The Comprehensive Assessment: What lessons can be learned?

Analysing the database made available by the European Central Bank and by the European Banking Authority, we evaluate the Comprehensive Assessment (CA) (Asset Quality Review and Stress Test (ST)) of banks carried out in 2014. In a nutshell, the main results are: (i) risk-adjusted capital ratios are negatively related to the Asset Quality Review shortfall, but not to the ST shortfall, whereas the leverage ratio plays a significant role in both cases; (ii) the CA predominantly concentrated on traditional credit activity rather than on banksâ\u80\u99 financial assets and (iii) the CA seems to be characterized by double standards. The Asset Quality Review was severe with banks operating in non-core countries, while medium-sized banks were either riskier or were treated severely in both exercises. The analysis leads to a puzzle: comparatively, the assessment per se led to significant adjustments for solid banks and large shortfalls for weak banks. The puzzle can be resolved by referring to the legacy of the countryâ\u80\u99s former supervisory activity and to the low level of capitalization of weak banks mostly in peripheral countries. Abbreviations: ADJ_AQR: adjustment due to the AQR; ADJ_ST: adjustment due to the ST adverse scenario; AQR: asset quality review; bps: basis points (1â\u80\u89bp is equal to 0.01%); bn: billion; CA: comprehensive assessment; CET1: common equity tier 1; CR: coverage ratio; CRD/CRR: capital requirements directive/capital requirements regulation; CVA: credit valuation adjustment; EBA: European Banking Authority; ECB: European Central Bank; LM test: Lagrange-multiplier test; NPE: Non-performing exposure; RWA: risk-weighted asset; SF_AQR: shortfall due to the AQR; SF_ST: shortfall due to the ST adverse scenario; SREP: supervisory review and evaluation process; SSM: single supervisory mechanism; ST: stress test; tr: trillion (one thousand of billions

Limit analysis assessment of experimental behavior of arches reinforced with GFRP materials

In this paper, a comparison between results furnished by a 3D FE upper bound limit analysis and experimental results for some reinforced masonry arches tested at the University of Minho (Portugal) is provided. While the delamination from arches support can be modelled only in an approximate way within limit analysis, the aim of the paper is to accurately reproduce the change in the failure mechanism observed in experimentation, due to the introduction of strengthening elements. Both experimental and numerical results showa clear change in the failure mechanism and in the corresponding ultimate peak load. A set of simulations is also performed on reinforced arches previously damaged, to investigate the role played by the reinforcement within a proper repairing procedure. Good correlation with experimental work and numerical simulations is achieved.info:eu-repo/semantics/publishedVersio

Numerical and experimental analysis of full scale arches reinforced with GFRP materials

In this contribution, original limit analysis numerical results are presented dealing with some reinforced masonry arches tested at the University of Minho-UMinho, PT. Twelve in-scale circular masonry arches were considered, reinforced in various ways at the intrados or at the extrados. GFRP reinforcements were applied either on undamaged or on previously damaged elements, in order to assess the role of external reinforcements even in repairing interventions. The experimental results were critically discussed at the light of limit analysis predictions, based on a 3D FE heterogeneous upper bound approach. Satisfactory agreement was found between experimental evidences and the numerical results, in terms of failure mechanisms and peak load.(undefined

Numerical analysis of an entire ceramic kiln under actual operating conditions for the energy efficiency improvement

The paper focuses on the analysis of an industrial ceramic kiln in order to improve the energy efficiency and thus the fuel consumption as well as the pollutant emissions. A lumped and distributed parameter model of the entire system is constructed to simulate the performance of the kiln under actual operating conditions. The model is able to predict accurately the temperature distribution along the different modules of the kiln and the operation of the many natural gas burners employed to provide the required thermal power. Furthermore, the temperature of the tiles is also simulated so that the quality of the final product can be addressed by the modelling. Numerical results are validated against experimental measurements carried out on a real ceramic kiln during regular production operations. The developed numerical model demonstrates to be an efficient tool for the investigation of different design solutions for the kiln’s components. In addition, a number of control strategies for the system working conditions can be simulated and compared in order to define the best trade off in terms of fuel consumption, emissions and product quality. In particular, the paper analyzes the effect of a new burner type characterized by internal heat recovery capability aimed at improving the energy efficiency of the ceramic kiln. The fuel saving and the relating reduction of carbon dioxide emissions resulted in the order of 10% when compared to the standard burner

Nem cola, nem lubrificante sociológico, mas campo eletromagnético: as metáforas do Capital Social no campo do desenvolvimento local

In general terms, academic literature on social capital builds on the empirical evidence that economic variables are not sufficient to bring about local development models that are socially just and environmentally sustainable; it is almost consensual in reaffirming that civic engagement networks, norms of mutual trust, resources stemming from social networks, the wealth of associative tissues and political institutions do have a direct impact when it comes to a qualitative increase on the communication between individuals and social actors, the production of more intensive modalities of social interaction, and the reduction of collective action dilemmas around local development strategies. It goes without saying that one of the critical elements of the current debate on the relationships between social capital and local development concerns the local development concept itself. Therefore, in this article, rooted in a definition of local development formulated by himself, the author has two main goals: (1) to analyze the conceptual dispute that reigns within the academia around the definition of social capital; (2) to argue that metaphors can be a valuable tool in better understanding the multiple roles that social capital may play in different contexts of local development. In the conclusion, based on his own research experience in the municipality of Pintadas in Bahia, between 2003 and 2005, the author sketches theoretical and methodological parameters in order to understand the relationships between social capital and local development.A literatura especializada acerca do capital social parte, de modo quase generalizado, da constatação empírica de que as variáveis econômicas não são suficientes para produzir modelos de desenvolvimento local que sejam socialmente justos e ambientalmente sustentáveis; reafirma, quase de forma consensual, que as redes de compromisso cívico, as normas de confiança mútua, os recursos advindos das redes sociais, a riqueza do tecido associativo e as instituições políticas têm impacto direto no incremento qualitativo da comunicação entre indivíduos e atores sociais, na produção de formas mais intensas de interação social e na redução dos dilemas da ação coletiva em torno das estratégias de desenvolvimento local. No entanto, um dos elementos críticos do debate sobre as relações entre capital social e desenvolvimento local diz respeito ao próprio conceito de desenvolvimento. Por conseguinte, com base em uma definição própria de desenvolvimento local, este trabalho divide-se em dois eixos principais: (1) análise das disputas conceituais que imperam no âmbito acadêmico em torno da definição do capital social; (2) defesa do argumento de que trabalhar com metáforas do capital social poderia ajudar a melhor situá-lo nos contextos múltiplos de desenvolvimento local. Na conclusão, com base na experiência de pesquisa desenvolvida pelo autor do artigo entre 2003 e 2005 no Município de Pintadas na Bahia, são propostos parâmetros teórico-metodológicos a fim de analisar as relações entre capital social e desenvolvimento local

A closer look at prion strains: characterization and important implications

Prions are infectious proteins that are responsible for transmissible spongiform encephalopathies (TSEs) and consist primarily of scrapie prion protein (PrPSc), a pathogenic isoform of the host-encoded cellular prion protein (PrPC). The absence of nucleic acids as essential components of the infectious prions is the most striking feature associated to these diseases. Additionally, different prion strains have been isolated from animal diseases despite the lack of DNA or RNA molecules. Mounting evidence suggests that prion-strain-specific features segregate with different PrPSc conformational and aggregation states. Strains are of practical relevance in prion diseases as they can drastically differ in many aspects, such as incubation period, PrPSc biochemical profile (e.g., electrophoretic mobility and glycoform ratio) and distribution of brain lesions. Importantly, such different features are maintained after inoculation of a prion strain into genetically identical hosts and are relatively stable across serial passages. This review focuses on the characterization of prion strains and on the wide range of important implications that the study of prion strains involves

Surface functionalization with phosphazene substrates, Part IV: Silica and Si(100) surface functionalization using cyclophosphazenes partially substituted with trialkoxysilane derivatives and PEG-750 monomethylether, 2,2,3,3-tetrafluoropropanol and 4-hydroxyazobenzene

This paper deals with the possibility of functionalizing the surface of silicon-based materials by exploiting cyclophosphazenes containing suitable substituent groups. Thus, phosphazene trimers were prepared, containing about 50% of the reactive sites substituted by γ-aminopropyltriethoxy silane (APTES), while the residual positions in the cycle contain poly(ethylene glycol) monomethylether (MW approx. 750; PEG-750-ME), tetrafluoropropanol (TFP) and 4-hydroxyazobenzene (AzB). Using these novel materials we succeeded in surface functionalizing SiO2 beads in the coating of silicon wafers or sodalime slides and in the preparation of cyclophosphazene-based monoliths in the presence of hydrolyzed TEOS by sol–gel technique. The whole series of products has been characterized by standard spectroscopic (IR, UV-Vis, 1H-, 13C-, 29Si- and 31P-NMR, both in solution and in solid state) and thermal (DSC and DMTA) techniques. This approach to the surface functionalization of silicon-based materials containing carefully ..

Evaluation of herbaceous crops irrigated with treated wastewater for ethanol production

The competition for freshwater between agricultural, industrial, and civil uses has greatly increased in Mediterranean basin characterized by prolonged dry seasons. The aim of this study was to evaluate biomass production and the potential ethanol production of promising “no-food” herbaceous crops irrigated with low quality water at different ETc restitutions (0%, 50 and 100%). The research was carried out, in 2011 and 2012, in an open field near the full-scale constructed wetland (CW) municipal treatment plant located in the Eastern Sicily (Italy). The CW effluent has been applied in a experimental irrigation field of Vetiveria zizanoides (L.) Nash, Miscanthus x giganteus Greef et Deu. and Arundo donax (L.). Physical, chemical and microbiological analyses were carried out on wastewater samples collected at inlet and outlet of CW and pollutant removal efficiencies were calculated for each parameter. Bio-agronomical analysis on herbaceous species were made with the goal to evaluate the main parameters such as the plant dimension, the growth response and the biomass production. Biomass dry samples were processed with a three-step chemical pretreatment, hydrolysed with a mix of commercial enzymes and next fermented to obtain the yield of ethanol production. Average TSS, COD and TN removal for CW were about 74%, 67% and 68%, respectively. Although the satisfactory Escherichia coli removal, about 3.5 log unit for both beds on average, CW didn’t achieve the restrictive Italian law limits for wastewater reuse. As expected, irrigation was beneficial and the full ET replenishment increase the biomass productivity as compared to the other two treatment. The mean productivity of Vetiveria zizanoides and Myscanthus x giganteus were about 9, 26 and 38 t ha–1 and 3, 7 and 12 t ha–1 respectively in 0%, 50% and 100% ETc restitutions. Arundo donax gave higher values of dry biomass (78 t ha–1 in 100% ETc restitution in 2011 season), and potential ethanol production (about 3,744 kg ha–1). These results suggest the interest in the use of constructed wetland effluents for the irrigation of energy crops to obtain second generation ethanol, particularly in semiarid regions such as the Mediterranean area