El papel del Banco de España en el hundimiento de las Cajas de Ahorro españolas

En la última década, la organización del sistema financiero español ha tenido una convulsión de un alcance inimaginable y puede decirse sin ningún género de dudas que el cambio ha sido histórico. De un sistema en el que el reparto de las instituciones financieras estaba representado por las Cajas de Ahorro y la banca en un 50% por cada grupo, se ha pasado a un escenario en el que las Cajas de Ahorro han desaparecido casi en su totalidad y la banca ha ocupado completamente todo el sistema financiero español. Difícilmente se puede explicar este cambio por factores exclusivamente atribuibles a unas u otras instituciones ya que, en buena lógica, una crisis económica afecta con distinta intensidad a cada una de las empresas y, por lo tanto, hubiese cabido esperar que el mantenimiento de algunas cajas de ahorros ante el embate de la crisis hubiese significado que quedasen algunas en funcionamiento. Pero ¿todas? También hubiera cabido esperar que la crisis hubiera afectado a más bancos, pero ¿tan pocos? ¿Tan bien estaban o sabían más que las demás entidades financieras? En esta comunicación vamos a tratar de analizar el comportamiento del Banco de España en este proceso y ver hasta qué punto sus decisiones o falta de decisiones han contribuido a profundizar en la crisis económica y en el hundimiento de todo el sector de cajas de ahorro españolas.

Liquid–Liquid, Vapor–Liquid, and Vapor–Liquid–Liquid Equilibrium Data for the Water–n-Butanol–Cyclohexane System at Atmospheric Pressure: Experimental Determination and Correlation

The temperature and the composition of the vapor–liquid–liquid equilibrium (VLLE) and the vapor–liquid equilibrium (VLE) of a ternary mixture of water–n-butanol–cyclohexane were measured at atmospheric pressure (101.32 kPa) in a modified dynamic recirculating still. As found in the literature, the experimental data obtained reveal a ternary azeotrope at 341.86 K with a mole fraction composition of 0.281, 0.034, and 0.685 water, n-butanol, and cyclohexane, respectively. The liquid–liquid equilibrium (LLE) compositions were measured at a constant temperature of 313.15 K and compared with data in the literature collected at other temperatures. Thermodynamic consistency of all the experimental data was demonstrated. The universal quasichemical (UNIQUAC) and the nonrandom two-liquid (NRTL) thermodynamic models were used to correlate the VLE and LLE data, while the original universal functional (UNIFAC) model was used to compare the predicted data.

Phase equilibria of the water + 1-butanol + toluene ternary system at 101.3 kPa

Isobaric vapour–liquid and vapour–liquid–liquid equilibrium data for the water + 1-butanol + toluene ternary system were measured at 101.3 kPa with a modified VLE 602 Fischer apparatus. In addition, the liquid–liquid equilibrium data at 313.15 K were measured and compared with data from other authors at different temperatures. The system exhibits a ternary heterogeneous azeotrope whose temperature and composition have been determined by interpolation. The thermodynamic consistency of the experimental vapour–liquid and vapour–liquid–liquid data was checked by means of the Wisniak’s Li/Wi consistency test. Moreover, the vapour–liquid and the liquid–liquid equilibrium correlation for the ternary system with NRTL and UNIQUAC models, together with the prediction made with the UNIFAC model, were studied and discussed.

Orbital and Physical Properties of the σ Ori Aa, Ab, B Triple System

We provide a complete characterization of the astrophysical properties of the σ Ori Aa, Ab, B hierarchical triple system and an improved set of orbital parameters for the highly eccentric σ Ori Aa, Ab spectroscopic binary. We compiled a spectroscopic data set comprising 90 high-resolution spectra covering a total time span of 1963 days. We applied the Lehman-Filhés method for a detailed orbital analysis of the radial velocity curves and performed a combined quantitative spectroscopic analysis of the σ Ori Aa, Ab, B system by means of the stellar atmosphere code FASTWIND. We used our own plus other available information on photometry and distance to the system for measuring the radii, luminosities, and spectroscopic masses of the three components. We also inferred evolutionary masses and stellar ages using the Bayesian code BONNSAI. The orbital analysis of the new radial velocity curves led to a very accurate orbital solution of the σ Ori Aa, Ab pair. We provided indirect arguments indicating that σ Ori B is a fast-rotating early B dwarf. The FASTWIND+BONNSAI analysis showed that the Aa, Ab pair contains the hottest and most massive components of the triple system while σ Ori B is a bit cooler and less massive. The derived stellar ages of the inner pair are intriguingly younger than the one widely accepted for the σ Orionis cluster, at 3 ± 1 Ma. The outcome of this study will be of key importance for a precise determination of the distance to the σ Orionis cluster, the interpretation of the strong X-ray emission detected for σ Ori Aa, Ab, B, and the investigation of the formation and evolution of multiple massive stellar systems and substellar objects.

Isothermal (liquid + liquid) equilibrium data at T = 313.15 K and isobaric (vapor + liquid + liquid) equilibrium data at 101.3 kPa for the ternary system (water + 1-butanol + p-xylene)

The (vapor + liquid), (liquid + liquid) and (vapor + liquid + liquid) equilibria of the ternary system (water + 1-butanol + p-xylene) have been determined. (Water + 1-butanol + p-xylene) is a type 2 heterogeneous ternary system with partially miscible (water + 1-butanol) and (water + p-xylene) pairs. By contrast, (1-butanol + p-xylene) is totally miscible under atmospheric conditions. This paper examines the (vapor + liquid) equilibrium in both heterogeneous and homogeneous regions at 101.3 kPa of pressure. (Liquid + liquid) equilibrium data at T = 313.15 K have also been determined, and for comparison, the obtained experimental data have been calculated by means of several thermodynamic models: UNIQUAC, UNIFAC and NRTL. Some discrepancies were found between the (vapor + liquid + liquid) correlations; however, the models reproduced the (liquid + liquid) equilibrium data well. The obtained data reveal a ternary heterogeneous azeotrope with mole fraction composition: 0.686 water, 0.146 1-butanol and 0.168 p-xylene.

1,2-Functionalized Imidazoles as Palladium Ligands: An Efficient and Robust Catalytic System for the Fluorine-Free Hiyama Reaction

A variety of hydroxy- and amino-functionalized imidazoles were prepared from 1-methyl- and 1-(diethoxymethyl)imidazole by means of isoprene-mediated lithiation followed by reaction with an electrophile. These compounds in combination with palladium acetate were screened as catalyst systems for the Hiyama reaction under fluorine-free conditions using microwave irradiation. The systematic study of the catalytic system showed 1-methyl-2-aminoalkylimidazole derivative L1 to be the best ligand, which was employed under solvent-free conditions with a 1:2 Pd/ligand ratio and TBAB (20 mol-%) as additive. The study has revealed an interaction between the Pd/ligand ratio and the amount of TBAB. The established catalytic system presented a certain degree of robustness, and it has been successfully employed in the coupling of a range of aryl bromides and chlorides with different aryl siloxanes. Furthermore, both reagents were employed in an equimolecular amount, without an excess of organosilane.

Biscarboxy-Functionalized Imidazole and Palladium as Highly Active Catalytic System in Protic Solvents: Methanol and Water

The coupling reaction between aryl bromides and boron reagents is efficiently catalyzed by an in situ generated palladium complex obtained from palladium(II) acetate (0.1 mol%) and 1,3-bis(carboxymethyl)imidazole (0.2 mol%). The catalytic system is very active in protic solvents, especially in methanol. Biaryl derivatives have been prepared in good isolated yields (up to >99%), and additionally styrene and stilbene derivatives have also been prepared by means of this protocol.

An Acyl-NHC Osmium Cooperative System: Coordination of Small Molecules and Heterolytic B–H and O–H Bond Activation

The hexahydride complex OsH6(PiPr3)2 (1) activates the C–OMe bond of 1-(2-methoxy-2-oxoethyl)-3-methylimidazolium chloride (2), in addition to promoting the direct metalation of the imidazolium group, to afford a five-coordinate OsCl(acyl-NHC)(PiPr3)2 (3) compound. The latter coordinates carbon monoxide, oxygen, and molecular hydrogen to give the corresponding carbonyl (4), dioxygen (5), and dihydrogen (6) derivatives. Complex 3 also promotes the heterolytic bond activation of pinacolborane (HBpin), using the acyl oxygen atom as a pendant Lewis base. The hydride ligand and the Bpin substituent of the Fischer-type carbene of the resulting complex 7 activate the O–H bond of alcohols and water. As a consequence, complex 3 is a metal ligand cooperating catalyst for the generation of molecular hydrogen, by means of both the alcoholysis and hydrolysis of pinacolborane, via the intermediates 7 and 6.

Influence of the Temperature on the Liquid–Liquid–Solid Equilibria of the Water + Ethanol + 1-Undecanol Ternary System

Liquid–liquid (L–L), solid–liquid (S–L), and solid–liquid–liquid (S–L–L) equilibrium data for the water–ethanol–1-undecanol ternary system have been determined experimentally at (275.15, 278.15, 281.15, 288.15, and 298.15) K and atmospheric pressure. Different shapes of the equilibrium diagrams have been observed depending on the temperature. A region with three phases (S–L–L) is present in the temperature range between (275.15 and 281.15) K. Above 288.15 K, only a L–L region is observed.

Liquid–Liquid Equilibria of Water + Ethanol + 1-Butyl-3-methylimidazolium Bis(trifluoromethanesulfonyl)imide Ternary System: Measurements and Correlation at Different Temperatures

In this work authors present the experimental liquid–liquid equilibria (LLE) data of water + ethanol + 1-butyl-3-methylimidazolium bis(trifluoromethanesulfonyl)imide ([bmim][Tf2N]) system at different temperatures. The LLE of the system was obtained in the temperature range from 283.2 to 323.2 K. The nonrandom two liquid (NRTL) and universal quasichemical (UNIQUAC) models were used to correlate ternary systems. The equilibrium compositions were successfully correlated by the interaction parameters from both models, however UNIQUAC gave a more accurate correlation. Finally, a study about the solvent capability of ionic liquid was made in order to evaluate the possibility of separating the mixture formed by ethanol and water using that ionic liquid.

Isobaric vapor–liquid–liquid–solid equilibrium of the water + NaCl + 1-butanol system at 101.3 kPa

A mixture of water + NaCl + 1-butanol at 101.3 kPa is studied in order to determine the influence of salt on its experimental vapor–liquid–liquid–solid equilibrium. A detailed analysis of the evolution with temperature of the different equilibrium regions is carried out. The study is conducted at a constant pressure of 101.3 kPa in a recirculating still that has been modified by our research group. The changes in the 1-butanol/water composition ratio in the vapor phase that are provoked by the salt are studied as a function of equilibrium region. In addition, the mutual solubility of 1-butanol and water is assessed in the liquid–liquid and solid–liquid regions.

Profitability analysis of a femtosecond laser system for cataract surgery using a fuzzy logic approach

AIM: To define the financial and management conditions required to introduce a femtosecond laser system for cataract surgery in a clinic using a fuzzy logic approach. METHODS: In the simulation performed in the current study, the costs associated to the acquisition and use of a commercially available femtosecond laser platform for cataract surgery (VICTUS, TECHNOLAS Perfect Vision GmbH, Bausch & Lomb, Munich, Germany) during a period of 5y were considered. A sensitivity analysis was performed considering such costs and the countable amortization of the system during this 5y period. Furthermore, a fuzzy logic analysis was used to obtain an estimation of the money income associated to each femtosecond laser-assisted cataract surgery (G). RESULTS: According to the sensitivity analysis, the femtosecond laser system under evaluation can be profitable if 1400 cataract surgeries are performed per year and if each surgery can be invoiced more than $500. In contrast, the fuzzy logic analysis confirmed that the patient had to pay more per surgery, between $661.8 and $667.4 per surgery, without considering the cost of the intraocular lens (IOL). CONCLUSION: A profitability of femtosecond laser systems for cataract surgery can be obtained after a detailed financial analysis, especially in those centers with large volumes of patients. The cost of the surgery for patients should be adapted to the real flow of patients with the ability of paying a reasonable range of cost.