Der österreichische Markt für Non-Performing Loans

Der Handel mit Krediten beziehungsweise deren Risiken ist in den meisten etablierten Finanzmärkten gängige Praxis und erfreute sich insbesondere in den letzten Jahren großer Beliebtheit. Auch in Österreich zeichnet sich aktuell ab, dass ein solcher aktiver Markt insbesondere hinsichtlich des Verkaufes von Non Performing Loans (NPL) durch österreichische Kreditinstitute entstehen könnte. Das grundsätzlich vorhandene Potential kann in Anbetracht der im Zuge dieser Arbeit abgeschätzten Volumenbandbreite des österreichischen NPL-Marktes von 11 bis 13 Milliarden Euro als durchaus beachtlich bezeichnet werden. Der große NPL-Verkauf des gemessen an der Bilanzsumme 2006 zweitgrößten österreichischen Kreditinstitutes, Bank Austria Creditanstalt, im Jahr 2007 war ein wichtiger Schritt in diese Richtung. Die vorliegende Arbeit setzt sich mit dem Verkauf von Non Performing Loans, insbesondere im Hinblick auf den österreichischen Markt, sowie in diesem Zusammenhang relevanten Aspekten und Entwicklungen auseinander. Ziel der Arbeit ist neben einer grundsätzlichen Untersuchung der Vorteilhaftigkeit von Verkäufen notleidender Kredite und der Gründe die aus Sicht von Kreditinstituten gegen einen solchen Verkauf sprechen, die umfassende Analyse des österreichischen Marktes in besonderem Hinblick auf die Abschätzung des tatsächlich vorhandenen NPL-Verkaufspotentials, unter Berücksichtigung der speziellen NPL-Verkaufsproblematik bei den österreichischen Regionalbanken. Die Methodik umfasst neben der Verknüpfung der theoretischen mit einer an der Praxis orientierten Analyse der Thematik insbesondere eine detaillierte bilanzielle Analyse des österreichischen Bankenmarktes und Interviews mit regionalen Kreditinstituten, über die im Vergleich zu den Großbanken wenig Information verfügbar ist. Auf diese Weise wird eine Marktanalyse geschaffen, die in dieser Aktualität und Form des Fokus auf den unerforschten NPL-Markt Österreichs unter Beachtung relevanter externer Faktoren, sowie theoretischer Aspekte, nach Wissen des Autors noch nicht existiert

Divergent Evolution among Teleost V1r Receptor Genes

The survival of vertebrate species is dependent on the ability of individuals to adequately interact with each other, a function often mediated by the olfactory system. Diverse olfactory receptor repertoires are used by this system to recognize chemicals. Among these receptors, the V1rs, encoded by a very large gene family in most mammals, are able to detect pheromones. Teleosts, which also express V1r receptors, possess a very limited V1r repertoire. Here, taking advantage of the possibility to unequivocally identify V1r orthologs in teleosts, we analyzed the olfactory expression and evolutionary constraints of a pair of clustered fish V1r receptor genes, V1r1 and V1r2. Orthologs of the two genes were found in zebrafish, medaka, and threespine stickleback, but a single representative was observed in tetraodontidae species. Analysis of V1r1 and V1r2 sequences from 12 different euteleost species indicate different evolutionary rates between the two paralogous genes, leading to a highly conserved V1r2 gene and a V1r1 gene under more relaxed selective constraint. Moreover, positively-selected sites were detected in specific branches of the V1r1 clade. Our results suggest a conserved agonist specificity of the V1R2 receptor between euteleost species, its loss in the tetraodontidae lineage, and the acquisition of different chemosensory characteristics for the V1R1 receptor

Towards the sequential assimilation of SAR-derived water stages into hydraulic models using the Particle Filter : proof of concept

With the onset of new satellite radar constellations (e.g. Sentinel-1) and advances in computational science (e.g. grid computing) enabling the supply and processing of multimission satellite data at a temporal frequency that is compatible with real-time flood forecasting requirements, this study presents a new concept for the sequential assimilation of Synthetic Aperture Radar (SAR)-derived water stages into coupled hydrologic-hydraulic models. The proposed methodology consists of adjusting storages and fluxes simulated by a coupled hydrologic-hydraulic model using a Particle Filterbased data assimilation scheme. Synthetic observations of water levels, representing satellite measurements, are assimilated into the coupled model in order to investigate the performance of the proposed assimilation scheme as a function of both accuracy and frequency of water level observations. The use of the Particle Filter provides flexibility regarding the form of the probability densities of both model simulations and remote sensing observations. We illustrate the potential of the proposed methodology using a twin experiment over a widely studied river reach located in the Grand-Duchy of Luxembourg. The study demonstrates that the Particle Filter algorithm leads to significant uncertainty reduction of water level and discharge at the time step of assimilation. However, updating the storages of the model only improves the model forecast over a very short time horizon. A more effective way of updating thus consists in adjusting both states and inputs. The proposed methodology, which consists in updating the biased forcing of the hydraulic model using information on model errors that is inferred from satellite observations, enables persistent model improvement. The present schedule of satellite radar missions is such that it is likely that there will be continuity for SAR-based operational water management services. This research contributes to evolve reactive flood management into systematic or quasi-systematic SAR-based flood monitoring services

β2 Adrenergic Receptor Fluorescent Protein Fusions Traffic to the Plasma Membrane and Retain Functionality

Green fluorescent protein (GFP) has proven useful for the study of protein interactions and dynamics for the last twenty years. A variety of new fluorescent proteins have been developed that expand the use of available excitation spectra. We have undertaken an analysis of seven of the most useful fluorescent proteins (XFPs), Cerulean (and mCerulean3), Teal, GFP, Venus, mCherry and TagRFP657, as fusions to the archetypal G-protein coupled receptor, the β2 adrenergic receptor (β2AR). We have characterized these β2AR::XFP fusions in respect to membrane trafficking and G-protein activation. We noticed that in the mouse neural cell line, OP 6, that membrane bound β2AR::XFP fusions robustly localized in the filopodia identical to gap::XFP fusions. All β2ARR::XFP fusions show responses indistinguishable from each other and the non-fused form after isoprenaline exposure. Our results provide a platform by which G-protein coupled receptors can be dissected for their functionality

Assimilating SAR-derived water level data into a hydraulic model: a case study

Satellite-based active microwave sensors not only provide synoptic overviews of flooded areas, but also offer an effective way to estimate spatially distributed river water levels. If rapidly produced and processed, these data can be used for updating hydraulic models in near real-time. The usefulness of such approaches with real event data sets provided by currently existing sensors has yet to be demonstrated. In this case study, a Particle Filter-based assimilation scheme is used to integrate ERS-2 SAR and ENVISAT ASAR-derived water level data into a one-dimensional (1-D) hydraulic model of the Alzette River. Two variants of the Particle Filter assimilation scheme are proposed with a global and local particle weighting procedure. The first option finds the best water stage line across all cross sections, while the second option finds the best solution at individual cross sections. The variant that is to be preferred depends on the level of confidence that is attributed to the observations or to the model. The results show that the Particle Filter-based assimilation of remote sensing-derived water elevation data provides a significant reduction in the uncertainty at the analysis step. Moreover, it is shown that the periodical updating of hydraulic models through the proposed assimilation scheme leads to an improvement of model predictions over several time steps. However, the performance of the assimilation depends on the skill of the hydraulic model and the quality of the observation data

In Vitro Mutational Analysis of the β2 Adrenergic Receptor, an In Vivo Surrogate Odorant Receptor

Many G-protein coupled receptors (GPCRs), such as odorant receptors (ORs), cannot be characterized in heterologous cells because of their difficulty in trafficking to the plasma membrane. In contrast, a surrogate OR, the GPCR mouse β2-adrenergic-receptor (mβ2AR), robustly traffics to the plasma membrane. We set out to characterize mβ2AR mutants in vitro for their eventual use in olfactory axon guidance studies. We performed an extensive mutational analysis of mβ2AR using a Green Fluorescent Protein-tagged mβ2AR (mβ2AR::GFP) to easily assess the extent of its plasma membrane localization. In order to characterize mutants for their ability to successfully transduce ligand-initiated signal cascades, we determined the half maximal effective concentrations (EC50) and maximal response to isoprenaline, a known mβ2AR agonist. Our analysis reveals that removal of amino terminal (Nt) N-glycosylation sites and the carboxy terminal (Ct) palmitoylation site of mβ2AR do not affect its plasma membrane localization. By contrast, when both the Nt and Ct of mβ2AR are replaced with those of M71 OR, plasma membrane trafficking is impaired. We further analyze three mβ2AR mutants (RDY, E268A, and C327R) used in olfactory axon guidance studies and are able to decorrelate their plasma membrane trafficking with their capacity to respond to isoprenaline. A deletion of the Ct prevents proper trafficking and abolishes activity, but plasma membrane trafficking can be selectively rescued by a Tyrosine to Alanine mutation in the highly conserved GPCR motif NPxxY. This new loss-of-function mutant argues for a model in which residues located at the end of transmembrane domain 7 can act as a retention signal when unmasked. Additionally, to our surprise, amongst our set of mutations only Ct mutations appear to lower mβ2AR EC50s revealing their critical role in G-protein coupling. We propose that an interaction between the Nt and Ct is necessary for proper folding and/or transport of GPCRs

Operative versus non-operative management of rib fractures in flail chest after cardiopulmonary resuscitation manoeuvres

OBJECTIVES: Blunt chest trauma after mechanical resuscitation manoeuvres appears to have a significant impact on the often complicated course. Due to a lack of data in the literature, the purpose of this study was to investigate the feasibility and immediate outcome of chest wall stabilization for flail chest in this vulnerable patient population. METHODS: We retrospectively reviewed the medical records of patients after cardiopulmonary resuscitation between January 2014 and December 2018 who were diagnosed with flail chest. We attempted to compare patients after surgery with those after conservative treatment. RESULTS: Of a total of 56 patients with blunt chest trauma after mechanical resuscitation and after coronary angiography, 25 were diagnosed with flail chest. After the exclusion of 2 patients because of an initial decision to palliate, 13 patients after surgical stabilization could be compared with 10 patients after conservative therapy. Although there was no significant difference in the total duration of ventilatory support, there was a significant advantage when the time after stabilization to extubation was compared with the duration of ventilation in the conservative group. The presence of pulmonary contusion, poor Glasgow Coma Scale score or the development of pneumonia negatively affected the outcome, but additional sternal fracture did not. CONCLUSIONS: Surgical stabilization for chest wall instability is well tolerated even by this vulnerable patient population. Our results should be used for further randomized controlled approaches. It is necessary to evaluate the situation with all parameters in an interdisciplinary manner and to decide on a possible surgical therapy at an early stage if possible

Around Pelikan's conjecture on very odd sequences

Very odd sequences were introduced in 1973 by J. Pelikan who conjectured that there were none of length >=5. This conjecture was disproved by MacWilliams and Odlyzko in 1977 who proved there are in fact many very odd sequences. We give connections of these sequences with duadic codes, cyclic difference sets, levels (Stufen) of cyclotomic fields, and derive some new asymptotic results on their lengths and on S(n), which denotes the number of very odd sequences of length n.Comment: 21 pages, two tables. Revised version with improved presentation and correction of some typos and minor errors that will appear in Manuscripta Mathematic

The Ecologic Impact of the Interactions Among Microorganisms and Aquatic Contaminants in Lake Erie Phase III Parts 5, 6, and 7

This study was supported in part by the Office of Water Resources Research. U.S. Department of the Interior, under Project B-025-OHIO(print) 172 p.Part 5: List of Figures -- List of Tables -- Introduction -- Literature Review -- Materials and Methods -- Results -- Discussion -- Summary -- BibliographyPart 6: List of Figures -- List of Tables -- Introduction -- Review of Literature -- Materials and Methods -- Results -- Discussion -- Appendix A -- Appendix B -- BibliographyPart 7: List of Illustrations -- List of Tables -- Introduction -- Review of Literature -- Materials and Methods -- Results -- Discussion -- Summary -- Literature Cite