The breadth and depth of knowledge among FDIC staff on bank capital matters has expanded, due in part to the continued participation and active involvement of these employees in policy development groups.
The FDIC will also continue to strengthen its ability to participate actively in the dialogue on capital adequacy through the use of internal and external training to augment skill sets of current staff. Verification and Validation Progress in meeting this annual performance goal will be tracked through periodic meetings and established reporting processes. From , however, its associated performance indicators and targets have been updated for In , the FDIC successfully met all the performance targets for this goal.
Strategic Objective 3. Annual Performance Goal 3. The frequency of these examinations is specified by applicable law and FDIC policy. This approach creates a more efficient and effective use of examination resources, especially in financial institutions with high compliance risk profiles.
Staffing and training needs are reviewed on an ongoing basis to ensure that staff resources supporting the compliance examination program are adequate and that employees possess the skills and knowledge to effectively implement this program.
Results will be reported through established management processes. Operational Processes initiatives and strategies : Institutions with compliance deficiencies are identified primarily through the examination process. The FDIC may address identified problems through the use of formal or informal enforcement actions against the institution or responsible individuals. Except in rare instances where it is determined by FDIC management to be unnecessary, a follow-up examination or onsite visit is conducted to review compliance with supervisory actions for each institution that receives a composite rating of 3, 4 or 5.
Additional follow-up action is taken where the initial corrective program is determined to have been insufficient in addressing the identified problem. The responsible review examiner and senior regional officials closely monitor each institution that is rated 3, 4 or 5 for compliance with consumer protection and fair lending laws.
In addition to a follow-up examination or onsite visit, progress in complying with an enforcement action is assessed through quarterly progress reports from and direct communication with management of the financial institution. Human Resources staffing and training : Monitoring and follow-up on enforcement actions is primarily the responsibility of compliance field examination staff and managers. Staffing and training needs are reviewed on an ongoing basis to ensure that resources supporting these functions are adequate and that employees possess the required skills and knowledge.
Verification and Validation The examination report identifies required corrective actions. If deemed necessary, a formal or informal enforcement action is transmitted to the financial institution with the report of examination. This review incorporates various components of the supervisory process, including an assessment of the appropriateness, implementation and follow-up on formal and informal corrective actions. The performance target was successfully met for all 4- and 5-rated institutions, but was not fully achieved for all 3-rated institutions.
The FDIC projects that it will receive approximately 19, written complaints and 3, written inquiries in Complaints regarding FDIC-supervised institutions are investigated by FDIC staff; those regarding institutions with other primary regulators are referred to those agencies.
Target response times vary by the type of complaint. The Corporation also provides consumer protection information to financial institutions and the public. Other types of inflation on the basis of inducement : 1.
Answer: 1. Primary Functions: I Money as a medium of exchange: This is considered as the basic function of money. Secondary Functions: I Money as a Store of value: Savings done in terms of commodities were not permanent. Answer: Causes of Inflation: The main causes of inflation in India are as follows: 1. Effects of Inflation: The effects of inflation can be classified into two heads: Effects on Production and Effects on Distribution. I However, hyper — inflation results in a serious depreciation of the value of money.
V Inflation encourages investment in speculative activities rather than productive purposes. Effects on Distribution: 1. These are illustrated in the figure: Phases of Trade Cycle: 1. During this period, there is hectic activity in economy. Money wages rise, profits increase and interest rates go up. The demand for bank credit increases and there is all — round optimism. Recession: The turning point from boom condition is called recession.
This happens at higher rate, than what was earlier. Generally, the failure of a company or bank bursts the boom and brings a phase of recession. Investments are drastically reduced, production comes down and income and profits decline. There is panic in the stock market and business activities show signs of dullness.
Liquidity preference of the people rises and money market becomes tight. Depression: During depression the level of economic activity becomes extremely low. Firms incur losses and closure of business becomes a common feature and the ultimate result is unemployment. Interest prices, profits and wages are low. The agricultural class and wage earners would be worst hit. Banking institutions will be reluctant to advance loans to businessmen.
Depression is the worst phase of the business cycle. Recovery: After a period of depression, recovery sets in. This is the turning point from depression to revival towards upswing. It begins with the revival of demand for capital goods. Autonomous investments boost the activity. The demand slowly picks up and in due course the activity is directed towards the upswing with more production, profit, income, wages and employment.
Recovery may be initiated by innovation or investment or by government expenditure autonomous investment. Currency notes in circulation are referred to as — b Fiat money c Value of money d Cheap money Answer: b Fiat money Question 6. Under dear money policy is — a Rate of Interest is low b Rate of interest is high c Bank rate is high d Money supply is more Answer: b Rate of interest is high Question Price mechanism plays a vital role in — a Capitalism b Socialism c Mixed economy d Traditional economy Answer: a Capitalism Question Match the following and choose the correct answer by using codes given below A.
State whether the statements are true or false. Which of the following is correctly matched: Question 1. Keynes Question 4. Which of the following is not correctly matched: Question 1. Pick the odd one out. The main functions of money can be classified a Primary functions b Secondary functions c Contingent functions d Territory functions Answer: d Territory functions Question 2.
Money secondary functions are a Money as a store of value b Money as a standard of Deferred payments c Money as a means of Transferring purchasing power d Money as a modem exchange system Answer: d Money as a modem exchange system Question 3. Assertion and Reason. What is paper currency? Answer: The paper currency standard refers to the monetary system in which the paper currency notes issued by the Treasury or the Central Bank or both circulate as unlimited legal tender. The paper standard is also known as managed currency standard.
The quantity of money in circulation is controlled by the monetary authority to maintain price stability. Answer: Question 4. Write the meaning of Money supply? Besides these, the balance is savings, or current account deposits, held by the public in commercial banks is also considered money.
The currency notes are also called fiat money and legal tenders. Explain the Deflation? Answer: Deflation: The essential feature of deflation is falling prices, reduced money supply and unemployment. Though falling prices are desirable at the time of inflation, such a fall should not lead to the fall in the level of production and employment.
But if prices fall from the level of full employment both income and employment will be adversely affected. Answer: Meaning of Trade Cycle: A Trade cycle refers to oscillations in aggregate economic activity particularly in employment, output, income, etc. It is due to the inherent contraction and expansion of the elements which energize the economic activities of the nation.
The fluctuations are periodical, differing in intensity and changing in its coverage. Explain the Evolution of money? Answer: Barter System: The introduction of money as a medium of exchange was orje of the greatest inventions of mankind. Before money was invented, exchange took place by Barter, that is, commodities and services were directly exchanged for other commodities and services.
This ended the battle. Rear-Admiral Story in Staten Generaal , who had only briefly participated in the battle, when Venerable forced him to bear away  remained a safe distance away to leeward, where he kept cruising while other stragglers from the battle, and the frigates and other smaller ships, that had maintained a parallel course to leeward of the main line of battle, joined his flag.
In this way he saved about half of de Winter's fleet. The Batavian navy lost nine of the sixteen ships of the line, and one frigate. British historians are able to give a rather precise number of British casualties, but the numbers of casualties on the Batavian side are imprecise. De Jonge says that those losses amounted to casualties in total, of which immediately killed, and wounded, on the captured ships alone.
Among the officers made prisoner of war were, beside de Winter himself, cdr. Holland of Wassenaar who like de Winter survived, though the British historian William James declared them both dead  and Rear-Admiral Meurer, and the captains of Delft , Alkmaar , and Gelijkheid who were all treated very gallantly by the British.
Upon the whole, the shattered hulls and blood-besmeared decks of the prizes, and the almost equally damaged appearance of the principally engaged ships among those that had taken them, gave decided proofs, that, although it had lain by so long, "Batavian prowess" still claimed the respect of an enemy and the admiration of the world.
Nevertheless, the National Assembly, after lively debate, accepted the explanation of the Commission. All were initially hailed as Heroes, especially de Winter, but inevitably more critical questions were eventually raised, prompting the admiral after his return from captivity in he and his officers were let go on giving their paroles to demand that a Hoge Zeekrijgsraad judge his, and his officers', conduct before, during and after the battle.
The ensuing controversy, with the finger pointing and acrimony between the admiral, and most of his officers, did almost as much damage to the Batavian officer corps, as the battle itself had done. Souter of Batavier and Jacobsson of Cerberus. De Winter was himself acquitted of dereliction of duty but only with a majority , and Bloys van Treslong and Meurer convicted.
So of the flag officers who had started in the battle only Story remained in a position to lead the Batavian navy de Winter could no longer serve, as he was considered a "not-exchanged" prisoner of war, who had given his word not to fight against Great Britain "for the duration of the war"  [Note 20]. The National Assembly, and the French Directorate, felt that the losses of Camperdown needed to be made good as soon as possible. This necessitated a fresh dose of "extraordinary taxation".
The Committee on Finance of the National Assembly, therefore, proposed an eight percent tax on income, based on a sliding scale, and starting with annual incomes over guilders, in November This was a complete novelty, as this was to be a national tax, whereas heretofore all taxes were apportioned and levied at the provincial level.
This novelty was only possible because the defeat at Camperdown had caused a "national emergency". This proposal was as gasoline on the already raging fire of the fight between Unitarists and Federalists for the soul of the Batavian Republic. The tax was adopted on 2 December , but the fight exacerbated the already strained relations between "radicals" and "conservatives", which eventually led to the Coup of 21—22 January The Committee for Naval Affairs took the necessary steps to rebuild the navy.
The ships that had returned to the Texel were repaired; two coastal-defense guard ships were converted to ships of the line; the new ships that were still in the stocks were ordered to be expeditiously finished; the construction of four new ships of the line of 68 guns was ordered; and three new frigates started.
Early in the Spring of two ships of the line of 76 guns, seven of 68 guns, two of 56 guns, and two razees of 44 guns, six frigates of 22 to 36 guns, and four brigs of 16 to 18 guns were operational. And in the course of several more ships of the line were launched. Despite these good results, after the Coup of January the new Uitvoerend Bewind Executive Authority decided to replace the Committee for Naval Affairs like all standing committees of the National Assembly with a so-called Agent for the Navy like other Agents were appointed to lead other government departments , with which the organisational structure of a government department under a Minister was for the first time introduced for the Dutch navy as this structure was retained under later regime changes.
The first Agent was Jacobus Spoors , who was, however, very reluctant to assume the new office. The first task for the new fleet would be the support of General Napoleon Bonaparte 's project of an invasion of England in However, the general had other ambitions.
He decided to give priority to his invasion of Egypt , and so the Batavian navy spent a lot of money and effort in vain on a project that did not go ahead.
But then rumors of an impending British invasion of Batavian territory began to circulate. This convinced the Uitvoerend Bewind that any foreign adventures had to be abandoned until this danger had been averted. The rumors eventually proved to be more than rumors, and the invasion took place in August of , beginning with the British amphibious landing at Callantsoog , covered by a British fleet under Admiral Andrew Mitchell.
Unbeknownst to the Batavians Admiral Mitchell had a "secret weapon" for " psychological warfare " on board his flagship, in the person of the Erfprins Hereditary Prince of Orange [Note 21] , the future king William I of the Netherlands and eldest son of the Stadtholder William V. Grenville in his turn had high hopes of an easy military victory, as he expected the Dutch people to reject the "evils of Democracy," and what else the French Revolution had subjected Continental Europe to, and to yearn for the good old days of autocracy and corruption they had experienced before the Batavian revolution.
Though a Foxite himself, and so relatively enlightened, Grenville was very Conservative , in the mold of Edmund Burke , compared to the politicians in the Batavian Republic. The Erfprins and he felt a certain philosophical and political affinity, which made him believe that that person would be a reliable manager of the British interests in the Netherlands when "normalcy" in the sense of the Act of Guarantee and Triple Alliance would have been restored in that country.
Quite reasonably Grenville expected other reasonable people to share his distaste for the "revolutionary evils" that had befallen the Netherlands since , and he thought that, given the chance, the soldiers and sailors of the Batavian armed forces would go over to the forces of the Coalition to the last man, and the population would erupt into armed insurrection, as soon as the Orange standard had been raised. But there was more than just this ideological predilection. Orangist secret agents, like Charles Bentinck, had brought tales of disaffection under the Dutch population, that tended to confirm what Grenville already believed, and thus reinforce Grenvilles optimism.
There were also stories about the weakness of the defending forces that later proved incorrect , and of the unreliability of those forces, like the National Guard, and of course, the navy.
Dundas had counselled the Prince to sweeten his tone with some conciliatory language, and hints at reform, but in his arrogance the Prince opted for clear language, which only served to alienate the population, as soon turned out. As far as the Batavian fleet in the Texel roadstead was concerned, the British government went further than psychological warfare and propaganda, but actively suborned a number of naval officers in that fleet, like Aegidius van Braam and Theodorus Frederik van Capellen , respectively the captain of Leyden and Rear-Admiral Story's flag captain on Washington [Note 22] who were among the officers from the old navy, who had been let go in , but had been recommissioned after Camperdown to fill the many vacancies in the officer corps.
It is against this background that we need to see the series of events around the squadron of Rear-Admiral Story, consisting of the ships of the line Washington cap. Van Capellen , Leyden cap. Van Braam , Cerberus cap. Kolff , de Ruyter cap. Huys , Gelderland cdr. Waldeck , Beschermer cap. Eylbracht , and Batavier cap.
Van Senden ; the frigates Amphitre cdr. Schutter , Mars cdr. Bock , Embuscade cdr. Rivert , and the brig Galathee lt. Droop  that started with the arrival of the British fleet before the Texel on 19 August, and was followed by the visit of three parlimentaires , col. Maitland , cap. They were sent by General Abercromby and Admiral Duncan to demand that Story and his squadron "come over" to the Erfprins , in which case they would be able to sail out to the British fleet unmolested and join that fleet.
The visit was certainly irregular, in the sense that the pilot boat in which the parlimentaires traveled was allowed to pass the guard line, maintained by Amphitre and Embuscade , without warning Story, and they boarded Washington without his permission. This misplaced leniency was later held against Story at his court-martial, because it allowed the parlimentaires to spy out the strengths and weaknesses of the fleet, and even contact members of crews.
The latter was allowed to happen when the parlimentaires had to wait for the arrival of the officer commanding the shore batteries at Den Helder, col. Gilquin, who Maitland wanted to hand the ultimatum to in person. Van Capellen even accompanied them on board Washington , allowed them to address members of the crew, and to hand out copies in both English and Dutch of the proclamation of Abercromby and the Erfprins.
In this way the crew of the Washington and probably also Embuscade received knowledge of the approach of the British fleet, with the Erfprins on board, and also of the coming British invasion and "liberation" attempt. This information appears to have made a profound impression on the crew of Washington and other ships , especially as "agitation" already appears to have been going on.
Story might have stopped the rot by kicking the parlimentaires of his ship for this "unparlimentairy" conduct, and by punishing Capt. Van Capellen, but he did nothing. Story and Gilquin limited themselves to rejecting the ultimatum.
The landing at Callantsoog started on 23 August, and eventually the defending Batavian troops under General Daendels were defeated, which prompted the latter to over-hastily order the strategic retreat of the troops manning the shore batteries at Den Helder of course after spiking the guns. Those batteries had recently been augmented to about 80 heavy pieces of artillery, that together with the artillery on the fleet in the roadstead, should have been adequate to defend the anchorage from a naval incursion.
Four days before the British landing the Agent for the Navy, Spoors, had sent Story an order, allowing him to retreat to the nearby anchorage of the Vlieter a tidal trench between sandbanks near what is in our days the western end of the Afsluitdijk , in case the anchorage would have become indefensible, but he had retracted that order a few days later, and ordered Story to defend against a naval incursion with the fleet in the Texel anchorage.
However, Story later vehemently denied having received that second order. The fleet left the Texel anchorage in the morning of 28 August, to make the short trip to the new anchorage, but because of the southerly wind, was forced to anchor before the trench, instead of inside it.
Story later defended taking this unfavorable position if he had anchored at the narrowest point of the channel, his position would have been far stronger , because he intended to return to the Texel anchorage as soon as the British transports would have entered that anchorage, to attack that fleet in a vulnerable state.
But as the wind now turned north he could not execute this plan, so he decided to take up the position in the channel after all, where he had the fleet go into line of battle on 29 August. Then the wind turned southwest in the morning of 30 August, enabling the British fleet to enter the Texel roadstead and to sail toward the Batavian fleet in the Vlieter , leaving Story no other options than to defend an unfavorable position, or to surrender.
However, he neglected to take steps to nip the impending mutiny in the bud, fearing that taking forceful action would only make matters worse a standpoint shared by the other officers. The British squadron under Admiral Mitchell aboard HMS Isis with a "double prince's flag" on the main mast , that sailed toward the Vlieter consisted of eleven ships of the line, seven frigates, five corvettes , armed with 16 pdr carronades, and numerous smaller ships with heavy artillery.
Even though it was just a part of the British fleet, its force was far superior to that of Story's fleet. To win time as he later asserted to restore order among his crews, Story now sent captains Van Capellen and de Jong as parlimentaires to Isis to warn that he intended to defend himself to the death, which probably would result in the total annihilation of the ships Mitchell had earlier said he hoped to acquire for his navy.
This ambiguous message did not impress Mitchell, who countered with an ultimatum to hoist the Prince's flag, and to come over to the British, or suffer the consequences. He gave Story one hour to decide. Meanwhile, things had gotten out of hand on Washington. While our community of nearly 13, residents offers opportunities for growth, conserving our natural resources and green space is important.
Your representatives in local government and knowledgeable township staff are committed to providing quality services to you and your family. I encourage you to visit Town Hall where the friendly staff looks forward to serving you. Sections 49—59 of the Consumer Code provide for specific safeguards for the consumer who has entered into distance or off-premises contracts, notably concerning mandatory pre-contractual information, formal requirements of the contract and the right of withdrawal without cause at no cost.
Other consumer protections. Sections 61—65 of the Consumer Code provide for further guarantees aimed at avoiding any additional cost or burden for the consumer, notably concerning: i the delivery of goods; ii the use of payment methods; iii the passing of risk; iv phone communications with the trader; and v additional payments. It shall be assessed whether the trader has actually provided the consumer will all the relevant information indicated in the law.
It shall be assessed whether the consumer has been provided with all the relevant information and the possibility to exercise the right of withdrawal. Some terms, mainly those related to price setting, which are considered unfair by Section 33, paragraph 2, of the Consumer Code, shall not apply to contracts relating to financial instruments or similar financial contracts.
Section 47 of the Consumer Code provides a list of contracts that do not fall within the rules concerning on-premises contracts.
Moreover, the pre-contractual information listed in Section 1, paragraph 1, of the Consumer Code shall not be provided in case of contracts relating to daily transactions which are performed immediately upon their conclusion. Distance and off-premises contracts. Section 47 of the Consumer Code provides a list of contracts that do not fall within the rules concerning distance and off-premises contracts and Section 59 of the Consumer Code provides a list of cases in which the right of withdrawal is excluded; for instance, in the event of customised products, products with risk of deterioration, products whose value depends on fluctuations of the market, etc.
Unfair clauses. Pursuant to Section 36 of the Consumer Code, unfair terms shall be void, while the remaining part of the contract remains valid. On-premises contracts — Distance and off-premises contracts — Other consumer protections.
Section 27 of the Code — as described above in reply to question 2. For the first time the ICA implemented article 62 of the Code. Describe the key steps in a typical investigation.
Proceedings concerning the assessment of unfair terms and, in general, the legality of consumer contracts follow the same procedure with few exceptions, e.
There are no specific formal requirements to submit a complaint, but it is important to describe facts as precisely as possible, including any supporting documentation. The investigation phase shall start within days from the receipt of a complaint, and should be concluded within days of the communication of the decision to open the proceedings to the party concerned days in cases where the proceedings concern unfair terms.
These terms can be extended by up to a maximum of 60 days if necessary, taking into account the complexity of the investigation or in case the trader submits commitments. If so, provide examples where such penalties have been imposed.
Following the submission of the commitments within 45 days from the launch of the proceedings , the ICA may: i accept the commitments, making them binding, and therefore close the proceedings without making a finding on the infringement; ii grant a deadline to have the commitments improved; or iii reject the commitments that are deemed unsuitable to meet the concerns raised, or if the practice is manifestly unlawful and serious. Once the commitments are made legally binding, the ICA may automatically reopen the investigation if: i the trader has not implemented the commitments; ii the underlying facts that lead to the acceptance of the commitments have changed; or iii the decision making the commitments binding is based on incomplete, incorrect or misleading information provided by the parties.
The ICA is entrusted to adopt administrative decisions. The decisions issued by the ICA are immediately enforceable. Therefore, the traders have to immediately refrain from further carrying out the concerned conduct and must pay the imposed fine.Dec 01, · Further study: impact of the SSCA reform on CDR management. The CDR level is an important measure of a community's abilities at assets management and risk control. Even as the SSCA reform brought benefits to the residents, it also provided an excellent opportunity for the community to carry out rational and orderly assets management.