The application of Basel III in Portugal: previsions based on 2012 and 2013 banking balance-sheets

The Basel Committee on Banking Supervision (BCBS) introduced new regulations for banking supervision in December 2010, better known as Basel III recommendations that aimed at guaranteeing the solidity of banks worldwide and the mitigation of new banking crises risks. The European Union transposed these directives through the Credit Review Directives IV (CRD IV). Portugal adopted CRD IV by a new decree-law no. 157/2014, on 24 th October 2014, enforced from 24 th November 2014. While individual banks have been given the option of using the internal ratings based method, this study analyses the compliance levels of all Portuguese banking institutions using the standard method, also prescribed by BCBS. Our results show that out of thirteen banks on 31-12-2013 only five banks were in a comfortable position and the remaining eight could not reach the minimum requirements set up by BCBS for 1-1-2014.

Motivations and management factors of volunteer work in nonprofit organisations: a literature review

The objective of this paper is to review and discuss the literature about volunteers’ motivations to donate their time to NPOs and the management factors that can influence volunteer work. Firstly, the paper illustrates and compares the different types of motivation followed by a presentation of a typology that organises the volunteers’ motivations into four types: (i) altruism, (ii) belonging, (iii) ego and social recognition and (iv) development and learning. Secondly we discuss the key management factors in volunteering: recruitment, training and rewarding. Finally, we present four gaps in the literature that justify the scope for further research: (i) omission of differences between motivations related to volunteers’ "Attraction" versus "Retention"; (ii) focus of the research on the USA, UK and Australia context; (iii) absence of comparative analyses that relate motivations by NPO types and (iv) comprehension of how management factors (recruitment, training and rewarding) influence volunteers’ satisfaction and retention.

O impacto da implementação do Basel III no capital dos bancos portugueses

Este trabalho é uma análise dos efeitos da implementação das últimas recomendações do Basel Committee on Banking Supervision (BCBS) também conhecidas como o Basel III de 2010 que deverão ser faseadamente implementadas desde 1 de Janeiro de 2013 até 1 de Janeiro de 2019, no capital próprio dos bancos Portugueses. Neste trabalho assume-se que os ativos pesados pelo risco de 2012 mantêm-se constantes e o capital terá de ser aumentado segundo as recomendações ano após ano até ao fim de 2018. Com esta análise, pretende-se entender o nível de robustez do capital próprio dos bancos Portugueses e se os mesmos têm capital e reservas suficientes para satisfazer as recomendações de capital mínimo sugeridas pelo BCBS ou caso contrário, se necessitarão de novas injeções de capital ou terão de reduzir a sua atividade económica. O Basel III ainda não foi implementado em Portugal, pois a União Europeia está no processo de desenvolvimento e implementação do Credit Requirement Directive IV (CRD IV) que é uma recomendação que todos os bancos centrais dos países da zona Euro deverão impor aos respetivos bancos. Esta diretiva da União Europeia é baseada totalmente nas recomendações do Basel III e deverá ser implementada em 2014 ou nos anos seguintes. Até agora, os bancos Portugueses seguem um sistema com base no aviso 6/2010 do Banco de Portugal que recomenda o cálculo dos rácios core tier 1, tier 1 e tier 2 usando o método notações internas (IRB) de avaliação da exposição do banco aos riscos de crédito, operacional, etc. e onde os ativos ponderados pelo risco são calculados como 12,5 vezes o valor dos requisitos totais de fundos calculados pelo banco. Este método é baseado nas recomendações do Basel II que serão substituídas pelo Basel III. Dado que um dos principais motivos para a crise económica e financeira que assolou o mundo em 2007 foi a acumulação de alavancagem excessiva e gradual erosão da qualidade da base do capital próprio dos bancos, é importante analisar a posição dos bancos Portugueses, que embora não sejam muito grandes a nível global, controlam a economia do país. Espera-se que com a implementação das recomendações do Basel III não haja no futuro uma repetição dos choques sistémicos de 2007. Os resultados deste estudo usando o método padrão recomendado pelo BCBS mostram que de catorze bancos Portugueses incluídos neste estudo, apenas seis (BES, Montepio, Finantia, BIG, Invest e BIC) conseguem enquadrar nas recomendações mínimas do Basel III até 1-1- 2019 e alguns outros estão marginalmente abaixo dos rácios mínimos (CGD, Itaú e Crédito Agrícola).

Relationship of milk intake and physical activity to abdominal obesity among adolescents

Background: Diet and physical activity (PA) are recognized as important factors to prevent abdominal obesity (AO), which is strongly associated with chronic diseases. Some studies have reported an inverse association between milk consumption and AO. Objective: This study examined the association between milk intake, PA and AO in adolescents. Methods: A cross-sectional study was conducted with 1209 adolescents, aged 15–18 from the Azorean Archipelago, Portugal in 2008. AO was defined by a waist circumference at or above the 90th percentile. Adolescent food intake was measured using a semi-quantitative food frequency questionnaire, and milk intake was categorized as ‘low milk intake’ (<2 servings per day) or ‘high milk intake’ ( 2 servings per day). PA was assessed via a self-report questionnaire, and participants were divided into active (>10 points) and low-active groups ( 10 points) on the basis of their reported PA. They were then divided into four smaller groups, according to milk intake and PA: (i) low milk intake/low active; (ii) low milk intake/active; (iii) high milk intake/low active and (iv) high milk intake/active. The association between milk intake, PA and AO was evaluated using logistic regression analysis, and the results were adjusted for demographic, body mass index, pubertal stage and dietary confounders. Results: In this study, the majority of adolescents consumed semi-skimmed or skimmed milk (92.3%). The group of adolescents with high level of milk intake and active had a lower proportion of AO than did other groups (low milk intake/low active: 34.2%; low milk intake/active: 26.9%; high milk intake/low active: 25.7%; high milk intake/active: 21.9%, P = 0.008). After adjusting for confounders, low-active and active adolescents with high levels of milk intake were less likely to have AO, compared with low-active adolescents with low milk intake (high milk intake/low active, odds ratio [OR] = 0.412, 95% confidence intervals [CI]: 0.201– 0.845; high milk intake/active adolescents, OR = 0.445, 95% CI: 0.235–0.845).Conclusion: High milk intake seems to have a protective effect on AO, regardless of PA level

Maintenance and destrcution of R&D leadership

In the standard Schumpeterian-growth models only follower firms invest in R&D activities and larger economies grow faster. Since these results are counterfactual, this paper reveals that leader firms often support R&D activities and economic growth can be independent of the market size. In particular, the maintenance of R&D leadership increases with: (i) the technological-knowledge gap between leader and followers, since a firm-specific learning effect of accumulated technological knowledge from past R&D is considered, (ii) the leaders’ strategies that delay the next successful R&D supported by some follower firm, (iii) the market size, and (iv) the up-grade of each innovation.