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2009-11-02T00:02:00.001-08:00

Acer Laptop - Aspire 3000
Specifications
Processor
AMD Mobile Sempron 3000+ / 1.8 GHz
Memory
Installed Size 256 MB / 2 GB(max)
Operating System
Microsoft windows XP Home Edition
Display
15.4 inches
System Graphics
Video Graphics processor SiSM760GX
Hard Disk Drive
40 GB
Dimensions
14.3" x 11" x 1.5"
Weight
6.2 lbs
Power
4 cell Lithium ion battery
I/O Ports
Comprehensive I/O ports, including three USB 2.0 ports, a PC Card slot, modem and Ethernet ports
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About Aspire 3000
The Acer Aspire 3000 is one of the great values laptops. The Acer Aspire 3000 is available in inexpensive price now. This is having spectacular features in it. It is a best choice to buy such a laptop notebook pc in low price. It is included with built in devices stereo speakers. The display type is of 15 in TFT matrix with maximum resolution of 1024 x 768 XGA. The most important thing to increase the speed is cache memory is type of L2 cache with 128KB size. The hard drive with in it is of 40GB. Lot of professionals are impressed with its performance. This notebook laptop will give pleasant work experience to the users. The display color support is with 24-bit for 16.7 million colors.
In Acer Aspire 3000 the storage controller type is IDE. This Acer Laptop's audio output type is sound card, input is microphone. It is also provided by one year warranty. When it comes to design part of Acer Aspire 3000 laptop it gets maximum points compare to other laptop pcs. The processor is featured with enhanced virus protection, streaming SIMD extensions 2 and hyper transport. For any laptop pc notebook the optical storage is important. The VGA port, 56kbps modem, Ethernet jacks, three USB 2.0 ports, one type II pc card slot and headphone, line-in, microphone are the three jacks all offered by Acer Laptops exclusively. In this Acer Aspire 3000 included with CD-RW/DVD-ROM Combo as optical storage. The reading speed of CD/DVD is 24 x (CD)/8x (DVD). The write speed of CD/DVD is 24 x and rewrite speed of 24 x.

Acer Laptop - Aspire 4530
Specifications
Processor
AMD Athlon X2 Dual-Core Processor QL-60
Memory
2GB (1GB installed in each of two memory slots) DDR2 667 SDRAMUser upgradeable up to 4GB
Operating System
Genuine Windows Vista Home Premium
Display
14.1 WXGA (1280 x 800) TFT LCD with Acer CrystalBrite Technology
System Graphics
Integrated NVIDIA GeForce 9100M G graphics
Hard Disk Drive
120GB hard disk drive
Optical Drive
Integrated variable-speed Super-Multi drive (DVD+R, DVD-R, DVD-RAM)
Web Cam
integrated Acer Crystal Eye webcam
Wi-Fi
Dimensions
13.3 x 9.6 x 1.1 - 1.5 inches
Weight
5.3 lbs
Power
65-watt AC adapter
I/O Ports
DC-inRJ-11 modemRJ-45 LANVGAHeadphones/speaker/line-outMicrophoneLine-inthree USB 2.0
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About Acer Aspire 4530 Laptop
People aspire to succeed and thus Acer brings forth to us the Aspire series to help us realize our dreams. The Acer Aspire 4530 laptop is stylishly crafted for perfection and has the logo of Acer screaming out their achievement at the surface. The exterior concocts a tale of convenience, individuality and excitement.
There is an Empowering key on the keyboard which provides instant access to the diverse technology presented by Acer. You have a 14.1 inch screen space to enjoy your movies and videos.
You are sure to have fun in using the laptop. The hard disk provides magic to the system. It is generous in its storage, helps the system to boot at an enhanced pace and installs multimedia application in a jiffy.
The latest Acer Bio-Protection fingerprint technology adds an extra feather to the security. Your notebook has to pass the finger print test to execute the functions. This strengthens the security of your notebook.
Software from Acer like GridVista, CrystalBrite helps in multitasking and enhances your multimedia experience respectively.
The Acer notebooks entertain you in your leisure. High quality sound is sure to enthrall you. There is a 5 in 1 card reader which enhances the transfer of data from cameras, digital phones etc to provide rapid access to files piled up in SD card, Memory Stick etc.
The notebooks promise broader and efficient communication. For businessmen the video conferencing facility provided by Acer is efficient enough to mobilize communication between professionals. You have an inbuilt Bluetooth technology to make rapid exchange of data to further distances with broader coverage of profiles.

2009-11-02T00:01:00.005-08:00

Ancient JordanThe most prominent early roots of Jordan , as an independent state, can be traced to the Kingdom of Petra, which was founded by the Nabataeans(Arabic: الأنباط, Al-Anbāt) an ancient Semitic people from Arabia who developed the North Arabic Script that evolved into the Modern Arabic script. During its glory, the Nabataean Kingdom controlled regional trade routes by dominating a large area southwest of the fertile crescent, which included the whole of modern Jordan extending from Syria in the North to the northernArabian Peninsula in the south. As a result, Petra enjoyed independence, prosperity and wealth for hundreds of years until it was absorbed by the Roman Empire which was still expanding in 100 A.D.Jordan also witnessed many other smaller ancient kingdoms having sovereignty for centuries, in addition to the Nabataeans. These included the Kingdom of Edom, the Kingdom of Ammon, the Kingdom of Moab, theKingdom of Judah, and the Hasmonean Kingdom of the Maccabees, which are all mentioned in the Bibleand other ancient Near Eastern documents.[39]During the Greco-Roman period of influence, a number of semi-independent city-states also developed in Jordan under the umbrella of the Decapolis including: Gerasa (Jerash), Philadelphia (Amman), Raphana(Abila), Dion (Capitolias), Gadara (Umm Qays), and Pella (Irbid).Later, Jordan became part of the Arabic Islamic Empire across its different Caliphates stages including Rashidun Empire, Umayyad Empire andAbbasid Empire. After the decline of the Abbasid, Jordan was ruled by several conflicting powers including the Mongols, the Crusaders, theAyyubids and the Mamluks until it became part of the Ottoman Empire in the 16th century.[edit]Modern JordanWith the break-up of the Ottoman Empire at the end of World War I, the League of Nations and the occupying powers chose to redraw the borders of the Middle East. The ensuing decisions, most notably the Sykes–Picot Agreement gave birth to the French Mandate of Syria andBritish Mandate of Palestine. More than 76% of the British Mandate of Palestine was east of the Jordan river and was known as "Transjordan".The country was called "Transjordan", under British supervision until after World War II. In 1946, the British requested that the United Nationsapprove an end to British Mandate rule in Transjordan. Following this approval, the Transjordanian Parliament proclaimed King Abdullah as the first ruler of the Hashemite Kingdom of Transjordan. Abdullah I continued to rule until a Palestinian Arab assassinated him in 1951 as he was departing from the al-Aqsa Mosque in Jerusalem.During the 1948 Arab-Israeli war, Jordan captured the area of Cisjordan now called the West Bank, which it continued to control in accordance with the 1949 Armistice Agreements. Abdullah thereupon took the title King of Jordan, and he officially changed the country's name to the Hashemite Kingdom of Jordan in April 1949. The following year he annexed the West Bank, but only two countries recognized this annexation: Britain and Pakistan.[40][41] Approximate image showing the land exchanged between Jordan (green) and Saudi Arabia (red). The Jordan salient. June 5–7 during the Six Day War. Jordanian parachute flares illuminate Jerusalem during the Arab-Israeli war in 1948Jordan and Iraq united in 1958 to form the Arab Federation of Iraq and Jordan under the Hashemite crowns in Amman and Baghdad. A coup later that year would end the union with the execution of the Hashemite crown in Baghdad. The United Arab Republic consisting of Egypt, Syria, and Yemen quickly moved to antagonize Jordan's young King Hussein with Soviet support. King Hussein asked for British and American assistance. The RAF and the USAF was sent to patrol Jordanian airspace and British troops were deployed in Amman. The UAR backed off but then turned to Lebanon. The Americans would later be deployed inBeirut to support Lebanon's pro-Western government.In 1965, there was an exchange of land between Saudi Arabia and Jordan. Jordan gave up a large area of inland desert in return for a small piece of sea-shore near Aqaba.Jordan signed a military pact with Egypt in May 1967, and following an Israeli air attack on Egypt in June 1967, Egypt, Jordan, Syria and Iraq continued the Six Day War against Israel. During the war, Israel captured the West Bank and East Jerusalem. In 1988, Jordan renounced all claims to the territory now occupied by Israel but its 1994 treaty with Israel allowed for a continuing Jordanian role in Muslim and Christian holy places in Jerusalem. The severance of administrative ties with the West Bank halted the Jordanian government's paying of civil servants and public sectoremployees' salaries in the West Bank.The period following the 1967 war saw an upsurge in the activity and numbers of Arab Palestinian paramilitary elements (fedayeen) within the state of Jordan. These distinct, armed militias were becoming a "state within a state", threatening Jordan's rule of law. King Hussein's armed forces targeted the fedayeen, and open fighting erupted in June 1970. The battle in which Palestinian fighters from various Palestine Liberation Organization (PLO) groups were expelled from Jordan is commonly known as Black September.The heaviest fighting occurred in northern Jordan and Amman. In the ensuing heavy fighting, a Syrian tank force invaded northern Jordan to back the fedayeen fighters, but subsequently retreated. King Husseinurgently asked the United States, Great Britain and Israel to intervene against Syria. Consequently, Israel performed mock air strikes on the Syrian column at the Americans' request. Soon after, Syrian President Nureddin al-Atassi, ordered a hasty retreat from Jordanian soil.[42][43][44]By September 22, Arab foreign ministers meeting in Cairo arranged a cease-fire beginning the following day. However, sporadic violence continued until Jordanian forces, led by Habis Al-Majali, with the help of Iraqi forces,[45] won a decisive victory over the fedayeen on July 1971, expelling them, and ultimately the PLO's Yasser Arafat, from Jordan.At the Rabat summit conference in 1974, Jordan was now in a more secure position to agree, along with the rest of the Arab League, that the PLO was the "sole legitimate representative of the [Arab] Palestinian people", thereby relinquishing to that organization its role as representative of the West Bank.In 1973, allied Arab League forces attacked Israel in the Yom Kippur War, and fighting occurred along the 1967 Jordan River cease-fire line. Jordan sent a brigade to Syria to attack Israeli units on Syrian territory but did not engage Israeli forces from Jordanian territory.Although Jordan did not directly participate in the Gulf War of 1990–91, following Iraq's invasion of Kuwait, King Hussein was accused of supporting Saddam Hussein when he attempted to persuade Saddam Hussein to withdraw from Kuwait. As a result of the alleged support, the United States and Arab countries cut off monetary aid to Jordan, and 700,000 Jordanians who had been working in Arab countries were forced to return to Jordan. In addition, millions of Iraqi refugees fled to Jordan placing a strain on the country's social services.In 1991, Jordan agreed, along with Syria, Lebanon, and Arab Palestinian fedayeen representatives, to participate in direct peace negotiations with Israel at the Madrid Conference, sponsored by the U.S. and Russia. It negotiated an end to hostilities with Israel and signed a declaration to that effect on 25 July 1994 (see Washington Declaration). As a result, an Israeli-Jordanian peace treaty was concluded on 26 October 1994. King Hussein was later honored when his picture appeared on an Israeli postage stamp in recognition of the good relations he established with his neighbor. Since the signing of the peace treaty with Israel, the United States not only contributes hundreds of millions of dollars in an annual foreign aid stipend to Jordan, but also has allowed it to establish a free trade zone in which to manufacture goods that will enter the US without paying the usual import taxes as long as a percentage of the material used in them is purchased in Israel.King Hussein died in 1999. His son, King Abdullah II succeeded him.Following the outbreak of fighting between Israel and Palestinians in the Second Intifada in September 2000, the Jordanian government offered its offices to both parties. Jordan has since sought to remain at peace with all of its neighbors. Particularly good relations have been maintained between the Jordanian royal family and Israel, with the Jordanian government frequently dispersing rallies and jailing demonstrators protesting against Israeli actions. The government also censors anti-Israeli views from the Jordanian news media.The last major strain in Jordan's relations with Israel occurred in September, 1997, when two Israeli agents entered Jordan using Canadian passports and poisoned Khaled Meshal, a senior leader of the Palestinian group Hamas. Under threat of cutting off diplomatic relations, King Hussein forced Israel to provide an antidote to the poison and to release dozens of Jordanians and Palestinians from its prisons, including the spiritual leader of Hamas, Sheikh Ahmed Yassin. Sheikh Yassin was later assassinated by Israel in a targeted bombing in early 2004 in the West Bank.On 9 November 2005 Jordan experienced three simultaneous terrorist bombings at hotels in Amman. At least 57 people died and 115 were wounded. "Al-Qaeda in Iraq", a group led by terrorist Abu Musab al-Zarqawi, a native Jordanian, claimed responsibility.Recently, Jordan has revoked the citizenship of thousands of Palestinians in an attempt to thwart any attempt by Israel of permanetly re-settling West Bank Palestinians in Jordan. West Bank Palestinians with family in Jordan or with previous Jordanian citizenship would be issued yellow cards which guaranteed them all the rights of Jordanian citizenship. Palestinians working for the Palestinian Authority or the PLO were among those who have had their Jordanian passports taken from them, in addition to anyone who did not serve in the Jordanian army. Palestinians living in Jordan with family in the West Bank would also be issued yellow cards. All other Palestinians wishing such Jordanian papers would be issued a green card which would facilitate travel into Jordan and give them temporary Jordanian passports in order to make travel easier. In addition, no Palestinians from the Gaza Strip are given any such privileges because Jordanian authority never extended into the Gaza Strip.[46][edit]Geography Map of JordanMain article: Geography of Jordan Mount Nebo is an elevated ridge that is approximately 817 meteres (2680 feet) above sea level in Western Jordan.Jordan is a Southwest Asian country, bordered by Syria to the north, Iraq to the northeast, Saudi Arabia to the east and south andIsrael to the west. All these border lines add up to 1,619 km (1,006 mi). The Gulf of Aqaba and the Dead Sea also touch the country, and thus Jordan has a coastline of 26 km (16 mi).Jordan consists of arid forest plateau in the east irrigated by oasis and seasonal water streams, with highland area in the west of arable land and Mediterranean evergreen forestry. The Great Rift Valley of the Jordan River separates Jordan, the west bank and Israel. The highest point in the country is Jabal Umm al Dami, it is 1,854 m (6,083 ft) above sea level, its top is also covered with snow, while the lowest is the Dead Sea -420 m (−1,378 ft). Jordan is part of a region considered to be "thecradle of civilization", the Levant region of the Fertile Crescent.Major cities include the capital Amman in the northwest, Irbid and Az Zarqa, both in the north. Madaba, Karak and Aqaba in the south.The climate in Jordan is semidry in summer with average temperature in the mid-30°C (mid-90°F) and relatively cold in winter averaging around −1.3 °C (30 °F). The western part of the country receives greater precipitation during the winter season from November to March and snowfall in Amman (756 m (2,480 ft) ~ 1,280 m (4,199 ft) above sea-level) and Western Heights of 500 m (1,640 ft). Excluding the rift valley the rest of the country is entirely above 300 m (984 ft)(SL).[47][edit]Climate Snow in AmmanThe major characteristic of the climate is humid from November to March and semi dry weather for the rest of the year. With hot, dry, uniform summers and cool, freezing variable winters during which practically all of the precipitation occurs, the country has a Mediterranean-style climate. In general, the farther inland from the Mediterranean Sea a given part of the country lies, the greater are the seasonal contrasts in temperature and the less rainfall. Atmospheric pressures during the summer months are relatively uniform, whereas the winter months bring a succession of marked low pressure areas and accompanying cold fronts. These cyclonic disturbances generally move eastward from over the Mediterranean Sea several times a month and result in sporadic precipitation.Most of the East Bank receives less than 620 mm of rain a year and may be classified as a semi dry region. Where the ground rises to form the highlands east of the Jordan Valley, precipitation increases to around 300 mm in the south and 500 or more mm in the north. The Jordan Valley, lying in the lee of high ground on the West Bank, forms a narrow climatic zone that annually receives up to 900 mm of rain in the northern reaches; rain dwindles to less than 120 mm at the head of theDead Sea. Spring in AmmanThe country's long summer reaches a peak during August. January is usually the coldest month. The fairly wide ranges of temperature during a twenty-four-hour period are greatest during the summer months and have a tendency to increase with higher elevation and distance from the Mediterranean seacoast. Daytime temperatures during the summer months frequently exceed 29 °C and average about 32 °C. In contrast, the winter months—September to March—bring moderately cool and sometimes very cold weather, averaging about 3.2 °C. Except in the rift depression, frost is fairly common during the winter, it may take the form of snow at the higher elevations of the north western highlands. Usually it snows a couple of times in the winter in northern Jordan.For a month or so before and after the summer dry season, hot, dry air from the desert, drawn by low pressure, produces strong winds from the south or southeast that sometimes reach gale force. Known in the Middle East by various names, including the khamsin, this dry, sirocco-style wind is usually accompanied by great dust clouds. Its onset is heralded by a hazy sky, a fallingbarometer, and a drop in relative humidity to about 10 percent. Within a few hours there may be a 10 °C to 15 °C rise in temperature. These windstorms ordinarily last a day or so, cause much discomfort, and destroy crops by desiccating them.The shamal, another wind of some significance, comes from the north or northwest, generally at intervals between June and September. Remarkably steady during daytime hours but becoming a breeze at night, the shammal may blow for as long as nine days out of ten and then repeat the process. It originates as a dry continental mass of polar air that is warmed as it passes over the Eurasian landmass. The dryness allows intense heating of the Earth's surface by the sun, resulting in high daytime temperatures that moderate after sunset.[edit]Administrative divisionsMain articles: Governorates of Jordan and Nahias of JordanAdministratively, Jordan is divided into 12 provinces called governorates, each headed by a governor appointed by the king. They are the sole authorities for all government departments and development projects in their respective areas. The Governorates are:Province Population (2008 est.)[48]Capital city Population (Metropolitan, 2008 est)[49]
Ajlun Governorate118,496 Ajlun8,161Amman Governorate1,939,405 Amman1,135,733Aqaba Governorate107,115 Aqaba95,408Balqa Governorate349,580 As-Salt87,778Irbid Governorate950,700 Irbid650,000Jerash Governorate156,680 Jerash39,540Karak Governorate214,225 Karak22,580Ma'an Governorate103,920 Ma'an30,050Madaba Governorate135,890 Madaba83,180Mafraq Governorate245,670 Mafraq56,340Tafilah Governorate81,000 Tafilah
Zarqa Governorate838,250 Zarqa447,880The Governorates are subdivided into approximately fifty-two nahiyas.[edit]Demographics Graph showing the population of Jordan from 1960 to 2005.Main article: Demographics of JordanThe Jordan National Census for the year 2004, which was released on October 1 of the same year, gave the following results:1. As of October 1 2004, Jordan had a population of 5,100,981. The census estimated that there are another 190,000 who were not counted (for being out of the country at the time the census was taken, or did not turn in their forms).2. The census showed that the national growth rate was 2.5% (at maximum) compared to 3.3% of the 1994 census.3. The census of 2004 also shows that males made up 51.5% of Jordan's population (2,628,717). Females: 2,472,264 (48.5%).4. Jordanian citizens made up 93% of the population (4,750,463), while non Jordanians made up 7% (349,933). However, it is estimated that most of those who did not turn in their forms were immigrants from neighboring countries, or non Arabic-speaking foreigners.5. There were 946,000 families in Jordan in 2004, with an average of 5.3 persons/family (compared to 6 persons/family for the census of 1994).[50] The next census is scheduled to take place in 2014.During the years 2004–2007, Jordan saw a rapid increase in its population due to the heavy migration of Iraqi refugees, an independent census carried in 2007, estimated that there are 700,000 Iraqis residing in Jordan. Most estimates put the population of Jordan slightly over 6,000,000 as of the year 2007.Approximately 95 to 98% of Jordan's population are "Arabs", that is, Arabic-speaking Arab-identified people. Among "Arabs", 60 to 80% are of Palestinian and Syrian origin, only a minority are indigenous Jordanians. Of the non-Arab population, most are Circassians, Chechens,Armenians, Kurds, and Gypsies, which have all maintained separate ethic identities, but have integrated into mainstream Jordanian and Arab culture.[51][52]The number of Lebanese permanently settling in Jordan since the 2006 Lebanon War has not been established, and is estimated to be very little. According to Labour Ministry figures, the number of guest workers in the country now stands just over 300,000, most are Egyptians who makeup 227,000 of the foreign labor, and the remaining 36,150 workers are mostly from Bangladesh, China, Sri Lanka and India. Since the Iraq War many Christians (Assyrians and Chaldeans) from Iraq have settled permanently or temporarily in Jordan.About 92% of Jordanians are Muslims. The majority are Sunni.Jordanian Christians permanently residing in Jordan form approximately 6% of the population and are allocated respective seats in parliament (The Department of Statistics released no information about the religion distribution from the census of 2004). Most Jordanian Christians belong to the Greek Orthodox faith (locally called "Ruum Urthudux" in Arabic). The remainder include Roman Catholics (locally called "Lateen"), the Eastern Catholic Melkites (locally called "Ruum Katoleek") and distinct from other "Western Catholics", as well as various Protestant denominations including Baptists. Most Jordanian Christians are indigenous Arabs, hold services in the Arabic language, and share the culture of Jordan and the broader East Mediterranean Levantine Arab Identity. Expatriate Christians in Jordan include many nationalities, as evinced, for example, by some Catholic masses being celebrated in English, French, Italian, Spanish, Tagalog and Sinhala, and Iraqi dialects of Arabic.Other Jordanians belonging to religious minorities include adherents to the Druze and Bahá'í Faith. The Druze are mainly located in the EasternOasis Town of Azraq and the city of Zarka, while the Village of Adassiyeh bordering the Jordan Valley is home to Jordan's Bahá'í community.The official language is Arabic, but English is used widely in commerce and government and among educated people. Arabic and English are obligatory learning at public and private schools. French is taught at some public and private schools but is not obligatory. However, a vibrantFrancophone community has emerged in modern Jordan.[citation needed] Radio Jordan offers radio services in Arabic, English and French.A portion of the people are registered as Palestinian refugees and displaced persons reside in Jordan, most as citizens. Since 2003 many Iraqis fleeing the Iraq War have settled in Jordan; latest estimates indicate between 700,000 and 1.7 million Iraqis living in Jordan;[53] mainly in Amman, the capital.[54][edit]Politics King Abdullah II, Jordanian Head of State.Main article: Politics of Jordan Queen Rania in the Yellow Oval Room in the White House Residence.Jordan's most executive power is the King although it is aconstitutional monarchy with a representative government. The King traditionally has held substantial power, however the democratically-elected Parliament holds significant influence and power in national governance.[edit]ConstitutionJordan is a constitutional monarchy based on the constitutionpromulgated on 8 January 1952. Executive authority is vested in the king and his council of ministers. The king signs and executes all laws. His veto power may be overridden by a two-thirds vote of both houses of the National Assembly. He appoints and may dismiss all judges by decree, approves amendments to the constitution, declares war, and commands the armed forces. Cabinet decisions, court judgments, and the national currency are issued in his name. The council of ministers, led by a prime minister, is appointed by the king, who may dismiss other cabinet members at the prime minister's request. The cabinet is responsible to the Chamber of Deputies on matters of general policy and can be forced to resign by a 50% or more of vote of "no confidence" by that body.The constitution provides for three categories of courts: civil, religious, and special. Administratively, Jordan is divided into twelve governorates, each headed by a governor appointed by the king. They are the sole authorities for all government departments and development projects in their respective areas.[edit]Legal system and legislationJordan's legal system is based on Islamic law and French codes. Judicial review of legislative acts occurs in a special High Tribunal. It has not accepted compulsory International Court of Justice jurisdiction.Jordan has multi-party politics. There are over 30 political parties in the Jordan from a wide range of positions ranging from extreme left (Jordanian Communist Party) to extreme right (Islamic Action Front).Article 97 of Jordan’s constitution guarantees the independence of the judicial branch, clearly stating that judges are 'subject to no authority but that of the law.' While the king must approve the appointment and dismissal of judges, in practice these are supervised by the Higher Judicial Council.The Jordanian legal system draws upon civil traditions as well as Islamic law and custom. Article 99 of the Constitution divides the courts into three categories: civil, religious and special. The civil courts deal with civil and criminal matters in accordance with the law, and they have jurisdiction over all persons in all matters, civil and criminal, including cases brought against the government. The civil courts include Magistrate Courts, Courts of First Instance, Courts of Appeal, High Administrative Courts and the Supreme Court.The religious courts include shari’a (Islamic law) courts and the tribunals of other religious communities, namely those of the Christian minority. Religious courts have primary and appellate courts and deal only with matters involving personal law such as marriage, divorce, inheritance and child custody. Shari’a courts also have jurisdiction over matters pertaining to the Islamic waqfs. In cases involving parties of different religions, regular courts have jurisdiction.[55]Specialized courts involve various bodies. One such body is the Supreme Council which will interpret the Constitution if requested by either the National Assembly or the prime minister, according to Dew et al.: "...such courts are usually created in areas that the legislator deems should be governed by specialized courts with more experience and knowledge in specific matters than other regular courts."[56] Other examples of special courts include the Court of Income Tax and the Highest Court of Felonies.The strictly military courts of the martial law period have been abolished and replaced with a State Security Court, which is composed of both military and civilian judges. The court tries both military and civilians and its jurisdiction includes offenses against the external and internal security of the state as well as drug-related and other offenses. The findings of this court are subject to appeal before the High Court.Both Article 102 of the Constitution and the Code of Criminal Procedure mandate the right of an accused person to a lawyer of his or her own choice during the investigation and trial period. Article 22 of the Code of Criminal Procedure also provides that a lawyer has the right to attend the interrogation unless the investigation is confidential or urgent. Article 28 of the Code of Criminal Procedure declares that detainees should be brought before a court within 48 hours of arrest, even in special security cases, giving them an opportunity to have full access to legal counsel.[55]Prior to 2002 Jordan’s legal system only allowed men to file for divorce, however, during this year the first Jordanian woman successfully filed for divorce;[57] this was made possible from a proposal by a royal human rights commission which had been established by King Abdullah who had vowed to improve the status of women in Jordan.Despite being traditionally dominated by men the number of women involved as lawyers in the Jordan legal system has been increasing. As of mid-2006 Jordan had 1,284 female lawyers, out of a total number of 6,915, and 35 female judges from a total of 630. In Jordan, between 15 and 20 women are murdered annually in the name of "honour" and at least eight such killings have been reported in 2008, according to Jordanian authorities. In 2007 17 such murders were recorded.[edit]Kings of Jordan and political eventsKing Abdullah I ruled Jordan after independence from Britain. After the assassination of King Abdullah I in 1951, his son King Talal ruled briefly. King Talal's major accomplishment was the Jordanian constitution. King Talal was removed from the throne in 1952 due to mental illness. At that time his son, Hussein, was too young to rule, and hence a committee ruled over Jordan.After Hussein reached 18, he ruled Jordan as king from 1953 to 1999, surviving a number of challenges to his rule, drawing on the loyalty of his military, and serving as a symbol of unity and stability for both the Bedouin-related and Palestinian communities in Jordan. King Hussein endedmartial law in 1991 and legalized political parties in 1992. In 1989 and 1993, Jordan held free and fair parliamentary elections. Controversial changes in the election law led Islamist parties to boycott the 1997 elections.King Abdullah II succeeded his father Hussein following the latter's death in February 1999. Abdullah moved quickly to reaffirm Jordan's peace treaty with Israel and its relations with the United States. Abdullah, during the first year in power, refocused the government's agenda on economic reform.Jordan's continuing structural economic difficulties, burgeoning population, and more open political environment led to the emergence of a variety of political parties. Moving toward greater independence, Jordan's parliament has investigated corruption charges against several regime figures and has become the major forum in which differing political views, including those of political Islamists, are expressed. While the King remains the ultimate authority in Jordan, the parliament plays an important role.[edit]ReligionReligion in Jordan[51]
Religion Percent Sunni Muslims 92%Christian 6%Shia Muslims, Druze 2%
Main article: Religion in Jordan

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Jordan (Arabic: الأردنّ‎ al-'Urdunn), officially the Hashemite Kingdom of Jordan, is a country inWestern Asia spanning the southern part of the Syrian Desert down to the Gulf of Aqaba. Jordan shares borders with Syria to the north, Iraq to the northeast, Saudi Arabia to the east and south, the Gulf of Aqaba to the southwest, and Israel and the West Bank to the west. It shares control of the Dead Sea with Israel. Much of Jordan is covered by desert, particularly the Arabian Desert; however the north-western area, with the Jordan River, is regarded as part of the Fertile Crescent. The capital city of Amman is in the north-west.During its history, Jordan has seen numerous civilisations, including such ancient eastern ones as the Canaanite and later other Semitic peoples such as the Edomites, and the Moabites. Other civilisations possessing political sovereignty and influence in Jordan were: Akkadian, Assyrian,Judean, Babylonian, and Persian empires. Jordan was for a time part of Pharaonic Egypt, theHasmonean Dynasty of the Maccabees, and also spawned the native Nabatean civilisation which left rich archaeological remains at Petra. Cultures from the west also left their mark, such as theMacedonian, Roman, Byzantine, and Ottoman Turkish empires. Since the seventh century the area has been under Muslim and Arab cultures, with the exception of a brief period when the west of the area formed part of the Crusader Kingdom of Jerusalem and a short time under British rule.The Hashemite Kingdom of Jordan is a constitutional monarchy with representative government. The reigning monarch is the head of state, the chief executive and the commander-in-chief of the armed forces. The king exercises his executive authority through the prime ministers and the Council of Ministers, or cabinet. The cabinet, meanwhile, is responsible before the democratically elected House of Deputies which, along with the House of Notables (Senate), constitutes the legislative branch of the government. The judicial branch is an independent branch of the government.Jordan is a modern Arab nation with a predominantly middle class population that lacks the vast wealth of some of its neighbors. Jordan's population is 92% Sunni Muslim with a small Christian minority. Jordanian society is predominantly urbanized and very ethnically diverse. Jordan is classified as an emerging market by the CIA factbook. Jordan is a pro-Western regime that has very close relations with the West especially with the United States, the United Kingdom andFrance. Jordan became a major non-NATO ally in 1996. Jordan is one of only two Arab nations, the other being Egypt, that has relations with Israel[4][5][6][7][8][9][10][11]. It is a founding member of the Arab League[12][13] and the CAEU, a member of the OIC[14][15], theWTO[16][17][18][19][20][21][22][23][24], the AFESD[25], the Arab Parliament[26], the AIDMO[27], theAMF[28], the IMF[29][30], the International Criminal Court[31], the UNHRC[32], the GAFTA, theESCWA[33], the ENP[34][35][36] and the United Nations[37]. Jordan is also currently undergoing close integration with the European Union and the Gulf Cooperation Council. Jordan expects to receive "advanced status" with the EU by 2011. [38]

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 Tracking the Global Recession accurate and useful information from Federal Reserve Bank of St. Louis Sjostrom, Jr., William K.. "The AIG Bailout". (2009) In depth: Global financial crisis from the Financial Times Stimulus Watch, U.S. Budget Watch, an interactive database which tracks all economic recovery efforts Woods, Thomas (2009). Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. Washington, DC: Regnery. ISBN 1596985879. Erollover on housing bubble A view from inside the financial world. Deeper analysis and part of the solution ? Eddy Vanderlinden ILO Job Crisis Observatory [8] Financial Crisis-IMF [9] Financial Crisis-World Bank Group [10] From Global Financial Crisis-Asian Development Bank [11] Financial Crisis -Theological Responses and Resources [12] 2008-2009 Global Financial Crisis (useful links)[hide]v • d • eFinancial crisis of 2007–2009 Late 2000s recession • 2008 G-20 Washington summit • APEC Peru 2008 • 2009 G-20 London summit • 2009 G-20 Pittsburgh summit
Specific issues United States housing market correction • World food price crisis • Energy crisis (Central Asia) •Subprime mortgage crisis (timeline, List of writedowns) • Automotive industry crisis • Future of newspapers •List of entities involved (Bankrupt or acquired banks, Bankrupt retailers) • Effects upon museums • Banking revelations in Ireland •Resurgence of Keynesianism
By country (or region) Belgium • Iceland • Ireland • Latvia • Russia • Spain • Ukraine • (Europe • Africa • Americas • Asia • Australasia)
Legislation and policy responses Banking and financestability and reform Banking (Special Provisions) Act 2008 • Commercial Paper Funding Facility • Emergency Economic Stabilization Act of 2008 •Troubled Assets Relief Program • Term Asset-Backed Securities Loan Facility • Temporary Liquidity Guarantee Program •2008 United Kingdom bank rescue package • 2008 East Asian meetings • Anglo Irish Bank Corporation Bill 2009 •2009 G-20 London summit • Irish emergency budget, 2009 • National Asset Management Agency
Stimulus and recovery National fiscal policy response to the late 2000s recession • Housing and Economic Recovery Act of 2008 •Economic Stimulus Act of 2008 • 2008 Chinese economic stimulus plan • 2008 European Union stimulus plan •American Recovery and Reinvestment Act of 2009 • Green New Deal
Companies and banking institutions Companies in bankruptcy,administration,or other insolvencyproceedings; or in failureNew Century Financial Corporation • Woolworths • American Freedom Mortgage • American Home Mortgage •Bernard L. Madoff Investment Securities LLC • Charter Communications • Lehman Brothers (bankruptcy) • Linens 'n Things • Mervyns •NetBank • Terra Securities (scandal) • Sentinel Management Group • Washington Mutual • Icesave • Kaupthing Singer & Friedlander •Yamato Life • Circuit City • Allco Finance Group • Waterford Wedgwood • Saab Automobile • BearingPoint • Tweeter •Babcock & Brown • Silicon Graphics • Conquest Vacations • General Growth Properties • Chrysler (bankruptcy) •Thornburg Mortgage • Great Southern Group • General Motors (bankruptcy) • Eddie Bauer • Nortel • BI-LO (United States) •Arena Football League • DSB Bank
Government bailoutsand takeovers Northern Rock (nationalisation) • Bear Stearns • IndyMac Federal Bank • Fannie Mae (takeover) • Freddie Mac (takeover) • AIG •Bradford & Bingley • Fortis • Glitnir • Hypo Real Estate • Dexia • CL Financial • Landsbanki • Kaupthing • Straumur • ING Group • Citigroup •General Motors • Chrysler • Bank of America • Anglo Irish Bank (nationalisation) • Parex Bank • Bank of Antigua •ACC Capital Holdings (reorganization) • U.S. Central Credit Union • Bank of Ireland • Allied Irish Bank
Company acquisitions Ameriquest Mortgage • Countrywide Financial • Bear Stearns • Alliance & Leicester • Merrill Lynch • Washington Mutual •Derbyshire Building Society • Cheshire Building Society • HBOS • Wachovia • Sovereign Bank • Barnsley Building Society •Scarborough Building Society • National City Corp. (details) • Dunfermline Building Society
Other topics Alleged fraudsand fraudsters Stanford Financial Group (Allen Stanford) • Fairfield Greenwich Group • UBS AG • Sean FitzPatrick (Anglo Irish Bank) •Kazutsugi Nami (Enten controversy) • Nicholas Cosmo • Arthur Nadel • Paul Greenwood • Stephen Walsh • Laura Pendergest-Holt •Angelo Mozilo • Barry Tannenbaum
Proven or admittedfrauds and fraudsters Bernard Madoff (Ponzi scheme)(Frank DiPascali) • Satyam Computer Services (accounting scandal) (Ramalinga Raju) •Marc Stuart Dreier • Norman Hsu • Joseph S. Forte • Du Jun
Related entities Federal Deposit Insurance Corporation • Federal Reserve System • Federal Housing Administration • Federal Housing Finance Agency •Federal Housing Finance Board • Government National Mortgage Association • Office of Federal Housing Enterprise Oversight •Office of Financial Stability • UK Financial Investments Limited • Federal Home Loan Banks
Securities involvedand financial markets Auction rate securities • Collateralized debt obligations • Collateralized mortgage obligations • Credit default swaps •Mortgage-backed securities • Secondary mortgage market
Related topics Bailout • Bank run • Credit crunch • Economic bubble • Error account • Financial contagion • Financial crisis • Interbank lending market •Liquidity crisis • Ponzi scheme • Prison consultant • Tea Party protests
[show]v • d • eUS Subprime mortgage crisis
[show]v • d • eBanking panics in the United States
[show]v • d • eStock market crashes
Categories: Late 2000s global financial crisis 2000s economic history 2008 in economics Economic bubbles Economic crises Financial crises Stock market crashes Real estate crises• article • discussion • edit this page • history• Try Beta • Log in / create account
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2009-11-02T00:00:00.003-08:00

Official economic projectionsOn November 3, 2008, the EU-commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1 percent, for the countries of the Euro zone (France, Germany, Italy, etc.) and even negative number for the UK (-1.0 percent), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by -0.3 percent for 2009, averaged over the developed economies. On the same day, the Bank of England and the Central Bank for the Euro zone, respectively, reduced their interest rates from 4.5 percent down to three percent, and from 3.75 percent down to 3.25 percent. Economically, mainly the car industry seems to be involved. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.The U.S. Federal Reserve Open Market Committee release in June 2009 stated: "...the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability."[136] Economic projections from the Federal Reserve and Reserve Bank Presidents include a return to typical growth levels (GDP) of 2-3% in 2010; an unemployment plateau in 2009 and 2010 around 10% with moderation in 2011; and inflation that remains at typical levels around 1-2%.[137][edit]Responses to financial crisis[edit]Emergency and short-term responsesMain article: Subprime mortgage crisis#ResponsesThe U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009.[138]This credit freeze brought the global financial system to the brink of collapse. The response of the USA Federal Reserve, the European Central Bank, and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks.[100]Governments have also bailed-out a variety of firms as discussed above, incurring large financial obligations. To date, various U.S. government agencies have committed or spent trillions of dollars in loans, asset purchases, guarantees, and direct spending. For a summary of U.S. government financial commitments and investments related to the crisis, see CNN - Bailout Scorecard.[edit]Regulatory proposals and long-term responsesFurther information: Regulatory responses to the subprime crisis and Subprime mortgage crisis solutions debateAmerican President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system andderivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others.[139][140][141]A variety of regulatory changes have been proposed by economists, politicians, journalists, and business leaders to minimize the impact of the current crisis and prevent recurrence. However, as of April 2009, many of the proposed solutions have not yet been implemented. These include: Ben Bernanke: Establish resolution procedures for closing troubled financial institutions in the shadow banking system, such as investment banks and hedge funds.[142] Joseph Stiglitz: Restrict the leverage that financial institutions can assume. Require executive compensation to be more related to long-term performance.[143] Re-instate the separation of commercial (depository) and investment banking established by the Glass-Steagall Act in 1933 and repealed in 1999 by the Gramm-Leach-Bliley Act.[144] Simon Johnson: Break-up institutions that are "too big to fail" to limit systemic risk.[145] Paul Krugman: Regulate institutions that "act like banks " similarly to banks.[58] Alan Greenspan: Banks should have a stronger capital cushion, with graduated regulatory capital requirements (i.e., capital ratios that increase with bank size), to "discourage them from becoming too big and to offset their competitive advantage."[146] Warren Buffett: Require minimum down payments for home mortgages of at least 10% and income verification.[147] Eric Dinallo: Ensure any financial institution has the necessary capital to support its financial commitments. Regulate credit derivatives and ensure they are traded on well-capitalized exchanges to limit counterparty risk.[148] Raghuram Rajan: Require financial institutions to maintain sufficient "contingent capital" (i.e., pay insurance premiums to the government during boom periods, in exchange for payments during a downturn.)[149] A. Michael Spence and Gordon Brown: Establish an early-warning system to help detect systemic risk.[150] Niall Ferguson and Jeffrey Sachs: Impose haircuts on bondholders and counterparties prior to using taxpayer money in bailouts. In other words, bondholders with a claim of $100 would have their claim reduced to $80, creating $20 in equity. This is also called a debt for equity swap. This is frequently done in bankruptcies, where the current shareholders are wiped out and the bondholders become the new stockholders, agreeing to reduce the company's debt burden in the process. This is being done with General Motors, for example.[151][152] Nouriel Roubini: Nationalize insolvent banks.[153] Reduce mortgage balances to assist homeowners, giving the lender a share in any future home appreciation.[154][edit]See also Subprime mortgage crisis Subprime crisis impact timeline Economic Stimulus Act of 2008 2008 Chinese economic stimulus plan John Maynard Keynes - Keynesian resurgence of 2008 2008–2009 Keynesian resurgence List of acquired or bankrupt banks in the late 2000s financial crisis List of acquired or bankrupt United States banks in the late 2000s financial crisis List of economic crises List of entities involved in 2007–2008 financial crises 2009 G-20 London summit protests 2008 Greek riots 2009 Icelandic financial crisis protests 2009 May Day protests 2009 Moldova civil unrest 2009 Riga riot Bank failure List of largest U.S. bank failures 2008-2009 bank failures in the United States Allen Stanford Bernie Madoff Deflation Dotcom bubble FRED (Federal Reserve Economic Data) The Great Depression Low-Income Countries Under Stress (LICUS) (World Bank program) Mark-to-market accounting Deposit insurance Private equity in the 21st century The Second Great Depression (book) United States v. Winstar Corp. United States housing bubble A Failure of Capitalism (book)
[edit]References1. ^ Three top economists agree 2009 worst financial crisis since great depression; risks increase if right steps are not taken. (2009-2-29). Reuters. Retrieved 2009-9-30, from Business Wire News database.2. ^ Brookings-Financial Crisis3. ^ Bernanke-Four Questions4. ^ Obama-Regulatory Reform Speech June 17 20095. ^ Roubini-10 Risks to Global Growth6. ^ "Episode 06292007". Bill Moyers Journal. PBS. 2007-06-29. Transcript.7. ^ Lahart, Justin (2007-12-24). "Egg Cracks Differ In Housing, Finance Shells". WSJ.com (Wall Street Journal). Retrieved 2008-07-13.8. ^ Confer Thomas Philippon: "The future of the financial industry", Finance Department of the New York University Stern School of Business at New York University, link to blog [1]9. ^ Bernanke-Four Questions About the Financial Crisis10. ^ Krugman, Paul (March 2, 2009). "Revenge of the Glut". nytimes.com (New York Times).11. ^ IMF Loss Estimates12. ^ a b c Geithner-Speech Reducing Systemic Risk in a Dynamic Financial System13. ^ Greenspan-We Need a Better Cushion Against Risk14. ^ "CSI: credit crunch". 2008. Retrieved 2008-05-19.15. ^ Ben Steverman and David Bogoslaw (October 18, 2008). "The Financial Crisis Blame Game - BusinessWeek". Businessweek.com. Retrieved 2008-10-24.16. ^ a b Greenspan Kennedy Report - Table 217. ^ a b Equity extraction - Charts18. ^ a b Reuters-Spending Boosted by Home Equity Loans19. ^ a b c Fortune-The $4 trillion housing headache20. ^ [2]21. ^ "Economist-A Helping Hand to Homeowners". Economist.com. 2008-10-23. Retrieved 2009-02-27.22. ^ "U.S. FORECLOSURE ACTIVITY INCREASES 75 PERCENT IN 2007". RealtyTrac. 2008-01-29. Retrieved 2008-06-06.23. ^ "RealtyTrac Press Release 2008FY". Realtytrac.com. 2009-01-15. Retrieved 2009-02-27.24. ^ "MBA Survey".25. ^ "Federal Reserve Board: Monetary Policy and Open Market Operations". 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Retrieved 2009-03-08.120. ^ Cho, David; Appelbaum, Binyamin (2008-10-07). "Unfolding Worldwide Turmoil Could Reverse Years of Prosperity". The Washington Post: pp. A01. Retrieved 2009-03-08.121. ^ Since 1934, FDIC has closed more than 3,500 banks. More than 82% failed during the savings-and-loan crisis (chart)."Bank on this: bank failures will rise in next year". Associated Press. 2008-10-05.122. ^ UBS AG. "Recession". There is no alternative. Daily roundup for 2008-10-06. Retrieved 2008-10-12. 'global growth at 2.2% yoy (previously 2.8%). The IMF brands 2.5% yoy a "recession".' 'global collapse is inevitable' ... 'at least two years before we can talk of a normalisation in economic activity'123. ^ UBS AG. A plan to save the world. Daily roundup for 2008-10-09. Retrieved 2008-10-13. "The actions yesterday can not stop a significant economic downturn."124. ^ UBS AG. Fears of recession loom. Daily roundup for 2008-10-09. Retrieved 2008-10-17. "short by historical standards"125. ^ [5]126. ^ UBS AG.The IMF in March, 2009 forecast that it would be the first occasion since the great depression that the world economy as a whole would contract. Be afraid. Be very afraid. Daily roundup for 2008-10-31. Retrieved 2008-11-02. "NEGATIVE growth in 2009 for the US, UK, Euro area and Canada. Japan is the fastest growing G7 economy at 0.1% growth. Global growth in 2009 forecast at 1.3%."127. ^ Brookings-Baily and Elliot-The U.S. Financial and Economic Crisis-June 2009128. ^ Following crisis, Arab world loses $3 trillion129. ^ Unemployment in Arab world is a 'time bomb'130. ^ UN reports drop in foreign investment in Mideast-2008131. ^ World Bank predicts tough year for Arab states132. ^ Recession costs Arab banks $4B133. ^ BEA Press Releases134. ^ BLS-Historical Unemployment Rate Table135. ^ Business Week-Unemployed lose with hour and wage cuts136. ^ FOMC Statement June 24 2009137. ^ Minutes of the FOMC April 2009138. ^ "BBC - Stimulus Package 2009". BBC News. 2009-02-14. Retrieved 2009-02-27.139. ^ [6]140. ^ Washington Post - Geithner & Summers - A New Financial Foundation141. ^ Treasury Department Report - Financial Regulatory Reform142. ^ "Bernanke Remarks". Federalreserve.gov. 2008-12-01. Retrieved 2009-02-27.143. ^ "Stigliz Recommendations".144. ^ Stiglitz - Vanity Fair - Capitalist Fools145. ^ WSJ-Economists Seek Breakup of Big Banks146. ^ Greenspan-We need a better cushion against risk147. ^ Warren Buffet-2008 Shareholder's Letter Summary148. ^ Dinallo-We Modernized Ourselves Into This Ice Age149. ^ The Economist-Rajan-Cycle Proof Regulation150. ^ "PIMCO-Lessons from the Crisis". Pimco.com. 2008-11-26. Retrieved 2009-02-27.151. ^ Jeffrey Sachs-Our Wall Street Besotted Public Policy152. ^ FT-Ferguson-Beyond the Age of Leverage153. ^ Roubini-Charlie Rose Interview154. ^ Risks to Global GrowthThe initial articles and some subsequent material were adapted from the Wikinfo article "Financial crisis of 2007-2008"http://www.wikinfo.org/index.php?title=Financial_crisis_of_2007-2008 released under the GNU Free Documentation License Version 1.2[edit]External links and further reading Reuters: Times of Crisis - multimedia interactive charting the year of global change Stewart, James B., "Eight Days: the battle to save the American financial system", The New Yorker magazine, September 21, 2009. Testing the Efficiency of the Commercial Real Estate Market: Evidence from the 2007-2009 Financial Crisis - Paper by Otto Van Hemert, NYU Stern & AQR Capital Management Princeton Economist Alan Blinder Lecture - Origins of the Financial Mess PBS Frontline - Inside the Meltdown Economic Crisis and Stimulus from UCB Libraries GovPubs Credit Crisis — The Essentials topic page from The New York Times Credit Crisis Indicators (Updated daily) - Five ways to measure recent market disruption, from the New York Times Gjerstad, Steven; and Vernon L. Smith (2009-04-06). "From Bubble to Depression? Why the Housing Bubble Crashed the Financial System but the Dot-com Bubble Did Not". Wall Street Journal. p. A15. John C. Hull, The Credit Crunch of 2007: What Went Wrong? Why? What Lessons Can Be Learned?, Rothman School Research Paper, available here The Global Financial Crisis and Responses by the Churches (Arnold Neufeldt-Fast, PhD, Tyndale Seminary, Toronto) Impact of the Financial Crisis Towers Perrin Thought Leadership NYU Stern on Finance - Understanding the Financial Crisis Davis Polk Financial Crisis Manual How nations around the world are responding to the global financial crisis from

2009-11-02T00:00:00.001-08:00

Economist Dean Baker explained the reduction in the availability of credit this way:"Yes, consumers and businesses can't get credit as easily as they could a year ago. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 (of course, to clear-eyed analysts, they didn't look too good a year ago either). While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth. Economists, economic policy makers and economic reporters virtually all missed the housing bubble on the way up. If they still can't notice its impact as the collapse of the bubble throws into the worst recession in the post-war era, then they are in the wrong profession."[110]At the heart of the portfolios of many of these institutions were investments whose assets had been derived from bundled home mortgages. Exposure to these mortgage-backed securities, or to the credit derivatives used to insure them against failure, caused the collapse or takeover of several key firms such as Lehman Brothers, AIG, Merrill Lynch, and HBOS.[111][112][113][edit]Global contagionThe crisis rapidly developed and spread into a global economic shock, resulting in a number of European bank failures, declines in various stock indexes, and large reductions in the market value of equities[114] and commodities.[115] Moreover, the de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the liquidity crisis and caused a decrease in international trade.World political leaders, national ministers of finance and central bank directors coordinated their efforts[116] to reduce fears, but the crisis continued. At the end of October 2008 a currency crisis developed, with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.[117][118][edit]Effects on the global economy Global impact of the crisisMain article: Late-2000s recession[edit]Global effectsA number of commentators have suggested that if the liquidity crisis continues, there could be an extended recession or worse.[119] The continuing development of the crisis prompted fears of a global economic collapse.[120] The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown.[121] Investment bank UBSstated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years.[122] Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come".[123] UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters.[124] Theeconomic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.[125]At the end of October UBS revised its outlook downwards: the forthcoming recession would be the worst since the Reagan recession of 1981 and 1982 with negative 2009 growth for the U.S., Eurozone, UK and Canada; very limited recovery in 2010; but not as bad as the Great Depression.[126]The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 9.8% in the Euro area and 21.5% for Mexico.[127]By March 2009, the Arab world had lost $3 trillion due to the crisis.[128]In April 2009, unemployment in the Arab world is said to be a 'time bomb'.[129]In May 2009, the United Nations reported a drop in foreign investment in Middle-Eastern economies due to a slower rise in demand for oil.[130]In June 2009, the World Bank predicted a tough year for Arab states.[131]In September 2009, Arab banks reported losts nearly to $4 billion since the global financial crisis onset.[132][edit]U.S. economic effectsReal gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of approximately 6 percent in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods.[133] The U.S. unemployment rate increased to 9.5% by June 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964.[134][135]

2009-11-01T23:59:00.002-08:00

Role of economic forecastingDirk Bezemer in his research [92] credits 12 economists with predicting (with supporting argument and estimates of timing) the crisis: Dean Baker (US), Wynne Godley (US), Fred Harrison (UK), Michael Hudson (US), Eric Janszen (US), Stephen Keen (Australia), Jakob Brøchner Madsen & Jens Kjaer Sørensen (Denmark), Kurt Richebächer (US), Nouriel Roubini(US), Peter Schiff (US), Robert Shiller(US).A cover story in BusinessWeek Magazine claims that economists mostly failed to predict the worst international economic crisis since theGreat Depression of 1930s.[93]. The Wharton School of the University of Pennsylvania online business journal examines why economists failed to predict a major global financial crisis [7]. An article in the New York Times informs that economist Nouriel Roubini warned of such crisis as early as September 2006, and the article goes on to state that the profession of economics is bad at predicting recessions.[94] According toThe Guardian, Roubini was ridiculed for predicting a collapse of the housing market and worldwide recession, while The New York Times labelled him "Dr. Doom".[95] However, there are examples of other experts who gave indications of a financial crisis.[96][97][98][edit]Financial markets impacts[edit]Impacts on financial institutions 2007 bank run on Northern Rock, a UK bankOne of the first victims was Northern Rock, a medium-sized British bank.[99] The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Shadow Chancellor Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank Bear Stearns would collapse in March 2008 resulted in its fire-sale to JP Morgan Chase. The crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, and AIG.[100]See also: Federal takeover of Fannie Mae and Freddie Mac[edit]Credit markets and the shadow banking system TED spread and components during 2008During September 2008, the crisis hits its most critical stage. There was the equivalent of a bank run on the money market mutual funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee[101] and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008,[102] reaching a record 4.65% on October 10, 2008.In a dramatic meeting on September 18, 2008 Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke met with key legislators to propose a $700 billion emergency bailout. Bernanke reportedly tells them: "If we don't do this, we may not have an economy on Monday."[103] The Emergency Economic Stabilization Act also called the Troubled Asset Relief Program (TARP) is signed into law on October 3, 2008.[104]Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations.[12][58]This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009.[105] According to theBrookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions." While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.[106][edit]Wealth effectsThere is a direct relationship between declines in wealth, and declines in consumption and business investment, which along with government spending represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth. By early November 2008, a broad U.S. stock index the S&P 500, was down 45 percent from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a 30-35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22 percent, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion.[107] Since peaking in the second quarter of 2007, household wealth is down $14 trillion.[108]Further, U.S. homeowners had extracted significant equity in their homes in the years leading up to the crisis, which they could no longer do once housing prices collapsed. Free cash used by consumers from home equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 trillion over the period.[16][17][18] U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[19]To offset this decline in consumption and lending capacity, the U.S. government and U.S. Federal Reserve have committed $13.9 trillion, of which $6.8 trillion has been invested or spent, as of June 2009.[109] In effect, the Fed has gone from being the "lender of last resort" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed can now be considered the "buyer of last resort."

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Commodity bubbleA commodity price bubble was created following the collapse in the housing bubble. The price of oil nearly tripled from $50 to $140 from early 2007 to 2008, before plunging as the financial crisis began to take hold in late 2008.[84] Experts debate the causes, which include the flow of money from housing and other investments into commodities to speculation and monetary policy [85] or the increasing feeling of raw materials scarcity in a fast growing world economy and thus positions taken on those markets, such as Chinese increasing presence in Africa. An increase in oil prices tends to divert a larger share of consumer spending into gasoline, which creates downward pressure on economic growth in oil importing countries, as wealth flows to oil-producing states.[86][edit]Systemic crisisAnother analysis, different from the mainstream explanation, is that the financial crisis is merely a symptom of another, deeper crisis, which is a systemic crisis of capitalism itself. According to Samir Amin, an Egyptian economist, the constant decrease in GDP growth rates in Western countries since the early 1970s created a growing surplus of capital which did not have sufficient profitable investment outlets in the realeconomy. The alternative was to place this surplus into the financial market, which became more profitable than productive capital investment, especially with subsequent deregulation.[87] According to Samir Amin, this phenomenon has led to recurrent financial bubbles (such as theinternet bubble) and is the deep cause of the financial crisis of 2007-2009.[88]John Bellamy Foster, a political economy analyst and editor of the Monthly Review, believes that the decrease in GDP growth rates since the early 1970s is due to increasing market saturation.[89]John C. Bogle wrote during 2005 that a series of unresolved challenges face capitalism that have contributed to past financial crises and have not been sufficiently addressed: "Corporate America went astray largely because the power of managers went virtually unchecked by our gatekeepers for far too long...They failed to 'keep an eye on these geniuses' to whom they had entrusted the responsibility of the management of America's great corporations." He cites particular issues, including:[90][91] "Manager's capitalism" which he argues has replaced "owner's capitalism," meaning management runs the firm for its benefit rather than for the shareholders, a variation on the principal-agent problem; Burgeoning executive compensation; Managed earnings, mainly a focus on share price rather than the creation of genuine value; and The failure of gatekeepers, including auditors, boards of directors, Wall Street analysts, and career politicians.

2009-11-01T23:58:00.005-08:00

Increased debt burden or over-leveraging Leverage Ratios of Investment Banks Increased Significantly 2003-2007U.S. households and financial institutions became increasingly indebted or overleveraged during the years preceding the crisis. This increased their vulnerability to the collapse of the housing bubble and worsened the ensuing economic downturn. Key statistics include: USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990.[67] U.S. home mortgage debt relative to gross domestic product (GDP) increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[19] In 1981, U.S. private debt was 123% of GDP; by the third quarter of 2008, it was 290%.[68] From 2004-07, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. These five institutions reported over $4.1 trillion in debt for fiscal year 2007, about 30% of USA nominal GDP for 2007. Lehman Brothers was liquidated, Bear Stearns andMerrill Lynch were sold at fire-sale prices, and Goldman Sachs and Morgan Stanley became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.[69] Fannie Mae and Freddie Mac, two U.S. Government sponsored enterprises, owned or guaranteed nearly $5 trillion in mortgage obligations at the time they were placed into conservatorship by the U.S. government in September 2008.[70][71]These seven entities were highly leveraged and had $9 trillion in debt or guarantee obligations, an enormous concentration of risk, yet were not subject to the same regulation as depository banks.[edit]Financial innovation and complexity A protester on Wall Street in the wake of the AIG bonus payments controversy is interviewed by news media.The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance calledcredit default swaps(CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions.[edit]Credit RatingsIn a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. Further, this pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with the MBS and CDO, which were assigned safe ratings by the credit rating agencies. In effect, Wall Street connected this pool of money to the mortgage market in the U.S., with enormous fees accruing to those throughout the mortgage supply chain, from the mortgage broker selling the loans, to small banks that funded the brokers, to the giant investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted. However, continued strong demand for MBS and CDO began to drive down lending standards, as long as mortgages could still be sold along the supply chain. Eventually, this speculative bubble proved unsustainable.[72]The CDO in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. A CDO essentially places cash payments from multiple mortgages or other debt obligations into a single pool, from which the cash is allocated to specific securities in a priority sequence. Those securities obtaining cash first received investment-grade ratings from rating agencies. Lower priority securities received cash thereafter, with lower credit ratings but theoretically a higher rate of return on the amount invested.[73][74]For a variety of reasons, market participants did not accurately measure the risk inherent with this innovation or understand its impact on the overall stability of the financial system.[75] For example, the pricing model for CDOs clearly did not reflect the level of risk they introduced into the system. The average recovery rate for "high quality" CDOs has been approximately 32 cents on the dollar, while the recovery rate for mezzanine CDO's has been approximately five cents for every dollar. These massive, practically unthinkable, losses have dramatically impacted the balance sheets of banks across the globe, leaving them with very little capital to continue operations.[76]Another example relates to AIG, which insured obligations of various financial institutions through the usage of credit default swaps. The basic CDS transaction involved AIG receiving a premium in exchange for a promise to pay money to party A in the event party B defaulted. However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $180 billion in government support to AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS transactions, including many large global financial institutions.[77][78]The limitations of a widely-used financial model also were not properly understood.[79][80] This formula assumed that the price of CDS was correlated with and could predict the correct price of mortgage backed securities. Because it was highly tractable, it rapidly came to be used by a huge percentage of CDO and CDS investors, issuers, and rating agencies.[80] According to one wired.com article[80]: "Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of Li's formula hadn't expected. The cracks became full-fledged canyons in 2008—when ruptures in the financial system's foundation swallowed up trillions of dollars and put the survival of the global banking system in serious peril... Li's Gaussian copula formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees."As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be in practice [81]. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility." [82]Certain financial innovation may also have the effect of circumventing regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks. For example, Martin Wolf wrote in June 2009: "...an enormous part of what banks did in the early part of this decade – the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation."[83][edit]Boom and collapse of the shadow banking systemIn a June 2008 speech, U.S. Treasury Secretary Timothy Geithner, then President and CEO of the NY Federal Reserve Bank, placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system, also called the shadow banking system. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities: "In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion. Assets held in hedge funds grew to roughly $1.8 trillion. The combined balance sheets of the then five major investment banks totaled $4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $6 trillion, and total assets of the entire banking system were about $10 trillion." He stated that the "combined effect of these factors was a financial system vulnerable to self-reinforcing asset price and credit cycles."[12]Nobel laureate Paul Krugman described the run on the shadow banking system as the "core of what happened" to cause the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realized that they were re-creating the kind of financial vulnerability that made the Great Depression possible—and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect."[58]

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Predatory lendingPredatory lending refers to the practice of unscrupulous lenders, to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.[49] A classic bait-and-switch method was used by Countrywide, advertising low interest rates for home refinancing. Such loans were written into extensively detailed contracts, and swapped for more expensive loan products on the day of closing. Whereas the advertisement might state that 1% or 1.5% interest would be charged, the consumer would be put into an adjustable rate mortgage (ARM) in which the interest charged would be greater than the amount of interest paid. This created negative amortization, which the credit consumer might not notice until long after the loan transaction had been consummated.Countrywide, sued by California Attorney General Jerry Brown for "Unfair Business Practices" and "False Advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments."[50]. When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared. This caused Countrywide's financial condition to deteriorate, ultimately resulting in a decision by the Office of Thrift Supervision to seize the lender.Countrywide, according to Republican Lawmakers, had involved itself in making low-cost loans to politicians, for purposes of gaining political favors.[51].Former employees from Ameriquest, which was United States's leading wholesale lender,[52] described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits.[52] There is growing evidence that such mortgage frauds may be a cause of the crisis.[52][edit]DeregulationFurther information: Government policies and the subprime mortgage crisisCritics have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. In other cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include: In October 1982, President Ronald Reagan signed into Law the Garn-St. Germain Depository Institutions Act, which began the process of Banking deregulation that helped contribute to the savings and loan crises of the late 80's/early 90's, and the financial crises of 2007-2009. President Reagan stated at the signing, "all in all, I think we hit the jackpot".[53] In November 1999, President Bill Clinton signed into Law the Gramm-Leach-Bliley Act, which repealed part of the Glass-Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had a conservative culture) and investment banks (which had a more risk-taking culture).[54][55] In 2004, the Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis.[56][57] Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base.[58] This was the case despite the Long-Term Capital Management debacle in 1998, where a highly-leveraged shadow institution failed with systemic implications. Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009.[59] This increased uncertainty during the crisis regarding the financial position of the major banks.[60] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001.[61] As early as 1997, Fed Chairman Alan Greenspan fought to keep the derivatives market unregulated.[62] With the advice of the President's Working Group on Financial Markets,[63] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[64] Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003.[65][66]

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Easy credit conditionsFrom 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%.[25] This was done to soften the effects of the collapse of the dot-com bubble and of the September 2001 terrorist attacks, and to combat the perceived risk of deflation.[26] The Fed then raised the Fed funds rate significantly between July 2004 and July 2006.[27] This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners.[28] This may have also contributed to the deflating of the housing bubble, as asset prices generally move inversely to interest rates and it became riskier to speculate in housing.[29][30] U.S. Current Account or Trade DeficitIn 2005, Ben Bernanke addressed the implications of the USA's high and rising current account (trade) deficit, resulting from USA imports exceeding its exports.[31] Between 1996 and 2004, the USA current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the USA to borrow large sums from abroad, much of it from countries running trade surpluses, mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that a country (such as the USA) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the USA to finance its imports. This created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend, either because they had very high personal savings rates (as high as 40% in China), or because of high oil prices. Bernanke referred to this as a "saving glut."[32] A "flood" of funds (capital or liquidity) reached the USA financial markets. Foreign governments supplied funds by purchasing USA Treasury bonds and thus avoided much of the direct impact of the crisis. USA households, on the other hand, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in mortgage-backed securities. USA housing and financial assets dramatically declined in value after the housing bubble burst.[33][34][edit]Sub-prime lending U.S. Subprime lending expanded dramatically 2004-2006In addition to easy credit conditions, there is evidence that both government and competitive pressures contributed to an increase in the amount of subprime lending during the years preceding the crisis. Major U.S. investment banks and government sponsored enterprises like Fannie Mae[dubious – discuss] played an important role in the expansion of higher-risk lending.[35][36]The term subprime refers to the credit quality of particular borrowers, who have weakened credit histories and a greater risk of loan default than prime borrowers.[37] The value of U.S. subprime mortgages was estimated at $1.3 trillion as of March 2007,[38] with over 7.5 million first-lien subprime mortgages outstanding.[39]Subprime mortgages remained below 10% of all mortgage originations until 2004, when they spiked to nearly 20% and remained there through the 2005-2006 peak of the United States housing bubble.[40] A proximate event to this increase was the April 2004 decision by the U.S. Securities and Exchange Commission (SEC) to relax the net capital rule, which encouraged the largest five investment banks to dramatically increase their financial leverage and aggressively expand their issuance of mortgage-backed securities. This applied additional competitive pressure to Fannie Mae and Freddie Mac, which further expanded their riskier lending.[41] Subprime mortgage payment delinquency rates remained in the 10-15% range from 1998 to 2006[42], then began to increase rapidly, rising to 25% by early 2008.[43][44]Some, like American Enterprise Institute fellow Peter J. Wallison[45], believe the roots of the crisis can be traced directly to sub-prime lending by Fannie Mae and Freddie Mac, which are government sponsored entities. On 30 September 1999, The New York Times reported that the Clinton Administration pushed for sub-prime lending: "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people...In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s."[46]In 1995, the administration also tinkered with President Jimmy Carter's Community Reinvestment Act of 1977 by regulating and strengthening the anti-redlining procedures. The result was a push by the administration for greater investment, by financial institutions, into riskier loans. A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage credit poured out of CRA-covered lenders into low and mid level income borrowers and neighborhoods.[47]Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine,Michael Lewis spoke with one trader who noted that "There weren’t enough Americans with [bad] credit taking out [bad loans] to satisfy investors’ appetite for the end product." Essentially, investment banks and hedge funds used financial innovation to synthesize more loans using derivatives. "They were creating [loans] out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans."[48]

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Background and causesThe immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006.[6][7] High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices started to drop moderately in 2006–2007 in many parts of the U.S., refinancing became more difficult. Defaults and foreclosure activity increased dramatically as easy initial terms expired, home prices failed to go up as anticipated, and ARM interest rates reset higher. Share in GDP of U.S. financial sector since 1860.[8]In the years leading up to the start of the crisis in 2007, significant amounts of foreign money flowed into the U.S. from fast-growing economies in Asia and oil-producing countries. This inflow of funds made it easier for the Federal Reserve to keep interest rates in the United States too low (by the Taylor rule) from 2002–2006 which contributed to easy credit conditions, leading to the United States housing bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.[9][10] As part of the housing and credit booms, the amount of financial agreements called mortgage-backed securities (MBS), which derive their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses. Falling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of banking institutions. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses are estimated in the trillions of U.S. dollars globally.[11]While the housing and credit bubbles built, a series of factors caused the financial system to both expand and become increasingly fragile. Policymakers did not recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. Some experts believe these institutions had become as important as commercial (depository) banks in providing credit to the U.S. economy, but they were not subject to the same regulations.[12] These institutions as well as certain regulated banks had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses.[13] These losses impacted the ability of financial institutions to lend, slowing economic activity. Concerns regarding the stability of key financial institutions drove central banks to provide funds to encourage lending and restore faith in thecommercial paper markets, which are integral to funding business operations. Governments also bailed out key financial institutions and implemented economic stimulus programs, assuming significant additional financial commitments.[edit]Growth of the housing bubbleMain article: United States housing bubbleBetween 1997 and 2006, the price of the typical American house increased by 124%.[14] During the two decades ending in 2001, the national median home price ranged from 2.9 to 3.1 times median household income. This ratio rose to 4.0 in 2004, and 4.6 in 2006.[15] This housing bubble resulted in quite a few homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by the price appreciation.Free cash used by consumers from home equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 trillion dollars over the period, contributing to economic growth worldwide.[16][17][18] U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[19]By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak.[20][21] Easy credit, and a belief that house prices would continue to appreciate, had encouraged many subprime borrowers to obtain adjustable-rate mortgages.[dubious – discuss]These mortgages enticed borrowers with a below market interest rate for some predetermined period, followed by market interest rates for the remainder of the mortgage's term. Borrowers who could not make the higher payments once the initial grace period ended would try to refinance their mortgages. Refinancing became more difficult, once house prices began to decline in many parts of the USA. Borrowers who found themselves unable to escape higher monthly payments by refinancing began to default. During 2007, lenders had begun foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006.[22] This increased to 2.3 million in 2008, an 81% increase vs. 2007.[23]As of August 2008, 9.2% of all mortgages outstanding were either delinquent or in foreclosure.[24]

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• 1 Background and causeso 1.1 Growth of the housing bubbleo 1.2 Easy credit conditionso 1.3 Sub-prime lendingo 1.4 Predatory lendingo 1.5 Deregulationo 1.6 Increased debt burden or over-leveragingo 1.7 Financial innovation and complexityo 1.8 Credit Ratingso 1.9 Boom and collapse of the shadow banking systemo 1.10 Commodity bubbleo 1.11 Systemic crisiso 1.12 Role of economic forecasting• 2 Financial markets impactso 2.1 Impacts on financial institutionso 2.2 Credit markets and the shadow banking systemo 2.3 Wealth effectso 2.4 Global contagion• 3 Effects on the global economyo 3.1 Global effectso 3.2 U.S. economic effectso 3.3 Official economic projections• 4 Responses to financial crisiso 4.1 Emergency and short-term responseso 4.2 Regulatory proposals and long-term responses• 5 See also• 6 References• 7 External links and further reading

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Financial crisis of 2007–2009From Wikipedia, the free encyclopedia This article is in need of attention from an expert on the subject. WikiProject Economics or theEconomics Portal may be able to help recruit one. (September 2009)
This article has multiple issues. Please help improve the article or discuss these issues on thetalk page. Its neutrality is disputed. Tagged since July 2009. It may contain original research or unverifiable claims. Tagged since July 2009. It may not present a worldwide view of the subject. Tagged since July 2009. Its tone or style may not be appropriate for Wikipedia. Tagged since July 2009. It may require general cleanup to meet Wikipedia's quality standards. Tagged since July 2009.This article is about background financial market events dating from July 2007. For an overview of all economic problems during the late 2000s, see Late 2000s recession.Part of a series on:2007–2009 financial crisisMajor dimensions[show]
By country[hide] Belgium Iceland Ireland Latvia Russia Spain
Summits[show]
Legislation[show]
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Causes[show]
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v • d • e
The financial crisis of 2007–2009 has been called the worst financial crisis since the one related to the Great Depression by leading economists,[1] and it contributed to the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.[2] Many causes have been proposed, with varying weight assigned by experts.[3] Both market-based and regulatory solutions have been implemented or are under consideration,[4] while significant risks remain for the world economy.[5]

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Outside AsiaAfter the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world. The powerful negative shock also sharply reduced the price of oil, which reached a low of $8 per barreltowards the end of 1998, causing a financial pinch in OPEC nations and other oil exporters. This reduction in oil revenue contributed to the 1998 Russian financial crisis, which in turn caused Long-Term Capital Management in the United States to collapse after losing $4.6 billion in 4 months. A wider collapse in the financial markets was avoided when Alan Greenspan and the Federal Reserve Bank of New York organized a $3.625 billion bail-out. Major emerging economies Brazil and Argentina also fell into crisis in the late 1990s (see Argentine debt crisis).[35]The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank, which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999. Four major rounds of world trade talks since the crisis, in Seattle, Doha, Cancún, and Hong Kong, have failed to produce a significant agreement as developing countries have become more assertive, and nations are increasingly turning toward regional or bilateral FTAs (Free Trade Agreements) as an alternative to global institutions. Many nations learned from this, and quickly built up foreign exchange reserves as a hedge against attacks, including Japan, China, South Korea. Pan Asian currency swaps were introduced in the event of another crisis. However, interestingly enough, such nations as Brazil, Russia, and India as well as most of East Asia began copying the Japanese model of weakening their currencies, restructuring their economies so as to create a current account surplus to build large foreign currency reserves. This has led to an ever increasing funding for US treasury bonds, allowing or aiding housing (in 2001–2005) and stock asset bubbles (in 1996–2000) to develop in the United States.[edit]See also Financial crisis Financial contagion List of finance topics[edit]Notes1. ^ Kaufman: pp. 195–62. ^ http://www.adb.org/Documents/Books/Key_Indicators/2003/pdf/rt29.pdf3. ^ Pempel: pp 118–1434. ^ The Myth of Asia's Miracle A Cautionary Fable by Paul Krugman.5. ^ Hughes, Helen. Crony Capitalism and the East Asian Currency Financial 'Crises'. Policy. Spring 1999.6. ^ Blustein: p. 737. ^ The Three Routes to Financial Crises: The Need for Capital Controls. Gabriel Palma (Cambridge University). Center for Economic Policy Analysis. November 2000.8. ^ Bernard Eccleston, Michael Dawson, Deborah J. McNamara (1998). The Asia-Pacific Profile. Routledge (UK). ISBN 0415172799.9. ^ FIRE-SALE FDI by Paul Krugman.10. ^ Stiglitz: pp. 12–1611. ^ Joint Comminuque The 30th ASEAN Ministerial Meeting (AMM) The Thirtieth ASEAN Ministerial Meeting was held in Subang Jaya, Malaysia from 24 to 25 July 1997.12. ^ Halloran, Richard. China's Decisive Role in the Asian Financial Crisis. Global Beat Issue Brief No. 24. 27 January 1998.13. ^ Noland: pp. 98–10314. ^ a b IMF's Role in the Asian Financial Crisis by Walden Bello.15. ^ The IMF Crisis Editorial. Wall Street Journal. 15 April 1998.16. ^ http://www.columbia.edu/cu/thai/html/financial97_98.html17. ^ Kaufman: pp. 193–818. ^ Liebhold, David. Thailand's Scapegoat? Battling extradition over charges of embezzlement, a financier says he's the fall guy for the 1997 financial crash. TIME.com. 27 December 1999.19. ^ Pressure from below: Supporters of the new, improved Constitution now have to help turn words into action 10 October 199720. ^ "Japan Stocks Slide Again On Fears About Stability". Wall Street Journal Online. 26 December 1997. Retrieved 2 September 2009.21. ^ http://www.oanda.com/convert/fxhistory August 13 = 2673; August 14 = 2790; August 15 = 2900; August 31 = 2930; October 31 = 3640; December 31 = 5535. Accessed 2009-08-20. Archived 2009-09-04.22. ^ http://www.oanda.com/convert/fxhistory January 31 = 10,100; March 31 = 8,650; May 31 = 11,350; July 31 = 13,250; September 30 = 10,800. Accessed 2009-08-20. Archived 2009-09-04.23. ^ Bayani Cruz, We will hold on to blue-chip shares: Tsang, The Standard, 29 August 1998.24. ^ The CIA World Factbook - Malaysia25. ^ Ngian Kee Jin: p. 1226. ^ Pettis: pp. 55–6027. ^ Pettis: p. 7928. ^ Tiwari: pp. 1–329. ^ a b http://www.adb.org/Documents/Books/Key_Indicators/2001/rt11_ki2001.xls30. ^ a b Cheetham, R. 1998. Asia Crisis. Paper presented at conference, U.S.-ASEAN-Japan policy Dialogue. School of Advanced International Studies of Johns Hopkins University, June 7–9, Washington, D.C.31. ^ Radelet: pp. 5–632. ^ The Asian financial crisis ten years later: assessing the past and looking to the future. Janet L. Yellen. Speech to the Asia Society of Southern California, Los Angeles, California, 6 February 200733. ^ Kilgour, Andrea (1999). The changing economic situation in Vietnam: A product of the Asian crisis?34. ^ Weisbrot: p. 635. ^ The Crash transcript. PBS Frontline.[edit]References

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ChinaFurther information: Economy of the People's Republic of ChinaThe Chinese currency, the renminbi (RMB), had been pegged to the US dollar at a ratio of 8.3 RMB to the dollar, in 1994. Having largely kept itself above the fray throughout 1997–1998 there was heavy speculation in the Western press that China would soon be forced to devalue its currency to protect the competitiveness of its exports vis-a-vis those of the ASEAN nations, whose exports became cheaper relative to China's. However, the RMB's non-convertibility protected its value from currency speculators, and the decision was made to maintain the peg of the currency, thereby improving the country's standing within Asia. The currency peg was partly scrapped in July 2005 rising 2.3% against the dollar, reflecting pressure from the United States.Unlike investments of many of the Southeast Asian nations, almost all of China's foreign investment took the form of factories on the ground rather than securities, which insulated the country from rapid capital flight. While China was unaffected by the crisis compared to Southeast Asia and South Korea, GDP growth slowed sharply in 1998 and 1999, calling attention to structural problems within its economy. In particular, the Asian financial crisis convinced the Chinese government of the need to resolve the issues of its enormous financial weaknesses, such as having too many non-performing loans within its banking system, and relying heavily on trade with the United States.[edit]United States and JapanFurther information: Economy of the United States and Economy of JapanThe "Asian flu" had also put pressure on the United States and Japan. Their markets did not collapse, but they were severely hit. On 27 October 1997, the Dow Jones industrial plunged 554 points or 7.2%, amid ongoing worries about the Asian economies. The New York Stock Exchange briefly suspended trading. The crisis led to a drop in consumer and spending confidence (see 27 October 1997 mini-crash). Japan was affected because its economy is prominent in the region. Asian countries usually run a trade deficit with Japan because the latter's economy was more than twice the size of the rest of Asia together; about 40% of Japan's exports go to Asia. The Japanese yen fell to 147 as mass selling began, but Japan was the world's largest holder of currency reserves at the time, so it was easily defended, and quickly bounced back. GDP real growth rate slowed dramatically in 1997, from 5% to 1.6% and even sank into recession in 1998, due to intense competition from cheapened rivals. The Asian financial crisis also led to more bankruptcies in Japan. In addition, with South Korea's devalued currency, and China's steady gains, many companies complained outright that they could not compete.[26]Another longer-term result was the changing relationship between the U.S. and Japan, with the U.S. no longer openly supporting the highly artificial trade environment and exchange rates that governed economic relations between the two countries for almost five decades after World War II.[27][edit]Consequences[edit]AsiaThe crisis had significant macro-level effects, including sharp reductions in values of currencies, stock markets, and other asset prices of several Asian countries.[28] The nominal US dollar GDP of ASEAN fell by US$9.2 billion in 1997 and $218.2 billion (31.7%) in 1998. In South Korea, the $170.9 billion fall in 1998 was equal to 33.1% of the 1997 GDP.[29] Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997–1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis.Currency Exchange rate(per US$1)[30]Change June 1997 July 1998 Thai baht24.5 41 – 40.2% Indonesian rupiah2,380 14,150 – 83.2% Philippine peso26.3 42 – 37.4% Malaysian ringgit2.5 4.1 – 39.0% South Korean won850 1,290 – 34.1% Country GNP (US$1 billion)[30]Change June 1997 July 1998 Thailand170 102 – 40.0% Indonesia205 34 – 83.4% Philippines75 47 – 37.3% Malaysia90 55 – 38.9% South Korea430 283 – 34.2%
The above tabulation shows that despite the prompt raising of interest rates to 32% in the Philippines upon the onset of crisis in mid-July 1997, and to 65% in Indonesia upon the intensification of crisis in 1998, their local currencies depreciated just the same and did not perform better than those of South Korea, Thailand, and Malaysia, which countries had their high interest rates set at generally lower than 20% during the Asian crisis. This created grave doubts on the credibility of IMF and the validity of its high-interest-rate prescription to economic crisis.The economic crisis also led to a political upheaval, most notably culminating in the resignations of President Suharto in Indonesia and Prime Minister General Chavalit Yongchaiyudh in Thailand. There was a general rise in anti-Western sentiment, with George Soros and the IMF in particular singled out as targets of criticisms. Heavy U.S. investment in Thailand ended, replaced by mostly European investment, though Japanese investment was sustained.[citation needed] Islamic and other separatist movements intensified in Southeast Asia as central authorities weakened.[31]More long-term consequences included reversal of the relative gains made in the boom years just preceding the crisis. Nominal US dollar GDP per capital fell 42.3% in Indonesia in 1997, 21.2% in Thailand, 19% in Malaysia, 18.5% in South Korea and 12.5% in the Philippines. [29] TheCIA World Factbook reported that the per capita income (measured by purchasing power parity) in Thailand declined from $8,800 to $8,300 between 1997 and 2005; in Indonesia it declined from $4,600 to $3,700; in Malaysia it declined from $11,100 to $10,400. Over the same period, world per capita income rose from $6,500 to $9,300.[32] Indeed, the CIA's analysis asserted that the economy of Indonesia was still smaller in 2005 than it had been in 1997, suggesting an impact on that country similar to that of the Great Depression. Within East Asia, the bulk of investment and a significant amount of economic weight shifted from Japan and ASEAN to China and India.[33]The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. Perhaps more interesting to economists was the speed with which it ended, leaving most of the developed economies unharmed. These curiosities have prompted an explosion of literature about financial economics and a litany of explanations why the crisis occurred. A number of critiques have been leveled against the conduct of the IMF in the crisis, including one by former World Bank economist Joseph Stiglitz. Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for improved corporate governance. Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in 1998, as well as accelerating East Timor's independence.[34]

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MalaysiaFurther information: Economy of MalaysiaBefore the crisis, Malaysia had a large current account deficit of 5% of its GDP. At the time, Malaysia was a popular investment destination, and this was reflected in KLSE activity which was regularly the most active stock exchange in the world (with turnover exceeding even markets with far higher capitalization like the NYSE). Expectations at the time were that the growth rate would continue, propelling Malaysia todeveloped status by 2020, a government policy articulated in Wawasan 2020. At the start of 1997, the KLSE Composite index was above 1,200, the ringgit was trading above 2.50 to the dollar, and the overnight rate was below 7%.In July 1997, within days of the Thai baht devaluation, the Malaysian ringgit was "attacked" by speculators. The overnight rate jumped from under 8% to over 40%. This led to rating downgrades and a general sell off on the stock and currency markets. By end of 1997, ratings had fallen many notches from investment grade to junk, the KLSE had lost more than 50% from above 1,200 to under 600, and the ringgit had lost 50% of its value, falling from above 2.50 to under 4.10 to the dollar. The then premier, Mahathir Mohammad imposed strict capital controls and introduced a 3.80 peg against the US dollarIn 1998, the output of the real economy declined plunging the country into its first recession for many years. The construction sector contracted 23.5%, manufacturing shrunk 9% and the agriculture sector 5.9%. Overall, the country's gross domestic product plunged 6.2% in 1998. During that year, the ringgit plunged below 4.7 and the KLSE fell below 270 points. In September that year, various defensive measures were announced to overcome the crisis. The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime. Bank Negara fixed the ringgit at 3.8 to the dollar. Capital controls were imposed while aid offered from the IMF was refused. Various task force agencies were formed. The Corporate Debt Restructuring Committee dealt with corporate loans. Danaharta discounted and bought bad loans from banks to facilitate orderly asset realization. Danamodal recapitalized banks.Growth then settled at a slower but more sustainable pace. The massive current account deficit became a fairly substantial surplus. Banks were better capitalized and NPLs were realised in an orderly way. Small banks were bought out by strong ones. A large number of PLCs were unable to regulate their financial affairs and were delisted. Compared to the 1997 current account, by 2005, Malaysia was estimated to have a US$14.06 billion surplus.[24] Asset values however, have not returned to their pre-crisis highs. In 2005 the last of the crisis measures were removed as the ringgit was taken off the fixed exchange system. But unlike the pre-crisis days, it did not appear to be a free float, but a managed float, like the Singapore dollar.[edit]SingaporeFurther information: Economy of SingaporeAs the financial crisis spread the economy of Singapore dipped into a short recession. The short duration and milder effect on its economy was credited to the active management by the government. For example, the Monetary Authority of Singapore allowed for a gradual 20% depreciation of the Singapore dollar to cushion and guide the economy to a soft landing. The timing of government programs such as the Interim Upgrading Program and other construction related projects were brought forward. Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to Central Provident Fund cuts to lower labor costs, with limited impact on disposable income and local demand. Unlike in Hong Kong, no attempt was made to directly intervene in the capital markets and the Straits Times Index was allowed to drop 60%. In less than a year, the Singaporean economy fully recovered and continued on its growth trajectory.[25]

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[edit]South KoreaFurther information: Economy of South KoreaMacroeconomic fundamentals in South Korea were good but the banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The South Korean conglomerates, more or less completely controlled by the government, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers. For example, in July 1997, South Korea's third-largest car maker, Kia Motors, asked for emergency loans. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to a further decline in South Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motors took over Kia Motors. Samsung Motors' $5 billion dollar venture was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors(GM).The South Korean won, meanwhile, weakened to more than 1,700 per dollar from around 800. Despite an initial sharp economic slowdown and numerous corporate bankruptcies, South Korea has managed to triple its per capita GDP in dollar terms since 1997. Indeed, it resumed its role as the world's fastest-growing economy—since 1960, per capita GDP has grown from $80 in nominal terms to more than $21,000 as of 2007. However, like the chaebol, South Korea's government did not escape unscathed. Its national debt-to-GDP ratio more than doubled (app. 13% to 30%) as a result of the crisis.In South Korea, the crisis is also commonly referred to as the IMF crisis.[edit]PhilippinesFurther information: Economy of the PhilippinesThe Philippine central bank raised interest rates by 1.75 percentage points in May 1997 and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Philippine Central Bank was forced to intervene heavily to defend the peso, raising the overnight rate from 15% to 32% right upon the onset of the Asian crisis in mid-July 1997. The peso fell significantly, from 26 pesos per dollar at the start of the crisis, to 38 pesos as of mid-1999, and to 54 pesos as of first half August 2001.The Philippine economy recovered from a contraction of 0.6% in GDP during the worst part of the crisis to GDP growth of some 3% by 2001, despite scandals of the administration of Joseph Estrada in 2001, most notably the "jueteng" scandal, causing the PSE Composite Index, the main index of the Philippine Stock Exchange, to fall to some 1000 points from a high of some 3000 points in 1997. The peso fell even further, trading at levels of about 55 pesos to the US dollar. Later that year, Estrada was on the verge of impeachment but his allies in the senate voted against the proceedings to continue further. This led to popular protests culminating in the "EDSA II Revolution", which finally forced his resignation and elevated Gloria Macapagal-Arroyo to the presidency. Arroyo managed to lessen the crisis in the country, which led to the recovery of the Philippine peso to about 50 pesos by the year's end and traded at around 41 pesos to a dollar by end 2007. The stock market also reached an all time high in 2007 and the economy is growing by at least more than 7 percent, its highest in nearly 2 decades.[edit]Hong KongFurther information: Economy of Hong KongAlthough the two events were unrelated, the collapse of the Thai baht on 2 July 1997, came only 24 hours after the United Kingdom handed over sovereignty of Hong Kong to the People's Republic of China. In October 1997, the Hong Kong dollar, which had been pegged at 7.8 to the U.S. dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the U.S.'s for years. Monetary authorities spent more than US$1 billion to defend the local currency. Since Hong Kong had more than US$80 billion in foreign reserves, which is equivalent to 700% of its M1 money supply and 45% of its M3 money supply, the Hong Kong Monetary Authority (effectively the city's central bank) managed to maintain the peg.Stock markets became more and more volatile; between 20 October and 23 October the Hang Seng Index dropped 23%. The Hong Kong Monetary Authority then promised to protect the currency. On 15 August 1998, it raised overnight interest rates from 8% to 23%, and at one point to 500%. The HKMA had recognized that speculators were taking advantage of the city's unique currency-board system, in which overnight rates automatically increase in proportion to large net sales of the local currency. The rate hike, however, increased downward pressure on the stock market, allowing speculators to profit by short selling shares. The HKMA started buying component shares of the Hang Seng Index in mid-August.The HKMA and Donald Tsang, then the Financial Secretary, declared war on speculators. The Government ended up buying approximately HK$120 billion (US$15 billion) worth of shares in various companies,[23] and became the largest shareholder of some of those companies (e.g. the government owned 10% of HSBC) at the end of August, when hostilities ended with the closing of the August Hang Seng Index futures contract. The Government started selling those shares in 2001, making a profit of about HK$30 billion (US$4 billion).

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IndonesiaSee also: Fall of Suharto and Economy of IndonesiaIn June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. But a large number of Indonesian corporations had been borrowing in U.S. dollars. During the preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for these corporations; their effective levels of debt and financing costs had decreased as the local currency's value rose.In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah trading band from 8% to 12%. The rupiah suddenly came under severe attack in August. On 14 August 1997, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further. The IMF came forward with a rescue package of $23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and the Jakarta Stock Exchangetouched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to 'junk bond'.[20]Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by the rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. In February 1998, President Suharto sackedBank Indonesia Governor J. Soedradjad Djiwandono, but this proved insufficient. Suharto resigned under public pressure in May 1998 and Vice President B. J. Habibie was elevated in his place. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 USD.[21] The rate plunged to over 11,000 rupiah to 1 USD in January 1998, with spot rates over 14,000 during January 23–26 and trading again over 14,000 for about six weeks during June-July 1998. On December 31, 1998, the rate was almost exactly 8,000 to 1 USD.[22]Indonesia lost 13.5% of its GDP that year.

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[edit]ThailandFurther information: Economy of ThailandFrom 1985 to 1996, Thailand's economy grew at an average of over 9% per year, the highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%[16]. The baht was pegged at 25 to the US dollar.On 14 May and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudhsaid that he would not devalue the baht. This was the spark that ignited the Asian financial crisis as the Thai government failed to defend the baht, which was pegged to the U.S. dollar, against international speculators. Thailand's booming economy came to a halt amid massive layoffsin finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in the countryside and 600,000 foreign workers being sent back to their home countries.[17] The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the US dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.[18]The Thai government was eventually forced to float the Baht, on 2 July 1997. On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August, 1997, another bailout package of $3.9 billion.Thai opposition parties claimed that former Prime Minister Thaksin Shinawatra had profited from the devaluation,[19] It is now being investigated by the court of justice [though it should be added -a skewed judiciary currently emplaced with passionate anti-Thaksinites].By 2001, Thailand's economy had recovered. The increasing tax revenues allowed the country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. This was due to the effective management of the national economy during Thaksin's Government. The Thai baht continued to appreciate to 34 Baht to the Dollar in July 2008.

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However, the greatest criticism of the IMF's role in the crisis was targeted towards its response.[14] As country after country fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were closely similar to that of the Latin American debt crisis. The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession, the traditional Keynesian response was to increase government spending, prop up major companies, and lower interest rates. The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing economic loss. They pointed out that the U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis.Although such reforms were, in most cases, long needed, the countries most involved ended up undergoing an almost complete political and financial restructuring. They suffered permanent currency devaluations, massive numbers of bankruptcies, collapses of whole sectors of once-booming economies, real estate busts, high unemployment, and social unrest. For most of the countries involved, IMF intervention has been roundly criticized. The role of the International Monetary Fund was so controversial during the crisis that many locals called the financial crisis the "IMF crisis".[15] Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows); maintenance of high domestic interest rates to attract portfolio investment and bank capital; and pegging of the national currency to the dollar to reassure foreign investors against currency risk.[14][edit]IMF and high interest ratesThe conventional high-interest-rate economic wisdom is normally employed by monetary authorities to attain the chain objectives of tightened money supply, discouraged currency speculation, stabilized exchange rate, curbed currency depreciation, and ultimately contained inflation.In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows:From then IMF First Deputy Managing Director, Stanley Fischer (Stanley Fischer, "The IMF and the Asian Crisis," Forum Funds Lecture at UCLA, Los Angeles on March 20, 1998):”When their governments "approached the IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations..."Why not operate with lower interest rates and a greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from a temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency..."From the then IMF Managing Director Michel Camdessus himself ("Doctor Knows Best?" Asiaweek, July 17, 1998, p. 46):"To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations."IMF’s high-interest-rate prescription in the Asian turmoil was quite controversial because it was not the moderate increase in interest rates of usually fraction of one percent, as done in both advanced and developing nations during normal times, but bad-loan provoking high bank lending rates of as much as 60%, as actually implemented during the crisis, especially in the Philippines and Indonesia which had to bear peak non-prime high interest rates of up to 40% and 65%, respectively. The high interest rates, which were a matter of record in the crisis-hit Asian nations, became necessary because of IMF’s prior failure to prescribe to the Asian nations under its sway the needed exchange rate hedging on foreign fund inflow—loans and investments—that surged into the region under the aegis of globalization and currency liberalization promoted by IMF. When the Asian financial crisis erupted in Thailand, it provoked contagion crisis in perceived similarly situated Asian economies. To prevent capital flight that would undermine the exchange rate, IMF prescribed high interest rates aimed at stabilizing exchange rates and saving dollar-debt-ridden Asian corporations from staggering exchange losses on their unhedged foreign loans. The exchange losses could have caused their collapse, with consequent humongous bad loans to their foreign creditors—banks and non-banks—in advanced nations that rule IMF. Thus, instead of leaving economic players by themselves under free market—which meant having the stockholder-owners of dollar-debt-laden Asian companies suffer huge exchange losses from their negligence to hedge on their foreign loans—IMF disturbed the financial market by having discriminated Asian borrowers save, through impoverishing high interest rates, dollar-debt-laden Asian corporations that they do not own, from which they did not derive profits in the past, and from which they will not derive profits in the future. In sum, the high interest rates were not designed to save the ailing Asian economies. These were aimed at saving the Asian corporations' foreign creditors from bad loans, and never mind the concomitant massacre of Asian banks and borrowers from IMF's high-interest-rate prescription.

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The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies. Former Malaysian Prime Minister Mahathir Mohamad accused George Soros of ruining Malaysia's economy with "massive currency speculation." (Soros appeared to have had his bets in against the Asian currency devaluations, incurring a loss when the crisis hit.[citation needed]) At the 30th ASEAN Ministerial Meeting held in Subang Jaya, Malaysia, they issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard.[11] Coincidentally, on that same day, the central bankers of most of the affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the 'New Arrangement to Borrow' operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the 'General Agreement to Borrow' and the 'Emergency Finance Mechanism'. As such, the crisis could be seen as the failure to adequately build capacity in time to prevent Currency Manipulation. This hypothesis enjoyed little support among economists, however, who argue that no single investor could have had enough impact on the market to successfully manipulate the currencies' values. In addition, the level of organization necessary to coordinate a massive exodus of investors from Southeast Asian currencies in order to manipulate their values rendered this possibility remote.[edit]IMF RoleSuch was the scope and the severity of the collapses involved that outside intervention, considered by many as a new kind of colonialism,[12]became urgently needed. Since the countries melting down were among not only the richest in their region, but in the world, and since hundreds of billions of dollars were at stake, any response to the crisis had to be cooperative and international, in this case through theInternational Monetary Fund (IMF). The IMF created a series of bailouts ("rescue packages") for the most affected economies to enable affected nations to avoid default, tying the packages to reforms that were intended to make the restored Asian currency, banking, and financial systems as much like those of the United States and Europe as possible. In other words, the IMF's support was conditional on a series of drastic economic reforms influenced by neoliberal economic principles called a "structural adjustment package" (SAP). The SAPs called on crisis-struck nations to cut back on government spending to reduce deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency, penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in the future, with no favored parties receiving funds by preference. There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In short, exactly the same kinds of financial institutions found in the United States and Europe had to be created in Asia, as a condition for IMF support. In addition, financial systems had to become "transparent", that is, provide the kind of reliable financial information used in the West to make sound financial decisions.[13]

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other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s.[8]Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of credit that became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level.[9] These asset prices eventually began to collapse, causing individuals and companies to default on debt obligations. The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money, the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the fixed exchange rate withforeign reserves. Neither of these policy responses could be sustained for long. Very high interest rates, which can be extremely damaging to an economy that is healthy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that the tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float. The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis.Other economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs pointed to strict monetary and contractory fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a "herd mentality" among investors that magnified a small risk in the real economy. The crisis had thus attracted interest from behavioral economistsinterested in market psychology. Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July 1997. During the 1990s, hot money flew into the Southeast Asia region but investors were often ignorant of the actual fundamentals or risk profiles of the respective economies. The uncertainty regarding the future of Hong Kong led investors to shrink even further away from Asia, exacerbating economic conditions in the area (subsequently leading to the devaluation of the Thai baht on 2 July 1997).[10]

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HistoryUntil 1997, Asia attracted almost half of the total capital inflow to developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia,Singapore, and South Korea experienced high growth rates, 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including the IMF and World Bank, and was known as part of the "Asian economic miracle".In 1994, noted economist Paul Krugman published an article attacking the idea of an "Asian economic miracle".[4] He argued that East Asia's economic growth had historically been the result of increasing capital investment. However, total factor productivity had increased only marginally or not at all. Krugman argued that only growth in total factor productivity, and not capital investment, could lead to long-termprosperity. Krugman's views would be seen by many as prescient after the financial crisis had become apparent, though he himself stated that he had not predicted the crisis nor foreseen its depth.[citation needed]The causes of the debacle are many and disputed. Thailand's economy developed into a bubble fueled by "hot money". More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia, and Indonesia, which had the added complication of what was called "crony capitalism".[5] The short-term capital flow was expensive and often highly conditioned for quick profit. Development money went in a largely uncontrolled manner to certain people only, not particularly the best suited or most efficient, but those closest to the centers of power.[6]At the time of the mid-1990s, Thailand, Indonesia and South Korea had large private current account deficits and the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, two factors began to change their economic environment. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation. This made the U.S. a more attractive investment destination relative to Southeast Asia, which had attracted hot money flows through high short-term interest rates, and raised the value of the U.S. dollar, to which many Southeast Asian nations' currencies were pegged, thus making their exports less competitive. At the same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position.Some economists have advanced the growing exports of China as a contributing factor to ASEAN nations' export growth slowdown, though these economists maintain the main cause of the crises was excessive real estate speculation.[7] China had begun to compete effectively with

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The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.The crisis started in Thailand with the financial collapse of the Thai baht caused by the decision of the Thai government to float the baht, cutting its peg to the USD, after exhaustive efforts to support it in the face of a severe financial overextension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.[1]Though there has been general agreement on the existence of a crisis and its consequences, what is less clear is the causes of the crisis, as well as its scope and resolution. Indonesia, South Korea and Thailandwere the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hurt by the slump. The People's Republic of China, India, Taiwan, Singapore, Brunei and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.Foreign debt-to-GDP ratios rose from 100% to 167% in the four large ASEAN economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13 to 21% and then as high as 40%, while the other Northern NICs (Newly Industrialized Countries) fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.[2]Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suhartowas forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In the Philippines growth dropped to virtually zero in 1998. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover.[3]
startstartstartstartstartstartstart

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Earth is impacted upon by other objects in outer space, including the Sun and the Moon. At present, Earth orbits the Sun once for every roughly 365.26 times it rotates about its axis. This length of time is a sidereal year, which is equal to 365.26 solar days.[12] The Earth's axis of rotation is tilted 23.4° away from the perpendicular to its orbital plane,[13] producing seasonal variations on the planet's surface with a period of one tropical year (365.24 solar days). Earth's only known natural satellite, the Moon, which began orbiting it about 4.53 billion years ago, provides ocean tides, stabilizes the axial tilt and gradually slows the planet's rotation. A cometary bombardment during the early history of the planet played a role in the formation of the oceans.[14] Later, asteroid impacts caused significant changes to the surface environment.[edit]HumanityFurther information: Human and World populationHumans are bipedal primates belonging to the mammalian species Homo sapiens. Compared to other animals, humans have a relatively highly developed brain capable of abstract reasoning, language, and introspection. This mental capability, combined with an erect body carriage that frees their upper limbs for manipulating objects, has allowed humans to make far greater use of tools than any other species. DNA evidence indicates that modern humans originated in Africa about 200,000 years ago.[15] Humans now inhabit every continent and low Earth orbit, with a total population of over 6.73 billion humans as of January 2009.[16]Like most primates, humans are social by nature. However, humans are particularly adept at utilizing systems of communication for self-expression, the exchange of ideas, and organization. Humans create complex social structures composed of many cooperating and competing groups, from families to nations. Social interactions between humans have established an extremely wide variety of traditions, rituals, ethics, values, social norms, and laws which form the basis of human society. Humans have a marked appreciation for beauty and aesthetics which, combined with the human desire for self-expression, has led to cultural innovations such as art, literature and music.Humans are noted for their desire to understand and influence the world around them, seeking to explain and manipulate natural phenomena through science, philosophy, mythology and religion. This natural curiosity has led to the development of advanced tools and skills.

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World is a highly common name for the planet Earth, but it was originally used to mean the sum of human civilization living on it, specifically human experience, history, or the 'human condition' in general.[2]In a metaphysical context, World may refer to the Universe, everything that constitutes reality: see World (philosophy).Some authors, such as Carl Sagan, use the term worlds to refer to planets and moons collectively.Contents [hide]• 1 Etymology• 2 Usage• 3 Earth• 4 Humanity• 5 Development• 6 See also• 7 References• 8 External links
[edit]EtymologyIn English, the etymology of world may be a compound of the obsolete words like a compound of elements for example were meaning man and eld meaning age; thus, its etymology would be semantically rendered as "age or life of man".[3] Compare to the word for "world" in a closely related language to English, Dutch, which is "wereld" and German which is "Welt", but itself a shortening of weralt (wer and alt) [4][edit]Usage'World' distinguishes the entire planet or population from any particular country or region: world affairs are those which pertain not just to one place but to the whole world, and world history is a field of history which examines events from a global (rather than a national or a regional) perspective. Earth, on the other hand, refers to the planet as a physical entity, and distinguishes it from other planets and physical objects.'World' can also be used attributively, as an adjective, to mean 'global', 'relating to the whole world', forming usages such as World community. See World (adjective). Or the body of humanity, as in the original meaning.By extension, a 'world' may refer to any planet or heavenly body, especially when it is thought of as inhabited.'World', in its original sense, when qualified, can also refer to a particular domain of human experience. The world of work describes paid work and the pursuit of a career, in all its social aspects, to distinguish it from home life and academicstudy. The fashion world describes the environment of the designers, fashion houses and consumers that make up the fashion industry. The New World is a part of the world discovered or colonized by Europeans later than other parts; it usually refers to the Americancontinents or to Australia. Native Americans and Native Australians tend to dislike this usage because it implies that their pre-Columbian ancestors were not valid parts of the world. The Old World refers, by contrast, to the continents of Europe, Asia and north Africa. "World of hurt."[edit]EarthMain article: EarthEarth is the only place in the universe where life is known by humanity to exist at this time. Most scientific evidence indicates that the planet formed 4.6 billion years ago,[5][6][7][8] and life appeared on its surface within a billion years. Since then, Earth's biosphere has significantly altered the atmosphere and other abiotic conditions on the planet, enabling the proliferation of aerobic organisms as well as the formation of theozone layer which, together with Earth's magnetic field, blocks harmful radiation, permitting life on land.[9]Earth's outer surface is divided into several rigid segments, or tectonic plates, that gradually migrate across the surface over periods of many millions of years. About 71% of the surface is covered with salt-water oceans, the remainder consisting of continents and islands; liquid water, necessary for all known life, is not known to exist on any other planet's surface.[10][11] Earth's interior remains active, with a thick layer of relatively solid mantle, a liquid outer core that generates a magnetic field, and a solid iron inner core.The earth consists of seven continents listed as follows: North America, South America, Antarctica, Africa, Europe, Asia and Australia; the largest of which is Asia. There are several other methods of determining the continents.

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Andorrakeywords: Andorra information, Andorra news papers, tourist information for Andorra, Andorra map Principality of Andorra Principat d'Andorra Country Profile Flag of Andorra
Background:Long isolated and impoverished, mountainous Andorra has achieved considerable prosperity since World War II through its tourist industry. Many immigrants (legal and illegal) are attracted to the thriving economy with its lack of income taxes.Long isolated and impoverished, mountainous Andorra has achieved considerable prosperity since World War II through its tourist industry. Many immigrants (legal and illegal) are attracted to the thriving economy with its lack of income taxes. .(Source: CIA - The World Factbook)
border countries: France, Spain
Angola
A virtual guide to Angola. This page aims to give you a broad overview of Angolan art, culture, people, environment, geography, history, economy and government. Beside a country profile this page contains links to sources that will provide you with in-depth information about this South African nation, e.g.: official web sites of Angola, addresses of Angolan and foreign embassies, domestic airlines, city- and country guides with extensive travel and tourism information on accommodation, tourist attractions, events and more like weather information, maps, statistics and local newspapers from Angola.Republic of Angola República de Angola Country Profile Flag of Angola
Background:Civil war has been the norm in Angola since independence from Portugal in 1975. A 1994 peace accord between the government and the National Union for the Total Independence of Angola (UNITA) provided for the integration of former UNITA insurgents into the government and armed forces. A national unity government was installed in April of 1997, but serious fighting resumed in late 1998, rendering hundreds of thousands of people homeless. Up to 1.5 million lives may have been lost in fighting over the past quarter century. The death of Jonas SAVIMBI and a cease fire with UNITA may bode well for the country. .(Source: CIA - The World Factbook)
border countries: Democratic Republic of the Congo (former Zaire), Republic of the Congo, Namibia, Zambia
related countries: Portugal
AnguillaDestination Anguilla, a virtual travel guide to the island in the British West Indies. This page aims to give you a broad overview of Anguilla's art, culture, people, environment, geography, history, economy and government. Beside a country profile with facts and figures, the page contains links to sources which provide you with all the information you need to know about this Caribbean island, e.g.: official web sites of Anguilla, domestic airlines, city- and country guides with extensive travel and tourism information on accommodation, tourist attractions, events and more like Anguilla weather information, maps, statistics and local newspapers.Anguilla Sovereignty: United Kingdom Country Profile Flag of Anguilla
Background:Originally inhabited by Arawak and Carib peoples, Anguilla became a British colony after English settlers arrived in 1650. Its people are of mainly African descent. Anguilla, as the first in the chain of the Leeward islands, is located in the Eastern Caribbean, east of Puerto Rico and the Virgin Islands. It is only a few minutes by air from the major international airport of St. Maarten and is serviced by regular flights from the other international Caribbean gateways of Antigua and Puerto Rico. Anguilla's location, and its reputation as a friendly and virtually crime free society, has enabled it to establish itself as a high end tourist destination.

related countries: UK,British Virgin Islands, Puerto Rico, Saint Kitts and Nevis, U.S. Virgin Islands Antigua and BarbudaDestination Antigua and Barbuda, a virtual travel guide to Antigua, Barbuda, and Redonda. This page aims to give you an overview of Antigua and Barbuda's art, culture, people, environment, geography, history, economy and government. Beside a country profile with facts and figures, the page contains links to sources which provide you with all the information you need to know about this Caribbean island nation, e.g.: official web sites of Antigua and Barbuda, country guides with extensive travel and tourism information on accommodation, tourist attractions, events and more like weather information, maps, statistics and local newspapers from Antigua and Barbuda.
Antigua and Barbuda Country Profile Flag of Antigua and Barbuda
Background:Antigua, Barbuda, and Redonda form the independent nation of Antigua and Barbuda, within the Commonwealth of Nations. They are part of the Leeward Islands in the West Indies. The island nation located in the eastern Caribbean Sea was populated by Amerindian tribes when Christopher Columbus "discovered" it in 1493. He named the island "Santa Maria de la Antigua". Settlements by the Spanish and French were succeeded by the English who formed a colony in 1667. They established slavery to run the sugar plantations on Antigua.Antigua and Barbuda became an independent nation in 1981, but it is still British in many of its traditions.

Neighboring island states: Montserrat, Saint Kitts and NevisRelated countries: UK

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American SamoaDestination American Samoa, this page is about many aspects of the archipelago. Here you will find comprehensive information about American Samoa in its diversity: geography, economy, science, people, culture, environment, government and history. You will have access to newspapers from American Samoa and you will find extensive travel and tourism information for American Samoa.American Samoa - Dependency of the USA Flag of American Samoa
Background:American Samoa is a small archipelago in the South Pacific Ocean and is comprised of five volcanic islands (Tutuila, Ta'u, Ofu, Olosega, Aunu'u, Nu'utele) and two coral atolls (Swain's and Rose Islands). Tutuila contains about two thirds of the total area and is home to 95% of the 64 000 islanders. In the time of 1000 B.C. Southeast Asian immmigrants arrived in the Samoan islands and from there they settled the rest of Polynesia.First sparsely contacts with Europeans began in the early 1700s, intensified with the arrival of English missionaries and traders in the 1830s.International rivalries had been settled by the Treaty of Berlin in 1899 in which Germany and the US divided the Samoan archipelago. The US formally occupied its portion.Despite of modern influences Samoan people still hold firmly to "Fa'asamoa", the traditional Samoan way, related to their language, dress, food, customs and even property.
related countries: Samoa, New Zealand, USA
other Polynesian islands: Cook Islands, French Polynesia (Tahiti), Niue, Pitcairn, Samoa, Tonga, Tuvalu

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AlbaniaA virtual guide to Albania. Get an overview of Albania's art, culture, people, environment, geography, history, economy and its government. Beside a country profile with facts and figures, this page offers maps, statistics, weather information, and links to sources that provide you with information about this Southwestern European nation, e.g.: official web sites of Albania, addresses of Albania`s and foreign embassies, domestic airlines, local news, city- and country guides with extensive travel and tourism information on accommodation, tourist attractions, events and more.Republic of Albania Shqipëria Flag of Albania
Background:In 1990 Albania ended 44 years of xenophobic communist rule and established a multiparty democracy. The transition has proven difficult as corrupt governments have tried to deal with high unemployment, a dilapidated infrastructure, widespread gangsterism, and disruptive political opponents. International observers judged local elections in 2000 to be acceptable and a step toward democratic development, but serious deficiencies remain to be corrected before the the 2001 parliamentary elections. (Source: CIA - The World Factbook)
border countries: Greece, Macedonia, Rep. of, Montenegro, Serbia

AlgeriaDestination Algeria, this page is about many aspects of Algeria. Here you will find comprehensive information about Algeria in its diversity: geography, economy, science, people, culture, environment, government and history.You will have access to newspapers from Algeria and you will find travel and tourism information for Algeria.
People's Democratic Republic of Algeria Al Jaza'ir
Flag of Algeria
al Jaza'ir
Background:Algeria is Africa's second largest country, covering an area of nearly 2.5 million square miles. Algeria's indigenous Berber people has been under foreign rule for much of the last 3000 years. The Phoenicians (1000 BC) and the Romans (200 BC) were the most important of these. With the incursion of Muslim Arabs in the 7th-8th century into the region, Islamic influence came to the Berbers and almost a millenium of domination by Arab dynasties.In the beginning of the 16th century the region was placed under protection of the ottoman Sultan of Istanbul, followed by reigns of ottoman beys, pachas, and aghas, brought to an end with the beginning of the French colonization in 1830. The French occupation condemned Algeria's population to economic, social and political inferiority and caused an armed resistance lasting for decades. After a century of rule by France, Algeria became independent in 1962 and Arabic became official language - with a little help of Quran teachers from Egypt and Saudi Arabia.Since then le pouvoir ("the power"), an elite of business leaders and generals behind a democratic façade has run Algeria.
Algeria is a member state of the League of Arab Statesborder countries: Libya, Mali, Mauritania, Morocco, Niger, Tunisiarelated countries: France

2009-11-01T23:28:00.001-08:00

AfghanistanA virtual guide to Afghanistan. This page aims to give you a broad overview of Afghanistan's art, culture, people, environment, geography, history, economy and government. Beside a country profile with facts and figures, the page offers links to sources which provide you with all the information you need to know about this Southern Asian nation, e.g.: official web sites of Afghanistan, addresses of Afghan and foreign embassies, domestic airlines, country guides, maps, and local news from Afghanistan. Islamic Republic of Afghanistan Afghanestan New Flag of Afghanistan
Afghanistan's recent history is characterized by war and civil unrest. The Soviet Union invaded in 1979, but was forced to withdraw 10 years later by anti-Communist mujahidin forces supplied and trained by the US, Saudi Arabia, Pakistan, and others. Fighting subsequently continued among the various mujahidin factions, giving rise to a state of warlordism that eventually spawned the Taliban. Backed by foreign sponsors, the Taliban developed as a political force and eventually seized power. The Taliban were able to capture most of the country, aside from Northern Alliance strongholds primarily in the northeast, until US and allied military action in support of the opposition following the 11 September 2001 terrorist attacks forced the group's downfall. In late 2001, major leaders from the Afghan opposition groups and diaspora met in Bonn, Germany, and agreed on a plan for the formulation of a new government structure that resulted in the inauguration of Hamid KARZAI as Chairman of the Afghan Interim Authority (AIA) on 22 December 2001. The AIA held a nationwide Loya Jirga (Grand Assembly) in June 2002, and KARZAI was elected President by secret ballot of the Transitional Islamic State of Afghanistan (TISA). The Transitional Authority has an 18-month mandate to hold a nationwide Loya Jirga to adopt a constitution and a 24-month mandate to hold nationwide elections. In December 2002, the TISA marked the one-year anniversary of the fall of the Taliban. In addition to occasionally violent political jockeying and ongoing military action to root out remaining terrorists and Taliban elements, the country suffers from enormous poverty, a crumbling infrastructure, and widespread land mines. (Source: CIA - The World Factbook)
border countries: China, Iran, Pakistan, Tajikistan, Turkmenistan, Uzbekistan

2009-11-01T23:28:00.000-08:00

2009-11-01T23:27:00.001-08:00

International real estate experts forecasted that the global financial crisis will continue until the end of the current year and there are some attractive investment opportunities during these volatile times!
Seneff was one of three commercial real estate experts to speak Wednesday night at “Real Estate Market Strategies: 2009,” a forum organized and presented by The Center for Real Estate Education & Research, the College of Business at Florida State University. It was held at the Tampa Marriott Westshore.
Seneff; Frank Liantonio, the head of U.S. capital markets for New York-based and Rudy Touzet, principal of Miami’s, all agreed that there’ll be unprecedented investment opportunities later this year as lenders sell distressed loans and foreclosed properties.
“There will be as great an opportunity as we’ll ever see in our lifetime,” said Touzet, former president of America’s Capital Partners. Commercial mortgage defaults will be at a greater level than seen in the past and will rise to unprecedented levels, he added.
The housing market must hit bottom before the economy can begin to rebound, said Liantonio, who contends the federal government had to intervene in the foreclosure crisis to bring back stability.
“Housing is really what created this,” he said. “Until we put a floor under housing, we’ll continue to have this death spiral.”
Seneff, however, criticized the extent of the government intervention and said inflation will follow in the coming years.
“This [recession] is not unprecedented,” he said. “It has happened over and over again throughout history. We can get from there to here.”
Americans “must suck it up” and make it work, he said.
Liantonio pointed out that it costs more to use a Citibank card at an ATM not part of its system than it does to buy a share of the company’s stock, which fell below $1 on Thursday.
“We’re in a repression,” Liantonio said. “It has sucked the confidence out of the American people.”
As far as the capital on the sidelines, the panelists said more current data points based on sales are needed for investors and lenders to determine the value of properties.
The panelists expect cap rates to continue to rise as investors look for yield in deciding to buy.The seminar hosted three senior investment managers who are specialized in the global real estate sector, namely Kim Redding from Brookfield Redding, Peter Hobbs, from RREEF, the real estate investment arm of Deutsche Bank, and Russel Bernard from Westport Capital. The symposium discussed the current state of the international real estate sector, the reasons behind the current economic crisis and the future outlook of these markets over the short and medium terms. Bryan Campo, expert real estate investor and business owner, is one of only a handful of participants selected for America’s Premier Expert class of 2009 and participating in The Ultimate Celebrity Branding Experience™. Mr. Campo’s unique background in engineering, statistics, options trading, real estate, business development, investment tax law, decision analysis, and asset protection led him to identify and capitalize on several investment opportunities At the beginning of the seminar, Kim Redding, from Brookfield Redding which currently manages assets of more than $2.6 billion, spoke about the investment policy of his company and the strategies they follow to invest in real estate assets which include conventional and long-short hedged strategies. Redding pointed out that these strategies have protected clients assets from the severe negative effects of the current global financial crisis. Moreover, the performance of their real estate funds outperform ed their respective benchmarks which during 2008 endured a very difficult year and were down for more than 40% around the world. The current situation we are facing is a serious and a new one which was never witnessed before. For the first time in history, Central Banks around the world are working together and moving very swiftly in an effort to dampen the impact of the crisis". Many governments intervened and injected large amounts of funds in their financial systems thus owning large stakes in financial companies and banks to save them from going bust. These actions were taken by governments in the US, UK, Japan, United Arab E mirates and other countries around the world. Hobbs expected that the sharp recession which commenced during 2008 will continue during 2009. He thinks that we will witness signs of recovery in early 2010, followed by a full recovery during 2011 and 2012. Under these current difficult circumstances, there are some unique investment opportunities which appeared on the surface given the dislocation in valuations. However, although these opportunities have high upside potential, the downside risk is high as well due.
Investment opportunities on horizon

2009-11-01T23:20:00.000-08:00

Acer Laptop - Aspire 3000 SpecificationsProcessor AMD Mobile Sempron 3000+ / 1.8 GHz Memory Installed Size 256 MB / 2 GB(max) Operating System Microsoft windows XP Home Edition Display 15.4 inchesSystem Graphics Video Graphics processor SiSM760GXHard Disk Drive 40 GBDimensions 14.3" x 11" x 1.5"Weight 6.2 lbsPower 4 cell Lithium ion batteryI/O Ports Comprehensive I/O ports, including three USB 2.0 ports, a PC Card slot, modem and Ethernet ports Compare laptops
About Aspire 3000The Acer Aspire 3000 is one of the great values laptops. The Acer Aspire 3000 is available in inexpensive price now. This is having spectacular features in it. It is a best choice to buy such a laptop notebook pc in low price. It is included with built in devices stereo speakers. The display type is of 15 in TFT matrix with maximum resolution of 1024 x 768 XGA. The most important thing to increase the speed is cache memory is type of L2 cache with 128KB size. The hard drive with in it is of 40GB. Lot of professionals are impressed with its performance. This notebook laptop will give pleasant work experience to the users. The display color support is with 24-bit for 16.7 million colors.In Acer Aspire 3000 the storage controller type is IDE. This Acer Laptop's audio output type is sound card, input is microphone. It is also provided by one year warranty. When it comes to design part of Acer Aspire 3000 laptop it gets maximum points compare to other laptop pcs. The processor is featured with enhanced virus protection, streaming SIMD extensions 2 and hyper transport. For any laptop pc notebook the optical storage is important. The VGA port, 56kbps modem, Ethernet jacks, three USB 2.0 ports, one type II pc card slot and headphone, line-in, microphone are the three jacks all offered by Acer Laptops exclusively. In this Acer Aspire 3000 included with CD-RW/DVD-ROM Combo as optical storage. The reading speed of CD/DVD is 24 x (CD)/8x (DVD). The write speed of CD/DVD is 24 x and rewrite speed of 24 x.

Acer Laptop - Aspire 4530 SpecificationsProcessor AMD Athlon X2 Dual-Core Processor QL-60 Memory 2GB (1GB installed in each of two memory slots) DDR2 667 SDRAMUser upgradeable up to 4GB Operating System Genuine Windows Vista Home Premium Display 14.1 WXGA (1280 x 800) TFT LCD with Acer CrystalBrite TechnologySystem Graphics Integrated NVIDIA GeForce 9100M G graphicsHard Disk Drive 120GB hard disk driveOptical Drive Integrated variable-speed Super-Multi drive (DVD+R, DVD-R, DVD-RAM)Web Cam integrated Acer Crystal Eye webcamWi-Fi
Dimensions 13.3 x 9.6 x 1.1 - 1.5 inchesWeight 5.3 lbsPower 65-watt AC adapterI/O Ports DC-inRJ-11 modemRJ-45 LANVGAHeadphones/speaker/line-outMicrophoneLine-inthree USB 2.0 Compare laptops
About Acer Aspire 4530 LaptopPeople aspire to succeed and thus Acer brings forth to us the Aspire series to help us realize our dreams. The Acer Aspire 4530 laptop is stylishly crafted for perfection and has the logo of Acer screaming out their achievement at the surface. The exterior concocts a tale of convenience, individuality and excitement.There is an Empowering key on the keyboard which provides instant access to the diverse technology presented by Acer. You have a 14.1 inch screen space to enjoy your movies and videos.You are sure to have fun in using the laptop. The hard disk provides magic to the system. It is generous in its storage, helps the system to boot at an enhanced pace and installs multimedia application in a jiffy.The latest Acer Bio-Protection fingerprint technology adds an extra feather to the security. Your notebook has to pass the finger print test to execute the functions. This strengthens the security of your notebook.Software from Acer like GridVista, CrystalBrite helps in multitasking and enhances your multimedia experience respectively.The Acer notebooks entertain you in your leisure. High quality sound is sure to enthrall you. There is a 5 in 1 card reader which enhances the transfer of data from cameras, digital phones etc to provide rapid access to files piled up in SD card, Memory Stick etc.The notebooks promise broader and efficient communication. For businessmen the video conferencing facility provided by Acer is efficient enough to mobilize communication between professionals. You have an inbuilt Bluetooth technology to make rapid exchange of data to further distances with broader coverage of profiles.

2009-10-29T22:35:00.001-07:00

These General Mechanical and Electrical Equipment Requirements, which apply to all mechanical, electrical and instrumentation systems and equipment, are a part of each and all of the separate Sections of the Specification. The Contractor shall direct the attention of all manufacturers and suppliers of mechanical and related appurtenances for the work to the provisions of the Contract Documents and this Section and also to the climatic conditions at the Site.

37.2 JOB CONDITIONS

Drawings are diagrammatic and indicate the general layout of the complete Works. Locations of equipment, valves, inserts, anchors, motors, panels, pull boxes, cables, conduits, stub-ups, lighting fixtures, power and convenience outlets, and exterior lighting units are approximate. The Contractor shall conform to the Drawing as closely as possible, exercising care to secure approved head rooms and clearances, to overcome structural interference and to verify scaled dimensions, field dimensions and conditions at the place of work.

37.3 QUALITY ASSURANCE

All equipment furnished shall be of a design that has been used in similar applications and shall be demonstrated to the satisfaction of the Engineer that the quality is equal to equipment specified or made by those manufacturers specifically named herein. The manufacturer shall have successfully designed and furnished similar sized or larger equipment for a similar application.

The Engineer may inspect equipment at the factory. The Contractor shall notify the Engineer in sufficient time so that the factory inspection can be arranged. Factory inspections will be made after the manufacturer has performed satisfactory checks, adjustments, tests and operations. Approval of equipment at the factory only allows the manufacturer to ship the equipment to the Site and does not constitute final acceptance.

Factory tests are required for equipment as specified in the detailed specification.

37.4 ADAPTATION OF EQUIPMENT

No responsibility for alteration of a planned structure to accommodate substitute equipment will be taken by the Engineer. Equipment which requires alteration of the structures will be considered only if the Contractor assumes all responsibility for making and coordinating all necessary alterations. All revisions to structures, mechanical, electrical, or other work made necessary by such substitution shall require the approval of the Engineer and the cost of said revisions, including cost of any redesign by the Engineer, shall be made at the Contractor's expense.

After approval of the Mechanical and Electrical drawings, the Contractor shall prepare and submit to the Engineer revised Drawings showing any necessary revisions to the proposed civil structures. The location, size and details of box-outs and fixings for mechanical and electrical and other equipment shall be shown on the revised Drawings and the Contractor will be responsible for providing in the civil structures the correct location and size of the box-outs and fixings shown on the approved mechanical and electrical drawings. The Contractor shall prepare at his own cost the necessary revised civil drawings and detailed structural and other design calculations and submit them to the Engineer for approval. The Contractor shall not be entitled to an Extension of Time for Completion for any delays from the preparation of such revised drawings. The Contract price shall not be increased as a result of any changes in the civil structure from that shown on the Contract Drawings, unless such changes are the result of a variation properly ordered by the Employer.

37.5 GUARANTEE AND WARRANTIES

The Contractor shall guarantee all equipment in accordance with the Conditions of the Contract. In addition to the general guarantee requirements, equipment guarantee shall cover (1) faulty or inadequate design; (2) improper assembly or erection; (3) defective workmanship or materials; and (4) leakage, breakage, or other failure. For equipment bearing a manufacturer’s warranty in excess of one year, furnish a copy of the warranty to Engineer.

2009-10-29T22:34:00.002-07:00

Technical Data

The Contractor shall submit the following documents for all equipment in accordance with a time schedule commensurate with the construction programme. The Contractor shall note that this time schedule should be submitted to the Engineer within seven (7) days from the commencement of the Contract, and obtain prior approval.

Submittal 1

Detailed schedule of submittals.

Drawing list and schedule for submittal.

Submittal 2

Shipment schedule

Descriptive catalogues and manuals certified by the manufacturers.

List of materials of construction of equipment.

For each motor: Motor data, including the manufacturer; the minimum guaranteed efficiency and power factor at full load, 3/4 load, and 1/2 load; locked motor current in amps; full load current in amps; the motor speed in rpm; mounting details: motor housing materials; winding material; NEMA Design Letter; NEMA Code Letter; ambient temperatures including de-rating factors and maximum elevations in which motor is designated to operate continuously; service factor; NEMA insulation class; temperature rise; type of enclosure; voltage; bearing life dynamic balance. Field recorded current data shall indicate the full load current for each motor and current rating for the overload relay, each motor starter and control.

Submittal 3

Dimensioned general layout drawings of all equipment

Control panel layouts

Single line diagrams showing final loads and cable sizes

Submittal 4

All remaining Shop/ Construction Drawings

Submittal 5

Draft instruction manuals (in English)

2009-10-29T22:34:00.001-07:00

Shop/ Construction Drawings

Drawings shall be submitted to the Engineer within the time periods specified above but prior to fabrication of custom made equipment or the placing of orders for manufactured equipment and after the approval of submitted Technical Data. Shop/ Construction Drawings shall be submitted in complete sets indexed by specification paragraph and Drawing number describing the various equipment items or systems. Shop/ Construction Drawings, data and Specification for the equipment shall include, but shall not be limited to complete fabrication, assembly, foundation, and installation drawings, together with detailed Specification and data covering performance, weight of the equipment, power drive assembly, parts, devices, writing diagrams, anchor bolt placement and details including projections from concrete, materials of construction including shafts, bearings, impellers, castings, pump stuffing boxes and shaft guards, electric motor data including size, make, type, designation, and mounting details, detailed pipe drawings and all other accessories forming part of the equipment to be furnished.

2009-10-29T22:33:00.003-07:00

Coordination of Unit Responsibilities

Refer to pertinent Sections for items of equipment to be assembled of several components under the unit responsibility of one manufacturer. To coordinate these requirements, the Contractor shall monitor and verify the unit responsibility processes and submit the following information to the Engineer in writing on a monthly basis:

Shipment dates of the various components to the unit responsibility manufacturers.

Scheduled dates of factory tests by unit responsibility manufacturers.
Scheduled shipment dates to site of unit responsibility items

Submittals for Operational Demonstrations and System Validation Tests

2009-10-29T22:33:00.001-07:00

Submittals for Operational Demonstrations and System Validation Tests

At least 60 days before the first operational demonstration is to be performed, the Contractor shall submit a detailed and comprehensive procedure plan for performance of each operational demonstration required. Identical equipment items may be covered under one plan. An estimated date and duration for each procedure and the personnel required shall be included.

At least 60 days before the first system validation test is to be performed and the Contractor shall submit a detailed and comprehensive procedure plan for performance of each separate validation test and for each validation test that covers two or more systems. Each procedure plan shall describe and itemize the involved system including associated electrical equipment and instrumentation and control systems, and shall include evidence of an organized step-by-step procedure properly coordinating the efforts of the various trades and manufacturer's representatives involved and of the operations of the facilities. The procedure plan shall include an estimated duration and date for each procedure and the personnel required.

In addition to the information specified above, each procedure plan shall include the following information, as applicable:

Description of temporary procedure facilities including drawings and sketches as required to fully illustrating the facilities.

List of test materials and estimated quantities.

List of instruments, measuring, and recording devices, and other test equipment, whether a part of the plan or furnished separately for temporary use.

Names of supervising and inspecting manufacturers.

Complete listing of all functional parameters to be observed and recorded.

Recording intervals.

Samples of the forms, charts, and other materials to be used in recording demonstration and validation test results shall be submitted.

Within 10 days after completion of each procedure plan 3 copies of all recordings and results of all operational demonstration and system validation tests shall be submitted.

Manufacturer's Certified Reports

2009-10-29T22:32:00.003-07:00

Manufacturer's Certified Reports

To the extent required under this Section, the equipment manufacturer, or his authorized representative shall submit a written report with respect to his equipment certifying that (1) the equipment has been properly installed, wired, and connected under his supervision, (2) the equipment is in accurate alignment, (3) he was present when the equipment was placed in operation, (4) he has checked, inspected, and adjusted the equipment as necessary, (5) the equipment has been operated under full load conditions and operated satisfactorily, and (6) the equipment is fully covered under the terms of the guarantee.

Record Drawings

2009-10-29T22:32:00.001-07:00

Record Drawings

Record Drawings shall be submitted.

The complete set of drawings for approval shall be submitted to the Engineer within thirty days on Completion of Test. The Engineer's approval, or otherwise, to the drawings shall be given within thirty days of receipt of the complete drawings. The Contractor shall submit final copies of drawings within thirty days of receipt of the Engineer's approval.

Drawings shall include but not be limited to complete schematics and wiring diagrams; drawings showing all installed equipment, conduits, piping/tubing, pipes, cables and all routing and tray systems; supports and mounting details; point to point diagrams with cable wire, tube and termination numbers for instrumentation.

Instruction Manuals

2009-10-29T22:31:00.004-07:00

Instruction Manuals

The Contractor shall submit four sets of Instruction Manuals and Priced Parts Lists for all mechanical, electrical and instrumentation equipment to the Engineer. The final copies shall be provided to the Engineer within two weeks of the commencement of the Maintenance Period and shall include all revisions necessary to correct for any changes made during installation or checkout.

The manuals shall include not less than the following information for all equipment supplied:

§ General introduction and overall description, purpose, functions, simplified theory of operations, etc., particularly for logic schematics.

§ Specification (including equipment specification data sheets).

§ Installation instructions, procedures, sequences, tolerances and precautions.

§ Operational procedures

§ Shut-down procedures

§ Maintenance, calibration and repair instructions.

§ Greasing and lubrication charts.

§ Schematics and wiring diagrams.
§ mechanical

§ Detailed circuit operational description including programmable controller ladder diagrams.

§ Parts list and spare parts recommendations.

The format of the manuals shall use drawings and pictorials to illustrate the text to the extent necessary to insure a clear, concise presentation. If manuals have been written to cover a family of similar equipment, strike out inapplicable information in a neat fashion or emphasize applicable portion by heavily weighted arrows, circles or boxes; whichever provides the clearest and neatest presentation. Where identical instruments are used in more than one control loop or subsystem, include only one instrument manual. However, an index by tag number for all instruments shall identify its location in that manual.

Control loop and/ or subsystem operational description shall identify the function of each instrument and its relation to the other instruments in the loop.

Each manual shall be bound in a cover which indicates the equipment, panel or process area to which it applies manufacturer’s name, local address and telephone number, and year of purchase.

Ordinances and Regulations

2009-10-29T22:31:00.003-07:00

Ordinances and Regulations

Materials, equipment and workmanship shall be designed to comply with and shall be installed in accordance with the requirements of all legally constituted public authorities having jurisdiction, including Safety Orders and Fire Protection Rules and Regulations. Except that where provisions of these Specifications exceed such requirements, these Specifications shall govern. The Contractor shall obtain and pay for all permits, licenses and inspections that are required for the performing of his work by all laws, ordinances, rules, regulations or orders of any body lawfully empowered to make or issue same, having jurisdiction.

PRODUCT DELIVERY, STORAGE AND HANDLING

2009-10-29T22:31:00.001-07:00

PRODUCT DELIVERY, STORAGE AND HANDLING

All equipment shall be boxed, crated or otherwise enclosed and protected during shipment, handling, storage and after installation until final acceptance of the equipment. Electrical materials shall be delivered in manufacturer's original cartons or containers with seals intact as applicable. Large multicomponent assemblies shall be delivered in sections that facilitate field handling and installation.

Unless designed for outdoor use, all equipment shall be kept dry, off the ground and covered from exposure to weather. Pumps, motors, electrical equipment and equipment having anti-friction or sleeve bearings shall be stored in weather tight storage facilities. Heaters in equipment shall be connected and operated until the equipment is placed in operation. The Contractor shall prevent corrosion, contamination or deterioration of stored equipment.

Equipment and materials shall be handled in accordance with manufacturer's recommendations. Large or heavy items shall only be lifted by the designated points. Padded slings and hooks shall be used for lifting to prevent damage.

All equipment shall be protected until final acceptance and all factory surfaces must be protected from impact, abrasion, discolouration and other damage. All damaged equipment must be repaired or replaced before final acceptance.

Materials and Workmanship

2009-10-29T22:30:00.003-07:00

Materials and Workmanship

All equipment furnished shall be new and guaranteed free from defects in materials, design, and workmanship. It shall be the manufacturer's responsibility to ascertain the conditions and service under which the equipment will operate and to warrant that operation under those conditions shall be successful. All parts of the equipment shall be amply proportioned for all stresses that may occur during fabrication, erection, and intermittent or continuous operation. Equipment and materials shall be provided suitable for the service conditions and meeting standard Specifications such as ANSI, ASME, AWWA, ASTM, IEC, NEMA, BS, UBC and UL.

All equipment shall be designed, fabricated, and assembled in accordance with the best modern engineering shop practice. Individual parts shall be manufactured to standard sizes and gauges so that repair parts, furnished at any time, can be installed in the field. Corresponding parts of duplicate units shall be interchangeable. Equipment shall not have been in service at any time prior to delivery, except as required by tests. Iron castings shall be tough, close-grained gray iron, free from blow-holes, flaws, or excessive shrinkage and shall conform to ASTM A4874.

LUBRICATION

2009-10-29T22:30:00.001-07:00

LUBRICATION

Lubricants

The Contractor shall provide lubricants of types recommended by equipment manufacturers in quantities sufficient for consumption prior to completion, testing, and final acceptance. In addition sufficient approved lubricants for one year normal operation shall be provided.

Lubrication Systems

Lubrication of equipment shall insure constant presence of lubricant on all wearing surfaces. Lubricant fill and drain openings shall be readily accessible. Easy means for checking the lubricant level shall be provided. Prior to testing and/ or operation, the equipment shall receive the prescribed amount and type of lubricant as required by the equipment manufacturer. Equipment lubrication systems shall be systems that require attention no more than weekly during continuous operation and shall not require attention during star-up shut down, and shall not waste lubricants.

STRUCTURAL STEEL FABRICATIONS

2009-10-29T22:29:00.004-07:00

STRUCTURAL STEEL FABRICATIONS

Fabrication shall conform to “Code of Standard Practice for Steel Building and Bridges” and “Specification for the Design, Fabrication and Erection of Structural Steel for Buildings” of the AISC unless otherwise indicated or specified. Design all fabrications for dynamic and vibratory loadings. Structural steel shapes will be conforming to ASTM A36, A500, A501, A570, A618, or equal as applicable shall be used. Welding shall conform to AWS D1.1 Structural Welding Code. Specified items shall be galvanized in accordance with ASTM A1234, A153, or A386 as applicable; and galvanized bolts and fasteners with galvanized assemblies will be used. All structural members shall be considered as subject to shock or vibratory loads. Unless otherwise specified, all steel which will be submerged, fully or in part, during normal operation of the equipment shall have a minimum nominal thickness of 6mm.

EQUIPMENT BASES AND BEDPLATES

2009-10-29T22:29:00.003-07:00

EQUIPMENT BASES AND BEDPLATES

Equipment assemblies shall be mounted on a single heavy cast iron or welded steel bedplate unless otherwise shown or specified. Provide bases and bedplates with machined support pads, tapered dowels for alignment or mating of adjacent items, adequate openings to facilitate grouting, and openings for electrical conduits. Continuously weld seams and contact edges between steel plates and shapes, and grind welds smooth. Do not support machinery or piping on bedplates other than that which is factory installed. Provide jacking screws in equipment bases and bedplates to aid in levelling prior to grouting. Provide plates of minimum thickness of 6mm. Pump bedplates shall include a drip lip and provisions for directing gland leakage to a single disposal point.

ANCHORS AND SLEEVES

2009-10-29T22:29:00.001-07:00

ANCHORS AND SLEEVES

Each equipment manufacture shall furnish the required anchor bolts, nuts, washers, and sleeves of adequate design for securing bases and bedplates to concrete bases, all stainless steel, hot-dip galvanized or cadmium plated as specified for each item. Sleeves of at least 1-1/2 times anchor bolt diameter shall be provided. Anchor bolts shall be provided of length to allow for 40mm of grout under baseplates and adequate anchorage into structural concrete unless otherwise shown or specified.

All anchors used in areas containing sewage or sewage gases shall be approved stainless steel. All fixing holes shall be grouted with epoxy mortar and the exposed fixing material sealed with a coal tar epoxy or GRP coating as appropriate.

SAFETY GUARDS

2009-10-29T22:27:00.000-07:00

SAFETY GUARDS

All the chain drives, fan blades, couplings, exposed shafts and other moving or rotating parts shall be covered on all sides with safety guards conforming to all relevant state, and local codes and regulations; conforming to the most restrictive requirements. Safety guards shall be free of all sharp edges and corners. Corrosion-resistant materials at least equivalent to hot-dip galvanized steel shall be used. Safety guards shall be fabricated from 16 USS gage, or heavier, galvanized or aluminium clad steel or 12mm mesh galvanized expanded metal. Guards shall be designed for easy installation and removal. Necessary supports, accessories, and fasteners shall be provided of hot-dip galvanized steel or stainless steel. Guards in outdoor locations shall be designed to prevent entrance of rain and dripping water.

DRIVE UNITS

2009-10-29T22:24:00.000-07:00

DRIVE UNITS

Drive units shall be designed with a AGMA rating and service factor suitable for 24 hours continuous duty service under operating load, constructed to preclude oil leakage around shafts. Drive unit housings shall be constructed of high grade cast iron, welded steel, or other suitable material. Thermal rating of each unit shall exceed the design load or proper cooling devices shall be provided. All drives shall be designed especially for the service for which they are to operate.

V-Belt Drives

2009-10-29T22:23:00.006-07:00

V-Belt Drives

Each V-belt shall be equipped with a sliding base or other suitable tension adjustment. Where motors are to be adjusted to tension the belts in a vertical direction, this shall be accomplished by four studs which are double nutted to the motor plate to raise and lower the motor plate. Hinges with a jacking screw to tension the belts shall not be used. Provide drives having a service factor of at least 1.6 at maximum torque using nameplate rating of driving motor.

2009-10-29T22:23:00.005-07:00

GEARED POWER TRANSMISSION UNITS

Oil-lubricated totally enclosed gear reducers and increasers shall be provided.

Service Ratings

Each gear shall have a nameplate service power rating equal to the nameplate rating of the driving motor. Each gear shall have mechanical and thermal capacity equal to or greater than an equivalent power determined by multiplying the service power rating by the specified service factor recommended by AGMA for heavy duty service, except each set of worm gears shall have a minimum service factor of 1.20 and all other gears shall have a minimum service factor of 1.50.

Thermal Rating

Thermal rating for the equivalent power shall be obtained without auxiliary cooling equipment such as heat exchangers. Units shall be designed to operate continuously for the conditions specified in a location where ambient temperatures vary from 7oC to 55oC, and metal surfaces in direct sunlight can reach 85oC. Data for any gear reducer/ increaser requiring a cooling coil shall be submitted to the Engineer for approval. If a cooling coil is require, provided minimum 25mm diameter tubing and a 25mm solenoid supply water valve with the gear.

Bearings

Anti-friction bearings shall be provided throughout, designed to give minimum 20000 hours B10 life for the specified power in continuous operation consistent with acceptable modern practices for applied radial and thrust loads at the speeds involved. Provide thrust bearing rates at 1-1/2 times the maximum thrust loadings involved.

Gear Nameplates

Each geared power transmission unit shall be equipped with an AGMA nameplate which shows service power, actual service factor for actual mechanical or thermal rating as applicable, and AGMA gear Class I rating.

2009-10-29T22:23:00.003-07:00

ELECTRICAL MOTORS FOR MECHANICAL EQUIPMENT

Motors shall conform with general and specific requirements for driven equipment.

2009-10-29T22:23:00.001-07:00

CONTACTS

Contacts specified to be supplied as part of equipment for interlock or failure indication shall provide SPDT switches rated for 240 Vac, 50 Hz at 5 amperes resistive or 3 amperes inductive loading, terminated at screw-type barrier strips in a NEMA 4 enclosure, unless otherwise shown or specified.

2009-10-29T22:22:00.008-07:00

GAUGES

Gauges shall be installed in the discharge of each pump. The gauges shall be 150mm diameter and shall include a valve between the pump and the gauge. For solids-bearing or corrosive fluids a diaphragm gauge isolator shall be provided.

2009-10-29T22:22:00.007-07:00

NAME PLATES AND DATA PLATES

Provide Type 316 stainless steel name plates of ample size with embossed or pre-printed lettering, fastened to the equipment in a prominent place with corrosion - resisting pins. On nameplates, display manufacturer, serial number, date of manufacture, model number and essential operating characteristics. Inscribe data plates with specific or directed information.

2009-10-29T22:22:00.005-07:00

PROTECTION OF FINISH

The Contractor shall provide adequate means for fully protecting all finished parts of the materials and equipment against damage from whatever cause during the progress of the work and until final completion. All materials and equipment in storage and during construction shall be protected in such a manner that no finished surfaces shall be damaged or marred and all moving parts shall be kept perfectly clean and dry. Painting shall conform to applicable requirements as mentioned below:

2009-10-29T22:22:00.003-07:00

Factory Painting

On mechanical equipment, drives, starters, control panels and other similar self-contained or enclosed components, apply a factory primer and high-quality oil-resistant baked industrial enamel finish. Paint or otherwise protect surfaces that are inaccessible after assembly by a method which provides protection for the life of the equipment.

2009-10-29T22:22:00.001-07:00

Shop Priming

Apply one or more shop coats of metal primer on surfaces to be finish painted at the site, coating thickness to protect surfaces until finished. Use primers specified for the required paint systems. Contractor shall submit for approval the coating systems intended for use. Shop primers for affected items of equipment shall consist of only those approved for intended protective coating system. Shop drawing submittals shall make it clearly evident that this has been coordinated.

2009-10-29T22:21:00.000-07:00

Rust Prevention

Machined, polished, other ferrous surfaces, and non-ferrous surfaces which are not to be painted shall be coated with an approved rust preventive compound, and, in the case of aluminium be anodized. Structural galvanized steel and stainless steel need not to be coated.

2009-10-29T22:19:00.002-07:00

Coordination

The drawings show in a diagrammatic form the arrangements desired for the principal apparatus, piping, and similar appurtenances, and shall be followed as closely as possible. Proper judgement shall be exercised in carrying out the work to secure the best possible headroom and space conditions throughout, to secure neat arrangement of piping, valves, fixtures, hangers, and similar appurtenances, and to overcome local difficulties and interference of structural conditions wherever encountered.

The Contractor shall take all measurements for his work at the installation sites, verify all dimensions and conditions at the place of installation, verify subcontractor drawings and be responsible for the proper installation, within the available space of the apparatus specified and shown on the drawings and submit written details and reasons for proposed deviations from drawing and Specifications and shall secure the approval of the Engineer for any variations before making any changes.

2009-10-29T22:19:00.001-07:00

PREPARATION

Prior to installing equipment, ensure that installation areas are clean and that concrete or masonry operations are completed. Maintain the areas in broom-clean condition during installation operations. Clean, condition, and service equipment in accordance with the approved Instruction Manuals and requirements in other Sections of this Specification before installing.

2009-10-29T22:18:00.004-07:00

INSTALLATION

Structural Fabrications

Structural steel shall conform to the AISC Code and Specification.

Equipment

Conform to approved Instruction Manuals. Employ skilled craftsmen experienced in installation of the types of equipment specified. Use specialized tools and equipment, such as precision machinist levels, dial indicators, gauges, and micrometers, as applicable. Produce acceptable installations free of vibration or other defects.

Anchor Bolts

Deliver bolts with templates or setting drawings and verify that bolts are correctly located before structural concrete is placed.

Base and Bedplate Grouting
Do not place grout until initial fitting and alignment of connected piping is completed. Level and align equipment on the concrete foundations using suitable steel and brass shimming, then entirely fill the space under base or bedplates with grout. Bevel exposed grout at 45 degrees angle, except round exposed grout at horizontal surfaces for drainage. Trowel or point exposed grout to a smooth dense finish and damp cure with burlap for three days. When grout is fully hardened, remove jacking screws and tighten nuts on anchor bolts. Check the installation for alignment and level, and perform approved corrective work as required to conform to the tolerances given in the applicable Instruction Manual

2009-10-29T22:18:00.003-07:00

TESTING

Field Quality Control

All costs for performing operational demonstrations and system validation tests shall be included in the Contract Rates, and no extra payment will be made to the Contractor on account of overtime, weekend, or holiday labour costs required to perform and complete the demonstrations and validation tests. Requirements specified in this Section are in addition to the demonstration and test requirements specified under other Sections of the Specification.

Operational Demonstrations and Systems Validation Testing

Testing shall be performed by the Contractor in accordance with the approved procedure plans to demonstrate to the Engineers satisfaction that:

All components of the process systems defined herein, the complete systems, and the new plant systems are fully completed and operatable.

All units, components, systems, and the entire plant systems operate with the efficiency, repeatability, and accuracy indicated and specified; and

All components, systems, and the entire plant conform to the Contract Documents and the approved Shop/ Construction Drawings, samples, construction manuals, material lists, and other approved submittals.

Scope of Operational Demonstrations and Systems Validation Testing

System validation tests are required for all mechanical and electrical equipment, and systems specified including all associated and related electrical systems and control devices specified and instrumentation and control systems specified except the Building Plumbing shall be tested as specified in the relevant Sections.

Works to be operationally demonstrated are defined as individual equipment items such as pumps, aerators, scrapers, mixer, etc. and all similar equipment items. Demonstrations shall be performed simultaneously on groups of identical equipment items and groups of items supplied by one manufacturer to the extent feasible.

Systems to be validation tested are defined as complete systems that perform a discrete process function of the plant such as primary clarification system, secondary clarification system, sludge recycling system, pumping systems, emergency power system, and similar systems. Each system shall include associated structures, tanks, piping, utilities, instrumentation and controls, and like related items. Two or more separate systems shall be validation tested simultaneously when necessary to validate an entire discrete plant function.

Operational demonstrations and validation testing shall not commence for any equipment item or system until all related structures, piping, electrical, instrumentation, control, and like work have been installed, tested and connected in compliance with the pertaining requirements specified elsewhere in the Specification.

Fresh potable water shall be used to fill tanks, wells, piping, and systems that contain water or sludge for normal operation. The specified chemicals shall be used for chemical systems but do not exceed in service concentrations. All temporary facilities, storage, and similar facilities shall be furnished. Use procedures that conserve testing materials and avoid wastage, especially with respect to large quantities of fresh water and electrical power.

Operational demonstrations and system validation testing shall be performed under continuous inspection by the Engineer. Technical representatives of the various equipment manufacturers shall be present at the start of the operational demonstration, shall examine their equipment at least twice near the beginning and end of the validation tests, shall supervise the start-up and adjustment procedures, and shall perform all other services necessary for the manufacturer's certified reports required herein.

All defects and malfunctions disclosed by demonstrations and validation tests shall be immediately corrected using approved methods and new materials for repairs as required. Interruption time necessary for corrective work shall be added to the specified total demonstration and validation test periods.

Satisfactory completion and approval of required operational demonstrations and system validation testing is one of the conditions precedents to the Engineer's acceptance of the work and does not constitute final acceptance.

Operational Demonstrations

The performance of installed equipment shall be demonstrated that it complies with all requirements indicated and specified. Equipment items shall be operated through entire no-load to full-load range in accordance with the approved procedure plan for not less than 24 consecutive hours, unless a longer period is specified under other Sections.

Commissioning and System Validation Tests

Plant shall be commissioned with potable water and the Contractor shall supervise the working of the Plant for system validation tests and shall during that period provide all necessary engineering and technical supervision continuously to effect any adjustment that may be necessary. Perform validation testing in accordance with the approved procedure plan.

Each system shall be tested, including standby systems, by continuous operation in “in-service” condition for not less than 168 consecutive hours, with no interruptions except for normal maintenance or corrective work. Where the “in-service” condition is an automatically controlled repeat cycle with on/off intervals, it shall be so operated.

Systems shall be operated continuously 24 hours a day under constant inspection of trained operators. System operation shall be cycled from full load to light load and back to full load each 24 hours. Variable speed equipment shall cycle through the applicable speed range at a steady rate of change. Simulated alarm and distressed operating conditions shall be induced and test controls and protective devices tested for correct operation in adjusting system functions or causing system shutdown.

Subject to Contractor's request and Engineer’s approval in each case, Contractor may simulate certain operating conditions relating to flow rates, water levels, and malfunctions. Permission for simulations will be granted only where it is unwise or impossible to obtain the conditions covered by the capability of ranges or equipment. The simulation methods shall reflect reasonable anticipated operating conditions.

When the whole of the Works has been run under the supervision of the Contractor for validation tests to the complete satisfaction of the Engineer without interruption (for 3 months) and the Engineer shall have so certified in writing then the Contractor may apply for PAC of the Works in accordance with the Conditions of Contract.

Ranges for Testing

Flow metering systems shall be tested at not less than 3 values corresponding approximately to minimum, average and maximum capacity, respectively.

Variable speed equipment shall demonstrate accurate response to speed controlling devices and controls within the required operating ranges. Actual output shaft speeds of manually adjustable speed equipment shall be validated by measurement of shaft speeds versus speeds shown by equipment instruments.

Automatic Response of Equipment

Response of equipment to appropriate manual or automatic controls, or combinations of both automatic and manual controls, shall be demonstrated to be correct and accurate. Where applicable, all components shall be tested for both manual and automatic operation. Where a component performs more than one function shall be validated.

Pumping equipment shall respond accurately and reliably to liquid level and flow rate signals from appurtenant basins, sumps, or wet wells. Automatic alteration and backup pump functions shall also be validated.

Chemical feed systems where so designed shall respond accurately to flow signals and feed proportionally over the ranges of process flows to be validated.

Ventilation systems and air compressors shall respond accurately, smoothly and reliably to control signals, where applicable.

Recording of Data

Neat and comprehensive records of each operational demonstration and system validation test shall be maintained by the Contractor. Each portion of the demonstration or validation procedure shall be described with all components itemized. Records shall be prepared on forms in a step-by-step fashion paralleling the approved procedure plans. Forms shall list for the following:

a) Step taken;
b) Result anticipated;
c) Result obtained;
d) If incorrect, corrective action taken; and
e) Retest result;
f) Steps (d) and (c) shall be repeated until all systems operate as required.

Instruments, gauges, and other sensors and display devices forming a part of the various systems shall be employed for data acquisition to the extent applicable. Contractor shall furnish all other instruments, gauges, recorders, and test devices as required of the types conforming to the approved procedure plans.

All applicable data such as, but not limited to water and other liquid levels, flows, pressure, head differentials, duration of runs, instrument readings, chemical feed rates, voltage settings, drive speeds, motor running currents, voltages, pressure, clarity and related information, as applicable, and in accordance with the approved procedure plans, shall be recorded at the start and finish of each operational demonstration and at maximum 8 hours intervals during system validation tests, unless shorter intervals are specified elsewhere.
When a repeat of the same demonstration or validation test is required to verify the results, the repeat procedure shall be indicated on the recorded data by numerical indication, date, and time

2009-10-29T22:18:00.001-07:00

INSTRUCTION OF EMPLOYER'S PERSONNEL

After the equipment has been installed, tested, adjusted and placed in after satisfactory operation the Contractor shall provide the services of manufacturer's representative to instruct the operating personnel in the use and maintenance of the equipment. An instruction program shall be conducted for up to size plant operators designated by the Employer. The Contractor shall give the Engineer and Employer at least one month's written notice of the proposed instruction program. Instruction covering basic system operation theory, routine maintenance and repair, and "hands on" operation of equipment involved, and the Employer's approval of instruction adequacy obtained before terminating the program. Instruction periods shall be acceptable to the Employer and be prepared in consultation with him.

2009-10-29T22:17:00.003-07:00

COORDINATION OF DEMONSTRATION, TESTING AND INSTRUCTION REQUIREMENTS
Operational demonstrations, system validation testing, and instruction of Employer personnel may be performed simultaneously, subject to prior approval of the extent of coordination in each case

2009-10-29T22:17:00.001-07:00

RUNNING MAINTENANCE

The Contractor shall be responsible for operating the works and for carrying out running maintenance of the systems for three months after issue of the Provisional Acceptance Certificate (PAC).

2009-10-29T22:16:00.001-07:00

IN-SERVICE CHECKS

As a part of the Work, an in-service check of each system required to be validation tested shall be performed twice during the period of the Contractor's guarantee by qualified technical representatives of the various system manufacturers, including manufacturers of equipment components within systems. Checks shall be detailed and complete, requiring not less than 8 hours at the site, and shall be performed under the observation and to the satisfaction of the Engineer. All costs for in-service checks shall be included in the Contract Prices.

Notification

The Engineer shall be notified in writing at least 10 days before the performance of each in-service check. The proposed dates for checking shall be changed if required by the Engineer.

Consultation

At the time of each in-service check, the manufacturer's technical representatives shall consult with the Engineer to review the O&M Manual and the pertinent operational and maintenance problems encountered, and shall furnish technical advice and recommendations to the Engineer.

Schedule

Initial in-service checks shall be performed approximately 6 months after issue of Provisional Acceptance Certificate. The second in-service check shall be performed within 30 days of the end of the Contractor's guarantee period.

Reports

A written report of each in-service check, signed by the appropriate manufacturer or his representative, shall be delivered to the Engineer within 10 days following the check. The report shall describe the checking procedure in detail, and shall state all advice and recommendations given to the Engineer.

2009-10-28T22:19:00.001-07:00

Engr. Wei Jun
Director & Chief Authorized Representative in Pakistan,
CLIC-UEC Joint Venture
Lahore

Subject: Release of balance payment
CETP Sunder Industrial Estate, Lahore

Sir,

Reference agreement between ACE & CLIC - UEC Joint Venture dated Feb 4, 2009 for providing consultancy services for the preparation of Preliminary Design and Priced Bill of Quantities for bidding purposes of the subject project.

As per contract 50 % of the contract value of Rs 1.0 Million shall be paid to the design engineer upon signing of the contract and remaining 50 % within one week after the submission of the Technical Proposal.

The Technical proposal stands cleared by the client for the submission of the tenders vide letter NEC Consultants letter no NEC-SIE-CETP-EPC-09-16 dt April 25, 09.

Draft Priced Bill of Quantities was also handed over to your company’s representative Mr. Amjad Qurban for comments.

It is therefore requested that the balance payment of Rs 0.5 million may kindly be made at an early date.

Shoaib Qureshi
Head Env & PH Section
Associated Consulting Engineers – ACE(Pvt) Ltd

CC: Regional Director for information
Chief Business Development for information

In this regards, draft Tender document (Volume 2) provided by the client along with supporting documents were handed over to your companies representative Mr. Amjad Qurban on 4.5.09. All the documents including the rate analysis which provided the basis of the cost were also discussed at length with him. Comments on the documents are awaited from your end.

2009-10-12T21:58:00.000-07:00

Account - A record of transactions of goods and services owed to one person by another.
Accreting Swap (see also Interest Rate Swap) - An exchange of interest rate payments at regular intervals based upon pre-set indices and notional amounts in which the notional amounts decrease over time.
Actuals (see also Cash; Physicals; Underlying) - Financial instruments that exist in one of the four main asset classes: interest rates, foreign exchange, equities or commodities. Typically, derivatives are used to hedge actual exposure or to take positions in actual markets.
ADX (Average Directional Index) - Unlike most oscillators, ADX does not attempt to gauge the direction of the trend; instead, it works to gauge the strength of the trend. ADX operates on a scale of 0 to 100; the higher the oscillator, the stronger the trend.
Agent - An intermediary or person hired to carry out transactions on behalf of another person.
Aggregate - RiskTotal amount of exposure a bank has with a customer for both spot and forward contracts.
Aggregate Demand - Total demand in an economy, consisting of government spending, private/consumer and business investment.
All or None - Refers to requests for a broker to fill an order completely at a predetermined price or not at all. Refers to both buy and sell orders.
American-style options - Options that permit exercise at any time on or before the expiration date.
Anonymous trading - Visible bids and offers on the market without the identity of the bidder and seller being revealed. Anonymous trades allow the high profile investors to execute transactions without the scrutiny and speculation of the market.
Appreciation - An increase in the value of a currency in response to market demand.
Arbitrage - When a price differential arises, creating an opportunity to profit through buying and selling. Arbitrage is a "riskless" opportunity to profit, as there is no uncertainty involved. In regards to the foreign exchange market, arbitrage arises when a profit can be made through differentials in exchange rates. Arbitrage opportunities in the foreign exchange market are rare.
Around - Used in quoting forward "premium / discount".
Ascending Triangles - A bullish continuation pattern that is shaped like a right triangle consisting of two or more equal highs forming a horizontal line at the top.
Asian Option - An option whose payoff depends on the average price of the underlying asset over a certain period of time. These types of option contracts are attractive because they tend to cost less than regular American options.
Ask - Also called "offer." Indicates a willingness to sell a futures contract at a given price. See Bid.
Ask Rate - The lowest price that shares will be offered for sale, such as the bid/ask spread in the foreign exchange market.
Ask Size - The number of shares a seller is willing to sell at his/her ask rate.
Asset Allocation - The diversification of one's assets into different sectors, such as real estate, stocks, bonds, and forex, to optimize growth potential and minimize risk.
Asset-Liability Management - Closing out exposure to fluctuations in interest rates by matching the timing of cashflows associated with assets and liabilities. This is a technique commonly used by financial institutions and large corporations.
Asset Swap - An interest rate swap used to alter the cash flow characteristics of an institution's assets in order to provide a better match with its liabilities.
Assignment - Notice to the seller of an option that has been exercised by the buyer.
Associated person (AP) - A person, commonly called a commodity broker, associated with and solici ting customers and orders for a futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the CFTC and be a member of the NFA.
At Best - An instruction given to a dealer to buy or sell at the best rate that is currently available in the market.
At or Better - An order to deal at a specific rate or better.
At-the-Market (see also Market Order) - A type of financial transaction in which the order to buy or sell is executed at the current prevailing market price.
At-the-money - An option with a strike price equal to the underlying futures price.
At-the-Money Spot - An option whose strike price is equal to the current, prevailing price in the underlying cash spot market.
At-the-Money Forward - An option whose strike price is equal to the current, prevailing price in the underlying forward market.
At Par Forward Spread - When the forward price is equivalent to the spot price.
At the Price Stop-Loss Order - A stop-loss order that must be executed at the requested level regardless of market conditions.
Attorney in Fact - A person given the right or authority to act on behalf of another to carryout business transactions and implement documents.
Auction - Sale of an item to the highest bidder. (1) A method commonly used in exchange control regimes for the allocation of foreign exchange. (2) A method for allocating government paper, such as US Treasury Bills. Small investors are given preferential access to the bills. The average issuing price is then computed on the basis of the competitive bids accepted. In some circumstances for government auctions it is the yield rather than the price which is bid.
Authorized Dealer - A financial institution or bank authorized to deal in foreign exchange.
Automatic Exercise - A procedure implemented to protect an option holder where the Option Clearing Corporation will automatically exercise an "in the money" option for the holder.
Average Rate Option - A contract where the exercise price is based on the difference between the strike price and the average spot rate over the contract period. Sometimes called an "Asian option".
Away From the Market - When the bid on an order is lower (or the ask price is higher) than the current market price for the security.

2009-10-12T21:47:00.000-07:00

HairHair LossHalloweenHappinessHardwareHDTVHealthHealth InsuranceHealthy EatingHeart DiseaseHerbalHistoryHobbiesHolidaysHome BusinessHome ImprovementHome OrganizationHome RepairHome SecurityHorsesHotelsHTMLHumanitiesHumorHuntingInnovationInspirationalInsuranceInterior Decorating Interior DesignInternetInternet MarketingInternet TipsInvestingInvestmentJavascriptJewelleryJokesKitchenLadies AccessoriesLandscapingLandscaping GardeningLanguageLas VegasLawLawyerLCD / PLASMALeadershipLeases LeasingLegalLife InsuranceLingerieLink PopularityLoansLoveLove PoemsLung Mesothelioma AsbestosMagazinesMailing ListMake Money OnlineManagementMapsMarketingMarriageMarriage WeddingMartial ArtsMedicineMeditationMetalMLMMobile Cell PhoneMoneyMortgageMortgage RefinanceMotivationMotorcyclesMP3MultimediaMusicNatureNegotiation Network MarketingNetworkingNew YorkNewsNewslettersNutritionOnline PromotionOnline ShoppingOrganizingOtherOutdoorsPaid SurveyParenting Pay Per ClickPC GamesPerfumePersonal FinancePersonal InjuryPersonal TechPersonalsPets PhilosophyPhotographyPoetryPokerPoliticsPositive AttitudePPC AdvertisingPRPregnancyPresentationPropertyPsychologyPublic SpeakingPublishingRadioReadingReal EstateReality TVRecipesRecreationRelationshipsReligionRentalsResearchResumeRomance RSSSalesSales LetterSales ManagementSales TelesellingSales TrainingSatellite TVScamsSchoolsScienceSE PositioningSE TacticsSearch EnginesSecuritySelf EmploymentSelf HelpSEOSexualityShoesShoppingSite PromotionSite SecuritySkin CareSmall BusinessSmokingSocial IssuesSoftwareSpaceSpamSpam BlockerSpiritualitySportsSpy wareStocks Mutual FundsStrategic PlanningStressStress ManagementStructured SettlementsSubscriptionsSuccessSupernaturalSupplementsSupport GroupsTattoosTaxesTeam BuildingTechnologyTelevisionThanksgivingTheatreTheme ParksTime ManagementTop TipsTop7 Or 10 TipsTourismToysTradingTraffic AnalysisTraffic BuildingTrainingTravelUnemploymentUniversityVacation RentalsVideo ConferencingVideo StreamingViral MarketingVirusVOIPWealth BuildingWeatherWeb DesignWeb DevelopmentWeb HostingWeb ServicesWebmastersWebsite TrafficWeddingWeight LossWifiWildlifeWineWine SpiritsWisdomWomenWomen’s IssuesWritingWriting ArticlesWriting TipsYoga

2009-10-12T21:43:00.001-07:00

CarsCartoonsCasinoCasino GamblingCelebritiesCell PhoneCGIChatChristmasCinemaClaimsClimbingClothesCoachingCoffeeCollege UniversityCommunicationCompetitionsComputer TipsComputersConcertsCookingCooking TipsCopywritingCosmetic SurgeryCosmeticsCraftCrafts HobbiesCreative WritingCreativityCreditCredit CardsCredit RepairCrimeCruising SailingCSSCultureCurrency TradingCustomer ServiceDanceData RecoveryDatingDebt Consolidation Debt GeneralDebt ReliefDecoratingDentalDepressionDesignDHTMLDiabeticsDietsDigital CameraDirect MailDivingDivorce DogsDomain NamesDownloadsDramaDriving TipsDrugsDVDEarn money onlineE MarketingEasterEbayEbooksEcommerceEducationElder CareElectricialEmail MarketingEnergyEntertainmentEntrepreneurialismEnvironmentEssayEthicsEuropeExerciseExhibitionsEzine MarketingEzine PublishingFamilyFashionFashion StyleFilmsFinanceFishingFitnessFitness EquipmentFlowersFluFontsFoodForumsFree StuffFriendsFuelFurnitureGamblingGamesGames CheatsGardeningGeographyGiftsGoal SettingGolfGoogleGovernmentGPSGrief Loss

2009-10-12T21:41:00.000-07:00

AccountingAcneAddictionsAdsenseAdvertisingAdviceAerobicsAerobics CardioAffiliateAlternativeAnimalsArtArticlesAsiasAstrologyAttractionsAuctionsAudioAudio StreamingAuto CareAuto PartsAuto ResponderAutosAviationAwardsBabies ToddlerBabyBaby NamesBankruptcyBarsBaseballBathroomBeautyBedroomBeersBlogging RSSBoatsBody BuildingBook MarketingBook ReviewsBooksBrandingBreast CancerBroadband InternetBuild MuscleBuildingBusinessBusiness LoanBusiness PlanCancerCar BuyingCar InsuranceCar LoanCar MaintenanceCareerCareers Employment

2009-10-12T21:39:00.000-07:00

Computers
The Contractor shall supply, for the sole use of the Engineer, survey and other instruments and equipment, as listed in 5.3 of the Bill of Quantities. The instruments and equipment shall be new and shall be maintained in a good state of repair. In the event of loss or damage, they shall be replaced by items of a similar nature.
The Contractor shall supply computer hardware and software as detailed in 5.3 of the Bill of Quantities for the sole use of the Engineer and his staff.
The computers shall be of a model and of a manufacturer approved by the Engineer. All hardware and all software shall be supplied new and fully licensed in the name of the Employer.
On completion of the Contract, or at a time specified by the Engineer, the ownership of all computers and associated equipment shall be transferred to the Employer.
36.10 Transport
The Contractor shall supply motor vehicles as listed in Schedule 5.4 of the Bill of Quantities. These vehicles shall be for the sole use of the Engineer and his staff and shall be available at all times.
All vehicles shall be fitted with the manufacturer’s tropical and off-highway extras including tow bars and air conditioning. Derb weight and tyre pressures shall be stated on each vehicle, and the vehicles shall conform in all respects to the regulations of the appropriate registration authority.
The Contractor shall provide competent English speaking drivers to the approval of the Engineer for all vehicles used on the Site. Any driver found unsuitable by the Engineer shall be replaced immediately.
The vehicles provided shall be maintained at all times in good running order. Should any vehicles at any time become, in the opinion of the Engineer, unserviceable by normal use in the conditions and demands of the Site, the Contractor shall replace them without delay. If the Contractor fails to provide replacement transport, the Engineer shall be entitled to withhold the issue of a Payment Certificate until such time as a replacement is provided.
The Contractor shall provide all necessary fuel, oil, etc. and shall bear all expenses in connection with running, maintenance, upkeep, licensing and insurance.
Insurance for all vehicles shall be ‘comprehensive’ and include:
a cover for the Engineer and his staff driving the vehicle, and for any other persons that the Engineer requires to be included:
b usage on the business of the Engineer and his staff for social, domestic and pleasure purposes; and
c liability to third parties (including passengers whether the Engineer, his staff or others) for an unlimited indemnity in respect of death or personal injury and for the maximum indemnity reasonable in respect of loss, destruction or damage to property.
On completion of the Defect Notice Period, ownership of the vehicles shall be transferred to the Employer.
36.11 Assistance to the Engineer
The Contractor shall supply such labor, either continuously or from time, as may be required by the Engineer, to assist in the checking of materials on Site, the setting out of the Works and it measuring the Work. Contractor shall also provide one draughtsman for Engineer to assist him in the preparation of revised drawings.
36.12 Deadlines and Penalties.
The Contractor shall provide the office accommodation complete with all furniture, fixing, equipment and service specified within two months from commencement. Failure to provide this accommodation shall result in a penalty of Rs. 2000 per calendar day until acceptable office accommodation is provided.
Suitable vehicles, to the approval of the Engineer and as alternatives to those to be provided new, shall, subject to receipt of a written instruction from the Engineer, be provided for the Engineer and his staff on the date of commencement of the Works. If the Contractor fails to provide the new vehicles within three months of the date of commencement of the Work then the alternative transport shall continue to be provided and in addition, the Contractor shall pay to the Employer the sum of Rs. 500 per vehicle per calendar day, for each vehicle not provided, until all the vehicles are provided.

2009-10-12T21:11:00.000-07:00

Office Accommodation for the Engineer
The Contractor shall provide site office and maintain, service and insure it until the expiry of the Defect Notice Period, or until such earlier time as the Engineer may direct. The office shall be for the sole use of the Engineer’s staff. On completion of the Contract, or at a time specified by the Engineer, the ownership of all furniture and equipment, except for survey equipment, shall be transferred to the Employer.
36.2 Location of the Building
The site office building shall be provided at a location to be approved by the Engineer within the project area. All weather access roads and vehicle parking areas shall be provided to serve the buildings.
The Contractor shall provide surfaced water drainage facilities to protect the buildings from surface run-off and to convey it away from the buildings.
36.3 Site Office Building
The office building shall be of good quality construction suitable for the local climate, to the entire satisfaction of the Engineer, The minimum floor area of the office accommodation shall be 1350 Sft. The Contractor shall submit his detailed proposals for the office building, including layouts to the Engineer for approval before commencing construction or leasing.
The building shall have air-conditioning and heating arrangement as scheduled in the Bill of Quantities, lockable doors, windows fitted with fly-mesh and shall be divided with partitions into private offices and meeting rooms as required by the Engineer.
Each individual office shall have a toilet and washbasin in addition to a set of communal toilet to cater for the Engineer and his staff, and the office shall be provided with a kitchen and a store room.
The Contractor shall provide all service and infrastructure. He shall light, clean and maintain the building and shall provide potable water and sanitary system and
arrangements for refuse disposal. The Contractor shall provide mains electricity supply of sufficient power for general use, including air conditioning.
The site office shall be provided with car parking for 4 vehicles and 2 motor cycles and shall be provided with a 550 Sft open storage yard. It shall be surrounded by a secure fence / wall with lockable gates and security lighting.
The Contractor shall provide 24 hours security for the office. The Engineer may require security bars and locks to be fitted to all external doors and windows. The interior and exterior of the building shall be painted immediately prior to occupation with paint type and color to the approval of the Engineer.

2009-10-05T23:34:00.001-07:00

BOURNEMOUTH
Student Support Team
DorsetHouse,
20-22 Christchurch Road
Bournemouth
BH1 3NL
Student Support Office
Surnames A-K: 01202 456237
Surnames L-Z: 01202 456355
DSA Enquiries: 01202 456 274
Fax : 01202 456191
Email : student.support@bournemouth.gov.uk

BRACKNELL FOREST
Student Finance Team
Bracknell Forest Borough Council
Seymour House
38 Broadway
BRACKNELL
RG12 1AU
A-G Tel: 01344 354026
H-Z Tel: 01344 354025
Fax: 01344 354146
Email : student.finance@bracknell-forest.gov.uk

BRISTOL
Student Finance & Support
Bristol City Council,
The Council House,
College Green,
Bristol,
BS1 5TR

Tel: 0117 903 6666
Email: Studentfinance@bristol.gov.uk

*PLEASE NOTE CHANGE TO SERVICE*
Please be advised that as of the 1 December 2008, a reception service is no

Tel:0113 2475326
Fax: 0113 2475320
Email : student.awards@leeds.gov.uk

LEICESTER
Student Awards, Loans & Grants
Leicester City Council
10 York Road
LEICESTER
LE1 5TS
Student Awards Office
Tel : 01162 294300
Fax : 01162 220682
Email : student.awards@leicester.gov.uk

LEICESTERSHIRE
Awards, Loans and Grant Services
Education Department
County Hall
Glenfield
LEICESTER
LE3 8SA
Student Awards Office
Tel : 0116 305 6376
Tel : 0116 305 6382
Fax : 0116 265 6400
Email : studentloans@leics.gov.uk

LEWISHAM
Student Support
London Borough of Lewisham
3rd Floor Laurence House
Catford Road
LONDON
SE6 4SW
Prinicpal Benefits Office
Tel : 02083 146223
Fax : 02083 143019
Web : http://www.lewisham.gov.uk/EducationAndLearning/

LINCOLNSHIRE
Student Support
PO Box 244
LINCOLN
LN1 1WN
Student Awards Office
Tel : 01522 836595
Fax : 01522 516083
Email : student_support@lincolnshire.gov.uk
Web : http://www.lincolnshire.gov.uk/section.asp?catId=1937

LIVERPOOL
Liverpool Direct Limited
Education Awards Section
PO Box 2013
LIVERPOOL
L69 2DY
Student Awards Office
Tel : 01512 333006
Email : Educ.Awards2@liverpooldirectlimited.co.uk

LUTON
Student Support Manager
Luton Borough Council
Lifelong Learning Dept Unity House
111 Stuart Street
LUTON
LU1 5NP
Student Support Office
Tel : 01582 548080
Fax : 01582 548044
Email : educationawards@luton.gov.uk

MANCHESTER
Student Support Section
PO Box 191
Overseas House
Quay Street
Manchester
M60 3ST
A - K Tel: 0161 2347078
L - Z Tel: 0161 2347079
Fax : 01612 347004
Email : fund4study@manchester.gov.uk

MEDWAY
Medway Council Student Finance
Woodlands Place
Woodlands Road
Gillingham
Kent
ME7 2DT

Tel: 01634 332 371
Tel: 01634 332 379

MERTON
Student Support Section
London Borough of Merton
Civic Centre
London Road
MORDEN
SM4 5DX
A - G Tel : 02085 453255
H - O Tel : 02085 453254
P - Z Tel : 02085 453256
Fax : 02085 453252
Email : student.support@merton.gov.uk
Web : http://www.merton.gov.uk/learning/studentsupport.htm

MIDDLESBROUGH
HBS Service Middlesbrough
Student Support Team
PO Box 352 First Floor
Middlesbrough House
MIDDLESBROUGH
TS1 1XH
Student Support
Tel : 01642 726535
Fax : 01642 264982

MILTON KEYNES
Student Support Adult Learning
Buckinghamshire County Council
County Hall
Aylesbury
BUCKS
HP20 1UZ
Tel : 01296 383268
Fax : 01296 383871
Email : studentsupportteam@buckscc.gov.uk
Web : http://www.mkweb.co.uk/education-learning/home.asp

NEWCASTLE UPON TYNE
Newcastle City Council
Student Services Section
Children's Services Directorate
Civic Centre
Newcastle upon Tyne
NE1 8PU
Tel: 0191 2115323
Fax: 0191 2114983
E Mail student.info@newcastle.gov.uk
Web:
www.newcastle.gov.uk

NEWHAM
Student Support Section
PO Box 37009
London
E15 1WD
Tel: 020 8430 4884
Fax: 020 8430 6573

NORFOLK
Student Support
Children's Services
County Hall
NORWICH
NR1 2DL
A - C Tel : 01603 222336 / 222447
D - J Tel : 01603 222335 / 222444
K - Q Tel : 01603 222443
R - Z Tel : 01603 222337 / 222338
Fax : 01603 222119
Email : studentsupport.edu@norfolk.gov.uk
Web : www.esinet.norfolk.gov.uk/studentsup

NORTH EAST LINCOLNSHIRE
John Oliver
School & Student Access Manager
Children's Services
North East Lincolnshire Council
3rd Floor Freeman House
Freeman Way
Grimsby
DN32 7AU

Tel : 01472 323215
Fax : 01472 323054

NORTH LINCOLNSHIRE
Student Support
North Lincolnshire Council
Hewson House
PO Box 35 Station Road
BRIGG
DN20 8XJ
Student Support Office
Tel : 01724 297286
Fax : 01724 297242

NORTH SOMERSET
Children and Young People's Services
Student Finance
Town Hall
WESTON-SUPER-MARE
BS23 1UJ
A-Jz Tel: 01934 426159 (Dawn Sedgeman)
K-Z Tel: 01934 426638 (Tony Pearle)
General Enquiry line Tel: 01934 426790

NORTH TYNESIDE
Gill Alexander
Strategic Director for Children, Young People and Learning Student Support Service Education,
Skill and Innovation
First Floor
Quadrant West
Silverlink North
Cobalt Business Park
North Tyneside
NE27 0BY
Tel: 0191 200 7070
Fax: 0191 2007023

NORTH YORKSHIRE
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

NORTHAMPTONSHIRE
Student Finance
Northamptonshire County Council
PO Box 216
John Dryden House
8-10 The Lakes
NORTHAMPTON
NN4 7DD
Tel : 01604 236 236
Fax : 01604 237414
Email : studentsupport@northamptonshire.gov.uk

NORTHUMBERLAND
Student Support Office
Finance Directorate
Northumberland County Council
County Hall
Morpeth
Northumberland
NE61 2EF
Tel : 01670 533088
Fax : 01670 533731
Email: studentsupport@northumberland.gov.uk

NOTTINGHAM
Student Awards Section
Sandfield Centre
Sandfield Road
Lenton
Nottingham
NG7 1QH
Tel: 0115 9157555
Fax: 0115 9153755

NOTTINGHAMSHIRE
Student Finance Service
Nottinghamshire County Council
County Hall
West Bridgford
NOTTINGHAM
NG2 7QP
Tel : 01159 772277
Fax : 01159 772437
Email : student.support@education.nottscc.gov.uk
Web : http://www.nottinghamshire.gov.uk/home/learningandwork/student.htm

OLDHAM
Oldham
Student Support
PO Box 40
Civic Centre
West Street
Oldham
OL1 1XJ
Tel 0161 770 3352
Fax 0161 770 4277
Email : studentsupport@oldham.co.uk

OXFORDSHIRE
Student Support
Children and Young People's Service
Macclesfield House
New Road
Oxford
OX1 1NA
Tel : 01865 815433
Fax : 01865 815109
Email : student.support@oxfordshire.gov.uk

PETERBOROUGH
Student Finance Service
Cambridgeshire County Council
ELH 1112
Castle Court
Shire Hall CAMBRIDGE
CB3 0AP
For general enquiries tel: 01223 717942
For Assessment related enquiries telephone the number according to the student surname
Student Surname Telephone No.
A - K :01223 717036
L - Z : 01223 717945
Fax : 01223 717771
Email : student.finance@cambridgeshire.gov.uk

PLYMOUTH
Department for Lifelong Learning
Student Support
Martins Gate
Bretonside
PLYMOUTH
PL4 0AT
Tel : 01752 253290
Fax : 01752 255945
Email : studenthelp@plymouth.gov.uk
Web : www.plymouth.gov.uk/studentsupport

POOLE
Education Awards Team
Children & Young People's Integrated Services
Borough of Poole
Dolphin Centre
POOLE
BH15 1SA
Student Support
Tel : 01202 634250
Fax : 01202 633150
Email: integrated.services@poole.gov.uk

PORTSMOUTH
Portsmouth City Council
Student Support
West Sussex County Council
County Hall
West Street
CHICHESTER
PO19 1RF
Student Support
Tel : 01243 642141
Fax : 01243 752170
Email : student.support@westsussex.gov.uk

READING
Student Support
Reading Borough Council
Student Finance Section
Education and Children's Services
Civic Centre
READING
RG1 7AE
Student Support Officers
A - G Tel : 0118 9390556
H - O Tel: 0118 9390553
P - Z Tel : 0118 9390552
Fax : 0118 9390782

REDBRIDGE
Education Office
London Borough of Redbridge
22-26 Clements Road
ILFORD
Essex
IG1 1BD
Student Support
A - K Tel : 02087 084189
L - Z Tel : 02087 084183
Fax : 02087 084193

REDCAR AND CLEVELAND
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

RICHMOND UPON THAMES
Education Department
London Borough of Richmond upon Thames
Regal House
London Road
TWICKENHAM
TW1 3QB
Principal Grants and Awards Office
Tel : 0208 891 7508
Fax :0208 891 7714
Email : student.support@richmond.gov.uk
Web : www.richmond.gov.uk/studentsupport

ROCHDALE
Student Finance Section
Revenues and Benefits Service
PO Box 490
Rochdale
OL16 9AJ
Tel : 01706 925115
Email : studentsupport@rochdale.gov.uk

ROTHERHAM
Student Support Service
Rotherham Metropolitan Borough Council
Norfolk House
Walker Place
ROTHERHAM
S65 1AS
Student Support
Tel : 01709 382121
Fax : 01709 822654
Email : student.enquiries@rotherham.gov.uk
Web : http://www.rotherham.gov.uk/graphics/Learning/Education+Services/Student+Support+Service/

RUTLAND
Rutland council
c/o Awards Loans Grants Service
Education Dept, County Hall
Glenfield
LEICESTER
LE3 8SA
Student Awards Section
Tel : 01162 656376
Tel : 01162 656382
Fax : 01162 656400

SALFORD
Student Support Team
Children’s Services Directorate, Salford City Council
Minerva House Pendlebury Road
Swinton
MANCHESTER
M27 4EQ
Student Support
Tel : 01617 780209
Tel : 01617 780207
Fax : 01617 286134
Email : student.support@salford.gov.uk
Web : www.salford.gov.uk/education

SANDWELL
Children and Young People’s Services
Student Finance Direct
PO Box 41
Shaftesbury House
402 High Street
West Bromwich
B70 9LT

Open Times:
Monday 9am-4pm
Fridays 9am-4pm

We will be closed completely to the public every Tuesday, Wednesday and Thursday.

DSA Enq.
Tel : 0121 569 8149 (Margaret Haywood)

SFD General Customer Enquiries:-
Tel:- 0121 569 8185 (SFD Customer Enquiries)
Tel: 0121 569 8264 (SFD Customer Enquiries)

Assessments:-
Tel : 0121 569 8263 (Stuart Leatherland)
Tel : 0121 569 8110 (Linda Woodall)
Tel : 0121 569 8180 (Steve Hopper)
Tel : 0121 569 8271 (Kay Butler)
Tel : 0121 569 8183 (Robert Cousins)
Email: studentfinancedirect@sandwell.gov.uk
website: studentfinancedirect@sandwell.gov.uk

SEFTON
Benefits Officer
Student Support Section
Sefton Education Department
Bootle Town Hall
BOOTLE
L20 7AE
Student Support
Tel : 01519 343456
Fax : 01519 343255
Email : benefits@education.sefton.gov.uk

SHEFFIELD
Student Support Department
Howden House
Floor 3
1 Union Street
SHEFFIELD
S1 2SH
A - Mac Tel : 01142 735635
Mad - Z Tel: 01142 735796
Fax : 01142 736279

SHROPSHIRE
Student Support
Shropshire County Council
Shirehall
Abbey Foregate
SHREWSBURY
SY2 6ND
Student Support
Tel : 01743 254340
Fax : 01743 254479
Email : student-support@shropshire-cc.gov.uk.
Web : www.shropshireonline.gov.uk/studentsupport.nsf

SLOUGH
Student Support Service
Slough Borough Council
Town Hall
Bath Road
SLOUGH
SL1 3UQ
Student Awards Office
Tel : 01753 875721
Fax : 01753 875725
Email : studentsupport@slough.gov.uk

SOLIHULL
Student Finance
Metropolitan Borough of Solihull
PO Box 20
Council House
SOLIHULL
B91 3QU
Tel : 01217 046639
Fax : 01217 046653
studentsupport@solihull.gov.uk

SOMERSET
Student Finance
Children and Young People’s Directorate
County Hall
TAUNTON
Somerset
TA1 4DY
A - F 01823 355703
G - M 01823 355702
N - Z 01823 355945

Disabled Students Allowance : 01823 355794 (Andrew McGill)
Email : studentsupport@somerset.gov.uk
Web : www.somerset.gov.uk

SOUTH GLOUCESTERSHIRE
South Gloucestershire Council
Student Access & Support
Riverside Court
Bowling Hill
Chipping Sodbury
South Gloucestershire
BS37 6JX

Telephone:01454 868008
Fax: 01454 868596

SOUTH TYNESIDE
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

SOUTHAMPTON
Student Finance Service
Southampton City Council
Civic Centre
SOUTHAMPTON
SO14 7SA
Tel : 02380 833555
Fax : 02380 917822
Email : student.finance@southampton.gov.uk

SOUTHEND ON SEA
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

SOUTHWARK
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

ST HELENS
Student Awards Section
Atlas House
Corporation Street
St. Helens
Merseyside
WA9 1LD
Tel : 01744 671207
Tel : 01744 671209
Fax : 01744 671270
Email : studentsupport@sthelens.gov.uk

STAFFORDSHIRE
Student Finance Service
Children and Lifelong Learning Directorate
Tipping Street
STAFFORD
ST16 2DH
A - C Tel : 01785 278936
D - J Tel : 01785 278937
K - Sp Tel : 01785 278933
Sq - Z Tel : 01785 278935
Web : www.staffordshire.gov.uk/studentfinance

STOCKPORT
Student Finance Team
Business Services Directorate
Town Hall
Stockport
SK1 3XE
Tel 0845 644 4303
Fax 0161 474 5827
E-mail:
student.finance@stockport.gov.uk

STOCKTON-ON-TEES
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

STOKE-ON-TRENT
Student Support Applications are dealt with by Staffordshire Student Finance under an agency agreement.
See STAFFORDSHIRE

STUDENT FINANCE ENGLAND
PO Box 210
Darlington
DL1 9HJ

SUFFOLK
Postal address only (not open to public callers):
Student Support
Constantine House
5 Constantine Road
Ipswich
IP1 2DH
For details of our public drop-in centres around Suffolk please visit the following link:
drop in centres

SUNDERLAND
Finance Service (Awards Unit)
Education Directorate
PO Box 101
Civic Centre
SUNDERLAND
SR2 7DN
Student Awards Office
Tel : 0191 561 1480
Tel : 0191 561 1416
Tel : 0191 561 1415
Fax : 0191 553 1879
Email : HESupport@edcom.sunderland.gov.uk

SURREY
Student Finance Service
County Hall
Penrhyn Road
KINGSTON-UPON-THAMES
KT1 2EX
Gen Enq Tel : 08456 009009
A - K Tel : 02085 419490
L - Z Tel : 02085 419494
DSA, Post Grad & Part-time Enq Tel : 02085 419491
Fax : 02085 419595
Fax : 02085 417696

SUTTON
Student Financial Services
London Borough of Sutton
Civic Office
St Nicholas Way
Sutton
SM1 1EA
Tel : 020 8770 6640
Fax : 020 8770 6545
Email : sfs@sutton.gov.uk

SWINDON
Student Finance
Swindon Borough Council
Premier House
Station Road
Swindon
SN1 1TZ
Student Finance Manager Tel: 01793 466048
Student's Surname A-HILL Tel: 01793 466051
Student's Surname HILM-MCJ Tel: 01793 466049
Student's Surname MCK- Z Tel: 01793 466050
Fax: 01793 466484
Email: studentsupport@swindon.gov.uk
Website: www.swindon.gov.uk/educationandlearning/studentfinance

TAMESIDE
Student Awards Section
Tameside Metropolitan Borough Council
Education and Cultural Services
Wellington Road
ASHTON-UNDER-LYNE
OL6 6DL
Student Awards Office
Tel : 01613 422203
Tel : 01613 423215
Fax : 01613 423260
Email : student.awards@tameside.gov.uk
Web : www.tameside.gov.uk

TELFORD AND WREKIN
Student Support
Shropshire County Council
Shirehall
Abbey Foregate
Shrewsbury
SY2 6ND
Tel : 01743 254340
Fax : 01743 254479
Email : student_support@shropshire-cc.gov.uk
Web : www.shropshireonline.gov.uk/studentsupport.nsf

THURROCK
Student Support
Thurrock Council
Civic Offices New Road
GRAYS
Essex
RM17 6SL
Student Awards & Benefits Office
Tel : 01375 652882
Fax : 01375 652792

TORBAY
Student Support
Torbay Borough Council
Oldway Torquay Road
PAIGNTON
Devon
TQ3 2TE
Student Services
A - B Tel : 01803 665976 (S Green)
M - Z Tel : 01803 665976 (C Friend)
Fax : 01803 208225
Email : studentservices@torbay.gov.uk

TOWER HAMLETS
Education Department
London Borough of Tower Hamlets
Mulberry Place
5 Clove Crescent
LONDON
E14 2BG
Student Support
Tel : 02073 644410
Tel : 02073 644239
Fax : 02073 644311

TRAFFORD
Student Support
Trafford MBC
The Ground Floor
Waterside House
Waterside
SALE
M33 7ZF
Student Support Manager
Tel : 0161 912 1888
Fax : 0161 912 3317

WAKEFIELD
Pupil and Student Support
Wakefield Metropolitan District Council
County Hall
WAKEFIELD
WF1 2QL
A - J Tel : 01924 307328
K - Z Tel: 01924 302435
Fax : 01924 307311
Email : pssf@wakefield.gov.uk

WALSALL
Student Support
Walsall Metropolitan Borough Council
The Civic Centre Darwell Street
WALSALL
West Midlands
WS1 1DQ
Student Awards Office
Tel : 01922 654040
Fax : 01922 722322

WALTHAM FOREST
Student Support
Access Services
Graylaw House
394 High Road
LEYTON
LONDON
E10 5QE
Principal Awards Office
Tel : 0845 877 0031
Fax : 0208 496 5077
Email : student.support@edu.lbwf.gov.uk

Student Support
Tel : 01902 554140
Fax : 01902 554218

WORCESTERSHIRE
Student Finance Service
Worcestershire County Council
County Hall
Spetchley Road
Worcester
WR5 2NP
A - J Tel: 01905 765905
K - Z Tel: 01905 765907

YORK
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

Student Finance Team
Children's Services Directorate
New Town House
Buttermarket Street
WARRINGTON
WA1 2NH

WARWICKSHIRE
Student Finance Section
Warwickshire County Council
Children, Young People and Families Directorate
Saltisford Office Park
Ansell Way
Warwick
CV34 4UL
Supplementary Awards Tel: 01926 742057
Aaaa - Carp Tel: 01926 742033
Carq - Fidz Tel: 01926 742034
Fiea - Hors Tel: 01926 742044
Hort - Majz Tel: 01926 742043
Maka - Prin Tel: 01926 742049
Prio - Stoz Tel : 01926 742050
Stpa - Zzz Tel : 01926 742058
Fax : 01926 742084
Email : studentawards@warwickshire.gov.uk
Web : www.warwickshire.gov.uk/studentsupport

WEST BERKSHIRE
Student Support
West Berkshire Council
Avonbank House
West Street
NEWBURY
RG14 1BZ
Student Support
A - K Tel : 01635 519774
L - Z Tel : 01635 519776
Fax : 01635 519048

WEST SUSSEX
Student Support Section
West Sussex County Council/Portsmouth City Council
Ground Floor, South East Wing,
Chichester
PO1 91RF
Tel : 01243 642141
Fax : 01243 538569
Email :student.support@westsussex.gov.uk

WESTMINSTER
Student Support
Westminster City Council
PO Box 240 Westminster City Hall
64 Victoria Street
LONDON
SW1E 6QP
Senior Awards Office
Tel : 02076 411842
Fax : 02076 413406

WIGAN
Wigan Council
Education Department
Student Loans Team
Progress House
Westwood Park Drive
Wigan
WN3 4HH
A-E 01942 486268
F-P 01942 486077
Q-Z 01942 486078

WILTSHIRE
Student Finance Team
Wiltshire County Council
County Hall
Bythesea Road
TROWBRIDGE
WILTSHIRE
BA14 8JB
Student Finance Manager - Michael Gamble
Tel : 01225 713891
Fax : 01225 713684
Email : studentfinance@wiltshire.gov.uk

2009-10-05T23:33:00.002-07:00

WIRRAL
Student Support
Metropolitan Borough of Wirral
Hamilton Building
Conway Street
BIRKENHEAD
CH41 4FD
Student Support
Tel : 01516 664637
Fax : 01516 664231

WOKINGHAM
Student Support
Wokingham District Council
Education & Cultural Services Dept
Shute End
WOKINGHAM
Berkshire
RG40 1WN
Tel : 01189 746129
Fax : 01189 746259
Email : student.support@wokingham.gov.uk
Web : www.wokingham.gov.uk/studentsupport

WOLVERHAMPTON
Pupil and Student Support - Lifelong Learning Education
Wolverhampton City Council
Civic Centre
St Peter's Square
WOLVERHAMPTON
WV3 1RR

KIRKLEES
Student Awards Section
Kirklees Metropolitan Council
Education Access Service
Upperhead Row
HUDDERSFIELD
HD1 2JL
Tel : 01484 221689
Tel : 01484 221691
Tel : 01484 221692
Tel : 01484 221693
Fax : 01484 416273

KNOWSLEY
Education and Lifelong Learning Department
Education Office
Huyton Hey Road
HUYTON
MERSEYSIDE
L36 5YH
Tel : 01514 433258
Tel : 01514 433265
Fax : 01514 433266
Email : hestudent.support@knowsley.gov.uk

LAMBETH
Student Support
London Borough of Lambeth
Access 1st Floor International House
Canterbury Crescent
LONDON
SW9 7QE
Pupil and Student Office
Tel : 02079 269474
Tel : 02079 269475
Tel : 02079 269622
Fax : 02079 269397

LANCASHIRE
Lancashire Student Services
PO Box 61
County Hall
Preston
PR1 8RJ
Tel : 01772 530 430
Email : lancashirestudentservices@ed.lancscc.gov.uk

LEEDS
Mr R N Clay
Student Support Section
Corporate Services Department
Leeds City Council
PO Box 584
2 Great George Street
Leeds
LS2 8WJ

2009-10-05T23:33:00.001-07:00

HOUNSLOW
Student Services
London Borough of Hounslow
Civic Centre
Lampton Road
HOUNSLOW
TW3 4DN
Gen Enq Tel : 02085 832811
Gen Enq Tel : 02085 832817
A - Cz Tel : 0208 583 2812
Da - Joh Tel : 0208 583 2813
Joi - No Tel : 0208 583 2810
Np - Sai Tel : 0208 583 2815
Saj - Zz Tel : 0208 583 2814
Fax : 02085 832613

ISLE OF WIGHT
Student Finance - Directorate of Education & Community Skills
Isle of Wight Council
County Hall
NEWPORT
Isle of Wight
PO30 1UD
Student Support
Tel : 01983 823485
Fax : 01983 826099
Email : student.finance@IOW.gov.uk
Web : http://www.eduwight.iow.gov.uk/student/

ISLES OF SCILLY
Student Support
Council of the Isles of Scilly
Town Hall
St Mary's
Isle of Scilly
TR21 0LW
Student Awards Office
Tel : 01720 422537
Fax : 01720 422202

ISLINGTON
Student Support Team
Customer Focus
Contact Islington
Islington Council
222 Upper Street
London
N1 1XR
Tel : 020 7527 2000
Fax : 020 7527 5001
Text Phone: 020 727 1900
Email: contact@islington.gov.uk
Web site: www.islington.gov.uk

KENSINGTON AND CHELSEA
Student Support
Royal Borough of Kensington and Chelsea
Town Hall
Hornton Street
LONDON
W8 7NX
Principal Awards Office
Tel : 02073 613330
Fax : 02073 612078
Email : student.support@rbkc.gov.uk

KENT
Student Support
Kent County Council
Bishops Terrace Bishops Way
MAIDSTONE
KENT
ME14 1AF
Student Awards Office
ABCDPUVZ Tel: 01622 696570
EFGHIJKS Tel: 01622 696576
LMNOQRTWXy Tel: 01622 696574
Fax : 01622 605108
Email : student.awards@kent.gov.uk

KINGSTON UPON HULL
Student Support Team
Children and Young People's Services
Municipal Buildings
Trippett Street
Kingston upon Hull
HU2 8AA
Tel: 01482 615321
Email : studentsupport@hullcc.gov.uk

KINGSTON UPON THAMES
Student Support
Royal Borough of Kingston upon Thames
Guildhall 2
KINGSTON
KT1 1EU
Student Support Section
Tel : 02085 474617
Tel : 02085 474618
Fax : 02085 475235
Email : student.support@rbk.kingston.gov.uk
WANDSWORTH
London Borough of Wandsworth
Student Finance Section
Town Hall
Wandsworth High Street
LONDON
SW18 2PU
Student Support
Tel : 02088 718073
Fax : 02088 718086
Email : studentfinance@wandsworth.gov.uk
Web : www.wandsworth.gov.uk/studentfinance

WARRINGTON
Visitors address:

Contact Warrington
26-30 Horsemarket Street
Warrington
WA1 1XL

Tel : 01925 443322
Fax : 01925 442969
Email : esvstudent@warrington.gov.uk

Postal address:
WINDSOR AND MAIDENHEAD
Student Finance
Royal Borough of Windsor and Maidenhead
Town Hall
St Ives Road
MAIDENHEAD
SL6 1RF
Student Support
Tel : 01628 796712
Fax : 01628 796685
Email : student.grant@rbwm.gov.uk
Web : www.rbwm.gov.uk

2009-10-05T23:32:00.003-07:00

HAMPSHIRE
Student Support
Hampshire County Council
The Castle
WINCHESTER
SO23 8UT
Student Support
Tel : 0196-284-7970
Tel : 0196-284-7980
Fax : 0196-287-7462
Email : ctc2info@hants.gov.uk
Web : http://www3.hants.gov.uk/studentsupport.htm

HARINGEY
Student Support
London Borough of Haringey
48 Station Road
Woodgreen
LONDON
N22 4TY
Student Awards
Tel : 020 8489 0000
Fax : 020 8489 1945
Web : www.haringey.gov.uk

HARROW
Student Support
London Borough of Harrow
PO Box 22
Civic Centre
HARROW
HA1 2UW
Student Support Unit
Tel : 02088 635611
Fax : 02084 270810

HARTLEPOOL
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

HAVERING
Student Finance
London Borough of Havering
Public Advice and Service Centre
The Liberty Centre
Romford
RM1 3RL
Tel : 01708 433870
Fax : 01708 433685

HEREFORDSHIRE
Student Finance Service
Worcestershire County Council
County Hall
Spetchley Road
Worcester
WR5 2NP
A - J Tel: 01905 765905
K - Z Tel: 01905 765907

HERTFORDSHIRE
Student Finance
Hertfordshire County Council
County Hall
HERTFORD
SG13 8DF
Student Finance Manager
Gen Enq Tel : 01992 555772
A - K Tel : 01992 556755
L - Z Tel : 01992 556716
Fax : 01992 588596
Email : studentfinance@hertscc.gov.uk
Web : www.hertsdirect.org/studentfinance

HILLINGDON
London Borough of Hillingdon
Student Support Section
Civic Center
UXBRIDGE
UB8 1UW
Senior Awards Office
Tel : 01895 250490
Fax : 01895 250582
Email: studentsupport@hillingdon.gov.uk

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longer available.
Documents are not returned recorded delivery or special delivery,if
required, please enclose a special delivery envelope.

EU DARLINGTON
No Contact Information available.

GATESHEAD
Student Support
Gateshead Council
PO Box 310
GATESHEAD
NE8 1HH
Tel : 01914 333000
Tel : 01914 332703
Tel : 01914 332715
Tel : 01914 332741
Tel : 01914 332742
Fax : 01914 787223
Email : ChrisHegarty@Gateshead.gov.uk

GLOUCESTERSHIRE
Student Support
Gloucestershire County Council
Shire Hall
GLOUCESTER
GL1 2TP
Tel : 01452 425393
Fax : 01452 425399
Email : edawards@gloucestershire.gov.uk
Web : www.gloucestershire.gov.uk/students

GREENWICH
Student Support
London Borough of Greenwich
Riverside House
Woolwich High Street
LONDON
SE18 6DZ
Tel : 02089 212910
Tel : 02089 212545
Fax : 02089 212984

HACKNEY
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

HALTON
Halton Borough Council
The Children and Young People's Direcorate
Student Services Team
Grosvenor House
Halton Lea
RUNCORN
WA7 2WD
Tel : 01928 704370
Tel : 01928 704375
Tel : 01928 704367
Email : education.student.services@halton-borough.gov.uk

HAMMERSMITH AND FULHAM
Student Support
London Borough of Hammersmith and Fulham
Town Hall
Kingstreet
LONDON
W6 9JU
Student Support and Benefits
Tel : 0208 753 1499
Email: student.support@lbhf.gov.uk

2009-10-05T23:31:00.001-07:00

DONCASTER
Student Support Section
Doncaster Metropolitan Borough Council
The Council House
College Road
DONCASTER
DN1 3AD
Tel: 01302 737174

DORSET
Student Support Service
Children's Services Directorate
Dorset County Council
County Hall
Dorchester
Dorset
DT1 1XJ

Eligibility queries:
Surname initial A-F - 01305 225959 / 225958
Surname initial G-O - 01305 225955 / 225957
Surname initial P-Z - 01305 225953 / 225954

Financial queries:-
Surname initial A-F / P-STE - 01305 225967
Surname initial G-O / STI-Z - 01305 225966

Fax - 01305 225969
Email: studentsupport@dorsetcc.gov.uk
Website - www.dorsetforyou.com/studentsupport

DUDLEY
Student Finance Section
Kings House
Kings Street
Dudley
DY2 8PE
Surname initial A - J - 01384 814237/814228
Surname initial K - Z - 01384 814236/814229
Fax : 01384 814216
Email : studentsupp.ed@dudley.gov.uk
Web : www.dudley.gov.uk
Send correspondence to:
Student Support
Directorate of Children's Services
Westox House
1 Trinity Road
DUDLEY
DY1 1JQ

DURHAM
Education Departments
Durham County Council
County Hall
DURHAM
DH1 5UJ
Student Awards Office
Tel : 01913 833222
Fax : 01913 860487
Email : durhamstudentsupport@durham.gov.uk
Web : www.durham.gov.uk

EALING
Student Support
London Borough of Ealing
Ground Floor Perceval House
14-16 Uxbridge Road
EALING
W5 2HL
Student Support
Tel : 02088 255555
Fax : 02088 255151
Email : studentsupport@ealing.gov.uk
Web : http://www.ealing.gov.uk/services/education/financial_assistance

EAST RIDING OF YORKSHIRE
Student Finance
PO Box 86
Beverley
HU17 9YQ
Tel : 01482 394680
Fax : 01482 394684
Email : student.finance@eastriding.gov.uk

EAST SUSSEX
Student Support
East Sussex County Council
County Hall
St Anne's Crescent
LEWES
BN7 1SF
Student Support Office
Tel : 01273 481000
Fax : 01273 481539
Email : student.support@eastsussexcc.gov.uk
Web : www.eastsussexcc.gov.uk/edu/student_support/main.htm

ENFIELD
Education Department
London Borough of Enfield
PO Box 56
Civic Centre Silver Street
ENFIELD
EN1 3XQ
Awards Office
Tel : 02083 795366
Fax : 02083 793243
Email : student.services@enfield.gov.uk
Web : http://www.enfield.gov.uk/nav1/educationandlearning.htm

ESSEX
Essex County Council
The Schools Service
Student and Pupil Financial Support Services
PO Box 5287
County Hall
Chelmesford
CM1 1LT
Tel : 01245 245900
Fax : 01245 245939
Email : student.support@essexcc.gov.uk
Web : www.essexcc.gov.uk/studentsupport

2009-10-05T23:21:00.000-07:00

CITY OF LONDON
Education Department
Corporation of London
PO Box 270
GUILDHALL
London
EC2P 2EJ
City Education Office
Tel : 02073 321750
Fax : 02073 321621

CORNWALL
Student Services
Camel Building
Cornwall County Council
New County Hall
Truro
CORNWALL
TR1 3AY
Tel : 01872 322400
Fax : 01872 323839
Email : askstudentservices@cornwall.gov.uk
Web : www.cornwall.gov.uk/studentservices

COVENTRY
Student Finance
Strategic Services
Children, Learning & Young People's Directorate
Civic Centre 1,
Earl Street
Coventry CV1 5RS
Tel: 024 7683 1547
Fax: 024 7683 1568

CROYDON
Student Support Section
London Borough of Croydon
Taberner House
Park Lane
CROYDON
CR9 1TP
Opening Hours : 9am-5pm
E-mail : education.support@croydon.gov.uk
Tel : 02086 864433

CUMBRIA
Education Offices
Cumbria County Council
5 Portland Square
CARLISLE
CA1 1PU
Student Support
A-FOSKETT 01228 226928
FOSTER-MCLAUGHLIN 01228 226772
MCLEAN-PIPERS 01228 226929
PITCHER-Z 01228 221261

DARLINGTON
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577
Web: www.studentfinanceengland.co.uk

DERBY
Student Support
Derby City Council
Middleton House
27 St Mary's Gate
DERBY
DE1 3NN
Student Awards Office
Tel : 01332 716911
Fax : 01332 716920
Email : student.support@derby.gov.uk

DERBYSHIRE
Student Support
Derbyshire County Council
County Office
Matlock
DE4 3AG
Student Support Office
Tel : 01629 585350
Fax : 01629 580350

DEVON
Student Finance Department
Devon County Council
Kingfisher House
Western Way
Exeter
EX1 2DE
Tel: 01392 381015
Email: stusupp@devon.gov.uk
Web : www.devon.gov.uk/index/learning/leaving_school.htm

2009-10-05T23:20:00.002-07:00

BROMLEY
Education Department
London Borough of Bromley
Bromley Civic Centre
Stockwell Close
BROMLEY
BR1 3UH
Student Support
Tel : 02083 134094
Fax : 02083 134145

BUCKINGHAMSHIRE
Student Support Adult Learning
Buckinghamshire County Council
County Hall
Aylesbury
BUCKS
HP20 1UZ
Student Support Team
Tel : 01296 383268
Fax : 01296 382871
Email : studentsupportteam@buckscc.gov.uk
Web : http://www.buckscc.gov.uk/bcc/content/index.jsp?contentid=1916819611

BURY
Education Department
Bury Metropolitan Borough Council
Atheneaum House
Market Street
BURY
BL9 0SW
Senior Awards Office
Tel : 01612 535676
Fax : 01612 535653

CALDERDALE
Education Department
Calderdale Metropolitan Borough Council
Northgate House
HALIFAX
HX1 1UN
Student Support Office
Tel : 01422 392521
Fax : 01422 392696

CAMBRIDGESHIRE
Student Finance Service
Cambridgeshire County Council
ELH 1112
Castle Court
Shire Hall CAMBRIDGE
CB3 0AP

For Assessment related enquiries telephone the number according to the student surname
Student Surname Telephone No.
A - K :01223 717036
L - Z : 01223 717945
Fax : 01223 717771
Email : student.finance@cambridgeshire.gov.uk

CAMDEN
Student Support Team
Education Department
London Borough of Camden
Crowndale Centre
218 Eversholt Street
LONDON
NW1 1BD
Tel : 02079 741678
Fax : 02079 744035
Email : awards@camden.gov.uk

CHESHIRE
Cheshire East
Student Finance
Cheshire Shared Service
Goldsmith House
Hamilton Place
CHESTER
CH1 1SE
Tel : 01244 973840
Fax : 01244 972304
Email :studentfinance@cheshirewestandchester.gov.uk
Web : http://www.cheshireeast.gov.uk/

CHESHIRE WEST AND CHESTER
Student Finance
Cheshire Shared Service
Goldsmith House
Hamilton Place
CHESTER
CH1 1SE
Tel : 01244 973840
Fax : 01244 972304

Email :studentfinance@cheshirewestandchester.gov.uk
Web : http://www.cheshirewestandchester.gov.uk/

2009-10-05T23:20:00.001-07:00

BEXLEY
Student Support
Bexley Council
Hill View
Hill View Drive Welling
KENT
DA16 3RY
Head of Pupil & Student Support
Tel : 02083 037777
Fax : 02083 194302

BIRMINGHAM
Student Support
Birmingham City Council
Council House Extension
Margaret Street
BIRMINGHAM
B3 3BU
Awards Office

address is for postal enquiries only

Tel : 01213 033647
Tel : 01213 033648
Fax : 01213 032365
Fax : 01213 034724
Email : studentsupport@birmingham.gov.uk

BLACKBURN WITH DARWEN
Lancashire Student Services
PO Box 61
County Hall
Preston
PR1 8RJ
Tel : 01772 530 430
Email : lancashirestudentservices@ed.lancscc.gov.uk

BLACKPOOL
Blackpool Borough Council
Awards Section
Benefits Division
PO Box 50
Town Hall
Blackpool
FY1 1NF
Tel : 01253 476526
Fax : 01253 476504

BOLTON
Student Support
Bolton Metropolitan Borough Council
PO Box 53 Paderborn House
Civic Center
BOLTON
BL1 1JW
Student Awards Officers
Tel :01204 332 136
Fax :01204 332 145

2009-10-05T23:19:00.001-07:00

BRADFORD
Student Finance Service
Second Floor
Britannia House
Hall Ings
BRADFORD
BD1 1HX
Tel : 01274 432639
Fax : 01274 753041
Email : student.support@bradford.gov.uk
Web : www.bradford.gov.uk/studentsupport

BRENT
Student Application Services
PO Box 89
DARLINGTON
DL1 9AZ
Tel: 08456 077 577

BRIGHTON AND HOVE
Student Support
Brighton and Hove Council
PO Box 2503, King's House
Grand Avenue
HOVE
BN3 2SU
Student Support Team
Tel : 01273 293603
Tel : 01273 293604
Tel : 01273 293605
Fax : 01273 293549
Email : student.support@brighton-hove.gov.uk

BARKING AND DAGENHAM
Student Support
Finance Officer,
London Borough of Barking & Dagenham
Pupil/Student services
Revenues & Benefits
2 Stour Road,
Dagenham
Essex RM10 7JD

Tel:02087248252
Fax: 02082273304

BARNET
Send all forms to:
Student Finance Office
Building 4
North London Business Park
Oakleigh Road South
London
N11 1NP
Tel : 020 8359 2233
Fax : 0870 8895483
Email: student.finance@barnet.gov.uk
telephone lines will be open
from 9am-1pm on Mondays and Fridays, and 1pm-5pm on Wednesdays.

If submitting original documents please provide copies and an SAE. Documents are not sent back recorded delivery unless applicants/sponsors included this when submitting docs.

BARNSLEY
Student & Pupil Support
PO Box 633
Barnsley
S70 9GF
Student Support
Tel : 01226 773595
Tel : 01226 773570
Tel : 01226 773581
Fax : 01226 774821
Email : StudentSupport@barnsley.gov.uk

BATH AND NORTH EAST SOMERSET
Student Support
Children's Services
Bath and North East Somerset Council
PO Box 25, Riverside
Temple Street Keynsham
BRISTOL
BS31 1DN
Student Support
Tel : 01225 394319
Fax : 01225 394482
Email : student_support@bathnes.gov.uk

BEDFORDSHIRE
Student Support
Bedfordshire County Council
County Hall
Cauldwell Street
BEDFORD
MK42 9AP
Tel: 01234 718400
Fax : 01234 408010

2009-10-05T23:17:00.001-07:00

How do I start the process?
1. Complete and submit the FAFSA. You can fill out the FAFSA online at www.fafsa.ed.gov. 2. Get your Student Aid Report (SAR). We recommend you wait 24–48 hours after filing the FAFSA online, then call the Federal Student Aid Information Center at (800) 4-FED-AID (433-3243) and ask to have the eight-page hard copy of the full SAR mailed to you.
If asked about this request, explain that you are attending a foreign school that does not have electronic access to your SAR data and that you need to send the eight-page detailed SAR to the school once the Federal Student Aid Information Center mails it to you. (Ask to speak to a supervisor if necessary.)
When they mail you the detailed SAR, you should keep a copy for yourself and send the original to the school’s financial aid office for review. 3. Begin the loan application process.
When will my student loan be disbursed?
Disbursement dates are set by the school in accordance with federal regulations. The first disbursement date on a federal loan cannot be any earlier than 30 days before the first day of the loan period.

Checks will be made co-payable to the school and you and will be sent to the school, unless they request otherwise. (Some institutions are required to delay delivery of federal funds to first-year undergraduates who are first-time borrowers.)

To avoid unnecessary delays
* File the FAFSA and get the eight-page SAR. * Sign the MPN and send it to the school with the correct school certification form. (Both are available for download from each loan page.) * Have the school send the MPN and the school certification to Sallie Mae, P.O. Box 9425, Wilkes-Barre, PA 18773-9425. * Private loan applications must be certified by the school and returned to Sallie Mae, P.O. Box 9435, Wilkes-Barre, PA 18773-9435.
Are there any regulations about cashing my student loan checks for study abroad?
If you are studying abroad, you need to know about important federal regulations affecting the cashing of student loan checks. The Currency and Foreign Transaction Reporting Act restricts the total amount of endorsed checks that are transported into or out of the United States.

If you intend to carry or mail one or more endorsed student loan checks into or out of the U.S. and the individual check or checks total more than $10,000, you are required to notify U.S. Customs and Border Protection beforehand.

If you choose not to cash your student loan checks through a bank abroad, please file the Report of International Transportation of Currency or Monetary Instruments form (PDF, 136KB) (FinCEN Form 105) only if your student loan checks have been endorsed before entering or leaving the U.S.

You can get the FinCEN Form 105 from the link above, at all U.S. ports of entry and departure, and from www.fincen.gov.

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They may also waive the 1% guarantee fee. Many also offer discounts on making all your repayments on time. The problem is that making all repayments on time is difficult to ensure. If you have signed up for automatic direct debit and have insufficient funds in your account, you may lose these benefits. Even being late on one payment makes you lose the discounts permanently. Remember, you will have to maintain this for upto 36 or 48 payments. For some discounts, a minimum loan balance may be required, and thus the best discounts are kept for those who borrow the most. Many fee rebates include fine print, which require repayment on certain conditions, like consolidating with another lender within a time frame.
Scholarships: Although this article is primarily about student loans, dont overlook the importance of scholarships and sponsorships. They may not be as hard to get as you may think. There may be many small scholarship amounts that you could win, which can add up to a lot. Also, apply to firms in your field, and you may be lucky enough to be sponsored to study in your dream University. What is it Its stands for Free Application for Federal Student Aid, and is just that, a free form that you fill in to apply for aid. Before filling it in, ensure you have all the required information. Perhaps you can look at the form beforehand, and gather all the needed documents. There are seven steps to filling the form. There are instructions and help, and worksheets that help compute figures for you. You may need a PIN, which is not required, but is the fastest way to file an application. If you are a dependent student, you may need a parent to sign it for you. Cheaper Loans If you have to opt for non-federal aid, you may be able to choose a lower interest rate provider. Many lenders offer discounts to entice students. Check out the FinAid comparison charts to find which is the best offer for you There are some who provide discounts, rebates upon repayment etc. Most common discount is that of providing a 0.25% reduction for having your monthly loan payments direct debited from your bank account.
loans and work-study assistance. Look at the website to determine whether you are eligible and how much you can expect to get. In general, you must be a US citizen, have a Social Security number, have completed high school and qualify for financial need (with some exceptions). Even if you are not eligible to federal aid, you should fill in the form, as you may be eligible for non-federal aid and private aid. The website provides more details, especially new changes brought in by recent legislation.Student Loans Simplified Student loans come in three classes -- student loans like Stafford or Perkins, parent loans e.g. PLUS and private or alternative student loans. The first category is a federal loan that is low-interest and does not need collateral or credit-checks. They also provide extended repayment terms and deferment options. They include the Federal Stafford or Federal Perkins loans. All Stafford loans are either subsidized, for which the government pays the interest, or unsubsidized, for which you must pay the interest. For the former, you need to demonstrate financial need. All students are eligible for the unsubsidized Stafford Loan. Some students combine the two categories to borrow the maximum allowed each year. To apply for a Stafford Loan, you need to fill in the FAFSA (see below). Parents can also take out loans to pay for their childrens undergraduate education.Please note: If your student loan check(s) have not been endorsed, you are not required to file a currency reporting form.
You dream, like many others, of going to an Ivy League University to study law, or perhaps medicine. You dream of walking in through the hallowed doors of Harvard or Princeton. However, the reality strikes you, you cannot afford it. If you are unable to get a scholarship or money from family members, the next resort is applying for a student loan. A student or education loan is a form of financial aid that must be repaid, with interest (as opposed to scholarships, which do not need to be repaid). First Steps, take a look at the website for Federal Student Aid (details below). It helps to provide a step-by-step explanation of how to go about choosing colleges, applying and thinking of funding.It is easy to navigate, and sets out simple steps to follow, and things to remember and think about. They also provide tips to reduce college costs, which are worth looking into. The website explains that Federal Student Aid is the largest source of funding in America, giving out more than $80 billion in grants,
These are called PLUS (Parent Loan for Undergraduate Students), which can be upto the amount of expense that is not covered by any other form of aid. These loans now have a fixed rate of interest at 8.5%, and the repayment term is upto 10 years. You can also apply for private educational loans to make up any shortfalls. This is through private financial institutions, and depends on your credit score and other factors. These do not require federal forms, and are often turned to when federal loans are not sufficient to meet the financial expenses. More Sources Depending on your chosen field, you may be eligible for specific departmental federal aid. The Students.Gov website www.students.gov gives information on specific loans and grants for students in the health and education sectors. This site also gives specific information on the FAFSA. It also provides a student funding calculator, to figure out how much you will need to budget for study and living.

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We take great pride in making international education more achievable for students around the world, regardless of their financial situation. To further that goal, we provide international student loans for international students studying at approved schools in the US. Our international student loan program requires a US co-signer and is available for both graduate and undergraduate study.

Foreign Enrolled Loans for US Citizens

Loan Program Information

The Sallie Mae Smart Option Loan by International Student Loan is an ideal solution for students who still need funds after they have maximized grants, scholarships and federal loans. With this school-certified loan, students can borrow up to the full cost of their education, less other aid received.1

Eligibility:

* You must attend an eligible foreign college or university, or eligible graduate program at least half time. In some circumstances, the Smart Option Student Loan is available to less than half-time students. Contact your financial aid office for more information.
* You must meet current credit and other eligibility criteria.

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* Pricing that rewards creditworthy borrowers.
* Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
* Borrowers may apply for a cosigner release after successful completion of their education.2
* A 0.25 percentage point interest rate reduction is available for automatic debit.3
* A 0.25 percentage point interest rate reduction is available if the borrower provides a valid e-mail address and elects to receive all servicing communications via e-mail.4

Features

* Easy online application with fast credit decision and electronic signature (“eSign”) available.
* 24/7 online account management.
* Combined billing is available for Sallie Mae-serviced student loans.
* No prepayment penalty.
* You may be able to deduct the interest you pay on a qualified student loan.5
* Available for U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the U.S.

Loan Terms:

Loan limits

* $1,000 minimum loan amount.
* Borrow as much as you need to pay for your education, up to the cost of attendance as
certified by your school and confirmed by Sallie Mae, less other financial aid received.1

Interest rate

* Applying with a creditworthy cosigner may help you qualify and/or receive a lower
interest rate.
* The Sallie Mae Smart Option Student Loan has interest rates that reward good credit.
Interest rates are variable and are reset monthly based on the one-month LIBOR Index.

Fees

* Disbursement fees range from 0% to 5%.
* No repayment fee.

Repayment

* Monthly interest-only payments are required during the in-school period and during the 6-month separation period; by doing so you’ll avoid capitalized interest and reduce your total loan cost.
* Consider making principal and interest payments while in school to lower the amount you must pay back.
* Principal and interest payments begin following the six-month separation period.
* Prepay your loan at any time without penalty.

Another way to help pay down your loan:

Another way to help pay down your loan

Join Upromise® from Sallie Mae® and you can earn rewards on your everyday purchases. Those earnings can be automatically transferred to your student loan account, as long as your loans are serviced by Sallie Mae, to help pay down your eligible Sallie Mae-serviced student loans through Upromise Loan Link®. Not all loans are eligible. To learn if your loan is eligible for
Upromise Loan Link, or to register, visit Upromise.com.6

1 Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

2 The release of a cosigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed. The borrower’s account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

3 The automatic debit benefit is available for as long as the borrower’s monthly payment amount is successfully deducted from the designated bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae’s online account management system. This benefit lowers the borrower’s interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.

4 The borrower must elect to receive electronic communications through Sallie Mae’s online account management system and provide a valid e-mail address within 90 days of the first payment due date. The electronic communications benefit is available for as long as the borrower maintains a valid e-mail address, continues to consent to receive all servicing communications concerning his or her student loan(s) via e-mail and makes on-time payments of amounts scheduled with no interruption. This benefit lowers the borrower’s interest rate but does not change the amount of the monthly payment.

5 Consult your financial advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf.

6 To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise.com/LoanLink. Access to Upromise is not limited to Sallie Mae customers.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS) AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE (SALLIEMAE.COM) CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES AND BORROWER BENEFITS.
Sallie Mae, and Sallie Mae Bank are registered service marks and Sallie Mae Smart Option Student Loan is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are

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specialized suite of traditional trade finance solutions, including private label letters of credit, import documentary collections, banker's acceptances and standby letters of credit.
Extra help

You may qualify for extra help on top of Student Loans, grants and bursaries if you’re disabled, or you have a mental health condition or specific learning difficulty. Extra help may also be available if there’s a child or an adult who depends on you financially.
More about finance for full-time students

Follow the link below for a more detailed guide to what’s available.

* Finance for full-time students starting in 2009/2010

Part-time students
Fee Grant and Course Grant

The main sources of financial help for part-time students are different from those available to full-time students.

Depending on your circumstances, you may be able to apply for the part-time Fee Grant and Course Grant. How much you can get depends on your household income and personal circumstances.
Extra help

You may qualify for extra help if you’re disabled, or you have a mental health condition or specific learning difficulty.

See ‘Finance for part-time students - applying for the first time’ for a more detailed guide to what’s available.

* Finance for part-time students - applying for the first time

Initial Teacher Training, social work and NHS courses

There are different sources of financial help for certain NHS healthcare, social work and Initial Teacher Training courses.

* Finance for NHS and social work courses
* Initial Teacher Training: what financial help can you get?

Not sure if you’re eligible?

Not everyone is eligible for student finance.

Both you and your course need to meet certain requirements - for example, you need to meet some residency requirements and your course must lead to a recognised higher education qualification.

See ‘Eligibility for student finance’ if you’re not sure.

* Eligibility for student finance

Not from England?

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guide to the financial help available to students from England.

The package of help available - and how you apply for it - is likely to be different if you live outside England.

* Student finance: not from England

More useful links
Commercial and Corporate customers requiring financing will have the following financing facilities available to them to meet their requirements:
Murabaha

Murabaha may be defined as a contract between a Buyer and Seller under which the Seller discloses to the Buyer the cost of goods being sold and adds an agreed profit. Price is payable on spot or at a certain future date, in lump sum or in installments (deferred payments).
Murabaha Facility
Study Group is an acknowledged leader in international education specialising in the provision of world-class university access and English language programmes. Each year over 50,000 students from 120 countries enter these programmes drawn by certainty of outcome and the sector-leading quality of our educational provision.

Our global network of specialist education counsellors and nearly 200 university partnerships across the United States, Canada, the United Kingdom, Australia and New Zealand is on a scale unrivalled in modern international education.

Our success, and that of our partnerships, is built on a long-standing commitment to the specific needs of international students. Study Group’s purpose-built teaching and residential facilities set an industry benchmark in contemporary learning environments.
Please learn more about the Study Abroad Loan Program:
Features of the International Student Loan include:

All international students applying for an International Student Loan must have a qualified US co-signer, so please learn more about the loan program:
Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002 budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan.

*
Online application and quick pre-approval
*
No collateral required
*
Competitive interest rates and no application fees
*
Thousands of approved schools
*
Interest-only repayment while in school at least half-time

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The Scheme is being administered by a high powered committee comprising Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks and representative of Ministry of Finance, Government of Pakistan.

ADMINISTRATOR OF THE SCHEME National Bank of Pakistan

ELIGIBILITY

Under the scheme the students are eligible to apply for loans provided:
He/She has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector mentioned hereunder.
He/She falls at the time of admission within the age bracket of:-

For Graduation Not exceeding 21 Years
For Post-Graduation Not exceeding 31 Years
For Ph.D Not exceeding 36 Years

He/She has secured 70% marks in the last public examination.
He/She has undertaken the study of the subjects given below.
He/She is unable to pursue studies due to financial constraints.

TYPES OF LOAN

The loan facility will be available for entire duration of the study for:-
Schedule Fee
Paid directly to the
University/College
Boarding expenses excluding meal charges
Procurement of textbooks--- Disbursed directly to the student

As we expand our worldwide networks, partnerships, investments and social commitments, Study Group is redefining the landscape of modern education.

* Download our Study Group Corporate Brochure (PDF)
* Download our Study Group Corporate Brochure (US) (PDF)
1. Under the MURABAHA FACILITY, the Bank will first purchase the required goods directly or through an Agent. All costs incurred on such purchases will be borne by the Bank.
2. Subsequently the Bank will sell the goods to the customer on deferred payment basis (30 days to one year) at an agreed price comprising cost of goods purchased and Bank's profit.
3. On due date the customer will pay to the Bank the agreed price, in lump sum or as per the agreed installment schedule.

Ijarah (Leasing)

Ijarah means “to give something on rent”.The term “IJARAH’ is analogous to the English term “leasing“.

Firstly the Bank will purchase the Assets as required by the Customer and subsequently the assets will be leased to the Customer on the terms and conditions as agreed with him.

Ijarah Facility will be offered for the following assets:

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REPAYMENT

The maximum period of repayment of loan is 10-Years from the date of disbursement of first installment. The borrower shall repay the loan in monthly installment after six months from the date of first employment or one year from the date of completion of studies, which ever is earlier.

Under the Scheme, loans is available in the following subjects.

APPROVED UNIVERSITIES/COLLEGES
i) Engineering ii) Electronics
iii) Oil Gas & Petro-Chemical Technology iv) Agriculture
v) Medicine vi) Physics
vii) Chemistry viii) Biology, Molecular Biology & Genetics
ix) Mathematics x) Other Natural Sciences
xi) DAWA and Islamic Jurisprudence (LL.B/LL.M Sharia) xii) Computer Science/Information
System and Technology including hardware.
xiii) Economics, Statistics and Econometrics xiv) Business Management Sciences
xv) Commerce
a

Top

OTHER INFORMATION

*
Application Forms are available from the designated branches mentioned above or may be downloaded from National Bank of Pakistan website www.nbp.com.pk/studentloan
*
The students desirous of availing loan under the Scheme may apply on prescribed form for financial assistance subject to he or she has got admission on merit through normal procedure in the Universities/ Colleges afore-mentioned.
*
Applicants are required to submit/send their applications on the prescribed form, duly completed in all respect, to the designated branches indicated against each University/College by the given date. Incomplete application shall not be entertained.

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Students who have availed this facility in the last / previous year(s) need not to apply.Foreign Enrolled Loans

Many students are no longer satisfied with a semester or year studying abroad – they want the adventure of an entire collegiate career in a foreign land! But for US students that enroll directly in a foreign school for their undergraduate or graduate education, funding options are much more limited than for domestic studies.

A few examples of uses for our Foreign Enrolled Loan Program include International Undergraduate Loans, Foreign Medical School Loans, International Business School Loans, especially for your MBA, International Dental and Law School Loans, and many more options.....

The Foreign Enrolled Loan can cover the total cost of your international education, minus other aid received. Some features of the foreign enrolled loan:

* Co-signer strongly recommended
* Hundreds of approved foreign schools, including medical, dental, business and law schools

Mr. Shamim Iqbal, Vice President,
Students Loan Wing,
National Bank of Pakistan,
Head Office, Karachi
Telephone No. 021-9213026 and 9212100- Ext.2637.
Fax. 021-9213021
Email nbpstudentloan@nbp.com.pk

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CrackCrack SpreadCramdownCrashCreative DestructionCredit CrisisCredit CrunchCritical MassCrossover InvestorCrown JewelsCult StockCurb TradingCustomer To Customer - C To CCutoff PointCutting A MelonCyber MondayCyclical IndustryDaisy ChainDalal StreetDawn RaidDead Cat BounceDead Hand ProvisionDeath By A Thousand CutsDeath SpiralDeath Valley CurveDeceased AlertDeer MarketDefunctDeliverablesDerivatives Time BombDialing and SmilingDiamondsDiluted FoundersDirty FloatDisclosable EventDisgorgementDividend ClawbackDiworsificationDogDog And Pony ShowDog Eat DogDogs Of The DowDoing the Reverse DeskDollar RollDoomsday CallDotcomDouble BarreledDouble Dip RecessionDouble DippingDouble WitchingDoveDow Jones BRIC 50 IndexDow Jones EURO STOXX Sustainability IndexDow Jones Sustainability North America IndexDow Jones Sustainability United States IndexDownsideDownstreamDownswingDragon BondDrill-Bit StockDrip FeedDropDry HoleDry PowderDually Employed With Kids - DEWKSDumbbellDummy DirectorDummy ShareholderDwarfE-MeetingEach WayEarnest MoneyEarnoutEat Well, Sleep WellEat Your Own Dog FoodEcho BubbleEighthedElectronic Commerce - ecommerceElephantsElevator PitchElvesEmerging Market ETFEmpire BuildingEnergy Improvement MortgageEnhanced Index Fund - EIFEnronEthical InvestingEuro DepositEva Longoria Stock IndexEvergreen FundingExit StrategyFair Funds for InvestorsFair Trade InvestingFallen AngelFalling KnifeFASB 157Fast MarketFast Market RuleFast TapeFat CatFeatherbeddingFed SpeakFighting The TapeFinancial BlogFinancial PornFinder's FeeFinminsFire SaleFirst In, Still Here - FISHFirst MoverFlash PriceFlash TradingFlat On A FailureFlight To QualityFoam The RunwayFool In The ShowerFool's GoldFootsieForensic AccountingFortune 500Foul Weather FundFound MoneyFox-Trot EconomyFree and ClearFreed UpFriendly HandsFriends and Family SharesFront RunningFrothFunemploymentFurloughFuzzy LogicGadflyGarbatrageGazelle CompanyGazumpGazunderGeneral Motors (GM) IndicatorGhostingGlocalizationGo-Go FundGodfather OfferGoing ConcernGoing PublicGoing-Concern ValueGold BugGold BullGoldbrick SharesGolden CoffinGolden HandcuffsGolden HelloGolden Life JacketGolden ParachuteGolden ShareGoldilocks EconomyGood Faith MoneyGorillaGrantGraveyard MarketGray KnightGreen BondGreen FundGreen InvestingGreen ShootsGreen TechGreensheetGreenspan PutGreenwashingGrey MarketGridlockGrinderGun JumpingGunslingerHalloween MassacreHalo EffectHammeringHandleHarry Potter Stock IndexHarvard MBA IndicatorHeating Degree Day - HDDHedgeStreetHerd InstinctHiccupHigh CloseHigh Earners, Not Rich Yet - HENRYsHigh FlierHit The BidHockey Stick BiddingHome DebtorHonchoHot MoneyHot Waitress Economic IndexHounding AnalystsHousing StartsHub And Spoke StructureHurdle RateHypermarketIcahn LiftIceberg OrderImClone - IMCLImpressionIn And OutIn PlayIn The Penalty BoxIn The PinkIndex ETFIndex HuggerIndustry BetIndustry LifecycleInfant-Industry TheoryInfectious GreedInflection PointIntaxificationIntellectual CapitalIntelligent ETFInterpositioningIntrapreneurInvest, Then InvestigateInvestment ClimateIOUIrrational ExuberanceiSharesJanuary BarometerJanuary EffectJapan Inc.Jekyll and HydeJennifer Lopez - J.LoJitneyJohn Pierpont (J.P.) MorganJonestown DefenseJoseph EffectKangaroosKeiretsuKickbackKickerKicking The TiresKids In Parents' Pockets Eroding Retirement Savings - KIPPERSKiller ApplicationKiller BeesKitingKondratiev WaveKremlinomicsLady Godiva Accounting Principles - LGAPLady Macbeth StrategyLame DuckLate-Day TradingLeading Lipstick IndicatorLeakageLegacy CostsLegislative OverkillLemmingLemonLeprechaun LeaderLet Your Profits RunLetter SecurityLevel 3 AssetsLindsay Lohan Stock IndexLittle BoardLoan SharkLobster TrapLockdownLocked MarketLong Jelly RollLongevity RiskLoose CreditLosing Your ShirtLoss Leader StrategyLoss ManagementLove MoneyMacaroni DefenseMad HatterMain StreetManaged MoneyMancessionManipulationMaple BondMargin PressureMarket CannibalizationMarket JittersMarket MavenMarket OverhangMarket PerformMarket SentimentMarket SwoonMarket TimingMarlboro FridayMarquee AssetMasterbrandMaterial Insider InformationMaximizerMcMansionMega CapMichael MilkenMid CapMiddlemanMine and YoursMini MadoffMinus TickMom And PopMomo PlayMonday EffectMoney LaunderingMoral HazardMoral SuasionMost ActiveMothballingMr. CopperNarrow MoatNervous NellieNet Debt Per CapitaNet Revenue PledgeNetbackNetscapedNew EconomyNew IndicationsNew ParadigmNonrenewable ResourceObamanomicsObligation BondOctober EffectOff BoardOffering PriceOffshoreOil SandsOld LadyOn StreamOne Night Stand InvestmentOne-Stop ShopOpen-End LeaseOpening PriceOpinion ShoppingOrder Book OfficialOrganic GrowthOstrichOutperformOver-The-Counter MarketOverstayOvervaluedOvobobyPac ManPac-Man DefensePainting The TapePale RecessionPanic BuyingPanic SellingPaper MillionairePaper Profit (Paper Loss)Paris ClubParis Hilton Stock IndexParkingParking ViolationPartial RedemptionPatent SharePay Yourself FirstPaycationPerp WalkPhishingPigPilot FishingPink Slip PartyPitPlayPlunge TeamPlutonomyPonzi SchemePoopPork ChopPork-Barrel PoliticsPortfolio TurnoverPotPot Is CleanPower RatioPreliminary ProspectusPresidential Election Cycle (Theory)Price FixingPrice RiggingPrice StickinessPrice Swap DerivativePrice TransparencyPricing PowerProblem ChildProfit TakingProp ShopProtest DivestmentPublic OfferingPukePump And DumpPump PrimingPunterPure PlayPush On A StringPyramid SchemePyrrhic VictoryQuadrixQuadruple WitchingQuarter To Date - QTDRaiderRainmakerRamp UpRationalizationRazor-Razorblade ModelReaganomicsRecession ProofRecession RichRecessionshipRedRed ChipRedliningRefi BubbleRelated-Party TransactionRenewable ResourceRepackagingRestructuringRevenue Per Available Room - RevPARRevenue Per Occupied Room - RevPORRiding the Yield CurveRing FenceRio HedgeRio TradeRisk AverseRisk CapitalRisk ManagementRisk-Free ReturnRoad ShowRobber BaronsRocket ScientistRollercoaster SwapRolloutRose-Colored RecessionRound-Trip TradingRubber CheckRule Of 18Rule Of 72Rule Of 78RumortrageRumpRunoffRust BowlS&P PhenomenonSafe HarborSalad Oil ScandalSame-Day SubstitutionSamurai MarketSandbagSandwich GenerationSanta Claus RallySaturday Night SpecialScalpingScorched Earth PolicyScripophilySeatSecuritizeSeed CapitalSeigniorageShakeoutShakeupShark RepellentShark WatcherSheepShingle TheoryShock AbsorberShoestringShort And DistortShort SqueezeShotgun ClauseShrinkageSideways MarketSignaling ApproachSilicon ValleySiliconairesSilo MentalitySilver ParachuteSinful StockSingle-Digit MidgetSinkerSkin In The GameSkirt Length TheorySleeping BeautySlippageSlow MarketSluggish EconomySlumpSlush FundSmoking GunSmurfSoccer Mom IndicatorSocial ResponsibilitySocially Responsible Investment - SRISocionomicsSOES BanditsSoft DollarsSoft LandingSoft MoneySoft Paper ReportSoft PatchSpark SpreadSpeculative BubbleSpice TraderSpiders - SPDRSpikeSpooSquawk BoxSqueezeStalking-Horse BidStalwartStandard Of Living BubbleStaycationStem The TideSterile InvestmentSticky DealStock BasherStock IdeaStock JobbingStop HuntingStopped OrderStopped OutStory StockStraight Through Processing - STPStreetableStripperStrong HandsStuckholderStyle DriftSucker RallySuicide PillSunrise IndustrySunshine LawsSunshine TradeSuper Bowl IndicatorSuper HedgingSupernormal Growth StockSurvivorship BiasSushi BondSushi RollSweat EquitySweetenerSweetheart DealSwing TradingSwissieSynergySyntheticSynthetic LeaseTailgatingTainted AlphaTake A BathTake A FlierTake A ReportTakeoutTaking The StreetTape Is LateTARP BonusesTeaserTech StreetTeenieTelephone BoothTenbaggerTequila EffectThe Wealth EffectThere Ain't No Such Thing As A Free Lunch - TANSTAAFLThinly TradedTicker TapeTip From A DipToehold PurchaseTombstoneTopple RateTorpedo StockToxic AssetsToxic WasteTrading Below CashTrading CurbTrading DollarsTriangular ArbitrageTrilateral CommissionTunnelingTurkeyTwinternshipTwo Dollar BrokerUncle SamUneconomic GrowthUnsubscribedUpstairs TradeUpstreamValue PropositionVenture CapitalistVisibilityVoodoo AccountingVoodoo EconomicsVulture CapitalistVulture FundWall StreetWallflowerWallpaperWar BabiesWar ChestWarren BuffettWashWash TradingWater ETFWeak HandsWelfare EconomicsWhistle BlowerWhite CollarWhite ElephantWhite KnightWhite Label ProductWhite SquireWhite-Shoe FirmWhoopsWidow-and-Orphan StockWild Card OptionWild Card PlayWildcattingWindfall SharesWinding UpWindow DressingWinner's CurseWitching HourWoodyWorld Economic Outlook - WEOWorldComYankee MarketYardYellow KnightYoung And Wealthy But Normal - YAWNYupcapYuppieZombie Debt ZombiesZZZZ Best

3-6-3 RuleA Ton Of MoneyAccounting NoiseAcquisition IndigestionAcross The BoardActive BoxActivity Based Budgeting - ABBAffluenzaAfter The BellAgency CrossAgflationAir Pocket StockAlligator PropertyAlligator SpreadAlternative Energy ETFAlternative InvestmentAnd InterestAngel BondAngelina Jolie Stock IndexAnkle BiterAnonymous TradingAntitrustArbitrageurAspirin Count TheoryAsset StripperAssimilationAsymmetric InformationAunt MillieAutomatic StabilizerAway From The MarketBaby BellsBaby BillsBaby BoomerBack Of The Napkin Business ModelBack Up The TruckBad CheckBadwillBag HolderBagel LandBaptism of FireBarriers To EntryBear Market RallyBear TackBeating The GunBest Of BreedBid WhackerBig BoardBig Box RetailerBig Mac PPPBig UgliesBiodieselBlack FridayBlack KnightBlack MarketBlack SwanBlackberry AddictionBlind PoolBlitzkrieg Tender OfferBlue Chip SwapBlue OceanBo DerekBogeyBoomerangBoomernomicsBoonBooster ShotBoston Snow IndicatorBottom FisherBottom-Up InvestingBracket CreepBrain DrainBrazil, Russia, India And China - BRICBreak IssueBreaking The BuckBroke The BuckBubbleBuckBuck The TrendBucket ShopBucketingBulgeBulge BracketBullBull MarketBulldog MarketBulletBullpenBunchingBurn RateBustBusted Convertible SecurityBuy And HomeworkBuy SideBuy The DipsBuydownCamouflage CompensationCap And TradeCapitulationCarbon TradeCardboard Box IndexCash CowCasino FinanceCatalystCategory KillerCats And DogsCaveat EmptorChameleon OptionChannel StuffingChasing Nickels Around Dollar BillsChasing The MarketChastity BondCherry PickingChief Investment Officer - CIOChillChinese WallChristmas TreeChurningCircuit BreakerCircular TradingClean SheetingClean Your SkirtsClick And MortarClientele EffectClinton BondClosing PriceClub DealCNN EffectCoattail InvestingCockroach TheoryCoiled MarketCold CallingCom-Dev CompanyCommoditizeCommodity ETFCompsContagionControl StockCook The BooksCookie Jar AccountingCoolerCore CompetenciesCore HoldingCornerCorner A MarketCorporate CannibalismCorporate KleptocracyCorporate Social ResponsibilityCounterparty RiskCoverage InitiatedCowboy MarketingCrackCrack SpreadCramdownCrashCreative DestructionCredit CrisisCredit CrunchCritical MassCrossover InvestorCrown JewelsCult StockCurb TradingCustomer To Customer - C To CCutoff PointCutting A MelonCyber MondayCyclical IndustryDaisy ChainDalal StreetDawn RaidDead Cat BounceDead Hand ProvisionDeath By A Thousand CutsDeath SpiralDeath Valley CurveDeceased AlertDeer MarketDefunctDeliverablesDerivatives Time BombDialing and SmilingDiamondsDiluted FoundersDirty FloatDisclosable EventDisgorgementDividend ClawbackDiworsificationDogDog And Pony ShowDog Eat DogDogs Of The DowDoing the Reverse DeskDollar RollDoomsday CallDotcomDouble BarreledDouble Dip RecessionDouble DippingDouble WitchingDoveDow Jones BRIC 50 IndexDow Jones EURO STOXX Sustainability IndexDow Jones Sustainability North America IndexDow Jones Sustainability United States IndexDownsideDownstreamDownswingDragon BondDrill-Bit StockDrip FeedDropDry HoleDry PowderDually Employed With Kids - DEWKSDumbbellDummy DirectorDummy ShareholderDwarfE-MeetingEach WayEarnest MoneyEarnoutEat Well, Sleep WellEat Your Own Dog FoodEcho BubbleEighthedElectronic Commerce - ecommerceElephantsElevator PitchElvesEmerging Market ETFEmpire BuildingEnergy Improvement MortgageEnhanced Index Fund - EIFEnronEthical InvestingEuro DepositEva Longoria Stock IndexEvergreen FundingExit StrategyFair Funds for InvestorsFair Trade InvestingFallen AngelFalling KnifeFASB 157Fast MarketFast Market RuleFast TapeFat CatFeatherbeddingFed SpeakFighting The TapeFinancial BlogFinancial PornFinder's FeeFinminsFire SaleFirst In, Still Here - FISHFirst MoverFlash PriceFlash TradingFlat On A FailureFlight To QualityFoam The RunwayFool In The ShowerFool's GoldFootsieForensic AccountingFortune 500Foul Weather FundFound MoneyFox-Trot EconomyFree and ClearFreed UpFriendly HandsFriends and Family SharesFront RunningFrothFunemploymentFurloughFuzzy LogicGadflyGarbatrageGazelle CompanyGazumpGazunderGeneral Motors (GM) IndicatorGhostingGlocalizationGo-Go FundGodfather OfferGoing ConcernGoing PublicGoing-Concern ValueGold BugGold BullGoldbrick SharesGolden CoffinGolden HandcuffsGolden HelloGolden Life JacketGolden ParachuteGolden ShareGoldilocks EconomyGood Faith MoneyGorillaGrantGraveyard MarketGray KnightGreen BondGreen FundGreen InvestingGreen ShootsGreen TechGreensheetGreenspan PutGreenwashingGrey MarketGridlockGrinderGun JumpingGunslingerHalloween MassacreHalo EffectHammeringHandleHarry Potter Stock IndexHarvard MBA IndicatorHeating Degree Day - HDDHedgeStreetHerd InstinctHiccupHigh CloseHigh Earners, Not Rich Yet - HENRYsHigh FlierHit The BidHockey Stick BiddingHome DebtorHonchoHot MoneyHot Waitress Economic IndexHounding AnalystsHousing StartsHub And Spoke StructureHurdle RateHypermarketIcahn LiftIceberg OrderImClone - IMCLImpressionIn And OutIn PlayIn The Penalty BoxIn The PinkIndex ETFIndex HuggerIndustry BetIndustry LifecycleInfant-Industry TheoryInfectious GreedInflection PointIntaxificationIntellectual CapitalIntelligent ETFInterpositioningIntrapreneurInvest, Then InvestigateInvestment ClimateIOUIrrational ExuberanceiSharesJanuary BarometerJanuary EffectJapan Inc.Jekyll and HydeJennifer Lopez - J.LoJitneyJohn Pierpont (J.P.) MorganJonestown DefenseJoseph EffectKangaroosKeiretsuKickbackKickerKicking The TiresKids In Parents' Pockets Eroding Retirement Savings - KIPPERSKiller ApplicationKiller BeesKitingKondratiev WaveKremlinomicsLady Godiva Accounting Principles - LGAPLady Macbeth StrategyLame DuckLate-Day TradingLeading Lipstick IndicatorLeakageLegacy CostsLegislative OverkillLemmingLemonLeprechaun LeaderLet Your Profits RunLetter SecurityLevel 3 AssetsLindsay Lohan Stock IndexLittle BoardLoan SharkLobster TrapLockdownLocked MarketLong Jelly RollLongevity RiskLoose CreditLosing Your ShirtLoss Leader StrategyLoss ManagementLove MoneyMacaroni DefenseMad Hatter

2009-10-05T21:51:00.003-07:00

2009-10-05T21:51:00.001-07:00

Same-Day Substitution
Samurai Market
Sandbag
Sandwich Generation
Santa Claus Rally
Saturday Night Special
Scalping
Scorched Earth Policy
Scripophily
Seat
Securitize
Seed Capital
Seigniorage
Shakeout
Shakeup
Shark Repellent
Shark Watcher
Sheep
Shingle Theory
Shock Absorber
Shoestring
Short And Distort
Short Squeeze
Shotgun Clause
Shrinkage
Sideways Market
Signaling Approach
Silicon Valley
Siliconaires
Silo Mentality
Silver Parachute
Sinful Stock
Single-Digit Midget
Sinker
Skin In The Game
Skirt Length Theory
Sleeping Beauty
Slippage
Slow Market
Sluggish Economy
Slump
Slush Fund
Smoking Gun
Smurf
Soccer Mom Indicator
Social Responsibility
Socially Responsible Investment - SRI
Socionomics
SOES Bandits
Soft Dollars
Soft Landing
Soft Money
Soft Paper Report
Soft Patch
Spark Spread
Speculative Bubble
Spice Trader
Spiders - SPDR
Spike
Spoo
Squawk Box
Squeeze
Stalking-Horse Bid
Stalwart
Standard Of Living Bubble
Staycation
Stem The Tide
Sterile Investment
Sticky Deal
Stock Basher
Stock Idea
Stock Jobbing
Stop Hunting
Stopped Order
Stopped Out
Story Stock
Straight Through Processing - STP
Streetable
Stripper
Strong Hands
Stuckholder
Style Drift
Sucker Rally
Suicide Pill
Sunrise Industry
Sunshine Laws
Sunshine Trade
Super Bowl Indicator
Super Hedging
Supernormal Growth Stock
Survivorship Bias
Sushi Bond
Sushi Roll
Sweat Equity
Sweetener
Sweetheart Deal
Swing Trading
Swissie
Synergy
Synthetic
Synthetic Lease
Tailgating
Tainted Alpha
Take A Bath
Take A Flier
Take A Report
Takeout
Taking The Street
Tape Is Late
TARP Bonuses
Teaser
Tech Street
Teenie
Telephone Booth
Tenbagger
Tequila Effect
The Wealth Effect
There Ain't No Such Thing As A Free Lunch - TANSTAAFL
Thinly Traded
Ticker Tape

2009-10-05T21:50:00.001-07:00

Thinly Traded
Ticker Tape
Tip From A Dip
Toehold Purchase
Tombstone
Topple Rate
Torpedo Stock
Toxic Assets
Toxic Waste
Trading Below Cash
Trading Curb
Trading Dollars
Triangular Arbitrage
Trilateral Commission
Tunneling
Turkey
Twinternship
Two Dollar Broker
Uncle Sam
Uneconomic Growth
Unsubscribed
Upstairs Trade
Upstream
Value Proposition
Venture Capitalist
Visibility
Voodoo Accounting
Voodoo Economics
Vulture Capitalist
Vulture Fund
Wall Street
Wallflower
Wallpaper
War Babies
War Chest
Warren Buffett
Wash
Wash Trading
Water ETF
Weak Hands
Welfare Economics
Whistle Blower
White Collar
White Elephant
White Knight
White Label Product
White Squire
White-Shoe Firm
Whoops
Widow-and-Orphan Stock
Wild Card Option
Wild Card Play
Wildcatting
Windfall Shares
Winding Up
Window Dressing
Winner's Curse
Witching Hour
Woody
World Economic Outlook - WEO
WorldCom
Yankee Market
Yard
Yellow Knight
Young And Wealthy But Normal - YAWN
Yupcap
Yuppie
Zombie Debt
Zombies
ZZZZ Best