text:
EUR-Lex - 52021AB0030 - EN
Document 52021AB0030
Back to ECB Page
Related technical working document
Opinion of the European Central Bank of 5 November 2021 on a proposal for a regulation on European green bonds (CON/2021/30) 2022/C 27/04
CON/2021/30
OJ C 27, 19.1.2022, p. 4–13 (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
C 27/4
OPINION OF THE EUROPEAN CENTRAL BANK
of 5 November 2021
on a proposal for a regulation on European green bonds
(CON/2021/30)
(2022/C 27/04)
Introduction and legal basis
On 14 October 2021 the European Central Bank (ECB) received a request from the European Parliament for an opinion on a proposal for a regulation of the European Parliament and of the Council on European green bonds (1) (hereinafter the 'proposed regulation').
The ECB's competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union, since the proposed regulation contains provisions falling within the ECB's fields of competence, including, in particular, the implementation of monetary policy pursuant to the first indent of Article 127(2) and Article 282(1) of the Treaty, the prudential supervision of credit institutions pursuant to Article 127(6) of the Treaty and the contribution to the smooth conduct of policies pursued by competent authorities relating to the stability of the financial system pursuant to Article 127(5) of the Treaty. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.
1. General observations
The ECB welcomes the proposed regulation. The attainment of the objectives laid out in the European Green Deal and in the Paris Agreement and enshrined in Regulation (EU) 2021/1119 of the European Parliament and of the Council ('European Climate Law') (2) require significant investment, a substantial part of which will need to come from the private sector (3). Sustainable finance can play an important role in this respect by enabling investors to identify environmentally sustainable investments and adjust their portfolios according to their own sustainability preferences. Among sustainable finance products, green bonds represent a rapidly growing and highly visible segment: further growth in the market for high-transparency green bonds has significant potential to help fill the sustainable investment gap and to meet the growing demand of environmental, social, and governance (ESG) investors. For this purpose, a clear and reliable public framework for green bonds is welcomed.
In the overall context of the Union's environmental objectives, in the event that public policies are adopted at Union or Member State level that favour green bonds and other sustainability-based debt over other kinds of debt issuance, these would also require a European green bond standard (EuGB) to which they can refer.
The existence of an EuGB standard will incentivise the creation of underlying sustainable assets and projects consistent with Union environmental objectives, in particular climate change mitigation and climate change adaptation, as laid down in Regulation (EU) 2020/852 of the European Parliament and of the Council (4) (hereinafter the 'Taxonomy Regulation') (5). From this perspective, linking the EuGB to the Taxonomy Regulation is an important step in ensuring that environmentally sustainable activities gain the necessary access to financing via debt instruments. Favouring the financing of activities that make a substantial contribution to the environmental objectives defined in the Taxonomy Regulation can support the evolution of the Union economy towards achieving Union environmental objectives.
The ECB supports the proposed regulation's aim of establishing a harmonised framework for EuGBs, as this would increase assurance that such green bonds genuinely help to support the transition to a greener economy, enhance data availability and transparency, and improve the comparability, reliability and, in turn, efficient pricing of green bonds. The green bond market currently suffers from several shortcomings. In particular, existing industry standards for green bond labels rely on definitions of underlying green projects that are not sufficiently standardised, rigorous or comprehensive (6). This lack of reliable, comparable and verified sustainability information undermines the credibility of the green bond market and potentially its capacity to foster the transition to a greener economy, and thus dampens demand due to greenwashing concerns and possible reputational risks for issuers and investors (7). Furthermore, the absence of a common reference framework and reporting templates increases the transaction costs of green bond issuance, reducing the economic attractiveness of these instruments in relation to conventional financing tools (8). All of these structural constraints contribute to limiting the size and, in turn, the liquidity of this market segment.
The existence of objectively verifiable and transparent requirements for qualification as an EuGB would help to strengthen the credibility of this asset class, reduce reputational risks for issuers and investors as well as informational asymmetries, and limit greenwashing (9). As observed in the markets, investors reward green bonds whose issuers have a better reputation and are subject to third-party verifications with tighter spreads (10). Issuing EuGBs with a high level of transparency could lead to better insights into the importance of environmental objectives for market participants and issuers, thus improving the ability of all financial actors, including the ECB, to reliably identify and evaluate environmentally sustainable bonds (11). This is expected to support the further growth of this market segment and provide greater confidence that green bonds' help to achieve the Union's environmental objectives by supporting the transition to a low-carbon economy. Finally, by strengthening the green credentials and reliability of EuGBs, the proposed regulation would provide stronger safeguards against sudden revaluations of green bonds following individual cases of greenwashing. This would foster orderly market functioning and financial stability.
The proposed regulation is an important step in the development of an integrated, deep and liquid Union green capital market that transcends national borders, which contribute to advancing the Capital Markets Union (12). Around 60 % of all green senior unsecured bonds issued globally in 2020 originated in the Union (13). Developing the green bond market further could deepen Union financial integration (14), and a green Capital Markets Union would further reinforce the Union's role in global green capital markets. Building mature and integrated Union green capital markets will also require more wide-ranging efforts to strengthen capital markets, including greater harmonisation of supervision, insolvency rules, and investor protection. In this regard, the ECB welcomes that the European Securities and Markets Authority (ESMA) will be tasked with supervising external reviewers of EuGBs at Union level (15). The consolidation of the Union's role as a global hub for green finance as well as the further integration and development of Union capital markets would help bolster the euro's international role (16).
The EuGB standard should provide a benchmark for upward convergence at international level, aiming to enhance the contribution of green bonds to support the transition to a low-carbon economy, while simultaneously fostering the Union's leadership in green finance. It should aim for broad market acceptance, including by non-Union residents, due to the stringency of its safeguards and its credibility in relation to greenwashing, in order to become a global benchmark which may be emulated in other jurisdictions. The attractiveness of the EuGB standard in comparison with market standards and/or statutory green bond labels of other jurisdictions should be carefully assessed and monitored over time. While requirements that are more stringent than alternative standards are justified by the enhanced transparency and credibility thereby achieved, it is important that the establishment of EuGBs avoids diverting issuers towards jurisdictions that maintain less rigorous requirements, thereby creating opportunities for international regulatory arbitrage (17). In the absence of global coordination, this could eventually lower the environmental standards of sustainable finance products at global level. Effective international cooperation, notably in the context of the G20 Sustainable Finance Working Group and the International Platform on Sustainable Finance, will be essential to ensuring the international coherence of standards for green bonds and avoiding the risk of competitive races to the bottom, which could exacerbate the risk of greenwashing and globally undermine the positive environmental impact of green bonds.
As part of the NextGenerationEU (NGEU) bond issuance, the European Commission will issue up to EUR 250 billion in green bonds, which will amount to up to 30 % of total issuance. Given that the proposed regulation is not yet in force, the ECB notes that these green bonds will be issued under a green bond framework based on an existing market standard (18). The ECB welcomes that the NGEU green bond framework has nonetheless been aligned, to the extent feasible, with the proposed EuGB standard, while noting that the legal and institutional peculiarities of NGEUs imply that the issuer's ability to provide granular reporting of the underlying investments will ultimately depend on the accuracy, completeness and granularity of the data transmitted by Member States. To safeguard the credibility of NGEU green bond issuance, the ECB encourages Member States to report accurate and detailed information on the progress and impact of the investment projects contributing to environmental objectives and urges them to ensure that the 'do no significant harm' principle (19) is respected throughout the implementation phase of their recovery and resilience plans (20). Moreover, the ECB encourages the Commission to closely monitor and ensure that the proceeds from NGEU green bond issuance are effectively used to finance eligible expenditures and to produce a detailed and accurate impact report.
2. Relevance of the proposed regulation for the objectives and tasks of the ECB and the Eurosystem
The proposed regulation may impact the manner in which central banks discharge their mandates, as set out below.
In relation to its monetary policy, the Eurosystem has already purchased green bonds under the corporate sector purchase programme (CSPP), the asset-backed securities purchase programme (ABSPP), and the public sector purchase programme (PSPP) (21). Moreover, the ECB accepts green bonds as collateral in credit operations. A harmonised definition of green bonds would improve transparency and foster the supply of green debt instruments.
Regarding financial stability, the current absence of a common definition and standardised framework for green bonds has hampered the analysis of their financial performance and long-term sustainability impact. This, in turn, prevents assessment of their potential to address climate-related risks to the stability of the financial system (22). More generally, only functional markets can help effectively fund the transition and reduce climate-related risks to financial stability. In this context, the proliferation of different industry standards may lead to a cliff effect in the market entailing significant repricing of green bonds when investors perceive that certain green bonds are of unsatisfactory quality. This repricing cascade may affect genuine green bonds if investor confidence is undermined. The EuGB standard has the potential to allow the market to operate more effectively, to improve the pricing of financial risks and sustainable assets, and to enhance investor confidence in this asset class.
Credit institutions are major actors on the green bond market, both as issuers and investors. The EuGB standard is therefore relevant from the perspective of prudential supervision, as it can affect credit institutions' business models, their disclosure practices and market risk, as well as the operational and reputational risks of credit institutions. From a business model perspective, a uniform standard may facilitate the issuance of green bonds by credit institutions which could support banks in steering their lending towards environmentally sustainable activities and have a positive impact on the proportion of green assets in their portfolios. Furthermore, against the background of increasingly stringent transparency and disclosure requirements, including the upcoming disclosures of a green asset ratio (23) and requirements for credit institutions to disclose the alignment of their loan portfolio with the Paris Agreement (24), EuGBs constitute an important tool to support credit institutions in meeting those new requirements. Moreover, as noted in paragraph 2.3 above, broad adoption of the EuGBs has the potential to mitigate possible market risks that could emerge from a sudden reassessment of the quality of existing green bonds. Finally, a credit institution's potential exposure to a sanction by the national competent authority (25) for failure to comply with the requirements of the proposed regulation when issuing an EuGB poses an additional operational and reputational risk, which needs to be considered as part of the supervisory activities affecting credit institutions.
Lastly, the ECB uses part of its own funds portfolio to invest in green bonds and plans to increase the share of green bonds in this portfolio over the coming years (26).
3. Specific observations
3.1 Voluntary nature and scope of the proposed regulation
Under the proposed regulation, the use of the EuGB standard would be voluntary (27), which would give issuers the possibility to continue to use existing industry standards for green bonds. The ECB considers this a balanced approach in the short term, as an immediate shift to a strictly mandatory standard might lead to divestment from non-taxonomy-aligned green bonds and a sudden drop in Union-based green bond issuance (28).
At the same time, in order to have a Union green bond market that is consistent with the Union's taxonomy, and to mitigate greenwashing concerns, the ECB considers it important that the EuGB becomes the prime green bond standard within the Union. Therefore, a clear commitment to making the standard mandatory for newly issued green bonds within a reasonable time period, while outstanding green bonds would maintain their designation as green bonds for a longer time period, is considered necessary (29). Making the standard mandatory would create certainty for markets and could also incentivise issuers to apply the EuGB standard before it becomes mandatory. A well-calibrated expansion of the taxonomy to transition financing would facilitate the progression to a mandatory standard by reducing the risk of negative effects on green investments that make a positive environmental contribution but which fall short of the substantial contribution thresholds of the taxonomy.
The ECB acknowledges nevertheless that setting a concrete time period for the standard to become mandatory is not necessarily straightforward. The risk of any divestment of existing green bonds and the potentially resulting market disruptions and volatility need to be balanced against the need to take swift action to support the green transition, including through the bond market. For this reason, to avoid unintended consequences for the flows of Union green investments and to avoid the risk of diverting green bond issuers to jurisdictions with less stringent requirements, the design of a mandatory standard should be subject to an impact assessment, and appropriate fine-tuning of the framework should be carried out. The Union legislator should invite the Commission to review the EuGB standard with a view to assessing this matter by 31 December 2023. In particular, the Commission should report to the European Parliament and the Council on a feasible time period for making the EuGB standard mandatory and the practicalities of such an approach, for instance, the exact types of sustainable bonds that would fall under this standard. Moreover, in order to avoid sell-offs, it could be useful to clarify how investors should treat green bonds issued under market-based voluntary standards after the introduction of the mandatory standard. The Commission should conduct its review after consulting the relevant stakeholders, in particular organisations currently issuing market-based standards for sustainable bonds (30). Ultimately, the EuGB standard should become mandatory for newly issued green bonds within a reasonable time period, e.g. in three to five years, the exact transition period to be informed by the outcome of the above-mentioned impact assessment.
In the meantime, the voluntary adoption of the EuGB standard should be encouraged at Union and national level by public policies potentially favouring bonds complying with EuGB requirements. Indeed, only the EuGB, because of its link to the Taxonomy Regulation, guarantees that activities financed through the proceeds of the bond contribute towards Union environmental objectives. The ECB is of the view that all EuGBs should be considered as fully taxonomy-aligned and therefore be included in both the numerator and the denominator of the taxonomy disclosures (31). The contribution of EuGB holdings towards the taxonomy disclosures could provide a significant incentive for issuers as well as investors to prefer EuGBs over existing standards, as it would automatically guarantee taxonomy alignment without the need to carry out an in-depth assessment of the alignment of the underlying investments, as would be the case for other standards. The contribution of EuGB holdings towards the taxonomy disclosures should be irrespective of the public or private nature of the issuer, i.e. it should also apply to public sector EuGBs, which, under the Article 8 delegated act, are currently excluded from both the numerator and denominator of the taxonomy disclosures.
The ECB welcomes the scope of the proposed regulation, which would cover issuers that are financial undertakings and non-financial undertakings, sovereign issuers, and issuers of covered bonds and of securitisations, the securities of which are issued by a special purpose vehicle (32). It further welcomes that the requirements would be applicable to all issuers that wish to use the designation 'EuGB' for their environmentally sustainable bonds made available to investors in the Union. However, the term 'made available to investors in the Union' is not defined in the proposed regulation and would benefit from clarification to ensure that issuers of EuGBs that market them outside the Union can still avail themselves of the EuGB designation. This option is particularly important in order to promote international adoption of the EuGB and, relatedly, to incentivise global adoption of the advanced Union sustainable finance standards, including the international use of the Union taxonomy criteria. In addition, the reference to 'legal entities' as issuers of EuGBs (33) appears to suggest that an issuer of an EuGB needs to have legal personality, which is not true of all issuers of bonds across the Union, for example, securitisation issuers under certain Member States' national laws. A simple reference to 'entities' would seem equally effective. Finally, it would be necessary to clarify with respect to securitisations how the proposed regulation would be applied so that green transition securitisations could also use the EuGB standard where the underlying assets are not aligned with the taxonomy but the purpose of the financing concerns green transition technologies (34). For green transitional securitisations, obligations related to future taxonomy compliance are relevant for the originator, not for the issuer special purpose vehicle. Accordingly, it may be necessary to take account of this where obligations are otherwise placed on the issuer, for example in Article 7 of the proposed regulation.
3.2 Alignment with the Taxonomy Regulation
The proposed regulation envisages that the use of proceeds of EuGBs are to relate to economic activities that meet the taxonomy requirements, or that will meet the taxonomy requirements within a defined period of time (five years or ten years from the issuance date of the bond if justified by the specific features of the economic activities concerned) as set out in a taxonomy-alignment plan (35). 'Taxonomy requirements' are defined as the requirements set out in Article 3 of the Taxonomy Regulation. Hence, environmentally sustainable activities need to (a) contribute substantially to one or more of the environmental objectives set out in Article 9 of the Taxonomy Regulation; (b) not significantly harm any of these environmental objectives; (c) be carried out in compliance with minimum social safeguards; and (d) comply with the technical screening criteria established by the Commission.
The ECB welcomes this alignment with the Taxonomy Regulation as it underlines the centrality of the Taxonomy Regulation in the Union's sustainable finance strategy and provides a credible basis for assessing the sustainability of the use of proceeds of issuances of EuGBs (36). However, the fact that it is sufficient that taxonomy alignment is achieved within five or, in specific circumstances, ten years, raises concerns. While issuers should not be penalised for allocating bond proceeds to economic activities that do not yet meet the taxonomy requirements, but will do so within this defined period (37), there is a certain risk that the sanctions established in the proposed regulation will not be sufficient where the issuer does not comply with the taxonomy-alignment plan. Annex II of the proposed regulation requires issuers to report on progress in the implementation of the taxonomy alignment plan as part of their yearly allocation reports (38). National competent authorities can require issuers to publish these reports and to include the required information (39). However, they do not seem to have sanctioning or supervisory powers over the alignment of economic activities with taxonomy requirements as such. In particular, the proposed regulation does not lay down a procedure for withdrawing the EuGB 'label', other than the possibility to include a statement in the post-issuance review that the bond does not meet the requirements of the proposed regulation and that the designation 'EuGB' cannot be applied to it (40). Although application of the transparency requirements makes it likely that non-compliance with the standard would be reflected in the price of the bond, this may have only a limited and indirect impact on the issuer of the EuGB if it is subsequently traded on the market. Pending the possible conferral of further tasks on national competent authorities following the Commission's planned review of the powers, mandates and enforcement tools of Union and national competent authorities to fight greenwashing (41), there is a risk that no consequences will be faced by issuers whose economic activities that are financed by the proceeds of the EuGB turn out not to be taxonomy aligned.
3.3 Later amendment of the delegated acts
The proposed regulation provides that issuers are to allocate bond proceeds by applying the delegated acts (technical screening criteria) adopted by the Commission pursuant to certain provisions of the Taxonomy Regulation (42) applicable at the point in time when the bond was issued, or, when allocating bond proceeds to debt, at the point in time at which the debt was created (43). The proposed regulation further provides that if the delegated acts are amended following the issuance of the bond (or, where bond proceeds are allocated to debt, after the creation of debt), the issuer shall allocate bond proceeds by applying the amended delegated acts within five years after their entry into application (44). While fully acknowledging that the technical standards may evolve over time due to the dynamic, science-based nature of the Union taxonomy, which ultimately serves the Union's environmental objectives, changing the underlying metrics for EuGBs that have already been issued and requiring that existing bonds comply, within a five-year deadline, with the new requirements might have disruptive impacts on the market. Investors might, for example, be incentivised to sell green bonds in anticipation of a potential loss of the EuGB designation, which in turn could lead to a disruption of the prices of the affected bonds. Moreover, the provision might lead to consequences regarding the cyclicality of markets, as bond issuers might be inclined to postpone the issuance of EuGBs if changes to the delegated acts are expected. The provision might also have unintended consequences for the duration of EuGBs and the time horizon of the underlying investments, by potentially creating a structural preference for EuGBs with shorter maturities in order to avoid the negative consequences of an expected change in the delegated acts. For these reasons, from a pure financial stability perspective and with a view to facilitating the functioning of the EuGB market, it may be preferable that issuers are allowed to allocate bond proceeds by applying the respective delegated acts applicable at the point in time when the bond was issued for the entire lifetime of the bond. As indicated, the ECB acknowledges that adapting the delegated acts may be required and welcomed due to considerations related to the Union's environmental objectives, in particular climate change. Since a well-functioning EuGB market also helps to achieve the Union's environmental objectives, applying the delegated act applicable at the time of bond issuance for the entire lifetime of the bond seems to be the preferred option. Moreover, the Commission would then be free to amend the delegated acts in any way it sees fit. In particular, it would not have to consider the potential financial stability implications of such amendments at a later point in time. Of course, the delegated acts applicable at the time of issuance (or creation of debt) would apply to any new bonds that are issued. This overall solution would further improve legal certainty, which is also recognised as a goal in the proposed regulation (45).
3.4 Use of proceeds
The proposed regulation establishes that the proceeds of EuGBs can, inter alia, be allocated to financial assets. Financial assets are defined in the proposed regulation to include, debt, equity, or a combination thereof. The ECB understands that the purpose of this provision is to cover, for example, situations in which banks issue EuGBs to finance green loans to their customers. However, debt is not an asset in accounting terms. In order to align the definition with the International Financial Reporting Standards (46), the term 'debt' could be replaced with a reference to a 'financial claim'.
3.5 Alignment with other Union legislation
The proposed regulation focuses on the establishment of requirements for EuGBs from the perspective of the bond issuer. It also states that an EuGB may be refinanced by issuing a new EuGB (47). Under the Article 8 delegated act, financial and non-financial companies need to disclose the extent to which their economic activities are aligned with the Taxonomy Regulation. In particular, credit institutions need to disclose a green asset ratio, which shows the proportion of exposures related to taxonomy-aligned activities as compared to the total assets of those credit institutions (48). If Bank A issues an EuGB and uses the proceeds to grant loans for taxonomy-aligned activities and Bank B purchases this bond as an investor, both banks may count the underlying loans (Bank A) and the EuGB (Bank B) towards their respective green asset ratios. This implies that if an asset-backed security linked to green loans or a covered green bond is issued by a bank and subsequently held by another credit institution, as in the example above, both the issuer and the holder of the security would be able to count the underlying assets and the corresponding security towards their respective taxonomy disclosures. Against this background, it would be useful to clarify that if a financial institution issues an EuGB and partially or fully retains the bond or holds it in a separate undertaking under the same consolidated reporting entity, only the issuer's net exposure to the underlying green asset would count towards its taxonomy-aligned assets in the green asset ratio, not the cumulative value of the loans and the EuGB.
Moreover, the proposed regulation seems to enable issuers to use the proceeds of a newly issued EuGB to buy another EuGB. According to the proposed regulation, the proceeds of the financial asset may be allocated to other financial assets provided that the proceeds from those financial assets are allocated to taxonomy-aligned fixed assets, capital expenditure and operational expenditure (49). This seems to imply that such a transaction may only occur once. This interpretation is indeed mandated to avoid creating a chain of issuances of EuGBs that are used to buy other EuGBs which again are backed by EuGBs themselves, which would inflate the amount of notional green assets that are backed by the same real economic activity. Furthermore, such a chain might lead to an artificial bolstering of the issuing credit institution's green asset ratio via double counting if that institution purchases an EuGB which is directly or indirectly backed by its own EuGB.
The explanatory memorandum to the proposed regulation states that the use of the designation 'EuGB' is without prejudice to the requirements of Regulation (EU) No 575/2013 of the European Parliament and of the Council (50) (Capital Requirements Regulation, hereinafter the 'CRR'). The ECB understands that the designation as an 'EuGB' has no impact on own funds and liquidity requirements for credit institutions regarding bonds that are addressed under the CRR. However, it would be worthwhile explicitly clarifying that the EuGB standard cannot be interpreted as preventing credit institutions from fully applying CRR requirements.
3.6 Transparency requirements
The ECB welcomes the transparency requirements for issuers of EuGBs, i.e. the requirements to complete an EuGB factsheet, annual allocation reports and an impact report, and to use templates for the disclosure of such information (51). Moreover, the ECB welcomes that the factsheet will be subject to pre-issuance review and the allocation reports will be subject to post-issuance review by an external reviewer supervised by ESMA (52). Following the same transparency objective, all EuGBs should have an international securities identification number (ISIN) and their issuers should be identified by a legal entity identifier (LEI).
The proposed regulation provides that issuers should publish the factsheet, the pre-issuance review, the annual allocation reports, the post-issuance reviews and the impact report on their Internet: (53). Issuers are also required to notify the national competent authority and ESMA of the publication of these documents (54). However, it appears from the text of the proposed regulation that data on EuGBs will not be collected in a centralised form. The ECB suggests that the disclosed information could be included in the forthcoming European Single Access Point (ESAP) in a machine-readable format. The inclusion of information on green bonds in the ESAP would be a 'one-stop shop' for all critical information about a company, including about EuGBs it has issued, and would therefore improve transparency and facilitate investment decisions. The reports suggested in the Annexes to the proposed regulation could also include information on fees and expenses borne by issuers of EuGBs (for example, costs passed on from external reviewers) to strengthen market transparency and efficiency. In the interest of precision and to facilitate data processing, the proposed regulation should also make it clearer that factsheets, annual allocation reports and impact reports should be produced for each individual bond, independently of the possibility of publishing several factsheets and reports together and having an overview section on the combined value of all EuGBs issued by an entity.
The proposed regulation suggests that, where a prospectus is to be published pursuant to Regulation (EU) 2017/1129 of the European Parliament and of the Council (55) (hereinafter the 'Prospectus Regulation'), that prospectus shall clearly state, where required to provide information on the use of proceeds, that the EuGB is issued in accordance with the proposed regulation (56). The proposed regulation further envisages that incorporation by reference is possible in relation to the information contained in the EuGB factsheet (57). The key attributes of the EuGB, namely the information contained in the factsheet, should be fully integrated into the prospectus by using the standardised template provided in Annex I of the proposed regulation. This would improve the consistency and comparability of information on green bonds and would mean that financial data providers would only need to refer to the prospectus documents to gather all the necessary information for these instruments (58).
From the perspective of credit institutions issuing EuGBs to finance green loans, the transparency requirements could be further enhanced by imposing an obligation on banks to monitor the alignment of the proceeds of green loans with taxonomy requirements.
3.7 Registration system and supervisory framework
The ECB welcomes that the proposed regulation establishes a registration system and a supervisory framework for external reviewers (59). It also welcomes that ESMA will be tasked with the supervision of external reviewers.
Article 36 of the proposed regulation provides that competent authorities are to ensure that the transparency and external review requirements are applied by issuers. Article 36 refers to the provision of the Prospectus Regulation that establishes that each Member State shall designate a single competent administrative authority responsible for carrying out the duties under the Prospectus Regulation (60). The competent administrative authority designated in this manner would thus also be the competent authority under the proposed regulation. However, there are a number of exemptions from the obligation to issue a prospectus under the Prospectus Regulation (61). The ECB therefore suggests clarifying that the home Member State should designate a national competent authority for all remaining issuers of EuGBs for whom the Prospectus Regulation would not automatically designate a competent supervisory authority, with the exception of sovereign bodies. The proposed regulation expressly establishes that state auditors and other public entities mandated by sovereign issuers to assess compliance with the proposed regulation shall not be subject to the rules for external reviewers and supervision by ESMA and national competent authorities (62). The legislator is invited to reflect on whether sovereign issuers should be subject to supervision by national competent authorities. For the sake of clarity and transparency, if the legislator intends to exempt such issuers from supervision, in addition to exempting from supervision state auditors and other public entities acting as external reviewers, then this could also be expressly stated in a recital of the proposed regulation.
The proposed regulation contains specific rules for the provision of services by third-country external reviewers which allows for their supervision by ESMA (63). By contrast, direct supervision of issuers by the national competent authorities seems to be limited to issuers located within the Union (64) while it is not clear that there would be a national competent authority assigned for issuers of EuGBs located outside the Union. This means that issuers located outside the Union would be able to issue EuGBs by making them available to investors in the Union but would not be subject to the sanctioning regime, including on-site inspections and administrative fines, provided for in the proposed regulation (65). This would leave issuers located within the Union at a distinct disadvantage as compared to those located outside it that nonetheless use the EuGB designation, as it may be that the latter would not be subject to sanctioning even if they do not meet all requirements of the proposed regulation. Ultimately, the credibility of the EuGB standard could be undermined if not all issuers of EuGBs are subject to the same supervisory regime. Functioning systems for ensuring all relevant issuers have a national competent authority for supervision already exist under other regulations, for example, under the Prospectus Regulation, where each third-country issuer chooses a home Member State. The ECB suggests that a similar regime should be considered under the proposed regulation, in particular, to designate a competent authority for third-country issuers.
The ECB further notes that the concepts of 'home' and 'host' Member State (66) contained in the proposed regulation are neither linked to other provisions nor defined in the proposed regulation. This requires clarification.
Where the ECB recommends that the proposed regulation is amended, a specific drafting proposal is set out in a separate technical working document accompanied by an explanatory text to this effect. The technical working document is available in English on EUR-Lex.
Done at Frankfurt am Main, 5 November 2021.
The President of the ECB
(2) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('European Climate Law') (OJ L 243, 9.7.2021, p. 1).
(3) See also the explanatory memorandum to the proposed regulation.
(4) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).
(5) See Article 2(4) of the proposed regulation.
(6) See the explanatory memorandum to the proposed regulation. See also 'Green Bond Funds – Impact Reporting Practices 2020', available on Environmental Finance's website at www.environmental-finance.com.
(7) See Received contributions: Establishment of an EU Green Bond Standard, available on the Commission's website at www.ec.europa.eu.
(8) See Commission Staff Working Document Impact Assessment Report accompanying the document Proposal for a Regulation of the European Parliament and of the Council on European green bonds, SWD/2021/181 final.
(9) See page 12 of the Eurosystem reply to the European Commission's public consultations on the Renewed Sustainable Finance Strategy and the revision of the Non-Financial Reporting Directive (hereinafter the 'Eurosystem reply'), available on the ECB's website at www.ecb.europa.eu.
(10) See, e.g., Bachelet, M.J., Becchetti, L. and Manfredonia, S., 'The Green Bond Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification', Sustainability 2019, Vol. 11, No 4, 1098; Kapraun, J. et al., '(In)-Credibly Green: Which Bonds Trade at a Green Bond Premium?', Proceedings of Paris December 2019 Finance Meeting EUROFIDAI – ESSEC.
(11) See recital 4 of the proposed regulation.
(12) See 'Towards a green capital markets union for Europe', speech by Christine Lagarde, President of the ECB, at the Commission's high-level conference on the proposal for a Corporate Sustainability Reporting Directive, Frankfurt am Main, 6 May 2021, available on the ECB's website at www.ecb.europa.eu.
(13) ibid.
(14) See chapter 5.3 of the ECB Financial Stability Review of November 2020, available on the ECB's website at www.ecb.europa.eu.
(15) See page 12 of the Eurosystem reply.
(16) See 'The role of the euro in global green bond markets', The international role of the euro, ECB, June 2020, available on the ECB's website at www.ecb.europa.eu.
(18) See Commission press release of 7 September 2021, 'NextGenerationEU: European Commission gearing up for issuing €250 billion of NextGenerationEU green bonds', available on the Commission's website at www.ec.europa.eu.
(19) See Article 17 of the Taxonomy Regulation.
(20) See Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
(21) See 'Purchases of green bonds under the Eurosystem's asset purchase programme', ECB Economic Bulletin, Issue 7, ECB, 2018, available on the ECB's website at www.ecb.europa.eu.
(22) See page 38 of 'Climate-related risk and financial stability', ECB/ESRB Project Team on climate risk modelling, July 2021, available on the ECB's website at www.ecb.europa.eu.
(23) Article 8 of the Taxonomy Regulation requires large undertakings to disclose information on how and to what extent their activities are associated with environmentally sustainable economic activities. A delegated act specifies that credit institutions must disclose a green asset ratio, with staggered application starting on 1 January 2022. See Commission Delegated Regulation supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation, C(2021) 4987 final (hereinafter the 'Article 8 delegated act'), to be read in conjunction with the annexes thereto.
(24) In its proposal for a Corporate Sustainability Reporting Directive (CSRD), the Commission proposes that non-financial and financial companies disclose a description of the targets related to sustainability matters set by the undertaking and of the progress the undertaking has made towards achieving those targets. See Proposal for a Directive of the European Parliament and of the Council of 21 April 2021 amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting, COM(2021) 189 final.
(25) See Article 41 of the proposed regulation.
(26) See the ECB press release of 25 January 2021, 'ECB to invest in Bank for International Settlements' green bond fund', available on the ECB's website at www.ecb.europa.eu.
(28) Less than 5 % of turnover, capital expenditure and operational expenses of non-financial undertakings that fall under the scope of Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups (OJ L 330, 15.11.2014, p. 1) is estimated to be taxonomy-aligned. See page 174 of ESMA's 'Final Report: Advice on Article 8 of the Taxonomy Regulation' of 26 February 2021, available on ESMA's website at www.esma.europa.eu. It should be noted, however, that these estimates refer to entire industries rather than green bonds. The share of outstanding green bonds already aligned with the taxonomy can be assumed to be considerably higher. Several existing green bonds have been certified by external reviewers as being already fully taxonomy-aligned.
(29) Under a mandatory approach all green bonds issued in the Union or by a Union-based issuer would have to make use of the EuGB. See the explanatory memorandum to the proposed regulation.
(30) Two market-based sustainable bond standards are the Green Bond Principles (GBP) adopted by the International Capital Market Association (ICMA) and the Climate Bond Standard (CBS) of the Climate Bonds Initiative. See ICMA's website at www.icmagrop.org and the CBS at www.climatebonds.net.
(31) In the taxonomy disclosures, the denominator of the key performance indicators captures the overall financial magnitude of the undertaking's activities relevant to the taxonomy disclosures. The numerator specifically captures the magnitude of those activities that are aligned with the taxonomy criteria. The resulting ratio provides information on the proportion of the relevant undertaking's economic activities that are aligned with the taxonomy. In the Article 8 delegated act, the Commission proposed that 'due to the current lack of an appropriate calculation methodology, exposures to central governments, central banks and supranational issuers should be excluded from the calculation of the numerator and denominator of key performance indicators'.
(32) See Article 1 of and the explanatory memorandum to the proposed regulation.
(33) See Article 2(1) of the proposed regulation.
(34) See page 8 of the Eurosystem contribution to the European Commission's targeted consultation on the functioning of the EU securitisation framework, available on the ECB's website at www.ecb.europa.eu.
(35) See Article 6 of the proposed regulation.
(37) See recital 15 of the proposed regulation.
(38) See point 3.A of Annex II of the proposed regulation.
(39) See Title IV of the proposed regulation.
(40) See point 3(b) of Annex IV of the proposed regulation.
(41) See Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions of 6 July 2021: Strategy for Financing the Transition to a Sustainable Economy, COM(2021) 390 final.
(42) See Articles 10(3), 11(3), 12(2), 13(2), 14(2) and 15(2) of the Taxonomy Regulation.
(44) See Article 7 of the proposed regulation. The consequences of these provisions may need to be clarified. For example, the text of the proposed regulation does not clarify whether this means that the issuer would need to reallocate the proceeds and/or whether it can also adapt existing projects if the delegated acts are amended.
(46) See Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320 29.11.2008, p. 1).
(47) Article 4(3) of the proposed regulation.
(48) See recital 5 of the Article 8 delegated act.
(49) Article 5(3) of the proposed regulation. Refinancing through a new EuGB is explicitly allowed pursuant to Article 4(3) of the proposed regulation.
(50) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
(51) See Chapter II of Title II of the proposed regulation.
(52) See Chapter 2 of Title IV of the proposed regulation.
(54) See Article 13(4) and (5) of the proposed regulation.
(55) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168 30.6.2017, p. 12).
(56) Article 12(1) of the proposed regulation.
(60) See Article 31 of the Prospectus Regulation.
(61) See Article 1(2), (3), (4) and (5) of the Prospectus Regulation.
(63) See Chapter IV of Title III and Article 59 of the proposed regulation.


Born and raised in Indiana, Paul entered West Point in June of 1907 with a Bachelor of Science already to his credit. Upon graduation in 1911 he was commissioned as a 2nd lieutenant and awarded degrees of B.A. and A.B. Then began the commissioned service of nearly 40 years.
The new lieutenant joined the 11th Infantry at Fort D. A. Russel in Wyoming.
To Texas City with the regiment on Border Patrol until August 1914. Then to the 8th Infantry in the Philippines for 3 years and then to the 54th Infantry at Chickamaugua, Park, Georgia. As a new major, he sailed for France with the advance party of the 81st Division and was quickly in action.
With the 322nd Infantry in the occupancy of the St. Die Sector, the Vosges and on to Verdun. He fought as a Lieutenant Colonel in the bitter actions east of the Somedian Sector and in the Meuse Argonne. After returning home with his regiment in June 1919 he spent four years at various schools, four years in the office of the Chief of Infantry, Graduated from the Army War College, four years duty at the USMA then two years with the 29th Infantry at Fort Benning. After several more assignments he received his first star in July 1941. July 1942 he was Assistant Commander of the 35th Division Guarding the southern California coast.
A major general in July 1943 and in command of the division, he moved it from San Luis Obispo to Camp Rucker, Alabama and in November '43, through the Tennessee maneuvers and then to Camp Butner, N.C. until May '44.
The division landed on Omaha Beach on July 8th, '44 to join the Battle of Normandy under the XIX Corps, First Army.
General Baade led the division in almost constant combat for 11 months and 1600 miles, through St. Lo, the Vire River, Mortain, Orleans, Montargis, Troy, Nancy, Sareguemines, the Bleis river, Bastogne, the lower Vosges, the Roer River, Venlo, Wesel, the Ruhr, and on to the Elbe river. This included five countries, France, Luxembourg, Belgium, The Netherlands and Germany.
On occupation duty in Hanover and Recklenhausen and the Coblenz area until July 1945, when control was relinquished to the French.
The division came home in September 1945, and demobilized at Camp Breckenridge, N.C.
The General continued to serve until his retirement, disability in the line of duty, 30th September 1946. Among the numerous decorations he received were the Distinguished Service Medal, two Silver Stars, The Legion of Merit, three Bronze Stars, and Purple Heart. From France he received the honors of Officer of the Legion of Honor and the Croix de Guerre and from the Netherlands, Grand Officer Orange van Nassau.
He retired to his home in Santa Barbara, California with his wife Margaret. The general was active in civic and church activities until his death on the 9th October, 1959.
Commanding General Paul Baade during the Battle of the Bulge. Click to zoom in for a better view.
Commanding General Paul Baade portrait. Click on the photo to zoom in.
Click here to see photos of Commanding General Baade's executive staff.


See FergusonResponseNetwork for over 85 (& growing) Eric Garner actions. Also FergusonAction.com. MOST UPDATED NYC (& other cities) info on PPA FB, PPA FB Event. Special "What's Next" Strategy Session: Sat, Dec 6, Solidarity Center, NYC: FB Event.
WORK SESSION TODAY to help prepare and also carry materials down to the action. Come to the Solidarity Center 147 W 24th St., 2nd floor, 1:30 pm – 4:30. The Solidarity Center will be open as a►SAFE SPACE for activists. Please call us / Report in If you have been ARRESTED, Witness an ARREST or are doing JAIL SUPPORT at a demonstration. Please contact the Nat'l Lawyers Guild NLG-NYC HOTLINE at 212.679.6018.
Hands up – give workers $15 & a union!
against Black & Brown youth!
It's about respect & justice!
On Thurs. Dec. 4 join the People's Power Assemblies, Alternative Banking Working group and Occu-evolve, both from Occupy Wall Street, and other movements to participate in a national solidarity action for fast food/low-wage workers. This evening action (which follows several early morning actions across the city) shows: it's time to show that the struggle of low-wage workers for justice & the nationwide uprising to stop the police war against Black & Brown youth – are the same struggle.


dc.description.abstract RNA interference (RNAi) is a recently discovered phenomenon that employs the use of miRNA (microRNA) and siRNA (short interfering RNA) that can be utilized for gene therapy purposes. However, the problem that has arisen is delivery of the siRNAs into diseased cells. The compound chitosan has recently gained much attention because it possesses several properties that make it an ideal candidate as a delivery vehicle for siRNA. Chitosan/siRNA based nanoparticles have been synthesized and characterized that are less than 100 nm in diameter. Characterization of their size was completed by using transmission electron microscopy (TEM), scanning electron microscopy (SEM), and dynamic light scattering (DLS) techniques. Characterization of siRNA loading was accomplished by utilizing UV spectroscopy, EDS, and confocal microscopy to test encapsulation of siRNA. The colorectal cancer cell line HCT 116, was used to test transfection of siRNA across the cellular membrane. The transfection efficiencies were evaluated by using fluorescently tagged siRNA embedded within chitosan nanoparticles. The chitosan/siRNA delivery system was compared with the classical approach used for siRNA delivery; namely, siRNA in Lipofectamine 2000 as well as with cells that received no treatment. Live cell imaging was also employed to aid in visualization of transfection. The results show that the chitosan based systems do transfect siRNA across the cellular member.


To recreate the attractive and highly desirable aesthetics of a by gone era, the doors incorporate extra wide mid and bottom rails. These desirable nostalgic qualities are beautifully accentuated by the use of fashionable white Oak. The glass is supplied separately, ready for on-site glazing.


Dawn Green, the owner and designer of Designs By Dawn is a native Spokane girl. Starting her own business in 1999, she has been arranging, decorating and planning events for 17 years. With a Floral degree from Spokane Community College she has taken her creative talents and proudly made a "one of a kind" reputation for herself. From hanging May baskets on her neighbors doors when she was 8 years old, to the business of weddings and corporate events, Dawn has a unique and unmistakable style all her own.Dawn was recognized for her floral designs from 2007 to 2010 in the nationally well known, Wedding Better Homes and Garden additions.
Dawn is truly passionate about her work and can design and arrange a bride's wedding flowers and decor on most any budget.
Dawn is also known for working wonderfully with brides out of state, "I can work perfectly via phone or email with a bride who I might not get to meet till the day of the wedding." With the only communication going through myself I handle everything from the consultation to your delivery. She finds it far more personable to work this way, rather than a retail floral shop. This gives her the ability to give 100% to every bride, every time. Dawns interests and hobbies include gardening, hiking, fishing, archery and target shooting. She has 3 grown boys, including a Marine that she is extremely proud of.
Dawn always offers free consultations and will make your wedding or corporate floral needs process, as fun, easy and smooth as possible.


text:
_Who I've Worked With
Amazon Publishing, Featured, New Book, Spy Thriller
Looking for a great spy thriller? Read The Eighth Sister!
Thursday, April 18, 2019 - Leave a Comment
If you're the type of person that loves a new pulse-pounding thriller of espionage, spy games, and treachery... then look no further! The Eights Sister is right up your alley.
The Eighth Sister was released on April 9th this year, and is written by New York Times bestselling author, Robert Dugoni - he also wrote the Tracy Crosswhite series too!
It didn't take too long to get wrapped up into the story itself, and I loved how detailed each chapter was. Dugoni definitely didn't disappoint when it comes to being detailed and describing the surroundings and characters. You can tell that there was a ton of research that went into this book, and I think that's what makes it so captivating.
I haven't read many novels about spies, but this book definitely changed my mind and I look forward to reading more by this author. I'm honestly not surprised that there are a ton of raving reviews for this novel!
Click here to purchase your copy today!
Former CIA case officer Charles Jenkins is a man at a crossroads: in his early sixties, he has a family, a new baby on the way, and a security consulting business on the brink of bankruptcy. Then his former bureau chief shows up at his house with a risky new assignment: travel undercover to Moscow and locate a Russian agent believed to be killing members of a clandestine US spy cell known as the seven sisters.
Desperate for money, Jenkins agrees to the mission and heads to the Russian capital. But when he finds the mastermind agent behind the assassinations—the so-called eighth sister—she is not who or what he was led to believe. Then again, neither is anyone else in this deadly game of cat and mouse.
Pursued by a dogged Russian intelligence officer, Jenkins executes a daring escape across the Black Sea, only to find himself abandoned by the agency he serves. With his family and freedom at risk, Jenkins is in the fight of his life—against his own country.
Robert Dugoni is the New York Times, #1 Wall Street Journal, and #1 Amazon Internationally Bestselling Author of the Tracy Crosswhite Series : My Sister's Grave (2014), Her Final Breath (2015), In the Clearing (2015), The Trapped Girl (2016), Close to Home (2017) and A Steep Price (2018).
His critically acclaimed literary novel, The Extraordinary Life of Sam Hell (2018) won Suspense Magazine's Crimson Scribe Award as The Best Book of 2018 and has drawn comparison's to novelist John Irving's work. Dugoni also won a Golden Microphone for his narrationo that novel. Connect with him on Facebook @AuthorRobertDugoni, on Twitter @robertdugoni, and on Instagram, robertdugoni, author
The sequel, Her Final Breath, also became an Amazon top 10 bestseller, as did In the Clearing. The Trapped Girl was a #1 Amazon and #1 Wall Street Journal best-seller that Kirkus and Booklist are calling his best book to date. Close to Home debuted at #2 on the Wall Street Journal Best Seller list.
For more on Robert Dugoni and his novels, visit his website at www.robertdugoni.com
Thank you to Amazon Publishing for sending me this book!!
Avid reader, Disney lover, coffee enthusiast, and traveler! My blog is currently under construction but will be reopening shortly!
Looking for a great spy thriller? Read The Eighth ...
Refreshed Look!
SWOONING over Swoon Reads!
Butterfly in Frost by Sylvia Day
Personal Instagram
Copyright by The Book Feels - Blog Design by Georgia Lou Studios

redpajama_set_name: RedPajamaCommonCrawl


text:
Opa is een Belgische stripreeks, getekend en geschreven door Eddy Ryssack.

Inhoud
Opa woont in het bejaardentehuis Roest Rust, waar hij probeert de verveling te verdrijven en dat leidt tot komische slapstickachtige situaties. Meestal brengt hem dat in botsing met de directeur van het rusthuis, die ook weer zo zijn eigen problemen heeft met de inspecteur van het ministerie.

Publicatiegeschiedenis
Het eerste verhaal werd gepubliceerd in december 1975 in het stripblad Eppo nummer 11.
Net als alle verhalen die zouden volgen, had deze geen titel meegekregen. De verhalen zijn tussen de twee en vier pagina's lang. Bij negen verhalen kreeg Ryssack hulp van tekenaar Berck, bij eentje van Peter Rosa.
Het 95e en laatste verhaal werd in augustus 1983 in de Eppo geplaatst. De reden voor het verdwijnen van de strip uit het blad had alles te maken met de wens van de toenmalige redactie die de toon van het blad wilden verjongen.

Albums
Er werden in de periode 1978-1981 vier albums uitgebracht van Opa door Oberon, waarvan de twee eerste nummers een heruitgave kenden.
In 2001 gaf uitgeverij Silhouet een hardcover album uit in zwart-wit, gesigneerd en in een beperkte oplage. Hierin verschenen ook zes tot dan toe niet in een album gepubliceerde verhalen.
In de jaren 2001-2004 gaf Big Balloon samen met Klein Book Services en Timco deze albums opnieuw uit onder een nieuwe titel.

Van de 95 verhalen werden er 67 in albumvorm gepubliceerd en 28 verhalen niet. De ongepubliceerde verhalen hebben in de bovenstaande lijst de nummers 19, 21, 63-73, 75-78, 80-82, 84, 86, 88-91 en 93-95.

In Opa nr 1 (1978) werden de 15 verhalen met nummer 1-12, 17, 18 en 20 opgenomen;
in Opa nr 2 (1979) de 12 verhalen met nummer 13-16 en 22-29;
in Opa nr 3 (1980) de 13 verhalen met nummer 30-36, 39, 42 en 44-47;
in Opa nr 4 (1981) de 20 verhalen met nummer 37, 38, 40, 41, 43 en 48-62.
In de uitgave van Silhouet van 2001 verschenen de 14 verhalen met nummer 25, 35, 36 38, 39, 44, 57, 58, 74, 79, 83, 85, 87 en 92.

Verhalen van Opa werden in een groot aantal stripbundelingen (van Oberon en Big Balloon) opgenomen, te weten in Eppo Ekstra 2 (1977) (K3),
Tentoonstelling Het beeldverhaal - 't Princessehof (1977) (G6),
Strips uit Eppo en Anita - Dat is spannend...Dat is lachen (1978) (K9),
Cartoon Aid nr 2 (1990) (K30),
Strip Mix nr 4 (1993)
Telekids vakantieboek nr 1 (1994) (K11, K12, K15),
Telekids winterboek nr 2 (1994) (1, 13),
Super Stripvakantieboek (1994),
Telekids vakantieboek nr 2 (1995) (26, 27, 28),
Telekids winterboek nr 3 (1995) (32),
Telekids vakantieboek nr 3 (1996),
Telekids winterboek nr 4 (1996) (34, 46),
Telekids vakantieboek nr 4 (1997) (39, 47),
Megastripmix (1999) en
Super Strip Mix (2000) (1, 13).

Externe link
 Lambiek Comiclopedia, Eddy Ryssack, met een voorbeeld uit Opa.

Belgische stripreeks
Komische strip

redpajama_set_name: RedPajamaWikipedia


About 20 practitioners from Queensland and Victoria gathered at the Innovation Hub at NDS in Lutwyche on 31 May for a full day workshop.
There is great energy and we look forwarding to another practice day in November - stay tuned for details. You can take a look at the 31 July harvest here and in the picture below.
Isolated kindergartens in rural Queensland. Connected by a common purpose during a tough time. Supporting and sharing resources to allow flooded kindys to get back on their feet. A sense of a great need - of givinga nd receiving.
My new job in NFP sector. I met Jane and others through volunteering, realising how people are connected. I feel more connected in this sector in Brisbane than in the past 20 years working in the financial sector - where I didn't fit in. Lightbulbs going off - reinforcing the connectnedness. The dynamism of this sector felt right!
I am noticing being back at work in an organisation that values people and pays attention to relationship. I an now reconnecting back to relationships - and life is being breathed back into me. Initial connections can lead to lasting relationships. have made connections through India - a web with lots still to unfold. It is all about relationship! Everything is easier in good relationship.
Serendipitous meeting many years ago - a connection forged through generosity and openness, and no other agenda. Has led to a fortunate position now. If we approach our relationships in this way - what might happen?
30 Mob - community of practice of service managers through National Disability Services. A group central to making things happen, and life changing for me. Relationships endure, forged through fun - celebrating others' successes. Like family. Projects, mergers, some have moved on, now looking at forming a collaborative enterprise together.
It feels safe to be here - it makes a difference to participation. What's the risk if we don't stay connected?
My mum kept our family separate for many years. There has been much work done to get and stay connected. My sister has become my support, strength from being beside me. Relationship cultivated through intention and maintenance - hard work to recover from disconnection and to maintain. It was confronting, and both of us were willing.
Realising that work is all about relationship, the living system, not the heirarchy. How I have forged a way for myself in my work, with a role where I now have some influence, not positional power. I realise that I could not be here, and be doing the work I am able to do without having forged good relationship with people all through the organisation. It is what feeds me, and what makes us healthy.
International Learning Village Slovenia - a few of us are intending to go!
Call for workshop in Graphic Facilitation. Jane to speak with Kylie regarding an introductory workshop.
Mel to investigate online tools for sharing and collaboration for Community of Practice - something that is easy to use, and act as an online repository for shared stories, learnings, resources and information.
Sharing the harvest and making it easy! A commitment to doing a collective harvest of the meetings at the time, taking photographs and uploading them to online tool (above) as a record. Share hosting the harvest.
Check out: How do I feel right now?
Listening to stories has a long ranging effect.
Jane Geltch, Frank Martin, Tracey Jones, Elvene Whitehead, Sue-Ellen Weedon, Jan Ungerer, Michelle Phillips, Cate Houston, Penny Hamilton, John Turrisi, Wallis Westbrook, Mel Geltch, James Harvey.
CHECK IN - What do you hope to get from today?
Open to learning – what is the will that drives us?
Challenge & fear > learning. What is the risk if I don't do this?
Internal needs marrying with external …..
In order to find out: Where is the energy for our CoP right now? We did some action planning.We started with a group cluster session of the collective harvest from previous process.
Focussing on the calling question... "what do you love enough to bring into being for yourself and this community of practitioners?" - where is the energy and how can this CoP support this?
Phase one of Uniting Care Community's preparation for the National Disability Insurance Scheme culminated in two major workshops in April 2013.
The purpose of the workshop was to collectively make sense of the challenges and possibilities ahead, in order to inform phase two of the work – the implementation phase.
The second three-day workshop, attended by 132 people (including a few from outside UCC), was a Participatory Leadership workshop which aimed to build participatory process skills and practice within UCC. Read the harvest newsletter - thanks Penny Hamilton for sharing it with us!


Breakfast Club is offered to all our pupils from 8.00 am. A selection of cereal, toast and fruit juices are available. The cost is 50p per day or £2.00 for a week. The children also get to participate in board games and art and craft activities.


Mark Smiens, CPA, is an operations and growth-oriented CFO with broad financial leadership experience at both privately-held and publicly-traded technology companies. At Workforce insight, he is responsible for providing strategic financial support across the organization by identifying, unlocking and driving value creation opportunities.
Previously, Mark served as CFO for Wildcat Minerals, LLC, a privately-held oil and gas services company he helped lead through a successful exit in 2017. Prior to that he served as the CFO of North America for SMA Solar Technologies, a publicly-traded German technology company and world leader in solar inverter technology. Mark has also served in a variety of financial leadership roles in both public and private companies with revenues in excess of $500m.
Mark began his career as a plant controller for Conagra, Inc. He earned a bachelor's degree in accounting from the University of Northern Colorado and an MBA from Colorado State University.


1.Preheat oven to 425°; spray large rimmed sheet tray with nonstick cooking spray. Spread onion in single layer on prepared tray and spray with cooking spray; roast 10 minutes.
2.In wide, shallow dish, stir mustard, lemon juice and butter. In large zip-top plastic bag, combine breadcrumbs, cheese and pepper.
3.In batches, dip chicken in mustard mixture to coat; add to bag with breadcrumbs and toss to coat.
4.Push onion to 1 side of tray; spray onion and tray with cooking spray. Stir artichokes and tomatoes into onion; place chicken in single layer on opposite side of tray. Spray chicken and vegetables with cooking spray.
5.Roast 10 minutes or until bottom of chicken is brown; turn chicken and stir vegetables. Roast 15 minutes longer or until internal temperature of chicken reaches 165°. Serve chicken and vegetables garnished with fresh thyme sprigs and lemon wedges, if desired.
Stir 1 teaspoon dried thyme leaves into onion along with artichokes and tomatoes for additional flavor.
> Don't like artichoke hearts? Try swapping out for fresh cut asparagus.


Early collaboration between the Canadian pharmaceutical company, Ayerst, McKenna & Harrison, Ltd., and Dr. J.B. Collip, Ph.D., a pioneer in endocrinology research at McGill University, Montreal, led to the 1930 discovery of Emmenin, the first orally active (water-soluble) estrogen. Before this conjugated human estrogens product, the only estrogen therapy available was human steroids, which had to be administered by injection.
Emmenin was made by extracting the conjugated estrogens obtained from the late pregnancy urine of Canadian women. Within a short time after the introduction of Emmenin, it became clear there was a need for a lower cost, more potent estrogen than Emmenin. Consequently, researchers began looking for potential mammalian sources.
Researchers in Germany studied the urine of all mammals in the Berlin zoo and reported that the urine of pregnant equines (zebras and horses) included significant quantities of potent, water-soluble, conjugated estrogens.
In 1939, Ayerst made a breakthrough in the process of extracting estrogens from mares' urine. Through this complex process a very active and stable urine concentrate was obtained. Since the potential supply of pregnant mares' urine PMU far exceeded the available supply of urine from humans, and its potency was at least two and a half times that of human urine, Ayerst scientists enthusiastically set to work on the development of a product from this source. After two years of work, Premarin was ready to be marketed in Canada in 1941. The following year it was approved for use in the United States. In 1943, the American Home Products Corporation (AHPC) purchased Ayerst, McKenna & Harrison, Ltd., later shortening the name to Ayerst Laboratories and subsequently merging it with Philadelphia-based Wyeth Laboratories in 1987. Wyeth was acquired by Pfizer in 2009.
Initially, the company contracted farmers in rural Quebec, near their manufacturing plant in Montreal. As Premarin use increased, additional ranchers were sought in Ontario, upstate New York and Vermont. However, in the late 1960s as it became more acceptable to openly discuss menopause and its associated problems, Premarin usage increased significantly. The company foresaw that it wouldn't be able to contract with enough farmers to meet the growing demand. It was logical to look to the Canadian prairies where horse and pasture land were plentiful. In the mid-60s, a decision was made to build a new processing plant in Brandon, Manitoba and consequently, equine ranching flourished in the Midwestern provinces of Alberta, Manitoba, and Saskatchewan, and the state of North Dakota.
Between 2003 and 2005, Wyeth Pharmaceuticals undertook a network resizing due to a combination of factors including a reduction in demand for the products as a result of data from the Women's Health Initiative (WHI), improvements in manufacturing and inventory management, and a shift to lower-doses. Consequently, the scope of the collection network was reduced, with ranches concentrated in Manitoba and Saskatchewan provinces in Canada and a small number of ranches in North Dakota.
While other estrogen products are available, none have duplicated Premarin. The manufacturing process of Premarin is one of the most sophisticated in the pharmaceutical industry. No other company has been willing to devote the time, effort, and money necessary to produce an identical, high-quality product.
The scientific evidence is clear; all estrogens are not the same. Physicians report that some women do better on one than another. However, it is important to point out that Premarin is the most widely studied estrogen replacement product in the world. More than 3,000 scientific studies of estrogen have used Premarin…studies that have helped health care providers to better understand the benefits and risks of estrogen replacement therapy.
Today, conjugated equine estrogens in Premarin are taken by millions of postmenopausal women worldwide to relieve symptoms of estrogen deficiency.


Web design and net support services.
Jahlis is a small company supporting a variety of businesses and organisations by assisting them in developing their online presence.
Most of our work is in developing and maintaining websites. We have developed a number of sites with ecommunity, ecommerce and portal solutions.
Jahlis prides itself in providing a value for money service that does not 'blind you with science'. We provide considerable resource in developing and supporting local government sites. We also enjoy helping to establish websites for small businesses and organisations new to the world of the Internet. We are able to provide the whole package at resonable cost. We are honest and we only promise what we are able to deliver!
Jahlis has permanent staff with many years experience in the field of web design and internet services. It also has a trusted source of additional skills to call upon as and when required.
Aside from having this small presence on the 'net we do not advertise our services. All our work to date has been by word of mouth recommendation.


text:
HomeColumnsThe Camp 10 – André du Broc
The Camp 10 – André du Broc
July 4, 2013 Susan K. Thomas Columns, The Camp 10
This month, I had the opportunity to interview the incredibly diverse André du Broc, a musician, activist, and former clown. Du Broc has worked for Hallmark for more than eight years, and he is now director of editorial for Hallmark Custom Marketing. We are so very privileged to have this man in our Kansas City community!
1. Much of my excitement about this interview has been because of your diverse background and interests! So, first of all, I NEED to ask about your being a clown for Ringling Bros. and Barnum & Bailey's Greatest Show on Earth. How old were you during that period, how did you end up there, and did it require special training? I mean, did you attend Clown College and everything? (Yes, I am a tad excited about this!)
When I was in college at the Conservatory of Theatre Arts at Webster University in St. Louis, Mo., in 1989, I took a class in clowning. The instructor was a mime teacher at Ringling Bros. and Barnum & Bailey Clown College and suggested that if I were ever given a chance to audition for Clown College, I should certainly take advantage of the opportunity. Fast-forward to the spring of 1992. I was touring in a children's theatre production of Charlotte's Web with a company based out of St. Petersburg, Fla. The circus was in town and announced auditions for Clown College. I went and gave it my best shot. Two months later, I received a notice that I was off to Clown College in the sleepy town of Venice, Fla., where Ringling had its winter quarters. For 10 weeks I slept, ate, and drank clowning. We studied gag development, makeup, arena performance, acrobatics, combat, slapstick, pie- throwing, and circus history. It was amazing. I often describe it as being able to play in the world's largest sandbox. Where else could you walk into a props department and ask for an eight-foot-tall toothbrush, and without flinching, they ask you, "What color?"
Ringling has a long and amazing history filled with fascinating people and stories. Many don't know that circus folk have a language they share that is unique to the tribe. For instance, you never use the bathroom, you head for the donikers. Extra work is called Cherry Pie, and complimentary tickets are called Annie Oakleys.
After Clown College, I was offered a contract with the blue unit of Ringling. (There are two units — red and blue — that are constantly touring the U.S.) It's a difficult life for a First-of-May (the term used to describe rookie circus performers). You live on a train, and everything you own has to fit into a 4-foot-by-6-foot space. That I didn't mind so much. The lack of shower facilities on the train wasn't so bad once you got used to smelling like an elephant. The one thing I couldn't get used to was the horrible mistreatment of the large exotic animals. Elephants and tigers live a life of misery and fear in the circus. If you really stop and think about it, animals that are essentially wild and so very much larger than humans will only perform unnatural tricks out of fear of pain. I've written extensively about my experience and was a featured blogger for PETA and for The Advocate around my circus experience. I've even addressed the Anaheim, Calif., City Council upon invitation and played a small role in having elephant rides banned at fairs in Orange County. I will never attend a Ringling performance again until they do away with their exploitation and torture of large exotic animals.
2. In May, you were involved in Auntie Mame'd. What was your favorite aspect of working that show?
For 16 years, I supported myself solely as a creative in the theatre industry. In fact, I first came to Kansas City in 2004, when UMKC hired me to music-direct a show for them. It was during that time that I met my husband, Dan, and decided to change the course of my life and pursue love first and career second. I ended up working for Hallmark, and due to my work schedule and lack of a car, I was unable to perform. Kansas City Rep cast me in To Kill a Mockingbird, and I had to decline due to work conflicts. Before I knew it, I hadn't performed in a play in over nine years. Chris Holbrook is a wonderfully talented fellow in Kansas City and a dear friend. He persuaded me to play piano for the Girly Show at Missie B's. He'd never heard me play, but had faith that when I told him I used to be a professional pianist, I wasn't making it up. I ended up playing for a half-dozen shows at Missie B's. During that time, Missy Koonce asked if I'd be interested in being part of Auntie Mame'd. The very first musical I ever saw was Mame in the mid-'70s. It was at the Baton Rouge Little Theater. I remember it vividly. When I found out that the entire cast, crew, and production team volunteered their time, talent, and money to make this happen, I was floored. Where does that happen? Seriously? I was so honored to be part of that wonderful experience and so very proud to count everyone involved as a friend.
3. You've been working for Hallmark Cards Inc. for close to a year now. Prior to that, you worked for Sunrise Greetings. How did you get into the greeting card business?
I've actually always worked for Hallmark Cards — over eight years now. Sunrise is a Hallmark subsidiary. I was sent there last year for six months as an interim editorial director while we transitioned the business from Bloomington, Ind., to Kansas City's mother ship. I started in the card biz in 2005. When I decided to move to Kansas City from my place in Jersey City to be with Dan, I called my temp agency in New York City and told them I was relocating. Luckily they had a satellite office in KC, who put me to work at Hallmark as an administrative assistant. Fortuitously, I ended up in the creative writing department, where part of my job entailed moving on submitted portfolios from card-writing hopefuls to the team of reviewers. I thought to myself, "Hey, I could do this." So, I filled out a portfolio and stuck it in the stack and moved it on. Soon I was asked to fill out the really big portfolio. Thirteen interviews later, I was hired as an editor. I soon became a writer, then a senior writer, and now I'm director of editorial for Hallmark Custom Marketing. We handle sub-brands and specific client needs. I am responsible for all the editorial needs of Sunrise Greetings, UNICEF cards and gifts, Ten Bamboo Studio, Batesville Memorial Stationery, the United States Postal Service's card retail business, and Wienerdog humor cards.
4. And talk about exciting that you write the stories for Hallmark Card Inc.'s Scooby Doo Interactive Story Buddy! How did that come about?
They were quite a challenge. I think I had a week to write the first draft of the three books and less than a week to write the finished drafts. They've been very successful, and I completed the fourth book in the series a few months ago. It'll be out later this summer. I am always finding myself involved in some interesting projects at Hallmark. I do a lot of voices for products here. I am the studio-approved voice of Snoopy and Curious George as well as Hallmark's characters the Hamster of Happiness and the Jolly in the John Snowman. I am usually in the sound studio at least once a week.
5. OK, I have to ask about the great cookie escapade. Beginning in 2010, you decided to raise money for the KC AIDS Walk by baking every cookie in [the book> Martha Stewart's Cookies. I was looking at the blog, and according to the last entry on Jan. 27, 2013, you still had nine recipes to go. What has happened since that last blog entry? Have you finished baking? Or did you just finally throw in the spatula?
Three years ago I was heading home after seeing Julie &amp
Susan K. Thomas


Two recent "blackface" occurrences have upset quite a few at two universities, one being the historically black Prairie View A&M in Texas.
The Prairie View Office Of Student Conduct confirmed with Fusion that the student is under investigation.
To the northeast at Albright College in Reading, Pennsylvania, the Associated Press reports the two students "most directly involved" in a lampoon of Black Lives Matter (while in blackface) have been suspended.
The Reading Eagle reported that the roughly 40-second video posted Tuesday night on Snapchat featured a female student wearing an Albright T-shirt putting on blackface makeup. In the video, the student, who calls herself "Carlisha," makes disparaging remarks about the Black Lives Matter movement and places padding in her pants to increase the size of her buttocks, performing a "twerking" dance made popular in hip-hop videos, the paper said.
Unlike Prairie View, Albright is a private college — not bound by the First Amendment.
Read the full Fusion and Associated Press articles.


We're proud to say that since 2012 we've averaged at a minimum, half the industry average lost time injury rate.
In 26 years we've never failed to complete a project. And we've never litigated or been prosecuted.
We pioneered RVDS technology, which in simple terms means we can drill to a 0.01% accuracy.
Over the last 2 years we've installed over 2 million metres of permanent cable bolts on a single job – that's 100,000m per month.
Mechanised mining, Shaft sinking, Large excavations, Underground construction, Specialist ground support, Boxhole boring, Raise drilling.
Like the whole of mine, whole of fleet real-time tracking system we're the first underground mining contractor in the world to implement, step changing safety and productivity.


BOSTON, MA – Boston Bruins General Manager Peter Chiarelli announced today that the club has signed forward Shawn Thornton to a two-year contract extension through the 2013-14 season. Per club policy, financial terms of the deal will not be disclosed at this time.
The 34-year-old Thornton signed with the Bruins as a free agent on July 1, 2007 and has skated in 360 regular season games with the Black & Gold. As a member of the Bruins, he has registered 25 goals, 37 assists and 601 penalty minutes and set career highs in goals, assists and points last year with 10-10=20 totals. For his career, the 6'2'', 217-pound winger has played in 439 NHL games with the Bruins, Blackhawks and Ducks with 29-43=72 totals and 759 penalty minutes.
Thornton is a two-time Stanley Cup winner, having won with the Anaheim Ducks in 2007 and the Bruins in 2011. He played in 18 of Boston's 25 postseason contests last season and tallied one assist and 24 penalty minutes.
This season, Thornton has four goals and eight assists for 12 points and 143 penalty minutes. The 143 penalty minutes established a new NHL career high and he currently leads the NHL in fighting majors with 19.
The native of Oshawa, Ontario was originally drafted in by the Toronto Maple Leafs in the seventh round (190th overall) of the 1997 NHL Entry Draft. He was traded to the Blackhawks for Marty Wilford on September 30, 2001 and then signed with the Ducks as a free agent on July 12, 2006.
Since joining the Bruins in 2007, Thornton has been one of the most active players in the community, having launched his own golf tournament – "Putts and Punches for Parkinson's" – to aid in the fight against Parkinson's Disease as well as captaining the team's "Cuts for a Cause" head shaving event that benefits children battling cancer.


For more than 140 years the iconic Beatties store has been at the heart of shopping in Wolverhampton.
It is much-loved by the people of the city and beyond as the outcry when the planned closure was announced shows.
As the local newspaper we know what a blow the closure of Beatties would be to the people of the Black Country and Staffordshire.
We know how significant a role it has played in the community for more than 140 years.
Community and business leaders, MPs and members of the founding family are horrified at the threat of Beatties going.
We know this – but now we need to make sure Mike Ashley knows exactly how important Beatties is to this region.
He is throwing a lifeline to many of the stores at risk. We need to make sure Beatties is one of those saved and we need your help.
Join our campaign to rescue Beatties by showing Mr Ashley the strength of support the store has.
Please send us your memories, thoughts and anecdotes so we can make sure the voices of the people of the Black Country and Staffordshire are heard.


text:
Q: What is the difference between unique form algorithms and unique of the list container? Can i perform the unique algorithm on a list? And if so, where is the difference to the unique function of the list container?
Is the following code equivalent?
std::list<int> l;
//add some values to list
l.unique();

and
std::list<int> l;
//add some value to list
std::unique(l.begin(), l.end());

A:
Is the following code equivalent?

No, it's not. std::list::unique will remove all consecutive duplicates, but std::unique has no way of doing this generically for all containers. The algorithm will rearrange the container such that the non-removed ones are at the beginning and give you back an iterator that you should erase from.
These two are equivalent (at least in terms of what the resulting list looks like, though not in the steps taken to get there, the requirements on the type, or the effects on iterator validation):
l.unique();
l.erase(
    std::unique(l.begin(), l.end()),
    l.end());

The latter is also referred to as the Erase-Remove idiom (though in this case we're using unique and not remove)

A: They're not the same.
std::list::unique removes all consecutive duplicate elements from the container.
This is what you probably want.
std::unique... well...

Removing is done by shifting the elements in the range in such a way that elements to be erased are overwritten. Relative order of the elements that remain is preserved and the physical size of the container is unchanged. Iterators pointing to an element between the new logical end and the physical end of the range are still dereferenceable, but the elements themselves have unspecified values. A call to unique is typically followed by a call to a container's erase method, which erases the unspecified values and reduces the physical size of the container to match its new logical size.

A: By default, the algorithms in <algorithm>, are generic algorithms which works on iterators. In conclusion, these algorithms cannot make advantage from the way the container is build up.
The STL however also adds member functions to their containers which are less generic, though can take advantage from the container structure.
An example: std::find(map.cbegin(), map.cend(), element) will go over all elements to find the given element, while map.find(element) can make use of the tree-structure. This reduces a linear algorithm to a log(n).
The same strategy is added to std::list, as 'moving' an element is a std::list is no more than changing the links in the list, this can be a lot more performant than moving/copying the content of the elements.
So, for std::list<int>, I don't expect much a different, though if you store expensive classes in the list, you will notice the difference.
PS: std::unique doesn't remove elements, it moves it to the back and returns a new 'end', use std::remove (or std::list::remove) to remove the elements

redpajama_set_name: RedPajamaStackExchange


Take the E or F train to Kew Gardens, Union Turnpike stop.
You will be on Queens Blvd. once you get off. Walk up 80 Road until you hit a little park.
Cross the park, Hampton Court (117-01 Park Lane South) is across the park.
TK production is in Birch Manor (Building B), Suite 1A.
Ring number 101 to be buzzed in.
Take the Long Island Railroad train to Kew Gardens station.
Walk up to Park Lane South and along the park to Hampton Court (117-01 Park Lane South). TK production is in Birch Manor (Building B), Suite 1A.