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Abraham, William
William James Abraham (December 19, 1947 – October 7, 2021).
Rev. William J. Abraham, 73, died on Thursday, October 7, 2021. A memorial service will be held at Highland Park United Methodist Church, 3300 Mockingbird Lane, Dallas, Texas 75205 on Saturday, October 30, 2021 at 10:00 am. The service is open to the public.
Billy Abraham was born on December 19, 1947 to Irvine and Isabella Abraham in Enniskillen, Northern Ireland (United Kingdom). His father died in an accident in 1951, leaving his mother with six boys. His earliest childhood memory is of Irish Methodist ministers praying with the family and bringing "orphan money" on Sundays. An academically gifted child, in 1955 Billy was selected to matriculate into Portora Royal School in his hometown from which he graduated in 1966.
He went on to pursue an honors degree in philosophy and psychology at Queen's University in Belfast (1966-1970). As an undergraduate student, he was awarded the Peele Prize in Philosophy for an essay on the concept of human action. His love of philosophy was surpassed only by his deep conversion to the Christian faith, which he underwent in his late teens. He met his future wife, Muriel Elizabeth Charles at a youth group meeting of the Sandy Row Methodist Church in Belfast and the two were married on August 2, 1969. They had three children, all born in Belfast: Timothy Fletcher (1971-2012), Siobhan Elizabeth (b. 1973), and Shaun Wesley (b. 1978).
Following his calling, in 1970, Billy Abraham crossed the ocean to continue his education at Asbury Theological Seminary in Wilmore, Kentucky. At Asbury, he was particularly shaped by Robert Traina's inductive method of Bible study. While studying at the seminary, Billy was elected President of Student Body and Council in 1971-1972. For his academic achievements he became a member (1972) and president (1973) of Theta Phi Honors Society and received his Master of Divinity degree in 1973. The same year he returned to Great Britain in order to pursue a doctorate in philosophical theology at the University of Oxford under the direction of a prominent philosopher of the Christian religion, Basil Mitchell (1917-2011). Abraham was awarded a D.Phil. at Oxford in 1977 with a dissertation on divine action and history, a topic that continued to be of focal significance in his scholarly career.
During his studies at Oxford, Abraham taught philosophy at Culhum College of Education, Culham, Abingdon, UK (1975-1977). Upon graduating from Oxford, he was a minister in the Methodist Church in Ireland serving St Andrew's Church in Belfast (1977-1978), Irvinestown Methodist Church in Irvinestown (1978-1980), and Cullybackey Methodist Church, Village of Cullybackey, County Antrim, N. Ireland (1982-1984). His scholarly career continued at Seattle Pacific University, where he taught theology in 1980-1982 and 1984-1985. While teaching at SPU, Abraham published his first books: The Divine Inspiration of Holy Scripture (1981), Divine Revelation and the Limits of Historical Criticism (1982, reprinted in 2000 as Oxford Scholarly Classic), and The Coming Great Revival: Recovering the Full Evangelical Tradition (1984). These works began to establish Abraham's reputation as a leading theological authority within Methodism and beyond.
In 1985, he joined the faculty of Perkins School of Theology at Southern Methodist University (SMU) first as Professor of Philosophy of Religion and McCreless Professor of Evangelism (1985-1995) and later as Albert Cook Outler Professor of Theology and Wesley Studies (1995-2020). At Perkins, his teaching spanned the disciplines of systematic theology, philosophy of religion, evangelism, and Wesley studies. For three decades, Abraham taught courses in systematic theology that were important for defining the character and depth of theological education received at Perkins. He also taught and supervised numerous doctoral students at the Graduate Program in Religious Studies at SMU. Under the auspices of the Center for Evangelism and Church Mission Studies, in 2000, Abraham founded the Polycarp Community consisting of graduate students and pastors who wished to continue their postgraduate research in theology on a British model. With his general supervision, many members of the Polycarp Community defended their doctoral dissertations at Durham University, the University of Manchester, the University of South Africa, and others. As an inspiring teacher and caring mentor, he made a lasting impact upon a generation of future pastors and university instructors. In 2003, he received the highest award for teaching at SMU and was appointed Altshuler University Distinguished Teacher.
A prolific scholar during his tenure at SMU, Abraham authored or edited over twenty-five books including: An Introduction to the Philosophy of Religion (1985), The Rationality of Religious Belief: Essays in Honor of Basil Mitchell (edited with Stephen W. Holtzer, 1987), How to Play Theological Ping-Pong: Essays by Basil Mitchell (edited with Robert Prevost, 1989), The Logic of Evangelism (1989), The Art of Evangelism: Evangelism Carefully Crafted into the Life of the Local Church (1993), Waking from Doctrinal Amnesia (1995), Unity, Charity and Liberty: Building Bridges Under Icy Waters (edited with Donald Messer, 1996), Canon and Criterion in Christian Theology: From the Fathers to Feminists (1997, received Best Book Faculty Award at SMU and Joint Book of the Year Award from Institute of Christian Studies in 1999), Can United Methodists Stay United? (1998), Evangelism: Essays by Albert Cook Outler (edited with Albert Outler, 1998), The Logic of Renewal (2003), Saving Souls in the Twenty-First Century: A Missiological Midrash on John Wesley (2003), John Wesley for Armchair Theologians (2005), Crossing the Threshold of Divine Revelation (2006), Canonical Theism: A Proposal for Theology and the Church (edited with Jason E. Vickers and Natalie B. Van Kirk, 2008), The Oxford Handbook of Methodist Studies (edited with James E. Kirby, 2009), Aldersgate and Athens: John Wesley and the Foundations of Christian Belief (2010), Key United Methodist Beliefs (with David F. Watson, 2013), Among the Ashes: On Death, Grief, and Hope (2017), The Oxford Handbook of the Epistemology of Theology (edited with Frederick D. Aquino, 2017), Divine Agency and Divine Action (vols. 1 and 2: 2017, vol. 3: 2018, vol. 4: 2021), Methodism: A Very Short Introduction (2019), John Wesley's Sermons on Various Occasions (3 vols., 2021, edited with a commentary).
Abraham also founded Highland Loch Press in Dallas, Texas, in which he self-published four titles: Celtic Fire: Evangelism in the Wisdom and Power of the Spirit (2012), The Bible: Beyond the Impasse (2012), Analytic Theology: A Bibliography (2012); Shaking Hands with the Devil: The Intersection of Terrorism and Theology (2013). In addition, he published over a hundred scholarly and popular articles, as well as produced audio-visual resources on the basics of the Christian faith, Bible study, Methodism, and church renewal. In 2012, he was awarded the Ford Fellowship, which is the highest award for scholarship at SMU. In 2013, Abraham also received the Lifetime Achievement Award from the Wesleyan Theological Society (WTS).
The WTS award recognized Abraham's wide-ranging contributions to Wesleyan and Methodist Studies over the decades. His work on John Wesley aimed to paint a nuanced picture of the eighteenth-century figure as evangelist, as theologian, as preacher, and as spiritual father. While Abraham offered cutting-edge scholarly insights—his treatment of Wesley's theological epistemology is a prime example—he took great care to make his work on Wesley accessible to a general audience. He also published numerous books, chapters, and articles in Methodist Studies, continually emphasizing the importance of sound doctrine to the health of the church.
Evangelism and mission held a prominent place in his own calling, and this included significant scholarly work in this territory. Abraham's exploration of the place of evangelism within the life of the church was marked by theological depth and pastoral concern. He developed a holistic conception of evangelism as a process of initiation into the life of the church and into the kingdom of God. Pressing back against reductionist accounts of what evangelism is, he called for immersion of new believers into the full riches of the Christian faith.
In creative and fruitful ways, he showed the relevance of philosophy of religion for theology. He sought to demonstrate the vitality of philosophy of religion as a discipline within both philosophy and religion. In extraordinary ways he acknowledged the distinction between these disciplines while exploring how they intersect and inform one another. Some of his research interests included the nature and scope of divine revelation, divine action, the rationality of religious belief, the relationship between theology and epistemology, and the meaning and nature of canon. His ability to see through problems and offer fresh insights is deeply relevant for the ongoing engagement between philosophy and religion.
In addition to his service to SMU, his visiting appointments included Visiting Professor at Central Asian Evangelical School of Theology, Karaganda, Kazakhstan (1998), Visiting Professor of Evangelical Theology at Harvard Divinity School, Harvard University (1999), Visiting Scholar at Trinity Theological School, Sibu, Malaysia (2006, 2008), Visiting Professor at Bishram School of Ministry, Kathmandu, Nepal (2006), and Visiting Professor at Evangelical Methodist Seminary, San Jose, Costa Rica (2007, 2008, 2021). The appointments in Kazakhstan, Malaysia, Nepal, and Costa Rica are indicators of Abraham's indefatigable missionary efforts and his burning desire to share the Good News of Jesus Christ with people around the world. In addition, his missionary work in Turda, Romania (2010-2021) involved evangelism and church-building. Abraham is the founder and president of Oasis International Missions (1999-2021) also known as Salt and Light European Ministries, a non-profit organization that supports Christian missions worldwide.
Upon his retirement from SMU in 2020, Abraham taught part-time at Dallas Baptist University. He also became the founding director of the Wesley House of Studies at Baylor University's George W. Truett Theological Seminary, Waco, Texas. In grateful acknowledgement and joyful recognition of Professor Abraham's outstanding, lifelong contribution to scholarship in service of the church in general and to Wesleyan Studies in particular, in September 2021, through the generous gifts of donors, Truett Seminary established in his honor The William J. Abraham Chair of the Wesley House of Studies.
A renowned speaker, Abraham gave public lectures at numerous educational institutions, societies, and churches, including: University of Edinburgh (1975), University of Lancaster (1976), Origen Society, Oxford (1976), Irish Baptist College (1977), Union Theological College, Belfast (1979), Wesleyan Theological Society (1981, 1984), Western Evangelical Seminary (1982), Oxford Institute of Methodist Theological Studies (1982, 1987, 1992, 2006), Methodist Bicentennial Theological Consultation, Emory University (1983), Edgehill Theological College, Belfast (1984, 1996), National Meetings of the American Academy of Religion (1984, 2007, 2008, 2013), Regional Meetings of the American Academy of Religion (1986, 1987), Southern Baptist Theological Seminary, New Orleans (1985), Bethel College (1987), Messiah College (1988), McMurry College (1989, 1991), American Jewish Committee, Dallas (1989), Duke University (1989), Southern Nazarene University (1990), Wesley Seminary (1990), University of London (1991), Pacific School of Evangelism, Sydney (1993), United Theological College, Sydney (1993), St John's College, Auckland (1993), Onel College, Oxford (1994), Candler School of Theology (1997), Iliff School of Theology (1997), Korean Consultation, Honolulu (1998), Harvard University (1998), University of Illinois (1998), Cliff College (1999), Calvin College (2000, 2014), Washington National Cathedral (2000), Baylor University (2000, 2003, 2006, 2007), Canadian Methodist Historical Association (2000), Harvard Divinity School (2001), Point Loma Nazarene University (2002), Abilene Christian University (2002, 2003), Cliff College (2003), Downpatrick Cathedral, N. Ireland (2003), British Methodist Conference (2003), Duke Divinity School (2003), Wesleyan Theological Society (2004), Wheaton College (2004), Central Asian Evangelical School of Theology (2004), Singapore Methodist Church (2005), United Theological Seminary (2007), American Philosophical Association (2007), Lipscomb University (2008), Houghton College (2008), Denman Lectures, Nashville (2009), Mere Anglicanism Conference, Charleston (2009), World Universities Forum, Davos, Switzerland (2009), Community College, Corsicana (2010), Rutgers University (2010), Indiana Wesleyan University (2010), Episcopal Seminary of the Southwest (2010), University of Notre Dame (2011, 2013, 2014), University of St. Thomas (2013, 2015), Winget Lecture, Spring Arbor University (2014), Trinity Theological College, Singapore (2015), Colgate University (2018), Jesuit School of Theology, Paris (2019), Los Angeles Theology Conference (2019), Meetings of the International Orthodox Theological Association (Jerusalem, Israel, 2018 and Iasi, Romania 2019), and others.
He served as an advisor to the following presses: Oxford University Press, Cambridge University Press, Abingdon Press, Rowan and Littlefield Press, Wadsworth Press, and University of Notre Dame Press. He was an advisor to London Weekly Television (1988) and served on the Editorial Board of Interpretation (1994-1997). A long-time friend of the Eastern Orthodox Church, Abraham was an Ecumenical Observer for the International Orthodox Theological Association.
A clergy member of Rio Texas Annual Conference (formerly the Southwest Texas Annual Conference), Dr. Abraham transferred his membership in 1990 from the Pacific Northwest Annual Conference, where he was ordained Deacon in 1979 and Elder in 1984. At the local level, he was regularly invited to preach, officiate at services, and teach Sunday school classes. He taught two Sunday School classes, In His Steps and First Light, at the Highland Park United Methodist Church, Dallas, Texas for nearly thirty years until the week he died. At the denominational level, he served as a delegate to the South Central Jurisdictional Conference and also on the United Methodist General Commission on Christian Unity and Interreligious Concerns. He addressed numerous gatherings of United Methodists across the globe and helped to plant churches in many countries. For many years he was active in the Confessing Movement and participated in many official and unofficial conversations about the UMC's doctrinal commitments.
In 2014, Billy struggled with and successfully recovered from colon cancer. He also had sleep apnea but otherwise his health remained strong. He was full of plans for his future missionary and scholarly work when he died suddenly while visiting a friend at an assisted living facility. A loving husband and caring father, he was preceded in death by his son Timothy (d. 2012) and is survived by his wife Muriel, his children Siobhan and Shaun, as well as his brothers John, Ivan, Cecil, and Ken Abraham.
Please leave the family condolences and share memories on this website.
Arrangements under the direction of:
Aria Cremation Service and Funeral Home
19310 Preston Road
34 replies on "Abraham, William"
Thomas P. Flint says:
I'm so sorry to hear of the death of Billy Abraham. He was not only a terrific but also a wonderful and exuberant colleague during his time with the Center for Philosophy of Religion here at Notre Dame. We will all miss him very much.
Rev, Joseph T. Fields, Jr. says:
Dr. Abraham was my first professor at Perkins in a course entitled "Introduction to Philosophy of Religion." As a second career person I had not been in a classsroom in almost 20 years. I was totally lost, wondering why I was there. After several classes I was still confused and lost. I gathered my courage and went and talked to "Billy". He was gracious, he was kind. Many a time he gave me "a pain in the brain!" I am grateful to be in the ranks of the countless number of people this gentle, thoughtful, faithful man touched. Sola Deo Gloria!
Gregory Norton says:
Dr William Abraham had just as much devotion to God as he was a scholar. He embodied Christ as a professor, pastor. I loved his work, ministry, and the breadth of his courses. I pray for someone to fill his shoes. God Bless his Family at this time.
Kent Millard says:
Well done good and faithful servant; enter into the joy of your master.
Nancy Mossman says:
Billy Abraham inspired me to continue mu studies in theology. He welcomed me at the university when I was vey unsure about my calling and ability. I'm saddened to learn of his death. I pray for his family and friends as they grieve this terrible loss.
Thomas Howell says:
Billy Abraham was a Godly and remarkable man. He was a scholar, theologian and writer. He was very warm and energetic. He will be greatly missed.
Daisy San Jorge Borrego says:
Please accept my heartfelt sympathy for the death of your family member. My prayers are with you, and your family. Please accept my condolences during this heartbreaking time. I hope God blesses and comforts you, and takes the deceased's soul to rest with Him in Heaven where they belong.
Sylvia Bradshaw says:
Well done, good and faithful servant! You leave a huge hole in this world where you once stood, but leave behind a legacy that will endure for generations. Thank you, family, for sharing him as much as you did. Your sacrifice is witnessed by his great works. I'm so grateful to have had time with this great hero of the faith.
Karen S Hallmark says:
Billy was my beloved Sunday School teacher (In His Steps), and friend. His knowledge and teaching ability are legendary. However, the things I will miss the most are his humor, and beautiful baritone singing voice. I always knew when Billy entered our classroom because harmonizing voice joining in our hymn announced his presence. He treasured his family, and was a TIRELESS worker for God's glory. I cannot imagine how the hole that he left will be filled. My deepest condolences, as well as continued prayers, are with his beloved family. I picture Timothy, Randy Hill, Larry Brady, Wes Putnam, and Gene Soutter waiting with excitement to welcome him into Heaven.
Jim Mayfield says:
Billy was a special friend with an amazing brain and an large heart. He was a living embodiment of knowledge and vital piety untied in one human being.
Bob Howard says:
Dr. Abraham was the behind the scenes inspirational leader of Vision Africa Ministries, dounded in 1998 by one of his doctoral students, Dr. Sunday Onuoha. True to Billy's zeal for sharing the gospel throughout the world, Vision Africa's radio station in Abia State Nigeria reaches over 20 million withe the good news. He will always be our hero and his table at La Madelaine will never be forgotten. Blessings to the family of this great man.
Ruben LF Habito says:
I remain in profound grief and shock at our esteemed and beloved Billy's totally unexpected passing from our midst. Together with my spouse Maria Reis Habito, we owe him in our hearts with a lifetime's worth of gratitude, as he was the chair of the Search Committee that brought me to Perkins School of Theology in 1989. He and his dear spouse Muriel were sponsors at our wedding ceremony at Perkins chapel in April 1990. The whole family, their son Timothy (deceased), daughter Siobhan, and son Shaun, were also like family to us especially in those early years of our life in Dallas, as they welcomed us to table on Thanksgiving and Christmas and so many other occasions. He was a stimulating conversation partner and on various theological themes, and there are still a number of issues i was looking forward to taking up with him, but alas! He was a frequent fixture at the breakfast scene at La Madeleine's on Mockingbird and Central, and i had looked forward to joining him there that very morning of Oct. 8, 2021, as Maria and i went there for breakfast, and were profoundly shocked to learn later that day that he had passed the night before.
With palms joined in prayer, and in deep mourning, with Muriel, Siobhan, Shaun, and all those who loved him, who learned from him, who were helped by him, inspired by him, challenged by him to think through things more thoroughly, or in some way gifted with his presence in their lives.
Ruben and Maria Habito
J.W. Hutcherson says:
What a privilege to have attended his classes.
Susan Porr says:
I met Billy when I was a student at APTS and he was coming to speak. I picked him up from the airport and enjoyed such a wonderful and enlightened time listening to him on the trip to campus. He was a brilliant speaker and writer, and I am so sorry for your loss of his presence in your family.
Emma Abraham says:
What an inspirational man you are my dearest uncle watch over us all x
Professor Andrew Walkerr says:
Professor William Abraham (known by most of his friends as Billy) was remarkable in his generosity and was respected by all who knew him. I first met him in 1987 and found him amusing, welcoming and full of surprises. These surprises stemmed from the fact that although he was a Methodist and a leading figure in the United Methodist Church – his personal predilection was for an ecumenical Christianity centered on the Gospel and the Creeds of the Early Church. This position of Billy's led him to be critical of much liberal theology. He was truly an original thinker who was able to convey his sophisticated scholarship to a wide audience. I like so many others will really miss him.
Kenneth Johnston says:
I first connected with Billy, as I knew him, in June 1970. I had just graduated from Trinity College, Dublin. His name was given to me by a mutual friend as I was trying to decide where to go to seminary. Billy encouraged me to go to Asbury where he was currently a student. Jan 2 1972, I arrived at Asbury. Billy and his wife Muriel, made me so welcome and helped me adjust to life in America. Upon his graduation, our paths separated but I never forgot him. What a journey he has had. May God comfort his family with His peace and presence.
Erna Oliver says:
In January 2020, just before COVID closed our country down, a number of South Africans from the University of South Africa had the huge privilege to meet Prof Billy Abraham, Dr Vaughn Baker and a number of our postgraduate students in person during a Postgraduate supervision conference. What a wonderful experience and learning curve. Please accept our sincere condolences for his friend and family. Although we only knew Prof Billy for a very short time, he made a huge imprint on our lives and theological thoughts. Our prayers will be with you all in these difficult times.
Rev. Donna Sutton says:
Dr Abraham was a good man and a professor who challenged me. His lesson have followed my my whole career. He will be missed.
Constance Taylor says:
Siobhan, so sorry to hear about the passing of your father. Even though I've never met him, I met you, and from what you've said about him in conversation and reading how he touched so many, I can see what a wonderful person he was and what a huge loss for this world. Condolences and may God keep you and your family in his hands at this difficult time.
Rev Byron Ahrens says:
I was surprised to hear the sad news of Billy's death. I had just exchanged emails with him shortly before he headed to Romania for mission work. Such an amazing and gifted man who has left us such a rich volume of important work for God's kingdom. He will be missed in our time but seen again soon in God's time. May God continue to give you His peace and empower us all to see through the grief to the hope beyond in Jesus Christ our Lord.
Mary Shotlow says:
Rest in peace, my friend. You have served well. To the family, I'm just one of those who Dr. Abraham touched with his teaching and advice. God sent him to help me along the Way. After completion of Advanced Course of Study, I realized the value of "the Billy Abrahams" in the world. He was a sower like Jesus. And now, may his works follow him.
Sally Padgett says:
"Billy" had a great sense of humor that kept even brief conversations warm and memorable. He was a model scholar and a generous soul. His faith was out in the open and his self-deprecating humor supported his genuine humility. Billy is already deeply missed and mourned, and many like myself are engaged in prayers of support for his family. It is they who so generously shared Billy with the world, and I give thanks for them and the great ministry they shared through Billy.
Deborah Witt-Jackson says:
I was deeply honored to have Billy as my Sunday School Teacher in 1st Light. He later became my mentor guiding me through the loss of my dear parents, encouraging me to be stand strong when I felt weak, and to gently, yet boldly, speak to those without faith. Billy became a beloved friend that can never be replaced in this life. I look forward to seeing him again one day in Heaven. My deepest and heartfelt condolences to Muriel, Siobhan and Shaun. May God's holy and loving peace surround you during this time of loss.
Sally DeMasters says:
I am so sorry to hear of Professor Abraham's death. I attended Perkins from the fall of 1991 through the spring semester of 1993, ( my last name was Rhodes then). He taught the class on systematic theology and was so very knowledgeable. Once, coming out of Highland Park United Methodist Church, we chanced to meet and began talking. When I needed to call to my 3 ( elementary school aged) children , he said he really liked the names of 2 of them: Patrick and Sharon.
May God comfort his family. Amen.
Ellen Charry says:
Billy was my leprechaun. He suffered so much but the twinkle in his eyes never dimmed. Shortly after he was naturalized I took him to see the buildings in which this nation was founded. It was a lovely day.
We ceased being colleagues at Perkins in 1997 but that did not sever our friendship. He continued to help me academically until his dying day.
He rests in God's glory.
Rev. Larry E Collins says:
I took a class this summer at Truett Seminary with Dr. Abraham on the 44 Sermons of John Wesley. I have never been that spellbound by a professor. I felt like a dried out sponge, soaking up all I could as fast as I could. I was sitting at the feet of a fine Christian man, a massive intellect, an incredible teacher, and a warm hearted brother in Christ. I envy people who knew him better and longer than I. But my short association was incredibly impactful and I will be forever grateful.
Jonathan Massey says:
Although I never met him in person, Dr. Abraham's writings have had a profound effect on my life for decades. I am traveling from Phoenix to be at his memorial service.
Judy Comstock says:
My husband Carl and I were saddened to hear of the death of our most respected and honorable friend. We have fond memories of his sermons preached at First United Methodist Church in Bedford, Texas where he was a staff member for a brief time. We reconnected when he was a guest preacher at Church of the Resurrection where I served as Director of Children's Ministry at the Leawood Campus. Billy had the ability to make everyone he encountered feel special. His love for Christ was evident, his knowledge of scripture was impressive, and his passion for church doctrine was deeply appreciated. We have truly lost a man of value to the Church.
Milford & Jeannie Zirkel says:
What a meaningful and special worship service this morning. We appreciated being able to participate through the internet, so thank you, family for this special privilege. We shall surely miss Billy, but are grateful for the years of knowing him and visiting with him and reading his marvelous works.
Rev. Milford (Zeke) and Jeannie Zirkel
Jeremy Nagorski says:
I only learned yesterday of Billy's passing. I was devastated! My condolences go out to his family. Billy was a saint! He was the wisest and kindest professor I ever had the opportunity to study with. And over-and-above his role as my professor, he actually invited me into his home to live with he and his son, Timothy, for six months during the summer and fall of 2005 (after my ex-wife suddenly abandoned our marriage). During that 2005-2006 academic year I had the opportunity to serve as his research assistant and during that time he ministered to my emotional brokenness without failing to continually inspire me intellectually and spiritually. And lastly, he encouraged me on my path to becoming Eastern Orthodox just this past September.
May his memory be eternal!
Today is All Saints Day. It was harder for me than the memorial service. Billy was saintly in more ways than will ever be known. I write to conclude of my prior post. On taking Billy to visit US historical sites in Philadelphia after his naturalization I asked him why he had done this after having live in the US for four decades. He answered simply: "this country has been good to me." His stature beams glory. May God take him to his bosom.
Dr Gary Dalton says:
Billy touched so many lives in so many different ways. I first got to know him in 1978 when he all too briefly became our Methodist minister on the Irvinestown and Pettigo circuit in Co Fermanagh, Northern Ireland. I was 14 and he had a profound influence on my young life. He had an enthusiasm for life, the Christian faith and a genuine interest in every individual he met.
Dr. J. Samuel Subramanian says:
Very sorry to learn of Dr. Abraham's passing away. He was the International Students' Advisor when I was at Perkins. He was always available to talk with me. I took a course on Evangelism with him and his friend, Andrew Walker. It was a great learning. I enjoyed talking to him at Perkins Reception. He will be greatly missed. My deepest condolences and prayers to the family and friends.


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Their findings, portrayed in a short video animation show that choosing trade priorities on the basis of aggregate UK data does not take into account the fact that the nations within the UK are exposed to trade with the EU in different ways.
Katherine Davies March 29th, 2017
Tags: Article 50, Brexit, Car Industry, Exports, Negotiations, Regions, Sectoral Deals
Brexit and the regions: a lighter shade of dark
L. Alan Winters is Professor of Economics at the University of Sussex, and director of the UK Trade Policy Observatory. Nick Jacob is an associate tutor and research student in economics – also at the University of Sussex.
Few doubt that Brexit poses some immense challenges for the British economy. But for a government that professes to want an economy that 'works for everyone', there is possibly one encouraging factor: Brexit seems likely to help re-balance the economy. This note asks what Brexit implies for different parts of the UK and suggests two reasons why regions outside London and the South East could be less severely challenged. (more…)
Charlotte Humma October 14th, 2016
Tags: Exports, Regions

redpajama_set_name: RedPajamaCommonCrawl


fsb@crynwr.com: 1710: Re: Linux and GPL vs BSD debate.
Subject: Re: Linux and GPL vs BSD debate.
>1- The existence of the the FSF and all the GNU code being gpl'd.
>observer more like part of the project, than the BSD kernels.
off of working on code, it's hard to accept this as a given.
email I just sent to the list.
>him, so he had to learn to work with people he had never met.
access and make him the project manager"?  Half - ;-) here.
quite off-putting, so this rings a strong bell from many years ago.
>any impact that the GPL vs BSD license differences had on the outcome.
free C compiler, so if there'd been sufficient "enthusiasm capital"


Impact fees are a charge on new development to pay for the construction or expansion of capital improvements that are needed by and benefit new development. Requiring an impact fee to provide adequate infrastructure is similar to meeting planning and zoning requirements for a particular project.
In 2007, Taylor adopted roadway impact fees under the requirements of Chapter 395 of the Texas Local Government Code. (Ordinance 2007-10). The Code requires that the City update its fee program at least every 5 years.


Petite Chapelle is more substantial, and really exudes character. Pronounced primary fruit on the nose, with redcurrants, plum and raspberry. This is a very profound expression of pinot noir – classic Gevrey with notes of woodsmoke and spice emerging. Has the hallmark easy-going nature of the vintage on the palate, but also with an underlying power and texture. Great depth, with a long, sweetish-fruit finish.


THINKING ABOUT: Some of you that follow our shenanigans on Instagram might recall the abandoned purple van we walk by each day and a video I shared a few months ago in which Max pretends to call Tom the Tow Truck. The eggplant vehicle has a front tire that is flat and it's been that way for 2.5 years now. We're not sure WHY it's still there, but my guess is that the insurance company forgot to pick it up after the hail storm and the owners have since moved away. Anywho, Max continues to voice his concern about the Barney-mobile and as a result it's a topic of discussion at least 3-4 times a week. Le sigh. My commentary is rote at this point and goes something like this, "Yes, Max. I don't know why it's still there. No, we can't fix it. I'm not sure when the tow truck is going to take it away." While making our way around the loop last Wednesday, we passed the van without any mention of the flat tire (Hallelujah!). However, as we got closer to our street, we couldn't help but notice a tow truck tightening the straps on a white sedan. This obviously caught Max's attention, so we stopped to watch the process unfold. Stalking construction sites and large trucks could be considered a "mom hack" that I encourage because it keeps this kid entertained for hours. Huzzah! So while the two of us stood on the sidewalk for about five minutes discussing the various steps of towing a truck, we eventually watched it drive away with the car and proceeded on our route. Sweet readers, within seconds of the tow truck passing us, something inside Max's head clicked and my kid took off in an attempt to catch up with the driver. Imagine this old soul (just 3 ft. tall) sporting a dinosaur tail around his waist zooming off on his scooter and shouting "Hey! Come baaaaaaack! You forgot one!!!" The tow truck was far off in the distance, and I almost fell over at the sight and sounds of what I just witnessed. My eyes welled up with tears because the whole situation was hilarious and Max was so stinking earnest. I eventually caught up with him and tried my best to hold back the giggles as I hugged him tight. A week has passed and I still think that instance goes down as one of my top five favorite Max moments. It reminds me of Brené Brown's idea that "Joy comes to us in the ordinary moments. We risking missing out when we get too busy chasing down the extraordinary." And she's right! The best moments come from the unexpected and sneak up on you when you're not prepared for them. Who knew a tow truck and abandoned purple van would tug at the heart strings like they have?!
FEELING: The latest iPhone software update has left my phone acting all kind of crazy. While I love the addition of the dinosaur emojis, I feel like my phone will never be the same. It's extra slow, freezing far more than it should, and quite frankly I'm afraid it's going to crap out on me at any moment. As a result, I've upgraded storage on the iCloud and went ahead and bought an external hard-drive to back up our desktop and laptop while I'm at it because heaven forbid ALL the devices fail me in the midst of this move. I suppose these technological doomsday emotions lit a fire and I'm finally following through with my goal to back up errrrrrrythang.
THANKFUL FOR: You guys!! My favorite Swell Rio Starbucks barista is BAAAACK after a year long hiatus!! She just kind of disappeared on me and I felt sad because we had no closure. There were moments I wanted to inquire about her and ask the other employees, but I held back because I didn't want to be too nosy. Much to my surprise, I placed my order yesterday at the drive-thru and a familiar voice asked me if I wanted that macchiato hot or cold. I didn't want to get my hopes up, but it sounded A LOT like the sweet lady that saw me through many Max meltdowns. Could it be?! Upon rolling up to the window, I was ecstatic to see that it was really her!! Come to find out, she took the last year off so she could adopt her granddaughter. She went on to show me a photo of the little girl and discussed the lengthy/expensive process, but they're together again and the happiness radiated in her smile. I recall the first time she told me about their situation and we connected over the fact that Max and the granddaughter were similar in age. Despite everything she had going on in her life, she was a constant source of kindness and hope for me—especially during those first few months of motherhood. As we near our departure, I want to find a way to thank her for being that compassionate and friendly source of encouragement that she didn't have to be. It meant more to me than she may know.
WATCHING: Following @sambartell on Instagram is one of my favorite things. Ever. This past week she and her husband, Graham, began watching The Real Housewives of New Jersey for the first time (How is this possible?) and she graciously documented their binge-watching of season one on her Insta-stories. You guys, the commentary and reaction to "bubbies" and the infamous table flip gave me life. Gah, it made me miss the Giudice and Manzo glory days on Bravo!! Now we're left with Siggy Flicker and cake fights.
EATING: One of our beloved Austin gems, Elizabeth Street Cafe, has released a cookbook and me thinks it's time to add it to the ol' wish list. If we can't frequent the city as often as we used to, we might as well learn how to MAKE that Blueberry French Toast.
READING: It's no surprise that I lived for magazines even as a kid. Whenever Highlights or the American Girl Magazine showed up in our mailbox, I kind of assumed possession of the publication and pored over it until I had to share it with my sister. Oops! As Max gets older and everything becomes so digitized, I think it's important that we introduce tangible options that he can explore and interact with much like I enjoyed doing as a child. Naturally, I was excited to learn about Bravery Magazine and ordered him a copy as soon as the Kickstarter campaign was available. The first issue arrived yesterday and features Jane Goodall throughout the mag. The whole mission behind the magazine is to empower children through stories of brave women and is intended to help them become their own kind of brave. They call it "a guide for dreaming and doing." Who doesn't love that?!


Göteborg : Chalmers tekniska högskola, 2015. 177 s. Master thesis - Department of Applied Information Technology, Chalmers University of Technology, Göteborg, Sweden; 2015:117, 2015.
The aim of this project was to investigate how games can be designed for training purposes at Ericsson Packet Core. A set of 37 guidelines, three game concepts and a prototype were created to investigate how games could be used and implemented. The project was carried out in an iterative manner and feedback was received throughout the project. The guidelines are based on an extensive research study performed in the beginning of the project. To test and evaluate the guidelines, game concepts were created. The guidelines and game concepts were developed in parallel during four iterations. A prototype was developed for one of the games to get hands-on experience and to perform tests with learners from the target group. The guidelines, the game concepts and the prototype have been developed and tested in close collaboration with Ericsson Packet Core and Ericsson Global Services. Even though they are still in the early stages of development, they could be used for further development of internal training games at Ericsson.
Panditha, J. och Stråvik, I. (2015) Designing Games for Internal Training Is Not Child's Play Guidelines for Designing Games at Ericsson Packet Core. Göteborg : Chalmers University of Technology (Master thesis - Department of Applied Information Technology, Chalmers University of Technology, Göteborg, Sweden, nr: 2015:117).
AB The aim of this project was to investigate how games can be designed for training purposes at Ericsson Packet Core. A set of 37 guidelines, three game concepts and a prototype were created to investigate how games could be used and implemented. The project was carried out in an iterative manner and feedback was received throughout the project. The guidelines are based on an extensive research study performed in the beginning of the project. To test and evaluate the guidelines, game concepts were created. The guidelines and game concepts were developed in parallel during four iterations. A prototype was developed for one of the games to get hands-on experience and to perform tests with learners from the target group. The guidelines, the game concepts and the prototype have been developed and tested in close collaboration with Ericsson Packet Core and Ericsson Global Services. Even though they are still in the early stages of development, they could be used for further development of internal training games at Ericsson.


On this page you can find downloadable information relating to our 4×4 canopies and accessories. Find installation instructions, window size and dimensions for both EKO Tops and Workstyle canopies. You can also find brochures with general information.
And if you cant find what you are looking for, give us a call on 1300556323 or send us a message using our contact page.
These brochures includes window measurements and prices as well as main features.


These stunning silver vintage earrings are highly decorated with niello and enamel with central raised coral cabochons. It is likely that they were worn attached to a band or headdress either side of the head rather than as earrings because of their very thick hooks. In very good condition commensurate with age.


text:
Media > Public speeches > All > Initial address by Governor Carlos...
Initial address by Governor Carlos da Silva Costa before the Parliamentary Committee of Inquiry into the management of BES and GES
Good morning Mr. Chairman, Ladies and Gentlemen
My initial intervention will be divided into three parts. The first part focuses on the resolution measure, namely the reasons that have led Banco de Portugal to decide to apply it, and a description of the facts occurring during the preceding week. In the second part, I will present a summary description of the monitoring and supervision of Grupo Banco Espírito Santo (GES) in recent years. In the third part, I will present some considerations on lessons to be learnt for the future following the Banco Espírito Santo (BES) case.
I. The resolution measure
On 3 August, Banco de Portugal applied a resolution measure to Banco Espírito Santo, transferring its general activity to Novo Banco. This decision was time critical, in view of the imminent risk of cessation of payments by BES – the third largest Portuguese bank – with serious consequences for the Portuguese economy. As I have already mentioned in this Parliament, during the weekend in which the resolution measure was decided, the stability of the financial system was severely compromised, due to the seriousness of the risks faced. Today, we can say that the initiative taken by Banco de Portugal, adopted in compliance with the bank's obligation by law, has safeguarded deposits, depositors' confidence and the continuity of the financing of the economy, i.e. the stability of the financial system.
Let us recall that, on 30 July, Banco Espírito Santo published losses of €3577 million, relating to the 1st half of 2014, greatly exceeding values implied by information disclosed up to the last two weeks of July. Such unexpected and exceptional losses:
challenged information provided to the market on 10 July by BES's Board of Directors;
were the result of management acts seriously detrimental to the interests of BES, resulting in additional losses of around €1.5 billion;
exhausted the capital buffer of €2.1 billion held by BES to meet its exposure to the non-financial arm of Grupo Espírito Santo (according to its communication to the market on 10 July);
and left BES seriously non-compliant with the minimum solvency ratios in force.
These facts are under inquiry as part of the forensic audit already launched by Banco de Portugal in early July:
to assess compliance with the prudential determinations of Banco de Portugal;
and to ascertain and document evidence of possible illicit acts undertaken by Grupo BES or by the members of its corporate bodies.
As disclosed to the public by Banco de Portugal, the forensic audit is at an advanced stage but has not yet been concluded. This work is highly complex and faces limitations of access to relevant information, beyond the reach of auditors, as this information belongs to other corporations of Grupo Espírito Santo or to other jurisdictions.
At present, the entity in charge of the audit is finishing the final reports in four of the five lines of inquiry. These reports and the respective supporting documents will form part of the penalty proceedings already initiated or to be initiated by Banco de Portugal, to assess the respective responsibilities, in particular individual responsibilities. The final reports will also be conveyed to the Public Prosecution Service for establishing any criminal responsibilities.
I would like to stress that, to date, Banco de Portugal has already initiated a number of penalty proceedings, which are under secrecy in order to safeguard their effectiveness. These proceedings involve subjects such as:
risk-assessment conditions in placing commercial paper issued by Espírito Santo International (ESI) with retail customers, concealing losses incurred by that entity;
the relationships between BES and BES Angola, from different perspectives, including inadequate procedures in terms of money-laundering risk prevention;
and evidence pointing to harmful mismanagement regarding the issue and placement of debt issued by BES with special-purpose vehicles having their head office abroad, through movements that included a Swiss intermediary, simultaneously with the massive substitution of BES debt for GES debt, to bypass the ring-fencing imposed by Banco de Portugal.
The conclusions of the forensic audit will make it possible to document the evidence collected in these proceedings regarding severe irregularities committed. New penalty proceedings are expected to be brought in the very short term, especially as regards non-compliance with Banco de Portugal's determinations. Unfortunately I am unable to refer to these subjects in detail. As you may understand, secrecy is required in order to protect the interest of smooth investigations, and to safeguard the rights and guarantees of the different procedural participants, given that defendants have already been identified in one of these proceedings.
I would like to stress that Banco de Portugal was only informed of the BES's preliminary results for the first half of 2014 on the evening of 25 July. On that date, KPMG quantified for the first time the deviation of BES's half-yearly resultsvia-à-vis the information provided to the market on 10 July.
These results, which, I repeat, dramatically challenged information provided by BES to the market on 10 July, warranted:
an immediate solution for BES capitalisation, preferably with recourse to private investors – plan A;
and the preparation of contingency scenarios – plan B – in case the private capitalisation option would not be feasible in time.
Remember that, in accordance with the Portuguese legal framework, the contingency plan could involve various measures, with different enforceability levels, in terms of time and decision procedures: public capitalisation (including mandatory capitalisation), nationalisation, resolution and liquidation. The detailed description of the different options is available as a note, which I leave for analysis by the Committee.
Final confirmation of the preliminary results for the 1st half of the year was provided by the external auditor on Monday, 28 July. In view of the resulting severe liquidity shortfall, on Tuesday, 29 July, Banco de Portugal triggered plan A, determining that, by COB on 31 July, BES should submit a restructuring and capitalisation plan through private financing, allowing compliance with own funds requirements in the very short term.
I would like to remind you that, as I mentioned to the Committee on Budget, Finance and Public Administration (COFAP), in the course of July, a number of private entities had shown their interest in taking positions in BES's equity. Indeed, this was stressed in a communication addressed to the market by the CEO of BES's Executive Board on 30 July, following the release of the half-yearly results. However, the order of magnitude and the nature of the losses made public significantly damaged the external perception of BES's financial position, making a private capitalisation solution unfeasible in the short run. On Thursday, 31 July, the Board of Directors of BES informed Banco de Portugal that it would be unfeasible to submit a capitalisation plan based on private investment, under the terms and within the deadlines required.
In view of the serious breach of BES's minimum own funds requirements, and its failure to submit a capitalisation plan, on the evening of 31 July I was informed by the ECB's Executive Board that it would propose the suspension of BES's Eurosystem monetary policy counterparty status to the ECB Governing Council, effective as of the following day, Friday, 1 August. This would oblige the bank to repay its credit to the Eurosystem in full (to an amount of around €10 billion).
In view of the above, and in order to prevent immediate suspension, on the evening of 31 July and in the early hours of 1 August, it was necessary to consider the single contingency measure feasible in the short run that would safeguard the stability of the financial system: the resolution measure. After a teleconference that started at 12:00 p.m. on Friday, 1 August, the ECB Governing Council decided to postpone the suspension of BES's counterparty status to Monday, 4 August, subject to the compromise that the resolution measure would be implemented during the weekend, before market opening on Monday.
In the wake of this decision by the ECB's Governing Council, Banco de Portugal decided to apply a resolution measure to BES. I immediately informed the Minister of State and Finance of this decision.
It is crucial to understand that, at that moment, given the loss of access to ECB financing on the following Monday, the only options available to Banco de Portugal were resolution or liquidation.
The public recapitalisation option, even as mandatory capitalisation, would no longer be feasible, as it would require complex and time-consuming prior procedures.
With regard to this option, which would not be feasible due to the urgent response required, it is important to bear in mind that:
From a burden-sharing perspective, according to the current State aid regulations – in force since 2013 and transposed into the Portuguese legal recapitalisation system approved in this Parliament – BES's losses are primarily absorbed by shareholders and subordinated creditors, similarly to a resolution scenario.
and from the perspective of the impact on public funds, balance-sheet risks and other contingencies associated with BES's prior management practice could not be ring-fenced, unlike under a resolution, and would therefore be borne by taxpayers.
In turn, the liquidation of an institution as systemically important as BES would entail very high costs for depositors, severe risks to financing of the economy and, consequently, would jeopardise the financial system's stability. For shareholders and subordinated creditors, the liquidation option would not be more advantageous either, given that the resolution legal framework guarantees that their losses cannot exceed those that would result from a liquidation process.
To sum up, given the imminent suspension of access to ECB financing and the lack of feasible alternatives given the time-frame, resolution was the sole solution that made it possible to preserve most of BES's activity, secure the safety of deposits, ensure the continuity of credit to the economy, prevent systemic risks and safeguard the interests of taxpayers and BES's employees. In pursuance of its legal obligations, Banco de Portugal made the only decision that would safeguard the national financial system's stability.
The complexity and operational risk of such a measure cannot be downplayed. Over the weekend of 2-3 August, it was necessary to analyse the valuation of assets, estimate capital needs, separate the bridge bank's and BES's balance sheets, prepare legal and regulatory instruments, appoint the corporate bodies of the new entities and prepare several communication instruments.
This was only possible given that, as mentioned above, since the weekend of 26-27 July Banco de Portugal had been actively working on the various contingency scenarios set out in the Law. This planning included:
arranging for the assistance of all entities that, in accordance with the law, would need to be involved in the preparation and approval of any solution that were to be adopted: the Government, the European Central Bank and the European Commission's Directorate-General for Competition;
preparing the intervention instruments that would allow for any chosen option to be viable.
Thus, having taken action to safeguard and prepare all options, on 30 July Banco de Portugal proposed to the Ministry of Finance that a series of changes be made to the resolution scheme envisaged in the Regime Geral das Instituições de Crédito e Sociedades Financeiras – RGICSF (Legal Framework of Credit Institutions and Financial Companies), with the goal of greater legal certainty and the protection of small investors' deposits. Its main goal was to ensure that:
(i) should a resolution measure be applied, no creditor would bear greater losses than those that would arise from a liquidation process ('no creditor worse off'); and
(ii) the protection of small shareholders would be reinforced, thereby guaranteeing that their deposits would not be unprotected should a resolution measure be applied (as envisaged in the scheme in force at the time).
These proposals, which were part of the CRD IV transposition 'package' and have been available on the Portuguese Parliament's website since 14 May, had been submitted by Banco de Portugal to the Government in November 2013.
Discussions with the Government also covered financing scenarios for a possible resolution measure, given that the Resolution Fund was only launched in 2012 and did not have sufficient own funds.
As regards the European Central Bank, dialogue was established with the President of the ECB, members of the Executive Board and the Chair of the Supervisory Board, and, on 30 July, information was given on BES's situation and the preparation of a contingency plan. The prospect of BES's resolution was, as mentioned above, discussed as of the evening of 31 July and the early hours of 1 August, as a way to prevent the immediate suspension of BES's status as a monetary policy counterparty.
The European Commission's Directorate-General for Competition was first contacted, on a technical and informal level, on 30 July, to discuss the various contingency scenarios that would entail recourse to State aid. On the afternoon of 31 July, I called Vice-President Almunia, to inform him that the Commission's services might be needed over the weekend and during a holiday period.
Given that this issue was raised in my address to COFAP on 8 October, I reiterate that all communication with the Directorate-General for Competition was not, and could never have been, a notification of State aid, nor prior indication of such a notification. As previously explained, Banco de Portugal does not formally correspond with DG-COMP in the event of a notification of State aid processes and their follow-up. These fall within exclusive competence of the Government. Naturally, without prejudice to this formal framework, Banco de Portugal is in regular contact and shares information with DG-COMP, in the fulfilment of its tasks and in the scope of State aid to national financial institutions, always in close cooperation with the Ministry of Finance. The documentation sent by Banco de Portugal to the Parliamentary Committee of Inquiry includes a detailed chronology of all contacts with the Directorate-General for Competition, between 30 July and 5 August.
I wish to conclude on this point, stressing that the resolution measure was taken in a legal framework approved by the Parliament in 2012,which is very similar to the European resolution scheme (the Banking Recovery and Resolution Directive – BRRD), approved in May 2014, to be transposed into national Law by the end of 2014.
II. Monitoring and supervision of BES
Over the past four years, Banco de Portugal has carried out permanent and particularly intrusive monitoring of Espírito Santo Financial Group (ESFG). The supervisory exercise took place against a background of particular complexity within ESFG, which comprises numerous entities with their head office in several jurisdictions, some of which place constraints on information sharing, as described in the technical note sent to the Committee.
As is well known:
credit institution subsidiaries having their head office in third countries are subject to supervision, on an individual basis, by the local supervisory authority;
Banco de Portugal's supervision on a consolidated basis relies on information shared by such authorities and their supervision, in addition to analyses and certifications conducted by local auditors;
to overcome constraints on access to relevant information regarding these subsidiaries' activity in some of these jurisdictions, Banco de Portugal has established protocols with the respective supervisors, which does not preclude difficulties in accessing information in some of these jurisdictions.
Banco de Portugal's monitoring of ESFG over the past four years intensified at two distinct points:
(i) in the context of the Economic and Financial Assistance Programme, since mid-2011; and
(ii) due to the specific problems stemming from the exposure to GES as of the last quarter of 2013.
In the context of the Economic and Financial Assistance Programme, and pursuing the strategy that had started in mid-2010, Banco de Portugal has developed an even more intrusive supervisory model, with a greater focus on risk and a more cross-cutting and prospective nature. Similarly to other Portuguese banks, ESFG was subject to unparalleled balance sheet scrutiny.
In addition to the preparation of financing and capital plans and quarterly stress-testing, five horizontal audits were conducted, as has been thoroughly documented in the information sent to this Committee and also mentioned in my hearings with COFAP.
Following these exercises, ESFG was obliged to reinforce its overall impairment level by a total amount of EUR 1366 million. More than half of this amount was defined in the course of ETRICC2, i.e. an exercise launched in early September 2013, which involved an assessment of the business plans of the major economic groups that are debtors of the banking system and whose credit recovery depends on the generation of financial flows from the business.
A second arm of BES's monitoring resulted, as mentioned above, from specific problems related to the exposure to the non-financial area of Grupo Espírito Santo, detected in the scope of ETRICC2, in November 2013. It was in this context that it was discovered that the accounts of Espírito Santo International (ESI), with its head office in Luxembourg and outside the supervisory perimeter of Banco de Portugal, had not registered the total amount of debt issued: EUR 1.3 billion had been omitted. This fact was brought to light following a particularly intrusive inspection, on Banco de Portugal's own initiative, although ESI was not subject to Banco de Portugal's supervision.
The seriousness of this state of affairs, which jeopardised ESI's solvency, with an impact on BES's balance sheet, and which entailed high reputational risks to ESFG, has resulted in:
a requirement to prepare proforma consolidated accounts for ESI immediately, with reference to 30 September 2013, accompanied by an external auditor's opinion.
a significant strengthening of Grupo BES's segregation policy from the risks arising from its non-financial arm, on the basis of four pillars:
reinforcement of ring-fencing from risks arising from Grupo Espírito Santo, as described in detail in a technical note provided today;
reinforcement of solvency ratios;
strengthening of the governance model, including the adoption of a management model independent of shareholders;
permanent scrutiny of actions for suitability purposes.
Hence, firstly, on 3 December 2013 Banco de Portugal determined the following:
elimination of ESFG's full direct and indirect exposure to ESI not covered by legally binding and prudently assessed guarantees;
setting-up of an escrow account fed by resources outside ESFG, with an amount equivalent to the debt issued by ESI and held by BES's retail customers, exclusively for the purpose of repaying said debt;
obligation to set up a provision, with reference to 31 December 2013, defined by the external auditor, should the measures not be implemented. The amount of this provision, €700 million, was established by KPMG and confirmed by PwC.
Secondly, Banco de Portugal has determined an increase in ESFG's capital to an amount ensuring that the Core Tier 1 capital ratio would stand, with reference to 31 December 2013, at a value higher than the regulatory minimum by at least 50 b.p.. The capital increase should also include a capital buffer that would allow ESFG to accommodate shocks stemming from adverse scenarios and address the results of the ECB's comprehensive assessment exercise, which was ongoing at the time. On 16 June 2014 a capital increase of €1045 million was concluded.
Thirdly, Banco de Portugal has issued a series of determinations on corporate governance:
obligation to disseminate Banco de Portugal's determinations to all members of the ESFG and BES management boards and to discuss the measures adopted in response to said determinations, which should naturally be approved at a meeting of the Board of Directors;
simplification of ESFG's group structure;
reinforcement of the provisions, processes, mechanisms and strategies created within the scope of corporate governance, internal control and risk self-assessment, so as to ensure appropriate independence from GES's non-financial arm;
development and implementation of the necessary measures to ensure total and definitive separation from the brand names used by each arm of GES;
prohibition from directly or indirectly trading (notably through investment funds or other financial institutions) debt from entities of GES' non-financial arm with retail customers;
changes to the code of conduct with a view to preventing, detecting, monitoring and reporting conflicts of interests;
creation of a committee on transactions with related entities, with countervailing powers, designed to control all credit operations or significant business relationships (i) with members of the management or supervisory boards of BES or related entities, (ii) with any direct and indirect holder of over 2% of BES's equity capital or voting rights (iii) or with any entity belonging to the same economic group of the shareholder.
Fourthly, Banco de Portugal's supervision pursued the objective of obtaining explanations for facts as they came to light within the limits of the legal framework governing suitability assessment, a subject also addressed in a Note that I am submitting to this Committee.
This exercise, which has always taken into account a need to comply with the RGICSF and safeguard depositors' confidence and financial stability, has led to:
the presentation in mid-April 2014 of a succession plan with the removal of family members from BES's executive body;
the withdrawal of registration requests to perform tasks in other entities of the Group;
finally, the early resignation from BES of all members of the Espírito Santo family.
Measures designed to isolate the financial group from GES risk have been successively reinforced by Banco de Portugal over time, which also imposed a number of monitoring mechanisms to ensure compliance with Banco de Portugal's determinations.
Taking into account the four lines of defence of a banking institution's financial soundness, Banco de Portugal has maintained extensive interaction through written correspondence and meetings with several members of ESFG's and BES's Executive Boards and Audit Committees, and naturally with KPMG, taking into consideration the responsibility assigned to them by law in the performance of their tasks.
Through these initiatives, Banco de Portugal has sought to ensure strong involvement of all members of the Board of Directors and the Board of Auditors and external auditors in compliance with the determinations issued. It is important to stress that BES's Board of Directors was composed of 25 members, the large majority of whom had extensive experience in the banking sector, and included representatives from important shareholders other than GES.
Banco de Portugal's conduct in this process has always been guided by the objectives of protecting depositors, preserving public confidence and ultimately safeguarding the stability of the financial system.
III. Lessons for the future
The implementation of the resolution measure in BES has made it possible to preserve stability and confidence in the Portuguese financial system, protect depositors and ensure ongoing provision of key financial services. Stock and debt market indicators of other listed Portuguese banks and Portuguese public debt spreads in the period after implementation of the measure point to an absence of systemic disruptions in the market. In addition, the trend of bank deposits has shown considerable stability at aggregate level (with a certain reallocation within the system), along with the maintenance of depositors' confidence in Portuguese banks. Finally, the most recent data on credit granted by the financial sector to non-financial corporations and households also do not show that the resolution measure adopted had a significant impact on the evolution of bank financing to the economy.
BES's case highlighted a series of weaknesses and limitations of our legal supervisory framework and also the existence of internal governance practices that are deficient or do not comply with the established standards (not only in the banking system).
At regulatory level, I would like to stress four areas for improvement:
First, current European legislation allows banks to be part of mixed conglomerates, simultaneously financial and non-financial, which encourage contagion mechanisms that are difficult to control. It is an illusion to think that control of the so-called 'related entities' is captured through exposure limits in the balance sheet. On the one hand, these result from information supplied by customers and a risk assessment by the bank, which, in the case of related entities, increases the probability of lenience as to information quality and risk assessment. On the other hand, the limits envisaged in legislation do not make it possible to cover off-balance-sheet exposures, which, as in BES's specific case, may be much more important.
Second, legislation allows these conglomerates to be located in multiple jurisdictions, some of them not very cooperative or transparent as regards access to relevant information. It is necessary to assess the existing legal framework and analyse how to supervise institutions with subsidiaries located in jurisdictions with limitations to information access. Will it suffice to deduct from capital the values referring to them or should we prevent this type of jurisdiction to be part of the conglomerate? This is a question worthy of discussion at European level, and is very important for all those making up the information analysis chain.
A third problem relates to institutions' governance model. It is important to guarantee that the institution's actual practice conforms to the rules of its governance model. In particular, it is important to ensure that boards of auditors perform the tasks entrusted to them by law fully and effectively. Given the complexity of institutions that carry out banking activities, audit boards should operate on a permanent basis and not on the basis of periodical quarterly or monthly meetings. This is the only way to ensure effective monitoring and to make timely decisions. One must also ensure that those responsible for compliance, risk management and internal audit have the autonomy and independence to perform their tasks and are seen by stakeholders as allies in the defence of the institution's general interest. Institutions' internal governance issues should be addressed at the level of legislation and practices. Supervisors have to scrutinise the governance practices of institutions under their supervision on a periodical basis.
Finally, supervisors must be able to act decisively and swiftly. The legal framework governing Banco de Portugal's activity imposes such a degree of protection of financial institutions' managers that the scope for Banco de Portugal to act – without the risk of breaking rules or the law – is very limited. I must stress that, as regards suitability, the changes introduced to the RGICSF that have been recently approved under a legislative authorisation of the Assembly of the Republic have fallen short of what Banco de Portugal would deem necessary to lift some restrictions on its activity at this level. I must also remind you that the Courts' case-law has successively reinforced the limitations faced by Banco de Portugal in this matter.
Also at supervisory level, it is important to assess supervisory processes and practices in an aloof, calm and knowledgeable manner as allowed by time. Banco de Portugal believes that it has acted in a fully committed manner, making decisions based on the information available at any one time and within the scope of said limitations, to the best of its abilities and always with the main concern of protecting the interests of depositors and safeguarding the stability of the Portuguese financial system.
Banco de Portugal, however, does not claim to be infallible and will certainly make its own assessment of the experience gathered from this case, as is indeed every institution's duty in all circumstances. Also, such assessment is necessary so that, in the new context of a Banking Union, adjustments can be made allowing for an increase in supervisory efficiency.
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Autumn In My Heart - Reason | "SONG LYRICS"
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Why have you given up on me?
1 Response to "Autumn In My Heart - Reason"
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LaDue v Yukon Government, Department of Health and Social Services, Vital Statistics (March 2018, Board of Adjudication Interim Decision)
The Complainant submitted a complaint to the Yukon Human Rights Commission ("the Commission"). He alleged discrimination by the Registrar of Vital Statistics (Department of Health and Social Services, Government of Yukon). The Complainant alleged that the Registrar of Vital Statistics denied his request to change his birth certificate to reflect his gender identity and expression. In response, the Registrar of Vital Statistics claimed that the Yukon Human Rights Board did not have the legal authority to hear the complaint. Specifically, the Respondent argued that because the essence of the complaint was a challenge to legislated eligibility criteria, it is a matter outside the scope of the Human Rights Act as it does not engage the protected area of services. The Commission noted that the issues being argued in this case are the same as those being argued at the Supreme Court of Canada (SCC) in the case Canada (Human Rights Commission) v Canada (Attorney General), a case which considered whether challenging legislated eligibility criteria engages the protected ground of "services". Both parties agreed to wait until the official SCC decision is released before further pursuing the matter.