Market Structure And Competition In The Banking Sector Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3090 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The rapid economic convergence of Spain in the European Union in the last decade has been mirrored by an equally rapid expansion of its banking industry the Spanish banking sectors total assets over GDP expanded from 70 to 80 percent of the EU average. At the end of 2007, total assets held by the banking sector amounted to 280 percent of GDP; 110 percentage points higher than in 1997. Don’t waste time! Our writers will create an original "Market Structure And Competition In The Banking Sector Finance Essay" essay for you Create order The Spanish banking sector comprises four types of institutions: (Bank of Spain, data available at 13 April 2010) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Commercial banks 154 entities, accounting for 54 percent of total credit institutions assets, of which 53 are Spanish-owned, 17 are subsidiaries and 80 are branches of foreign institutions. Domestic banks are generally market-traded entities mostly engaged in retail banking; ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Savings banks (Cajas) -46 entities, with a market share of 40 percent. They are not for profit foundations with strong local government and/or autonomous communities participation. They are not listed or traded in the stock market. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Cooperative banks 83 entities, with a market share of 4 percent. They are organized under the umbrella of Banco Cooperativo Espaol. They provide services based on membership, but can also offer some financial services to third parties as do other credit institutions. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Specialized credit institutions (SCIs) 69 entitites, with a market share of 2 percent. Although carrying out most of the activities of credit institutions, they are prohibited from receiving repayable funds from the public in the form of deposits, loans, temporary assignment of financial assets, or other comparable instruments. Mergers of savings banks, or cajas, are subject to respective regional governments approval. Cajas cannot be purchased by private individuals or institutions due to their legal nature, but they can acquire other companies and credit institutions. Nevertheless, cajas assets and branches can be purchased by individuals, private companies and commercial banks. For more details, see FSAP (2006) Technical Note on Regulation, Supervision, and Governance of Spanish Cajas, (IMF Country Report No. 06/215). September 2010 European central bank Market structure indicators, such as the Herfindahl Index or the share of total assets of the five largest institutions, indicate that the d concentration in Spain, albeit increasing, has remained one of the lowest in the EU (Table ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.). A number of studies have investigated banking competition in Spain and results tend to indicate that, on average, banking competition in Spain is intense, including in comparison with that in peer countries. 51. Alongside commercial banks, savings banks have been a major force in extending services and in fostering competition. Since reforms in late 1970s, savings banks have gradually reduced their regional specificity and expanded their range of activities.53 Many medium-sized savings banks have strengthened their national presence becoming solid competitors to commercial banks. Their market share has steadily increased from 35 percent in 1999 to 40 percent in 2007. 52. With the exception of the two largest players, the Spanish banking system remains essentially domestic (Table 3). After building up franchises in Latin America, Santander and BBVA have expanded in other markets as well. Santander is now a significant player in the U.K. (Abbey National PLC and Alliance Leicester PLC),54 in pan-European consumer finance, and a smaller participant in the US (Sovereign Bank). BBVA has a non-negligible presence in the U.S., mainly through Compass Bankshare. Foreign activities are estimated to account for nearly half of both institutions earnings in 2008. Other banks have small subsidiaries outside Spain, such as Banco Popular (Portugal and Florida), Caja Madrid (Mexico), and Banco de Sabadell S.A. (Mexico and Florida), while La Caixa (caja from Catalonia) has expanded internationally with acquisitions of Mexicos Grupo Financiero Inbursa and Hong-Kong based Bank of East Asia. B. Main Trends 53. Convergence associated with EMU entry spurred a credit boom that abruptly ended with the outbreak of the global financial crisis in mid-2007. Interest rate convergence, both in anticipation of and since EMU membership, fueled domestic credit growth (Figure 4). Over the period 1997-2007, credit to the non-financial private sector has increased at an average of 17 percent; about two-and-half times nominal GDP growth. 54. Credit expansion was especially pronounced in the construction and real estate market. Bank activity has gradually shifted away from interbank lending and lending to the government and the manufacturing sector, to financing construction and real estate activities (Figure 5). As of end-June 2008 exposure to real estate financing amounted to 60 percent of total credit to the nonfinancial private sector, compared to 40 percent in 1997. While savings banks have the highest exposure, commercial banks are those that most significantly reoriented their domestic activity. Increased competition for lending to real estate developers has led some institutions to take on added risks by forming joint ventures with real estate developers-banks granting loans and sometimes taking an equity stake. It is estimated that this type of lending exceeds the equivalent of 5 percent of Tier 1 capital on average, and can reach as high as 80 percent of Tier 1 in specific cases.55 53 As part of the deregulation process, savings banks were allowed to carry out universal banking activities starting in 1977. 54 Amid the U.K. banking crisis, Santander also bought the branches and deposits of Bradford Bingley. 39 55. Since growth in customer deposits has not kept pace with domestic credit expansion, banks have increasingly tapped international capital markets. Between 1997 and end-2007, domestic deposits grew at an average rate of 12 percent, thus financing only part of the credit expansion of 17 percent. As a result, the loan-to-deposit ratio climbed well above the Euro-area average. Securitization facilitated access by credit institutions to foreign savings (Figure 6). Credit institutions have established securitization funds, which in turn have issued their own securitization bonds, mainly covered mortgage bonds (cdulas hipotecarias, CH). Given the soundness of the issuer, the quality and size of the mortgage portfolio, and the level of over-collateralization, resulting from sound regulation, these securities were attractive to foreign investors.56 Outstanding balances of Spanish 55 Moodys April 2008. 56 The new Mortgage Law (Law 41/2007) further strengthens the regulatory framework of CH; in particular: (1) it creates a special register for all mortgage loans and credits forming the collateral; (2) it reduces the loan-to-value ratio for commercial mortgage loans from 70 to 60 percent while keeping the one for housing loans at 80 percent (both ceilings may rise respectively to 80 and 95 percent if there are appropriate and sufficient additional guarantees); (3) it increases the minimum legally required over-collateralization from 11 to 25 percent; and (4) it provides for the possibility of including specific liquid and low-risk assets in the pool of collateral underlying the CH issue (up to 5 percent). from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬18 billion (3 percent of GDP) in 2000 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬350 billion (33 percent of GDP) in 2007.57 Spanish CHs currently represent the second biggest Jumbo segment in European covered bonds after the German pfandbriefe.58 56. In recent years, the Spanish banking industry has enjoyed significantly higher profitability than EU peers, despite lower leverage (Figure 7). While high volumes of intermediation have contributed to this result, higher trading and fee income as well as enduring cuts in operating costs have been important drivers. 57 It is important to note that the Bank of Spain has adopted stringent criteria regarding risk transfer and control of special purpose entities. Both steps have reduced drastically the incentives for off-balance sheet securitization and the resulting capital relief opportunities. 58 Jumbo issues amount to at least a billion euros. 57. To gauge the contribution of different factors, an algebraic breakdown of banks return on equity (ROE) has been undertaken (Box 2, Figure 8). The results indicate that while savings banks financial strength (net income over net operating income) has remained broadly unchanged, commercial banks and cooperatives have experienced some decline in this indicator in the last years, mainly reflecting provisioning expenses and write-downs. In the case of commercial banks, this development has been partially compensated by continuous improvements in cost efficiency whereas savings banks and cooperatives have witnessed some increase in the burden of their administrative expenses, consistent with the expansion of their branch networks. While increasing leverage ratios may have weighed on credit institutions vulnerability to shocks, improving (or undiminished) risk-adjusted asset productivity, more prudent risk strategies (as indicated by declining risk-weighted to total the impact of the ongoing global financial turmoil 59. The outbreak of the financial crisis in summer 2007 has severely affected the operating model of the Spanish banks. With wholesale funding drying up, Spanish banks have started restructuring their balance sheets. On the asset side, credit institutions have slowed lending growth and tightened credit standards. On the liability side, they have tapped more extensively ECB refinancing facilities by doubling access from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬22 billion in the pre-crisis period to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬49 billion recently. Since other banking systems also expanded their recourse to the ECB, Spain access has remained broadly in line with that of Euro-area total assets (Figure 11). Banks have also competed fiercely for customer deposits, largely at the cost of redemptions from mutual funds. 60. Banks operating environment has deteriorated more rapidly and severely than expected. Given their retail-oriented nature, Spanish banks have not been directly affected by the US subprime crisis and its ramifications.60 Nevertheless, they have to face with the bleak economic situation. Domestic economic slowdown and banks deleveraging have been mutually reinforcing. Households and the corporate sector are highly indebted. Unemployment is rising. The housing market is rapidly cooling off. The corporate sector is facing increasing cash-flow and liquidity problems. Several large real estate developers have filed for bankruptcy. Against this environment, NPLs have increased rapidly but from a very 60 Spanish banks total direct gross exposure to Lehman was estimated at US$700 million, with BBVA having the largest exposure with US$100 million. However, both Santander and BBVA were caught off guard by the Madoff fraud scandal. While Santanders direct exposure was reportedly minimal (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬17 million), Santanders clients who invested in the banks Optimal Strategic hedge fund, had an exposure of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬2.3 billion. BBVA reported ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 300 million losses from its activities related to Madoff Investment Securities. low base.61 Loans to the construction and real estate sectors have witnessed the most marked deterioration (Figure 12). As a result, savings banks have been most affected owing to their large exposure to the real estate sector. While banks provisions are still at a comfortable level, the extra cushion provided by dynamic provisioning is falling rapidly. 61. As a consequence, and despite broadly positive results in 2008, market sentiment on Spanish banks has turned mixed. While Santander and BBVA continued to record high net income in line with market expectations, their stock prices have declined significantly, reflecting generalized market risk aversion and in anticipation of very difficult market conditions yet to come (Figure 13). When the financial turmoil heightened in the autumn, their CDS spreads trended above those of (retail) peers (investment banks fared much worse), 61 As of end-2007, NPLs amounted to less than 1 percent of total loans; half of the EU average. mainly owing to the sharp deterioration in the Spanish economic outlook and their large exposures to emerging markets, especially in Latin America. Since then, however, CDS spreads have returned in line with those of retail peers, in part helped by the two institutions successful market-based capital increases.62 Small banks and savings banks have been 62. Like other European countries, the Spanish government has taken a number of exceptional measures to shore up confidence in the financial system (Box 3). As part of the package, the Spanish government established a ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬30 billion fund (which may be raised to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬50 billion)-Fondo para la Adquisicin de Activos Financieros (FAAF)-to provide liquidity to the banking sector by purchasing, on an outright or temporary basis, high quality bank liabilities (asset-backed securities with 3-5 year maturity). Box 3. Spanish Government Assistance to Banks Following the common framework agreed by euro-area countries, the Spanish government has taken the following exceptional measures: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The limit of the deposit guarantee was raised from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 20,000 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 100,000.1/ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ A ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 30 billion fund (which may be raised to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 50 billion) was established to purchase high quality asset-backed securities issued by credit institutions: the FAAF.2/ The operations can take the form of outright purchases or long-term swap operations (12 months or longer). Asset eligibility is slightly different in the two cases. In particular, outright purchases can be carried out for CHs and securities backed by CHs issued before October 10, 2008, traded (or in the process of being traded) in a regulated market, carrying a triple-A rating, and with a maturity no longer than the one specified in the auction. In the case of swap operations eligible assets comprise CHs and securities backed by CHs, or credit to individuals or non-financial companies and institutions provided that these securities have been issued after August 1, 2007, meet the ECBs eligibility requirements, and carry at least a rating of double-A. The FAAF consists of two separate portfolios; one for each type of operations. To safeguard a sufficient diversification, the FAAF cannot allocate more than 10 percent of its resources in each portfolio to a single entity. The FAAFs operations are conducted through an American-Type Auction; a fraction may also be allocated through non-competitive auctions. In each auction, individual allotments cannot exceed the lowest between the above-mentioned 10 percent limit of FAAFs portfolio and the result of the product between 2.5 times a credit institutions share in total credit to the domestic non-financial private sector and the amount offered. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Government guarantee may be provided for credit institutions new debt issues. The amount of the scheme approved in 2008 is ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 100 billion to be used by mid-December 2009.3/ A possible additional ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 100 billion might be allotted in 2009 if market conditions do not improve. As agreed within the EU, the pricing depends on debt maturity, CDS spreads, and rating of the originators: Table 4. Spain: Pricing of the Government Guarantee Maturity Commission Fee Less or equal to 1 year Flat fee of 50 bp. Greater than 1 year Flat fee of 50 bp plus: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ For beneficiary institutions with CDS data; the lowest between: 1) the median of the 5 year CDS spreads calculated over the period January 1,2007 August 31, 2008; 2) 36.5 bp for institutions with AA rating; 3) 44.8 bp for institutions with A rating. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ For beneficiary institutions without CDS data, or without representative CDS data, but with a credit rating: 1) 36.5 bp for institutions with AA rating; 2) 44.8 bp for institutions with A rating. For beneficiary institutions that are not comprised in the previous two categories, 44.8 bp plus a supplementary annual fee of 10 bp. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ If necessary, credit institutions re-capitalization may be carried out through the governments acquisition of non-diluting instruments such as preference shares.3/ - 1/ Royal Decree 1642/2008, October 10, 2008. 2/ Royal Decree Law 6/2008, October 10, 2008. 3/ Royal Decree Law 7/2008, October 13, 2008. The impact of the credit system The real estate crisis has had an inevitable impact on the banking system. At the end of 2009, loans to this sector were classified as a bad debt of 9.6% of loans (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 43 billion), but still far from a high incidence reached 13% in 1993. A special investigation by the Central Bank, however, stressed that to have a complete picture of the situation must also add to the suffering of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 59 billion of other loans uncertain recovery, ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 60 billion of real estate acquired by banks in payment for loans in the past and ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 4 billion of loans already written off entirely (write-offs). In short, the downturn in the property sector is thus weigh on the banking sector to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 165 billion, 37% of total loans to this sector. Although this is a significant amount, it should not result in system-wide problems of stability since the specific provisions cove ring these loans to 26%, rising to 35% if you add the general provisions available. The Bank of Spain also estimated that the overall coverage may be increased to 70% if the operating income in 2010 was only equal to that of the previous year. With the exception of finance companies in the real estate sector (about 18% of the loan portfolio), the quality of the portfolio of Spanish banks as a whole appears reasonable given the severity of the economic situation. A crisis manageable According to the research department of BNL, the situation of Spanish banks is attracting too much attention, perhaps especially when compared with the weakness shown by other European banking systems, such as is the case of Germany. Despite an increase of 65% of provisions, the Spanish banking system ended 2009 with net profits (nearly ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 20 billion) in limited flexion (-20%), achieving a non-marginal increase of the two main indicators patrimonalizzazione (tier 1 to 9.7% an increase of 1.3 percentage points to 8.1% core tier 1 an increase of 1 percentage point). Detail is not secondary, the increase of these two reports is due entirely to increase the number (net worth +13%) compared to a denominator (risk-weighted assets) remains unchanged. Even the effect of this increase, ROE (Return on Equity) fell by almost three percentage points, ranking still 9%, the highest level in Europe (3.6% in the case of Italy). crisi edilizia Le ripercussioni sul sistema creditizio La crisi del settore immobiliare ha avuto un inevitabile impatto sul sistema creditizio. A fine 2009 i prestiti a questo settore classificati in sofferenza risultavano pari al 9,6% dei prestiti erogati (ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 43 mld), unincidenza elevata ma comunque lontana dal 13% toccato nel 1993. Una apposita indagine della Banca Centrale, tuttavia, ha messo in rilievo che per avere una completa rappresentazione della situazione bisogna aggiungere alle sofferenze anche ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 59 mld di altri prestiti di incerto recupero, ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 60 mld di propriet immobiliari acquisite dalle banche in pagamento per prestiti concessi in passato e ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 4 mld di prestiti gi interamente svalutati (write-offs). In definitiva, la sfavorevole congiuntura del settore immobiliare risulta cos pesare sul settore bancario per ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 165 mld, il 37% del totale dei finanziamenti a questo settore. S eppure si tratti di un importo rilevante, non ne dovrebbero derivare a livello di sistema problemi di stabilit considerato che gli accantonamenti specifici coprono questi prestiti al 26%, percentuale che sale al 35% se si aggiungono gli accantonamenti generici a disposizione. La Banca di Spagna, inoltre, calcola che la copertura complessiva potrebbe essere portata al 70% se nel 2010 il risultato operativo fosse solo pari a quello dellanno precedente. Se si escludono i finanziamenti alle societ del settore immobiliare (il 18% circa del portafoglio prestiti), la qualit del portafoglio delle banche spagnole appare nel complesso discreta considerata la gravit dellattuale congiuntura economica. Una crisi gestibile Secondo lufficio studi di Bnl la situazione delle banche spagnole sta attirando unattenzione forse eccessiva soprattutto se confrontata con la fragilit evidenziata da altri sistemi bancari europei, come ad esempio il caso della Germania. Malgrado una crescita del 65% degli accantonamenti, il sistema bancario spagnolo ha chiuso il 2009 con un utile netto (quasi ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 20 mld) in limitata flessione (-20%), conseguendo anche un aumento non marginale dei due principali indicatori di patrimonalizzazione (tier 1 al 9,7% in aumento di 1,3 punti percentuali e core tier 1 a 8,1% in aumento di 1 punto percentuale). Dettaglio non secondario, laumento di questi due rapporti dovuto interamente allaumento del numeratore (risorse patrimoniali +13%) a fronte di un denominatore (attivit ponderate per il rischio) rimasto sostanzialmente invariato. Anche per effetto di questo incremento, il RoE (Return on Equity) sceso di quasi tre punti percentuali, posizionandosi comunque al 9%, livello tra i pi alti in Europa (3,6% nel caso dellItalia).

Daylight As A Healing Element - 1304 Words

Chapter Four Daylight as a healing element It has been established that a healing environment has a positive effect on the human being given the information mentioned above. In addition, healing architecture suggests that the incorporation of natural elements during the design process of the building is essential. The investigation on the themes of healing architecture lead to the conclusion that â€Å"the luminous environment plays an important role and an integral part of the hospital’s healing environment (Aripin, 2006).However, it was noticed that â€Å"many studies on the subject of daylight focus on schools, offices and commercial buildings but few on hospitals† (Aripin, 2006).Therefore ,a decision was made in investigating how daylight can be used efficiently in a hospital setting in order to promote an effective healing environment. In recent literature, a number of studies have been conducted in order to showcase how daylight could be beneficial on the human being in both physiological and physical aspects. As a matter fact, Richard J. Wurtman suggested that â€Å"light is the most environmental input, after food and water, in controlling bodily functions† (Hattie Anderman , 2013). In addition, The Commission for Architecture and the Built Environment (CABE) published a report which proposed that light could have a positive impact during the recovery process of the patient. Moreover, Roger S.Ulrich carried out a trial in order to see if indeed natural light has any sort ofShow MoreRelatedDesign Of A Sustainable Design1251 Words   |  6 Pagestoday as sustainable architectural design began in the early 20th century; born and evolved from principles and theories of architects in addition to physical devices all which precursor those in today sustainable architecture. 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Evaluation Report MacVilless Employee Assistance Program

Question: Discuss about the Evaluation Reportfor MacVilless Employee Assistance Program. Answer: Introduction The purpose of this report is to develop and evaluation of the provide case study that is on the MacVilless employee assistance program that is for 12 months in an organization. the aim of the program is to promote health, well-being and nutrition survey of the employees in which some medical test would be done like cholesterol test, BMI, blood pressure, etc. in this current report, the discussions will be on the result of the program like its modification, objectives, feedback of the employees as well as the employers, progress of the program, relevant recommendations and at last conclusion of the overall report. The program is placed for 12 months to improve the health of the employees and to bring a work life balance in the lives of the same (Raup, 2008). The program has shows positive results and feedback at some place and also negative result at some. The main aim is to identify and evaluate the relevant information provided in the case study given and also to develop an effective evaluative and management report related to the improvements of the program (Metters, Marucheck, 2007). Objectives The Objectives of the Program that has been Implemented in the Case Study are The objectives of the program are to bring the employees as a point where they can have opportunity to concentrate on their health. in this fast moving world, it has become difficult to take care of the health, so keeping such things in the mind the company MacVilles has decide to initiate a program named as the MacVilles employee assistance program that aims to promote health, well-being and nutrition survey of the employees in which some medical test would be done like cholesterol test, BMI, blood pressure, etc.( Bakker, Schaufeli, 2008) Progress The progress of the program is very good at some stages but it is also showing slow movements in some workshops like morning walk at the employees are unable to attend the early morning workshops. This is dues to the fact that they have lot of routine work to be performed before going to the office. The progress will be shown in the feedback part in a detailed way but still the program is running good as in many sessions, there is a presence of more than 50 % of the employees which is such a good number (Lemon et al. 2009). Though, there was absenteeism in some sessions like early morning sessions. If the company makes changes and brings modifications in the same than in future they would be able to have more than 75 % of the employees presence in the sessions related to the health (Giacalone, Rosenfeld, 2013). Feedback The feedback of the program and the employees surveys reveled that the program has some valuable impact on the company. However, the company came to know that the biggest reason due to which the employees were unable to participate in the program is due to the early morning group for the walk. Due to this, the employees avoided such programs as they have to take showers and breakfast before going to their work (Cohen, 2007). The other non-participants were there who prepared for the event before the Sunday night. Some employees said that due to travel times, they want to change the time for the event as they also want to take participate and grab the opportunity so that they can also improve their health. The company got success in the stress management workshops as many employees took participate which help twice in the year. As 20% employee took part in the first session, 30 % took part in second series and in total 50 % of the employees took the session of stress management (Damschroder et al. 2009). The other target was obesity which showed the most remarkable results that is 42 % of the MacVilles employees. The feedback from this program is 8 % of the employees are obese, and 12 % are to be considered related to the result of BMI (Emrouznejad, Parker, Tavares, 2008). Modifications There must be some modification in the programs held by MacVilles as there are many employees who want to attend the program but due to office hours, travelling hours, and other work load, etc they are unable to attends the workshops and sessions. So it is very relevant to change and to bring modification in the program scheduled by MacVilles (Alvesson, Sandberg, 2013). These modifications will help the company and the event managers to have more employees in the program and to grab opportunities form the same. Recommendations The recommendations for the managers of MacVilles are that they have to change and modify the program according to the convenience of the employees. It is the fact that this program is only for the employees and if they are unable to participate than the program is not worth for any one of the organization. In this way, it is highly recommended to change the timings and schedules for the same. Conclusion At last the conclusion of the present report is that the company MacVilles is trying hard to take care of the health of the employees working with them. The program is placed for 12 months to improve the health of the employees and to bring a work life balance in the lives of the same. The program has shows positive results and feedback at some place and also negative result at some. But this can be improved if company brings changes according to the ease of the employees. The company has spent a huge investment so that the program can become successful so they want to have positive feedback out of the same. References Alvesson, M., Sandberg, J. (2013). Has management studies lost its way? Ideas for more imaginative and innovative research.Journal of Management Studies,50(1), 128-152. Bakker, A. B., Schaufeli, W. B. (2008). Positive organizational behavior: Engaged employees in flourishing organizations.Journal of Organizational Behavior,29(2), 147-154. Cohen, D. J. (2007). The very separate worlds of academic and practitioner publications in human resource management: Reasons for the divide and concrete solutions for bridging the gap.Academy of Management Journal,50(5), 1013-1019. Damschroder, L. J., Aron, D. C., Keith, R. E., Kirsh, S. R., Alexander, J. A., Lowery, J. C. (2009). Fostering implementation of health services research findings into practice: a consolidated framework for advancing implementation science.Implementation science,4(1), 50. Emrouznejad, A., Parker, B. R., Tavares, G. (2008). Evaluation of research in efficiency and productivity: A survey and analysis of the first 30 years of scholarly literature in DEA.Socio-economic planning sciences,42(3), 151-157. Giacalone, R. A., Rosenfeld, P. (2013).Impression management in the organization. Psychology Press. Metters, R., Marucheck, A. (2007). Service managementacademic issues and scholarly reflections from operations management researchers.Decision Sciences,38(2), 195-214. Raup, G. H. (2008). The impact of ED nurse manager leadership style on staff nurse turnover and patient satisfaction in academic health center hospitals.Journal of Emergency Nursing,34(5), 403-409. Verhoef, P. C., Lemon, K. N., Parasuraman, A., Roggeveen, A., Tsiros, M., Schlesinger, L. A. (2009). Customer experience creation: Determinants, dynamics and management strategies.Journal of retailing,85(1), 31-41.

Wilfred Owen romanticised and tender poetry

Introduction Wilfred Owen was a renowned war poet who lived between 1893 and 1918. Besides his poetry career, Wilfred was also an English soldier. Most of Owen’s work traces their roots to Owen’s war experiences as a soldier. Therefore, most of his work related to war poetry. It is therefore unsurprising that most of his poetic descriptions related to horror, terror, grief, and sorrow.Advertising We will write a custom research paper sample on Wilfred Owen: romanticised and tender poetry specifically for you for only $16.05 $11/page Learn More Owen’s works were unique from the works of other war poets because his literary narrations were very emotionally charged and tender. In some respects, it is correct to say many of Owen’s works were romantically themed. Similarly, a significant difference about Owen’s work was his heavy use of rhymes and assonance. Other war poets also used these techniques, but they did not practi ce them extensively as Owen did. Siegfried Sassoon was one of Owen’s greatest mentors who influenced his poetic style. This paper posits that even though Owen tried to follow Sassoon’s style, he found a niche for himself by writing â€Å"romanticised† and tender poetry (Hoffpauir 161). Therefore, albeit Owens’s poetry works are war related, he focused on the pity of war, thereby making his works uniquely distinctive from other war poets. This paper demonstrates Owen’s tender poetic style by focusing on two of Owens’s greatest works, Futility and Anthem for Doomed Youth. Both poems show that Owen had a special style of writing that set him above other poets. However, this paper demonstrates that even though Owen was a successful poet, most of his works are not significant in today’s modern world. Anthem for Doomed Youth Most of Owen’s poems exhibit some unique sense of â€Å"tendency† that makes the readers experience an overburdened type of narration, which enacts the devastating nature of war in their minds (Patrick 167). This thematic and stylistic approach manifests in many of Owen’s poems, including, Anthem for Doomed Youth. For example, in the poem, Owen associates the death of soldiers to the death of cattle (Poetry Foundation 1). He strategically uses the word â€Å"cattle† in his narration to show that the soldiers lacked a human identity in the war. The use of this word also erodes any form of individuality to the soldiers’ plight in the war because he portrayed how people saw the soldiers as irrational creatures that should die (more like animals). In the same narration, Owen says, â€Å"Only the monstrous anger of the guns can patter out their hasty orisons† (Poetry Foundation 1). Here, Owen uses the adjective, monstrous, to refer to the nature of the war that caused the death of thousands of soldiers. Owen also says, â€Å"Only the stuttering rifles’ rapid rattle can patter out their hasty orisons† (Poetry Foundation 1).Advertising Looking for research paper on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More In this narration, Owen carefully chooses the word, stuttering rifles to show the discontinuity of life (caused by war). Moreover, Owen uses the word â€Å"rattle† to show the use violence to fight a broader social or political mission. Symbolically, Owen portrays violence as a tool that most people used to fight innocence. Owen also uses the word â€Å"Orison† to show the limited time that the soldiers had to stay alive. â€Å"Neither prayers nor bells could save them† (Poetry Foundation 1). Owen used this statement to show the state of hopelessness that often characterises war. In the context of his poem, he used this narration to show that neither the state nor the church could save the soldiers from death. Coincidentally, when Owen di ed, in 1918, his parents received the news when the church bells were ringing. The coincidental and deliberate remarks by Owen show how tenderly his poems tried to symbolise some of war’s greatest horrors. Church bells for example, provided a â€Å"romantic† narration of death, at least symbolically. Interestingly, in the same understanding, Owen uses the church bells to not only symbolise death, but also to show the state of hopelessness that the soldiers faced during war. For example, he said, â€Å"No mockeries now for them; no prayers nor bells – Nor any voice of mourning save the choirs – The shrill, demented choirs of wailing shells† (Poetry Foundation 1). Owen used these statements to show the state of despair and agony that characterised war. Through the symbolism of tender objects of worship, Owen detested the fact that the church/state could not provide the dead soldiers with a decent funeral to commemorate their service to the state. For example, he says, â€Å"What candles may be held to speed them all† (Poetry Foundation 1). Here, Owen uses candles as a tender object of worship to express his frustrations regarding why the soldiers could not get a decent funeral. This statement shows Owen’s disappointment that the world paid little respect for the lost lives, as few people could light candles to commemorate the lives of the lost soldiers. Certainly, Owen carefully used candle lighting because of its symbolism of departed souls. In respect to this understanding, Owen says that unfortunately, the society does not treat soldiers to this important ceremony (commemoration).Advertising We will write a custom research paper sample on Wilfred Owen: romanticised and tender poetry specifically for you for only $16.05 $11/page Learn More Therefore, people do not light any candles for the departed souls, â€Å"only the glimmers in their dead eyes show their last communication to t he living† (Poetry Foundation 1). He also says, â€Å"the dead soldiers would also not get a pall (white sheet) for their coffins, as the only respect that they will get will be the recognition of the paleness of their beloved friends and family† (Hammond 42). Besides candles, Owen uses flowers to explain the sorrow that characterises death. He dreads that the dead soldiers will not receive flowers for their funeral; instead, only the few people who loved them would cherish their memories as a tribute to their departed friends and family (Jochimsen 56). Comprehensively, Owen uses carefully chosen words that express a very tender undertone to his narration. The use of flowers, choir, and candles to express horror and death only affirm this point. Futility Futility is one of Owen’s most celebrated works. The poem questions the point of living if one is going to die anyway. Owen’s insights especially focus on the Second World War era where he participated as a soldier. Surrounded by death (from his colleagues, of his enemies, and his possible death), Owen questions the point of living because he did not see the point of being born and dying only a few years later. This was an existential crisis (Baker 125). True to his tender and romantically themed style, in the poem, futility, Owen uses the sun as a motherly personification of care. The first line of his poem says, â€Å"Move him to the sun† (All Poetry 1). Owen uses the sun as a giver of life by giving it a motherly and nurturing attribute to the wounded and dead soldiers. Relative to this view, Owen says, â€Å"Always it woke him, even in France, until this morning and this snow, if anything will rouse him now, the kind old sun will know† (All Poetry 1). Owen uses the sun and the snow to show the extreme sides of life – life and death. He uses the sun to symbolise the â€Å"warmth and life,† while he uses the snow to symbolise â€Å"cold and death.† Concerning the role of the sun as the giver of life, Owen says, â€Å"Think how it wakes the seeds, woke once the clays of a cold star† (All Poetry 1). Therefore, Owen draws the comparison between the sun and life by saying that if the sun gives life to the seeds, it may also give life to the soldiers.Advertising Looking for research paper on british literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More Therefore, if we carefully analyse Owens’s narration, it is easy to point out the tender relationship that Owen draws between nature and humanity. Slawek (314) also says it is easy to see how Owen sensationalises the dysfunctional part of the human body with the wholesomeness of life. In other words, as he explains â€Å"dead† parts of the human body (like eyes); he tries to show how they fail the overall goal of life – to live. Essentially, Owen does not understand how the sun gives life to the seeds, but through his tender connection between nature and humanity, he believes that the sun can give life to the warm body of a soldier. He says this because he believes that man is a product of clay, which comes from the ground. Therefore, just as the seeds emerge from the ground (through the help of the sun), the sun should also give life to man. Concerning this assertion, Owen says â€Å"full-nerved, still warm, too hard to stir, was it for this the clay grew tall † (All Poetry 1). The narrative that the clay grew tall stems from biblical excerpts, which show that God made man from the ground, and from dust, man, grew tall and conquered the earth. In this narration, Owen shows that clay symbolises man. However, since man dies, Owen wonders, is life pointless? Albeit Owen sticks to his emotionally charged poetic style in futility, Cordery (50) says that futility is overly rhetoric and lacks authentic emotion. His over-reliance on far-fetched thoughts provide the basis for this criticism Discussion Futility and Anthem for Doomed Youth are two of Owens’s greatest works. These works both show Owen’s unique tender and romantically themed style because they are highly sensitised to appeal to the audience’s consciousness. The use of candles, the church, and choir to explain death demonstrate one way that Owen uses emotions to romanticise his work, through the expressions of ideas in an emotionally charged context. This ana logy is especially true for the poem, Anthem for Doomed Youth. Futility shares the same style because Owen uses a lot of symbolic language to explain the futility of war. His development of the tender relationship between nature and humanity provides one such evidence of his unique style. For example, when Owen uses the sun to symbolise life and the snow to symbolise death, he draws an unusual and tender comparison of nature and war. These unique stylistic approaches distinguished Owen from other literary poets. From his unique literary style and the critical acclaim that followed his works, it is correct to say that Owen was largely successful in his poetic life. This success also explains why people regard Owen to be among the most successful war poets that ever lived (Johnson 41). Indeed, it is unsurprising that even though there were many publications of war poems; few got the high level of patronage that Owen’s poems received. Similarly, from Owens’s powerful infl uence in war poetry, many modern pieces of art have been re-enacted from Owen’s works. For example, Benjamin Britten, a modern war poet, used nine of Owens’s works to develop his poetry collection (Johnson 41). Songs have also been made of Owens’s works. For example, in 1982, a New York musical group made a rendition of the Poem, Anthem for Doomed Youth, and performed it in Fredonia, New York. In the same year, Virginia Astely, a singer, composed a song titled, futility (based on Owen’s poem, futility). Conclusion Owen’s works have lived through many decades, especially in the 19th and 20th centuries, when war was a common part of the civilised world. Today, these works do not have the same significance as they did a century ago. Indeed, writing from a background of conflict and despair, Owen spoke of the agony and the anguish that befell most of his colleagues in the war. His work still has some significant importance in today’s modern worl d, but this significance cannot compare to the earlier centuries when many nations rose against one another in war. Indeed, today, there are fewer dramatic wars as there were in the 18th, 19th, or 20th centuries. Owen’s works will therefore lose their significance in today’s modern world. However, Kerr (295) differs with this view because he says Owen’s lyrical compassion still has the power to command modern day’s war injustices and provide the determination that should motivate soldiers to undertake their duties today. Nonetheless, the relevance of his work only applies to a war context. Works Cited All Poetry 2013, Futility. Web. https://allpoetry.com/poem/8456361-Futility-by-Wilfred-Owen. Baker, Ahmad 2012, The Theme of ‘Futility’ in War Poetry. PDF File. 8 July. 2013. http://www.nobleworld.biz/images/Abu_Baker2.pdf. Cordery, Gareth. â€Å"Owen’s Futility.† Explicator 45.1 (1986): 50 – 54. Print. Hammond, Gerald. â₠¬Å"Owen’s anthem for doomed youth.† Explicator 40.3 (1982): 41 – 43. Print. Hoffpauir, Richard. â€Å"An Assessment of Wilfred Owen.† English Literature In  Transition 28.1 (1985): 41-55. Print. Jochimsen, Marieke. Expression of War in Strange Meeting, Anthem for a Doomed  Youth, Futility and Mental Cases by Wilfred Owen, New York: GRIN Verlag, 2011. Print. Johnson, George. â€Å"Purgatorial Passions. The Ghost (A.K.A. Wilfred Owen) In Owen’s Poetry.† Midwest Quarterly 51.2 (2010): 152-168. Print. Kerr, Douglas. â€Å"The Disciplines Of The Wars: Army Training And The Language Of Wilfred Owen.† Modern Language Review 87.2 (1992): 286-299. Print. Patrick, Jackson. â€Å"Wilfred Owen and the Sublimity of Warfare.† ANQ 24.3 (2011): 167-174. Print. Poetry Foundation 2012, Anthem for Doomed Youth. Web. https://www.poetryfoundation.org/poems/47393/anthem-for-doomed-youth. Slawek, Tadeusz. â€Å"Dark Pits of War: Wilfred Owen†™s Poetry and the Hermeneutics of War.† Boundary 14.2 (1986): 309-331. Print. This research paper on Wilfred Owen: romanticised and tender poetry was written and submitted by user Jaylee Francis to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.