The pricing mechanism and fair use policy described below is applied to EU/EEA roaming services offered for DNA's consumer subscriptions from 1.1.2019 onwards.
All mobile service usage in EU/EEA area shall be billed with (at least) the domestic tariffs. Domestic tariff is the subscription-specific unit price for calls, text messages and data transfer applied for mobile usage in Finland. Based on the service usage and traveling volumes, either the EU baseline fee or EU surcharge may be applied on top of the domestic tariff.
Certain DNA subscriptions include an EU data package as part of the monthly fee. EU data transfer consumption within the package is not billed with the EU baseline fee. Detailed information about the data packages is presented later on in this document.
The fair usage limits and the definitions of periodic traveling are presented in the following sections. In case the limits are surpassed, an automatic notification SMS shall be sent to the customer before applying EU surcharges.
What are the fair use limits?
No roaming-specific monthly usage limits are applied to phone calls. Only the domestic fair use limits - if such limits are defined for the customer's subscription - shall apply.
No roaming-specific monthly usage limits are applied to SMS and MMS messages. Only the domestic fair use limits - if such limits are defined for the customer's subscription - shall apply.
For EU data transfer, subscription-specific monthly fair use quotas shall be applied. The monthly fair use quotas for DNA's phone and mobile broadband subscriptions are listed in the following tables in gigabytes (= 1000 megabytes) per month.
EU data package is also the fair use limit of the mentioned subscriptions.
Consumption within the package is free of charge in the EU/EEA area.
With other subscriptions, consumption within the fair use quota shall be billed with the EU baseline fee (0.0056 EUR/MB).
*DNA Rajaton 4G Super subscription includes an EU-data package, the first 600MB are free of charge.
DNA Super Prepaid customers can buy packages which include either mobile data or calls, messages and mobile data. The same packages can be used in the EU/EEA area as well. Based on the amount of usage, either the EU baseline fee or EU surcharge shall be billed on top of the package price. The fair use consumption limits of the packages are listed in the below table in megabytes.
Presence criterion: The cumulative number of days spent in Finland is greater than days spent in EU/EEA area during the past 120 days. For the calculation, days spent outside EU/EEA area shall be considered domestic days.
In case neither the traffic volume criterion nor the presence criterion are fulfilled, the customer shall receive a notification text message about surpassing the limits of periodic roaming. After the message, all further consumption shall be billed with EU surcharge added on top of the domestic rate. Any billed EU surcharges shall be refunded if the customer shows as consuming mobile services mainly in Finland. Charging the EU surcharge is stopped again when the traffic volume criterion or presence criterion is fulfilled.
This pricing is applied in the EU/EEA area for DNA Mini, DNA Mini Data, DNA Paketti, DNA Pro, DNA Rajaton, DNA SuperÄlypaketti, DNA Veppi and DNA Äly –subscriptions from 15.6.2017 onwards. For other subscriptions, the pricing principles for the EU/EEA roaming are described in the subscription terms and conditions.
The pricing mechanism applies for roaming services consumed in following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
The pricing applies for calls and messages originated from the EU/EEA area to normally priced fixed line and mobile numbers. The pricing does not apply to calls and messages to service lines and corporate numbers with special pricing. Calls and messages from Finland to abroad shall be priced according to international calls' pricing list.
The pricing is valid for customers that either live permanently in Finland or have stable links to Finland. In case the customer cannot show stable links to Finland, all EU/EEA roaming services shall be billed with the EU surcharge added on top of the domestic rate. Stable links can be formed by, for example, a permanent home address, employment or studies in Finland. DNA may ask for proof of stable links upon signing a subscription contract, and whenever DNA suspects that customer no longer has stable links to Finland.
In case the use of roaming services is considered fraudulent, the EU surcharge shall be billed on top of the domestic rate for all EU/EEA roaming services. Usage is considered fraudulent if the customers subscription is inactive for long time and used mainly or solely abroad, or if a customer has several subscriptions and they are used sequentially while roaming.
The customer does not have the right to sell or give subscriptions (SIM-cards) to persons not living permanently in Finland and not having stable links to Finland. In case a subscription is given to such person, all EU/EEA roaming services are billed with the EU surcharge added on top of the domestic rate. DNA also reserves the right to close such subscriptions immediately and terminate the related contracts. Closing the subscription and/or terminating the contract does not limit customer's liabilities for outstanding payments.
The EU roaming pricing principles and the EU fair use policy of DNA's consumer mobile phone and mobile broadband subscriptions is based on the EU Commission Implementing Act 2016/2286.
DNA's preferred roaming networks and the available services in EU/EEA area are subject to change from time to time. Current status is listed in the table below on per country basis. DNA customers' mobile phones should select the preferred network automatically. In problem cases and at the edge of the coverage areas, one might need to select the preferred network manually in the phone.


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Category Archives: modesty
How to Undress: Domestic advice of the 1930s
Posted on January 8, 2015 by barbarabrownie
A 1937 domestic advice feature published in Life Magazine (15 February, pp. 41-43) contrasts descriptions of how a woman might dress unobserved with how she ought to dress in front of her husband. The article stresses the importance of rolling … Continue reading →
Posted in modesty, nudity, performance, undressing	Tagged 1930s, domestic advice, Life Magazine, striptease, undressing
Fragments of cloth, lost and found: Remnants of Yoko Ono's Cut Piece.
Posted on October 9, 2014 by barbarabrownie
Yoko Ono's Cut Piece has been variously described as a generous act of giving, a feminist critique, and an invitation to violence. Ono first performed the piece in Kyoto in 1964, following her 'score' (an set of instructions for performing an … Continue reading →
Posted in exhibitions/museums, gender, modesty, performance, undressing	Tagged clothing, Cut Piece, fragment, Japan, performance art, Tate, Yoko Ono
Dressed to Undress
James Bond has a reputation for being well-dressed. He is equally notorious for his tendency to undress. His many encounters with Bond girls require speedy and easy undressing, and hand-to-hand combat often occurs with shirts removed or cuffs rolled up. The … Continue reading →
Posted in fastenings, film, James Bond, modesty, nudity, undressing	Tagged Bond cuffs, breakaway, Charlie Chaplain, cocktail cuffs, James Bond, Sean Connery, slapstick, striptease, True Lies, undressing, velcro
Mastectomy Fashion
Posted on May 25, 2014 by barbarabrownie
Time for another picture post. These swimsuits were designed with the intention of celebrating women who have had mastectomies, and provoking questions about nakedness. The designers ponder the extent to which an exposed breast can be considered in the same … Continue reading →
Posted in gender, modesty, nudity	Tagged cancer, gender, mastectomy, monokini, objectification, swimwear, toplessess
Kirk's Ripped Shirt : Undressing the male body in Sci-Fi and Fantasy
Late twentieth century media, the sexual liberation of women, led to the rise of the female spectator. This resulted in a conflict of values: men were not traditionally supposed to be viewed as sexual objects, and yet women wanted to desire them sexually. Hence, Star Trek sought to enhance Kirk's sex appeal, and to encourage female spectatorship, without overtly presenting Kirk as sexually-motivated.
Captain Kirk and his various ripped shirts. Semi-nudity is imposed on Kirk during acts of violence.
At the time that Star Trek's original series first aired (1966-1969), there was not much discussion about the meaning of male nudity, nor the female spectator. It is only in more recent decades that theorists such as Laura Mulvey have begun to explore the difference between the meaning of male and female nudity, and the gendered gaze, and how things were shifting as a result of the move towards sexual equality.
There were several key problems facing Star Trek screenwriters who want to give audiences a glimpse of male flesh. Perhaps the most pertinent of these was that the 1960s, and hence the fictional future as depicted in the Star Trek original series, was patriarchal. Peter Lehman argues that "avoiding the sexual representation of the male body… works to support patriarchy" [1]. Male characters, particularly Kirk (as leader), had to remain authoritative and masculine. As Laura Mulvey observed, "the male figure cannot bear the burden of sexual objectification" [2]. A man who voluntarily disrobes with the intention of displaying himself as the subject of sexual desire can be viewed as vain. Vanity is historically viewed as a feminine trait, and thus the male striptease can compromise masculinity.
Additionally, the naked male body can be viewed as "threatening" to the female audience, since voluntary exhibitionism is closely linked to sexual aggression[3]. It is noteworthy that Kirk was often shown as sexually reluctant – the victim of sexual desire rather than the perpetrator.
James T. Kirk could not, therefore, be seen to exhibit his body intentionally. Rather, nudity had to be imposed upon him. It could be incidental, accidental, or justified for practical (and manly) reasons, but never purposeful.
Even when Kirk has voluntarily removed his shirt, it is often to engage in masculine acts of violence and displays of physical strength.
Kirk's semi-nudity was made more acceptable by being shown as the consequence of masculine aggression. A violent tussle with enemy foe could be the cause of a ripped shirt, and hence an exposed nipple. Kirk's toughness could be reinforced by a splatter of blood or sweat on the exposed skin. In hand-to-hand combat, Kirk could progress towards nudity without appearing to voluntarily expose himself to the audience. He satisfied the sexual urges of some audience members, without compromising the masculine values that mattered to the remaining viewers.
Kirk was thus positioned as the heroic nude, or the athletic nude, comparable to the characters depicted in cultural artefacts of Ancient Greece (and, of course, their thinly veiled homoeroticism). His sculptural semi-nudity connotes heroism, strength, and agility.
Pierre Brule, in his observations of Ancient Greek athletic nudes, noted that "nudity was the distinctive mark of being both male and Greek, since neither Barbarians nor women exercised naked" [4]. Parallels can be drawn between Ancient Greek's approach to Barbarians, and Star Fleet's approach to uncivilised alien societies. In this context, Kirk's semi-nudity is a sign not only of his masculinity, but also his humanity. His bare chest, with smooth pink skin, is evidence of his status as human, in contrast to the assorted blues and greens of his alien combatants.
In hand-to-hand combat, there is also a descent into savagery. In times of foreign exploration, explorers who have encountered tribes who wear little or no clothing have often been assumed to be primitive "savages" [5]. Their nakedness was thought to be a reliable indicator that such groups of people were under-developed, having not yet developed the intellectual capacity for morality, and hence for the ideas that nakedness is shameful. Among European and American slave traders, nudity was enforced to keep perceived savages in their place; as a sign of their status as possessions – equivalent to animals such as cattle – rather than humans. In Kirk's own descent towards savagery, he must abandon the civilised negotiation techniques of Starfleet. As the uniform is ripped, Starfleet's regulations and values and tossed aside. Kirk becomes a beast that cannot be tamed by the authority and civility of his employers.
Star Trek was by no means pioneering in its use of the ripped shirt. There are numerous films and TV series that depicted men in similar semi-nude states, always imposed by masculine acts of action or violence. Take, for example, The Most Dangerous Man Alive (1961), in which Eddie's shirt is ripped to shreds in an explosion. Here, though the shirt is torn and Eddi'e chest is fully exposed, his tie remains intact to retain some sense of respectability and civility.
In The Most Dangerous Man Alive (1961), Eddie's shirt is shredded in an explosion.
As if his skintight superhero costume wasn't enough to please flesh-hungry audiences, Captain America 2: Death Too Soon (1979) depicts Steve Rogers with a ripped shirt.
Other sci-fi and fantasy tales find similar excuses to expose the bodies of their male heroes. For characters including The Hulk (aka Bruce Banner), or numerous werewolf tales (Buffy's Oz, Being Human's George Sands, etc.) the loss of a shirt is a clear indicator of descent into savagery. The civilised human identity transforms into the primal/animal identity, and during this descent vestiges of civility and advancement are destroyed. With these werewolf tales, as with Kirk, the nudity is imposed, not performed. It is a consequence of the violent transformation that characterises the curse. The male body becomes the victim of nudity.
In the US remake of Being Human, werewolf Josh Levison wakes naked, next to the deer that he has slaughtered as a wolf. The bloodstains on his naked body, and the similarity between his state and the dead deer that lies beside him, suggest that he is both perpetrator and victim of violence. While naked, he is both savage and vulnerable.
Nudity gives these characters a particular vulnerability when they transform back into human form. The human alter-ago is often meek: the polar opposite of his beastly counterpart. This is particularly true of Buffy's Oz, and the Hulk in Joss Whedon's Avengers Assemble. As Bruce Banner has lost his clothes in his transformation from human to beast, when he reverts to his human form he is left without protection from cold or the prying eyes of curious onlookers. He is forced to hide, or make do with borrowed or stolen coverings. Nudity thus reinforces the vulnerability of man, in contrast to beast.
Promos depict the latest incarnation of 'Teen Wolf' with his shirt ripped during transformation.
Though Kirk's imposed nudity was a fairly regular occurrence, more recent sub-genres of sci-fi and fantasy have exploited it to such an extent that it has become a defining feature. Promotional materials for MTV's Teen Wolf unashamedly permit voyeurism in their teenage audience, with images depicting a naked torso beneath ripped shirt: an image that has come to signify a recent transition from man to beast, and vice versa.
[1] Lehman, Peter, Running Scared: Masculinity and the Representation of the Male Body, Detroit: Wayne State University Press, 1993, p. 6.
[2] Mulvey, laura, 'Visual Pleasure and Narrative Cinema, Screen Vol. 16. Issue 3 (Autumn 1975) p. 12.
[3] Cooper, Emmanuel, Fully Exposed: The Male Nude in Photography, Oxon: Routledge, 1990, p. 8; and Tejirian, Edward Male to Male: Sexual Feeling Across the Boundaries of Identity, New York: Routledge, 2000.
[4] cited in Moss, Rachel E., 'An Orchard, A Love Letter and Three Bastards: The Formation of Adult male Identity in Fifteenth Century Family', in What is Masculinity? John H. Arnold, Sean Brady (eds), New York: Palgrave MacMillan, 2001, p. 231.
[5] Perniola, Mario, 'Between Clothing and Nudity', 1989, as cited in Barcan, Ruth, Nudity: A Cultural Anatomy, 2009.
Posted in film, gender, modesty, nudity, Sci-Fi/Fantasy, Uncategorized	Tagged athletic nude, female gaze, heroic nude, homoerotic gaze, Kirk, masculinity, nudity, savagery, Star Trek, werewolves
Burlesque: The Art of Keeping Clothes On
Posted on August 22, 2013 by barbarabrownie
Elsie Diamond (photographed by Ksenia Maqa) performs 'Dubstep Turandot' in an extravagant oriental-inspired costume.
"Is not the most erotic portion of the body where the garment gapes?… There are no erogenous zones; it is intermittence which is erotic: the intermittence of skin flashing between two articles of clothing… between two edges…; it is this flash itself which seduces, or rather: the staging of an appearance-as-disappearance" – Roland Barthes [1]
In a previous post I mentioned Roland Barthes' suggestion that an illicit glimpse of flesh can be more enticing than nudity. In fashion and costume, garments have always been notable for what they expose rather than cover (see, for example, the controversy caused by decreasing skirt length in the first half of the twentieth century). In such cases, fabric is notable in its absence, often more than its presence (which is taken for granted).
In the twenty-first century we are so jaded to the sight of near-naked bodies that they seem unremarkable. It is not uncommon to see legs, stomachs and cleavages on show. This contemporary fashion environment has yielded jeggings and super-low necklines that leave little to the imagination. Bare skin on display has become unremarkable, and has lost its power to shock or entice. As a result, Barthes' words were never more true. The legs on display under a miniskirt are far less enticing than the fleeting glimpse of thigh that appears intermittently through the side-split of a much longer skirt; a cleavage that is barely visible through a layer of organza is more likely to attract the eye than breasts on show in a low-cut top.
Hussein Chalayan's remote control 'airplane' dress (S/S 2000) is constructed of sliding panels which slide to reveal glimpses of skin.
These values are reflected in high-fashion. Hussein Chalayan's Remote Control Dress (Spring/Summer 2000) is moulded from fibreglass and resin panels which are controlled remotely, and slide in and out to reveal parts of the body. The dress reveals small areas of skin, providing viewers with a brief glimpse of the body. The glimpse is coy and fleeting, creating a sense that it is forbidden. This is, in Barthes words, "the staging of an appearance-as-disappearance".
Eliza DeLite, who recently put a show on hold for costume restoration. Her costumes create such spectacle that they can even detract attention from the dancer's partial nudity.
The most appropriate context for this debate is the world of burlesque. Burlesque, which is sometimes thought synonymous with stripping, is arguably more about keeping clothes on than taking them off. The costume transforms the act into an opulent spectacle. Dancers are celebrated for having unique and elaborate costumes. They establish the tone and theme of the act, and are essential in defining a dancer's performance. The costume establishes the identity that the dancer has chosen for a particular act, and the show is choreographed to suit the component parts of a very particular costume. So entwined are the costume and the act, that it would be impossible to perform a burlesque dance in a substitute costume without making modifications to the routine. The costume is so vital that Eliza DeLite recently put her Strip 'n' Shimmy act on hold for costume restoration [2]. Every movement is choreographed around a particular garment or accessory. To a great extent, the costume dictates the moves.
Bruise Violet
In describing her debut, Dita Von Teese contrasts her performance with those of strippers by detailing her costume. She wore "a proper crinoline dress over a tightlaced corset with seamed stockings, garters, and long black opera gloves" and later "left the club a lady – in hat [and] gloves" [3]. In a strip-club, the acts are all about flesh: strippers arrive onstage already scantily clad, and their stripping is only a prelude to nudity. The core of the show is performed either mostly or completely nude. In contrast, burlesque dancers sustain the striptease until the very last moment of the show. The nudity is the finale.
Burlesque performance celebrates progression towards nudity, rather than nudity itself. The longer the dancer can sustain the tease, the more erotic the performance will be. It is in the dancer's interest to keep the clothes on for as long as possible: to remove the costume a small piece at a time, and at an almost languid pace. The dancer, and the audience, know that once she is naked, the show is over. There is nothing left to discover.
Immodesty Blaise on stage wearing 3 fur stoles, a fur skirt-cuff, a lace dress, and corset. Each of these items can be removed separately, prolonging the progress towards nudity.
The burlesque costume is designed to slow the progress towards nudity. It contains many more garments and accessories than an everyday wardrobe, and dresses are often composed of several parts that can be detached and removed separately. Costumes can consist of numerous layers, beginning with an overcoat or cape, then a dress of several parts, and even when that is removed there are usually three or four layers of lingerie underneath, each layer of which is progressively smaller and more revealing. The greater the number of pieces, the longer it will take to remove the costume, and hence the more provocative the act will be. As each small part is removed, only minor progress is made towards revealing the body.
Dita Von Teese. In the right pose, costume and context, even just a glimpse of ankles can be erotic.
The eroticism of the striptease may be, in part, nostalgic. Nostalgia is at the core of many burlesque acts. Burlesque celebrates the 1940s pin-up and 1920s Hollywood glamour. The costumes tend to include vintage or historical references, not least with corsets. But more than this, it celebrates a time when bare flesh was not so ubiquitous. In that context, a flash of ankle or a glimpse of shoulder is worthy of celebration.
Immodesty Blaise
See the Pinterest gallery which accompanies this article: http://pinterest.com/costumeand/burlesque/
[1] Roland Barthes, 'Where the Garment Gapes', extract from Pleasure of the Text, 1975, reproduced in ed. Malcolm Barnard, Fashion Theory: A Reader, London: Routledge, 2007, p. 601.
[2] Eliza Delite, http://eliza-delite.wix.com/burlesque#!acts/vstc4=article-2
[3] Dita Von Teese, Burlesque and the Art of the Tease, New York: Harper Collins, 2006, p. 20.
Posted in gender, modesty, nudity	Tagged burlesque, costume, nudity, Roland Barthes, spectacle, striptease, undress
Nudity, Music Videos and Sexualisation
This is brief, informal, and slightly off-topic expansion of the opinions I expressed on Woman's Hour this morning.
I was invited to respond to the nudity in Robin Thicke's 'Blurred Lines' video, in light of comments made in a previous broadcast, which suggested that the video was exploitative.
The Blurred Lines video (see below) is available in censored and uncensored versions, one in which women are featured topless, and another in which they are partially clothed. The censored version is being screened on TV and YouTube, while the other must be sought out on sites like Vevo and Daily Motion, which have fewer restrictions.
A still from the uncensored version of Robin Thicke's video, directed by Diane Martel.
Nudity has long been associated with exploitation. Historically, it was imposed on slaves because of its connotations of savagery, and although those connotations have diminished, there have also been associations with sexual exploitation that remain today. The debate surrounding Robin Thicke's video seems to suggest that there are still a large number of people who assume that any women who is naked is being exploited.
Organisations like Object and UK Feminista rally against "the sexualisation of women"[1]. Though this is a noble aim, its supporters too readily conclude that all nude images in pop culture are sexually motivated and/or exploitative.
I felt the need to join this discussion to stress that the relationship between nudity and sexualisation is not inherent or universal. Sexualisation and nudity are not equivalent. Indeed, Roland Barthes proposes that a glimpse of flesh is far more erotic than a fully nude body. A small area of bare skin where garments gape, or as a woman undresses, can be far more sexually charged than total nudity.
This progress towards nudity, and apparently illicit glimpses of flesh through clothed bodies, can make some videos far more sexually charged than Robin Thicke's Blurred Lines. There are numerous videos which present cavorting dancers, fully clothed, that appear far more sexually exploitative. The issue is behavior, not nudity.
Miley Cyrus' video for 'We Can't Stop' is far more sexually charged than Robin Thicke's, even though there is no nudity. It is the behaviour, not the quantity of flesh, that leads to sexualisation.
To imply that depictions of nude women are exploitative, purely because they are unclothed, vastly over-simplifies the issue and is potentially dangerous for impressionable audiences. If we declare that nakedness connotes exploitation, we risk encouraging shame among women who are naked in any context. To be appreciated naked by a partner, or even a wider audience, ought to be confidence-boosting. Instead, those moments will be filled with anxiety.
This discussion inevitably involves mention of the kind of body that is represented in the media: slim, young, and beautiful. Many feel that these 'ideal' bodies contribute to self-esteem issues among audiences with more 'natural' figures. Though it is true that the women in Blurred Lines are beautiful and modelesque, that does not make them unnatural. Slim bodies, just like larger bodies, are part of the natural spectrum of shape and size. We should not seek to exclude these slim bodies any more than we should exclude fat bodies.
Though less common, the depiction of fat or imperfect bodies can be even more controversial. These images have to face accusations of being "grotesque" [2]. Nude images of Gossip singer-songwriter Beth Ditto (see below) are not often labeled as sexually exploitative, but are often presented as gross spectacle.
Beth Ditto has frequently posed naked. These images are viewed as grotesque rather than sexually exploitative, potentially subjecting Ditto to a different but equally damaging kind of exploitation.
If it is currently impossible to view fat bodies in the same terms as thin, perhaps diversity is one way to encourage a change in perception. In other fields, such as fine art, all bodies are represented equally. The nude mothers of photographer Jade Beall, the distorted flesh of Jenny Saville's paintings, and Marc Quinn's sculpture of Alison Lapper, are all praised for celebrating the female nude. In music videos, however, where we expect a slim and attractive star like Rihanna to appear naked in a bath, we would never expect someone as curvaceous as Adelle to strip off for the camera. The problem is not that Rihanna is naked, rather that Adelle isn't.
Three problems arise from this discussion: firstly, there is the assumption that all nude images are sexually motivated; secondly, that they are all exploitative; and thirdly, that these first two only apply to images of women who are slim and beautiful. We need to remind audiences that it is okay to celebrate sex, and that those celebrations should be inclusive. We should make clearer distinctions between sexualisation and nudity, without implying that sexuality should be taboo.
[1] Object: Women not Sex objects, http://www.object.org.uk/files/OBJECT%20FAQ.pdf
[2] Mashrabiyya, 'In Vogue: Women, Beauty, the Grotesque, and the Other'
Posted in context, gender, idealism, modesty, nudity	Tagged exploitation, naked, nude, sexualisation, Woman's Hour
Sci-Fi Fashion: Star Trek and Clothes of the Future
Star Trek: Into Darkness uniforms. Uhura's uniform retains the 1960s silhouette.
J. J. Abrams' Star-Trek Into Darkness, and the forthcoming After Earth (Shyamalan, 2013), are reminders of how film and TV so often depicts future fashion as skimpy or skin-tight. The uniforms in Abram's recent Star Trek revival have progressed from previous versions, but retain the hallmarks of the originals. The men's uniforms have a mesh outer layer, reminiscent of moisture-wicking sportswear. The female uniforms are more precise replicas of the originals, with miniskirts and knee-high boots. In After Earth, stranded father and son are costumed in something reminiscent of an armoured wetsuit. These films are following a tradition established by films such as Logan's Run (1976), Buck Rogers (1979-1981), and Tron (1982), in which costume left little to the imagination.
Historically, fashion has tended towards being increasingly revealing. It has become progressively more acceptable to reveal the body, in ever-more form fitting garments and exposure of skin. It therefore seems likely that sci-fi costumes like these reflect the logical progression of fashion.
In science-fiction, the costume designers can only speculate as to what the fashions of the future may be. In hindsight, many of these prove inaccurate. The 'futuristic' visions of some 1960s and 70s sci-fi now have a retro feel. The mini-dresses that have survived Star Trek reboots are a homage to the 1960s – the decade of the original series. Costumes like those worn by Barbarella (1969) featured fabrics that were perceived as futuristic at the time, including metallic fibres and plastics. When these materials were incorporated into fashion by designers including Mary Quant and Paco Rabanne, they represented the height of fabric technology. Perhaps as a result of this enthusiastic adoption by the fashion world, they have become more closely associated with the 1960s and the Space-race aesthetic than with the future.
Barbarella wore costume that reflected the 1960's Space-age aesthetic.
Science-fiction films tend to fall into two categories. First, there are those that imagine the progression of society towards a brighter, technologically-enabled future. Second, there are dystopian societies that have regressed to resemble a historical era. Sci-fi costume can be divided into the same two categories. It imagines a possible future that has progressed forward, following established rules of fashion evolution (as in Star Trek), or a vision that resembles a Western or Victorian period drama (as in Joss Whedon's Serenity, 2005).
Serenity, Joss Whedon, 2005.
Both of these approaches are fair. Fashion is cyclical. It relies on revival and bricolage. It is therefore quite likely that, regardless of how technologically advanced we become, our clothes will directly appropriate from what has come before. In order to move forward, fashion reframes the past. Historical references are also useful in connoting social, political and cultural aspects of these imagined futures. The Nazi-esque uniforms of Starship Troopers (1997), for example, help to establish the sense of a military dictatorship.
Nazi-inspired military uniforms in Starship Troopers.
Though fashion tends to be cyclical, new technology does create exceptions. It allows clothes that have never existed before. Some of the most influential trends of the last hundred years of fashion have been inspired by new science. Access to new fabrics, such as PVC, allowed Mary Quant to rebel against tradition. Arguably, it was social change (sexual liberation) that led to the adoption of skin-tight jeans and leggings, but this could never have happened without the introduction of lycra[1]. Similarly, no pre-existing moments in the fashion cycle would have enabled us to predict CuteCircuit's 'Twitter Dress'.
Science is also transforming the way we create clothes. Clothes have historically been produced by sewing flat shapes of fabric together, thereby transforming multiple flat shapes into a single three-dimensional shape. New technologies are beginning to make sewing obsolete. Issey Miyake has established a research institute in Toyko with the aim of exploring new possibilities in fabric and garment creation. This research has yielded new bonding methods that may change our approach to garment manufacture. As in A-POC (a complete outfit that is manufactured at once, from a tube of fabric), the acts of weaving fabric and sewing pieces together are no longer separate processes. The weaving of the fabric and the bonding of the layers can be a single automatic process. There is no sewing, and therefore no seams.
A collaboration between Imperial College London and the Royal College of Art resulted in the invention of Fabrican, a spray-on-fabric. Fabrican canisters contain wet fibres which may be sprayed directly onto the surface of the body (see video below). As the fibres dry, they bond, forming a single piece of flexible shaped fabric[2]. Spray-on-fabric has the potential to revolutionise the fashion industry. As it is sprayed directly onto the body, it removes the issue of sizing from the dressmaking process. It also changes the way that garments may be repaired. In order to fix a rip or tear, more fabric may be sprayed to invisibly seal the hole.
Fabrican is like a second skin: tight-fitting and seamless[3]. This gives credence to the theory that skin-tight garments may become more common, and provides further evidence that future fashion is likely to be seam-free. As in the reinvented Man of Steel (2013) costume, and wetsuits in Star Trek Into Darkness, clothes may be moulded to fit our bodies perfectly.
Uhura's wetsuit in Star Trek Into Darkness may closely resemble the future of clothing, moulded and skin-tight.
Another factor to consider is that many of these costumes are uniforms. Uniform tends to fall outside of the usual fashion cycle. It is fixed, rather than modal. Uniforms tend to remain largely unchanged for many decades, and are therefore likely to be at least partly historical in design[4]. It is possible that the uniforms of the future would be very similar to those worn today, and would follow the same signifying systems for rank and situation.
If we want predictions of fashion's future, we should ignore the Star Fleet uniforms and explore the clothes worn by the extras in the background. In the bar scenes and on the streets of future London, we see signs of otherness that truly sets the Star Trek world apart from our own. Here we see the exoticism of alien influence, and the hybrid styles that arise within the fashion cycle.
Scotty sits in a bar in Star Trek Into Darkness. The extras behind him all wear 1960s-inspired fashion.
[1] AFMA (American Fiber Manufacturers Association) A Short History of Manufactured Fibers, 2010, Available at http://www.fibersource.com/f-tutor/history.htm
[2] Seymour, Sabine (2008) Fashionable Technology, New York: Springer Wien, 2008, 86.
[3] Except when structures are attached to the body first.
[4] Barnard, Malcolm, Fashion as Communication, London: Routledge, 1996, 12.
Star Trek Into Darkness uniforms: http://omg.yahoo.com/news/star-treks-zachary-quinto-spock-unleashed-darkness-204528413.html and http://www.darrenbracey.com/wp-content/uploads/2013/05/zoe-saldana-star-trek-into-darkness-uhuru-uniform.jpg
Logan's Run: http://ixians.blogspot.co.uk/2011/01/high-fashion-in-humanspace.html
Tron: http://bau3.blogspot.co.uk/2011/07/with-gurls.html
Barbarella: http://www.gavinrothery.com/my-blog/2011/12/12/barbarella-the-original-space-babe.html
Serenity: http://www.austinchronicle.com/blogs/screens/2009-06-25/799592/
Uhura's wetsuit: http://cdn-media.hollywood.com/images/638×425/1807046.jpg
Starship Troopers uniforms: http://www.therpf.com/f47/star-trek-2-new-uniforms-149714/index2.html
Scotty in the bar: http://www.thetrekcollective.com/2013/04/into-darkness-round-up-more-posters.html
Posted in film, modesty, Sci-Fi/Fantasy, uniform	Tagged 1960s, After Earth, Fabrican, Future, Into Darkness, Sci-Fi, Skin-tight, Star Trek, Uhura, uniforms
Context is Everything: The meaning of lace
It is the case with many artefacts that context creates meaning. A urinal in a bathroom is a utilitarian object, but displayed in a gallery and re-titled it 'the fountain', it becomes art. Lace is similarly affected by context. Even colour, which can have such fixed meanings in fashion, can be read differently in lace garments. Traditional colour meanings are over-ruled by context. White lace can be virginal in a bridal veil, but trashy in a peep-hole teddy. Lace has surprisingly little inherent meaning, as it varies so much depending on when, where and how it is used. In an Ann Summers lace body, lace is risqué; in Valentino's S/S 2013 Couture collection, it is demure.
Two properties have given lace its special status. Firstly, its complexity makes it difficult to manufacture. Historically, it was made by hand, using a laborious process that required time and skill. This made such an extravagance that for many centuries it was a privilege of the aristocracy. In the Baroque era, lace was so prized that it was worn in equivalent contexts to gold and jewels. Cuffs and collars of lace were as much signifiers of wealth as bracelets and necklaces. It is this history that Valentino or Ellie Saab have in mind when they send a model down the catwalk draped head-to-toe in fine lace and tulle.
Lace's second distinct feature is its ability to conceal and reveal simultaneously. Lace is an 'openwork' fabric, meaning that it features open spaces. Through these spaces are revealed whatever is underneath: sometimes another layer of fabric; sometimes bare flesh. Lace is able to cover the entire body, while simultaneously revealing everything. This intermediate state between clothedness and nakedness is, argues Mario Perniola, more erotic than nudity. Any garment that suggests the "transit" from dressed to undressed is the clothing equivalent to a striptease [1]. It anticipates nudity, offering an illicit peek at the bounty hidden beneath.
By concealing and revealing in equal parts, lace is much like a glass half-full or half-empty. It down to the user to select his or her interpretation. The designer or the wearer can use lace for modest or immodest purposes. We may consider lace to be erotic in a bra and thong, but an identical lace can appear modest in a funeral veil. Here, the distinction is made between concealing and revealing the body. Lace lingerie covers parts of the body that are normally hidden: its purpose is to reveal. By contrast, a lace veil covers a part of the body that is normally on show: its purpose is to conceal.
[1] Perniola, Mario (1989) 'Between Clothing and Nudity', as cited in Barcan, Ruth (2009) Nudity: A Cultural Anatomy, http://www.scribd.com/doc/13378257/Nudity-a-Cultural-Anatomy-Ruth-Barcan (visited 03/02/2011)
Black dress, Valentino S/S 2013: http://www.fashionologie.com/Valentino-Spring-2013-Runway-25260486?page=0%2C0%2C60#60
White dress, Ellie Saab, S/S 2013: http://www.vogue.co.uk/fashion/spring-summer-2013/couture/elie-saab
Portrait of Anne of Austria (c. 1625): http://passionatescribbles.blogspot.co.uk/2011/08/going-baroque.html
Portrait of Margaret Layton by Marcus Gheeraerts the Younger (c.1620):http://thepragmaticcostumer.wordpress.com/tag/baroque/
Funeral veil: http://magdaleena.tumblr.com/post/418150243/daphne-guinness-alexander-mcqueens-funeral and http://www.tumblr.com/tagged/black%20veil?before=67
Maison Michel lace headpieces: http://misspennydreadful.blogspot.co.uk/2011/07/maison-michel-headpieces-for-next.html
Anne Summers lace teddy: http://www.littlewoods.com/ann-summers-marydoll-plunge-lace-body—black/1111614818.prd
Lise Charmel black lace lingerie ensemble: http://blog.miodestino.com/designer-lingerie/lingerie-review-lise-charmel-soir-de-venise-collection/
Posted in context, lace, modesty, nudity, Uncategorized	Tagged collar, cuff, ellie saab, extravagance, lace, modesty, nudity, Valentino

redpajama_set_name: RedPajamaCommonCrawl


Although this tuning fork movement was designated by Omega as a caliber 1260, the base movement is an ESA (Ebauches S.A) 9164. The ESA 9164 features a day and date. Caliber ESA 9162 (Omega caliber 1250) has a date only.


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BoG provide details for closing down Ideal, Midland, GN, Unicredit, 19 others
Tag: Bank of Ghana, Dream Finances, IDEAL, Midland Bank
The Bank of Ghana has given detailed reasons on why it revoked the licences of 23 insolvent savings and loans companies and finance house companies.
A statement issued by the BoG on Friday, August 16, 2019 said the revocation of the licences of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.
ACCENT FINANCIAL SERVICES LIMITED
Accent Financial Services Limited was incorporated in Ghana on 21st November, 2012 and was licensed by the Bank of Ghana to commence operations in June 2013.
The institution has been insolvent since March 2017. The Bank of Ghana has since March 2017 engaged the Board and Senior Management of the institution on the need to inject additional capital but that yielded no results.
The specific issues that led to the revocation of its license included the following:
a. The institution had a net worth of negative GH¢55.76 million as at end February 2019, in violation of section 28(1) Act 930.
b. The institution had a capital adequacy ratio of negative 144.30% as at end February 2019, in violation of section 29(2) of Act 930.
c. The institution has been facing serious liquidity challenges as it has been unable to meet customer withdrawal requests since 2017. The Bank of Ghana has received many complaints from customers regarding the inability of the institution to meet their withdrawal demands.
d. Most of the institution's investments portfolio had no supporting documents whilst loans granted to related parties were concealed from the Bank of Ghana.
e. High non-performing loans due to poor underwriting standards
f. Creative accounting practices, thereby misrepresenting the institution's true financial condition and thereby misreporting its true financial position to the Bank of Ghana.
g. Corporate governance weaknesses with weak Board and Management oversight.
h. The institution is currently not engaged in normal business activities as a result of its capital and liquidity challenges.
ADOM SAVINGS AND LOANS LIMITED
Adom Savings and Loans Company Limited is a financial services company incorporated under the Companies Act, 1963 (Act 179) in January 2010 and licensed by the Bank of Ghana to operate as a savings and loans company in August 2016. The company commenced operations in November 2016.
A review of the institution's performance in August 2018 revealed that it was insolvent. The institution's reported capital adequacy ratio and net worth as at May 2019 were negative. The Bank of Ghana has since August 2018 engaged the Board and Shareholders of the company on the need to inject additional capital.
Among other things, the Bank of Ghana's supervisory assessments revealed the following:
a. The institution's Net worth of negative GH¢9.60 million as at end May 2019 violated section 28(1) of Act 930.
b. The institution's capital adequacy ratio of negative 126.23% as at end May 2019 was in violation of Section 29(2) of Act 930.
c. Non-performing related party exposures were far in excess of the statutory limits.
d. The Institution has consistently breached the minimum cash reserve ratio requirement since 11th July, 2018 mainly as a result of its liquidity challenges. The institution is also unable to meet withdrawals of customers.
e. Poor earnings due mainly to high management fees paid to related parties.
f. Weaknesses in Board and Senior Management oversight, including the fact that the institution have been without a substantive Managing Director since September 2018.
g. Poor credit underwriting standards and weaknesses in risk management function resulting in high non-performing loans.
h. The company did not keep accounting records in a manner that gives an accurate and reliable account of the transactions of the company thus not showing a true and fair view of its operations.
ALLTIME FINANCE LIMITED
AllTime Finance Limited was licensed by Bank of Ghana to operate as a finance house in July 2017 and commenced operations in August, 2017.
A review of the institution's operations as at end-August 2018 revealed that Alltime Finance Limited was insolvent with adjusted negative capital adequacy ratio and networth. The Bank of Ghana has been engaged the institution on several occasions on the need to rectify its capital deficiency.
The key issues that led to the revocation of license of the institution include the following:
a. The institution's Net worth of negative GH¢23.15 million as at end May 2019 was in violation of Section 28(1) Act 930.
b. The institution's capital adequacy ratio of negative 47.41% as at end May 2019 was in violation of Section 29(2) of Act 930.
c. The institution is over-exposed to its related company, AllTime Capital Limited to the tune of GH¢18.19 million in violation of regulatory limits.
d. The Institution has not been able to meet depositors' withdrawals. The Bank of Ghana has also received many complaints from the Institution's customers of its inability to pay their deposits.
e. Failure on the part of the Board to adequately exercise oversight on the institution.
f. Failure to implement Bank of Ghana on-site examination recommendations.
g. The institution amended its shareholding structure and business name without furnishing the details to the Bank of Ghana for approval.
h. The company did not keep accounting records in a manner that gives an accurate and reliable account of its transactions. This is considered unsafe and unsound banking practices. Specific examples include misrepresentation of investments and deposits in related companies, and over exposure of Loan facilities to related parties.
ALPHA CAPITAL SAVINGS AND LOANS LTD.
Alpha Capital Savings and Loans Limited was licensed by the Bank of Ghana in January 2015 and commenced operations in April 2015.
A review by Bank of Ghana in December 2016 assessed the institution to be insolvent with a negative capital adequacy ratio. The institution's CAR continued to decline up to September 2017 when it stopped submitting required monthly reports to the Bank of Ghana. The Bank of Ghana has been engaging the Board and Senior Management on the need to inject additional capital but all efforts yielded no results.
The specific issues that led to the revocation of the institution's license includes the following:
a. The institution's Net worth of negative GH¢11.51 million as at end May 2019, violating Section 28(1) of Act 930.
b. The institution's capital adequacy ratio of negative 81.05% as at end May 2019 is in violation of Section 29(2) of Act 930.
c. The Institution has not been able to meet depositors' withdrawals, leading to customer agitations and confrontations. The Bank of Ghana has also received many complaints from the Institution's customers of its inability to pay their deposits.
d. Weaknesses in Board and risk management oversight functions.
e. Failure to implement Bank of Ghana on-site examination recommendations.
f. The institution has ceased operations and closed its offices to the general public.
ASN FINANCIAL SERVICES LIMITED
ASN Financial Services Ltd. (ASN) was licensed by the Bank of Ghana as a Finance House on July 14, 2014.
The institution has remained insolvent with serious liquidity challenges since October 2016. Its capital adequacy ratio and net worth as at end-June2019 were negative.
The Bank of Ghana has engaged the shareholders several times on the need to inject additional capital to rectify the capital deficiency. The issues that led to the revocation of the institution's license included the following:
a. The institution's Net worth of GH¢628,311.16 as at end May 2019, violating Section 28(1) Act 930.
c. Persistent breaches in the cash reserve ratio requirement since 2016 due to serious liquidity challenges.
d. The institution has been unable to honour customer's withdrawal requests with many customer complaints received by the Bank of Ghana.
e. The use of depositors' funds to finance some related party projects.
g. Weaknesses in corporate governance practices as the institution has been without a functioning board and key management personnel with the relevant qualifications and experience to conduct the business of banking.
h. Poor risk management culture and weak credit underwriting standards leading to high non-performing loans.
CDH SAVINGS AND LOANS LTD.
CDH Savings and Loans Limited commenced operations in 2016 after taking over Ivory Finance Company Limited which had been operating since the year 2000.
In September 2018, CDH Savings & Loans Limited (CDH) was identified as insolvent per the August 2018 prudential returns submitted. CDH itself reported a negative Capital Adequacy Ratio which was further adjusted downward by the Bank of Ghana. The Bank of Ghana also noted severe liquidity challenges which threatens the ability of the institution to operate as a going concern as an additional issue. The Bank of Ghana has since engaged extensively the Board and Senior Management on the need to inject additional capital into the company, and plans repeatedly submitted by CDH to the Bank of Ghana to address supervisory concerns have failed to materialise.
The Specific issues which led to the revocation of the company's license are the following:
a. The institution's Net worth of negative GH¢171.36 million as at end May 2019 violated Section 28(1) Act 930.
c. The recognition of income on non-performing loans/exposures by the company contrary to Directives of the Bank of Ghana. Income on non-performing loans/exposures were to be suspended until such time as the loans/exposures became performing but CDH did not comply with this Directive, resulting in an overstatement of its revenue and assets in the financial statements over several years.
d. The transfer of collateral security supporting the institution's non-performing loans/exposures to affiliate companies using creative accounting with no resultant cash inflow to the company which resulted in the overstatement of the balance sheet.
e. The overexposure of CDH to its affiliate companies to the tune of 319% contrary to the regulatory limit of 25%.
f. The failure of CDH to sell repossessed collaterals caused liquidity challenges resulting in the company's inability to meet withdrawal requests from numerous depositors. The Bank of Ghana kept receiving complaints from individuals and institutions of their inability to access/withdraw funds from their accounts.
g. The inability of CDH to access placements/investments with other insolvent financial institutions, including related companies, worsened its solvency liquidity situation.
COMMERZ SAVINGS AND LOANS LIMITED
Commerz Savings and Loans Limited (formerly known as Sterling Savings and Loans Limited and part of Nordcom Africa Holdings Limited) was licensed by the Bank of Ghana in December 2016 and commenced operations in February 2017.
As a result of persistent complaints by customers that the institution was unable to meet their withdrawal request, the Bank of Ghana reviewed the operations of the institution.
The institution was found to be insolvent with an adjusted negative capital adequacy ratio with serious liquidity challenges. Bank of Ghana has since engaged the Board and Senior Management on the need to inject additional capital but that have not yielded any positive results.
The specific issues that led to the revocation of its license includes the following:
a. The institution's Net worth of negative GH¢40.99 million as at end May 2019 violated Section 28(1) Act 930.
b. The institution's capital adequacy ratio of negative 126.15% as at end May 2019 violated Section 29(2) of Act 930.
c. Serious liquidity challenges causing the inability of the institution to meet withdrawal demands of its customers.
d. High and increasing non-performing loans (NPLs) ratio due to poor credit underwriting standards.
e. Weaknesses in risk management oversight resulting in poor investment decisions.
CREST FINANCE HOUSE LIMITED
Crest Finance House Limited was originally incorporated as Apex Finance House Limited on September 2, 1997. The name was changed from Apex Finance House Limited to Crest Finance House Limited and subsequently licensed to operate as a Finance House on 5th June 2007.
In 2015, Bank of Ghana found the institution to be insolvent with serious liquidity challenges. The institution's capital adequacy ratio and net worth as at October 2015 were severely negative.
a. The institution's Net worth of negative GH¢17.55 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
b. The institution's capital adequacy ratio of negative 6,873.50% as at end May 2019 is in violation of Section 29(2) of Act 930.
c. Non-performing exposures to its parent company and a company in which the Chief Executive Officer is a director in excess of statutory limit. The exposures also contributed significantly to the institution's liquidity challenges.
d. The institution's total loan portfolio was non-performing due to poor loan underwriting standards and related party exposures.
e. The institution was unable to honour its customers' withdrawal request.
f. Weaknesses in corporate governance practices and poor risk management culture contributed to the institution's problems.
g. The institution has ceased operations and closed its offices to the general public, without approval from the Bank of Ghana.
DREAM FINANCE LIMITED
Dream Finance Limited (DFL) was licensed by the Bank of Ghana on October 25, 2013 as a Finance Company.
Based on a 2015 review of the institutions operations, Bank of Ghana found Dream Finance to be insolvent and also facing liquidity challenges mainly as a result of the institution's non-performing exposures to its related companies. The Bank of Ghana subsequently engaged the directors of the institution and agreed on a timeline to resolve the solvency and liquidity challenges. The institution failed to comply with the agreed plan. The institution's capital adequacy ratio and net worth are both negative as at end-May 2019.
The specific issues that led to the revocation of the institution's license include the following:
a. The institution's Net worth of negative GH¢333.46 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
c. The use of depositors' funds to finance related party projects. The institution is over exposed to six (6) of its related companies. The non-performing related party exposures, has contributed significantly to the liquidity challenges of the institution.
d. The institution has persistently breached the cash reserve ratio requirement since 2015 due to serious liquidity challenges. It is also unable to honour customer's withdrawal requests.
e. The institution changed its name from Dream Finance Limited to El Finance Limited and also relocated its Head Office without the prior approval of the Bank of Ghana.
f. Weaknesses in corporate governance practices as the institution is without a functioning board and key management personnel with the relevant qualifications and experience to do the business of banking.
g. The institution was involved in creative accounting practices, thereby misrepresenting and misreporting its true financial position to the Bank of Ghana.
h. The institution failed to implement Bank of Ghana on-site examination recommendations.
i. The institution is currently not engaged in normal business activities as a result of its capital and liquidity challenges.
EXPRESS SAVINGS AND LOAN LIMITED
Express Savings and Loans Company Limited (ESLL) was licensed by the Bank of Ghana on 14th August, 2007.
The institution has remained insolvent since 2016 due to the inability of the shareholders to inject additional capital into the company. The institution has failed to meet the capital plan submitted to the Bank of Ghana in February 2018 requiring the institution to inject additional capital by end-April 2018 and subsequently to the required minimum. The institution's adjusted capital adequacy ratio and net worth are both severely negative. as at end-May 2019.
The specific issues that resulted in the revocation of the institution's license include the following:
a. The institution is insolvent and has consistently failed to meet the minimum Capital Adequacy Ratio requirement since 2016 due to accumulated losses.
b. The institution's Net worth of negative GH¢119.83 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
c. The institution's capital adequacy ratio of negative 610.52% as at end May 2019 is in violation of Section 29(2) of Act 930.
d. The institution has persistently failed to meet the minimum cash reserve ratio requirement and customer withdrawal requests since 2014. Cash reserve requirement as at end May 2019 was 0.23%
e. The institution is overexposed to its related parties with regards placements.
f. The institution has failed to submit as well as publish its audited financial statements since 2016 in breach of Act 930, which requires financial institutions to publish and furnish Bank of Ghana with a copy of their audited financial statements not later than four (4) months after the end of the financial year.
g. The institution has closed down fourteen (14) of its eighteen (18) branches as at May, 2019 without prior approval from the Bank of Ghana in breach of Section 25(2) of Act 930.
FIRST ALLIED SAVINGS AND LOANS LIMITED
First Allied Savings and Loans Limited (FASL) was licensed by Bank of Ghana to operate as a savings and loans company on March 27, 1996.
First Allied Savings & Loans Ltd. (FASL) was found to be insolvent with a negative Capital Adequacy Ratio and a negative net worth as of 31 March 2018. The Bank of Ghana directed the Board Chairman/Majority Shareholder and Management of the Institution to immediately inject additional capital to address the capital deficiency. In June 2018, the Bank of Ghana received reports of a run on the institution FASL due to its inability to meet customers' deposit withdrawals, especially at its Kumasi and Adabraka Branches. The liquidity challenges later spread to all the twenty-seven (27) branches of the Institution across the country. The shareholders have failed to address these liquidity challenges.
A review of the institution's operations in July 2018 revealed that its reported financial statements did not reflect its true state of affairs. An adjustment to the financials resulted in an assessed negative Capital Adequacy Ratio and negative networth mainly due to huge accumulated losses recorded over the years, additional provision for loan losses and reversal of unearned interest receivables from income.
b. The institution's capital adequacy ratio of negative 263.21% as at end May 2019 is in violation of Section 29(2) of Act 930.
c. The income surplus and profit & loss accounts per the General Ledger as at 31st August, 2018 showed losses but the institution reported positive Income Surplus and Profit and Loss figures in the prudential returns as at 30th June 2018 submitted to the Bank of Ghana.
d. The reported deposit liabilities were grossly understated as at end-June 2018,in effect, reducing customer deposits to conceal losses over the years.
e. Total non-performing loans constituted 88.89% of the institution's total loan portfolio.
f. The current accounts of eight (8) related companies linked to the major shareholder were overdrawn in excess of GH¢100.00 million and were non-performing.
g. The Institution purportedly advanced credit facilities to various institutions, predominantly churches and schools without proper documentation. These facilities are non-performing
h. The Institution stopped submitting prudential returns to Bank of Ghana in June 2018, citing technical challenges.
i. The Institution cannot meet the deposit withdrawals of its customers with many customer complaints received by the Bank of Ghana.
FIRST AFRICAN SAVINGS AND LOANS LIMITED
First African Savings & Loans Company Limited was incorporated in November 1993 to undertake money transfer and remittance business. It was licensed by Bank of Ghana to operate as a savings and loans company in October 2009.
The company was found to be experiencing liquidity and capital adequacy challenges since 2017. In addition, the Bank of Ghana determined in August 2017 and December 2018 confirmed that the company was insolvent. The Bank of Ghana has since October 2018 engaged the Board and Senior Management on the need to inject additional capital.
The specific issues that led to the revocation of its licence included the following:
c. The company failed to conduct due diligence on its counterparties resulting in the impairment of some of its investments.
d. The company's affiliate, First African Remittances, UK failed to reimburse funds totalling GH¢5.40 million due to First African Savings and Loans. First African Savings and Loans pre-financed remittance receivables and the said amount has been outstanding for over two years. The long outstanding remittance receivable has been provisioned as a loss.
e. The company's Non-Performing Loans ratio has been deteriorating since 2017 to virtually 100% non-performing at end May 2019.
f. The company has consistently violated the minimum cash reserve ratio requirement, which is the regulatory measure of the liquidity position of deposit.
g. The institution is unable to meet the withdrawal demands of its depositors. The institution has related party exposure which it is unable to recover.
FIRST GHANA SAVINGS AND LOANS LIMITED
First Ghana Savings and Loans Company Limited (FGSL) was a specialised deposit-taking institution originally licensed to operate as a mortgage financing institution. It was established in 1956 under the Building Societies Ordinance of 1955 and operated as a
Building Society under the name 'First Ghana Building Society' (FGBS). In 2006, the institution changed its corporate status from a Building Society to a limited liability company which was renamed First Ghana Building Company Limited. Following the issuance of a savings and loans license on March 8, 2015 by Bank of Ghana, the institution's name changed to First Ghana Savings and Loans Company Limited.
i. The institution's Net worth of negative GH¢14.08 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
ii. The institution's capital adequacy ratio of negative 54.47% as at end May 2019 is in violation of Section 29(2) of Act 930.
iii. The cash reserve ratio of was below the required minimum of 10% from January 2019 to end-April 2019.
iv. The institution has failed to submit a credible capital restoration plan to restore it to solvency.
v. The Bank of Ghana has repeatedly engaged the Board and Senior Management on the need to inject additional capital but this has not yielded any positive results.
FIRSTRUST SAVINGS AND LOANS LIMITED
FirsTrust Savings and Loans Company Limited (FTSL) was authorised as a savings and loans by the Bank of Ghana on September 19, 2014 and was issued a license as FTSL on January 28, 2015. The name was changed to FirstTrust in January 2015. . Prior to this, the institution was known as EZI Savings and Loans (EZI) Limited which was licensed by the BOG as a savings and loans institution on October 11, 2007 until its acquisition by Ideal Financial Holdings in 2014.
Bank of Ghana's reviews conducted in 2015, 2016 and 2017 all showed that the institution was showing severe signs of distress. The institution reported a negative capital adequacy ratio and net worth as at end-May 2019.
The Bank of Ghana engaged the Board and Senior Management on the need to inject additional capital. The specific issues that led to the revocation of its license included the following:
c. The institution has breached the statutory cash reserve ratio (CRR) requirement since January 2018. The institution is currently facing challenges in meeting customer withdrawals, with numerous customer complaints to the Bank of Ghana. Cash reserve requirement as at end May 2019 was 0.07%
d. The use of depositors' funds to finance related party projects. The institution is over exposed to six (6) of its related companies to the tune of GH¢17.93 million. The non-performing related party exposures, has contributed significantly to the liquidity challenges of the institution.
e. Weaknesses in corporate governance practices as the institution is without a functioning board since August 2018.
f. The institution has consistently failed to implement Bank of Ghana on-site examination recommendations including the payment of penalties imposed for breaching some sections of Act 930.
g. The institution failed to keep accounting records in a manner that gives an accurate and reliable account of its transactions. This constitutes unsafe and unsound banking practice.
Bank of Gnana declined a request dated 25th July, 2019 to merge the operations of FirsTrust Savings and Loans Limited and Ideal Finance Limited because the two institutions under consideration are both insolvent and illiquid. The total projected cash injection of GH¢127.00 million, if approved, will lead to total shareholders' funds of the proposed merged entity from negative GH¢291.60 million to negative GH¢164.60 million and CAR from negative 78.32% to negative 47.26% leaving a significant capital deficit of GH¢234.05 million. The merger was therefore, not going to address the current financial challenges facing the two institutions, or improve their future prospects.
GLOBAL ACCESS SAVINGS AND LOANS COMPANY LIMITED
Global Access Savings and Loans Company Limited was incorporated under the laws of Ghana in 1998 and commenced business in February 2000 as a Partner Agent of ADB in the Western Union Money Transfer Business. The company grew and added other money transfer services to its remittance product line. Following the changing need of customers, Management decided to convert the company into a Savings and Loans Company. The company was granted a savings and loans company license on 15th June, 2009 by the Bank of Ghana and it commenced operations on December 6, 2010.
The institution has been insolvent since 2016 with serious liquidity challenges. The reported capital adequacy ratio and net worth are both negative. The Bank of Ghana has had several engagements with the Board and Senior Management on the need to inject additional capital but have not yielded any fruitful results. The institution rather opted to apply for liquidity support from the Bank of Ghana which was declined due to its insolvency position.
c. The institution has breached the statutory cash reserve ratio requirement since 2016.
d. The institution assumed the liability of a loan contracted by the majority shareholder amounting GH¢2.91 million. The loan amount was injected into the institution as equity capital. The liability was however concealed as a suspense account in the books of Global Access Savings and Loans Limited.
e. The institution continues to record accumulated losses due mainly to high rent expenses paid to the majority shareholder for the use of its premises.
f. The institution failed to keep accounting records in a manner that gives an accurate and reliable account of its transactions constitutes unsafe and unsound banking practice
g. The institution failed to implement Bank of Ghana's on-site examinations findings conducted in October 2018.
h. There have been several complaints from customers about the inability of the Institution to honour depositors' withdrawals.
i. The company neither published nor submitted its 2017 Audited Financial Statements to the Bank of Ghana contrary to Act 930.
GN SAVINGS AND LOANS LTD.
GN Savings and Loans Company Limited was originally incorporated as First National Savings and Loans (FNSL) Company Limited and licensed as a Savings and Loans Company on 8th May 2006. It was subsequently issued with a universal banking license by the Bank of Ghana on 4th September 2014 and was renamed GN Bank Limited.
On 4th January 2019, the Bank of Ghana approved a request to reclassify GN Bank from a universal bank to a Savings and Loans company following its inability to meet new required minimum paid-up capital of GH¢ 400 million by 31st December 2018. The reclassification was to among other things enable the institution to downsize its operations and also inject additional capital to resolve the acute liquidity challenges it was confronted with. The Bank of Ghana subsequently appointed an Advisor to GN to assist in the reclassification process.
In spite of the above, the institution has been unable to resolve its liquidity crisis and has also not been able to meet the majority of the conditions the Bank of Ghana imposed on the institution following its reclassification as a savings and loans company. The financial condition of the institution has also deteriorated since the reclassification with both negative capital adequacy ratio and negative net worth.
The Bank of Ghana has reached the conclusion that GN is currently insolvent under section 123 (4) of the Banks and SDIs Act, 2016 (Act 930), being in breach of its key prudential regulatory requirements. Its Capital Adequacy Ratio (CAR) is currently -61%, in breach of the minimum required of 13%. It is also facing a severe liquidity crisis with numerous complaints received by the Financial Stability Department of the Bank of Ghana from aggrieved customers who have been unable to access their deposits with the institution for the last several months. What is more, it has consistently failed to meet the minimum cash reserve requirement of 10% of its total deposits, since the end of the first quarter of 2019.
GN's shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.
While GN has indicated that government owes it a total amount of GH¢942.98 million of which GH¢102.73 million represented Interim Payment Certificates (IPCs), the Bank of Ghana's assessment is that IPCs totaling GH¢30.33 million only have been confirmed by the Ministry of Finance as at 6th August 2019 as owed to contractors that may be indebted to affiliates of GN. The Bank of Ghana's supervisory assessment shoeeds that even when the total outstanding IPCs amount of GH¢30.33 millionwas considered, it still did not address GN's capital deficit of -GH¢683.66 million.
It must be noted that GN's insolvency problems are largely attributable to overdraft and other facilities it extended to its related parties who are other companies in the Groupe Ndoum network of businesses, under circumstances that violated relevant prudential norms. Of particular interest are the funds totalling GH¢761.55 million that GN Bank as it then was, placed with its sister companies Ghana Growth Fund (Gold Coast Advisors) and Gold Coast Fund Management Limited (now Blackshield Capital Management), both licensed by the Securities and Exchange Commission. Some of these funds were used by the two related parties to pay their customers whose investments with them had matured, while some were also used to fund road and other contractors, who claim to have worked on Government projects. It is important to note that the IPCs claimed by GN are not supported by transactions that were entered into directly by GN and such contractors or Government and its entities. They reflect transactions entered into by Ghana Growth Fund or Gold Coast Fund Management with these contractors using funds taken from GN under circumstances that violated prudential norms. The failure of the two related parties to pay back these funds to GN affected GN's capital position, leading eventually to its insolvency and acute liquidity challenges.
In addition to GN's insolvency and liquidity challenges, the Bank of Ghana has found other key regulatory violations such as the following:
• The institution's adjusted Net worth of negative GH¢30.70 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
• The institution's adjusted capital adequacy ratio of negative 61.20% as at end May 2019 is in violation of Section 29(2) of Act 930.
• Contrary to section 64 (2) of the Banks and Specialised Deposit-Taking Institutions
Act, 2016 (Act 930), the institution's exposure to its related party has consistently been above the regulatory limit of 25% of net own funds (NOF). Exposures to other affiliates companies were mainly payments made by the bank on behalf of such affiliates.
• The structure of GN's balance sheet clearly shows that the bank mobilizes deposits for its related companies. The inability of these related companies to honour their obligation to GN has resulted in serious liquidity challenges and contributed to their insolvency as all related party exposures are non-performing. The institution's high non-performing loans (NPL) was mainly attributed to these related party exposures, which were never paid, thereby putting the deposits of its customer at risk.
• A recent Bank of Ghana investigation conducted at GN revealed that a significant amount (USD62,255,516.93, GBP718,528.59 and EUR4,200) of depositors' funds held with GN had been transferred to International Business Solutions (another company owned by Groupe Nduom and which is based in the U.S.A) without any documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana Notice No. BG/GOV/SEC/2007/4, and subsequent Bank of Ghana Notices issued in August 2014 prohibiting such practices.
• The company is yet to publish its 2018 audited accounts contrary to section 90 (2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Furthermore, the company did not keep accounting records in a manner that gives an accurate and reliable account of the transactions of the company, and did not therefore show a true and fair view of its operations.
• GN has suspended operations in seventy (70) of its branches including the Head office branch at Asylum Down and Castle Road branch, and temporarily suspended its entire management team without the approval of the Bank of Ghana contrary to section 25 (2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), mainly as a result of its insolvency and liquidity challenges.
IDEAL FINANCE LIMITED
Ideal Finance Limited was incorporated in 2009 under the Companies Act, 1963 (Act 179 and licensed by the Bank of Ghana under the Non-Bank Financial Institutions Act, 2008 (Act 774 as a money lending company. The company was subsequently licenced to carry on the business of a finance house on 18th December, 2014 and established its head office at East Legon in Accra.
Ideal Finance has been faced with severe insolvency and liquidity challenges over the past two years. The Institution faces a significant capital shortfall with a Capital Adequacy Ratio (CAR) of negative 33% in breach of the minimum required of 13% with a corresponding capital deficit of negative Ghc188,257,625.35
The institution is also facing a severe liquidity crisis with numerous complaints received by the Financial Stability Department of the Bank of Ghana from aggrieved customers who have been unable to access their deposits with the institution for the last several months. What is more, it has consistently failed to meet the minimum cash reserve requirement of 10% of its total deposits.
The Institution's shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.
The Bank of Ghana has found key regulatory violations such as the following:
• The institution's adjusted Net worth of negative GH¢117.5 million as at end
November 2018 indicates that the paid up capital is impaired in violation of Section 28(1) Act 930.
• The institution's adjusted capital adequacy ratio of negative 32.8% as at end November 2018 is in violation of Section 29(2) of Act 930.
Act, 2016 (Act 930), the institution's exposure to its related party has consistently been above the regulatory limit of 25% of net own funds (NOF). Exposures to related parties (FirstTrust Savings & Loans and Ideal Capital partners) were to the tune of Ghc63.19 million.
• The institution's high non-performing loans (NPL) ratio of 23.2% was mainly attributed to poor credit risk management, thereby putting the deposits of its customer at risk.
• Ideal Finance has not submitted their returns since November 2018. All efforts to get them to submit have proven futile.
An onsite examination carried out in September 2017 revealed the following:
1. The institution did not appropriately classify fifteen (15) impaired loan accounts in accordance with the requirements of the Bank of Ghana's Guide for
Reporting Institutions, which resulted in an additional loan loss provision of GH¢14,255,275.53.
2. The Institution was technically over-exposed to all its credit customers due to its negative net own funds position which is in violation of Section 62(1) of Act 930.
3. Credit facilities granted to the affiliates of the Company were not approved by the Board and the exposures were not reported to Bank of Ghana in breach of Section 70(2) and 70(4) of Act 930. Total related party loans totaled GH¢52.70 million.
In a letter dated 25th June, 2019, the Bank of Ghana was notified about the intention to merge the operations of Ideal Finance Limited (IFL) and FirsTrust Savings and Loans Limited (FTSL). A review of the documents submitted in connection with the proposed merger and all available records obtained from the two institutions revealed that:
1. The shareholders' funds of Ideal Finance Limited (IFL) and FirsTrust Savings and Loans Limited (FTSL) as at March 2019 per the merger documents was negative GH¢62.18 million and negative GH¢93.22 million respectively.
2. The reported shareholders' funds of IFL per the last submitted prudential returns as at November 2018 was GH¢28.89 million. This was adjusted to negative GH¢117.50 million due to additional loan loss provisions and impaired investments, resulting in a decline in the reported capital adequacy ratio (CAR) of 0.52% to negative 52.18%, indicating a capital deficit of GH¢171.92 million.
3. The reported shareholders' funds of FTSL per the prudential returns for May 2019 of negative GH¢99.46 million was adjusted to negative GH¢174.10 million due to impaired investments, resulting in a further reduction in the CAR of negative 48.67% to negative 132.96%, indicating a capital deficit of GH¢189.13 million.
4. The CAR of the merged entity was therefore assessed to be negative 78.32% with a capital deficit of GH¢361.05 million. The merger will therefore, neither address the current financial challenges facing the two institutions, nor improve their future prospects. In the light of the above, BoG could not accede to the request to merge the operations of FirsTrust Savings and Loans Limited and Ideal Finance Limited.
5. The cash reserve ratios of FTSL as at May 2019 was 0.07% compared to the regulatory minimum of 10%.
6. Both institutions are unable to meet customer withdrawal needs and the Bank of Ghana has received countless complaints from customers of both institutions about their inability to access their funds.
7. The use of landed property to shore up capital for the emerging entity is considered unacceptable in the light of the insolvent and illiquid state of the two institutions.
IFS FINANCIAL SERVICES LIMITED
IFS Financial Services Limited was incorporated on September 1, 2006 and licensed by the Bank of Ghana on June 5, 2007 to operate as a Finance House.
Bank of Ghana determined in December 2018 that the institution was insolvent due to additional provision for loan losses and impaired Investments resulting in a negative Capital Adequacy Ratio and a negative net worth. A further assessment of the institution's investments as at end-May 2019 led to a further deterioration of its capital adequacy ratio and net worth.
The Bank of Ghana engaged the Board and Senior Management on the need to inject additional capital to rectify the capital deficiency. However, efforts made by the shareholders have failed to yield the desired result.
a. The institution's adjusted Net worth of negative GH¢2.29 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
b. The institution's adjusted capital adequacy ratio of negative 18.77% as at end May 2019 is in violation of Section 29(2) of Act 930.
c. The institution has persistently breached the minimum Cash Reserve Ratio requirement since June 2018. Cash reserve requirement as at end May 2019 was 0.33%.
d. The institution did not appropriately classify nine (9) impaired loan accounts which resulted in additional provision for loan losses during an on-site examination conducted in December 2018. The institution's non-performing loans (NPL) ratio stood at 64.73%.
e. The institution failed to conduct proper due diligence on its counterparties resulting in the impairment of some investments.
LEGACY CAPITAL SAVINGS AND LOANS LTD.
Legacy Capital Savings & Loans Company Limited (LCSL) was licensed by Bank of Ghana to operate as a savings and loans company on August 12, 2016, after operating as a microfinance institution from October 30, 2013. It commenced operations as a savings and loans company in November 2016.
The institution was found to be facing liquidity challenges in August 2018. A subsequent assessment indicated that the institution was insolvent and also facing serious liquidity challenges. The institution's adjusted capital adequacy ratio was negative as at end-May 2019. The Bank of Ghana has since August, 2018 engaged the Board and Senior Management on the need to inject additional capital.
a. The institution's adjusted Net worth of negative GH¢19.52 million as at end May
2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
b. The institution's adjusted capital adequacy ratio of negative 16.96% as at end May
2019 is in violation of Section 29(2) of Act 930.
c. Non-performing related party exposures of GH¢4.49 million constituted 200% of the institution's reported net own funds in breach of Act 930.
d. The institution has consistently breached the minimum cash reserve ratio requirement since August 2018 due to liquidity challenges. The cash reserve requirement as at end May 2019 was 5.85%
e. The institution failed to keep accounting records in a manner that gives an accurate and reliable account of its transactions.
f. Poor loan underwriting standards resulting in the impairment of loans.
MIDLAND SAVINGS AND LOANS COMPANY LIMITED
Midland Savings and Loan Company Limited was licensed by the Bank of Ghana to operate as a Savings and Loans Company on October 21, 1996. It commenced full operations on March 13, 1997.
The institution was found to be facing liquidity challenges in January 2017. A subsequent assessment indicated that the institution was undercapitalized and also facing serious liquidity challenges. The Bank of Ghana has since August 2018, engaged the Board and Senior Management on the need to inject additional capital.
The specific issues that led to the revocation of the institution's licence included the following:
c. The institution failed to conduct due diligence on counter parties resulting in the impairment of some investments. In addition to the impairment of the investments, the persistent operational losses have resulted in an adjusted negative capital adequacy ratio and negative net worth as at August 31, 2018.
d. The institution is over exposed to related parties such as Liberty Asset Management, Liberty DMI Microfinance and Griffin Financial Services continue to be rolled over in spite of the liquidity challenges it faces.
e. The company has consistently breached the minimum cash reserve ratio requirement. Cash reserve requirement as at end May 2019 was 0.23%.
f. The company failed to keep accounting records in a manner that gives an accurate and reliable account of its transactions. As a result, the institution is unable to submit prudential returns regularly and could not provide the various schedules that reconciles with key balance sheet balances such as loans and investments.
g. As a result of the liquidity challenges, the company is unable to provide adequate funds to run the various branches thus rendering the branches inactive.
h. The inability of the company to honour customers' withdrawal request have resulted in customers resorting the use of their lawyers in filing claims on the institution and complaints to the Bank of Ghana.
STERLING FINANCIAL SERVICES LIMITED
Sterling Financial Services Limited was licensed by the Bank of Ghana in 1997 and subsequently commenced its operation.
The institution reported a capital adequacy ratio of negative 1,469.39% as at end-March 2010, on the account of significant deterioration in the quality of loan portfolio. The institution has therefore been insolvent and experienced serious liquidity challenges. As a result, the institution could not honour customer withdrawals. The Bank of Ghana has engaged the Board and Senior Management and recommended them to inject additional capital to rectify the capital deficiency but that proved futile. The institution stopped submitting prudential returns to the Bank of Ghana in May 2010 and subsequently folded up its operations in 2011 without notification to the Bank of Ghana.
UNICREDIT GHANA LIMITED
uniCredit Ghana Limited (uniCredit), formerly Kantamanto Savings and Loans Company Limited, was given an operating license in October 1995 and commenced operations on 1st November, 1995. In 2006, the Institution was acquired by the Hoda Group of Companies and subsequently its name was changed from Kantamanto Savings and Loans Limited to uniCredit Ghana Limited in March 2007.
The Institution is currently over exposed to a related party, uniSecurities Limited, a sister company. The institution's inability to access its funds from uniSecurities, even though overdue, has resulted in severe liquidity challenges and its inability to meet withdrawal requests of customers.
uniCredit Savings & Loans Ltd. was found to be insolvent with a negative capital adequacy ratio and negative networth following the Bank of Ghana's assessment as of December 2018. The Bank of Ghana directed the Board and Management of the institution to immediately inject additional capital to address the capital deficiency but this has not been successful.
The specific issues that led to the revocation of the licence of the institution included the following:
a. The institution's adjusted Net worth of negative GH¢221.32 million as at end May 2019 indicates that its paid up capital is impaired in violation of Section 28(1) Act 930.
2019 is in violation of Section 29(2) of Act 930. This is mainly due to the non-performing related party exposures of GH¢160.10 million to uniSecurities which is far in excess of its negative networth.
c. The Institution has been breaching the statutory cash reserve ratio requirement since April 2018.
d. The institution is unable to meet the deposit withdrawals of customers due to its severe liquidity challenges. The Bank of Ghana has been receiving many complaints from the institution's customers about their inability to access their funds.
e. The institution has a high percentage of non-performing loans.
WOMEN'S WORLD BANKING GHANA (WWBG) SAVINGS AND LOANS LIMITED
WWBG was incorporated on May 31, 1982 as a Non-Governmental Organisation and became fully operational as a private limited liability company on September 17, 1996. The company was subsequently licensed by Bank of Ghana in October 1996 as a savings and loans company.
The Bank of Ghana determined that the institution was insolvent in October 2017. The Bank of Ghana has since March 2018 engaged the Board and Senior Management on a number of occasions on the need to restore the institution's paid up capital and capital adequacy ratio to the required minimum levels. The shareholders have not been able to comply with a capital restoration plan the institution submitted on March 27, 2018 that proposed additional capital injections to meet the required minimum capital adequacy ratio. The institution's reported capital adequacy ratio and net worth were both negative as at end-May 2019.
c. The institution persistently recorded accumulated losses due to poor loan underwriting standards resulting in high non-performing loans.
d. The institution has consistently breached the minimum cash reserve ratio requirement since March 2019.
e. The institution's failure to implement Bank of Ghana's on-site examination recommendations.
f. The institution's external auditors expressed an opinion on the institution's 2018 audited financial statements that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Source: Graphic
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New Measures for Post-Graduation Work Permits and Temporary to Permanent Resident Pathways
Post Author:Rebecca Gill
Post Category:Canadian Immigration
On August 2, 2022, the Government of Canada introduced new measures to help former international students with expired or expiring post-graduation work permits and applicants to the temporary resident to permanent resident pathways.
These initiatives build off of a previous Government of Canada announcement on April 22, 2022 to help Canada's pandemic recovery and address labour shortages. This announcement included the new temporary policy that would give recent international graduates the opportunity to stay in Canada longer and gain valuable work experience. It was also announced that the processing of applications will continue for those who applied for permanent residence through the temporary resident to permanent resident pathways in 2021.
New or Extended Open Work Permits for International Graduates
International graduates with expired post-graduation work permits or work permits that will expire from September 20, 2021 to December 31, 2022 now have the opportunity to work in Canada for an additional 18 months. Permit holders can either extend their current work permit or apply for a new one.
For individuals whose post-graduation work permit expires between October 2, 2022 to December 31, 2022:
If your address is up to date and your passport is valid through until April 2024. The IRCC will send an email confirming your address and then send an updated work permit to your mailing address by mid-October.
If your address needs to be updated then you will receive an email from IRCC providing instructions to update your mailing address. Once the information is updated then you will receive an updated work permit to your mailing address by mid-November.
If your passport will not remain valid for an additional 18 months then the IRCC will send a separate email in September providing instructions. This information will need to be updated within a 2-week window. Once the information is updated then you will receive an updated work permit to your mailing address by mid-November.
If you are unable to update your address and passport information then you will need to apply online to extend your work permit. You could either receive a work permit extended to your passport expiration date or you could wait to apply until you have renewed your passport.
If the IRCC does not contact you by email by mid-September then you are not eligible for this program. However, you can still apply online to extend your work permit.
For individuals whose post-graduation work permit expired or will expire between September 20, 2021 to October 1, 2022:
You will need to apply online for a work permit. Applications open on August 2, 2022.
If your temporary status expired and you are still in Canada, you can apply to restore your status at the same time.
If you are eligible to apply from abroad and are outside of Canada, you can return after your application has been approved. However, if you have a valid temporary resident visa and are eligible to work during processing, you may be allowed to enter Canada for work.
All work permit applications for this new measure must be submitted by December 31, 2022.
Ability to Work During Processing
From August 8, 2022 onwards, individuals with eligible post-graduation work permits will be contacted by email if they are allowed to work during processing. Candidates can use this email to show to employers that they are still authorized to work in Canada. These measures allow those eligible for the additional 18-month work period to remain working or return to work while they apply for a new work permit or are waiting for the new work permit to arrive. These measures will be in effect until May 31, 2023.
Work Permits for Temporary Resident to Permanent Resident Pathway Applicants
While applications are processing, applicants are now eligible to apply for an open work permit to ensure that they do not lose status in Canada. Those applying for an open work permit can receive one with a December 31, 2024 end-date.
Applicants who previously applied for an open work permit will receive an email from the IRCC informing them about the new work permit. If you are still in Canada, your mailing address is up to date and your passport is valid, an updated work permit will be mailed to you. Applicants should receive it by mid-October. Applicants with passports that expire before December 2024 will not receive an email. However, applicants are still eligible to apply and receive work permits to match their passport expiration date or can apply after renewing their passport. If your need to update your mailing address, applicants will need to apply online.
If you are worried about your immigration status or are interested in applying for a work permit, it is best to speak to an expert immigration lawyer. At the Law Office of Matthew Jeffery, we are experts in work permit applications. Please CONTACT US today to see whether we can assist you with your immigration matters.
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Authentication using images or graphical passwords is one of the possible alternatives for traditional authentication based upon passwords. This study aims to investigate the practicality of giving guidelines or advice to users before they start choosing their image passwords, the effectiveness of using a smaller tolerance (clickable areas) and the optimum combination of click and image passwords. An alternative graphical prototype known as the Enhanced Graphical Authentication Scheme (EGAS) was developed in order to achieve these aims which implemented two different types of data collection (internal and external). From the findings, both internal and external groups indicated that the implementation of guidelines alone cannot guarantee the security of image passwords created by participants; but, in combination with other usability measurements this study has shown positive outcomes.


Since the past few days this phrase "the butterfly effect" was buzzing in my mind. Weirdly, I could not figure out the source of that curiosity. Anyhow, after reading few articles I found out , the butterfly effect is a concept, which states that even the smallest step we take in our life can somehow sometimes change the course of our life immensely. In Chaos Theory, "It has been said that something as small as the flutter of a butterfly's wing can ultimately cause a typhoon halfway around the world." Isn't that astonishingly fascinating?
I love butterflies and specially, how are they are reared. Butterflies are a testimony of how you could go through a lot of darkness and ultimately become something beautiful.
Talking about my outfit post today, I am wearing a skinny black jeans with ankle bootie which is me and my best friend's new favorite fall item. Yes, we both bought the same pair. Also, the main key soul of this look has to be this new lime green ruffled sleeved wrap top. I had bought this several weeks back but never got around wearing it. Finally, I wore it and I absolutely loved how it looked on me.


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Q: Typescript generics or declare type on variable I have just started to learn Typescript and there is one thing that I don't understand.
What is the difference between:
(declaring the type of the variable)
function func1 (arg: any): any {
  return arg
}
let var1: string = func1("Hello")

And
(using generics)
function func2 <T>(arg: T): T {
  return arg
}
let var2 = func2<string>("Hello")

I have tried searching for similar quotations but with no luck.

A: In your 2nd example with generics, the type is preserved if it is known at compile time.
For instance:
let x = 27; // x is a number
let y = func2(x); // y is inferred to be a number at compile time

any tells the TypeScript compiler that anything can be passed or returned from func - they won't have to match.

redpajama_set_name: RedPajamaStackExchange


Elevator is an annual festival of amazing new theatre drawn from some of the most exciting new theatre talent from the North East and beyond, that takes place each spring at Live Theatre.
Brand new theatre productions are put centre stage alongside participatory events, including workshops and discussions. See emerging work at the earliest stages of its development, help shape its future and join in conversations with leading theatre-makers from across the UK.
Live Theatre's bursary to support work to be developed for Elevator Festival 2020 is now open.