The impact of the ECB´s targeted long-term refinancing operations on banks´ lending policies : the role of competition

El presente artículo evalúa el impacto de las operaciones de refinanciación a largo plazo con objetivo específico (TLTRO, por sus siglas en inglés) en las políticas crediticias de los bancos del área del euro. Para guiar la investigación empírica, construimos un modelo teórico en el que los bancos compiten a la Cournot en los mercados de crédito y depósito. Distinguimos entre efectos directos y efectos indirectos. Los efectos directos ocurren porque los bancos que participan en las TLTRO expanden su oferta de crédito gracias a los menores costes marginales que conllevan estas operaciones. Los efectos indirectos en los bancos que no participan operan a través de cambios en la estructura competitiva de los mercados de crédito y depósito, y su efecto es ambiguo a priori. Tras este análisis, examinamos estas predicciones teóricas con una muestra de 130 bancos de 13 países y las respuestas confidenciales a la Encuesta de Préstamos Bancarios del Banco Central Europeo. Respecto a los efectos directos, encontramos que las TLTRO contribuyeron a reducir los márgenes sobre préstamos relativamente seguros, pero que no tuvieron impacto en los criterios de aprobación de préstamos. Respecto a los efectos indirectos, la transmisión de las TLTRO tuvo lugar a través de la relajación de los criterios de aprobación de préstamos, y estuvo concentrada principalmente en los bancos expuestos a altas presiones competitivas. También hallamos evidencia de externalidades positivas en los mercados de financiaciónWe assess the impact of the Eurosystem’s Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. To guide our empirical research, we build a theoretical model in which banks compete à la Cournot in the credit and deposit markets. According to the model, we distinguish between direct and indirect effects. Direct effects take place because bidding banks expand their loan supply due to the lower marginal costs implied by the TLTROs. Indirect effects on non-bidders operate via changes in the competitive environment in banks’ credit and deposit markets and are a priori ambiguous. We then test these theoretical predictions with a sample of 130 banks from 13 countries and the confidential answers to the ECB’s Bank Lending Survey. Regarding direct effects on bidders, we find an easing impact on margins on loans to relatively safe borrowers, but no impact on credit standards. Regarding indirect effects, there is a positive impact on the loan supply on non-bidders but, contrary to the direct effects, the transmission of the TLTROs takes place through an easing of credit standards, and it is mainly concentrated in banks facing high competitive pressures. We also find evidence of positive funding externalitie

Study of the gingival health in children with crown restorations

Introduction: Prosthetic treatment with fixed constructions is an effective method for recovering severely destroyed teeth. The purpose of this study is to track the changes in the gingival tissues around teeth, which are prosthetically treated with different aesthetic crowns.Materials and Methods: Eighty-two teeth were studied with 46 of them being restored with CAD/CAM composite crowns and 36 with ready-made zirconia crowns. The assessment of the condition of the surrounding soft tissues was performed using the modified gingival index (MGI).Results: Slight gingival inflammation of the severely destroyed natural teeth (MGI - 1,25 ÷ 2,13) was reported, whereas after their restoration with crown constructions, healing processes and decreasing of the gingival index during the follow-up period occurred. The MGI, one year after placing the constructions, was 0 ÷ 1.44.Conclusion: CAD/CAM and ready-made zirconia crowns have excellent compatibility with surrounding soft tissues and do not disturb gingival health

Trends in the application of prosthetic treatment in children

Протетичното лечение е от особена важност при деца, чиито съзъбия не са се развили нормално поради различни генетични заболявания, травми, множествен кариес и кариес на ранното детство.Цел: Целта на настоящото изследване е да се проучат нагласите за приложение на протетичното възстановяване при деца.Материал и методи: Чрез разработена за целта анонимна анкетна карта са изследвани 767 лекари по дентална медицина в цялата страна. Получените резултати са разгледани от гледна точка на местоположение на денталната практика, пол, възраст, стаж и наличие на специалност на денталните лекари. Данните са обработени статистически.Резултати: Основната част от анкетираните лекари по дентална медицина са от областни градове (85,90 %), като средната възраст е 45,9 г. Преобладават жените (61,50 %) и денталните лекари със стаж над 10 г. (69,10 %). Въпреки че, по-голямата част от изследваните лица имат дългогодишен стаж, значителната част са без специалност (62,70 %). От ЛДМ със специалност, преобладават тези, които имат специалност по обща стоматология (49,70 %). Значителната част от специалистите по дентална медицина са посочили, че често лекуват деца в своята практика (67,90 %) като само 10,6 % (81 души) от всички анкетирани поставят протезни конструкции.Заключение: Познаването и приложението на методите на протетичната детска дентална медицина осигуряват възможност за възстановяване на трите медико-биологични показателя, като същевременно подобряват физическото, психо-емоционално и социално развитие на детето.Prosthetic treatment is of particular importance in children whose dental structures have not developed normally due to various genetic diseases, traumas, multiple caries and early childhood caries.Aim: The aim of this study is to evaluate the trends in the use of prosthetic restoration in children.Materials and Methods: Seven hundred sixty-seven dentists from the whole country were included in anonymous questionnaire survey especially designed for the purpose of this study. The obtained results are considered from the point of view of the location of dental practice, sex, age, years of practice and presence of specialty of dental practitioners. The results were processed statistically.Results: The majority of the respondents were from district towns (85.90%) and the average age was 45.9 years. The prevalence was higher for women (61.50%) and dental practitioners with experience over 10 years (69, 10%). Although the majority of the people had long-term experience, the significant part of them is without specialty (62.70%). Of all dentists with specialty, those with specialty in general dentistry (49.70%) predominate. A significant part of the dentists indicated that they often treat children in their practice (67.90%), but only 10.6% (81 people) of all respondents were using prosthetic treatment in children.Conclusion: The knowledge and application of the methods of prosthetic dentistry in children provides an opportunity for restoration of the three medical-biological indicators, while improving the child‘s physical, psycho-emotional and social development

Производство по медиация и пред етична комисия във висшето образование

This paper examines mediation proceedings and those before a higher education ethics committee in comparative terms. The application of mediation in the management and resolution of conflicts in the field of higher education is a method that is just entering Bulgarian universities, this is one of the reasons for the interest of the authors to analyze the procedure comparing it with the established and regulated by the special norms of the Higher Education Act procedure before the Ethics Committee. The study advocates the applicability of both procedures in the settlement of disputes in the implementation of the activities of higher education institutions. The paper presents the problems in two interrelated aspects - from the legal point of view, taking into account the conducted normative analysis of the applicable regulation and its managerial aspects. On the basis of the analysis, conclusions are drawn concerning the application of mediation in the field of higher education and its combination with the proceedings before an ethics committee

Satisfaction Of The Children With Fixed Prosthetic Treatment

Оценката на удовлетвореността на децата след възстановяване с коронкови конструкции може да бъде отличенизточник на допълнителна информация, която да бъде използвана с цел повишаване качеството на протетичното лечение на малките пациенти.Цел на изследването е да се проучи удовлетвореността на децата след неснемаемо коронково протезиране.Материали методи: Обект на изследване са 34 деца(19 момчета и 15 момичета) на средна възраст6.8±1.9, протезирани с 36 фабрични циркониеви и 46 композитни CAD/CAM корони. Всички конструкции са поставени върху млечни зъби в период на временно и смесено съзъбие. По време на контролния преглед - 2 седмици след лечението децата попълват специално разработена анонимна анкетна карта, съдържаща 7 въпроса, разглеждащи основните аспекти на протетичното лечение - функционален, естетичен, профилактичен, психо-профилактичен. Оценката на отговорите се извършва по 3-точкова скала на Likert (положителен, неутрален и отрицателен отговор). Резултатите са обработени статистически като са използвани вариационен и сравнителен анализ.Резултати: Резултатите от изследването на субективната оценка на децата за проведеното протетично възстановяване показаха, че няма съществена разлика в мнението между децата. Всички изследвани обекти показват висока удовлетвореност от проведеното протетичнолечение (индекс на удовлетвореност = 2,77, при максимален 3,00).Заключение: Протетичното възстановяване с композитни CAD/CAM корони и циркониеви коронив детска възраст осигурява не само висока функционалност, но и възстановява адекватно естетичните параметри на съзъбието, което оказва влияние върху правилното физическо, психо-емоционално и социално развитие на детето.The assessment of child satisfaction after treatment with crowns can be an excellent source of additional information which can be used to improve the quality of prosthetic treatment of young patients. Aim: The aim of the study is to evaluate the satisfaction of children after fixed prosthetic treatment. Materials and Methods: The subject of study were 34 children (19 boys and 15 girls) at an average age 6.8±1.9, who had gone through prosthetic treatment with 36 fabric zirconia and 46 composite CAD/CAM crowns. All of the prosthetic constructions were placed during the primary and mixed dentition stage. During the subsequent examination, 2 weeks after treatment, the children completed a specially developed anonymous questionnaire containing 7 questions examining the main aspects of prosthetic treatment - functional, aesthetic, prophylactic, psychoprophylactic. The evaluation of the answers is done on a 3-point scale of Likert (positive, neutral and negative response). The results were statistically processed using variation and comparative analysis. The results of the subjective assessment of children for the prosthetic restoration showed that there was no significant difference in the opinions among the children. All subjects showed high satisfaction with the prosthetic treatment (Satisfaction Index = 2.77, maximum 3.00). Conclusion: The prosthetic treatment with composite CAD/CAM crowns and zirconium crowns in children provides not only high functionality but also restores adequately the aesthetic parameters of the dentition, which affects the proper physical, psycho-emotional and social development of the child

Application of aesthetic crowns in children patients

Неснемаемото коронково протезиране се приема за сигурен и успешен метод за възстановяване увредените млечни и постоянни зъби. Цел на изследването е да се проучи приложението на естетичните корони в ежедневната практика на лекарите по дентална медицина в България. Източник на информация беше специално разработена за целта анкетна карта. Обект на изследване са 767 лекари по дентална медицина от цялата страна. Резултатите са обработени статистически, като са използвани методите на вариационен, сравнителен и корелационен анализ. От изследваните дентални лекари само 10.70% (82 души) са посочили, че използват естетични корони при деца. Значима разлика в при-ложението на естетичното протезиране с корони има по отношение на наличието на специалност, вида на съзъбието и използвания материал. Предимство при възстановяването с естетични корони е подобряването не само на функционалната ефективност, но и на естетическите показатели и психоемоционалното състояние на децата.Fixed prosthetic treatment is considered a safe and successful method for restoration of damaged primary and permanent teeth.Aim: The aim of the study is to investigate the application of aesthetic crowns in the daily practice of dentists in Bulgaria.Materials and Methods: The source of information was a questionnaire specifically designed for the purpose of the survey. Seven hundred sixty-seven dentists from all over the country were the subject of the research. The results were statistically processed using the methods of variation, comparison and correlation analysis.Results: Of the all respondents, only 10.70% (82 people) reported that they were using aesthetic crowns as a method of restoration of the teeth of children. A significant difference in the application of aesthetic crowns was the presence of the specialty, the type of dentition and the used material. Conclusion: The advantage of using aesthetic crowns as a method of restoration is the improvement not only of functional efficiency, but also of the aesthetic appearance and the psycho-emotional state of the children

Euro area bank profitability and consolidation

Consolidation in the euro area banking sector has been slow since the end of the global financial crisis, despite the persistent weak bank profitability. The coronavirus (COVID-19) pandemic has reinforced profitability risks in the euro area banking sector, and coincided with worse performance of some banks, notably those burdened with legacy non-performing loans. Consolidation among banks may bring benefits from both a micro- and a macroprudential perspective by generating cost synergies, increasing revenue diversification and strengthening the resilience of the banking sector. However, it comes with attendant execution risks, which need to be properly managed by banks. Consolidation may give rise to competition concerns, although empirical evidence suggests that there is room for further domestic concentration in some euro area countries and for greater cross-border integration of the European banking market. Bank mergers also increase the systemic footprint of the resulting institutions, which might be addressed by the existing macroprudential and resolution frameworks. The European Central Bank assesses consolidation from a prudential perspective, focusing on the current and future ability of the combined bank to comply with prudential requirements. To this end, it published a Guide in January 2021 in which it clarified its expectations and approach to three key prudential issues arising in the context of consolidation: setting Pillar 2 capital requirements, treatment of badwill and use of internal models

The genetic history of the Southern Arc: a bridge between West Asia and Europe

By sequencing 727 ancient individuals from the Southern Arc (Anatolia and its neighbors in Southeastern Europe and West Asia) over 10,000 years, we contextualize its Chalcolithic period and Bronze Age (about 5000 to 1000 BCE), when extensive gene flow entangled it with the Eurasian steppe. Two streams of migration transmitted Caucasus and Anatolian/Levantine ancestry northward, and the Yamnaya pastoralists, formed on the steppe, then spread southward into the Balkans and across the Caucasus into Armenia, where they left numerous patrilineal descendants. Anatolia was transformed by intra–West Asian gene flow, with negligible impact of the later Yamnaya migrations. This contrasts with all other regions where Indo-European languages were spoken, suggesting that the homeland of the Indo-Anatolian language family was in West Asia, with only secondary dispersals of non-Anatolian Indo-Europeans from the steppe