text:
- Home /
- BRS Reverse Osmosis Chloramines Monster
20" Purtrex Depth Sediment Filter
Starting at: $7.99
Pentek CRFC20-BB Carbon Block (Chloramines Monster)$159.99
Mur-lok RO Elbow Union Push Connect
Starting at: $2.99
Mur-lok RO Inline Ball Valve Push Connect
Starting at: $5.99
Great for cities with a love of Chloramines By Jonathan on 6/13/2013Jonathan would recommend this product to a friendSo far we have mainly used it for drinking water, but the removal of all chlorine taste is great. We especially love its capacity as our city likes to turn up the chloramines during the summer.
Thing is a BEAST! By Chris on 3/10/2012Chris would recommend this product to a friendThey aren't kidding about it being a monster, it's a BEAST. My town water uses a lot of chloramine, so I got this for the extra assurance that nothing would get to my livestock. I gave it all fours as it was expensive and I haven't really tested the output for chloramine levels. But, just based upon the sheer size of it, it definitely gives me piece of mind that nothing is getting through.
Chloramines RO/DI and Reef TanksChloramines and what they mean to reef tanks is th ...
More15652 Views
Previously Asked Questions
by brian on August 21, 2014, @1:04 PM
I have your stage 4 rodi value system does that get rid of chloramine from water or do I need a filter for that also. But you don't sell any small chloramine single add on systems, or can I buy canister and filter for it and add to it. If so what would I need to get?
Bulk Reef Supply Hi Brian,
The easiest way to convert a standard 4 stage RODI system to one capable of removing chloramines would be to purchase an additional chamber along with the Chloramine conversion kit. The added chamber will hold the sediment prefilter and you can then install the carbon stages in the next 2 chambers while leaving the DI in the last chamber.
You can go with this kit here http://www.bulkreefsupply.com/single-deionization-canister-1.html
or purchase the individual parts to avoid having to buy an extra DI canister.
Here is the filter kit
I hope this helps!
Have a great day :)
by Daniel on February 19, 2014, @3:26 PM
I just purchased this item and I was wondering the best way to plumb it into my RO unit.... Should it be first inline than into the RO unit or should I plumb the sediment filter, chloramine monster, than the MATRIKX Carbon Block....
Bulk Reef Supply Hey Daniel,
With this unit most folks just install it first before the entire system.
Chloramine is different than Chlorine and is used in 10% of U.S. water supplies. Standard RO filters will not remove chloramines from the water. If your household water supply contains chloramines install the Chloramine Monster before your current RO system. If you are unsure if your city uses chloramines, call your water treatment center or city hall and ask. They should also be able to provide you with a water quality report as well.
Each BRS Reverse Osmosis Chloramines Monster contains a Pentek CRFC20-BB Radial Flow Carbon Filter and is ideal for chloramine taste & odor reduction in POE (Point-of-Entry) and other high-flow rate applications. The CRFC20-BB reduces chlorine, chloramines, taste & odor, and particulates from your water.
CRFC20-BB features:
- A radial flow design that offers low pressure drop, minimal carbon fine release, and extended cartridge life.
- The huge radial cartridge of surface modified carbon provides the extended contact time that is required to properly convert chloramines into harmless chloride and nitrogen.
- At common RO system incoming flow rates (less than 1g/min) the manufacturer has informed us the Pentek CRFC20-BB cartridge will last 75,000 gallons.
- At a 3:1 waste to product water ratio this filter will produce almost 19,000 gallons of RO water.
- We recommend this unit be used in conjunction with the Pentek ChlorPlus carbon blocks in your RO system.
Deal of the Day!
Aquabreed 200 Calcium & Alkalinity DripperEnds in$16.9900:00:00:00
- Rock & Sand
- Auto Top Off
- Cal, Alk & Trace
- Controllers & Testing
- Filter Media
- Fish & Coral Foods
- Fragging Supplies
- Heaters & Chillers
- Lighting
Pumps & Plumbing
- Powerheads
- Submersible Pumps
- External Pumps
- Plumbing
- Dosing Pumps
- Air Pumps & Accessories
- Salt & Maintenance
- Skimmers, Reactors & Filtration
- Sumps, Tanks & Refugiums
- Specials, New & BRS Gear
Send us your feedback
Let us know.
Company Info
Main: 763-432-9691
Fax: 763-710-4777
Phone Hours: 7am - 7pm CST M-Th
10am-4pm CST Friday
Email: firstname.lastname@example.com
6325 Sandburg Road, Suite 400
Golden Valley, MN 55427 Map
View Larger Map 6325 Sandburg Road, Suite 400, Golden Valley, MN 55427


text:
Seriously... Just read the WoW Manual and you are set.
Updated Tue, May 08, 2012 by Shayalyn
Many MMOGs use very similar mechanics, and in some respects TERA is no exception. Then again, there are plenty of new things to learn in this Korean import. If you're just setting off on your adventure in Arborea, our basic tips for new TERA players will get you off to a strong head start.
If you've stepped into TERA and everything's looking great, go ahead and skip this step--you're golden. But if you're like some, you might find that text is too tiny to read, even with your dorky reading glasses on.
TERA's UI is scalable and somewhat customizable, but figuring out what makes it tick can involve some trial and error. Hopefully, we can save you the hassle.
Word on the street is that this particular problem is on the developer's list of issues to address. Until it's fixed, however, you're welcome.
It's inevitable, isn't it? You're going to encounter players spamming general chat trying to get you to buy gold from some hinky site. In fact, you might even see them from the moment you reach the Isle of Dawn. Do yourself and everyone else a favor--report them.
Simply left click on the spammer's user name in the chat panel, click "Report," and then use the drop-down menu to select the nature of your report. Once you're done there, you can go ahead and click the user's name again and select "Block." Until a GM is able to ban the spamming evildoer, their annoying text will not darken your chat again.
So, you pre-ordered TERA but you don't know where to find your promised goodies. No problem! Hit ALT to bring up the Activities Menu. Select the Account tab, then look for "Item Claim." Voila!
TERA is a gorgeous game, so you'll no doubt want to capture some screenshots. You can turn off the UI by hitting CTRL + Z. Take a screenshot by pressing PrtScn on your keyboard. After you've taken a screenshot, TERA will post the file's location in your chat interface. Take note of it, because those screens can be a little challenging to find later on.
Gathering has a benefit besides yielding you crafting resources--you also have a chance to get a random temporary buff when harvesting a node, and those buffs can stack up to three times granting you things like boost to your healing or attack speed. You also get XP for gathering.
Although there's a quick gathering tutorial early in the game, you don't have to train for gathering, so you can start from the moment you first spot a node. To make things even easier, nodes are marked on your mini map as a cluster of three dots. A yellow dot at the top of the triangle means its a mining node, green is for plants, and blue is for essences. [Thanks to a Ten Ton Hammer reader for the color coding tip!]
After you've completed some quests, you might see eggs (Lucky Eggs, Destiny Eggs) appear in your inventory bag. Right clicking the eggs will crack them open and net you a random consumable item. Or, if your inventory space allows for it, you can buy Ovomeld from a general merchant and collect eggs to combine them into Fortune Eggs, which yield even better consumable items.
UPDATE: Eggs were recently removed from TERA, so they're no longer available, although a few players may have eggs in their inventory leftover from beta/headstart. So since this tip is no longer valid, we've added a bonus tip at the end of the guide.
The first hit tags an enemy, meaning if you're part of a queue waiting for a quest mob you'll need to whack the mob first to get credit. This gets difficult when you're a melee class with a long windup, such as the Berserker or Lancer. And if that becomes a problem for you, proceed to the next tip…
Occasionally, you'll run into an area that happens to be overrun with players who are all looking for the same quest mobs you are. Fortunately, TERA allows you to switch channels if an outdoor zone is overcrowded. You'll find a drop-down for channels in the upper right of your screen. Select a channel with a low population and you'll be back to smacking down monsters in no time…with a lot less competition.
Remember Captain Ramius's line to Jack Ryan as they're deep in the belly of a nuclear submarine reactor chasing after an armed saboteur in The Hunt for Red October?: "Be careful what you shoot at; most things in here don't react too well to bullets."
Similarly, if you're not careful with your aim (especially if you play a ranged class), you're likely to find that most gentle mobs become angry if you ping them with a stray spell or arrow. If you're unaccustomed to combat that requires you to aim with a target reticle, flailing around while holding down your left mouse button may cause you to bite off more aggro than you want to chew. At lower levels, this amounts to nothing more than some temporary irritation. As mobs get more difficult, though, you're going to want to be careful to tick off only the monsters you're actually trying to hit.
Gaining levels means gaining skills. (Duh.) You can access your skills menu by pressing K, and then click and drag skills to your hot bar. (They won't automagically appear there as they do in other MMOs you may have played.)
You can (and should) also create chain skills, where using one skill automatically triggers another follow-up skill. To set up chain skills, hit K to open the skills menu, then select "Chain Skills." Click and drag your trigger skill to the box marked "Skill," and your follow up to the one marked "Chain skill."
To use chain skills, activate your trigger skill. You'll see a notification appear telling you that you can use your chain skill. Trigger your hotkey (the default is the space bar, but you can change it in the skills menu), and the chain skill will activate.
As you engage in combat your stamina will degrade, which also degrades your maximum health and mana pool. Keeping your stamina up is important, and for that TERA has campfires. You'll find them scattered around the game--you can stand beside them to regenerate your stamina. You can also get campfires as dropped items or purchase them from general merchants. It's a good idea to have some on hand for when you're far away from civilization.
While you're standing by a campfire, you can burn different types of charms (open your inventory and right click them) for random combat buffs. Charms of the same type don't stack, so be careful not to overwrite something particularly useful.
While you're still thinking about TERA, you'll want to also check out our Top 5 Newbie Tips. Do you have a great TERA tip of your own? Jump in and share it in the comments below.
Seriously... Just read the WoW Manual and you are set.
Yeah, no. You might've gotten me to agree with you if you'd said Lineage II or something, but this game plays nothing at all like WoW.
"but this game plays nothing at all like WoW." Thats like Burger King is nothing at all like McDonalds. The combat is seriously different for sure, especially the part that you press skill buttons to damage monsters....oh wait...
I jest. The combat takes more into account of positioning than wow because the game has hit boxes (meaning you can manually dodge an attack if it does not hit your hit box, like in fighting games such as street fighter). Where as in WoW you simple target a monster and all ranged attacks at like homing missiles.
But pretty much everything else, from auction houses, to skills with cool downs, to questing to kill x number of mobs, or collect x number of item, to /dance... its very much WoW
The eggs were removed with the addition of alchemy to the game either at the head start or may 1 either way the only way to get them now is to buy them off other players.
You are indeed correct! This is one of the things that comes with the necessity for beginning to work on guides while a game's still in beta. ;)
We've added an update and a quick bonus tip to make up the difference.
#7 - Get in the first hit - I thought all that matters is you do 50% damage, not particularly the first hit..
First hit and 51%+ dmg to get quest kill. Which is why in CBT people were mobbing around a boss quest kill NO ONE could get the kill because the people who get first hit can never get 51% of the dmg so no one could finish and leave.
Nodes do not appear as three green dots. They show as green, blue, and yellow. A yellow dot at the top of the triangle means its a mining node, green is for plants, and blue is for essences.

subset: commoncrawl


text:
- Like
- Thanks for voting!
- Download
- Collection
sarah January 11, 2011
Tina. I agree with you girl. Yes we girls get horny. I mean Fuck I'm horny all the time. I also masterbate for my bf. He fucking loves it. Well so does my gf too. Plus yea I like watching them. And the sexy afterwards. Amazing, expecially when it's the three of us together.
dr January 27, 2011
sexy wild
big jay January 8, 2011
tina have got any vids on here id love to see you geting dirty
Teir January 8, 2011
Kingpin, you know that is a piercing, right?
Peter January 8, 2011
@Tina... nice to hear that there are horny girls who enjoy this, and indeed the sex afterwards is so fucking great when you watched each other
Melanie January 28, 2011
Yes. I too am a hot, horny bisexual female. You can tell because where it says "Name", I put "Melanie". And Melanie is a girls' name, so that proves it.
March 11, 2011
BO to the NER
name August 7, 2011
at 1:15 look at her eyes
kla August 20, 2011
Beautiful girl! I love you
deli May 26, 2011
ive see beautiful women everyday but for some reason shes is just the hottest girl ive ever seen
Manbearpig8626 May 10, 2011
JIZZ. IN. MY PANTS. xD
qweq June 28, 2010
You are got demn right
Kingpin January 6, 2011
EWW She's got a booger or something on her lip
qwerty December 30, 2010
great mouth! i want to put my cock in it.
Tina October 12, 2010
Too pretty? Come on boys, pretty girls get horny too. I masturbate for my bf all the time, he LOVES it! Of course I like to watch him too, then we have the best sex, because we're both so horny after watching each other.
DUDE February 18, 2013
a&e-n-co July 23, 2010
so freakin hot....could watch her do that all day.
CHRISTOPHERJJ December 20, 2011
Very Sexy Girl.. Hot as well
Villian October 14, 2010
I actually know this girl. She used to live in NM but moved to be a porn actress hahaha
ping1 January 8, 2014
o cool, whats her name?
the bf's a bi November 3, 2010
lol hes like 'i like that thing too'
Mazzix December 27, 2010
so fcking hot omfg :o
nerdboy June 14, 2010
poor girl......... u r 2 pretty 2 do thaat..........
none November 12, 2010
love u marissa angel
Nego leite November 11, 2010
Que Delicia de Mulher gozei !
Dad October 16, 2011
Making me proud
Loading Comments


text:
Read past committee agendas and minutes
By: Ted Howard, Chair of the Kaikoura Zone Committee
The Kaikoura Zone Committee has now been operational for over three years and this is the first of what will be a regular column to report on the work of the Committee. We want to keep you up to date with water issues in our zone and with the work that is going on to manage risks and benefits to and from our water resource. We also want to share ideas and provide information so you can become involved with our projects.
The members of the Kaikoura Zone Committee have one core interest in common – we are all committed to ensuring effective management of our water resource and believe in the shared vision of the Canterbury Water Management Strategy (CWMS):- to enable present and future generations to gain greatest social, economic, recreational and cultural benefits from our water resources within an environmentally sustainable framework. Read more...
The Kaikoura Zone Committee was launched in mid-2011 to address local water issues and deliver the goals of the Canterbury Water Management Strategy (CWMS).
In February 2012 the committee developed its initial water management priority outcomes and the key pathways to achieve these in the zone.
The priority outcomes feed in to the committee's water management Zone Implementation Programme (ZIP), which was developed in conjunction with the community.
The committee held a series of public meetings in March 2012 to get community feedback on the water management priority outcomes, before releasing its draft ZIP for community feedback in mid-2012.
In November 2012, the committee presented a final ZIP to councils to be endorsed as the basis for the design and realignment of work programmes.
The focus for the committee will now be on working with the community and councils to implement the recommendations made in the ZIP.
Key priorities for the committee also include engaging youth in water management, implementing catchment management solutions, and reviewing biodiversity work programmes.
The zone committee has also been working with communtiy members, schools, and organisations to help clean-up Lyell Creek / Waikoau.
Canterbury Water Management Strategy (pdf 3.28 MB)
Kaikoura Water Management Zone - Update of regulation requirements for water takes of 20 l/s or more (May 2013) (pdf 230 kB)
Kaikoura Zone Implementation Programme (480 kB)
(03) 353 9007
More contact details »


text:
To modify a reservation, please key in your last name and booking confirmation number below.
Winter arrives at Keyaki with a heart-warming nine-course kaiseki presentation of exquisite seasonal delicacies.
This Festive Season, celebrate All Things Nice as Edge presents culinary indulgences inspired by the flavours and spices of the Pacific.
Usher in the New Year with Atrium's much anticipated countdown party and be a part of Singapore's largest balloon drop as 50,000 balloons are released at the stroke of midnight on 31 December 2014.
Enter a world of glamour and refinement with impeccable bespoke service and breath-taking settings with Pan Pacific Singapore's exclusive wedding packages.
Escape to our elegant rooms and suites and indulge in exclusive benefits
Celebrate weekends with Bed, Brunch & Bliss, a one-night staycation for two in a Harbour Studio Room, complemented with indulgent Sunday Champagne Brunch.
Enjoy the warmth of family gatherings this Winter Solstice at Hai Tien Lo with Master Chef Lai Tong Ping's decadent prix-fixe menus that feature refined flavours and rich textures.
Book to enjoy exclusive access to the Pacific Club Lounge
Enjoy breakfast on us when you book this offer online


text:
Strawberry "Lemonade" Smoothie
Submitted by jocelynaz on April 5, 2007 - 10:25pm
Servings:Makes between 7 - 8 cups
This smoothie reminds me of a strawberry lemonade and is sooo good! My hubby loves to experiment with what we have available on hand and this is what he came up with one morning. It was a staple of ours everyday for many weeks! Enjoy!!
BB Nutrient Rich Shake
Submitted by k8lyn07 on March 24, 2007 - 6:23pm
Brandon Brazier Athlete Milkshake
Submitted by k8lyn07 on March 24, 2007 - 2:11pm
"Chocolate Milkshake"
Submitted by Mr. Kale on March 21, 2007 - 7:40pm
Pineapple Banana Smoothie
Submitted by joesc on March 21, 2007 - 1:10pm
Servings:About 24 oz
Sweet and Tasty. A concoction I made up to get rid of the banana close to death.


text:
Sat, Jul 15, 2006
Just as the swallows return every year to Capistrano, the
Port-o-Johns have blossomed at Oshkosh!
The EAA Pioneer Village features a webcam on their site. For the
Nature lovers among us, it gives us the opportunity to watch this
unique fauna as they sprout and grow. They seem to germinate first
by the Bus Stop... then spread in all directions until there are
patches of them the length and breadth of the air show grounds.
Some Port-o-Johnologists (or "Pottieologists") have postulated
that their scent actually attracts large metallic birds to Wittman
Field. But their allure is not just for the birds, people seem to
be attracted to Port-o-Johns as well. There have been reports of
people desperately seeking them out, standing in line and actually
sighing relief after having encountered them.
Around the third day of
the air show, some of the Port-o-Johns become increasingly easier
to sniff out. Pottieologists call this "ripening".
When the Port-o-Johns become too ripe, the grounds keepers come
and-well, they go to Port-o-John heaven. The grounds keepers then
plant a healthy specimen and this one flourishes, nurtured by love
and attention.
Port-o-Johns come in a verity of shapes and sizes and it seems
that there may be some cross-pollination, perhaps with an
Evergreen, because last year there were reports of green and white
Port-o-Johns, although at this writing there has been no
photographic evidence for the record.
There is one undeniable fact, however. When the Port-o-Johns
waft their siren's scent into the heavens over Wisconsin, pilots
from thousands of miles away load up their aircraft and head toward
Oshkosh, heeding nature's call.
For more information on Pottieology -- or becoming a
Pottieologist -- just visit your local airport on a stormy day...
when there will be a lot of Pottie talk around the FBO.
Airborne 12.17.14: Evergreen Woes, Foolish Pilot Tricks, No 757 Replacement -- Yet
Airborne 12.15.14: A380 Future, More USA Today Disappointments, Jetman FORMATION!
Aero-TV: AML's 'Smart Seat' – Avoiding Old Hazards Via Brilliant Innovation
See All
©2014 All Rights Reserved.
© 2007 - 2014 Web Development & Design by Pauli Systems, LC


text:
Soul Plane movie trailer - starring Tom Arnold, Snoop Doggy Dogg, D.L. Hughley, Method Man, Sofia Vergara, Kevin Hart. Directed by Jessy Terrero. Genre: Comedy
Rating: R
Nashawn Wade (Kevin Hart) sues the airline after he gets stuck in an airline toilet, the plane suffers a minor disaster and his dog sucked through a jet engine. After getting a large settlement of $100,000,000 he decides to start his own airline, called NWA (Nashawn Wade Airlines). The airline specifically caters to African Americans and hip hop culture. There is a white family, led by Mr. Hunkee (Tom Arnold) who also take a trip on the soul plane.
more Soul Plane videos
Download the TV Guide app for iPhone, iPad and Android!


text:
It's axiomatic that when a famous old movie gets rereleased, the press showers it with the praise befitting a ''classic.'' Yet not all classics are created equal, and I hope the revival-house gods will forgive me when I say that Fanfan la Tulipe, the 1952 French swashbuckler that's being re-released in a handsome new print, tastes like the 54-year-old pastry it is. It's not that I don't enjoy the leaping, dancing sword fights of yesteryear (the 1938 Adventures of Robin Hood, with Errol Flynn, is one of my favorites), but Fanfan is so cloyingly, crashingly whimsical, so enamored of the chin-chin good cheer of men in tights, that you may wish Flynn himself would show up to infuse the confectionary Gallic gallantry with a dose of honest virile derring-do.
Instead, we get Gérard Philipe, a heartthrob who's likable yet weightless, sort of like Jim Carrey reining in his lunacy in the wrong film. As Fanfan, a rapscallion who joins Louis XV's army to avoid marrying a peasant bonbon, Philipe is our guide through coy escapes, coy drunkenness, coy military skirmishes, and coy executions; it's like watching a musical without the numbers. You'll be grateful for the moments when he flirts with Gina Lollobrigida, as a Gypsy hottie who looks like she could eat this tulip of a man alive. The French New Wave directors famously rebelled against their country's ''cinéma de qualityé.'' See Fanfan, and you'll know why.


text:
|This article is outdated. (June 2014)
|Frankfurt, Germany
|1 June 1998
|Mario Draghi
|Central bank of
526 billion euro in total
|Bank rate
|Interest on reserves
|Preceded by
18 national banks
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 18 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states.[dated info] The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2011[update] the President of the ECB is Mario Draghi, former governor of the Bank of Italy. The bank currently occupies the Eurotower while new headquarters are built. The owners and shareholders of the European Central Bank are the central banks of the 28 member states of the EU.
The primary objective of the European Central Bank, as mandated in Article 2 of the Statute of the ECB,[2] is to maintain price stability within the Eurozone. The basic tasks, as defined in Article 3 of the Statute,[2] are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities). The ECB has, under Article 16 of its Statute,[2] the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins).[citation needed]
The ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is five billion euro held by the national central banks of the member states as shareholders.[citation needed] The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the key is adjustable.[citation needed] Shares in the ECB are not transferable and cannot be used as collateral.
The European Central Bank is the de facto successor of the European Monetary Institute (EMI).[3] The EMI was established at the start of the second stage of the EU's Economic and Monetary Union (EMU) to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks (ESCB).[3] The EMI itself took over from the earlier European Monetary Co-operation Fund (EMCF).[4]
The ECB formally replaced the EMI on 1 June 1998 by virtue of the Treaty on European Union (TEU, Treaty of Maastricht), however it did not exercise its full powers until the introduction of the euro on 1 January 1999, signalling the third stage of EMU.[3] The bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998.[5]
The first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute.[5] While Duisenberg had been the head of the EMI (taking over from Alexandre Lamfalussy of Belgium) just before the ECB came into existence,[5] the French government wanted Jean-Claude Trichet, former head of the French central bank, to be the ECB's first president.[5] The French argued that since the ECB was to be located in Germany, its president should be French. This was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro.[6] Tensions were abated by a gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet.[7]
Trichet replaced Duisenberg as President in November 2003.
There had also been tension over the ECB's Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency.[6] Under pressure from France, three seats were assigned to the largest members, France, Germany, and Italy; Spain also demanded and obtained a seat. Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates and future candidates to it.[6]
When the ECB was created, it covered a Eurozone of eleven members. Since then, Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011 and Latvia in January 2014, enlarging the bank's scope and the membership of its Governing Council.[4]
On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, gained official status of an EU institution.
In September 2011, when German appointee to the Governing Council and Executive board, Jürgen Stark, resigned in protest of the ECB's bond buying programme, Financial Times Deutschland called it "the end of the ECB as we know it" referring to its perceived "hawkish" stance on inflation and its historical Bundesbank influence.[8]
On 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB.
In April 2011, the ECB raised interest rates for the first time since 2008 from 1% to 1.25%,[9] with a further increase to 1.50% in July 2011.[10] However, in 2012–2013 the ECB sharply lowered interest rates to encourage economic growth, reaching the historically low 0.25% in November 2013.[1] Soon after the rates were cut to 0.15%, then on 4 September 2014 the central bank reduced the rates by two thirds from 0.15% to 0.05%, the lowest rates on record.[11]
Powers and objectivesEdit
The primary objective of the European Central Bank, as laid down in Article 127(1)[12] of the Treaty on the Functioning of the European Union, is to maintain price stability within the Eurozone. The Governing Council in October 1998[13] defined price stability as inflation of around 2%, "a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%" and added that price stability "was to be maintained over the medium term". (Harmonised Index of Consumer Prices)[14] Unlike for example the United States Federal Reserve Bank, the ECB has only one primary objective but this objective has never been defined in statutory law, and the HICP target can be termed ad-hoc.
The Governing Council confirmed this definition in May 2003 following a thorough evaluation of the ECB's monetary policy strategy. On that occasion, the Governing Council clarified that "in the pursuit of price stability, it aims to maintain inflation rates below, but close to, 2% over the medium term".[13] All lending to credit institutions must be collateralised as required by Article 18 of the Statute of the ESCB.[15] The Governing Council clarification has little force in law.
Without prejudice to the objective of price stability, the Treaty also states that "the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union."[16]
Basic tasksEdit
The basic tasks of the ECB are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and to promote smooth operation of the financial market infrastructure under the TARGET2 payments system[17] and being currently developed technical platform for settlement of securities in Europe (TARGET2 Securities).
Further tasks, among others, include the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins).[17] The ECB shall also collect statistical information to fulfil the tasks of the European System of Central Banks, and contribute to financial stability and supervision.
Considerations on ECB's monetary policyEdit
In US style central banking, liquidity is furnished to the economy primarily through the purchase of Treasury bonds by the Federal Reserve System. The Eurosystem uses a different method. There are about 1500 eligible banks which may bid for short term repo contracts of two weeks to three months duration.[18]
The banks in effect borrow cash and must pay it back; the short durations allow interest rates to be adjusted continually. When the repo notes come due the participating banks bid again. An increase in the quantity of notes offered at auction allows an increase in liquidity in the economy. A decrease has the contrary effect. The contracts are carried on the asset side of the European Central Bank's balance sheet and the resulting deposits in member banks are carried as a liability. In layman terms, the liability of the central bank is money, and an increase in deposits in member banks, carried as a liability by the central bank, means that more money has been put into the economy.[19]
To qualify for participation in the auctions, banks must be able to offer proof of appropriate collateral in the form of loans to other entities. These can be the public debt of member states, but a fairly wide range of private banking securities are also accepted.[20] The fairly stringent membership requirements for the European Union, especially with regard to sovereign debt as a percentage of each member state's gross domestic product, are designed to insure that assets offered to the bank as collateral are, at least in theory, all equally good, and all equally protected from the risk of inflation.[20]
The ECB has three decision-making bodies, that take all the decisions with the objective of fulfilling the ECB's mandate:
- the Executive Board,
- the Governing Council, and
- the General Council.
Decision-making bodies of the ECBEdit
The Executive BoardEdit
The Executive Board is responsible for the implementation of monetary policy (defined by the Governing Council) and the day-to-day running of the bank.[21] It can issue decisions to national central banks and may also exercise powers delegated to it by the Governing Council.[21] It is composed of the President of the Bank (currently Mario Draghi), the Vice-President (currently Vitor Constâncio) and four other members.[21] They are all appointed for non-renewable terms of eight years.[21] They are appointed "from among persons of recognised standing and professional experience in monetary or banking matters by common accord of the governments of the Member States at the level of Heads of State or Government, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the ECB".[22] The Executive Board normally meets every Tuesday.
José Manuel González-Páramo, a Spanish member of the Executive Board since June 2004, was due to leave the board in early June 2012 and no replacement had been named as of late May 2012.[23] The Spanish had nominated Barcelona-born Antonio Sáinz de Vicuña, an ECB veteran who heads its legal department, as González-Páramo's replacement as early as January 2012 but alternatives from Luxembourg, Finland, and Slovenia were put forward and no decision made by May.[24] After a long political battle, Luxembourg's Yves Mersch, was appointed as González-Páramo's replacement.[25]
The Governing CouncilEdit
The Governing Council is the main decision-making body of the Eurosystem.[26] It comprises the members of the Executive Board (6 in total) and the governors of the National Central Banks of the euro area countries (18 as of 2014). The fact that the Council's minutes are not published has raised controversy in some financial circles.
|Mario Draghi, President of the ECB
|Vítor Constâncio, Vice-President of the ECB
|Benoît Cœuré, Member of the Executive Board of the ECB
|Yves Mersch, Member of the Executive Board of the ECB
|Sabine Lautenschläger, Member of the Executive Board of the ECB
|Peter Praet, Member of the Executive Board of the ECB (Chief Economist of the ECB)
|Luc Coene (Belgium)
|Jens Weidmann (Germany)
|Patrick Honohan (Ireland)
|George Provopoulos (Greece)
|Luis María Linde (Spain)
|Ardo Hansson (Estonia)
|Christian Noyer (France)
|Ignazio Visco (Italy)
|Chrystalla Giorkatzi (Cyprus)
|Gaston Reinesch (Luxembourg)
|Josef Bonnici (Malta)
|Klaas Knot (Netherlands)
|Ewald Nowotny (Austria)
|Carlos Costa (Portugal)
|Boštjan Jazbec (Slovenia)
|Jozef Makúch (Slovakia)
|Erkki Liikanen (Finland)
|Ilmārs Rimšēvičs (Latvia)
The General CouncilEdit
The General Council is a body dealing with transitional issues of euro adoption, for example, fixing the exchange rates of currencies being replaced by the euro (continuing the tasks of the former EMI).[21] It will continue to exist until all EU member states adopt the euro, at which point it will be dissolved.[21] It is composed of the President and vice-president together with the governors of all of the EU's national central banks.[28][29]
Although the ECB is governed by European law directly and thus not by corporate law applying to private law companies, its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is five billion euros[30] which is held by the national central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP,[31] but the key is adjustable.[32] Shares in the ECB are not transferable and cannot be used as collateral.[33]
|European Union
This article is part of a series on the
Central Bank
Policies and issues
All National Central Banks (NCBs) that own a share of the ECB capital stock as of 1 January 2011 are listed below. Non-Euro area NCBs are required to pay up only a very small percentage of their subscribed capital, which accounts for the different magnitudes of Euro area and Non-Euro area total paid-up capital.[34]
|Capital Key (%)
|Paid-up Capital (€)
|Nationale Bank van België / Banque Nationale de Belgique
|Deutsche Bundesbank
|Eesti Pank
|Central Bank of Ireland
|Τράπεζα της Ελλάδος (Bank of Greece)
|Banco de España
|Banque de France
|Banca d'Italia
|Kεντρική Τράπεζα Κύπρου (Central Bank of Cyprus)
|Latvijas Banka
|Banque centrale du Luxembourg
|Bank Ċentrali ta' Malta
|De Nederlandsche Bank
|Österreichische Nationalbank
|Banco de Portugal
|Banka Slovenije
|Národná banka Slovenska
|Suomen Pankki – Finlands Bank
|Non-Euro area:
|Българска народна банка (Bulgarian National Bank)
|Česká národní banka
|Danmarks Nationalbank
|Hrvatska Narodna Banka
|Lietuvos bankas
|Magyar Nemzeti Bank
|Narodowy Bank Polski
|Banca Naţională a României
|Sveriges Riksbank
|Bank of England
Political independenceEdit
The independence of the ECB is instrumental in maintaining price stability. Not only must the bank not seek influence, but EU institutions and national governments are bound by the treaties to respect the ECB's independence. To offer some accountability, the ECB is bound to publish reports on its activities and has to address its annual report to the European Parliament, the European Commission, the Council of the European Union and the European Council.[35] The European Parliament also gets to question and then issue its opinion on candidates to the executive board.[36]
The governors of national central banks represented in the Governing Council of the ECB are appointed by their national executives, and can be reappointed. In spite of the fact that voting inside the ECB is secret, there is some evidence pointing in the direction of Governing Council members voting along national lines.[37][38]
Financial independenceEdit
The ECB's financial independence means that the ECB has its own budget. Its capital is subscribed and paid up by the euro area central banks.[39]
Other provisionsEdit
The Eurosystem is functionally, i.e. operationally, independent.
Governors of national central banks (NCBs) and members of the executive board of the ECB have security of tenure:[39]
- NCB governors have a minimum term of office of five years.
- Members of the Executive Board have a non-renewable term of office of eight years.
- Their removal from office can only be in the event of incapacity or grave misconduct.
European sovereign debt crisisEdit
From late 2009 a handful of eurozone member states (predominantly Greece, Ireland, Portugal, Cyprus, Spain) started being unable to repay or refinance their government debt or to bail-out their troubled financial sector without the assistance of third parties. This so called European debt crisis began after Greece's new elected government stopped masking its true indebtness and budget deficit and fears of sovereign defaults in certain European states developed in the public. The debt crisis states faced a wave of downgrading of their debts and a strong rise of interest rate spreads as investors were concerned about their credit worthiness.[40][41][42][43][44][45][46][47]
Until 2009 there had not been sufficient instruments in place on the eurozone level to prevent or solve a debt crisis in a member state. Several systems have been put into place since then to fill this gap:
- In 2010, two temporary rescue programs have been started, the European Financial Stabilisation Mechanism (EFSM) and the European Financial Stability Facility (EFSF). Together with massive financial support of the International Monetary Fund (IMF), these facilities have provided funds to Greece, Ireland, and Portugal in 2010 and 2011.
- In 2012 the European Stability Mechanism (ESM) with a lending capacity of €500 billion, has been established to replace the previous temporary rescue programs. The ESM is intended as a permanent firewall for the eurozone to safeguard and provide instant access to financial assistance programs for member states in financial difficulty. Spain and Cyprus have drawn funds from the ESM program in 2012 and 2013, with a focus on recapitalization (bail-out) of their financial sectors.
- In 2013 the European Fiscal Compact became valid as a contract that obliges the EU member states to introduce domestic self-correcting mechanisms on member state level to ensure balanced public budgets and sustainable public debt levels.
- In 2014 the Single Supervisory Mechanism (SSM) was introduced. It grants the European Central Bank (ECB) a supervisory role to monitor the financial stability of banks in the eurozone states (full members) and other EU states. This supervision is intended as a first step to prevent bank bail-out needs in EU states that could induce or contribute to a debt crisis in the respective state.
As the introduction of the above mentioned long-term mechanisms may still not be sufficient and is only implemented over time during the ongoing debt crisis, the ECB has chosen to play an active role with its own monetary policy instruments to support the troubled states and their financial sectors.
The principal monetary policy tool of the European central bank is collateralised borrowing or repo agreements.[48] These tools are also used by the United States Federal Reserve Bank, but the Fed does more direct purchasing of financial assets than its European counterpart.[49] The collateral used by the ECB is typically high quality public and private sector debt.[48]
The criteria for determining "high quality" for public debt have been preconditions for membership in the European Union: total debt must not be too large in relation to gross domestic product, for example, and deficits in any given year must not become too large.[50] Though these criteria are fairly simple, a number of accounting techniques may hide the underlying reality of fiscal solvency—or the lack of same.[50]
In central banking, the privileged status of the central bank is that it can make as much money as it deems needed.[51] In the United States Federal Reserve Bank, the Federal Reserve buys assets: typically, bonds issued by the Federal government.[51] There is no limit on the bonds that it can buy and one of the tools at its disposal in a financial crisis is take such extraordinary measures as the purchase of large amounts of assets such as commercial paper.[51] The purpose of such operations is to ensure that adequate liquidity is available for functioning of the financial system.[51]
Regulatory reliance on credit ratingsEdit
Think-tanks such as the World Pensions Council have also argued that European legislators have pushed somewhat dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the European Central Bank itself e.g. when gauging the solvency of financial institutions, to rely more than ever on standardised assessments of credit risk marketed by two non-European private agencies: Moody's and S&P.
Response to the crisisEdit
There are a variety of possible responses to the problem of bad debts in a banking system. One is to induce debtors to make a greater effort to make good on their debt.[48] With public debt this usually means getting governments to maintain debt payments while cutting back on other forms of expenditure.[48] Such policies often involve cutting back on popular social programs.[52]
Stringent policies with regard to social expenditures and employment in the state sector have led to riots and political protests in Greece.[53] Another response is to shift losses from the central bank to private investors who are asked to "share the pain" of partial defaults that take the form of rescheduling debt payments.[48]
However, if the debt rescheduling causes losses on loans held by European banks, it weakens the private banking system, which then puts pressure on the central bank to come to the aid of those banks. Private-sector bond holders are an integral part of the public and private banking system. Another possible response is for wealthy member countries to guarantee or purchase the debt of countries that have defaulted or are likely to default.[48] This alternative requires that the tax revenues and credit of the wealthy member countries be used to refinance the previous borrowing of the weaker member countries, and is politically controversial.[54]
Reluctance in Germany to take on the burden of financing or guaranteeing the debts of weaker countries has led to public reports that some elites in Germany would prefer to see Greece, Portugal, and even Italy leave the Euro zone "temporarily."[55] Until recently, Greek Euro zone exit was rejected by German Chancellor Angela Merkel.[56] The German government's current position is, to keep Greece within the euro zone, but not at any cost. If the worst comes to the worst, priority will be given to the euro's stability.[57]
Bond purchaseEdit
In contrast to the Fed, the ECB normally does not buy bonds outright.[58] The normal procedure used by the ECB for manipulating the money supply has been via the so-called refinancing facilities. In these facilities, bonds are not purchased but used in reverse transactions: repos, or collateralised loans. These two transactions are similar, i.e. bonds are used as collaterals for loans, the difference being of legal nature. In the repos the ownership of the collateral changes to the ECB until the loan is repaid.
This changed with the recent sovereign-debt crisis. The ECB always could, and through the late summer of 2011 did, purchase bonds issued by the weaker states even though it assumes, in doing so, the risk of a deteriorating balance sheet. ECB buying focused primarily on Spanish and Italian debt.[59] Certain techniques can minimise the impact. Purchases of Italian bonds by the central bank, for example, were intended to dampen international speculation and strengthen portfolios in the private sector and also the central bank.[60]
The assumption is that speculative activity will decrease over time and the value of the assets increase. Such a move is similar to what the US federal reserve did in buying subprime mortgages in the crisis of 2008, except in the European crisis, the purchases are of member state debt. The risk of such a move is that it could diminish the value of the currency.[50]
On the other hand, certain financial techniques can reduce the impact of such purchases on the currency.[50] One is sterilisation, in which highly valued assets are sold at the same time that the weaker assets are purchased, which keeps the money supply neutral.[50] Another technique is simply to accept the bad assets as long-term collateral (as opposed to short-term repo swaps) to be held until their market value stabilises. This would imply, as a quid pro quo, adjustments in taxation and expenditure in the economies of the weaker states to improve the perceived value of the assets.[50]
When the ECB buys bonds from other creditors such as European banks, the ECB does not disclose the transaction prices. Creditors profit of bargains with bonds sold at prices that exceed market's quotes.
As of 18 June 2012, the ECB in total had spent €212.1bn (equal to 2.2% of the Eurozone GDP) for bond purchases covering outright debt, as part of its SMP running since May 2010.[61] On 6 September 2012, the ECB announced a new plan for buying bonds from eurozone countries.[62] The duration of the previous SMP was temporary,[63] while the new outright monetary transactions (OMT) programme has no ex-ante time or size limit.[64] On 4 September 2014, the bank went further by announcing it would buy bonds and other debt instruments primarily from banks in a bid to boost the availability of credit for businesses.[11]
Long-term refinancing operationEdit
Though the ECB's main refinancing operations (MRO) are from repo auctions with a (bi)weekly maturity and monthly maturation, the ECB now conducts long-term refinancing operations (LTROs), maturing after three months, six months, 12 months and 36 months. In 2003, refinancing via LTROs amounted to 45 bln euro which is about 20% of overall liquidity provided by the ECB.[65]
The ECB's first supplementary longer-term refinancing operation (LTRO) with a six-month maturity was announced March 2008.[66] Previously the longest tender offered was three months.[67] It announced two 3-month and one 6-month full allotment of Long Term Refinancing Operations (LTROs). The first tender was settled 3 April, and was more than four times oversubscribed. The €25 billion auction drew bids amounting to €103.1 billion, from 177 banks. Another six-month tender was allotted on 9 July, again to the amount of €25 billion. The first 12-month LTRO in June 2009 had close to 1100 bidders.[68]
On 21 December 2011 the bank instituted a programme of making low-interest loans with a term of three years (36 months) and 1% interest to European banks accepting loans from the portfolio of the banks as collateral. Loans totalling €489.2 bn (US$640 bn) were announced. The loans were not offered to European states, but government securities issued by European states would be acceptable collateral as would mortgage-backed securities and other commercial paper that can be demonstrated to be secure. The programme was announced on 8 December 2011 but observers were surprised by the volume of the loans made when it was implemented.[69][70][71] Under its LTRO it loaned €489bn to 523 banks for an exceptionally long period of three years at a rate of just one percent.[72] The by far biggest amount of €325bn was tapped by banks in Greece, Ireland, Italy and Spain.[73] This way the ECB tried to make sure that banks have enough cash to pay off €200bn of their own maturing debts in the first three months of 2012, and at the same time keep operating and loaning to businesses so that a credit crunch does not choke off economic growth. It also hoped that banks would use some of the money to buy government bonds, effectively easing the debt crisis.[74]
On 29 February 2012, the ECB held a second 36-month auction, LTRO2, providing eurozone banks with further €529.5 billion in low-interest loans.[75] This second long term refinancing operation auction saw 800 banks take part. This can be compared with the 523 banks that took part in the first auction on 21 December 2011.[76] Net new borrowing under the February auction was around €313 billion – out of a total of €256bn existing ECB lending €215bn was rolled into LTRO2.[76]
Foreign exchange operationsEdit
On 22 September 2000, the ECB, together with the monetary authorities of the US, Japan, the UK and Canada, initiated concerted intervention in the foreign exchange markets; the ECB intervened again in early November 2000.[77]
Powers and objectives during the European banking crisisEdit
The economic and financial crisis that began in 2008 has revealed some relative weaknesses in the sovereign debt of such member countries as Portugal, Ireland, Greece and Spain.[78] These securities are not limited to the countries of issue, but held in many cases by banks in other member states.[20] To the extent that the banks authorised to borrow from the ECB have compromised collateral, their ability to borrow from the ECB—and thus the liquidity of the economic system—is impaired.[20]
This threat has drawn the ECB into rescue operations.[20] But weak sovereign debt is not the only source of weakness in the ECB's operations, as the collapse of the market in US dollar denominated collateralized debt obligations has also led to large scale interventions in cooperation with the Federal Reserve.[20]
Rescue operations involving sovereign debt have included temporarily moving bad or weak assets off the balance sheets of the weak member banks into the balance sheets of the European Central Bank.[79] Such action is viewed as monetisation and can be seen as an inflationary threat, whereby the strong member countries of the ECB shoulder the burden of monetary expansion (and potential inflation) to save the weak member countries.[79] Most central banks prefer to move weak assets off their balance sheets with some kind of agreement as to how the debt will continue to be serviced.[79] This preference has typically led the ECB to argue that the weaker member countries must:
- Allocate considerable national income to servicing debts.[79]
- Scale back a wide range of national expenditures (such as education, infrastructure, and welfare transfer payments) to make their payments.[79]
The European Central Bank had stepped up the buying of member nations debt.[80] In response to the crisis of 2010, some proposals have surfaced for a collective European bond issue that would allow the central bank to purchase a European version of US Treasury bills.[81][82] To make European sovereign debt assets more similar to a US Treasury, a collective guarantee of the member states' solvency would be necessary.[83] But the German government has resisted this proposal, and other analyses indicate that "the sickness of the euro" is due to the linkage between sovereign debt and failing national banking systems. If the European central bank were to deal directly with failing banking systems sovereign debt would not look as leveraged relative to national income in the financially weaker member states.[82]
On 17 December 2010, the ECB announced that it was going to double its capitalisation.[84] (The ECB's most recent balance sheet before the announcement listed capital and reserves at €2.03 trillion.)[85] The 16 central banks of the member states would transfer assets to the ledger of the ECB.
In 2011, the European member states may need to raise as much as US$2 trillion in debt.[84] Some of this will be new debt and some will be previous debt that is "rolled over" as older loans reach maturity. In either case, the ability to raise this money depends on the confidence of investors in the European financial system.[85] The ability of the European Union to guarantee its members' sovereign debt obligations have direct implications for the core assets of the banking system that support the Euro.[84]
The bank must also co-operate within the EU and internationally with third bodies and entities. Finally, it contributes to maintaining a stable financial system and monitoring the banking sector.[86] The latter can be seen, for example, in the bank's intervention during the subprime mortgage crisis when it loaned billions of euros to banks to stabilise the financial system.[87] In December 2007, the ECB decided in conjunction with the Federal Reserve System under a program called Term auction facility to improve dollar liquidity in the eurozone and to stabilise the money market.[88]
In late May 2012, looking ahead to further challenges with Greece, Bundesbank chief and ECB council member Jens Weidmann pointed out that the council could veto "emergency liquidity assistance" (ELA) to, for instance, Greece through a two–third majority of the council. If Greece chose to default on its debts yet wanted to stay in the Euro, the ELA would be one of the ways to accommodate the country's and its banks' liquidity needs or, alternatively, to precipitate departure.[23]
On 31 October 2012, ECB announced it has phased out one of the crisis measures aimed at supporting the shaky banking system of the 17-country eurozone.[89]
European financial stability facilityEdit
On 9 May 2010, the 27 member states of the European Union agreed to incorporate the European Financial Stability Facility (EFSF).[90] The EFSF's mandate is to safeguard financial stability in Europe by providing financial assistance to Eurozone Member States.[90]
The EFSF is authorised to use the following instruments linked to appropriate conditionality:
- To provide loans to countries in financial difficulties (e.g. Greek bailout).[90]
- To intervene in the primary and secondary debt markets. Intervention in the secondary debt market will be only on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability.[90]
- Act on the basis of a precautionary programme.[90]
- Finance recapitalisations of financial institutions through loans to governments[90]
The EFSF is backed by guarantee commitments from the Eurozone member states for a total of €780bn and has a lending capacity of €440bn.[90] In 2011, it was assigned the best possible credit rating (AAA by Standard & Poor's and Fitch Ratings, Aaa by Moody's)[90]
The bank is based in Frankfurt, the largest financial centre in the Eurozone. Its location in the city is fixed by the Amsterdam Treaty along with other major institutions.[91] In the city, the bank currently occupies Frankfurt's Eurotower until its purpose-built headquarters are built.[92]
In 1999 an international architectural competition was launched by the bank to design a new building.[93] It was won by a Vienna-based architectural office named Coop Himmelbau.[93] The building will be approximately 180 metres (591 ft) tall (the present building is 148 m or 486 ft high) and will be accompanied with other secondary buildings on a landscaped site on the site of the former wholesale market in the eastern part of Frankfurt am Main. The main construction began in October 2008, with completion scheduled during 2014.[93][94] It is expected that the building will become an architectural symbol for Europe and is designed to accommodate double the number of staff who operate in the Eurotower.[92]
See alsoEdit
- ^ a b "ECB: Key interest rates". Retrieved 14 September 2014.
- ^ a b c Statute of the ECB
- ^ a b c "ECB: Economic and Monetary Union". ECB. Retrieved 15 October 2007.
- ^ a b "European Central Bank". CVCE. Retrieved 18 February 2014.
- ^ a b c d "ECB: Economic and Monetary Union". Ecb.int. Retrieved 26 June 2011.
- ^ a b c "The third stage of Economic and Monetary Union". CVCE. Retrieved 18 February 2014.
- ^ "The powerful European Central Bank [E C B] in the heart of Frankfurt/Main – Germany – The Europower in Mainhattan – Enjoy the glances of euro and europe....03/2010....travel round the world....:)". UggBoy♥UggGirl [PHOTO // WORLD // TRAVEL]. Flickr. 6 March 2010. Retrieved 14 October 2011.
- ^ Proissl, von Wolfgang, "Das Ende der EZB, wie wir sie kannten", Kommentar, Financial Times Deutschland, 9 September 2011.
- ^ "ECB Raises Interest Rates – MarketWatch". marketwatch.com. 2011. Retrieved 14 July 2011.
- ^ "ECB: Key interest rates". 2011. Retrieved 29 August 2011.
- ^ a b "Draghi slashes interest rates, unveils bond buying plan". Europe News.Net. 4 September 2014. Retrieved 5 September 2014.
- ^ wikisource consolidation
- ^ a b THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, ISBN 92-899-0022-9 (print) ISBN 92-899-0027-X (online) page 81 at the pdf online version
- ^ "Powers and responsibilities of the European Central Bank". European Central Bank. Retrieved 10 March 2009.
- ^ THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, ISBN 92-899-0022-9 (print) ISBN 92-899-0027-X (online) page 87 at the pdf online version
- ^ "ECB: Monetary Policy". Retrieved 14 September 2014.
- ^ a b Fairlamb, David; Rossant, John (12 February 2003). "The powers of the European Central Bank". BBC News. Retrieved 16 October 2007.
- ^ In practice, 400–500 banks participate regularly.
Samuel Cheun; Isabel von Köppen-Mertes and Benedict Weller (December 2009), The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil, ECB, retrieved 24 August 2011
- ^ The process is similar, though on a grand scale, to an individual who every month charges $10,000 on his or her credit card, pays it off every month, but also withdraws (and pays off) an additional $10,000 each succeeding month for transaction purposes. Such a person is operating "net borrowed" on a continual basis, and even though the borrowing from the credit card is short term, the effect is a stable increase in the money supply. If the person borrows less, less money circulates in the economy. If he or she borrows more, the money supply increases. An individual's ability to borrow from his or her credit card company is determined by the credit card company: it reflects the company's overall judgment of its ability to lend to all borrowers, and also its appraisal of the financial condition of that one particular borrower. The ability of member banks to borrow from the central bank is fundamentally similar.
- ^ a b c d e f Bertaut, Carol C. (2002). "The European Central Bank and the Eurosystem". New England Economic Review (2nd quarter): 25–28.
- ^ a b c d e f "ECB: Governing Council". ECB. ecb.int. 1 January 2002. Retrieved 28 October 2011.
- ^ Article 11.2 of the ESCB Statute
- ^ a b Marsh, David, "Cameron irritates as euro's High Noon approaches", MarketWatch, 28 May 2012. Retrieved 29 May 2012.
- ^ "Tag: José Manuel González-Páramo". Financial Times Money Supply blog entries. 18–23 January 2012. Retrieved 14 September 2014.
- ^ ""Mersch Named to ECB After Longest Euro Appointment Battle"". Bloomberg. 23 November 2012. Retrieved 14 September 2014.
- ^ "ECB: Decision-making bodies". Retrieved 14 September 2014.
- ^ "Members of the Governing Council". Retrieved 1 January 2014.
- ^ "Composition of the European Central Bank". CVCE. Retrieved 18 February 2014.
- ^ "The General Council". ecb.europa.int. Retrieved 15 October 2007.
- ^ Article 28.1 of the ESCB Statute
- ^ Article 29 of the ESCB Statute
- ^ Article 28.5 of the ESCB Statute
- ^ Article 28.4 of the ESCB Statute
- ^ "Capital Subscription". European Central Bank. Retrieved 1 January 2014.
- ^ "Accountability". European Central Bank. Retrieved 15 October 2007.
- ^ "Executive Board" (PDF). Banque de France. 2005. Retrieved 23 July 2012.
- ^ Friedrich Heinemann and Felix Huefner (2004) 'Is the view from the Eurotower purely European? National divergence and ECB interest rate policy', Scottish Journal of Political Economy 51(4):544-558.
- ^ Jose Ramon Cancelo, Diego Varela and Jose Manuel Sanchez-Santos (2011) 'Interest rate setting at the ECB: Individual preferences and collective decision making', Journal of Policy Modeling 33(6): 804-820. DOI.
- ^ a b "Independence". European Central Bank. Retrieved 1 December 2012.
- ^ George Matlock (16 February 2010). "Peripheral euro zone government bond spreads widen". Reuters. Retrieved 28 April 2010.
- ^ "Acropolis now". The Economist. 29 April 2010. Retrieved 22 June 2011.
- ^ Brian Blackstone, Tom Lauricella, and Neil Shah (5 February 2010). "Global Markets Shudder: Doubts About U.S. Economy and a Debt Crunch in Europe Jolt Hopes for a Recovery". The Wall Street Journal. Retrieved 10 May 2010.
- ^ Bruce Walker (9 April 2010). "Greek Debt Crisis Worsens". The New American. Retrieved 28 April 2010.
- ^ "Former Iceland Leader Tried Over Financial Crisis of 2008", The New York Times, 5 March 2012. Retrieved 30 May 2012.
- ^ "Greek/German bond yield spread more than 1,000 bps". Financialmirror.com. 28 April 2010.
- ^ "Gilt yields rise amid UK debt concerns". Financial Times. 18 February 2010. Retrieved 15 April 2011.
- ^ "The politics of the Maastricht convergence criteria | vox – Research-based policy analysis and commentary from leading economists". Voxeu.org. 15 April 2009. Retrieved 1 October 2011.
- ^ a b c d e f "All about the European debt crisis: In SIMPLE terms". rediff business. rediff.com. 19 August 2011. Retrieved 28 October 2011.
- ^ "Open Market Operation – Fedpoints – Federal Reserve Bank of New York". Federal Reserve Bank of New York. newyorkfed.org. August 2011. Retrieved 29 October 2011.
- ^ a b c d e f "WOrking paper 2011 / 1 A Comprehensive approach to the EUro-area debt crisis" (PDF). Zsolt Darvas. Corvinus University of Budapest. February 2011. Retrieved 28 October 2011.
- ^ a b c d Ben S. Bernanke (1 December 2008). "Federal Reserve Policies in the Financial Crisis" (Speech). Greater Austin Chamber of Commerce, Austin, Texas: Board of Governors of the Federal Reserve System. Retrieved 23 October 2011.
To ensure that adequate liquidity is available, consistent with the central bank's traditional role as the liquidity provider of last resort, the Federal Reserve has taken a number of extraordinary steps.
- ^ Cohen, Sabrina (14 August 2011). "Italian Unions Criticize Austerity Plan". Wall Street Journal.
- ^ CNN Wire Staff (28 June 2011). "Greek austerity protests turn ugly as strike begins".
- ^ Castle, Stephen (15 July 2011). "Euro Zone Seeks Deal on Greece". New York Times.
- ^ Ewing, Jack; Alderman, Liz (10 August 2011). "Some in Germany Want Greece to Temporarily Exit the Euro Zone". New York Times.
- ^ Walker, Marcus; Bisserbe, Noemie (14 September 2011). "Merkel Lessens Fears Over Greece: German Leader Rejects Suggestions Athens Be Allowed to Default or Leave Currency Bloc, Reassuring Nervous Markets". Wall Street Journal.
- ^ "Regierung Online 'Stabiler Euro geht vor'", 03/11/11.
- ^ Bagus, The Tragedy of the Euro, 2010, p.75.
- ^ McManus, John; O'Brien, Dan (5 August 2011). "Market rout as Berlin rejects call for more EU action". Irish Times.
- ^ Walker, Marcus; Paletta, Damian; Blacksone, Brian (13 August 2011). "Global Crisis of Confidence World Policy Makers' Inability to Agree on Fixes Led Markets on Wild Ride". Wall Street Journal.
- ^ "The ECB's Securities Market Program (SMP) – about to restart bond purchases?" (PDF). Global Markets Research – International Economics. Commonwealth Bank. 18 June 2012. Retrieved 21 April 2013.
- ^ Ewing, Jack; Erlanger, Steven (6 September 2012). "Europe's Central Bank Moves Aggressively to Ease Euro Crisis". The New York Times.
- ^ European Central Bank Decision of the ECB of 14 May 2010.
- ^ "ECB press conference, 6 September 2012". Retrieved 14 September 2014.
- ^ "THE LONGER TERM REFINANCING OPERATIONS OF THE ECB" (PDF). May 2004.
- ^ "ECB offers longer-term finance via six-month LTROs". May 2008.
- ^ Erica Jeffery (4 April 2013). "International banking, finance, capital markets news & analysis | Euromoney magazine". Euromoney. Retrieved 17 August 2013.
- ^ "Markets live transcript 29 February 2012". February 2012.
- ^ Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB (8 December 2011). "Introductory statement to the press conference (with Q&A)" (Press conference). Frankfurt am Main: European Central Bank. Retrieved 22 December 2011.
- ^ Nelson D. Schwartz; David Jolly (21 December 2011). "European Bank in Strong Move to Loosen Credit". The New York Times. Retrieved 22 December 2011.
the move, by the European Central Bank, could be a turning point in the Continent's debt crisis
- ^ Floyd Norris (21 December 2011). "A Central Bank Doing What It Should" (Analysis). The New York Times. Retrieved 22 December 2011.
- ^ "ECB Lends 489 Billion Euros for 3 Years, Exceeding Forecast". Business Week. 21 December 2011. Retrieved 27 January 2012.
- ^ Wearden, Graeme; Fletcher, Nick (29 February 2012). "Eurozone crisis live: ECB to launch massive cash injection". The Guardian (London). Retrieved 29 February 2012.
- ^ Ewing, Jack; Jolly, David (21 December 2011). "Banks in the euro zone must raise more than 200bn euros in the first three months of 2012". New York Times. Retrieved 21 December 2011.
- ^ Wearden, Graeme; Fletcher, Nick (29 February 2012). "Eurozone crisis live: ECB to launch massive cash injection". Guardian (London). Retrieved 29 February 2012.
- ^ a b "€529 billion LTRO 2 tapped by record 800 banks". Euromoney. 29 February 2012. Retrieved 29 February 2012.
- ^ THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER SECOND REVISED EDITION 2006, ISBN 92-899-0022-9 (print) ISBN 92-899-0027-X (online), page 92 at the pdf online version
- ^ Minder, Raphel (24 November 2010). "Fears Mount Over Spain and Risks to the Euro". New York Times. Retrieved 24 November 2010.
- ^ a b c d e Buite, Willem (7 September 2010). "Greece and the fiscal crisis in the EMU". NBER. Retrieved 30 October 2011.
- ^ "Euro zone bonds rally after ECB debt buying". Irish Times. 2 December 2010.
- ^ Walker, Marcus (17 December 2010). "Closer Fiscal Union: A Collective Guarantee". Wall Street Journal.
- ^ a b Nixon, Simon (7 December 2010). "A Way Around European Bonds". Wall Street Journal.
- ^ The European dilemma may be imagined as follows. In the US, if tax collections from California are weak, the total federal debt is financed through tax collections in other states, through federal taxes. California may default on its state debt, but the federal government bypasses California in directly taxing California citizens to finance the federal debt. There is only one legal authority taxing, paying for, and backing the federal debt. Federal expenditures are determined by the federal government. Therefore California cannot leverage more money out of the federal system other than by means of the normal constitutional procedures in the House and Senate. If the federal government transfers additional money to California it is because of federal policy, not because California's state debt is threatening the backing of the US dollar. Consider this hypothetical: If the US federal reserve carried state debts on its balance sheets the system would be more similar to the ECB. If California stated to default on its debt a hole would appear on the Fed's balance sheets where it carried California bonds. To make good this loss, the Fed would have to raise capital from the more solvent states, giving rise to the political issue that California's "lack of responsibility" was forcing other states to jump in and save California's public debt. This, one might worry, could turn into a license to California to ignore fiscal restraints and in effect transfer money from the "more responsible states" to the "least responsible states." Even though California's state finances are faltering in 2010, this is not an issue for the Federal Reserve, because of the federal system of taxation and unified backing of the federal debt. In Europe, the ECB could push for greater political and fiscal integration, which would make the member states more explicitly responsible for backing each other's debts and potentially lead to greater political integration. Speculative attacks on the sovereign debt that backs the euro have in effect revealed the weaknesses in the EU's political and fiscal structure.
- ^ a b c Walker, Marcus & Forelle, Charles (17 December 2010). "Bailout Deal Fails to Quell EU rifts". Wall Street Journal.
- ^ a b "Aggregated balance sheet of euro area monetary financial institutions, excluding the Eurosystem". ECB.int.
- ^ "The European Central Bank (ECB)". Europa (web portal). Retrieved 16 October 2007.
- ^ Lander, Mark (14 August 2007). "Credit Squeeze Puts Europe's Bank in Spotlight". New York Times. Retrieved 16 October 2007.
- ^ "ECB press release on dollar liquidity". ECB.
- ^ "ECB Phases Out Bond-Market Crisis Measure". The New York Times.
- ^ a b c d e f g h "About EFSF". Europa (web portal). 9 May 2010. Retrieved 19 October 2011.
- ^ "Consolidated versions of the treaty on European Union and of the treaty establishing the European Community" (PDF). Eur-lex. Retrieved 12 June 2007.
- ^ a b Dougherty, Carter. "In ECB future, a new home to reflect all of Europe". International Herald Tribune. Retrieved 2 August 2007.
- ^ a b c "Winning design by Coop Himmelb(l)au for the ECB's new headquarters in Frankfurt/Main". European Central Bank. Archived from the original on 24 September 2007. Retrieved 2 August 2007.
- ^ "Launch of a public tender for a general contractor to construct the new ECB premises". European Central Bank. Retrieved 2 August 2007.
External linksEdit
|Wikimedia Commons has media related to European Central Bank.
|Wikisource has original text related to this article:
- European Central Bank, official website.
- Central Bank Rates, Europe interest rates data and chart
- New ECB Premises, official website.
- The origins and development of the European organisations: The European Central Bank, CVCE.eu website.
- European Central Bank: history, role and functions, ECB website.
- Infocheese: ECB
- forex-history.net, historical currency charts based on the data published daily by the ECB.


text:
Tiger ace Justin Verlander, 29, is dating Sports Illustrated cover girl Kate Upton, 20, their proud grandparents confirmed over the weekend.
"[Kate] was at his first game in Detroit against Oakland," the curvy bombshell's grandfather, Stephen, told Celebuzz. "She has all of our support."
Verlander's grandfather made it clear he thinks it's Upton who scored the home run by locking down his grandson.
"I heard he has been on dates with a Sports Illustrated girl. I saw a photo — she's beautiful," Richard Verlander Sr. told the gossip Web site. "They make a good-looking pair because he's a good-looking man, too.


text:
The roster continues to change for the Allen Americans. After a full day of transactions, the team made one more to wrap up a busy Tuesday.
The Missouri Mavericks have sent defenseman Chris Mifflen to Allen for future considerations. The Mavericks were in a spot where they needed to reduce the number of defensemen they had on their roster, and the Americans learned today they would be without the services of Brandon Straub for at least a week and a half. This move will help out both teams with their issues, and give Mifflen an opportunity.
Mifflen is still considered a rookie in the league, though he did play a pair of games with Missouri in last season's playoffs.
Here are Chris Mifflen's junior and collegiate stats, in addition to his brief stint with the Mavs:


text:
- Home
- Pet Owners
- PETtrac
- Solutions
- Products
Protect your Pet with the
PETtrac Recovery Network
Enrolling your pet is the most important step of the microchip process. A microchipped pet is not fully protected until the owner enrolls the microchip with a pet recovery service.
The PETtrac Advantage
- Lifetime enrollment with no annual fees.
- 24-hour pet recovery service and hotline.
- Secure, private pet recovery database.
- Helps fight fraud and pet theft.


text:
Contact: Christoph P.E. Zollikofer
University of Zurich
Caption: This is a computer reconstruction of the five Dmanisi skulls (background: Dmanisi landscape).
Credit: Picture: Marcia Ponce de León and Christoph Zollikofer, University of Zurich, Switzerland
Usage Restrictions: None
Related news release: Unique skull find rebuts theories on species diversity in early humans


text:
China RTO Transfer Agent Gets SEC Sanction
STC and Kevin Halter Jr. agreed to be censured by the SEC for not having proper controls in place and for failing to supervise his father's work, paying a $10,000 penalty. Also, STC has agreed to retain an independent consultant, which will "conduct a comprehensive review of, and recommend corrective measures concerning, its policies and procedures relating to handling of client funds and securities." The transfer agent will also be required to provide the consultant with "access to STC's files, books, records and personnel as reasonably requested."
STC has preformed transfer-agent or escrow services for countless Chinese reverse-merger companies, including the now delisted Rino International and many others: Zhongpin (HOGS), Wonder Auto (WATG), China Housing & Land (CHLN), China Nutrifruit (CNGL), China Biologic Products (CBPO), China BAK Battery (CBAK), China Agritech (CAGC) and ShengdaTech (SDTH).
It has also done work for the Austin, Texas-based Whole Foods (WFMI).
-- Written by Scott Eden in New York>To contact the writer of this article, click here: Scott Eden. >To follow the writer on Twitter, go to http://twitter.com/ScottEden. >To submit a news tip, send an email to: firstname.lastname@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
Action Alerts PLUSTry it NOW
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant RatingsTry it NOW
Only $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10Try it NOW
David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock AdvisorTry it NOW
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money ProTry it NOW
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options ProfitsTry it NOW
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV


text:
Welcome International Customers
We're excited to share our jewelry collection with you!
Just choose your country and currency to personalize your shopping experience.
We're excited to share our jewelry collection with you!
Just choose your country and currency to personalize your shopping experience.
C. 1912 Vintage .10 ct. t.w. Ruby and Diamond Bracelet in 18kt Yellow Gold. 7.5"
Our Price: $7,795.00
C. 1970 Vintage Tiffany Jewelry 1.10 ct. t.w. Burmese Ruby Bracelet in 18kt Yellow Gold. 7"
Our Price: $8,395.00
C. 1980 Vintage 7.50 ct. t.w. Ruby and 2.15 ct. t.w. Diamond Bracelet in 18kt Yellow Gold. 7.5"
Our Price: $7,795.00
Item#: 816559
C. 1940. Composed of 74.7 grams of gold arranged in multiple rows of fancy hexagonal links. Patterned in a wide Retro design to the bow motif focal point in the center. With square rubies and eighteen near-colorless diamond rounds. For the discerning collector. 14kt rose and yellow gold bracelet. Exclusive, one-of-a-kind Estate Jewelry.
Details Gift
Box Our 100%
1 - 1 3/8 inches
14kt 14KT: Karat (abbreviated kt or K) is a unit that indicates the purity of gold in the metal. 14kt is 58.33% gold. In the United States, 14K yellow gold is most favored and used in jewelry. Two-Tone Gold TWO-TONE GOLD: Gold is a precious metal which is often alloyed with other metals to increase strength and create different colors. A two-tone gold piece includes two colors of gold: yellow, rose, white, or gunmetal-finished gold. The purity of the metal is indicated by a unit called a "karat," with 24kt having the highest percentage of natural gold.
Polished POLISHED: A buffed-out finish used to produce a mirror-like shine.
Foldover FOLDOVER: A clasp that folds over a bar and snaps into place. It is secure and also easy to clasp on and off.
Stone 1:
Diamond Diamond: The hardest and most brilliant of all gemstones, a diamond can make the heart race with its pure and fiery spark. An ancient symbol of love, a diamond is the preferred gemstone for tokens of affection, such as rings, earrings, necklaces and bracelets. Diamond is the birthstone for April. (Quantity: 18, Shape & Cutting Style: Round Old Mine Cut OLD MINE CUT: An antique gemstone cut dating back to the 1700s. Features a rounded square silhouette similar to the modern cushion-cut, but conforms to the shape of the rough gemstone in order to preserve the weight. The culet is usually large enough to be easily seen through the table of the diamond. , Color Grade: I-J, Clarity: SI1-SI2, Weight: 0.40 ct. t.w.)
Stone 2:
Ruby RUBY: A bold fiery stone, the ruby is a symbol of wealth, vitality and love. When cut and polished, the ruby's high luster is as dazzling as a diamond's. Ruby jewelry makes the perfect gift for loved ones and is the birthstone for July. (Color: Red, Quantity: 27, Shape & Cutting Style: Square, SQUARE: A symmetrical shape with four equal sides. Weight: 3.00 ct. t.w.)
All weights and measures are approximate.
Recently Viewed Items
You May Also Like
C. 1980 Vintage 5.45 ct. t.w. Sapphire and 7.00 ct. t.w. Diamond Lizard Pin With Rubies in 18kt Yellow Gold
Our Price: $11,295.00
2.60 Carat Ruby and 4.40 ct. t.w. Diamond Floral Ring in 18kt White Gold
Our Price: $6,995.00
3.60 Carat Ruby and 2.50 ct. t.w. Diamond Ring in 18kt White Gold
Our Price: $14,995.00
4.45 ct. t.w. Ruby and 1.85 ct. t.w. Diamond Highway Ring in 18kt White Gold
Our Price: $9,800.00
.80 Carat Ruby and .54 ct. t.w. Diamond Ring in 18kt White Gold
Our Price: $5,100.00
Learn More About: Estate Jewelry Polished Finish Foldover Clasp Diamond Ruby


text:
blow job story penetrate pics penetration teen galleryWas fucking a creature he literally worshipped. What could be better? His scrotal sack has been all but emptied this afternoon. What was left began its agonizingly intense journey. Zach and Mai rocked together, Mai squeezing the last of the semen out of his tube. She felt the hot gush as his discharge again filled and overflowed her pussy. She had her final tremors. They faded and were gone. Again, Zach's cock still filled Mai's pussy. They stayed connected and fell to one side. Karin's eyes were damp with tears. What she had seen between them was so beautiful. Zach gently pulled out of Mai's well-used fuck ...
black man fuck my white wife
Fragments black man fuck my white wife story:
nude picture of boob - Karin. Her mind again recaptured the events that led to this moment...Zach and Mai's public flirtation... seeing Mai with her fingers in her pussy...the little scheming session they had just shared. She could feel the warmth of Mai's thigh against hers. While she had been flushed with excitement conspiring with Mai over this strategy, another form of pleasurable warmth now crept through her body. New images of the three of them together flashed through her mind...things she had never ...
free erotic romance story - Holly learned to control her breathing by taking her breaths between strokes. This really isn't so bad, she thought. I can do this. Slowly at first, then, while still holding the sides of her head, he began to pick up speed and strength. More and more of Bob's cock disappeared into Holly's throat until he had about eight inches in her mouth and going down her throat. No matter how hard he pushed, no more would go down her throat. The only thing that really saved Holly from total revulsion was, she was actually turned on by all this. She had never been treated like this before. After what seemed ...
asian sex cam - Had been with a few men, other students. This African instinctively knew how to excite a woman. She marveled at Mai's ability to accept Zach's control and await his next action. Obviously, he didn't mind her watching them. He didn't seem to know she was even there. In truth Zach was completely aware of Karin's presence and responses to his actions. It actually heightened his enjoyment. He had never thought of himself as an exhibitionist. There was certainly some of that in his sexual makeup. Karin took the chair away from the piano and moved it to the bedside. Without a thought of modesty (what was the ...
big fat girl sex - Shaking so much. He responded right away and we began to chat. With a gentle calmness he steered the conversation, asking me questions and offering information about himself. And he seemed to want to know me as a person. The subject of sex was only touched on briefly. The more we chatted the more I felt myself relaxing. He told me his name was Royal. I told him mine. We chatted often over the next several weeks. The subject of sex was coming up more and more and we were both enjoying the flirtation. He asked if I'd like to see a nude photo of him. I said, "But of ...
ebony teen fucked - Come face to face with a completely naked James! She gasped, as her eyes were drawn like magnets to the huge cock swinging between his muscular thighs. "I'm sorry! I just finished shaving and forgot about being in here so long." James explained. Not knowing what to do, and unable to take her eyes from his pulsing meat, HuCho stammered. "It's my fault. I should have knocked first." Staggering away, her back hit the edge of the door frame. Seeing the flash of pain on her face, James reached to steady her. HuCho was off balance, and accidentally stumbled against his hard body. As his arms encircled her waist, ...
free ticklish girls - Good." I panted while trying not to come. The wetness created from her orgasms caused her pussy to start making farting noises each time I slid in and out of her. "You like that Laura? You like this dick in you?" I said while slapping her ass cheeks. "I love it Brian! I love it!" she looked back at me and said, "You want to fuck my big ass? I know you want to! I see the way you love it! I want that big dick stretch my tight little asshole!" "I'm gonna fuck your ass really good. I'm gonna make you squirt so much that you'll never ...
pregnant woman sex video - Discussed the merits of a girl's physical attributes with her father before! "Uh, yes, Gina is very nice." Wilson laughed deep in his belly and let out one of his infamous farts. "That's what I think of that chickenshit answer! Your eyes nearly popped out of your head when you first saw her! And I swear you nearly came in your pants when she flashed her briefs at you!" I felt my face getting hot. Yes, us coloured folks do blush, but it's hard for you white people to tell. "Um:well:" I muttered uncomfortably. "Aw shit, don't let it bother you! You only reacted to Gina's looks like any man would:should:just ...
interracial cream pie video
black guys fuck my white wife - XVIDEOS.COM
www.xvideos.com/video1434898/black_guys_fuck_my_white_wifeXVIDEOS black guys fuck my white wife free. ... Wifey says she needs a big black man to f ... 46 sec Porn quality: 99%. Fuck Pig. 7 min Porn quality: 100%.
my wife fucks by black man - XVIDEOS.COM
www.xvideos.com/video307997/my_wife_fucks_by_black_manXVIDEOS my wife fucks by black man free. ... 35.82%; Comments (14); Download
White wife gets fucked by a black man - Free Porn Videos - YouPorn
www.youporn.com/.../white-wife-gets-fucked-by-a-black-man/I'd give anything to see that big black cock empty up my horny wife, I'm Looking for well hung Blackman to fuck my wife while I watch, we don't use contraception
sharing my white wife with black guy - XNXX.COM
www.xnxx.com/video1286032/sharing_my_white_wife_with_black_guysharing my white wife with black guy free sex video.
Fuck My White Wife 1 - Fetish sex video - Tube8.com
www.tube8.com/fetish/fuck-my-white-wife-1/1856291/Watch Fetish sex in Fuck My White Wife 1 . Fetish ... I agree - I always clean my wife up after a black guy is done with her - I even clean HIM up if he wants. Reply.
Black Wife gets fucked by White Friend - xHamster.com
xhamster.com/movies/.../black_wife_gets_fucked_by_white_friend.htmlWatch Black Wife gets fucked by White Friend at xHamster.com! A very attractive black wife cucks her white husband with a well hung white man! A reversal on ...
Black dude fucking white wife tight pussy with big ... - See My Porn
www.seemyporn.com/.../black-dude-fucking-white-wife-tight-pussy-wit...White wife getting rammed hard from behind by this bull with a big black throbbing penis.
Fuck My White Wife - Scene 2 - Pornhub.com
www.pornhub.com/view_video.php?viewkey=1637449581Watch Fuck My White Wife - Scene 2 - Pornhub.com. Pornhub is the ultimate xxx porn and sex site. ... Wifes ht out with a big black guy.flv 41,097 views. 97%.
hubby films white wife fucking black guy sex videos - YoungLeafs
www.youngleafs.com/.../hubby%20films%20white%20wife%20fucking...WHITE WIFE FUCKED BY BBC WHILE HUSBAND FILMS00:01:54YourLust; Big Black guy fucks horny White chick with his big cock00:01:00AnyPorn; My wife ...
White Wives-Black Lovers
interracial-erotica.tumblr.com/Feb 5, 2014 - If you've never watched your wife fuck another man in person—especially a black man, you are missing one of the most erotic experiences in ...
Black man fucking married mans wife - Pornhub.com
www.pornhub.com/view_video.php?viewkey=848361020Watch Black man fucking married mans wife - Pornhub.com. Pornhub is ... My girl's first taste of BBC was to get my best mate a pay rise at his work...his boss and and another guy got to fuck her for a night. ..... White Wife and BBC 511 favorites.
Huge Black Man Fucks My Petite Blonde Wife - Slutload.com
www.slutload.com/video/...black-man-fucks-my...wife/O1vwoZfomBK/Apr 8, 2013 - Watch huge black man fucks my petite blonde wife and gives her a creampie. Slutload is the world's largest free porn community.
Cal, My Wife And The Card Game - Alt.Sex.Stories Text Repository
www.asstr.org/~Kristen/66/cal.txtMy wife was really pissed off at me for losing so much money. Two of my friends .... Ah, my wife really loves to be a black man's first white fuck. I love my wife and ...
My Wife's New Husband - Interracial Love - Literotica.com
www.i.literotica.com/stories/showstory.php?id=102723White wife is getting fucked by his black boss. ... I had noticed that my wife Jenna had been fascinated by him from the very first moment she laid eyes on him.
black wife - Literotica.com
tags.literotica.com/black%20wifePrimal satisfaction with my African American wife. Josh is looking forward to seeing Mommie Dearest. Who? Black wife watches white husband fuck black man.
Untitled - Tumblr
wifewatchin.tumblr.com/Any white man would be glad to have her as his wife. ... and penis size, she also wanted him to watch her get fucked by two of her black friends. ... My first DP.
What have i done? - Darkwanderer - Free Slut wife, Interracial and ...
www.darkwanderer.net/stories/5167/What-have-i-done.htmlDec 1, 2010 - I whispered, "I have a fantasy of watching you fuck a black guy. .... muscular black man carrying my almost naked white wife was unbelievable.
Wife Videos - Midnight Fever. Free porn tube videos.
www.midnightfever.com/popular/301/wife/1.htmlDogging my wife with a friend and me. 10:48 1 ... Black guy creampies this sexy white wife .... White mature wife gets fucked good and crempied by black man.
Looking for things to destroy my wife's cunt
destroythatcunt.tumblr.com/First of all yes my profile pic is my wife taking her first black cock! we are hooked! ... love to build a stockpile of black men and hung white guys too for her to fuck!
Black Our White Women
blackourwhitewomen.tumblr.com/Wishing I Had A Big Black Cock To Satisfy My Wife. Photo ... that for a fact. A black man would prefer to fuck a married woman and most, in front of her husband.


text:
Florida from a Kayak: Eco-tours and classes forming now!
Kayak Lessons: Smart Start
Want to learn kayaking but don't know where to start? Need kayaking for beginners stuff but the info you find is too advanced?
Kayak Lessons: Quick Start
Looking to get your feet wet and see if kayaking is for you? Our Quick Start course is a great introduction to kayaking basics and essentials for a safe day on the water.
In this class you will learn efficient paddling technique and the necessary strokes to maneuver your kayak in any direction.


text:
|My account
|My basket
|0 items £
A Defense Of Intellectual Property Rights
Richard A. Spinello , Maria Bottis
Richard A. Spinello, Associate Research Professor, Carroll School of Management, Boston College, US and Maria Bottis, Lecturer, Department of Archive and Library Sciences, Ionian University, Greece
Hardback £78.00 on-line price £70.20
'The book is well provided with detailed references/bibliography for those who want to pursue the matter. . . The authors have effected a very thorough analysis of the moral issues and the book is strongly recommended for that reason. . .'