing results. Like what I have said earlier, expectations are high - almost unrealistic, to a certain extent. Each of us want them to do this and that. Get the roads paved, improve the road transportation system, reduce assessment rates, etc. In most requests (or demands, depending on how you look at it), they are selfish in nature. My needs, my neighbourhood's needs and the like.
My view is this. The opposition parties, especially those which have formed state governments, must make it their priority to clean up the administration - from the local council to the land office. It is an open secret that corruption is rife and unless the corrupted are exposed, removed and charged in a court of law, the very same people who have been depleting the nation's resources will continue to wreck havoc. The system must be throughly cleansed right from the top. Talented people must be appointed and recruited to administer the government and state regardless of race, religion, political affinity or family links. Real and effective change can only take place when the system is clean of corruption and talented people run the system. Anybody can get the job of repaving the roads or building a new highway to ease traffic congestion but if these people are as corrupted or incompetent as their predecessors, we are back to square one.
The ordinary people's first and foremost priority would be to ensure that a clean up takes place. The system must be revamped to one which is truly accountable and transparent. Existing contracts and proposed contracts must be reviewed to ascertain their economic viability. The nation must brave itself for the realities of a recession looming and unnecessary expenditure must be rejected or trimmed. A prudent manager of a company would trim costs and raise cash reserves to cope with bad times. Once this is done, the manager would be able to assess the priorities of spending. So, while all of us wish our newly elected leaders do something about that problem affecting us, let us give them a chance to see what is being spent, how it can be reduced and what surplus can be used to improve and upgrade the living conditions and lifestyle of the people.
There must be further pressure exerted on the Federal Government to repeal draconian laws such as the Printing Presses and Publications Act 1984 which called for licensing of mainstream newspapers, amongst other publications. We have all seen how biased the mainstream media was in the run up to elections. The people demand a fairer and accurate dissemination of information so that we can assess the leaders' performances.
We have all seen the role of internet media in creating awareness amongst the people in the run up to the elections. Likewise, I believe that the people would be spending more time on the net looking and searching for information on their leaders and what they have been up to. It is thus necessary, as a progressive nation and leadership, to have a proper website presence to enable a proper channel of communication between the leaders and the rakyat. By a proper website, I mean one which is professional set up - which can be done for less than RM400 with a domain name included. Dear leaders, please don't use the free platforms like Blogger, Blogsome or some other free sites. Be professional and mean business. Project a dynamic image and don't use templates which are oh so 1990s. We are now nearing 2010, mind you! Just take a look at Obama, Clinton and McCain's website to see how modern and interactive their sites are. Please don't harp about how we are becoming an IT nation or moving towards IT when you (the leaders) are not even IT savvy in reaching out to your people. And please ensure you have details on how we can provide feedback to you unlike somebody's son-in-law who removed the ability to leave comments on his new website probably because he cannot take the heat.
And people, if the road don't get paved, the drains don't get unclogged and the assessment rates don't get reduced, hold on your horses (especially towards the new state governments). Give them a bit more time. You gave BN 50 years, didn't you? So, don't be so unfair as to demand 50 years' of neglect be fully resolved in 5 years. If you are aware of any malpractices committed by the previous state governments or even the federal government, now is the time to expose all their dirty practices. Hand in the evidence to the new state government for action. It will be political mileage for them anyway. Let us all move towards a new era of being adverse to corruption. For your sake, my sake and our children's sake.


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Electric bikes, also known as e-bikes, have revolutionized the way we commute, explore, and experience the thrill of cycling. At the heart of every e-bike lies the motor, which determines the power, performance, and overall riding experience. When it comes to power, high torque e-bike motors are an unstoppable force. In this blog post, we will explore the advantages of high torque e-bike motors and how they elevate the riding experience to new heights.
One of the primary advantages of high torque e-bike motors is their ability to conquer steep inclines with ease. Whether you're facing a challenging hill or an uphill climb, the high torque provided by these motors ensures effortless acceleration and improved climbing capabilities. The enhanced torque allows riders to maintain a steady pace and conquer steep gradients without exerting excessive effort, making e-biking on hilly terrains a breeze.
High torque e-bike motors offer swift acceleration and quick response, providing riders with an exhilarating riding experience. The powerful torque output allows for rapid acceleration from a standstill, making it easier to keep up with traffic or swiftly navigate through intersections. The quick response of high torque motors also ensures better maneuverability, enabling riders to handle sudden changes in speed and direction effortlessly.
Another advantage of high torque e-bike motors is their ability to provide enhanced traction and control, particularly on challenging terrains. The increased torque allows for improved grip and traction, ensuring a stable and confident ride even on loose surfaces or off-road trails. With high torque motors, riders can maintain better control over their e-bikes, making tight turns, handling obstacles, and navigating through rough terrains a smoother and more controlled experience.
High torque e-bike motors offer versatility, catering to a wide range of riding styles and preferences. Whether you prefer leisurely rides, commuting, or off-road adventures, the high torque output of these motors ensures optimal performance in various scenarios. They provide the power needed to tackle different road conditions, whether it's conquering hills during a weekend getaway or effortlessly gliding through urban streets during your daily commute.
High torque e-bike motors are a game-changer in the world of electric biking. With their ability to conquer steep inclines, deliver swift acceleration, provide enhanced traction and control, and offer versatility for various riding styles, these motors elevate the riding experience to a whole new level. Whether you're an adventure enthusiast seeking thrilling off-road rides or a commuter looking for an efficient and effortless way to navigate the city, the unstoppable force of high torque e-bike motors ensures a powerful and enjoyable ride. So, embrace the advantages of high torque motors and experience the exhilaration of unstoppable e-bike adventures.


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James Cameron Is All of Us in This New Zealand Tourism Video
James Cameron wants you to visit New Zealand. So much so, that he's starring in 100% Pure New Zealand's latest promotional video.
The movie director takes in the country's epic scenery with what might be the most consistent look of pure awe we've ever seen. (I mean, have you seen the drone footage?) Cameron also narrates the video, kicking it off with a personal story about imagination and leading into the idea of insatiable curiosity, something he urges us all to recognize as the “most powerful thing we own.”
His words combined with the incomparable New Zealand landscape are enough to inspire an impulse airplane ticket purchase. Check out the video above.
Erika Owen is the Senior Audience Engagement Editor at Travel + Leisure. Follow her on Twitter and Instagram at @erikaraeowen.

domain: entertainment


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A Scottish Love (Mass Market Paperbound)
Shona Imrie should have agreed to Gordon MacDermonds proposal of marriage seven years agobefore he went off to war and returned a national herobut the proud Scottish lass would accept no mans charity. The dashing soldier would never truly share her love and the passion that left her weak and breathless or so she believedso instead she gave herself to another. Now she faces disgrace, poverty, and a life spent alone for her steadfast refusal to follow her heart.
Honored with a baronetcy for his courage under fire, Gordon has everything he could ever wantexcept for the one thing he most fervently desires: the headstrong beauty he foolishly let slip through his fingers. Conquering Shonas stubborn pride, however, will prove his most difficult battlethough it is the one for which he is most willing to risk his life, his heart, and his soul.
About the Author
Karen Ranney wanted to be a writer from the time she was five years old and filled her Big Chief tablet with stories. People in stories did amazing things and she was too shy to do anything amazing. Years spent in Japan, Paris, and Italy, however, not only fueled her imagination but proved she wasn't that shy after all.
Now a New York Times and USA Today bestseller, she prefers to keep her adventures between the covers of her books. Karen lives in San Antonio, Texas.

domain: artistic


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With the Pure Protein Chocolate Deluxe high protein bar, you get all the flavor of chocolate without all of the guilt. It's loaded with 21 grams of protein and packed with vitamins and minerals. This bar is a win-win for health conscious chocolate lovers alike!
Directions: '42': Adults, for best results drink 8 fl. ounces of water or other liquid with this bar.
Warnings: '44': This product contains sugar alcohols, which may cause gastrointestinal discomfort. Excessive consumption may have a laxative effect. Contains milk, soy, peanut and tree nut (almond) ingredients.
Ingredients: '43': Protein Blend (Milk Protein Isolate, Whey Protein Isolate, Whey Protein Concentrate), Chocolate Flavored Coating (Maltitol, Fractionated Palm Kernel Oil, Whey Protein Concentrate, Cocoa [processed with alkali], Calcium Carbonate, Natural Flavors, Soy Lecithin, Sucralose), Hydrolyzed Collagen, Glycerin, Cocoa Powder, Water, Milk Chocolate Drops (Sugar, Whole Milk Powder, Chocolate Liquor, Cocoa Butter, Milk Fat, Soy Lecithin, Natural Vanilla Flavor), Maltitol Syrup, Peanut Flour, Calcium Carbonate, Natural Flavors, Vitamin and Mineral Blend (Ascorbic Acid, d-Alpha Tocopheryl Acetate, Niacinamide, Zinc Oxide, Biotin, Copper Gluconate, d-Calcium Pantothenate, Potassium Iodide, Vitamin A Palmitate, Tricalcium Phosphate, Pyridoxine Hydrochloride, Thiamin Mononitrate, Riboflavin, Folic Acid, Cyanocobalamin), Sucralose, Almond Butter, Soy Lecithin. Contains milk, soy, peanut and tree nut (almond) ingredients.

domain: food


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Customer: Tasmanian Department of State Growth
Contract: Design and Construct
Location: Hobart, Tasmania
The Tasmanian Department of State Growth has awarded McConnell Dowell the contract to design and construct the New Bridgewater Bridge in Hobart - Tasmania's largest ever transport infrastructure project.
The new one kilometre long bridge will replace the existing lift-span bridge built in the 1940s, providing a new modern crossing of the River Derwent. The new bridge will cut travel times for the 22,000 people that use the route each day. It will also improve freight routes around the state capital.
Our winning design features a new, four lane bridge constructed downstream of the existing one. Works also include enhanced interchanges at Granton and Bridgewater, and a dedicated shared pathway for cyclists and pedestrians.
The McConnell Dowell team includes design partners Jacobs; Tony Gee and Partners; Tonkin and Taylor; Wood Marsh; and Pitt & Sherry. McConnell Dowell's main construction partner is bridge specialist VSL.
With a strong focus on local involvement, the team has also engaged local constructors Batchelor, BridgePro, Hazel Brothers and VEC to maximise economic value for Tasmania.
For more information visit www.bridgewaterbridge.tas.gov.au.

domain: geography


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Welcome to day the last day of the April Sweet November previews. Todays projects feature Briar & Sonata. Be sure to also click on over to guest designer 1LuvnMama as well as another terrific All That Scraps designer, Rachel. Amy, the illustrator behind the Sweet November line is offering a chance for some great blog candy so please check it out to see how easily you can win.
Briar is a new character for Sweet November. I stamped both images onto Copic X-Press blending card, colored with Copic markers and then cut out with Spellbinders Nestabilities with a small amount of "out of the box" action. I then masked the two images and sprayed the splotchy background with my very old Stampin' Up Color Spritzer tool. I no longer have any viable SU markers to use with it but my Memento Brown marker fit in it just fine. Can you tell that I gave Briar a ruddy complexion befitting his outdoorsy way of life? All patterned paper came from the My Mind's Eye Stella and Rose 6x6 pads (Gertie and Hazel).
Products: Sweet November stamp, My Mind's Eye dp, PTI sentiment and button, My Favorite Things Die-namics, Taylored Expressions die, Spellbinders Nestabilities, Copic Markers
Copics: Skin-R01, E00, R11; Hair-E55, E57, E29; Eyes/Tongue-B32, B34, RV11; Shirt-BG70, BG72, BG75; Pants-YG91, YG93, YG95; Shoes-W1, W2, W5; Grasshopper-YG0000, YG91, YG93, YG95
I hope you have enjoyed all the Sweet November April previews. These will be available for sale at All That Scraps on Sunday, April 3 at 9pm CST. Thanks for stopping by. I hope you are having a great weekend.

domain: hobby


Which came first, the playing of instruments or singing?
I imagine that our ancient ancestors probably started chanting and singing before they ever thought of inventing the accordion.
The first instruments were likely sticks pounding out a rhythm on hollow logs, or something like that. Chanting and singing comes naturally, I think. (Spend some time with a toddler and you’ll see what I mean.)
There is something very comforting about the human voice.
We are drawn to it.
This may be because of a simple emotional connection to other humans. It could also be the message that those voices are speaking/singing that we are drawn to.
I will admit that no music is able to affect me as intensely as human voices in chorus.
Have you ever heard a good barbershop chorus? Their harmonies are amazing, but when they start belting out a song at the top of their lungs, the sonic power is more than the sum of its parts.
It is amazing, and at times even a little terrifying!
But most music with vocals utilizes one vocalist, or perhaps a few singing together. Their voices work together as another “instrument” in an ensemble. The voices and instruments complement and support one another to varying degrees.
Sometimes the lyrics have poignant or profound messages. Often the message is about longing for love or celebrating love. Sometimes lyrics are so simple or basic that they almost seem like an afterthought.
And sometimes they are offensive, whether that is intentional or not.
I don’t consider myself much of a scholar when it comes to reading and writing. Brilliant prose can smack me in the face and I don’t even recognize it.
On the other hand, having been in band and choir and music theory classes, I feel like I have a decent ear for music.
So for me, lyrics often seem like unnecessary place holders. They follow the melody, and can be fun to sing along with, but if they were changed to describe what the singer had for breakfast, it wouldn’t change much of my appreciation of the song.
As Peter Gabriel is credited with saying:
I think his point was that writers ought to work harder when composing lyrics. But one can also interpret that quote to mean that music is much more important than lyrics when it comes to appreciating a song. For me, that’s true.
Enter the instrumental.
The popularity of instrumentals has ebbed and flowed over the decades. Some of the earliest popular recordings in the late 1800s were instrumentals. John Phillip Sousa’s instrumental marches sold well in the 1890s. But primitive acoustic recording techniques in those days didn’t pick up individual instruments very well. High and low ranges reproduced poorly, but the mid-ranged human voice sounded better on records.
As recording matured over the next couple of decades, classical and instrumental recordings became more popular. By the 1920s and 30s, instrumentals were almost as popular as vocal recordings.
During the Big Band/Swing era of the 1930s and 1940s, vocalists got small-print billing compared to the band leaders like Benny Goodman and Glenn Miller.
But as the 40s progressed, vocalists like Bing Crosby, Frank Sinatra, Perry Como and Doris Day became celebrities on their own. Vocalists became the headliners. It really doesn’t make sense to have instrumentals on a vocalist’s album.
As time progressed into the rock era, it was mostly the easy-listening genre that would occasionally push to the top of the charts with instrumentals.
But rock and roll, and especially the popularity of the Beatles as a unit did change things a bit.
Rock groups became popular, sometimes with fairly anonymous members. They were known for their overall sound rather than just a singer. They could use instrumentals to show off the talents of their musicians.
Those instrumentals usually weren’t the most popular songs by those bands.
They were the deep cuts that could be appreciated by listeners that preferred to consume music by the album, rather than just by the hit single.
So why did instrumentals become less and less popular in pop music? Of course, pop music is not really a genre. It’s a moving target. It’s whatever the public most wants to hear at any given time. Irving Berlin, perhaps the greatest pop music writer of the first half of the 20th century said: “A good song embodies the feelings of the mob, and a songwriter is not much more than a mirror which reflects those feelings.”
“I write a song to please the public — and if the public doesn’t like it in New Haven, I change it!”Irving Berlin
As the 80s progressed into the 90s, rap and hip-hop became the dominant force in pop music. These genres focus on the lyrics. Music served more as a groove; a bed of rhythm over which singers worked their vocal gymnastics. That doesn’t leave a lot of opportunities for instrumentals to climb the charts.
Additionally: pop music loves a celebrity.
Celebrity is really more important than artistry when the big business of selling music is involved. A famous singer is much easier to market than a band of anonymous members.
Over the past 35 years, only one instrumental has topped the charts: “Harlem Shake” by Baauer in 2013. (Critically, it wasn’t even much of a “song”, but it was assisted by a viral video/dance craze.)
Plenty of instrumental music is still made. Genres such as jazz, EDM and trance, post-rock/metal, ambient, classical and movie soundtracks are alive and well, and continue to feature a lot of instrumental works. But they don’t top the charts.
BUT enough analysis…lets get to some statistics!
Below is a graph representing each year from 1900 to 2022:
It shows the number of Instrumental Number One hits for each year in blue, the total number of Number One hits for each year in gold, and the percentage of Number One hits that were instrumentals for each year on the red line.
The 1920s were the decade of the instrumental with over 50% instrumental #1s for a couple of years. This can be attributed mostly to the popularity of Paul Whiteman, who had a ton of #1 hits, most of which were instrumental. But from the mid-1930s through the early 1960s instrumentals averaged around 10% of the #1 hits for any given year. There was a series of years in the mid-1940s with no instrumentals. The musician’s strike of 1942-1944 can account for some of this.
You were more likely to hear a-capella #1 hits during those years, since union musicians wouldn’t record for the major labels during that time.
Next, is a graph that may be easier to digest: Below is a pie chart showing which decades have what percentage of the instrumental Number One hits. The 1920s make up over a third of the total instrumentals. Then the rate is sort of consistent from the 30s through the 70s.
And then, they just go away.
Since I’m showing graphs and stuff, this is starting to feel all scientific and everything. So I’ll outline some weaknesses of this mini-study:
First, I’m using Number One songs to represent each year. During any given year, the number of instrumentals that went to #1 might not accurately represent how many instrumentals were actually popular that year. It would be better to study, perhaps, all of the instrumentals that hit the Top 5 or the Top 10 in any given year.
I would actually LOVE to see that kind of data, but that would be a whole lot more investigating.
Second, I’m using Billboard chart data back into the 1940s. But from 1900 through the 1940s, I’m also using Joel Whitburn’s research as presented in his book Pop Memories. In it, Whitburn attempted to reconstruct chart positions for songs during years before there were charts. His methods have been questioned and criticized over the years, with valid arguments.
But without anything better to use, Joel Whitburn’s data is good enough for me.
“Come on, Link, can you get past all of the analysis and graphs, and just talk about my favorite instrumentals???”
Yes. And this is where a discussion would be more fun than a text presentation, because no one opinion is better than another.
For lack of a better place to start, I’ll discuss: Great Instrumentals of the Rock Era.
These are songs that may not have topped the charts, but they got as much airplay as other songs of the 60s, 70s, and 80s.
One of the classics that first comes to mind is Green Onions by Booker T. and the M.G.s, the famous Stax record label’s house band. It’s a simple 12-bar blues tune featuring a Hammond organ and some tasty guitar soloing. It has such a great groove, and is as essential to 60s R&B as Motown or Aretha Franklin. When I hear it, I picture my mom dancing with the handle on our refrigerator door.
Another early rock instrumental that I love is by guitarist Lonnie Mack. In 1963 he released his instrumental take on Chuck Berry’s Memphis. It features some amazing guitar playing that raised the bar on blues-rock lead guitar. It reached #5 on the charts.
One of the most unique instrumental hits of all time is The Horse by Cliff Nobles. It is simply the Cliff Nobles song “Love Is All Right”, but without the lead vocal, so they gave it a different title. I’ve always thought it’s so amazing that a song so devoid of variation could have gone to #2 in 1968. It’s just a basic rhythm track with a few horn flourishes. Cliff Nobles, the ‘vocalist’ wasn’t even present when it was recorded.
The 1970s are my favorite era of music, so choosing a couple of sample instrumentals is difficult. I’ll start with my favorite #1 song of all time, “TSOP (The Sound of Philadelphia)” by the Philadelphia International record label’s house band, MFSB and features the Three Degrees. When you try to define the ultimate disco track you may consider songs by the Bee Gees, Donna Summer, or Chic, and those would all be valid directions to go, but I think this 1974 chart topper is my choice. Here is the superior version of the song, the 12 inch single. Its energy and vibe are just perfect.
But this brings up the question…is it an instrumental? There are a few scant vocals by the Three Degrees. Since they are only background, I think the general opinion is that it is an instrumental.
Another instrumental with a few words thrown in the middle is a number one hit from 1975. The Average White Band’s Pick Up the Pieces. Just try not to tap your feet while this plays. (For the record, this song is very close behind TSOP for my favorite #1 hit of all time).
One of the better known instrumentals of the 1980s came from the soundtrack of the movie Beverly Hills Cop. Harold Faltermyer’s hit Axel F reached #3 in 1985. It remained in the public eye through a series of remakes over the ensuing decades.
One of the last opportunities that an instrumental had to top the charts in the 20th century was Kenny G’s “Songbird”. The song’s sleepy, light-jazz/pop topped out at #4 in 1987.
My knowledge of music after 1990 drops precipitously. But, it’s worth including Baauer’s 2013 instrumental Harlem Shake. It is…interesting.
One fun collection of instrumentals is the set of instrumental songs by groups that weren’t typically known for instrumentals. Instrumentals by famous groups like the Rolling Stones or The Carpenters or The Doobie Brothers or Rush or Chicago…they are fun diversions from their normal material.
I know that I’ve barely scratched the surface on all of the popular instrumentals out there.
Which ones are your favorites?
Which ones do you think are the most famous? I’d love to see your choices in the comments.
Let the author know that you liked their article with a “heart” upvote!”


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These thesis statements offer Lovehate othello essay short summary of Othello in terms of different elements that could be important in an essay.
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All quotes contain page numbers, or line and scene numbers. They do not have a strong and equal relationship displaying love. She is always good, no matter what temptation she is faced with.
While certainly race is one of the most salient themes in Othello discussed in many essays and classrooms, take the high road for this essay and go for a challenge.
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We would like to show you a description here but the site won’t allow us. Iago is the villain we love to hate; he makes the play and at the same time breaks all the characters within it, he is the sole instigator of the tragic eventfulness within Othello.
And yet still Iago is one of the most complex characters within Shakespearean tragedy. Free Essay - The Character of Iago in Shakespeare' Free Essay - The Character of Iago in Shakespeare's Othello Othello essays The Character of Iago in Othello In the Shakespeare play of Othello, Iago plays an important role.
Iago is a compelling sophisticated villain, who revels in his own ability to dissemble. This is an analytical essay that examines the racial issues in Shakespeare's play, "Othello." The play ponders whether race is a social fabrication or an innate ugliness of human nature.Lovehate othello essay


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If that is not sufficient, the market now sees a 70% likelihood of the Fed elevating charges by 50 foundation factors later this month, a reacceleration of tightening after a quick step down 25 bps in February. The yield on the two-year Treasury be aware, which is delicate to rate of interest expectations, has crossed above 5% for the primary time since 2007 and will rise additional towards 5.655, contemplating the terminal price pricing.
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Bitcoin Wednesday held in Amsterdam on 1 April 2015 was a historic moment. At the specific request of the Dutch government we had a public conversation with the Bitcoin guru Andreas M. Antonopoulos in which Mr. Antonopoulos was asked a series of questions about the digital currency revolution in The Netherlands. The questions were prepared by the government and were intended to increase their awareness and understanding of this important technology.
This Antonopoulos video is a registration of his entire keynote as well as the extended question and answer period that followed it.
For the first 30 minutes Mr. Antonopoulos delivers a keynote, followed by 90 minutes of questions. After the official questions, the audience also asks some of its own, including several related to the Bitcoin technology, to Mr. Antonopoulos’ startup Third Key Solutions, and more specifically to the regulatory climate in The Netherlands.
A profile of Mr. Antonopoulos can be found here.


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Ash Tree House
Ash Tree House
The proposal is for a new-build 4 bedroom family home behind a row of large Victorian houses in the Muswell Hill Conservation Area, north London. The modern, contemporary, open plan upside down dwelling is informed by the steeply sloping site, receding into the bank to reduce its impact on the neighbouring properties whilst embracing and supporting the old large ash tree.
The house is approached between two existing Victorian houses along a long driveway. The proposed home appears as a small, dark, vertically clad single storey volume with veiled windows. This appearance reduces the visual impact and protects the privacy of the occupants and the surrounding neighbours. Upon entering, the two storey space reveals itself through a descending double height staircase top lit by a dramatic long rooflight giving views to the old large ash tree. This storey houses the bedrooms and the entrance hall.
The lower ground space is articulated as an open space made of concrete planes, resisting the forces of the surrounding bank, retaining the ash tree and supporting the lightweight timber construction above. The open plan kitchen, dining and living room revolve around a large private courtyard, with a study, utility and plant room accessed off the main space. A large glass roof over the kitchen creates a strong yet submissive relationship to the large old ash which rises majestically above. The two main roofs of the building are green roofs, promoting biodiversity and improving the neighbour's outlook.


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Traditional & Contemporary High Energy Bluegrass Band.
Why this name?
It's our name
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Monroe, Tony Rice, Sam Bush, Emmylou Harris, Lucinda Williams, Stanley Brothers and many more
Acoustic instruments, Banjo, Bass, Guitar, & Mandolin
Sometimes a Rob Allen Semi-Acoustic Fretless Bass. Plays easily and sounds great.


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The Financial Health Of The Banking Industry Finance Essay
“The banks attend an industrial undertaking from its birth to its death, from promotion to liquidation, they stand by its side whilst it passes through the financial processes of economic life, whether usual or unusual, helping it and at the same time profiting from it” (Jiedals, 1905).
The financial health of the banking industry is an important prerequisite for economic stability and growth (Halling & Hayden, 2006). Banks are the main part of the financial sector in an economy performing valuable activities on both sides of the balance sheet and providing the financial support to other segments. On the assets side, they enhance the flow of funds by lending cash starved users of funds and supply liquidity to savers on the liability side (Diamond & Rajan, 2001).
Banks also facilitate the transactions of payments and help to ascertain the smooth transfer of goods and services. They make sure the capital to be invested productively to stimulate the economic growth. They make it possible to create new industries thereby increasing the employment and facilitating the growth. Primarily due to their varied nature of functions performed, the balance sheet of a typical bank is exposed to liquidity risk – the risk that a bank may not meet its obligations (Jenkinson, 2008) as the depositors can call their funds on demand, causing fire sale of the assets (Diamond and Rajan, 2001), negatively affecting profitability of the bank (Chaplin, Emblow, & Michael, 2000).
Over the past few years, bank managers did not pay the due attention to this vital element of liquidity risk (CEBS, 2008). Lately, it has obtained a great attention from the researchers, regulators and financial institutions in recent years after many financial and banking crises across the globe. There has been an imminent feeling that it has not been sufficiently covered by the prevailing risk management practices (Crowe, 2009). It is said to be assassin of banks (Ali, 2004) and failure of many banks from the past and present support this claim. So the banks and the regulators are keen to have a vigil on liquidity situation of banks. Liquidity risk primarily emanates from the nature of banking business, macro factors that are exogenous to the bank and the financing and working policies that are internal to the banking firm (Chaplin, Emblow, & Michael, 2000).
Liquidity risk not only affects the performance of a bank but also the reputation of a bank (Jenkinson, 2008). If a bank is unable to give the funds to its depositor timely then it may lose the confidence of its depositors and bank’s reputation will be at stake. In addition to this, a poor liquidity position may cause penalties from the regulator. Therefore it is very necessary for a bank to keep a sound liquidity arrangement.
Banks also need to be equipped to deal with the changing monetary stance, shaping the overall liquidity trends and the bank’s own transactional requirements and repayment of short term borrowings (Akhtar, 2007). There are also a number of other risks faced by banks such as credit risk, operational risk, interest rates risk etc. which may culminate in the form of liquidity risk (Brunnermeier & Yogo, 2009).
Honohan & Laeven (2005) state that increase in inflation unpredictability and precariousness of exchange rate after 1971 has increased the susceptibility of banking system more than any other sector of the economy. The frequency and severity of banking crises multiplied during the last quarter of the previous century. The costs of these banking crises have been very large which has not only been borne by its shareholders but also by the governments and tax payers. In addition to the fiscal cost, collapses of large banks across the World have contributed to longer economic downfalls, worsening poverty across the globe. Despite the presence of some advanced models; it is not an easy task to predict systemic banking crises, emanating originally from liquidity problems of the banking sector.
Broad problem area
Liquidity risk has become a greater concern and challenge for modern era banks (Comptroller of the Currency, 2001). High competition for consumer deposits, a wide array of wholesale and capital markets funding products with technological advancements have changed the funding and risk management structure (Akhtar, 2007). A bank having good asset quality, strong earnings and adequate capital may fail if it is not maintaining adequate liquidity (Crowe, 2009).
Saleem (2009) mentioned in his report that there are 53 banks in the banking sector of Pakistan which consists of 30 commercial banks, 4 specialized banks, 6 Islamic banks, 7 development financial institutions and 6 micro-finance banks. As of end-2008, data from the banking sector confirms a slowdown in the industry growth as compared to previous years. As of October 2008, total deposits fell from PKR 3.77 trillion in September to PKR 3.67 trillion. Provisions for losses over the same period went up from PKR 173 billion in September to PKR 178.9 billion in October.
According to SBP Quarterly Report (2010), due to heavy investments in government papers, liquidity strain became more severe for commercial banks which complicated the liquidity management by SBP. This has made the liquidity position difficult for the banking sector in Pakistan. Due to the focus over the last several years on market risk and credit risk (under Basel-I arrangement), liquidity risks have not been given the required attention.
What are the factors contributing to the liquidity risk faced by banking sector in Pakistan?
What is the impact of liquidity risk on performance of banking sector?
What are the ways through which liquidity risk can be mitigated?
RATIONALE OF STUDY
Liquidity risk is a slayer for the banks (Ali, 2004) which may demolish the entire banking sector. Any of the financial institutions need to pay due attention to the liquidity risk. Poor liquidity positions can cause a number of problems for a bank that may lead to bankruptcy as well (Goddard, Molyneux, & Wilson, 2009). To manage the liquidity problems, without affecting the performance, is a big challenge for management of any bank (Goodhart, 2008). Liquidity risk may have adverse effect on the performance of bank in shape of decreased earnings or deteriorated reputation etc (Jenkinson, 2008).
The purpose of this study is twofold. Firstly, banks adapt different measure for managing the liquidity risk. The researchers have tried to analyze the effectiveness and efficiency of all these measures adapted by the banks. Secondly, the researchers have also tried to find whether there is any impact of these measures on the performance of the bank.
This study is trying to explore the factors that may create liquidity risk. The researchers have tried to find out the different kinds of internal or external forces putting a bank at liquidity risk? The researchers have made attempts to find out the areas in which liquidity risk may affect the performance of banking sector. There are many ways which help a bank to mitigate liquidity risk but on the other hand bank’s performance might be affected while mitigating this risk.
This study will contribute in mitigating the liquidity risk keeping in view the performance of banking sector. The researchers have analyzed all the potential measures that can be taken in this regards. Different pros and cons of these measures will be investigated and then recommendation will be made in the best interest of a bank by keeping in mind the both faces of the coin i.e. mitigating liquidity risk and increasing the performance of banking sector.
OBJECTIVES OF THE STUDY
The researchers have put their efforts to find the sources of liquidity risk and how liquidity risk may affect the performance of banking system. The objectives of this study are:
To investigate the sources of a liquidity risk.
To highlight the factors exacerbating the liquidity risk.
To analyze the impact of liquidity risk management practices on performance of banking sector.
To study the ways in which liquidity risk may be mitigated effectively and efficiently.
DELIMITATIONS OF THE STUDY
The researchers have delimited themselves in the following ways:
This study is only focused on the Pakistani banking sector.
The researchers have only evaluated the financial performance.
The researchers have only taken earnings as the measure of financial performance.
The researchers have prepared the following literature review.
“Liquidity risk is a risk arising from a bank’s inability to meet its obligations in time when they come due without incurring unacceptable losses” (Comptroller of the Currency, 2001). This risk can adversely affect both bank’s earnings and the capital. So it becomes the top priority of the bank management to make sure the availability of sufficient funds to meet potential demands of providers and borrowers, at reasonable costs.
According to State Bank of Pakistan, “Liquidity risk is the potential for loss to an institution arising from either its inability to meet its obligations or to fund increases in assets as they fall due without incurring unacceptable cost or losses”. In easier terms, liquidity risk can be defined as the risk of being unable to liquidate a position timely at a reasonable price (Muranaga & Ohsawa, 2002). If we analyze this definition, then there are two important parts i.e. (a) liquidating the assets as and when required and (b) at a reasonable price. Banks face a liquidity risk if it is not liquidating its assets at a reasonable price. The price fetching remains unsuitable due to stressed sale conditions, while liquidating any of its assets on urgent basis. Due to this situation banks face losses and a significant decrease in earnings.
The idea of liquidity risk in banking sector emphasizes on maintaining sufficient funds to meet a bank’s commitments to attract deposits (Majid, 2003). Banks, having insufficient funds to meet the unexpected depositor’s demand will be prone to liquidity crisis. Inefficiency in meeting the demand of depositors may also create a reputation risk for the bank that will make it difficult to attract depositors.
Large scale withdrawal of the deposits can put a bank in liquidity trap (Jeanne & Svensson, 2007; Kumar, 2008) but this may not be the major source of liquidity risk in all circumstances (Diamond & Rajan, 2005; Holmstrom & Tirole, 2000). There are a number of other factors that may create massive liquidity problems for the banks e.g. large-scale commitment based lending and long-term lending may create serious liquidity problems for a bank (Kashyap, Rajan, & Stein, 2002). Banks having large commitments will have to honor them when they will come due. Moreover, banks having a massive exposure in long-term lending will face problems of liquidating them in immense liquidity pressure. Kashyap et al., (2002) further explained that those banks having an advantage in offering demandable deposits (measured by the ratio of transactions deposits to total deposits) must hold more in cash and securities; and do a greater fraction of their lending on a commitment basis.
The very structure of a bank’s balance sheet – generally illiquid loans are funded by highly liquid short term deposits – exposes the bank to liquidity risk (Clementi, 2001). While short-terms deposits can be withdrawn at any time, the long term lending usually mature after the completion of their fixed term. This situation can be called the mismatch in assets and liabilities of the bank. This phenomenon has also been explained by Brunnermeier & Yogo (2009) who defined liquidity risk as the mismatch between the assets and liabilities of the bank. Banks taking short-term deposits and issuing long-term loans are more prone to liquidity risk i.e. the risk that they may not be able to fund increases in assets or meet obligations as they fall due, without incurring unacceptable losses (Central Bank of Barbados, 2008). The mismatch may also be referred to liquidity gap – the difference between the assets and liabilities of portfolio – which generates risk of not being able to raise funds without incurring a higher cost (Plochan, 2007). The relationship between longer term illiquid customer loans and stable funding, in the form of customer deposits and longer terms purchased funds, is the universal measure of liquidity (Falconer, 2001). If the relationship is not balanced then some urgent remedial actions are required by the bank.
Goddard et al., (2009) find out in their study on the financial crisis in Europe that whole sale funding and the interbank markets dried up in 2007-2008 because regulators overly emphasized on capital. This emphasize was made on the cost of liquidity. The viability of any financial institution cannot be guaranteed only with capital regulations.
According to Goodhart (2008), there are two important facets of liquidity risk: maturity transformation (the relative maturity of a bank’s liabilities and assets) and the inherent liquidity of a bank’s assets i.e. the degree to which an asset can be sold without incurring a significant loss of value under any market conditions. In fact, these two elements of a bank’s liquidity are intertwined. Banks do not need to be worried about the maturity transformation if they have the assets that can be sold without bearing any loss and if the banks have the assets that are going to be matured in a shorter time, then they have a lower level of need to hold the liquid assets.
But apart from the above cited mismatch, liquidity risk arises due to stoppage of production or even delay in production of resources in economy. This will increase the demand of depositors which will in turn create liquidity risk. This may cause the failure of a bank or even banking system (Diamond & Rajan, 2005). A very high liquidity increases the leverage of the bank and high leveraged banks can turn into consumer of liquidity from the providers (Clementi, 2001).
Major focus of researchers have been on the liquidity risk emanating from the liability side of a bank’s balance sheet and less attention has been given to the risk arising from the asset side of the balance sheet. Liquidity risk may arise due to the breakdown or delays in cash flows from borrowers or early termination of the projects (Diamond & Rajan, 2005).
Moreover, liquidity risk may also emanate from the nature of banking business; from the macro factors that are exogenous to the bank as well as from the financing and operational policies which are internal to the banking firm (Ali, 2004). A severe liquidity crisis can cause massive drowning in shape of bankruptcies and bank runs (Goodhart, 2008) which may lead to a severe financial crisis in the economy (Mishkin, Stern, & Feldman, 2006).
The major important reasons of liquidity risk identified by Ali (2004) are incorrect judgment or complacent attitude of the bank officials towards timing of its cash flows, unanticipated changes in the cost of capital or availability of funding, abnormal behavior of financial markets under stress, range of assumptions used in predicting cash flows, risk activation by secondary sources (e.g. business strategy failure, corporate governance failure, modeling assumptions), merger and accusations policy, breakdown in payments and settlement system, macroeconomic imbalances etc.
SBP’s 2nd Quarterly Report for the FY 2009-2010 shows that the continued strong credit demand from PSEs (Public sector enterprises) and low pace of retirement of outstanding commodity finance loans in FY10 exerted pressures on the market liquidity. Increase in loans to PSEs made it very difficult for SBP to manage the liquidity problems. Excessive borrowings from the GOP have created a challenging situation for the banks (SBP, 2008).
Most of the Pakistani bank’s lending is to textile sector which has suffered severe losses due to the ongoing severe energy crisis in Pakistan (SBP, 2010). This has negatively affected the pace of loan retirement from the textile industry. So the energy crisis may have created liquidity problems for banks in an indirect way.
Managing liquidity risk
Liquidity management is part of the larger risk management framework of the financial services industry, which concerns all financial institutions (Majid, 2003). A well-managed bank must have a very refined system for the identification, measurement, monitoring and control of liquidity risk (Comptroller of the Currency, 2001). A well established system will help the banks to recognize the sources of liquidity risk in a timely manner and uphold sufficient liquidity to avoid the losses.
The balance sheets of banks are growing in complexity and dependence upon the capital markets have made the liquidity risk management more challenging (Guglielmo, 2008). Guglielmo further states that institutions that plan to rely on the capital markets to fund future growth, need to show their understanding of the risks involved and have the appropriate measurement and management processes in place. A bank should have continuous awareness about the breakdown of its sources of funding in terms of different categories of customers, (consumers, whole sale customers etc.) financial markets and instruments (Falconer, 2001).
A large scale liquidity crisis can turn into a full-blown capitalization crisis in no time. This situation may evolve due to fire sale risk that may arise because of taking large positions in illiquid assets. This fire sale risk may have knock on effects on the balance sheet because the institutions are obliged to mark their assets to the fire-sale price. In order to avoid the liquidity crisis financial institutions should focus on the ratios like liquid assets to total assets and liquid liabilities to total liabilities (Goddard et al., 2009).
By holding very high quality liquid assets, a bank can improve the maturity transformation, as the high quality assets can be sold or pledged to meet the funding risk (Goodhart, 2008). A bank may have to increase its cash reserve to avoid the liquidity risk but it might be expensive in practice (Holmstrom & Tirole, 2000). An asset’s liquidity should be based on its capacity to generate the liquidity instead of its trading book classification or its accounting treatment (CEBS, 2008). CEBS further emphasizes that a liquidity buffers, composed of cash and liquid assets, must be sufficient to allow a bank to weather liquidity stress in a “survival period.”
Moreover, to overcome problem of liquidity, central bank imposes the condition of cash reserve requirement (a least amount which a bank has to keep with it in all circumstances). A bank always tries to avoid the capital injection from the government because this put a bank at government’s mercy (Jeanne & Svensson, 2007) and always keep up a minimum amount of cash in its account in order to avoid the liquidity problem (Jenkinson, 2008).
According to Gatev & Strahan (2003), deposits give a natural hedge to banks against the liquidity risk. In a period of market stress when the investors tend to draw funds from their loan commitments, the banks are perceived as a safe haven by these investors. The cash flows in any bank complement each other. The inflows of funds give a natural hedge to banks for outflows due to loan advancements. Therefore a bank use the deposits to hedge the liquidity risk. This argument also finds support from the work of Kashyap et al. (2002) who give a risk management rationale to define the features of a commercial bank, namely a financial intermediary combining demand deposits with loan commitments.
According to the risk management principle, an intermediary should pool the depositors and borrowers together as long as there is no high correlation between the demands for liquidity by these two classes of customers (Gatev & Strahan, 2003). This will help the bank to safeguard its need to grasp costly liquid assets – providing a buffer against the deposit withdrawal and loan take downs.
One potential countermeasure to liquidity pressures is to transform illiquid assets into cash. In the events of increased funding pressures, a number of banks plan to use securitization techniques more intensively to liquefy assets such as mortgages (Jenkinson, 2008). Faced with restrictions on raising liquidity, a bank must respond to a funding shortfall by acting on the asset side of its balance sheet to lower its financing need: in other words, by slowing or even reducing its lending to households and corporate customers (Goodhart, 2008; Jeanne & Svensson, 2007; Kashyap, Rajan, & Stein, 2002).
Ali (2004) has described two major drawbacks of this policy despite of its ability to aid funding pressures and boost liquidity. The first is that this strategy needs time to be effective. Many of lending decision are taken in advance and are difficult to be reversed instantly. So this will not generate liquidity drainage rapidly. The second drawback of this policy is that restricted lending will affect a large part of the economy. In the non-availability of funds to companies and households, it will be difficult to support long-term investment and consumption in the economy.
Liquidity risk and performance of banks
Liquidity problems may affect a bank’s earnings and capital and, in extreme circumstances, can cause a collapse of an otherwise solvent bank (Central Bank of Barbados, 2008). When a bank has liquidity problem, it will have to borrow from the market even at a very high rate to meet the demands of depositors. The bank’s expenses may go high enough due to this which causes a significant decline in bank’s earnings. Moreover bank’s further borrowing, for the purpose of meeting the demands of depositors, may put the bank’s capital at stake. Debt/equity ratio will rise affecting the bank’s effort to maintain optimal capital structure.
Liquidity risk may cause the fire sale of the assets by the bank (Diamond & Rajan, 2001; Falconer, 2001). This fire sale of assets by the bank rapidly spill over into impairment of bank’s capital base (Falconer, 2001). This fire sale risk arise from the need for institutions selling large positions in illiquid assets (perhaps in order to reduce leverage in compliance with capital-adequacy requirements) to offer price concessions in order to attract buyers, with knock-on effects for the balance sheets of other institutions obliged to mark their assets to the fire-sale price (Goddard et al., 2009).
Diamond and Rajan (2001) also states that a bank may refuse lending, even to a very potential entrepreneur, if it feels that the liquidity need of the bank is very high which is the opportunity lost for the bank. If a bank is unable to meet the requirements of demand deposits then there can be a bank run (Diamond & Rajan, 2005). No bank invests all of its resources in profitable long term projects; many of the investment resources are invested in short term liquid assets to have buffer against the liquidity shocks (Holmstrom & Tirole, 2000). Diamond and Rajan (2005) emphasize that a mismatch in depositors demand and production of resources forces a bank to produce the resources at a higher cost.
Liquidity has a greater impact on the tradable securities and portfolios and the liquidity refers to a loss emerging from liquidating a position (Zheng & Shen, 2008). From a marketing perspective, it is very important for a bank to be aware of its liquidity position to expand its customer loans in case of emergence of attractive opportunities (Falconer, 2001). With a liquidity problem, many of market opportunities are lost by the bank putting it at a competitive disadvantage, as those opportunities are captured by the competitors.
Due to the liquidity problems, Pakistani banks faced a great difficulty in lending to private sector during the year 2008 causing loss of a number of opportunities (SBP, 2010). One of the major causes of these liquidity problems were the heavy financing to government. Government has heavily relied on the banking sector as a source of funding in Pakistan.
CIRITICAL ANALYSIS OF THE LITERATURE REVIEW
Liquidity risk is a very important dynamic of banking sector and should be taken in consideration by the management while devising the strategies of bank. The past literature shows that researchers have been less focused on this risk. The major areas of their interest in risk management have been credit risk and market risk. Banks are considered as the providers of liquidity but it will be very undesirable situation if they become the users of liquidity (Clementi, 2001).
Most of the banks have focused on the liability side for the liquidity risk but it may also emerge from the asset side of the banks. If banks have more exposure in long-term investment, it will be difficult for them to liquidate their investment in the time of a liquidity crunch. Most of the researchers (Gatev & Strahan, 2003; Diamond & Rajan, 2005; Plochan, 2007; Goodhart, 2008; Crowe, 2009) have taken liquidity risk only as a mismatch between assets and liabilities. They have focused on the maturity transformation only.
The liquidity risk is more than a mismatch of assets and liabilities. There are several internal or external and micro or macro factors, contributing towards the liquidity risk. Researchers also need to study these factors that significantly contribute to liquidity risk. A liquidity risk can arise due to large loan disbursements and more commitment based lending. Large withdrawal of deposits can also lead to the liquidity crisis for a bank. A very important factor that affects the liquidity position of any bank is the poor production of resources in the economy. When there will be no production of resources in the economy, depositors will not only start withdrawing their deposits but loan retirement process will also be slow down. This will cumulatively cause a bank to face serious liquidity problems.
Liquidity risk has attracted significant attention of the researchers and the risk professionals alike after the major banking crises in recent times. Liquidity risk may have devastating effects on a bank that may also cause a bank run (Diamond & Rajan, 2005). This risk stems from description of banking operations (Chaplin, et al., 2000). It can affect the overall capital and earnings of the bank in an adverse way. The bank may face serious consequences if it is not properly managed. Now the banks and the regulatory authorities are becoming increasingly vigilant to the liquidity positions.
The deposits are the life line of the banking business. Most of the banking operations are run through deposits. If the depositors start withdrawing their deposits from the bank, it will create a liquidity trap for the bank (Jeanne & Svensson, 2007; Kumar, 2008) forcing the bank to borrow funds from the central bank or the interbank market at higher costs (Diamond & Rajan, 2001). On the contrary, a bank having adequate deposits in their accounts will not have the above said problems. Therefore, to increase its profitability it is very necessary for a bank to increase its deposits.
H1: Increase in deposits boost up the earnings of the bank.
Every bank tries to keep up adequate funds to meet the unexpected demands from depositors (Majid, 2003) but maintaining the cash is very expensive (Holmstrom & Tirole, 2000). The banks maintaining high cash reserve may not only lose a number of opportunities in the market but also have to bear high cost associated with cash.
H2: Increase in cash reserves decrease the earnings of the bank.
One of the prime causes of liquidity risk is the maturity mismatch between assets and liabilities. In a banking business most of the assets are funded with deposits most of which are current with a possibility to be called at any time. This situation is known as mismatch between assets and liabilities (Central Bank of Barbados, 2008; Brunnermeier & Yogo, 2009). This mismatch can be measured with the help of maturity gap between assets and liabilities (Falconer, 2001; Plochan, 2007). This is also called liquidity gap (Plochan, 2007). Higher liquidity gap will cause liquidity risk (Plochan, 2007; Goodhart, 2008; Goddard, et. al., 2009).
H3: Increase in liquidity gap causes a reduction in bank’s earnings.
Many of the banks focus on the corporate or wholesale lending which has created a challenge for the management to uphold the required liquidity situation (Akhtar, 2007). This corporate or wholesale lending is long-term, which may create liquidity problems for a bank (Kashyap, et al., 2002). In the periods of poor production of resources in economy, banks will have the problems of slowing down of loan retirement which may give birth to increased NPLs. In a scenario of increased NPLs, liquidity crisis will be inevitable.
H4: High provisioning for NPLs will cause a decrease in bank’s earnings.
The researchers have developed the following hypothesized model.
This is a secondary data base study.
Sources of Data
Preliminary data has been gathered through digital library and other libraries. A number of journals, thesis and research papers have been studied to prepare the literature review. The data for the analysis has been collected from the reports of the banks in Pakistan. The researchers have conducted some unstructured interviews from risk managers of different banks to give recommendation for the mitigation of liquidity risk.
Unit of Analysis
Unit of analysis in this study is organization.
Nature of Data
The data for analysis has been taken from the annual reports of banks in Pakistan. The time period selected for the data is 2005-2009. The nature of data is panel data i.e. combination of time series and cross-sectional data.
To check the empirical associations between liquidity and performance of the banks, researchers have used a representative sample of private and public sector banks as well as local and international banks in Pakistan. The banks that have been used as samples are as follows:
Allied Bank Ltd.
Askari Bank Ltd.
Bank Al-Falah Ltd.
Habib Bank Ltd.
Habib Metropolitan Bank Ltd.
MCB Bank Ltd.
National Bank of Pakistan
United Bank Ltd.
The balance sheets, incomes statements and their notes have been studied to get the data for the variables mentioned the model developed by the researchers. All the taken values for selected variables are in Pak Rupees. The dimensions of these variables are as follows:
Deposits: Deposits accounts are the accounts of the customer in banks. The data for deposits has been taken from the liability side of balance sheets without any classification of current or other types of deposit accounts.
Cash: The data for the cash has been taken from assets side of balance sheets of banks. This includes “cash and balance with treasury bank” only. “Accounts with other banks” have not been incorporated in cash.
Liquidity Gap: The data for liquidity gap has been obtained from the table of maturity of assets and liabilities. The researchers have taken the liquidity gap for one month, as a bank may need to fulfill the demand of a depositor and if it will have a negative gap in one month, there can be a serious problem of liquidity risk.
NPLs: Non-performing loans affect the performance of a bank adversely. The researchers have taken the provisioning for NPLs from “profit and loss statement” of banks, for the analysis in this study.
Profitability: profitability has been taken from the “profit and loss statement” of banks. This profit is profit before taxation (PBT), as banks have different tax shields.
Data has been collected from aforesaid banks to produce relationship between the liquidity risk and performance of the banks. After gathering all the relevant data, this data has been examined with the help of Eviews. The researchers have taken the log of all variables to smoothen the data. After that researchers have applied the tests of normality and then multiple regressions has been applied to test the relationship of variables.
RESULTS AND DISCUSSION
The data in this study has been taken from the annual reports of 9 banks for the last 5 years i.e. 2005-2009. The researchers have applied multiple regressions to test the model. The researchers have taken the log of all series to make the data smooth. Before model testing, researchers obtained the descriptive statistics to check the normality of data to fulfill the requirements of regression.
Table I: Descriptive Statistics
Table 1 is showing the descriptive statistics for the all the series. Skewness and Kurtosis are within the acceptable ranges. Overall the descriptive statistics is showing a normal distribution of the data. So the primary assumption of regression i.e. normality of data has been met and now regression can be applied to the data. Researchers also run the ADF test to check the unit root in data and found no unit root in the data. This proves the data is stationary.
In order to test the model and interpret the relationship of variables, the researchers have run multiple regressions. The results of multiple regressions are as follows:
Table II: Multiple Regression
Mean dependent var
S.D. dependent var
S.E. of regression
Akaike info criterion
Sum squared resid
Dependent Variable: LOG_PROFIT
The Table 2 is showing the results of regression. This table is showing an R2 of 0.749 that shows 74.9% variability in profitability accounted for by the developed model. The is an improved estimation of R2 in the population. The value of adjusted R2 is 0.724 in table 2. Use of this adjusted measure leads to a revised estimate i.e. 72.4% of the variability in profitability of banks due to the fitted model as shown in table 2.
Table 2 is also providing the value of F-test for the null hypothesis that none of the factor of liquidity risk is related to performance rating, or in other words, that R2 is zero. Here the null hypothesis is rejected (F (5) = 29.855, p < 0.05), and so it is concluded that at least one of factors of liquidity risk is related to profitability of banking sector. As p < 0.05 so the model is fit and it is assumed that there is a strong regression between factors of liquidity risk and profitability of banking sector.
The estimates of the regression coefficients, standard errors of the estimates, t-tests and p values are also shown in table 2. The estimated regression coefficients are given under the heading of “Coefficients”. These give, for each of the independent variables, the predicted change in the dependent variable when the independent variable is increased by one unit conditional on all the other variables in the model remaining constant. It can be estimated that there would be 3.86 degree positive change in profitability of banking sector as a result of one degree change in deposits of banking sector. The t statistic for this coefficient is 3.15189 i.e. significant. The p value for this coefficient is .0031, so we accept the H1 with a 99.69% confidence level. As the bank’s deposits will grow, it will help the banks to increase their profitability (Diamond & Raja, 2001; Jeanne & Svensson, 2007; Kumar, 2008).
H1: Increase in deposits boost up the earnings of the bank. (Accepted)
Similarly, profitability of banking sector is decreased by 2.3% with a one unit increase in cash and vice versa. So there is a negative relationship between cash and profitability of banking sector but the t value for this coefficient is -0.024531 i.e. not very significant and p = 0.9806. So the hypothesis H2 is rejected on the basis of t statistics.
H2: Increase in cash reserves decrease the earnings of the bank. (Rejected)
The coefficient of liquidity gap is -0.2778 which means there will be a 27.78% negative change in profitability of banking sector due to one degree change in liquidity gap. Its t statistics and p values are also significant i.e. -2.0817 and 0.0438 respectively. The liquidity gap is showing the maturity mismatch between assets and liabilities so larger liquidity gap will be affecting the performance of banking sector in a negative direction (Plochan, 2007; Goodhart, 2008; Goddard, et. al., 2009). The H3 is accepted with a 95.62% confidence level.
H3: Increase in liquidity gap causes a reduction in bank’s earnings. (Accepted)
The coefficient of NPLs is -1.026072 meaning a 1.026 degree negative variation in profitability due to one degree change in NPLs. The t-statistics for the same is -4.900463 i.e. very significant and p = 0.0000. The increase in NPLs causes a reduction in profitability of banking sector (Kashyap, et al., 2002). H4 is also accepted.
H4: High provisioning for NPLs will cause a decrease in bank’s earnings. (Accepted)
Structural model of the estimates is as follows:
The above results and discussion shows that all factors of liquidity risk, except cash, have a significant impact on the performance of banking sector. An increase in deposits will help the bank to increase its profitability. Bank will not have to rely on central bank or repo market to meet the demands of other depositors. Moreover the bank will be able to make use of this depositor’s money in a productive way.
Increase in liquidity gap and NPLs has a negative effect on the profitability of bank. In case of high liquidity gap, the banks may have to borrow from the repo market even at a higher cost which will increase the cost of bank. This increase in cost will ultimately affect the performance of banking sector.
High provisioning for NPLs will also cut down the profitability of banking sector. If a large number of loans are going to be provisioned in NPLs, there will be reduction in the profitability of banking sector.
LIMITATION AND GUIDANCE FOR FUTURE RESEARCHERS
Researchers openly acknowledge the limitations/weaknesses of this research.
The researchers have only focused a few banks of Pakistani Banking sector. Future research can be carried out by taking a larger sample.
The obtained data is for a short period of 5 years i.e. 2005-2009.
Researchers have not taken in consideration the economic factors creating liquidity problems. The future researchers can also take in consideration these factors while studying liquidity risk.
Researchers have not made a comparison between the different types of banks. Future researchers can also undertake comparative study e.g. public and private banks, national and international banks etc.
During the current study, researchers have not incorporated other measure of performance except earning of bank. Future researchers can also take in consideration the financial as well as non financial measures of performance.
The researchers have made the following recommendations on the basis of unstructured interviews with the CROs of different banks.
Few banks attempt to carry more cash in their reserves to meet the liquidity risk that affects the performance of bank as cash is always expensive. Banks should try to keep up more liquid assets other than cash.
Banks should not take very large exposure in the long-term assets.
Banks should continuously monitor the economic indicators to forecast the demands of depositors.
Special attention should be given to avoid the maturity mismatch between assets and liabilities.
Liquidity situation should be periodically monitored by the management of a bank.
Liquidity problems may adversely affect a given bank’s earnings and capital. In extreme circumstances, it may cause collapse of an otherwise solvent bank. When a bank has liquidity problems, it borrows from the market at high costs to meet the demands of depositors. Due to this liquidity problem, bank’s expenses may go high enough which causes a significant decline in its earnings. Moreover, bank’s further borrowing, for the purpose of meeting the demands of depositors, may put the bank’s capital at stake.
Liquidity risk may cause the fire sale of the assets by the bank. This fire sale of assets by the bank rapidly spills over into impairment of bank’s capital base. This fire sale risk arises from the need for institutions selling large positions in illiquid assets to offer price concessions to attract buyers, with knock-on effects for the balance sheets of other institutions obliged to mark their assets to the fire-sale price.
Liquidity has a greater impact on the tradable securities and portfolios of the banking system. For simple understanding, it refers to a loss emanating from liquidating a given position unexpectedly at an inappropriate time. From a marketing perspective, it is necessary for a bank to be aware of its liquidity status in all time buckets in order to position itself and expand its customer loans to capitalize profitable ventures. With liquidity problems, large numbers of market opportunities are lost by the banks putting them at a competitive disadvantage, as those opportunities are captured by the competitors. So it is the utmost priority of a bank management to pay due attention to the liquidity problems. These problems should be promptly addressed and immediate measures should be taken otherwise bank may face serious consequences.
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domain: economics


What Are Assembly Robots?
Assembly robots are computer-controlled, automated, programmable machines used in manufacturing and other industrial settings. These robots carry out assigned tasks based on movement routes programmed into a computer. Typically, these robots appear to be no more than a robotic arm or set of arms that perform functions such as welding, cutting, picking, or materials placement along an assembly line. Manufacturing environments involving overly repetitive tasks, hazardous materials, or unsafe conditions are the ideal environments for assembly robots.
Initially, computerized machines in industry first appeared in the 1970s with very limited mobility. Industrial robots, the larger category of robotics to which assembly robots now belong, need at least two axes to articulate along any straight line. Two axes allow a robot to move back and forth along a straight line, or up and down along a straight line. While some industrial settings can use machines with such limited mobility, most assembly lines and other manufacturing set ups need much more mobility and versatility.
As robotic technology developed from the 1970s to present, the International Organization for Standardization (ISO) published standards for the definition of industrial robots. Dubbed multipurpose manipulators by the ISO, assembly robots and other industrial robots must meet ISO criteria. The primary criteria for assembly or other manufacturing robots is the use of three or more axes on which the robot articulates. Using three axes, industrial robots have the ability to manipulate any number of materials and perform any number of movements required to assemble products.
Three axes allow assembly robots to articulate, not only along a straight line, but through space anywhere within reach of the robotic arm. More advanced assembly or manufacturing robots have the required three axes, as well as three additional axes to control yaw, pitch, and roll. In other words, not only can advanced robots reach any point in space within their reach, but can do so from any angle.
To the untrained eye, such axes appear on robotic arms as similar to a shoulder, elbow, and wrist. In terms of function, that is exactly how assembly robots perform, using axes for flexibility and increased dexterity. The more a robotic arm or other form of robot can move, the more finite tasks the robot is able to successfully navigate.
A robotic arm on a minimum of three axes is not the only criteria for industrial robots, as assembly robots must also include all peripherals needed for the robot to function. Such peripherals include computer controls and software interfaces, as well as additional hardware components. Collectively, all components needed in the operation of assembly robots are called work cells. Numerous work cells are used in manufacturing environments, with each cell repeating preassigned tasks.
@pastanaga - Unfortunately, I don't think they will stop with the horrible jobs. I think assembly line robots will end up being the future and put a lot of humans out of work.
I mean, a 3D printer is essentially a small version of an assembly line robot and they are going to become more and more popular as time goes on. As they rise in popularity, the industries they replace will collapse and people will lose income. It's kind of scary thinking about it.
@KoiwiGal - Actually, the human body is remarkably efficient and complex and I think they would be hard pressed to create designs that could surpass it. It's a result of millions of years of evolution, after all.
There's a reason a lot of advanced engineering ends up imitating the shapes and adaptations of different animals and plants.
A robotic assembly line might not seem like the most natural environment in the world, but I guess they would mostly be just bending and twisting and gripping things and other actions like that, which are all motions that we make with our bodies.
Working on an assembly line is actually a fairly horrible job most of the time, so I think it's a pretty good thing that we've got robots to do it, especially when the work is particularly dangerous.
It's interesting that industrial robots seem to resemble the parts of human anatomy so much. You would think that engineers would be able to think outside the box more and create more efficient designs, rather than just copying what is already around them.
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