US debt limit worries added to the negative mood on Wall Street on Monday, while the European debt crisis and contagion concerns rolled on.
The Dow fell 95 to 12,385, the Nasdaq dropped 25 to 2,765, while the S&P 500 finished 11 under at 1,305.
With just over two weeks to go before the US is expected to reach the $14.3 trillion debt ceiling, Republicans were still holding out against tax increases, but president Obama hopes that a deal that will close tax loopholes for wealthy American citizens and firms, combined with government spending cuts, can be reached.
"[O]wing to the dynamics of the political debate on the debt ceiling, there is at least a one-in-two likelihood that we could lower the long-term rating on the U.S. within the next 90 days," credit rating agency Standard & Poor's said last Thursday.
Fellow rating agency Moody's said on Monday, "Moody's considers the probability of a default on interest payments to be low but no longer to be de minimis." The agency added that if the US was to default, it "would fundamentally alter Moody's assessment of the timeliness of future payments."
Meanwhile, Friday’s European banking stress tests were seen as something of a damp squib by markets after they failed to adequately analyse the impact sovereign debt default would have on the Continent's banks.
Financials were under pressure as a result, with Bank of America, Goldman Sachs and Morgan Stanley all falling to two-year lows.
Media conglomerate News Corp was in the red ahead of a meeting in UK parliament with chairman Rupert Murdoch and his son James concerning the phone-hacking scandal first revealed on 4 July. Reports have surfaced calling for a boardroom shake-up following the closure of its UK tabloid newspaper the News of the World. Shares have dropped 17.4% over the past two weeks.
Cisco Systems, the networking and electronics firm, rose in after-hours trading after it said it would cut 6,500 workers in an effort to reduce costs, 2,100 of which who have opted for voluntary early retirement.
IBM jumped higher after the bell after second quarter sales of $26.7bn - which were 12% higher than last year - topped estimates of around $25.4bn.
After the close, gold futures were 1% higher at a record $1,605.70 per ounce.
Tuesday, July 19, 2011
Spain issues €4.45bn in debt auction
Spain's Treasury issued a total of €4.449bn in 12- and 18-month notes on Tuesday, in line with the announced target of €4.5bn.
The Treasury issued a total of €3.788bn in 12-month notes with a yield of 3.76%, compared to the previous 2.728%. The bid-to-cover ratio was 2.2, compared to the previous 2.9.
Spain also issued €661m in 18-month notes with a yield of 3.98% compared to the previous 3.299%. The bid-to-cover ratio was 5.5 compared to the previous 3.9.
"I continue to consider demand and not the yield to be the key factor behind a positive debt auction; like today's," signalled Jose Luis Martinez Campuzano, a strategist for Citi in Spain.
The Treasury issued a total of €3.788bn in 12-month notes with a yield of 3.76%, compared to the previous 2.728%. The bid-to-cover ratio was 2.2, compared to the previous 2.9.
Spain also issued €661m in 18-month notes with a yield of 3.98% compared to the previous 3.299%. The bid-to-cover ratio was 5.5 compared to the previous 3.9.
"I continue to consider demand and not the yield to be the key factor behind a positive debt auction; like today's," signalled Jose Luis Martinez Campuzano, a strategist for Citi in Spain.
European private banks to face new regulatory challenges
LONDON (SHARECAST) - Private banks in Europe sustained their tepid recovery last year, helped by a rebound in the financial markets and cost cutting activities, according to a McKinsey & Co report, but said that profitability and net inflows were “well below” pre-crisis period.
The management consultancy’s European private banking survey showed that on average, assets under management last year grew by more than 9%, of which 2% represented net new inflows.
This was a “modest improvement on 2009,” the report said, and added this may signal that customers are only slowly regaining trust and returning to the industry. The survey included comments from more than 160 banks from 26 countries, of which more than 100 are from Western Europe.
Annual net inflows growth in 2010 remained low, while profit margins improved 4 basis points, albeit 11 basis points below the high of 2005-07. Banks blamed declined trading activity resulting in lower brokerage fee, greater risk aversion and a declining proportion of ‘affluents’ in the customer mix for the reduced margins.
Looking forward, the director of McKinsey’s European private banking practice Frédéric Vandenberghe said, “One of the industry’s key challenges will be increased and changing regulation: demands for greater transparency, the possible pressure on so-called retrocession commissions within some types of mandates, and other regulatory changes will require private banks to further strengthen their advisory processes and will create additional downward pressure on margins.”
Furthermore, the survey confirmed growing appetite for advisory mandates, with assets managed in this way increasing slightly more than the rise in private banking assets under management as a whole.
The management consultancy’s European private banking survey showed that on average, assets under management last year grew by more than 9%, of which 2% represented net new inflows.
This was a “modest improvement on 2009,” the report said, and added this may signal that customers are only slowly regaining trust and returning to the industry. The survey included comments from more than 160 banks from 26 countries, of which more than 100 are from Western Europe.
Annual net inflows growth in 2010 remained low, while profit margins improved 4 basis points, albeit 11 basis points below the high of 2005-07. Banks blamed declined trading activity resulting in lower brokerage fee, greater risk aversion and a declining proportion of ‘affluents’ in the customer mix for the reduced margins.
Looking forward, the director of McKinsey’s European private banking practice Frédéric Vandenberghe said, “One of the industry’s key challenges will be increased and changing regulation: demands for greater transparency, the possible pressure on so-called retrocession commissions within some types of mandates, and other regulatory changes will require private banks to further strengthen their advisory processes and will create additional downward pressure on margins.”
Furthermore, the survey confirmed growing appetite for advisory mandates, with assets managed in this way increasing slightly more than the rise in private banking assets under management as a whole.
Monday, June 6, 2011
Thursday, June 2, 2011
GTI Asseses World Bank Openness in a Transparency Scorecard
A new Transparency Scorecard, published on January 7, 2007, assesses World Bank Openness and evaluates recent changes and advances in transparency policies at the international financial institutions.
The Transparency Scorecard utilizes the standards set out in the recently launched GTI Charter to investigate the overall “openness” the World Bank Group, or the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). While the scorecard acknowledges how far the Bank Group has come over the past 15 years, it examines the remaining gaps and persistent problems that exist between the institutions policy and the international transparency and accountability standards.
The Charter outlines nine transparency principles. Each principle is founded on the basic right of individuals and groups to request and
access information from all public bodies. Furthermore, the Charter and the Scorecard present the access and circulation of information as the responsibility of the international financial institutions (IFIs) to uphold.
The Scorecard examined the disclosure standards of the Bank Group against the criteria laid out in the Charter. First, it examines the
types of information the WBG makes publicly available and whether or not this information provides access to decision-making mechanisms. In this vein, essential criteria such as giving advance notice, disclosing draft information, and opening meetings to the public have been
evaluated to ensure that the intended beneficiaries of development funds can influence how funds are used and then monitor whether these
funds are meeting development objectives.
It was found that while the WBG allows for the routine disclosure of a number of documents and basic information about each branch of the
institution – a notable exception is the lack of public access to WBG contact information -- access to budgetary information at IFC and MIGA
is missing. Most World Bank and IFC institutional policies, strategies and guidelines can be found on their websites. Less information is
available about the institutions’ operations at the country and investment level. Generally, there is limited information disclosed
regarding projects under implementation at the Bank, IFC and MIGA and some upstream country analyses conducted by the World Bank are kept confidential.
Second, the Scorecard examines the WBG’s disclosure systems in order to determine whether the systems (a) uphold the presumption of information disclosure; (b) establish process guarantees for information requests; and (c) allow for an appeals process in the case of requests that have been unreasonably denied.
For example, the Scorecard found, while the policies of the Bank, IFC and MIGA each state a presumption in favor of disclosure, typically
known as a principle of maximum disclosure, this principle is not implemented in practice. Instead, the policies are, in effect, publication schemes which provide a list of information that will be disclosed, while all other information is kept confidential. In this way, the scope of the disclosure policies is limited.
Finally, the Scorecard considers how the right to information is being protected, by evaluating the rules for protecting whistleblowers, the
requirements for regular review of transparency standards, and the procedures in place for the active promotion of openness– through
corporate incentive programs along with dissemination and translation strategies. Although the Bank Group has some positive features of its
whistleblower policy including appropriate burden of proof standards and relief for whistleblowers, there are still several important shortcomings. For instance, the scope of the policy is limited to staff (the WBG’s numerous consultants are not covered); there is no truly
independent forum for adjudication; and there is no record of the institution’s actions to correct and prevent future wrongdoings exposed
through whistleblower disclosure.
Also, it is not clear if and when the WBG conducts staff trainings on the disclosure policy and there is no information on how proper
implementation of openness principles and rules form part of the staff incentive or evaluation procedures. Furthermore, it is unclear whether
sanctions exist for the purposeful violation of the disclosure policy. Finally, while a records management system exist at each arm of the
WBG, only the IFC has clearly indicated that it will track and report on the disclosure of and requests for information.
DETAILS
Published 7th January 2007 by Bank Information Center
A new Transparency Scorecard, published on January 7, 2007, assesses World Bank Openness and evaluates recent changes and advances in transparency policies at the international financial institutions.
The Transparency Scorecard utilizes the standards set out in the recently launched GTI Charter to investigate the overall “openness” the World Bank Group, or the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). While the scorecard acknowledges how far the Bank Group has come over the past 15 years, it examines the remaining gaps and persistent problems that exist between the institutions policy and the international transparency and accountability standards.
The Charter outlines nine transparency principles. Each principle is founded on the basic right of individuals and groups to request and
access information from all public bodies. Furthermore, the Charter and the Scorecard present the access and circulation of information as the responsibility of the international financial institutions (IFIs) to uphold.
The Scorecard examined the disclosure standards of the Bank Group against the criteria laid out in the Charter. First, it examines the
types of information the WBG makes publicly available and whether or not this information provides access to decision-making mechanisms. In this vein, essential criteria such as giving advance notice, disclosing draft information, and opening meetings to the public have been
evaluated to ensure that the intended beneficiaries of development funds can influence how funds are used and then monitor whether these
funds are meeting development objectives.
It was found that while the WBG allows for the routine disclosure of a number of documents and basic information about each branch of the
institution – a notable exception is the lack of public access to WBG contact information -- access to budgetary information at IFC and MIGA
is missing. Most World Bank and IFC institutional policies, strategies and guidelines can be found on their websites. Less information is
available about the institutions’ operations at the country and investment level. Generally, there is limited information disclosed
regarding projects under implementation at the Bank, IFC and MIGA and some upstream country analyses conducted by the World Bank are kept confidential.
Second, the Scorecard examines the WBG’s disclosure systems in order to determine whether the systems (a) uphold the presumption of information disclosure; (b) establish process guarantees for information requests; and (c) allow for an appeals process in the case of requests that have been unreasonably denied.
For example, the Scorecard found, while the policies of the Bank, IFC and MIGA each state a presumption in favor of disclosure, typically
known as a principle of maximum disclosure, this principle is not implemented in practice. Instead, the policies are, in effect, publication schemes which provide a list of information that will be disclosed, while all other information is kept confidential. In this way, the scope of the disclosure policies is limited.
Finally, the Scorecard considers how the right to information is being protected, by evaluating the rules for protecting whistleblowers, the
requirements for regular review of transparency standards, and the procedures in place for the active promotion of openness– through
corporate incentive programs along with dissemination and translation strategies. Although the Bank Group has some positive features of its
whistleblower policy including appropriate burden of proof standards and relief for whistleblowers, there are still several important shortcomings. For instance, the scope of the policy is limited to staff (the WBG’s numerous consultants are not covered); there is no truly
independent forum for adjudication; and there is no record of the institution’s actions to correct and prevent future wrongdoings exposed
through whistleblower disclosure.
Also, it is not clear if and when the WBG conducts staff trainings on the disclosure policy and there is no information on how proper
implementation of openness principles and rules form part of the staff incentive or evaluation procedures. Furthermore, it is unclear whether
sanctions exist for the purposeful violation of the disclosure policy. Finally, while a records management system exist at each arm of the
WBG, only the IFC has clearly indicated that it will track and report on the disclosure of and requests for information.
DETAILS
Published 7th January 2007 by Bank Information Center
Monday, May 30, 2011
PR - page rank
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Sunday, May 29, 2011
Wednesday, May 25, 2011
Furniture
Furniture can be a product of design and is considered a form of decorative art. In addition to furniture's functional role, it can serve a symbolic or religious purpose. Domestic furniture works to create, in conjunction with furnishings such as clocks and lighting, comfortable and convenient interior spaces. Furniture can be made from many materials, including metal, plastic, and wood. Furniture can be made using a variety of woodworking joints which often reflect the local culture.
שולחן אוכל שולחנות אוכל שולחן גדול שולחנות גדולים שולחן אוכל נפתח
שולחן אוכל שולחנות אוכל שולחן גדול שולחנות גדולים שולחן אוכל נפתח
Monday, August 17, 2009
HBOS fired the crisis predictor
HBOS fired the crisis predictor
It has emerged that a senior HBOS employee who predicted the company's risky sales strategy could lead to disaster was fired four years ago
Paul Moore was dismissed for saying the bank was ignoring checks and balances.
He told a parlimentary committee yesterday that anyone who wasn't "blind with power, power and pride" would have spotted problems for the bank a long time ago.
Moore was sacked in 2005, but successfully sued the bank for unfair dismissal unthough he had to sign a gagging order.
It has emerged that a senior HBOS employee who predicted the company's risky sales strategy could lead to disaster was fired four years ago
Paul Moore was dismissed for saying the bank was ignoring checks and balances.
He told a parlimentary committee yesterday that anyone who wasn't "blind with power, power and pride" would have spotted problems for the bank a long time ago.
Moore was sacked in 2005, but successfully sued the bank for unfair dismissal unthough he had to sign a gagging order.
flycke-prepares-to-take-on-bpay
flycke prepares to take on bpay
A new payments start-up using the billing system of theCentricom-owned POLi is preparing to take on BPAY.
Flycke general manager Anthony Johnston told Online Banking Review the group will launch “in the next couple of weeks” and is currently in talks will small and large billers from the Government and private sector.
“The top end like that we are substantially cheaper and the bottom end like the fact that we don’t care about volumes and there are no contracts to sign.”
The move comes as the Reserve Bank continues to put pressure on the Australian payments industry to provide alternatives that can successfully compete with the major card schemes.
The industry has begun the development of an Eftpos scheme in response to this pressure, however at its May meeting the RBA Payment Systems Board said much remained to be achieved before the Board could be comfortable that the system is a viable and competitive alternative to the international schemes.
The Payment System Board is due to meet again to discuss interchange regulation on August 21.
In the interim the Australian Payments Clearing Association has issued a discussion paper arguing the Australian consumer online payments marketplace is already competitive.
Johnston says the Australian market is wide open for the introduction of payments and billing alternatives.
Last month the drive for new payment schemes currently underway in Europe migrated to Australia with Dominique Buysschaert, head of start-up scheme PayFair, visiting Australia to talk to retailers and banks. “The European situation gave us the opportunity to start something, but as a payments scheme we have a global ambition” says Buysschaert.
Although PayFair is primarily a debit driven scheme, PayFair also has ambition in the area of online payments. We’ve got more on this in the Aug/Sep edition of Online Banking Review, out Friday.
A new payments start-up using the billing system of theCentricom-owned POLi is preparing to take on BPAY.
Flycke general manager Anthony Johnston told Online Banking Review the group will launch “in the next couple of weeks” and is currently in talks will small and large billers from the Government and private sector.
“The top end like that we are substantially cheaper and the bottom end like the fact that we don’t care about volumes and there are no contracts to sign.”
The move comes as the Reserve Bank continues to put pressure on the Australian payments industry to provide alternatives that can successfully compete with the major card schemes.
The industry has begun the development of an Eftpos scheme in response to this pressure, however at its May meeting the RBA Payment Systems Board said much remained to be achieved before the Board could be comfortable that the system is a viable and competitive alternative to the international schemes.
The Payment System Board is due to meet again to discuss interchange regulation on August 21.
In the interim the Australian Payments Clearing Association has issued a discussion paper arguing the Australian consumer online payments marketplace is already competitive.
Johnston says the Australian market is wide open for the introduction of payments and billing alternatives.
Last month the drive for new payment schemes currently underway in Europe migrated to Australia with Dominique Buysschaert, head of start-up scheme PayFair, visiting Australia to talk to retailers and banks. “The European situation gave us the opportunity to start something, but as a payments scheme we have a global ambition” says Buysschaert.
Although PayFair is primarily a debit driven scheme, PayFair also has ambition in the area of online payments. We’ve got more on this in the Aug/Sep edition of Online Banking Review, out Friday.
Thursday, July 30, 2009
Citizens Bank of Mukwonago
Class of 2009 Scholarship Winners
Citizens Bank of Mukwonago continued a long-standing tradition this year by awarding sixteen scholarships to graduating seniors from area schools. This year's winners were selected because of their excellent academic record and involvement in their community through volunteer work. The scholarship winners also must plan to continue their education to earn a degree in business. This year's winners are:
Catholic Memorial High School: Melissa DobrinskaEast Troy High School: Mallory Amann and Benjamin MassmanEisenhower High School: Abigail YortonKettle Moraine High School: JonCarlo VillegasMukwonago High School: Jeff Bodendorfer, Carly Budzynski, Amanda Raduenz and Stephanie SabatinelliMuskego High School: Jake HoltermanNew Berlin West High School: Kevin KoenitzerPalmyra-Eagle High School: Justin LuchtWaterford High School:Eric DinjerWaukesha North High School: Emily FrancioneWaukesha South High School: Eric UdovichWaukesha West High School: William Mitchell
Everyone at Citizens Bank of Mukwonago joins together to say congratulations to the Class of 2009!
2009 Shred It Days
Because we want to help safeguard our customers against the possibility of identity theft and fraud, we will be hosting Shred It Day events this summer at these locations:
Saturday, May 16thEast Brook Office
Saturday, June 13thVernon Office
Saturday, July 18thEagle Office
Saturday, August 1stNew Berlin Office
Click here to find the addresses of each location. Free on site shredding services will be provided from 9:00 a.m. until noon…or until the truck is full! Bring up to three paper grocery bags of old documents and have them shredded on the spot! Enjoy refreshments while you watch your documents disappear!
Citizens Bank of Mukwonago continued a long-standing tradition this year by awarding sixteen scholarships to graduating seniors from area schools. This year's winners were selected because of their excellent academic record and involvement in their community through volunteer work. The scholarship winners also must plan to continue their education to earn a degree in business. This year's winners are:
Catholic Memorial High School: Melissa DobrinskaEast Troy High School: Mallory Amann and Benjamin MassmanEisenhower High School: Abigail YortonKettle Moraine High School: JonCarlo VillegasMukwonago High School: Jeff Bodendorfer, Carly Budzynski, Amanda Raduenz and Stephanie SabatinelliMuskego High School: Jake HoltermanNew Berlin West High School: Kevin KoenitzerPalmyra-Eagle High School: Justin LuchtWaterford High School:Eric DinjerWaukesha North High School: Emily FrancioneWaukesha South High School: Eric UdovichWaukesha West High School: William Mitchell
Everyone at Citizens Bank of Mukwonago joins together to say congratulations to the Class of 2009!
2009 Shred It Days
Because we want to help safeguard our customers against the possibility of identity theft and fraud, we will be hosting Shred It Day events this summer at these locations:
Saturday, May 16thEast Brook Office
Saturday, June 13thVernon Office
Saturday, July 18thEagle Office
Saturday, August 1stNew Berlin Office
Click here to find the addresses of each location. Free on site shredding services will be provided from 9:00 a.m. until noon…or until the truck is full! Bring up to three paper grocery bags of old documents and have them shredded on the spot! Enjoy refreshments while you watch your documents disappear!
Introduction to the Economy
Introduction to the Economy
Learn how the economy can be influenced by the US government through fiscal and monetary policy. Understand the importance of a global economy and why individuals should make a portion of their investments overseas.
Inflation and Interest Rates
Discover how inflation works and the affect it can have on the market. Also, learn about interest rates, what causes them to rise or drop, and why you should care.
Federal Reserve and Monetary Policy
Learn the basics about the Federal Reserve, The Federal Open Market Committee (FOMC), and how monetary policy is used to target interest rates to avoid inflation and slow economic growth.
Learn how the economy can be influenced by the US government through fiscal and monetary policy. Understand the importance of a global economy and why individuals should make a portion of their investments overseas.
Inflation and Interest Rates
Discover how inflation works and the affect it can have on the market. Also, learn about interest rates, what causes them to rise or drop, and why you should care.
Federal Reserve and Monetary Policy
Learn the basics about the Federal Reserve, The Federal Open Market Committee (FOMC), and how monetary policy is used to target interest rates to avoid inflation and slow economic growth.
Wednesday, July 8, 2009
Currency Trading - Forex And Earning Money
Currency Units (like USD, Euro) of different countries have different values. These currency differences are very volatile in nature and they change very frequently. This volatile nature of forex markets makes them very interesting for investors to trade between foreign currencies and earn huge money margins with in short span of time.
The Main reason every one is attracted to this trading is there is a chance of making huge money with in short span of time. Easy Money earning, work from home facilitate trading Currencies a Dream Job. But this is not just like a regular business and care has to be taken in every step. There are are some issues which are to be considered for consistent Profits.
The first issue with the currency trading (forex) is the margins or the variations in currency are so minute that, one has to take decisions pretty quickly and smartly. Failure in either case might end up in huge loss of real money.So one has to be very care full in taking decisions during the trade.
Another issue is the Time effort one has to put during the Trading Session. Forex Trading consumes our valuable time, so we may miss some of our other important jobs or meetings.
So, many people are going for Automation of Currency trade using tools like Fap Turbo which make Trading easier with high accuracy and proved their performance. By automating the Trading Process with highly reliable automation tool, we can save our valuable time and earn money consistently.
The Main reason every one is attracted to this trading is there is a chance of making huge money with in short span of time. Easy Money earning, work from home facilitate trading Currencies a Dream Job. But this is not just like a regular business and care has to be taken in every step. There are are some issues which are to be considered for consistent Profits.
The first issue with the currency trading (forex) is the margins or the variations in currency are so minute that, one has to take decisions pretty quickly and smartly. Failure in either case might end up in huge loss of real money.So one has to be very care full in taking decisions during the trade.
Another issue is the Time effort one has to put during the Trading Session. Forex Trading consumes our valuable time, so we may miss some of our other important jobs or meetings.
So, many people are going for Automation of Currency trade using tools like Fap Turbo which make Trading easier with high accuracy and proved their performance. By automating the Trading Process with highly reliable automation tool, we can save our valuable time and earn money consistently.
Sunday, July 5, 2009
Sunday, June 28, 2009
Britons save at record levels
Record low interest rates are not deterring Britons spooked by the recession from saving at record levels.
According to National Savings & Investments’ (NS&I) quarterly savings report, the amount set aside by the average person rose to £92.41 per month during the first quarter of 2009, up from £90.12 in the final three months of 2008.
Furthermore, the average regularly saver put away the largest monthly amount since the survey began four-and-a-half years ago, at £209.23.
With average income falling slightly across the population, the amount saved as a percentage of income rose to 6.83%, up from 6.48% in the winter of 2008/09.
The number of people saving regularly remained constant for the fifth successive quarter with 47% of the population setting some money aside.
In an ideal world, savers questioned said they wanted to add to their deposits by an average £219.11 per month, up from £210.26 in the final quarter of 2008 and £195.67 a year earlier.
Meanwhile, over-spending was reigned in slightly, with 28% of respondents blowing their budgets during the first three months of 2009, compared with 30% in the previous three months.
NS&I’s senior savings strategist, Dax Harkins, comments: “The results show some very positive savings behaviour this spring, with the average amount held in savings up from £17,372 in winter 2008/09 to £18,443.”
According to National Savings & Investments’ (NS&I) quarterly savings report, the amount set aside by the average person rose to £92.41 per month during the first quarter of 2009, up from £90.12 in the final three months of 2008.
Furthermore, the average regularly saver put away the largest monthly amount since the survey began four-and-a-half years ago, at £209.23.
With average income falling slightly across the population, the amount saved as a percentage of income rose to 6.83%, up from 6.48% in the winter of 2008/09.
The number of people saving regularly remained constant for the fifth successive quarter with 47% of the population setting some money aside.
In an ideal world, savers questioned said they wanted to add to their deposits by an average £219.11 per month, up from £210.26 in the final quarter of 2008 and £195.67 a year earlier.
Meanwhile, over-spending was reigned in slightly, with 28% of respondents blowing their budgets during the first three months of 2009, compared with 30% in the previous three months.
NS&I’s senior savings strategist, Dax Harkins, comments: “The results show some very positive savings behaviour this spring, with the average amount held in savings up from £17,372 in winter 2008/09 to £18,443.”
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