A lakossági jelzáloghitel LGD meghatározásának módszertani lehetőségei Magyarországon = The methodological opportunities of quantifying the retail mortgage loan’s LGD in Hungary

A CRD (Capital Requirements Directive) a bázeli ajánlásokra épülve teljesen új alapokra helyezte a teljes banki kockázatkezelést. Nem túlzás azt állítani, hogy a hitelintézetek tevékenységének valamennyi kockázati szempontból releváns területén számottevő változásokat generált, mind a hitel-, mind a működési, mind pedig a piaci kockázat vonatkozásában. A CRD bevezetésével a hitelintézetek számára lehetővé vált, hogy amennyiben a hitelkockázat vonatkozásában a belső minősítésen alapuló (IRB: Internal Rating Based) módszert alkalmazzák, akkor a tőkekövetelmény meghatározásához bizonyos hitelkockázati paraméterekre vonatkozóan saját számításaikat használhatják, ha megfelelnek a Bázel II követelményrendszerének, szabályozási elírásainak. Jelen értekezés keretében a várható veszteség számítását tekintve az egyik leginkább meghatározó komponens, a nemteljesítés esetén várható veszteségráta (LGD) kalkulációjának bizonyos aspektusait mutatom be. _________ The CRD (Capital Requirements Directive) founded on the Basel recommendations put the whole risk assessment of the banks on new bases. It is no exaggeration to state that it generated considerable changes on all risk-relevant areas of the activity of the credit institutions, concerning both the credit risk, the operational risk and the market risk. However, this thesis focus only on a fairly narrow scope not disputing that the particularly complex system of the Basel rules does not enable the dissociation of the areas so categorically. I descend to the particulars only for the proper credit risk which can be defined as the so-called default risk, and I follow this interpretation in the framework of the whole thesis

A bázeli ajánlások és a tőkemegfelelési direktíva (CRD) formálódása

Az elmúlt évek során az egyre élesedő piaci verseny, a tulajdonosi elvárások nyomása és számos további tényező együttesen oda vezetett, hogy a pénzügyi intézmények egyre kockázatosabb tevékenységekbe kezdtek, a korábbiaknál magasabb kockázatú ügyfélkört is megcéloztak termékeikkel és szolgáltatásaikkal. Ezek a fejlemények újabb potenciális veszteségforrásokat rejtenek magukban, ezért elengedhetetlenné vált a szabályozás megreformálása, ami egyúttal védelmet is jelenthet a bankok számára saját „felelőtlen magatartásuk” következményeivel szemben. Nem túlzás azt állítani, hogy a globális válság determinálja a szabályozás irányait. Az elmúlt időszakban öt területen történtek számottevő változások a bankszabályozásban: (1) a prudenciális szabályok szigorítása; (2) új európai felügyeleti rendszer és egységes szabálykönyv kialakítása; (3) válságkezelési eljárások kidolgozása, felelős hitelezés előmozdítása; (4) a vállalati irányítás és a javadalmazási rendszer megreformálása; (5) bankadóztatás és betétbiztosítás. Jelen tanulmány az első két pontra összpontosítva vázolja fel az elmúlt időszak fejleményeit

Role of pituitary adenylate cyclase-activating polypeptide in nociception and migraine

Energy-efficient buildings can make a major contribution to tackle the world’s climate change and energy use. A number of different environmental certification systems have been created to support energy-efficient and environmentally friendly buildings. In this project simulations are made on a building named Hjältarnas Hus. The building will be used as a support center for those affected by cancer or another critical illness and their families. Hjältarnas Hus will be built in the area next to the University Hospital of Umeå and is planned to be ready for use by the winter 2016/2017. The building project Hjältarnas Hus focuses on sustainability with recyclable materials and aims to achieve the Swedish Environmental Building Certification (Miljöbyggnad) grade GOLD. The main purpose of this project is to study heat transfer through windows. Due to the fact that the facade of Hjältarnas Hus contains large exterior windows, high indoor temperatures are expected during the summer if no solar shading system is installed. The simulations were made in IDA ICE and COMSOL Multiphysics. The focus of this study is to analyze the part of the building that will be used as a library because that part has 90 % windows in the façade. This part is thereby the thermally weakest part of the building envelope since windows are a critical component. The simulations have been based on three milestones. One of the targets was to investigate the temperature gradient that occurs in Hjältarnas Hus library for different ventilation flows, provided that the building achieves the Swedish Environmental Building Certification grade SILVER or GOLD. The second target was to investigate whether the projected solar shading system provides sufficient shading with respect to the certification requirements for Solar heat gain. The third target was to investigate the risk for appearance of external condensation on glass. An investigation of the profitability of an investment in a solar energy generating facility has also been conducted. The result from the simulations showed that the library will never be able to avoid overheating in the summer without any shading system. Even if the ventilation flow is at maximum speed, high temperatures will occur if no shading is installed. The simulations shows that the Swedish Environmental Building Certification grade SILVER can be achieved while the shading system is installed. Risk of external condensation on the window surfaces was greatest during the months of August, September and October. According to the simulations, condensations will appear during 7 % of these months. A calculation from the supplier shows that solar cells are a profitable investment for Hjältarnas Hus. The best option gave a payback period of 9.29 years without any contribution by the State where the investment cost was 950 000 (excl. VAT). För att komma tillrätta med de miljöproblem vi har i världen idag är ett klimatsmart byggande en viktig förutsättning. Som en del i utvecklingen för att minska energi- och resursanvändningen i byggnader har olika certifieringssystem vuxit fram. I detta arbete har simuleringar utförts på en byggnad med namnet Hjältarnas Hus. Byggnaden kommer att fungera som ett anhörighus för familjer där någon familjemedlem drabbats av en svår sjukdom. Hjältarnas Hus kommer att uppföras på området intill Umeå universitetssjukhus i Umeå och planeras att stå klart under vintern 2016/2017. Byggnationen har ett stort fokus på ett hållbart byggande med återvinningsbara material och har ett uppsatt mål om att kunna nå certifieringen av Miljöbyggnad nivå GULD. Detta arbete fokuserar i huvudsak på att undersöka energitransporten genom byggnadens fönsterytor. På grund av att byggnaden kommer att ha stora glaspartier i fasaden förväntas problem med övertemperaturer att uppstå under sommarhalvåret om ingen åtgärd för solavskärmning vidtas. Simuleringarna har utförts i simuleringsprogrammen IDA ICE och COMSOL Multiphysics och har begränsats till ett rum som kommer att brukas som ett allrum/bibliotek då detta rum anses vara byggnadens svagaste länk för att klara det termiska klimatet sommartid. Orsaken till detta är att 90 % av fasaden består av glaspartier. De simuleringar som utförts i detta arbete har baserats på tre delmål. Ett av delmålen var att undersöka mönstret för de temperaturskiktningar som uppstår i Hjältarnas Hus allrum/bibliotek för olika ventilationsflöden med hjälp av simuleringsprogrammet COMSOL Multiphysics. Detta förutsatt att byggnaden klarar certifieringen av Miljöbyggnad nivå GULD eller SILVER med avseende på indikatorn Solvärmelast. Det andra delmålet var att undersöka med hjälp av IDA ICE om den projekterade solavskärmningen ger en tillräcklig avskärmning i rummet för att certifieringen skall kunna uppnås. Det tredje delmålet var att simulera risken för bildning av utvändig kondens på fönsterytorna som uppstår till följd av fönstrens låga U-värden i IDA ICE. Förutom detta har även en utredning kring lönsamheten i en investering i en solcellsanläggning på Hjältarnas Hus takyta genomförts. Resultaten från simuleringarna av temperaturskiktningarna i rummet visade att allrummet/biblioteket aldrig kommer att kunna undvika övertemperaturer under sommarmånaderna om ingen solavskärmning vidtas. Även om ventilationsflödet går på maximal hastighet kommer övertemperaturer att uppnås om ingen solavskärmning är installerad. De alternativ av solavskärmning som studerades för byggnaden visade sig uppfylla kraven som ställs på SILVER-nivån i klassificeringen av Miljöbyggnad med avseende på indikatorn Solvärmelast. Resultaten från studien av bildning av utvändig kondens på årsbasis visade att risken för utvändig kondens på fönsterytorna var störst under månaderna augusti, september och oktober. Under dessa månader bildades det utvändig kondens på fönsterytorna under 7 % av tiden enligt gjorda simuleringar. En investering av solceller för placering på Hjältarnas Hus takyta är lönsamt enligt de beräkningar som erhållits från leverantör. Det bästa alternativet gav en återbetalningsperiod på 9,29 år utan stadsbidrag till en investeringskostnad på ca 950 000 kr (exklusive moms).

Identification of Disease- and Headache-Specific Mediators and Pathways in Migraine Using Blood Transcriptomic and Metabolomic Analysis

Recent data suggest that gene expression profiles of peripheral white blood cells can reflect changes in the brain. We aimed to analyze the transcriptome of peripheral blood mononuclear cells (PBMC) and changes of plasma metabolite levels of migraineurs in a self-controlled manner during and between attacks.Twenty-four patients with migraine were recruited and blood samples were collected in a headache-free (interictal) period and during headache (ictal) to investigate disease- and headache-specific alterations. Control samples were collected from 13 age- and sex-matched healthy volunteers. RNA was isolated from PBMCs and single-end 75 bp RNA sequencing was performed using Illumina NextSeq 550 instrument followed by gene-level differential expression analysis. Functional analysis was carried out on information related to the role of genes, such as signaling pathways and biological processes. Plasma metabolomic measurement was performed with the Biocrates MxP Quant 500 Kit.We identified 144 differentially-expressed genes in PBMCs between headache and headache-free samples and 163 between symptom-free patients and controls. Network analysis revealed that enriched pathways included inflammation, cytokine activity and mitochondrial dysfunction in both headache and headache-free samples compared to controls. Plasma lactate, succinate and methionine sulfoxide levels were higher in migraineurs while spermine, spermidine and aconitate were decreased during attacks.It is concluded that enhanced inflammatory and immune cell activity, and oxidative stress can play a role in migraine susceptibility and headache generation

Release of PACAP-38 in episodic cluster headache patients - an exploratory study

BACKGROUND: Activation of the trigeminal-autonomic reflex, involving the trigeminal ganglion, the superior salivatory nucleus and the sphenopalatine ganglion (SPG) is crucial in the pathophysiology of cluster headache (CH). Since pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38) is present both in the SPG and the trigeminal ganglion (TG) and its role in migraine has been described, our aim was to determine the plasma PACAP-38 levels in different phases of episodic CH (ECH). Peripheral cubital fossa blood samples were taken during the ictal and inter-bout periods of male ECH patients and from age-matched healthy controls (n = 9). Plasma PACAP-38-like immunoreactivity (LI) was measured with specific and sensitive radioimmunoassay. FINDINGS: Significantly lower plasma PACAP-38-LI was detected in the inter-bout period of ECH patients than in healthy controls. However, PACAP-38 was significantly elevated in the plasma during CH attacks as compared to the inter-bout phase in the same subjects (n = 5). CONCLUSIONS: This exploratory study suggests that PACAP-38 may be released during the attacks of ECH. Further patients and long-term follow-up are necessary to reveal its function

Kynurenic acid inhibits the electrical stimulation induced elevated pituitary adenylate cyclase-activating polypeptide expression in the TNC

Background: Migraine is a primary headache of imprecisely known mechanism, but activation of the trigeminovascular system (TS) appears to be essential during the attack. Intensive research has recently focused on pituitary adenylate cyclase-activating polypeptide (PACAP) and the kynurenine systems as potential pathogenic factors. Aim: We investigated the link between these important mediators and the effects of kynurenic acid (KYNA) and its synthetic analog (KYNA-a) on PACAP expression in the rat trigeminal nucleus caudalis (TNC) in a TS stimulation model related to migraine mechanisms. Methods: Adult male Sprague-Dawley rats were pretreated with KYNA, KYNA-a, the NMDA receptor antagonist MK-801, or saline (vehicle). Next, the trigeminal ganglion (TRG) was electrically stimulated, the animals were transcardially perfused following 180 min, and the TNC was removed. In the TNC samples, 38 amino acid form of PACAP (PACAP(1-38))-like radioimmunoactivity was measured by radioimmunoassay, the relative optical density of preproPACAP was assessed by Western blot analysis, and PACAP(1-38) mRNA was detected by real-time PCR. Results and conclusion: Electrical TRG stimulation resulted in significant increases of PACAP(1-38)-LI, preproPACAP, and PACAP(1-38) mRNA in the TNC. These increases were prevented by the pretreatments with KYNA, KYNA-a, and MK-801. This is the first study to provide evidence for a direct link between PACAP and the kynurenine system during TS activation

Evaluation of c-Fos immunoreactivity in the rat brainstem nuclei relevant in migraine pathogenesis after electrical stimulation of the trigeminal ganglion

Migraine is a common neurological condition, causing high disability, but the pathomechanism of the disease is not yet fully understood. Activation of the trigeminovascular system could play a crucial role in the manifestation of the symptoms, but initial step of this activation remains unknown. Functional imaging studies have revealed that certain brainstem areas, referred to as migraine generators, are activated during a migraine attack, including the dorsal raphe, the periaqueductal gray, the locus coeruleus, and the nucleus raphe magnus. However, the studies performed to date have not demonstrated whether this activation is a trigger or a consequence of the migraine attack. With the aim of evaluating the functional relationship between activation of the trigeminal system and migraine generators, we examined the changes in c-Fos immunoreactivity in the above-mentioned nuclei after stimulation of the trigeminal ganglion, an animal model for trigeminovascular activation. The stimulation led to significant increases in the number of c-Fos immunoreactive cells in the nucleus raphe magnus and in the caudal part of the spinal trigeminal nucleus, 2 and 4 h after the stimulation. Activation of the trigeminal system failed to exhibit uniform activation of the brain stem nuclei related to migraine. Our results suggest that the activation of the trigeminal system in the rat by electrical stimulation of the trigeminal ganglion leads to the activation of the descending pain modulatory system, but not to the activation of “migraine generator” nuclei. Therefore, the activity pattern seen in functional studies may reflect a unique feature, exclusively present in migraine