The Farol Deposit (Depósito do Farol) – a Pleistocene beach deposit from Cape Mondego (Figueira da Foz, West Central Portugal)*

Among the Pleistocene and Holocene units recorded near the marine cliffs of Cape Mondego (Figueira da Foz, West Central Portugal) stands out the Farol Deposit (Depósito do Farol), at an altitude of ±95 m above present sea level. It is a marine terrace with three exposures of interstratified conglomerates and sands, overlapped by calclititic-fanglomerates. This sedimentary setting indicates that deposition took place in a seashore environment influenced by the proximity of a marine palaeocliff. The deposit has an interesting subfossil fauna with abraded and fragmented shells of Nucella lapillus (LINNÉ, 1758), Patella vulgata (LINNÉ, 1758) and Littorina littorea (LINNÉ, 1758), suggesting the existence of an environment with colder surface seawater, when compared with the present day Portuguese seashore. These specimens belonged to marine communities adapted to live in intertidal rocky platforms, which have been exposed to the cyclic action of waves and tidal flows, on the swash and surf zones. The Farol Deposit can be related to an Early/Middle Pleistocene “cold-water” episode, earlier to the Isotopic Stages 7 and 11. This episode occurred before the deposition of the units Quiaios Sands (Areias de Quiaios) and Cantanhede Sands (Areias de Cantanhede) (Sicilian?), but later than the Arazede Sands (Areias de Arazede) and Marinha das Ondas Sands (Areias de Marinha das Ondas) (Early Pleistocene).

The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Estudo Estratigráfico e Paleontológico do Jurássico do Algarve Ocidental

Algarve Province, Southern Portugal, corresponds in part to a meso-cenozoic basin running along the coast from Cabo S. Vicente to beyond Spanish border. Structurally it is a big monocline plunging southwards much deformed mainly by two East-West longitudinal flexures. Lithostratigraphical and chronostratigraphical studies dealt specially with Jurassic formations. This and the geological mapping of the post-Hercynian sedimentary formations allow us to define the following units: Triassic-Lower Liassic Arenitos de Silves (Silves sandstones sensu P. Choffat, pro parte) - At their base the Silves sandstones (0-150m) are represented mainly by cross-bedded red sandstones. This unit is Upper Triassic (Keuper) in age, on the evidence of some Brachiopoda. Complexo margo-carbonatado de Silves (Silves marl-limestone complex=Silves sandstones sensu P. Choffat, pro parte) (80-200m) overlies the preceding, it may be reported to the Upper Triassic-Hettangian. It consists of a thick pelite-marl-dolomite-limestone series with many intercalations of greenstones. Since no fossils were found it is not possible to conclude whether it is still Hettangian or if it does correspond, in the whole or in part, already to the Sinemurian. Liassic Dolomitos e calcários dolomíticos de Espiche (Espiche dolomite-rocks and dolomitic-limestones) - The usually massive and finely crystalline or saccharoidal dolomites and dolomitic-limestones are the toughest strata of the Algarve margin giving rise to several hills. Its thickness attains in certain points 60 metres at least. Based on geometry and on lithological similarities with the carbonated complex of the northern basin of Tagus river (Peniche, São Pedro de Muel, Quiaios), this formation can be accepted as Sinemurian in age. As it happens with the carbonated complex, here also the first dolomite beds are non-isochronal throughout the region; upper time-limit of the dolomitic facies is either Lower Carixian, Lower Toarcian or even Lower Dogger. The dolomitization is secondary but not much later than sedimentation. However, between Cabo S. Vicente-Vila do Bispo there is evidence of an even later secondary dolomitization related to the regional fault complex. Calcário dolomítico com nódulos de silex da praia de Belixe (Belixe beach dolomitic-limestone with silex nodules) (50-55m) - Ascribed to Lower or Middle Carixian on the basis of Platypleuroceras sp., Metaderoceras sp. nov. and M. gr. Venarense. Calcário cristalino compacto com Protogrammoceras, Fuciniceras e ? Argutarpites de Belixe (Belixe compact crystalline limestone with Protogrammoceras, Fuciniceras and ? Argutarpites) (30m) - Ascribed to Lower Domerian. Middle and Upper Domerian are indicated but by a single specimen of ? Argutarpites. Calcários margosos e margas com Dactylioceras semicelatum e Harpoceratídeos de Armação Nova (Armação Nova marly limestones and marls with D. semicelatum and Harpoceratidae) (25m) -Ascribed to Lower Toarcian. Middle and Upper Toarcian formations are not known in the Algarve. Dogger Calcários oolíticos, c. corálicos, c. pisolíticos, c. calciclásticos, c. dolomíticos e dolomitos de Almadena (Almadena oolitic-limestones, coral-reef-limestones, pisolite-limestones, limeclastic-limestones, dolomitic-limestones and dolomite-rocks) (more than 50 metres), with lagoonal facies. Ascribed to Aalenian-Bathonian-? Callovian. Margas acinzentadas e calcários detríticos com Zoophycos da praia de Mareta (Mareta beach greyish marls and detritical limestones with Zoophycos) (40m) - Pelagic transreef facies with Upper Bajocian and Bathonian ammonites. Calcários margosos e margas da praia de Mareta (Mareta beach pelagic marly-limestones and marls) (110m) - Ascribed to the Callovian on its ammonites. Malm Near Cabo S. Vicente and Sagres the first Upper Jurassic level consists of a yellowish-brown nodular, compact, locally phosphated and ferruginous, sometimes conglomeratic, marly limestone (0,35-1,50m) containing a rich macrofauna, which includes: 1) Callovian forms unknown at Lower Oxfordian; 2) Upper Callovian forms that still survived in Lower and Middle Oxfordian; 3) Lower Oxfordian forms (Mariae and Cordatum Zones); 4) Lower and Middle Oxfordian forms (Mariae to Plicatilis Zone); 5) Middle Oxfordian forms (plicatilis Zone), and some ones appearing in Middle Oxfordian. This condensed deposit is therefore dated from Middle Oxfordian (Plicatilis Zone). The other Upper Jurassic lithostratigraphical units were also mapped but their detailed study is not presented in this work. Correlations between lithostratigraphical and chronostratigraphical scales from P. Choffat, J. Pratsch, C. Palain and from the author are stated. Further correlations are attempted between zonc scales of Carixian-Lower Toarcian and Upper Bajocian-Middle Oxfordian of France, Spain (Asturias, Iberian and Betic Chains), Argel (Orania) and Portugal (northern Tagus basin and Algarve). The study of pyritous fossil assemblages common in Upper Bathonian-Lower Callovian marly levels of the praia da Mareta seems to suggest that these sediments were deposited in a bay or in an almost closed coastal re-entrance virtually without deep water circulation. Although such conditions may occur at any depth one may suppose that these ones actually correspond to an infralittoral neritic environment. The thaphocoenosis collected there are almost entirely composed of nektonic (ammonites, Belemnites) and planktonic (Bositra) faunas. The sedentary (crinoids, brachiopods) or free (sea-urchins, gastropods) epibenthonic forms are very scarce; endobenthonic forms are not known. The palaeontological study of all Nautiloids and Ammonoids of the Liassic and Dogger is presented (except Kosmoceratidae and Perisphinctaceae). Among the thirty one taxa dealt with, one is new (Metaderoceras sp. nov.) and the great majority of the others has been identified for the first time in Algarve. Some others have never been reported before in Portuguese formations. The evolution, during Jurassic times, of the sedimentary basins of the Portuguese plate margin is described. The absence of Cephalopods in the very extensive marly and dolomitic limestones, partly marine, suggests that, during Lower Liassic, palaeogeography underwent no great changes. Dolomitic-limestone with silex nodules from Cabo S. Vicente contain the first ammonites recorded at the base of the Middle Liassic. This facies, although very common in Tethys, is unknown north of the Tagus. The faunal assemblage has a mediterranean to submediterranean character. Comparisons between faunal assemblage" from Algarve with the ones known north of the Tagus show that communications between Boreal Europe and Tethys, virtually non-existent during Lower and Middle Carixian, became very easy during Lower Domerian. In earlier Pliensbachian times two distinct seas were adjacent to the Iberian plate. One, an epicontinental sea with a tethyan fauna, extended southwards from the Meseta margin. Another, was a boreal sea; during its transgressive episodes boreal faunas attained into the basin north of the Tagus. During Middle Carixian and Lower Domerian, owing to simultaneous transgressions, these two seas joined together allowing faunal exchanges along the epicontinental areas which limited the emerging hercynian chains belts. During Liassic, the Algarve belonged undoubtedly to the tethyan submediterranean province. The area north of the Tagus, on the contrary, was a complex realm where subboreal and tethyan affinities alternatively prevailed. In the Algarve the first Middle Jurassic deposits do frequently show lateral thickness reductions as well as unconformities contemporaneous with other generalized disturbances on the sedimentation processes in other parts of Europe. By this time, near Sagres, a barrier reef developed separating lagoonal or ante-reef facies from the transreef pelagic zone. The presence of tethyan fauna, the abundance of Phylloceratidae and the absence of boreal forms allow us to consider the Algarve basin as a submediterranean province. The presence of Callovian pelagic fossiliferous formations in the Loulé area shows that during Middle Jurassic the marl-limestone transreef sedimentation was not confined to the western Algarve. They would extend eastwards where they only can be seen in the core of some anticlines. This is due to the progressive sinking of the meso-cenozoic formations as we proceed towards the South of the Sagres-Algoz-Querença flexure. In the whole of the Peninsule, and as for the Middle Callovian, an important regression can be clearly recognized on the evidence of an erosion surface which strikes obliquely the Middle and Upper Callovian strata. The geographic boundaries of the different faunal provinces are not changed by the presence of many Kosmoceratidae in the phosphate nodules since they are but a minority in comparison with the tethyan forms. An abstract model can be constructed showing that in Western Europe the Kosmoceratidae may have migrated South and westwards through a channel of the sea that linked Paris basin to Poitou and Aquitaine. By migrating between the Iberian meseta and the Armorican massif this fauna reached northern Tagus basin at the beginning of Upper Callovian (Athleta Zone); this south and southwest bound migration would have proceeded, allowing such forms to reach Algarve basin only in latest Callovian times (Lamberti Zone). This migration means that during Middle Jurassic a widely spread North Atlantic sea would exist, flooding the western part of Portugal up to the Poitou.

Faunes ichthyologiques du Néogène Supérieur d’Angola, leur âge, remarques sur le Pliocène marin en Afrique Australe

This note is concerned with fish remains from Upper Neogene beds at Farol das Lagostas (and nearby quarry of SECIL) and Baía Farta, mainly recovered by the author in 1960, 1961, 1963 and 1967. For further data see ANTUNES, 1964, pp. 213-215. All the forms identified until now (many of them for the first time) are show in «tableau I». Smaller ones are poorly represented. I. benedeni is provisorily accepted as a distinct species, though it may correspond to a dental morphotype that does exist equally in the extant I. oxyrhinchus (see text): therefore I. benedeni from Farol das Lagostas may after all represent only some dental variations that really belong in the form described as I. cf. oxyrhinchus. The presence of Aprionodon and Hypoprion could not be ascertained: Procarcharodon megalodon, Carcharodon carcharias, Isurus benedeni. Galeocerdo cuvieri, and Carcharhinus sp. I and sp. II are specially discussed. The whole fauna does not correspond either to a very shallow and coastal environment, or to deep waters far away from the coast. It clearly points out to warm waters: an acceptable model would be the fauna from the tropical Atlantic between Northern Angola and Senegal-Cape Verde. The age of this fauna was long regarded as Burdigalian. The data formerly presented (ANTUNES, 1963) that allowed us to ascribe a pliocene age to the uppermost Neogene beds of Farol das Lagostas (Neogene III, ANTUNES, 1964) are reviewed and developed in this paper. This view is corroborated by planctonic foraminifera and stratigraphical data which provide further evidence to prove the presence of miocene beds much younger than Burdigalian, and that some deposits previously correlated to this stage have instead a Plio-Pleistocene age. Fish fauna from Farol das Lagostas is very characteristic, with giant P. megalodon in association with C. carcharias (which predominates, and whose stratigraphical distribution is particularly discussed), and with other very advanced forms like the extant tiger shark, G. cuvieri, enormous I. Benedeni, Hemipristis, and Carcharhinus (whose size largely exceeds the maximum observed with miocene material). With the exception of P. megalodon (extinct) all the other forms show very close affinities, or even identity with modern species. Comparisons with very similar faunas from some South African localities that may also have a Pliocene age are also presented.

Faunes ichthyologiques du Néogène Supérieur d’Angola, leur âge, remarques sur le Pliocène marin en Afrique Australe

This note is concerned with fish remains from upper Neogene beds at Farol das Lagostas (and nearby quarry of SECIL) and Baía Farta, mainly recovered by the author in 1960, 1961, 1963 and 1967. For further data see ANTUNES, 1964, pp. 213-215. All the forms identified until now (many of them for the first time) are show in «tableau I». Smaller ones are poorly represented. I. benedeni is provisorily accepted as a distinct species, though it may correspond to a dental morphotype that does exist equally in the extant I. oxyrhinchus (see text): therefore I. benedeni from Farol das Lagostas may after all represent only some dental variations that really belong in the form described as I. cf. oxyrhinchus. The presence of Aprionodon and Hypoprion could not be ascertained: Procarcharodon megalodon, Carcharodon carcharias, Isurus benedeni. Galeocerdo cuvieri, and Carcharhinus sp. I and sp. II are specially discussed. The whole fauna does not correspond either to a very shallow and coastal environment, or to deep waters far away from the coast. It clearly points out to warm waters: an acceptable model would be the fauna from the tropical Atlantic between Northern Angola and Senegal-Cape Verde. The age of this fauna was long regarded as Burdigalian. The data formerly presented (ANTUNES, 1963) that allowed us to ascribe a pliocene age to the uppermost Neogene beds of Farol das Lagostas (Neogene III, ANTUNES, 1964) are reviewed and developed in this paper. This view is corroborated by planctonic foraminifera and stratigraphical data which provide further evidence to proove the presence of miocene beds much younger than Burdigalian, and that some deposits previously correlated to this stage have instead a Plio-Pleistocene age. Fish fauna from Farol das Lagostas is very characteristic, with giant P. megalodon in association with C. carcharias (which predominates, and whose stratigraphical distribution is particularly discussed), and with other very advanced forms like the extant tiger shark, G. cuvieri, enormous I. Benedeni, Hemipristis, and Carcharhinus (whose size largely exceeds the maximum observed with miocene material). With the exception of P. megalodon (extinct) all the other forms show very close affinities, or even identity with modern species. Comparisons with very similar faunas from some South African localities that may also have a Pliocene age are also presented.

Biogeographic and palaeoclimatic relationships of the Middle Pliocene ichthyofauna of the Samoggia Torrent (Bologna, Italy)

New Middle Pliocene ichthyofauna (2.4-2.2 Ma) from central-eastern Italy (Samoggia Torrent, Bologna) are described. These ichthyolites were found in a rather thin laminated layer that was deposited after the 2.4 Ma climatic crisis. The origin of this deposit, in which 31 taxa have been classified, is to be related to anoxic events on a regional and, probably, supraregional scale. This ichthyofaunistic association, which consists of living genera, is characterized by a clearcut predominance of mesopelagic species. The palaeoclimatic characters of these ichthyofauna indicate subtropical-type waters, while from a palaeobiogeographic point of view there is a close relationship with the present-day Atlantic-Mediterranean bioprovince. The Samoggia deposit has yielded six taxa that are absent or only occasionally present in the Mediterranean: one of these, Spratelloides gracilis, is exclusive of the Indo-Pacific bioprovince.

Biogeographic and palaeoclimatic relationships of the Middle Pliocene ichthyofauna of the Samoggia Torrent (Bologna, Italy)*

New Middle Pliocene ichthyofauna (2.4-2.2 Ma) from central-eastern Italy (Samoggia Torrent, Bologna) are described. These ichthyolites were found in a rather thin laminated layer that was deposited after the 2.4 Ma climatic crisis. The origin of this deposit, in which 31 taxa have been classified, is to be related to anoxic events on a regional and, probably, supraregional scale. This ichthyofaunistic association, which consists of living genera, is characterized by a clearcut predominance of mesopelagic species. The palaeoclimatic characters of these ichthyofauna indicate subtropical-type waters, while from a palaeobiogeographic point of view there is a close relationship with the present-day Atlantic-Mediterranean bioprovince. The Samoggia deposit has yielded six taxa that are absent or only occasionally present in the Mediterranean: one of these, Spratelloides gracilis, is exclusive of the Indo-Pacific bioprovince.

Paleoclimatic and paleobiological correlations by mammal faunas from Southern America and SW Europe

Proceedings of the 1" R.C.A.N.S. Congress, Lisboa, October 1992

Les formations fluviatiles quaternaires de la plaine de Doukkala (Méséta Occidentale Marocaine). Sédimentologie et nouvelles données chronostratigraphiques

The Quaternary fluvial formations of the Doukkala plain are, until now, slightly studied. Our study has allowed to precise that the fluvial terraces of the oued "the Ourn Rbia oued", are clearly distinguished from the secondary oueds terraces by the dynamic deposit of the alluvial materials. Moreover, the mammal fossils recolted from some of these terraces allow to review the ages attributed by Gigout (1951).

The detrital origin of the Moncorvo ordovician ironstones

The Moncorvo Ordovician ironstones in northeastern Portugal consist of iron ore sedimentary horizons frequently interbanded with psamites and quartzites. Ore reserves may probably exceed 1 000 million tonnes and this makes Moncorvo the largest iron ore deposit in the European Union. Compact poorly banded massive layers may exceed 90 meters in thickness which is quite an extraordinary feature for a Phanerozoic deposit. If the thickness of Precambrian deposits may reach a few hundred meters, the thickness of Phanerozoic deposits never exceed a maximum of 15 meters generally forming a number of comparatively thin layers confined to a particular member of a sedimentary sequence. A detailed microscopic analysis of the ores revealed that initially a compact magnetite/quartzite layer, detrital in character (the magnetite occasionally showing chromite cores), was deposited by entrapment in near shore lagoons where rivers debouched, rather than in the open sea. This stage was followed by oscilating and transgressive shore lines which gave rise to breaks in sedimentation in combined river delta and shallow water marine environment where detrital material and fine iron oxide and clay suspensions were deposited in fluctuating environments. These events gave rise to layers of both magnetite (martite) and specularite intergrown with quartz, silicates and phosphates. Textural and mineralogical studies show that the deposits consist of ferruginous clastic sediments and are not chemically deposited cherts. Field, geological and palaeontological evidence also supports a detrital origin, the facies being typical of zones rich in oxygen and close to the feeding continent. The uncommon huge development of Moncorvo was due to the fact that the deposits occur in restricted basins on a continental platform were clastic sediments were predominantly deposited. Not only morphologically but also chemically the deposits are more similar to Precambrian iron formations than to Phanerozoic ironstones.

Rediscovery of Leptaxis vetusta (Morelet & Drouet, 1857), a subfossil land snail from the Quaternary of Santa Maria (Azores)

During a recent field work on the southern coast of the island of Santa Maria (Azores) a bulk sample of 37 shells and 25 fragments of Leptaxis vetusta was assembled from Late Pleistocene and Holocene slope deposits outcropping in the area. These specimens are the first of this rare subfossil species to be mentioned since the original descriptions of Arthur Morelet and Henri Drouet (1857). The purposes of our paper are a systematic and biometric description of L. vestuta. For the first time, the original type: locality was localized with accuracy over the southern downslopes of Pico do Facho, between Figueiral and Prainha. The subfossil specimens were collected in slope deposits and detritic fans, overlying a fossiliferous marine deposit situated over the 2-3 m abrasion platform of Praia and Prainha bay. The age and factors associated to the extinction of this species are discussed, including the destruction of the original laurel cover and the colonization by Otala lactea (Muller, 1774), a continental helicid introduced and widespread in Santa Maria.

In vitro studies of gum arabic-coated magnetic nanoparticles with mammalian cell cultures

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do grau de Mestre em Biotecnologia

Optimization of the electrodialytic phosphorus recovery from sewage sludge ash

Phosphorus (P) is becoming a scarce element due to the decreasing availability of primary sources. Therefore, recover P from secondary sources, e.g. waste streams, have become extremely important. Sewage sludge ash (SSA) is a reliable secondary source of P. The use of SSAs as a direct fertilizer has very restricted legislation due to the presence of inorganic contaminants. Furthermore, the P present in SSAs is not in a plant-available form. The electrodialytic (ED) process is one of the methods under development to recover P and simultaneously remove heavy metals. The present work aimed to optimize the P recovery through a 2 compartment electrodialytic cell. The research was divided in three independent phases. In the first phase, ED experiments were carried out for two SSAs from different seasons, varying the duration of the ED process (2, 4, 6 and 9 days). During the ED treatment the SSA was suspended in distilled water in the anolyte, which was separated from the catholyte by a cation exchange membrane. From both ashes 90% of P was successfully extracted after 6 days of treatment. Regarding the heavy metals removal, one of the SSAs had a better removal than the other. Therefore, it was possible to conclude that SSAs from different seasons can be submitted to ED process under the same parameters. In the second phase, the two SSAs were exposed to humidity and air prior to ED, in order to carbonate them. Although this procedure was not successful, ED experiments were carried out varying the duration of the treatment (2 and 6 days) and the period of air exposure that SSAs were submitted to (7, 14 and 30 days). After 6 days of treatment and 30 days of air exposure, 90% of phosphorus was successfully extracted from both ashes. No differences were identified between carbonated and non-carbonated SSAs. Thus, SSAs that were exposed to the air and humidity, e.g. SSAs stored for 30 days in an open deposit, can be treated under the same parameters as the SSAs directly collected from the incineration process. In the third phase, ED experiments were carried out during 6 days varying the stirring time (0, 1, 2 and 4 h/day) in order to investigate if energy can be saved on the stirring process. After 6 days of treatment and 4 h/day stirring, 80% and 90% of P was successfully extracted from SSA-A and SSA-B, respectively. This value is very similar to the one obtained for 6 days of treatment stirring 24 h/day.

The determinants of net interest margins & net interest spreads in the Russian & Japanese Commercial Banking sectors

This study presents an empirical investigation of the determinants of net interest margins and spreads in the Russian and Japanese banking sectors with a particular focus on commercial banks. Net interest mar-gins and spreads serve as indicators of financial intermediation efficiency. This paper employed a bank-level unbalanced panel dataset prolonging from 2005 to 2014. My main empirical results show that bank characteristics explain the most of the variation in not only net interest margins but also in spreads. Capi-talization, liquidity risk, inflation, economic growth, private and government debt are important determi-nants of margin in Russia. In Japan to the contrary loan and deposit market concentration along with bank size do predominate. Common significant variables in both countries are the substitution effect, cost effi-ciency and profitability. Turning to net interest spreads, micro- and macro-specific variables are the main significant drivers in Russia. I reach the conclusion that there are no significant determinants of net interest spreads in Japan within the original selection of variables, but operating efficiency and deposits to total funding seem to prevail. In both countries, there are solid differences in the net interest margins as well as spreads once the pre- and the post-crisis periods are considered.