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New package for banking supervision in the Eurozone12 September 2012
by eub2 -- last modified 12 September 2012
The European Commission sees its proposals for a single supervisory mechanism (SSM) for banks in the euro area as an important step in strengthening the Economic and Monetary Union (EMU). In the new single mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all Euro area banks will lie with the European Central Bank (ECB). National supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions. The Commission is also proposing that the European Banking Authority (EBA) develop a Single Supervisory Handbook to preserve the integrity of the single market and ensure coherence in banking supervision for all 27 EU Member States. The Commission is calling on the Council and European Parliament to adopt the proposed regulations by the end of 2012, together with the other three components of an integrated "banking union" – the single rulebook in the form of capital requirements, harmonised deposit protection schemes, and a single European recovery and resolution framework.
What is being proposed by the European Commission?
The Commission has adopted a package of proposals to set up a single supervisory mechanism (SSM) that contains:
- a legislative proposal for a Council Regulation to give specific tasks related to financial stability and banking supervision to the European Central Bank (ECB);
- a legislative proposal for a Regulation of the European Parliament and of the Council designed to align the existing Regulation 1093/2010 on the establishment of the European Banking Authority (EBA) to the modified framework for banking supervision; and
- a communication outlining the Commission's overall vision for the banking union, covering the single rulebook and the single supervisory mechanism, as well as the next steps involving a single bank resolution mechanism.
Why is this proposal necessary?
There are currently vulnerabilities in the banking sector which have a negative impact on the sovereign debt crisis. The negative feedback loops between individual Member State budgets and some of their banks are a threat to financial stability in the EU. This problem poses specific risks within the euro area where the single currency increases the likelihood of negative spill-over effects across borders. Furthermore, the trend of financial institutions to increasingly focus on their national home markets significantly undermines the single market for financial services which constitutes an important basis for economic growth. It also impairs the transmission of monetary policy impulses by the ECB into actual lending to the real economy.
Therefore, in May 2012, as part of a longer term vision for economic and fiscal integration, the Commission called for a banking union to restore confidence in banks and the euro. (1) In tandem, the on-going reforms of the EU regulatory framework for the financial sector need to be completed to ensure the integrity of the single market. Both a deeper single market for the entire Union and a stronger Economic and Monetary Union (EMU) for Member States in the euro area are necessary. Decisive and rapid steps to achieve both are required. It is in this context that the June 2012 European Council decided that the countries of the euro area would create a single supervisory mechanism for banks. Such an integrated supervision is necessary to make sure that all euro-countries can have full confidence in the quality and impartiality of banking supervision, opening the way for the European Stability Mechanism (ESM) to directly recapitalize banks that fail to raise capital on the markets.
Will all banks be covered or only big banks from the euro area?
The single supervisory mechanism will cover all (approximately 6,000) banks in the euro area. Although large banks of systemic importance are at the heart of the European supervisory framework, recent experience shows that relatively smaller banks can also pose a threat to financial stability. It is therefore essential that the supervisory tasks conferred on the ECB can be exercised over all those banks.
The degree of direct European supervision by the ECB on a daily basis and the role played by national supervisors may vary according to the size of banks. But the ECB will be responsible for ensuring appropriate monitoring of all those banks' performance of their supervisory tasks.
Why does the Commission want to cover all banks from the euro zone? Will the ECB be able to supervise several thousand banks?
While the safety and soundness of large banks is essential to ensure financial stability, recent experience has shown that smaller banks can also pose a threat to it. Therefore it is important that the new regime applies to all banks. This is also consistent with the approach agreed by Member States that any bank can potentially benefit from ESM interventions.
A two-tier system, where a subset of banks would be subject to ECB supervision while others would remain under full national responsibility would introduce significant asymmetries within the same country and is inherently unstable: depositors and banks could easily move to the segment that is perceived to be safer. This would increase volatility risks and make parts of the banking sector less, rather than more stable.
While the SSM would cover all banks in the euro zone, national supervisors would continue to carry out day-to-day verifications and prepare and implement the ECB's acts in their capacity to assist the ECB, since they are best placed for such activities.
Why will the ECB only supervise European systemically important banks as a first step?
It is proposed to have the SSM in place as of 1 January 2013. In order to allow for a smooth transition to the new mechanism, a phasing-in period is envisaged which would allow the ECB and national supervisors sufficient time to prepare. As a first step, as of 1 January 2013, the ECB may decide, at its discretion, to assume full supervisory responsibility over any credit institution, particularly those which have received, or requested public funding.
As of 1 July 2013 all banks of major systemic importance will be put under the supervision of the ECB. The phasing-in process should be completed within one year from the entry into force of this Regulation at the latest, that is on 1 January 2014, when the new SSM will cover all banks.
Why should the ECB be the institution in charge of supervising the euro area banking system?
Recent developments have demonstrated that the single monetary policy needs to be complemented by a single supervisory function. There are several reasons why the ECB is best placed for carrying out banking supervision:
The Treaty on the functioning of the European Union (TFEU, article 127(6)) stipulates that supervisory tasks can be conferred on the ECB.
The ECB will ensure a truly European supervision mechanism that is not prone to the protection of national interests and which will weaken the link between banks and national sovereigns.
The ECB's strong focus and expertise on financial stability will ensure that financial stability risks are sufficiently taken into account.
Finally, the organisational principles laid down in the proposal will ensure the separation of the ECB's monetary policy tasks from its supervisory tasks.
What exactly would the powers of the ECB be? What would it do in practice?
The ECB would be exclusively responsible for key tasks concerning the prudential supervision of credit institutions. In particular, it would:
authorise and withdraw the authorisation of all credit institutions in the euro area;
assess acquisition and disposal of holdings in banks;
ensure compliance with all prudential requirements laid down in EU banking rules and set, where necessary, higher prudential requirements for banks, for example for macro-prudential reasons to protect financial stability under the conditions provided by EU law;
carry out supervisory stress tests to support the supervisory review, and carry out supervision on a consolidated basis – such stress tests are a supervisory tool also used by national authorities to assess the stability of individual banks; they will not replace the stress tests carried out by the EBA with a view to assessing the soundness of the banking sector in the Single Market as a whole;
impose capital buffers and exercise other macro-prudential powers;
carry out supplementary supervision over credit institutions in a financial conglomerate;
apply requirements for credit institutions to have in place robust governance arrangements, processes and mechanisms and effective internal capital adequacy assessment processes
carry out supervisory tasks in relation to early intervention when risks to the viability of a bank exist, in coordination with the relevant resolution authorities;
carry out, in coordination with the Commission, assessments for possible public recapitalisations;
coordinate a common position of representatives from competent authorities of the participating Member States in the Board of Supervisors and the Management Board of the EBA, for topics relating to the abovementioned tasks.
National authorities would assist the ECB. They would prepare and implement the ECB acts under the oversight of the ECB, including day-to-day supervision activities.
Moreover national supervisory authorities would remain responsible for carrying out tasks not conferred on the ECB, including, for example, on issues of consumer protection, receiving notifications from credit institutions in relation to the right of establishment and the free provision of services, supervising credit institutions from third countries establishing a branch or providing cross-border services in the EU, supervising payments services, carrying out day-to-day verifications of credit institutions, preventing the use of the financial system for the purpose of money laundering and terrorist financing.
Which powers would the ECB have to carry out its tasks?
In order to execute its tasks, the ECB would have the necessary supervisory and investigatory powers once this legislative package enters into force.
The ECB's supervisory powers will be the same as the powers which competent authorities shall be granted under applicable Union law. Under the Capital Requirements Directive (CRD IV) package, competent authorities are equipped with a broad range of supervisory powers - for example they can request banks to strengthen their governance or improve their capital situation. The ECB will be considered a competent authority and will have all powers available to competent authorities under the Capital Requirements Directive (CRD IV) package.
The ECB's investigatory powers are provided for in the proposed Regulation itself. These include for example the power to request all necessary information, to conduct all necessary investigations of credit institutions and the persons involved in the activities of the respective institutions as well as to carry out on-site inspections. The ECB may also impose pecuniary sanctions where European Union law confers such powers on supervisory authorities.
What would the role of national supervisory authorities be in the new context?
National supervisors have an important and long-established expertise in the supervision of credit institutions within their territories and have established a large body of dedicated and highly qualified staff for these purposes.
National supervisors would therefore continue to play a pivotal role in banking supervision in the Member States under the SSM.
First, in accordance with Treaty rules the ECB can only be assigned specific tasks, not overall responsibility for supervision. As a consequence, certain key supervisory tasks necessary for the supervision of credit institutions, notably all key tasks related to financial stability, are conferred on the ECB while all tasks not spelt out in the regulation would remain the competence of national supervisory authorities.
These include – amongst others - the powers to supervise credit institutions from third countries establishing a branch or providing cross-border services in the EU, to supervise payments services, to impose pecuniary sanctions on credit institutions for breaches of EU legal acts except where the breach concerns an ECB act or to carry out day-to-day verifications of credit institutions.
Second, even for the tasks conferred on the ECB, most day-to-day verifications and other supervisory activities necessary to prepare and implement the ECB's acts could be exercised by national supervisors operating as an integral part of the SSM. An SSM covering all banks in the participating Member States can only work based on a model which integrates a strong role for national level supervisory expertise. The proposal recognises that within the SSM, national supervisors are in many cases best placed to carry out such activities, due to their knowledge of national, regional and local banking markets, their significant existing resources and to locational and language considerations, and therefore enables the ECB to rely on national authorities to a significant extent. Preparatory and implementing activities which national authorities could deliver within the SSM for example include the following:
In case of a request for authorisation of a new bank, the national supervisor could be responsible for assessing compliance with any conditions for authorisation set out in national law, and could propose a decision to the ECB which could authorise the bank if it is satisfied that the conditions set out in EU law are met. A similar procedure applies to the withdrawal of authorisation.
National supervisors could carry out on-going day-to-day assessment of a bank's situation and on-site verifications, implementing general guidance or regulations issued by the ECB. For these purposes national supervisors could make use of their existing powers, for example to carry out site examinations. If on the basis of the ongoing assessment it appears that a bank is in serious difficulties the national supervisor would warn the ECB.
In case of a request from a bank to use an internal risk model, the national supervisor could assess the request and its compliance with EU law and any guidance issued by the ECB and could propose to the ECB whether and under which conditions to validate the model. After validation, the national supervisor could oversee the application of the model and monitor its on-going use.
Sanctioning powers would be shared between the ECB and the national level.
How would democratic accountability of the ECB be ensured?
The ECB will be independent when carrying out banking supervision and will be subject to strong accountability provisions to ensure that it uses its supervisory powers in the most effective and proportionate way, within the boundaries set by the Treaty in parallel to the arrangements provided for the European Supervisory Authorities.
The ECB shall therefore be accountable for its tasks to the European Parliament (EP) and to the Council/the Eurogroup. The ECB will be subject to regular reporting requirements and will respond to questions. The chair of the supervisory board will present an annual report on the ECB's supervisory activities to the EP and the Eurogroup and may be heard by the competent committees of the EP on other occasions. The ECB will also be obliged to respond to any questions asked by the EP and its members on its supervisory activities. Moreover, under the Treaty, the President and the Vice-President of the Governing Council as the body with final responsibility for the ECB's action, as well as the other members of the Executive Board, are appointed by the European Council after consultation of the European Parliament. As the Chair of the supervisory board will be selected from the Members of the Executive Board, this also ensures a significant role for the EP in the selection of the Chair. As regards the budget, in accordance with 314(1) TFEU the ECB's budget is not part of the Union budget.
Nevertheless, with a view to ensuring accountability within this framework, the ECB will be required to develop a separate budget line for supervisory tasks from its general budget. Expenditures relating to the ECB's supervisory tasks will be financed by charging fees from supervised institutions.
How would the ECB be able to deal with the proposed new tasks: would they get more staff and budget?
National supervisory authorities would carry out most of the preparation and implementation of the ECB's supervisory decisions. The ECB will have to build up the necessary resources to ensure decision-making and overall coordination of the Single Supervisory Mechanism. Those resources should be obtained in a way that ensures the ECB's independence from undue influences by national competent authorities and market participants, and separation between monetary policy and supervisory tasks.
The costs of supervision should be borne by the banks which are subject to it. The expenditure relating to the performance of the supervisory tasks will therefore be financed primarily by fees levied by the ECB on the credit institutions subject to its supervision, and will be based on the size and the risks posed by these institutions.
Why should the ECB's supervisory tasks be carried out in operational separation from its monetary policy tasks?
Within the ECB an operational separation between monetary policy tasks and supervisory tasks is necessary to eliminate potential conflicts of interest between these two tasks. Conflicts of interest could for instance emerge in a situation where in order to meet the monetary policy objective of price stability, interest rates need to be raised, while this might at the same time have adverse effects on the solvency and profitability of the banking sector.
Therefore, the proposal lays down a number of organisational principles to ensure a clear separation between monetary policy and supervision while at the same time allowing the ECB to take full advantage of the synergies between monetary policy and supervision.
To implement the necessary separation between both tasks and ensure appropriate attention to supervisory tasks, the ECB will ensure that all preparatory and executing activities within the ECB will be carried out by bodies and administrative divisions separated from those responsible for monetary policy. To this end a supervisory board will be set up that will prepare decisions on supervisory matters. The Governing Council will be ultimately responsible for taking decisions but may decide to delegate certain tasks or decision-making power to the supervisory board. The supervisory board will be led by a Chair and a Vice-Chair elected by the ECB Governing Council and composed in, addition to them, of four representatives of the ECB and of one representative of each national central bank or other national competent authority.
What will the impact of the SSM on the relationship between home and host supervisors of banks active in several Euro area Member States?
Today, day-to-day supervision of cross-border banks is carried out by national supervisors. Under EU law the home supervisor and the host supervisors of other Member States where the bank establishes branches or subsidiaries or provides cross-border services have to coordinate their action. One important forum for coordination is the colleges of supervisors bringing together all supervisors responsible for subsidiaries in a banking group.
With the creation of the SSM, many supervisory tasks in the euro area Member States will be carried out by the ECB for all Member States concerned.
Nevertheless, existing home/host supervisor coordination procedures and colleges of supervisors will continue to exist as they do today, as far as coordination with supervisors in non-euro area Member States is concerned. Non-euro area Member States will retain all their existing powers and prerogatives. However, to the extent that the ECB has taken over supervisory tasks, it will carry out the functions of the home supervisor for euro area banks and the host supervisor for other banks active within the euro area. The obligations to cooperate in consolidated supervision and between home and host supervisors, to exchange information and to coordinate within colleges will apply fully to the ECB. Colleges of supervisors will be the forum for coordination between the ECB and national supervisors of non-euro area Member States.
For coordination within the Eurozone, the new arrangements within the SSM will substitute the complex interaction between home and host country authorities and within colleges. The ECB will exercise at the same time the powers of the former home supervisor and the former host supervisor. Both will be represented on the ECB supervisory board and will therefore have a voice over the exercise of all those powers. The SSM will be free to set up internal coordination groups dealing with the supervision of specific cross-border banks and involving the relevant national supervisors.
How would non-euro area countries be able to join the single supervisory mechanism?
Under the Treaty, the ECB cannot exercise binding powers outside the euro area. Therefore, non-euro area Member States cannot be fully part of the single supervisory mechanism. Nevertheless, non-euro area countries may notify the ECB of their intention to join the SSM by establishing close cooperation between their competent authorities and the ECB. To that purpose, they will have to take all necessary measures to ensure that their national competent authorities will abide by and implement relevant ECB acts. Where all the conditions for establishing close cooperation are met, the ECB would be obliged to take a decision to establish such close cooperation, allowing the non-euro area country to take part in deliberations in the supervisory board, which would thereby gain access to all information available within the SSM.
The ECB may decide to terminate the close cooperation if the conditions are no longer met.
What about the European Banking Authority? Does today's proposal mean that EBA was not credible or strong enough?
The European Banking Authority (EBA) and the European System of Financial Supervision established in 2011 have significantly improved cooperation between banking supervisors within the Union. The EBA is making important contributions to the creation of a single rulebook for financial services in the Union, and has played a crucial role in implementing in a consistent way the recapitalisation of major credit institutions of the Union as agreed by the informal Meeting of Members of the European Council in October 2011. It is responsible for the EU-wide stress test exercises to assess the resilience of financial institutions to adverse market developments, as well as to contribute to the overall assessment of systemic risk in the EU financial system. However, day-to-day supervision has remained at national level.
The ECB will carry out supervisory tasks which are currently carried out by national supervisors in the Euro area, not by the EBA. The ECB will cooperate with the EBA within the framework of the European System of Financial Supervision. The role of EBA will be preserved. It will continue developing the single rulebook applicable to all 27 Member States and enhance convergence of supervisory practices across the whole Union. The Commission also asks today that the EBA develops a Single Supervisory Handbook to complement the EU's single rulebook and ensure consistency in bank supervision across the 27 countries in the single market.
How would the ECB interact with EBA?
The new European Supervisory Authorities – the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA) – will all retain existing powers and tasks.
In particular they will continue to contribute to the creation of a single rulebook and to establishing a level playing-field in the single market.
The proposed amendments to the EBA Regulation will ensure that the EBA can continue to fulfil its mission effectively as regards all Member States. In particular, the EBA is enabled to exercise its powers and tasks not only vis-à-vis national supervisors but also vis-à-vis the ECB as a European institution.
In order to ensure consistency with the framework of the European System of Financial Supervision (ESFS) set up in 2010 (MEMO/09/404), the ECB will coordinate and express a common position of the Euro area Member States for matters falling under its supervisory tasks when they participate in the Board of Supervisors and the Management Board of the EBA. However in order to ensure EBA decision-making structures continue to be balanced and effective and preserve the interests of all its members, the amendments to the EBA Regulation will adapt voting arrangements within the EBA, allowing the EBA to continue fulfilling its mission in an optimal way.
Furthermore, the effective impact of the SSM on the operational functioning of ESFS will be specifically examined in the forthcoming review on the functioning of the ESAs to be presented by the Commission at the beginning of 2014.
How will the voting modalities under the EBA regulation be modified (decisions subject to qualified majority/ simple majority)?
Within the EBA, today as a matter of principle decisions are taken by simple majority (one member, one vote) by the members of the EBA's Board of Supervisors. As regards binding EBA powers, this includes decisions on the application of EU law in the context of the breach of law procedure, action in emergency situations and settlement of disagreements between national authorities (in the latter case subject to a specific voting procedure in certain cases). On the other hand, decisions in relation to the adoption of guidelines and recommendations and of draft technical standards as well as on budgetary matters are taken by qualified majority (as defined in Article 16 (4) TEU and in Article 3 of the Protocol (No 36) on transitional provisions based on the rules applicable in the Council.
Today, supervisors of euro area Member States – if they all cast their votes in the same way - have a simple majority but do not have a qualified majority of the votes in EBA's Board of Supervisors.
In order to ensure EBA decision-making structures continue to be balanced and effective and preserve the interests of all its members, voting arrangements within the EBA on breach of law and settlement of disagreement would be adapted.
When decisions are taken in relation to a breach of law or in relation to binding mediation, an independent panel will be set up to prepare the relevant decisions, consisting of the Chairperson and one representative from each a participating and a non-participating Member State to the SSM. These decisions are to be considered as adopted unless they are rejected by a simple majority which shall include at least three votes from each of the participating and the non-participating Member States to the SSM. Under a scenario where only four or less Member States are not participating in the SSM, the simple majority is met as long as at least one vote of a non-participating Member State is cast.
It is not proposed to adapt the voting modalities on matters subject to qualified majority voting and on action in emergency situations. In those cases, the existing rules provide sufficient safeguards to ensure balanced and effective decision-making, taking into account the interests of the internal market as a whole. For example, draft technical standards are subject to qualified majority voting in the Board of Supervisors and are ultimately adopted by the Commission which can amend them in particular to protect the internal market.
Today's proposal does not propose to amend the composition of the Board of the EBA, which deals with matters both related to the future activities of the SSM and other matters. Of course, the ECB will coordinate the positions of the Euro area Member States when they participate in the board of the EBA.
How will the proposal interact with the Capital Requirements Directive (CRD) IV proposal? Will the CRD IV package have to be amended?
The proposed CRD IV package currently under discussion by the European Parliament and the Council is set to regulate the activities of banks and the prudential framework that governs the whole EU internal market and therefore constitutes an important element of the Single Rulebook. Supervision at European level will build on the Single Rulebook, just as supervision outside of the SSM will.
The ECB will exercise its supervisory tasks in accordance with the EU supervisory framework to be established by the CRDIV proposals. Consequently, the creation of the single supervisory mechanism will not in principle require substantive changes to the proposed CRDIV legislative package, although in a limited number of areas, some fine-tuning may be required to reflect the new situation. During the final stages of the CRDIV negotiations, the Commission will pay particular attention to ensure that the texts agreed are technically compatible with the proposed SSM Regulation, and will work with the European Parliament and the Council in this respect. This will include in particular ensuring that all provisions of the proposed CRDIV Directive are operational for application both by Member States and national authorities and by the ECB.
What does this mean for the proposals on deposit guarantee schemes and bank resolution?
Work on finalising the current proposals on deposit guarantees schemes (DGS) and bank recovery and resolution should be accelerated in order to have them adopted by the end of 2012. This will establish the common framework of rules for protecting deposits and for dealing with banks in difficulty across the EU's single market, covering all relevant definitions, powers, objectives, principles, tools, procedures, safeguards etc. Most importantly, it will set in motion the process of making instruments available to make sure that banks pay for bank restructuring, rather than taxpayers, via bail-in mechanisms and national resolution funds.
How would the ECB relate to resolution? Will the ECB be able to exercise certain resolution powers, like intervening in a bank's structure?
Today's proposal concerns the daily task of banking supervision. Consistent with the existing EU regulatory framework for banking supervision as well as the Commission's proposal for bank recovery and resolution, it includes some powers in terms of early intervention if a bank breaches some of its regulatory requirements. In such a scenario, some of the possible measures which the supervisor could take include requiring the bank to reduce its exposures to certain risks, to increase its capital, or to implement changes to its legal or corporate structures. All other tasks related to resolution remain with the national authorities.
What further steps are foreseen in relation to a more centralised system of bank resolution at EU level?
Reinforced supervision within the banking union will help improve the robustness of banks. If a crisis nonetheless occurs it is necessary to ensure that institutions can be resolved in an orderly manner and that depositors are assured their savings are safe. A banking union should therefore include a more centralised management of banking crises.
Once agreement on the existing DGS and Bank Recovery and Resolution proposals is achieved, the Commission envisages making a proposal for a single resolution mechanism which would have the responsibility to resolve banks and to coordinate in particular the application of resolution tools to banks within the banking union. This authority would be more efficient than a network of national resolution authorities, in particular in the case of cross-border failures, given the need for speed and credibility in addressing banking crises. It would be a natural complement to the establishment of a single supervisory mechanism. It would also entail significant economies of scale, and avoid the negative externalities that may derive from purely national decisions. It would take its decisions in line with the principles of resolution set out in the single rulebook which are consistent with international best practice and in full compliance with Union state aid rules. In particular shareholders and creditors should bear the costs of resolution before any external funding is granted, and private sector solutions should be found instead of using taxpayers' money.
Moreover, and based on an assessment of its functioning, such a single resolution mechanism could also be entrusted with further tasks of coordination regarding the management of crisis situations and resolution tools in the banking sector, as set out in the report presented in June 2012 by the Presidents of the European Council, the Commission, the ECB and the Eurogroup.
What has the EU done so far in terms of banking regulation?
a. Banking supervision
Three European supervisory authorities (ESAs) started work on 1 January 2011 to provide a supervisory framework:
the European Banking Authority (EBA) which deals with banking supervision, including the supervision of the recapitalisation of banks,
the European Securities and Markets Authority (ESMA) which deals with the supervision of capital markets; and
the European Insurance and Occupational Pensions Authority (EIOPA), which deals with insurance supervision.
b. Bank capitalisation
Banking institutions entered the crisis with capital that was insufficient both in quantity and in quality, leading to unprecedented support from national authorities. With its proposal on capital requirements for banks ("CRD IV") made in July last year (see IP/11/915 and MEMO/11/527), the Commission launched the process of implementing for the European Union the new global standards on bank capital agreed at G20 level (most commonly known as the Basel III agreement). Europe is playing a leading role on this matter, applying these rules to more than 8,000 banks, representing 53% of global assets. The Commission proposals are currently being discussed by the Council and the European Parliament and the Commission expects agreement to be reached shortly.
The Commission also wants to set up a governance framework giving national supervisors new powers to monitor banks more closely and take action through possible sanctions when they spot risks, for example to reduce credit when it looks like it is growing into a bubble. European supervisors would intervene in some cases, for example when national supervisors disagree in cross-border situations.
c. Bank restructuring
Extensive financial sector conditionality has been included in the policy requirements addressed to Member States that have received international financial assistance.
With respect to the banking sector, the required policy measures consist, on the one hand, of the orderly winding-down of non-viable institutions and, on the other hand, of the restructuring of viable banks. Higher capital requirements, recapitalisations of banks, stress tests, deleveraging targets as well as enhancing the regulatory and supervisory frameworks have also been part of the policy initiatives. While not specific to programme countries, these stabilisation measures are most easily implemented in the context of international financial assistance.
The European Financial Stability Facility (EFSF) can provide loans to non-programme euro area Member States for the specific purpose of recapitalising financial institutions, with the appropriate conditionality, institution-specific as well as horizontal, including structural reform of the domestic financial sector.
Specific bank restructuring under the programme goes hand-in-hand with the conditionality of EU state aid rules.
d. Deposit guarantees
Thanks to EU legislation, bank deposits in any Member State are already guaranteed up to €100,000 per depositor if a bank fails. From a financial stability perspective, this guarantee prevents depositors from making panic withdrawals from their bank, thereby preventing severe economic consequences.
In July 2010, the Commission proposed to go further, with a harmonisation and simplification of protected deposits, faster pay-outs and improved financing of schemes, notably through ex-ante funding of deposit guarantee schemes and a mandatory mutual borrowing facility. The idea behind this is that if a national deposit guarantee scheme finds itself depleted, it can borrow from another national fund. This would be the first step towards a pan-EU deposit guarantee scheme. This proposal is still being discussed by the Council and Parliament in second reading. The Commission calls upon the legislators to speed up the process of co-decision on this proposal, retaining the mutual borrowing facility.
In managing a number of bank crises over recent years, national authorities have often created a new structure out of the failing bank and transferred some critical functions of the bank to this structure, such as safeguarding deposits. These resolution mechanisms make sure that depositors never lose access to their savings (for example in the case of Northern Rock, the bank was split into a good bank, which contained the deposits and good mortgage loans, and a bad bank winding down the impaired loans).
e. In addition to reinforcing the supervision of the financial sector, increasing protection for bank depositors, strengthening capital requirements for financial firms, and improving crisis management in the banking sector, the Commission is also working:
to examine reform of the structure of the banking sector though the work of the high-level expert group headed by Erkki Liikanen;
to regulate shadow banking
to make credit ratings more reliable;
to tighten rules on hedge funds, short selling and derivatives (regulation in force since 16 August 2012);
to revise current rules on trade in financial instruments, market abuse and investment funds;
to curb banking pay practices that encourage recklessness; to reform the audit (see IP/11/1480) and accounting sectors.
1 : Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and the European Investment Bank: Action for Stability, Growth and Jobs, COM(2012) 299, 30 May 2012
Source: European Commission


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McDonald's to tap into coffee trend by adding richer cup of joe
Posted by TheShot on 01 Mar 2006 | Tagged as: Consumer Trends, Restaurant Coffee
McDonald's is apparently feeling the heat from consumers' changing tastes in coffee. According to yesterday's Chicago Tribune, McDonald's is planning to switch their customers to a new "premium roast" instead of the dreck they've been sloshing for the past 30 years: New McDonald's brew (or as The Arizona Republic put it today: McDonald's to tap into coffee trend by adding richer cup of joe).
Other, older chains such as Dunkin' Donuts have established themselves with premium coffee, and McDonald's appears to be struggling to stay relevant when Starbucks has already stolen their game in the retail coffee trade. The recent failure of McDonald's McCafé to take root in the U.S. hasn't helped them either. (And it's not just the U.S., as this story from today's The Times in London shows: McDonald's orders 25 closures as coffee rivals begin to bite.)
Though I suppose that if you're going to scald your thighs with the stuff, you may as well do it with better coffee.
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4 Responses to "McDonald's to tap into coffee trend by adding richer cup of joe"
[…] Today's Crain's Chicago Business covers some of the first reports from the field for how well McDonald's reformulated coffee is faring in the marketplace: McDonald's new coffee wins early praise | Crain's Chicago Business […]
[…] McDonald's slowly recognized that they were losing a great share of the convenience food business to expanding behemoths such as Starbucks. So after several failed attempts to capture interest in this evolving consumer market, including the fated McCafé, McDonald's decided to introduce better coffee to their stores last month. […]
[…] Hilton Hotels are just doing within their industry what McDonald's had to do for theirs. Here the hotel chain is pursuing a greater upscale market share with quality coffee as a differentiator. In the press release, Hilton announced the launch of the "Hilton Serenity Collection in-room coffee system," which features Lavazza coffee and a Cuisinart coffeemaker. […]
[…] Here's a nominee for the 2007 Unclear on the Concept Award. In a reactive move to competitors who have successfully upgraded their coffee service (such as McDonald's), the Wendy's fast food chain has proudly announced an agreement to serve Folgers coffee to expand their breakfast offerings: Wendy's to Begin Brewing Folgers Coffee ((BKC), McDonald's Corp. (MCD), Wendy's International Inc. (WEN), (US580135)) | SmartMoney.com. Yes, you read that right: Folgers. […]

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The leader in education and professional development of PAs who practice in cardiac, thoracic, and vascular surgery and critical care. The only society dedicated to representing the unique needs of these PAs.
APACVS Annual Meeting
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10/16/2020APACVS 2021 Annual meeting Will Be Virtual!
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4/15/2021 » 4/18/2021APACVS 40th Anniversary Meeting
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To be the leader in cardiovascular and thoracic education and the professional development of cardiac, thoracic and vascular surgical PAs. BY PAs, For PAs.


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Tailgates worth up to $12,000 stolen from pickup trucks at Arundel car dealership
ARUNDEL, Maine (AP) � Police are investigating the theft of tailgates from six pickup trucks at an Arundel car dealership.
Police say the tailgates were removed from trucks at Arundel Ford's lot either Christmas Eve or Christmas Day.
The vehicles were model years 2007 through 2013.
Dealership officials estimated the cost of the parts at $10,000 to $12,000 because some of them were equipped with backup cameras.
Anyone with information is asked to call the York County Sheriff's Department.


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Nixon calls for longer Mo. school year
Governor wants to extend school year from 174 to 180 days
Gov. Jay Nixon said Friday that Missouri school children should be spending more time in the classroom.
Nixon said he wants six days added to the state's academic calendar, a move he said would bring Missouri to the national average of 180 days. The governor said the proposed state budget he presents later this month will include funding to support a longer school year.
"To stay competitive in today's economy, Missouri's students should be in the classroom as much as their peers in other states," said Nixon, a Democrat. "Extending Missouri's school year by just six instructional days will bring our state in line with the national average while increasing educational opportunities for every student."
Missouri currently requires at least 174 days for districts with classes five days per week and at least 142 days for districts that have four-day weeks. State law also requires 1,044 hours of instructional time.
Figures from the Education Commission of the States show that as of 2011, more than half the states required at least 180-day school calendars. Alaska, Colorado and Michigan had shorter minimum school years than Missouri. The state's requirement for 1,044 hours put Missouri closer to the middle of the pack nationally.
The Missouri School Boards' Association said lengthening the school year could raise costs for personnel and operating facilities but that it is worthy of discussion. The association said some districts already exceed the minimum requirements.
"There is a lot of merit to the idea of extending the school year and providing students with increased instructional time," spokesman Brent Ghan said.
Mike Wood, a lobbyist for the Missouri State Teachers Association, said increasing the number of hours instead of the number of days might be more significant. He said the schedules used by high-performing districts could serve as a guide.
"If our goal is more time equals improved student achievement, I think that's something everybody needs to work toward," Wood said.
Nixon was traveling Friday to schools in Nixa in southwestern Missouri and Orrick, which is east of Kansas City. In addition to lengthening the academic year, the governor also called for expanding the A+ scholarship program and for increased funding to preschool education programs.
Under the scholarship program, students from participating high schools can earn a scholarship to cover tuition costs at public community colleges and technical schools. Students must meet requirements for academics, conduct and attendance and perform 50 hours of tutoring or mentoring service.
Nixon said his budget will include funding to expand the program to every Missouri school district. The governor's office said 148 out of 402 high schools now participate.
The governor said his proposed budget also will call for a restoration of funding for early childhood initiatives such as the Early Head Start program that were cut in the budget that took effect July 1.


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Smart & Stylish Small Space Solutions — Best of 2012
Editorial Rating:
Average Rating: ( 0 votes)
Every April we run our signature contest, Small Cool, featuring homes under 1000 square feet. Readers and editors alike look forward to this annual celebration of small. To help make the most of the "small is cool" focus, the editorial team creates posts on how to live well in homes of all sizes, under the umbrella of Small Space Solutions. Here is a selection of on-topic favorites from 2012... • 5 Strategies for Decluttering a Small Space • Small Space Solutions: The Super Stairs • 100 Ideas & Inspirations: Small Spaces • Small Space Solutions: Making Use of Vertical Space • Small Space Solutions: Using Cabinet & Closet Doors for Storage • Small Space Solutions: IKEA Grundtal Entryway • Create a Tidy Open Closet (Without Tossing All of Your Clothes!) • 10 Small Space Storage Solutions for the Bathroom • Tricks of the Trade: 5 Smart Ways To Use Mirrors In Small Spaces • Small Space Style on a Budget: Home of Restoration Hardware's Brooke Hanson More


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Dissociative Disorder is come through me in the same way, in different ways, and now, in different environments...
Before, It was imaginary people in imaginary lands; I was never left my apartment! And that was the battle. And that is still a battle. However, I have other battles.
A new battle front is the ongoing war with interaction of others. Not everyone sees me or gets me! or cares. people can be brutal. As long as I go up to them with no protection for my heart, soul, or personality, I get destroyed.
Im actually fighting my mother! And my mother brought me up as if I was her husband that she was fighting! She tried to destroy me the way she attempted to destroy my father. However, I was just an innocent boy who did not know anything! How f#cking horrible is this!
I find myself around allot of ingrates. I have no other name for them! No one can be trusted. No one is safe; not with my personal stuff, they have proved that!
Im the one not getting it! Im not wanted by these groups. But Im getting the recovery I need. They are not stupid. I must be if I think I can walk over them to get what I want. Im being put in my place very quickly. I still try, but its not working.
I have to forgive all people!
I have to talk to God about all of it! I have to talk to God if Im going to stay alive.
Its hard when Im half completed human being....
The people in these meetings could never be trusted, and I fell for it! I have gotten stronger. At some point I will get the message that none of them were safe to begin with. I am in denial, and do not want it that way. These people at everything,,, not all of them.
As for women; I need money! and education. I have education, no job, a ssi check and no money! Its has to do with quality of persons. I am from a middle class venture, However, I feel more psychiatric class, or more psychiatric.
Where do I find the quality of people Im looking for. Who loves to be shot down? I don't! what choice do I have. Im not nothing in the work world. Im nothing to the women in these meetings! no disrespect. They simply cannot put 2 thoughts together to come up with my value! I have to learn from this and stay away! I won't get better. Im using these places to get better. Getting better is getting tougher.
Tougher; I don't like this. Its now what I wanted. Im wanted to be sharper and faster. However, My mind, although sharp, is impaired, and I cannot aim a missile in the right direction! So, what good is it! being smart does not help me! What good is a giant steal plated fence, if in the back is full of wholes. One giant whole in the fence destroys the fences purpose.
Im attempting to patch up the wholes. The problem; I can't patch up the wholes. If I could patch up holes. Why would I have not done so by this time. I need help.
The dance;
Looking at the dance yesterday! I forgot what I was doing their! I let all outside things get to me! I am sick of dealing with these smart ass dumbness that think they are better then everything and everyone! Gods gifts to the world. Im not in the mood to deal with them anymore. Im not sure if Im feeling sorry for myself or I think someone owes me or Im looking at people as objects that need to get inline; probably all of the above.
I want to feel safe and be taken for what Im worth! Im not their yet! I have to remember this!
Im practicing response; that is what its about! I can't let other stuff get in the way. I am a human being tho! and I want what other human beings want! I want candy! smile!
Im still a victim of others games;. I still have contempt and anger and hatred. I would like to go to a dance and not worry about how I am treated. Instead, I would like to dance! but this last dance, no one would dance with me! instead they went out and danced with each other ( the women)! they walked right by me and went out with themselves. So, I have to bring someone to a dance with. This is a whole other dynamic Im not ready for! This is allot of rejection.
Rejection is someone judging me by where I work or who I know or how much money I have! Im not being valued by who I am!
Yet, Im not looking for people who have no money and on sSi, in fact I don't respect those people either. I think they are lying and scummy. So I have to start with my own feelings. Some how this is all about my own feelings.
And not everyone on ssi do I feel this way about! So, I don't understand. I suppose I have a stereo type like other people!
I know, when Ive been offended, I pull back and go near no one anymore. I stay away from them! Im slowly learning this! I have to learn to stay away from people! Yet, I need to them dance with and be friends with! so, Im up in the air on this stuff.
Im worth more, no one sees it, no one cares!
I get walked over by people! I sit back and watch, soon they get walked over worse!
I don't want to be a victim! but the price is to be alone, and being alone is being a victim!
Im around disrespectful people! Im around controlling people. I have allot of work to do!
Off to a new church!
And church wasn't bad...
The consequences of the meetings; Im afraid the people at the meetings have a fixed concept of me! It won't change. Ive seen several people from the meetings at this new church! and thats OK either way.. I will learn to stay away from them if I have to! And I will!
Im being played by people; mistake of kindness for weakness!
At the new church, I started dissociating like I always do when Im under to much outside information. I start tapping... I got up and walked around. It doesn't matter where I go! I still have the same problems.
Im an artist with no place to create my art! its frustrating... Im a songwriter and have no place to make noise. Im not sure what to do! I have to keep trusting God!
I have to keep trusting God on what happened to me when young! I prey those responsible pay!


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I was in the middle of a training session the other day, introducing an exercise I've been through hundreds—maybe thousands of times. Sometimes in those moments, I must confess, there's a part of me that whispers, "Oh my God, gimme a frying pan. I wanna smack myself on the head, right now." It's so tempting to shift into AutoPilot and go through the motions.
Of course, the professional side of me whispers back, "Get a grip! This isn't about you. This is about your client. It's completely new for them. And besides, they're paying for your undivided attention." Oh, right…
You know what I do in those moments? I focus on the details. I raise the bar on my own performance. As I'm speaking, I ask myself, "Is every vowel sound vibrating fully? Is every consonant sound articulated cleanly? Is every word spoken with openness and connection? Am I practicing whatever technique I'm preaching at this very moment?"
Then something interesting happens. I get present. I get out of my head and into the room. I'm truly with my client again, fully available. Not because of the self-talk. Certainly not because of my discipline. Just because I focused on the details. Paying attention to details heightens my awareness, sharpens my focus and restores my capacity to be attentive to the person in front of me.
I realize I'm essentially talking about my own experience of mindfulness in the context of my work. Mark Williams (The Mindful Way Through Depression) writes that "slowing things down and deliberately paying attention to each aspect of our sensory experience can reveal things that we may have never noticed before." That's important for anyone who wants to experience life more fully. It's even more important for those of us who aspire to any level of excellence and expertise in our work.


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Home and small-office routers from manufacturers including Trendnet and D-Link are vulnerable to attacks that allow attackers anywhere in the world to execute malicious code on the devices, according to an advisory issued over the weekend.
The remote command-injection bug affects routers that were developed using the RealTek software development kit. That includes routers from Trendnet and D-Link, according to the developer who discovered the vulnerability. There's no comprehensive list of manufacturers or models that are affected, though more technical users may be able to spot them by using the Metasploit framework to query their router. If the response contains "RealTek/v1.3" or similar, it's likely vulnerable.
The remote code-execution vulnerability resides in the "miniigd SOAP service" as implemented by the RealTek SDK. Security researcher Ricky "HeadlessZeke" Lawshae reported it to HP's Zero Day Initiative (ZDI) in August 2013. ZDI, which uses such vulnerability information to block attacks in its line of intrusion prevention services, then reported it to officials inside RealTek. After 20 months of inaction, the HP division disclosed it publicly even though no fix has been released.
"Given the stated purpose of Realtek SDK, and the nature of the vulnerability, the only salient mitigation strategy is to restrict interaction with the service to trusted machines," ZDI officials wrote in an advisory published Friday. "Only the clients and servers that have a legitimate procedural relationship with products using Realtek SDK service should be permitted to communicate with it."
ZDI officials went on to recommend the use of a firewall to block outside connections. Other researchers said that turning off a router's universal plug and play may also prevent exploits.
Update: D-Link has issued an advisory that lists six specific models that are vulnerable to the attack. A Trendnet spokesman, meanwhile, e-mailed Ars to say company representatives have no record of of being notified of the bug. As Ars reported earlier, the report was sent to RealTek.


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Fun Games and all other online games on the internet. These games are browser based games written in flash or shockwave. Nearly all users can play these games just with there Browser. Whenever you want to play any onlinegame you should go on www.fungamesonlinegames.com (Bookmark this site: fungamesonlinegames.com Bookmark this site with your fun games! Did you have a laugh today? Take a closer look at the categories to find your favorite game: dress-up or makeover games, puzzle, girl games, Super Mario games, car, bike or whatever racing games, shooting games or perhaps your sporty and u like sports games! Rate a game after you played it online and take a look at the games info that tells you how often they were played and how they were rated by other users!
We have many free online games in this gaming site fungamesonlinegames.com that you will be able to play all for free.


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Want to know what feels REALLY REALLY REALLY REALLY GOOD?
Sitting in your new bosses office and your cell rings, and you glance at the number - don't recognize it and of course don't answer it. (Obviously you don't answer it - you're in your NEW BOSSES OFFICE!). But then later, when you have a moment you check your voice mail and it's a head hunter.
They say they have a great opportunity for you in the Atlanta area and to please call back if you are interested.
And you just DELETE THE MESSAGE.
Seriously, I just had such a good day that I'm considering taking my resume off of Monster.
For the first time since 1998.
I said it on twitter and I'll say it again. I am sick as a dog - but happy as a clam.
Friday, October 24, 2008
Best Phone Call Ever - Well, Almost
Posted by Gidge Uriza at 7:49 PM
Labels: Info You Need, new job, Point A to Point B
1 comments:
- Maggie May said...
that cracked me up!!!
- Fri Oct 31, 06:20:00 PM


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CABARET LIFE NYC: It's Raining Women -- Reviews of 12 Shows From a Cabaret Fall
Reviews and Commentary by Stephen Hanks
By this past August, I had fallen so far behind on writing reviews of cabaret shows from the spring and early summer (I guess it's a positive when there are more performers and shows in New York than days in the week) that I decided to play catch up by combining a bunch of critiques into one big column. I hadn't planned on doing that again, but this fall there were so many shows (especially now with 54 Below on the scene) that once again I couldn't keep up. One cabaret colleague tried to make me feel better about what might appear to be procrastination by saying, "Well, the good news is that when you lump all those mini-reviews into one column, most people will probably read all of them." It was a good point, but not enough to make that particular approach a regular policy unless absolutely necessary.
Well, it's become necessary, but at least I've beaten my self-imposed New Year's Eve deadline by posting these reviews of 12 shows, all staged between September-December by beautiful women (okay, so one is a gender-bender) of varying singing and performing talents and levels on the cabaret depth chart, from established stars to MAC and Bistro Award-winners to comeback "kids" to interesting beginners and occasional performers who are in the game to follow their bliss. Whether their performances were rave-worthy, earning of qualified praise, or not quite up to snuff, they all deserve kudos for taking the plunge. Happy reading and Happy New Year!
Shrimani Senay, Metropolitan Room, September 12, Stumbling Upon Someone to Watch
There's a good news/bad news aspect to the fact that so many people who love to sing seem to be booking cabaret shows these days. The good news is that the art form, at least in New York, is thriving (if not taking off). The bad news, for cabaret reviewers anyway, is that a good number of these relatively obscure would-be singer/performers are engaging in the kind of vanity productions that makes deciding whom to see, let alone review, something of a guessing game once you get passed your obligation and/or interest in checking out the established veterans or the up-and-comers who have some buzz.
I decided to check out Shrimani Senay's one-off, untitled debut show with no intention of reviewing it (a colleague once wisely advised me to refrain from critiquing the first show of a run unless the performer insisted), mainly because I was intrigued by her exotic-sounding name and sensual visage her Facebook event post, and because she was being backed up by the terrific Barry Levitt Trio (including Jeff Carney on bass and Jerome Jennings on drums). As I suspected, Senay's show was vocally raw and structurally shaky (and could have been helped by a good director). But I decided to review it anyway because unlike some shows that are so uninterestingly mediocre that it's not worth expending the energy writing about them, there were enough fascinating aspects in this woman's presentation to make her a potentially compelling cabaret character; one that bears watching as she improves her singing and develops her performing persona.
Scanning my notes, my show observations included: "Not enough volume and a bit off key, "not connecting with the audience on some of the songs," "goes off pitch and doesn't sustain notes at the end of phrases," and "this song just doesn't work for her voice at all." And yet, I also found that Senay possesses an intelligence, depth, sense of humor, storytelling ability, and quirky, confident stage presence that is rarely seen in a debut cabaret performer. While many of her song choices weren't great fits for her still developing vocal range, taking on Amy Winehouse's "Wake Up Alone," and doing Edith Piaf's "If You Love Me" was incredibly gutsy. And when was the last time you saw or heard someone pull off a jazzy version of Harold Arlen's "Get Happy" that includes sanskrit chanting, complete with the krishna body positions and hand gestures? Shrimani Senay definitely has the potential to be a solid cabaret performer and audience seducer. I hope I get another chance to find out if she's reaching that level. (Please click on Page 2 below to continue)
Charlotte Patton, The Duplex, September 19
Finding Her Voice While Looking for Love
Charlotte Patton isn't in her 20s or 30s. She's even past the age-if the 40s is the defining number-to be classified as a "cougar." Patton is a mature, attractive and youthful woman who has been married and divorced, and has lived through the beginnings and endings of passionate love affairs. But she hasn't let romantic disappointments or her current chronological age stop her from pursuing love and appreciating men, no matter how many horror stories may emerge from hookups with the opposite sex-of various ages-that she has encountered either online or while on a bar stool. Frustrated? Yes. Bitter? No. Discouraged? Hell, no!
With cabaret singer Karen Oberlin doing a fine job as her director, and Musical Director Barry Levitt providing great arrangements, Patton's Looking for Love in the 21st Century, was a warm, humorous, self-revealing, and relatable show from an experienced actor and comedienne with a sweet alto, who also knows all about the vagaries of life and love. She opened adorably with Lyle Lovett's "Here I Am," which includes the suggestive line: "Given that true intellectual and emotional compatibility/Are at the very least difficult if not impossible to come by/We could always opt for the more temporal gratification of sheer physical attraction/That wouldn't make you a shallow person would it?" In a riff on internet dating, she admitted to being honest in her profile, then sang "Confession," which includes the Arthur Schwartz lyric, "I always go to bed at 10 . . . and I go home at 4."
Patton's show really picked up steam-and got steamy-by her seventh song in the set, Dave Guard's "Scotch and Soda." After admitting that "the least effective way to meet men is in bars, not that I didn't give it my best shot," she sang the number while sipping a cocktail and acting progressively tipsy ("I've played a lot of drunks in plays and movies," she later admitted). By the next song, Cindy Jordan's "Jose Cuervo," she was writhing on top of Levitt's piano, as if waking up the next morning after a one-night-stand. Patton ended her delightful show with a flourish of classics, including Jerry Herman's "Before the Parade Passes By" (which she delivered as a pensive, emotional ballad), Rodgers & Hart's "Bewitched, Bothered and Bewildered" (sung from the perspective of an older woman wanting one more chance at love), and a life-affirming medley of "Pick Yourself Up" and "Let's Face the Music and Dance."
Charlotte Patton is obviously a woman who is always picking herself up and who isn't ready to stop facing the music, the dancing, or the romancing.
Janis Siegel, 54 Below, September 27
Still Sensational After All These Years
When I interviewed the great Janis Siegel a couple of weeks before her late-night, one-off show at 54 Below, I could tell that in spite of her near legendary status as one of the fantastic foursome of The Manhattan Transfer (which celebrated their 40th anniversary this past year) and as one of America's best female jazz singers, she was feeling a touch of trepidation about the gig. Siegel was getting ready to hit the recording studio to lay down tracks for a new CD and the 54 Below show would be the first time she'd be working on some of the songs in front of an audience. As it turned out, there was no need for her to fret.
In a no-frills show, and with the support of a stellar band--including John DiMartino on piano, Martin Wind on bass, Paul Meyers on guitar and Tommy Campbell on drums (that he played at one point in the show with his hands behind his back)--Siegel was her smooth vocalizing self. After opening with a jazzy take on Billy Strayhorn's "A Flower Is a Lonesome Thing," she really sucked this Park Slope resident in with her sensational scatting on the uptempo, Transfer-sounding "I Know the Way to Brooklyn" and her sensual delivery of the jazz standard "Midnight Sun" (Lionel Hampton/Sonny Burke with lyrics by Johnny Mercer).
But for those in the audience who stayed to see Siegel that night after Ann Hampton Callaway's sumptuous tribute to the Barbra Streisand songbook, one of the show's highlights came next. Janis invited her friend Ann to the stage ("So, here we are in this down and dirty basement," Ann quipped) for an on-the-spot blues improv sung in e-flat, which ended up being an awesomely fun lyrical tribute to each other. Siegel then transitioned into a dreamy version of Callaway's song, "Slow," before lending a bossa nova feel to Rodgers & Hart's "Lover." And at that point, Siegel was only halfway through the set. Later, she gave an even jazzier color to Janelle Monae's "Say You'll Go," took Randy Newman's ballad "Marie" to a beautiful new level, and went full out funky on Jon Hendricks' jaunty "The Sidewinder." If this stuff is on the new disc, the car CD is going to be busy.
Grace Cosgrove, Metropolitan Room, September 29, A Singing Labor of Love
Among the most glaring omissions on the BroadwayWorld.com 2012 Cabaret Awards ballot (and there weren't many) is that Grace Cosgrove's lovely show honoring the music of the late, great Laura Nyro isn't listed in the "Best Tribute Show" category as it was easily one of the most loving and well-crafted homage shows of the year. Not every singer is an ideal fit for the singer-songwriter they wish to honor, and a keen sense of musical self-awareness is necessary before making that leap. (Heck, I love Frankie Valli but trying to hit that falsetto on "Rag Doll" would induce a hernia.) Listening to Cosgrove during her CD preview show To Laura with Love, one knew within just a few bars of the bouncy opener "Luckie" that this was an ideal marriage of singer to hero and to material.
While Cosgrove's voice doesn't have the edge or bluesy flavor that Nyro's possessed, the expert arrangements of her Musical Director Don Rebic (with support from Sean Harkness on guitar, Dan Gross on drums, and Jason DiMatteo on bass) were perfect for the adorable brunette's sweet, lilting, and expressive soprano. From the upbeat country groove on "California Shoeshine Boys," to being right in the pocket with the pop/folk style of "Blowin' Away," to subtly powerful versions of the ballads "He's a Runner" and "I Never Meant to Hurt You" (featuring Rebic's nifty piano riffing), to acing a mashup of "Stoned Soul Picnic" with "Sweet Blindness," Cosgrove sensually captured the essence of Nyro's soulful sound and evocative lyrics. She and Rebic also pushed the interpretive envelope, coming up with a slower and bluesier "Stoney End" than the Barbra Streisand version, and pulling off a solid cabaret style arrangement of "Eli's Comin'" (featuring Margaret Dorn, Emily Bindiger, and Diane Garisto on background vocals).
As she continues presenting this show (and two more are scheduled in 2013 on January 10 and March 7 at the Metropolitan Room), Cosgrove needs to condense and smooth out the delivery of her script between numbers, and she could loosen up and have a bit more fun on stage (especially on the "Picnic/Blindness" mashup). But these are minor quibbles with a show that should have received Award consideration.
Meg Flather, Don't Tell Mama, September 30
Singing Songs That Are Man-Made and Meg-Made
Meg Flather may not present a cabaret show quite as often as some of her long-time compadres in the genre, but when she does it is sweet, sensitive, and, ultimately, sublime. Flather offered a deliciously engaging short-run show called Home Shopping Diva in 2011, and this September came back with a one-shot effort called Man-Made that was really two sets in one--half the tunes written by male songwriters and the other half her own compositions to celebrate the launch of Flather's latest and extremely listenable seven-track CD On the Second Floor. And all of the songs were delivered with her folk-infused mezzo, down-to-earth personality, and the adorable stage presence and sense of humor that comes naturally for a lady with years of experience hosting home-shopping TV shows.
With just her guitarist John Mettam joining her onstage, this was Meg unplugged. Flather set the sweet folk-rock tone of the show by opening with the alt-rock band Keane's "Somewhere Only We Know," and followed with her own "What Only We Can Know," a lovely lyric about revealing her personality in a journal. During the rest of the show, she seamlessly alternated between the songs by the male writers and her own tunes, with a pleasant and appropriate sprinkling of short anecdotes or personal musings to set up each number. Highlights among the former were a rare rendition of Paul Simon's "Keep the Customer Satisfied" (during which she impersonated a horn solo), a soothing Joni Mitchell-esque sounding "Once in a Very Blue Moon," and a beautiful take on "If" by David Gates of Bread, during which she and Mettam upped the tempo instead of doing it as the conventional--and somewhat pedestrian--slow ballad.
Flather's own songs were a delight, from the wistful, Irish-style ballad "Calling You," about missing a loved one while away, to the uptempo homage to her friends, "If All I Do Is Love You," to "New Dawn," her sensitive tribute to our current President. In setting up the lovely lyric for the ethereal ballad, "My Heaven (a song for Bonnie)" (which is dedicated to her mother's best friend), Flather offered a Field of Dreams mini-soliloquy: "My aunt tells me to 'Forget about out there, this down here is heaven.' So the angels are regular people who do good things every day, which makes this heaven." Was this show heaven? No, it was Meg Flather singing.
Corinna Sowers-Adler, Metropolitan Room, October 13, A Wizardess of Song Granting Requests
When I went to see the latest installment of Corinna Sowers-Adler's show By Request (based on song selections-and the stories behind them-previously submitted by potential audience members), it was late afternoon on my birthday and I was taking a holiday from reviewing. After all, it was the third time Corinna was staging the show this year and I had already raved about her April performance in Cabaret Scenes Magazine (in which she did an awesome job on my request of a song my mother loved, the Edie Gorme version of "If He Walked Into My Life," from Mame). But as Corinna belted one song after another out of the park, I couldn't help but start taking notes, and offering another 300 or so words of praise is the least I can do to acknowledge one of cabaret's more consistently solid singer/performers.
What's so impressive about this kind of show structure is not only the fact that Corinna must quickly learn the requested songs, but that she challenges herself by selecting an eclectic mix of song styles. In any given By Request show she can use her wide vocal range and lovely soprano to tackle ballads, uptempo pop, folk rock, Broadway standards, and even original tunes written by local songwriters (she was especially good on Clare Cooper's ballad "David," Bobbie Horowitz's funny "Nothing to Complain About Blues," and Richard Eisenberg's intricate, clever, and endless lyric on "Two Again."). Corinna also brings her solid acting experience, and a cool, confident, and convivial stage presence to the storytelling required to set up the requested songs. She told a lovely tale about one couple's courtship leading to a 54-year marriage before delivering a memorable version of "Unforgettable."
Musical Director/Pianist John DiPinto gave Corinna wonderful support on a languid, country ballad arrangement of the Nat King Cole classic "Ramblin' Rose" (Noel and Joe Sherman), the glorious Sarah Rice joined Corinna as a special guest singer for a haunting duet on Simon & Garfunkel's "Scarborough Fair," and Corinna's husband Nicholas Adler joined his wife for a charming rendition of Jason Robert Brown's "I Give It All For You." As if that wasn't romantic enough, she then beautifully soared on Stephen Schwartz's "Meadowlark," before giving this Peter Allen fan a nice birthday gift sendoff by ending with "Quiet Please, There's a Lady on Stage." Indeed.
Lynda D'Amour, Don't Tell Mama, October 19
Not Foolish to Love D'Amour
Boston native Lynda D'Amour can't seem to catch a break when she comes to New York to perform a cabaret show. In October 2011, her wonderful Sammy Davis, Jr. tribute show at Don't Tell Mama fell on a day of thunderstorms and kept attendance low. This year, she not only staged her new CD release show Ordinary Fool on the last night of The Cabaret Convention (again keeping her audience down), but on an evening when global warming had turned a mid-October night into a steam bath. But the trooper that she is, D'Amour turned it into a positive, joking early in the show that her lovely blonde locks were wilting in the 100% humidity before segueing into a strong, sensual, and jazzy slow groove on Amanda McBroom and M. Brourman's "Hot in Here."
D'Amour continued to bring the heat throughout an eclectic set of songs that were an ideal fit for her deep, soulful alto range. Though her patter can seem a bit too improv and random (there was a way-too-long riff on her love of Donny Osmond), the meandering script didn't detract from her solid vocals and arrangements, which transformed the pop song "Brandy" into a beautiful ballad. The singer and her band--which included Bill Duffy on piano, Thomson Kneeland on bass and Eric Gross on drums--were terrific on a swinging arrangement that merged "Green Dolphin Street" with Lerner and Loewe's "On the Street Where You Live" from My Fair Lady (which isn't on the CD). D'Amour gave a cool, jazzy vibe to Rodgers & Hart's "I Wish I Were in Love Again" (also not on the CD), went slow and bluesy on Paul Williams' "Ordinary Fool", and was powerful and heartfelt on one of her hero Sammy Davis' trademark songs, "What Kind of Fool Am I?"
Lynda D'Amour is flying under the radar when it comes to New York cabaret audiences, but the next time she's in town you'd be a fool not to catch her show. Maybe even the weather will cooperate.
Maria Ottavia, Don't Tell Mama, November 26
Spreading Her Wings to Sing From the Heart
The word "chrysalis" is defined as a moth or butterfly in its inactive and immature form that is encased in a cocoon from which the adult eventually emerges. It was the perfect title for Maria Ottavia's recent cabaret effort at Don't Tell Mama, not because she is young or inexperienced ("Success teaches you absolutely nothing, but failure teaches you everything," she opined early in the show), but because the show enabled this sweet and humble woman to once again spread her performing wings.
Ottavia began doing shows at Don't Tell Mama just over 20 years ago (with the late cabaret star Nancy LaMott as director) and has long been a charming presence on the cabaret scene and who is very supportive of other performers. Her audience was really pulling for her during this show, not the least of which because she had to cancel the original date earlier in the month thanks to Hurricane Sandy. With Musical Director Barry Levitt at the piano, Ottavia began beautifully with a few bars of David Friedman's "Listen to My Heart," then segued into a enchanting Levitt arrangement of a mashup of Rodgers and Hart's "With a Song in My Heart" with Vincent Youmans' "Without a Song"--a perfect opening for a woman who pours her heart into singing.
Not that the show wasn't flawed and her vocals sometimes shaky. Ottavia's voice is lovely in the upper register, but has a tendency to go flat on the lower notes. Although she has acting experience, she didn't bring that ability to bear enough on Craig Carnella's "The Kid Inside" from Is Their Life After High School, her attempts at disco ("Hot Stuff"), jazzy arrangements of early rock n' roll ("Great Balls of Fire") didn't quite land, and her "Queen of the House" parody of Roger Miller's "King of the Road" (about ending up with a guy from Colorado she met on a dating site) was more like road kill.
On the flip side, Ottavia was lovely on her director Marcus Simone's vocal arrangement of Jimmy Webb's "MacArthur Park" and she sounded a bit like Barbra Streisand in a duet with Simone on the David Shire/Alan & Marilyn Bergman song "I'll Never Say Goodbye." After a crisp rendition of Burton Lane and Alan Jay Lerner's "On a Clear Day" (featuring an extended Levitt piano riff), Ottavia once again asked the audience to "Listen to My Heart." Based on the enthusiastic and heartfelt applause, there's no doubt Maria's message was heard and she left the stage looking like a beautiful and beaming singing butterfly.
Ruth Carlin, The Duplex, November 29
Solid but Unspectacular Song Moments
Ruth Carlin is a lovely woman and sensitive performer, who is obviously passionate about expressing herself through words and song. But it was impossible to observe her recent show at The Duplex, SongMoments (part of a run that began in the summer and continued this fall), without thinking it was a quadruple-whammy of self-indulgence. During the show, Carlin announced the upcoming release of a new CD, read five of her own fairly pedestrian poems to set up songs, and sang one of her own compositions. A-list cabaret stars can get away this; when lesser singers and performers try it the show becomes the kind of vanity production that doesn't always present the art of cabaret in the best light.
Still, Carlin had a few praise-worthy moments in SongMoments. Throughout the show, she displayed a sweet alto that alternated between smooth and shaky depending on the song and the octave. Her on-stage persona was confident but a bit shy and static, which prevented her from exuding the flirtatious sensuality necessary for a number like Cy Coleman and Carolyn Leigh's "You Fascinate Me So." In a very ballad heavy set, the highlights were "Why Can't I Forget" (Jeffrey D. Harris), about a woman not able to lose the memory of a former love (although she isn't enough of a comedienne to pull off the parody of "Memory" from Cats that followed), "Long, Long Time" (Gary White), and the funny "I Regret Everything," which was her finest acting turn. Carlin saved her best song moment for last on her poignant original tune "From Door to Door," a ballad that was written for her mother and featuring a touching, sensitive lyric about the three generations of women in her family. Other cabaret performers should ask about it as it definitely has cover potential.
Julie Reyburn, Urban Stages, December 7
Winter Songs That Warm the Heart
I was kicking myself for missing Julie Reyburn's show Winter Songs last fall and it's a shame that its initial run happened in 2011 (at Feinstein's) because Reyburn's performance certainly would have earned her a Best Female Vocalist nomination for the 2012 BroadwayWorld.com New York Cabaret Awards. I know that because I finally got a chance to see Reyburn's seasonal star turn at Urban Stages' recent "Winter Rhythms Festival" and experienced a charming performance from one of New York cabaret's true pros.
Not being a big fan of heavily Christmas-themed shows, Reyburn's eclectic mix of songs that conjured the sights, sounds, and sensations of the season was a breath of cool air. With the marvelous Mark Janas providing his expert musical direction, Reyburn's rich mezzo soprano delivered delicious songs from movies, musical theater, classic pop, and a number of solid tunes written by some of her fellow New York cabaret performers, including Mary Liz McNamara's cheekily funny "Christmas in Michigan," Scott Evan Davis' lovely mother/son ballad "Walk a Little Slower" (in a duet with guest Joshua Dixon), Matthew Martin Ward and Peter Napolitano's poignant and cinematic "In Tina's Room," and Bill Zeffiro's urbane, clever, and swinging "The Other Side of Winter," written expressively for Reyburn about parenting small children during snowy season.
Janas gave a wonderfully classical edge to Reyburn's beautiful rendition of two pop ballads, "Circle of Life" (from The Lion King) and "California Dreamin'. Julie was majestically dramatic on Amanda McBroom's "The Rose," and offered one of the best versions that I've heard of Stephen Sondheim's "What More Do I Need?" Reyburn ended this heartwarming show with a lullaby-like "Hey Jude," which was dedicated to her new son (born this past March and named for the song) and sung from the point of view of her daughter, Layla. You're one lucky kid if you have a mom like Julie Reyburn singing you to sleep.
Amy Wolk, The Duplex, December 9
This Show Was Made for Wolking
It was just a matter of bad timing that Amy Wolk's latest cabaret show, the aptly-named A Wolk on the Wild Side, ran between late October and early December. Had this wonderfully funny affair been staged earlier in the year, Wolk would have been a no-brainer nominee for a 2012 BroadwayWorld.com Cabaret Award in the musical comedy category (although she will get a chance next year as this year's October thru December shows will be eligible). With Lennie Watts as her director, Steven Ray Watkins as Musical Director, and Kikau Alvaro handling musical staging, along with her own solid writing and performing skills, Wolk's show was a clinic on how to blend an eclectic mix of songs, solid vocals, and wacky, comedic bits to produce an immensely entertaining cabaret show.
If you didn't already know that one of Wolk's performing influences is Bette Midler, it would have been obvious right from the show's opening number when her trio of gay boy backup singers (Stefan Basti, Jack Herholdt and Thomas Marcus) sauntered onto the stage singing Frank Loesser's "Once in Love With Amy." But you would definitely know you were on the wild side when Wolk, entering in a sexy black cocktail dress and her ironic smile, mashed that up with the pop star Kesha's "Blow." Then after a solid rendition of Madonna's "Cherish"-featuring some cute choreography-came a preview of what would be a recurring comedy bit from the "Jewish Broadcast Network," called "That's My Dad!" Seems that Wolk's father is a gynecologist and her cute and clever lyrics conveyed some very interesting conversations she's had over the years with her dad about sex.
Watkins is a superb arranger and with support from Matt Wigton on bass and Tim Lykins on drums, Wolk delivered some solid mashups, including the Anthony Newley/Leslie Bricusse version of "Candy Man" with the recent Christina Aguliera/Linda Perry pop song of the same title, and Donna Summer's "She Works Hard for the Money" with Huey Lewis' "Working for a Living." One of the many things Wolk has done for a living is teach English to school kids and that background has afforded her an acute sense of the butchering of words and phrases in song lyrics. Her hilarious "Grammar Medley" may have been the highlight of the show. "Songs have been making us dumber for decades," she insisted, before offering some delightfully funny schtick like "Lay Lady Lay should be Lie Lady Lie," that the Fifth Dimension hit should be "One Fewer Bell to Answer," and that Mick Jagger couldn't get any satisfaction."
There was much satisfaction to be had watching Amy Wolk's new show. As a performer, she combines intelligence, outrageousness and ironic quirkiness with a touch of danger, and her voice has a charming, childlike quality while also possessing understated power. That's a wild and compelling combination.
Rev. Roger Anthony Yolanda Mapes, The Duplex, December 16, Give Me That New Time Religion . . . Amen!
If Tammy Faye Baker was a flaming social liberal who looked like a middle linebacker and sang in a Prairie Home Companion show at the Grand Ole Opry that was broadcast over NPR-breath-she'd be Roger Anthony Mapes doing Rev. Yolanda's Old-Time Gospel Hour. Over many shows this past fall at The Duplex (with one more on January 20 at 3:30), veteran singer, songwriter, performance artist, and flamboyant drag queen Roger Mapes conjured up a life-affirming and spiritually-enlightened show offering a message of tolerance, self-acceptance, freedom, peace and love, all wrapped in the unabashed glory of gospel music, some of which were original songs featured on his/her recently released CD. This was a show even a lapsed Jew who is straight could love.
Wearing a neon blue suit with black stripes, a reddish blonde bouffant wig as tall as a small Christmas tree ("the higher the hair, the closer to God"), and more makeup than all the Kardashian women combined, Rev. Yolanda opened with a joyous, old-fashioned gospel hoedown song, the oft-recorded "I'll Fly Away." An engaging storyteller who obviously knows how to work patter into a cabaret show, Rev. Yolanda then offered a timely, self-deprecating audience thank you. "If you're one of the those people who believe the Mayan calendar says the world is going to end next week, I'm glad you made this one of your last shows."
With support from a heavenly band she calls the "Yolandaleers" (led by Musical Director Kenneth Gartman on piano, Dennis Michael Keefe on bass, Justin Smith on violin, veteran Bill Turner on banjo, and the Reverend occasionally on guitar), Rev. Yolanda gave musical testimony through songs like the gospel ballad "Do Lord," the uptempo "Step Back (and Let God Do It)," featuring nice backing vocals from Gartman, classics like "Amazing Grace" and "How Great Thou Art" (the "Thou" signifying the audience as much as God), and snippets of "Down By the Riverside" and "Let It Shine" during a fun sing-along finale. Rev. Yolanda's fine originals from the CD were sprinkled throughout, including Smith's lovely violin riff on "Love Divine," the cool, country-infused "I Can See Peace," and the rousing gospel rock song "Freedom." For an encore to this wonderfully entertaining, 90-minute faux radio show, the Reverend delivered a divinely-inspired lyric: "We are angels, we are angels, and we're struggling to be human." Amen.


text:
Va. music teacher re-elected to stand strong for nation's students and public education
Princess Moss to continue serving on NEA Executive Committee
CHICAGO - July 04, 2011 -
Facing unprecedented attacks on their rights and profession, thousands of National Education Association (NEA) members from across America today delivered a vote of confidence in their current leadership. Delegates to NEA's 90th Representative Assembly re-elected Virginia music teacher Princess Moss to the NEA Executive Committee.
"I am humbled to receive this vote of confidence from my colleagues," said Princess Moss. "America's public schools need our help now more than ever. Together, we will continue to fight to defeat efforts across the country to silence the voices of educators and working families. And we will stand strong against efforts that undermine public education and the future of our students."
Princess Moss is an elementary school music teacher in Louisa County, Va. A champion of children and public education at the local, state, and national levels, Moss has had more than two decades of education experience. Before being elected to the NEA Executive Committee, she served two full terms as president of the 62,000-member Virginia Education Association.
"Princess is a team-builder and collaborator who is deeply committed to ensuring great public schools for every student," said NEA President Dennis Van Roekel. "She has a solid grasp of the issues facing public education, students and our profession and she is willing to disrupt the status quo to make things happen for our students and our members."
Nearly 9,000 educators from every state are attending NEA's Annual Meeting and Representative Assembly (RA) through July 5. The RA is the top decision-making body for the 3.2 million-member NEA. Delegates set Association policy and address issues facing schools, students and the teaching profession.
The Executive Committee is comprised of NEA's three executive officers and six members elected at-large by delegates to the RA. The Executive Committee is responsible for general policy and financial interests of NEA and acts for the NEA Board of Directors in between the board's four regularly scheduled meetings each year.
# # #
The National Education Association is the nation's largest professional employee organization, representing 3.2 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators and students preparing to become teachers.
CONTACT: Miguel A. Gonzalez (202) 822-7823, email@example.com


text:
When finding the perfect device to light your experiments on biological reanimation or building your death ray, you need a lamp that complements your tampering with the natural scientific order. These unusual light fixtures add a touch of class to any laboratory while keeping with a distinct mad science theme.
Frank Buchwald looks to industrial age designs when creating his handcrafted "Machine Lights." His light fixtures often seem to have a secondary purpose lurking behind them, as if they weren't merely lamps but stealthy weapons, robots, or components of larger and even more remarkable machines. Even as simple light sources, they're sure to inspire a few dreams of wild experiments on dark and lightning-filled nights.
Machine Lights [Frank Buchwald Design via Laughing Squid]