A European Deposit Insurance and Resolution Fund - An Update. CEPS Policy Brief No. 283, 11 September 2012

Cross-border banking is currently not stable in Europe. Cross-border banks need a European safety net. Moreover, a truly integrated European level banking system may help to break the diabolical loop between the solvency of the domestic banking system and the fiscal standing of the national sovereign. This policy paper first sketches the building blocks of a banking union. Importantly, a new European Deposit Insurance and Resolution Authority (EDIRA) should start simultaneously with the ECB assuming supervisory powers. A combination of European supervision and local resolution cannot work because it is not ‘incentive compatible’. Next, this paper proposes a transition period to gradually phase in the European deposit insurance coverage. Finally, we calculate that a European Deposit Insurance Fund would amount to about €30-50 billion for the 75 euro area banks that were subject to the EBA stress tests. This Fund could be created over a period of time through risk-based deposit insurance premiums levied on these banks. Once up and running, the Fund would then turn into a European Deposit Insurance and Resolution Fund to also deal with the resolution of one or more of these European banks.

ARCOM construction management abstracts : cumulative abstracts and indexes of journals in construction management, 1999 update

The purpose of this document is to provide a single source of reference for every paper published in the journals directly related to research in Construction Management. This volume brings together articles published during 1999. It is indexed by author and keyword and contains the titles, authors, abstracts and keywords of every article from the following journals: • Building Research and Information (BRI) • Construction Management and Economics (CME) • Engineering, Construction and Architectural Management (ECAM) • Journal of Construction Procurement (JCP) • RICS Research Papers (RICS) The index entries give short forms of the bibliographical citations, rather than page numbers, to enable rapid reference to articles. A cumulative volume is available from the editor. Included in this volume is an appendix listing a wide range of journals associated with construction management research, giving details of frequency, editorial addresses and web sites, as well as whether each journal is international and/or refereed.

Solar change and climate: an update in the light of the current exceptional solar minimum

Solar outputs during the current solar minimum are setting record low values for the space age. Evidence is here reviewed that this is part of a decline in solar activity from a grand solar maximum and that the Sun has returned to a state that last prevailed in 1924. Recent research into what this means, and does not mean, for climate change is reviewed.

Structure–activity relations (SARs) for gas-phase reactions of NO3, OH and O3 with alkenes: an update

We present updated structure-activity relations (SARs) for the prediction of rate coefficients for gas-phase reactions with alkenes of the major atmospheric oxidants NO3, OH and O-3. Such SARs provide one way of incorporating essential information about reactivity into atmospheric models. Rate coefficients obtained from correlations relating the logarithms of the rate coefficients to the energies of the highest occupied molecular orbitals (HOMOs) of the alkenes were used to refine the SARs. SARs have an advantage for the user over the direct application of the correlations in that knowledge of the structure of the alkene of interest is sufficient to estimate rate coefficients, and no quantum-mechanical calculations need to be performed. A comparison of the values predicted by the SARs with experimental data where they exist allowed us to assess the reliability of our method.

Correlations for gas-phase reactions of NO3, OH and O3 with alkenes: an update

Methods are developed for predicting rate coefficients for reactions of initiators of tropospheric oxidation with unsaturated compounds that are abundant in the atmosphere; prognostic tools of this kind are essential for atmospheric chemists and modellers. To pursue the aim of exploring such tools, the kinetics of reactions of NO3, OH and O-3 with a series of alkenes are examined for correlations relating the logarithms of the rate coefficients to the energies of the highest occupied molecular orbitals (HOMOs) of the alkenes. A comparison of the values predicted by the correlations with experimental data (where the latter exist) allowed us to assess the reliability of our method. We used a series of theoretical methods to calculate the HOMO energies, and found that higher computational effort improves the agreement of the predicted rate coefficients with experimental values, especially for reactions of NO3 with alkenes that possess vinyllic halogen substituents. As a consequence, it is expedient to suggest new correlations to replace those presented by us and others that were based on the lower level of theory. We propose the following correlations for the reactions of NO3, OH and O-3 with alkenes: ln(k(NO3)/cm(3) molecule(-1) s(-1)) = 6.40(E-HOMO/eV) + 31.69, ln(k(OH)/cm(3) molecule(-1) s(-1)) = 1.21 (E-HOMO/eV)-12.34 and ln(k(O3)/cm(3) molecule(-1) s(-1)) = 3.28(E-HOMO/eV)-6.78. These new correlations have been developed using the larger experimental data sets now available, and the impact of the extended data on the quality of the correlations is examined in the paper. Atmospheric lifetimes have been calculated from both experimental and estimated rate coefficients to provide an overview of removal efficiencies for different classes of alkenes with respect to oxidative processes initiated by NO3, OH and O-3. A figure is presented to show the spatial scales over which alkenes may survive transport in competition with attack by NO3, OH and O-3. Removal by NO3 or OH is always more important than removal by O-3, and reactions with NO3 dominate for scales up to a few hundred metres.

The causes and effects of depreciation in office buildings: a ten year update

This paper publishes the results of the 1996 study, which repeats a cross-section analysis of around 125 City of London office buildings, and examines the longitudinal data contributed by a sample of 56 unrefurbished properties common to the 1986 and 1996 City of London datasets. An estimate of the average rate of rental and capital value depreciation is made; the effect of age is shown not to be straight-line; and the causes if depreciation are measured. The results are compared with the 1986 City of London findings.

The FAMOUS climate model (versions XFXWB and XFHCC): description update to version XDBUA

FAMOUS is an ocean-atmosphere general circulation model of low resolution, based on version 4.5 of the UK MetOffice Unified Model. Here we update the model description to account for changes in the model as it is used in the CMIP5 EMIC model intercomparison project (EMICmip) and a number of other studies. Most of these changes correct errors found in the code. The EMICmip version of the model (XFXWB) has a better-conserved water budget and additional cooling in some high latitude areas, but otherwise has a similar climatology to previous versions of FAMOUS. A variant of XFXWB is also described, with changes to the dynamics at the top of the model which improve the model climatology (XFHCC).

A universal agro-hydrological model for water and nitrogen cycles in the soil-crop system SMCR_N: critical update and further validation

Agro-hydrological models have widely been used for optimizing resources use and minimizing environmental consequences in agriculture. SMCRN is a recently developed sophisticated model which simulates crop response to nitrogen fertilizer for a wide range of crops, and the associated leaching of nitrate from arable soils. In this paper, we describe the improvements of this model by replacing the existing approximate hydrological cascade algorithm with a new simple and explicit algorithm for the basic soil water flow equation, which not only enhanced the model performance in hydrological simulation, but also was essential to extend the model application to the situations where the capillary flow is important. As a result, the updated SMCRN model could be used for more accurate study of water dynamics in the soil-crop system. The success of the model update was demonstrated by the simulated results that the updated model consistently out-performed the original model in drainage simulations and in predicting time course soil water content in different layers in the soil-wheat system. Tests of the updated SMCRN model against data from 4 field crop experiments showed that crop nitrogen offtakes and soil mineral nitrogen in the top 90 cm were in a good agreement with the measured values, indicating that the model could make more reliable predictions of nitrogen fate in the crop-soil system, and thus provides a useful platform to assess the impacts of nitrogen fertilizer on crop yield and nitrogen leaching from different production systems. (C) 2010 Elsevier B.V. All rights reserved.