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Economics, Business, and Labor
Businesses and Occupations
Credit Suisse Group
views updated Jun 11 2018
Paradeplatz 8
Post Office Box 1
Telephone: (01) 212 1616
Web site: http://www.credit-suisse.com
Incorporated: 1856 as Schweizerische Kreditanstalt
Employees: 72,501
Total Assets: SFr 1.02 trillion ($752.01 billion) (2003)
Stock Exchanges: Swiss Frankfurt New York
Ticker Symbol: CSGN
NAIC: 551111 Offices of Bank Holding Companies; 522110 Commercial Banking; 522210 Credit Card Issuing; 522291 Consumer Lending; 522292 Real Estate Credit; 522293 International Trade Financing; 523110 Investment Banking and Securities Dealing; 523120 Securities Brokerage; 523920 Portfolio Management; 523930 Investment Advice; 523991 Trust, Fiduciary, and Custody Services; 524113 Direct Life Insurance Carriers; 524114 Direct Health and Medical Insurance Carriers; 524126 Direct Property and Casualty Insurance Carriers; 525110 Pension Funds; 525910 Open-End Investment Funds
Credit Suisse Group, which began as a commercial bank in 1856, at a time when Switzerland was first embracing the industrial revolution, is Switzerland's second largest bank (behind UBS AG) and one of the top dozen or so financial services companies in the world. The group is organized into two business units: Credit Suisse Financial Services and Credit Suisse First Boston. The former, which serves individuals and small to medium-sized companies, provides banking, financial advisory, and asset management services, as well as life and non-life insurance and pension products from the Winterthur unit. The group's institutional, corporate, government, and very rich individual customers are served through the internationally active Credit Suisse First Boston, which provides a broad range of products and services, including investment banking, securities underwriting, financial advisory services, private equity investments, full-service brokerage, investment research, and asset management services. Summarizing its own history, the group claims to have "evolved from a Swiss bank with an international franchise into a global financial institution with a strong Swiss home market."
Quickly Becoming Switzerland's Largest Bank After 1856 Founding
In 1856 Switzerland's federal constitution was only eight years old and there was little industry in the country as the shift from an agricultural to an industrial economy had just begun. Alfred Escher, a young Zurich politician from a prominent local family, was making slow progress in his talks with foreign banks about ways to finance a proposed northeastern railway, so he decided to set up an independent bank in Zurich, putting SFr 3 million worth of shares on public offer. The response was overwhelming: he received SFr 218 million in subscriptions within three days, and Schweizerische Kreditanstalt opened for business on July 16. (The bank's German name translated literally as "Swiss Credit Institution," but it became known instead internationally as Credit Suisse.)
The American Civil War had a great impact on the emerging textile industry in Switzerland, which suffered when cotton prices collapsed after the war ended. Credit Suisse posted its first loss ever in 1867 and its last loss until the mid-1990s.
The growth of other industries in Switzerland and the continued expansion of the railroads provided ample opportunities for Credit Suisse to grow, however. The bank helped develop the Swiss monetary system and, by the end of the Franco-Prussian War in 1871, Credit Suisse was the largest bank in Switzerland.
Switzerland: Evolving into the Banking Capital of the World by World War I
The next 40 years, to the beginning of World War I, came to be known as the belle epoque for both the continent and for Credit Suisse. A number of significant changes occurred during this period, including the revision of the federal constitution in 1874 and the resulting political changes that eventually led to proportional representation in local and federal government; an increase in savings, which enabled the country to become an exporter of capital by the mid-1880s and reduce its reliance on foreign capital; and the introduction of electricity, the telephone, and the telegraph, all of which required large infusions of capital for construction of factories, power plants, and phone systems.
The founding of the Swiss National Bank in 1907 and the growth in foreign investment by Swiss banks sowed the seeds for Switzerland's eventual role as the banking capital of the world. Credit Suisse also branched out from Zurich during this period and had 13 different locations in Switzerland by the beginning of World War I; the bank's head count increased to more than 1,000. Credit Suisse had gained its first branch in 1905 when it took over the Basel branch of Oberrheinische Bank.
With the outbreak of World War I, foreign investment stopped completely. As investors in hostile countries returned Swiss securities, Credit Suisse played a crucial role in placing them on the Swiss market. Credit Suisse also had to defend the interests of Swiss investors abroad, a delicate matter during such a chaotic period.
After World War I, Credit Suisse continued financing the electrification of the country and, in response to a coal shortage, helped finance the national railroad's conversion to electricity in 1924. Foreign investment expanded rapidly during the 1920s, a period that came to a devastating end with the stock market crash in 1929.
The Great Depression led to cataclysmic changes in Europe, including the rise of nationalist thinking, the imposition of a range of trade barriers, including protective tariffs and import quotas, and other developments that resulted in lower production levels, less investment, and economic decline.
Increasing tensions in Europe led to Credit Suisse's emphasis on English-speaking companies, which resulted in the establishment of the Swiss-American Corporation in 1939 to focus on the securities business and the opening of Credit Suisse's first foreign branch in New York in 1940.
During World War II Credit Suisse extended large amounts of credit to Swiss authorities, who were owed more than SFr 1.7 billion by Germany by the end of the war. Despite the loss of almost half of the company's employees to war-related service, Credit Suisse emerged from the conflagration financially sound and poised to capitalize on the impending economic upturn. Nevertheless, as the conduct of Credit Suisse and the other big Swiss banks during the Nazi era began to emerge in detail starting in the mid-1990s, it became clear that the bank was involved in a number of improper activities, including trading gold with Nazi Germany. The big banks also came under heavy criticism for the way they dealt with accounts that had been opened before 1945 by victims of the Holocaust—the so-called dormant accounts issue.
After the end of World War II, as normal banking activities resumed, reconstruction of the war-torn continent got underway and Credit Suisse again took up issuing paper for foreign debtors. At the same time, Credit Suisse expanded its services to its regular customers by developing new and different types of savings accounts and broadening into activities that were formerly handled by subsidiaries, such as issuing credit cards and providing consumer credit.
During the 1960s the bank also set up a farsighted business arrangement with White, Weld & Co., Inc., a leading American investment bank, that would eventually establish Credit Suisse's leading role in the Eurobond-issuing market and would ultimately lead to its relationship with the American investment bank First Boston. Cooperation with White Weld began in 1962 when Credit Suisse purchased the investment bank's Zurich subsidiary, White, Weld & Co. AG, which was subsequently renamed Clariden Finanz AG (and later still Clariden Bank). In 1970 Credit Suisse and White, Weld set up a holding company for Clariden called WW Trust. Four years later Credit Suisse became the largest shareholder in WW Trust, which was renamed Société anonyme financière du Crédit Suisse et de White Weld (CS&WW).
Foreign exchange dealings assumed greater importance during the 1960s, along with the precious metals markets. With the emergence of a free gold market in 1968, Credit Suisse became a major gold trading house and, through its acquisition of the precious metals refinery Valcambi S.A., in Ticino, a manufacturer of ingots and coins. By the turn of the decade, Credit Suisse had offices on every continent except Antarctica.
The 1970s brought the introduction of floating exchange rates and the subsequent devaluation of the dollar, a loss of investor confidence in the American market, and the oil crisis of 1973. The bank also experienced a major scandal in 1977 when authorities began investigating a fraudulent banking and foreign exchange trading scheme at the company's Chiasso branch involving more than $1.2 billion. The losses resulted in the resignation of several top executives and left Rainer Gut second in line; Gut became chairman in 1983 following the retirement of Otto Aeppli.
Major Changes Instilled by Rainer Gut During the 1980s
Gut, who was Swiss-born but trained in the United States, brought a measure of stateside savvy and aggressiveness to Credit Suisse. A former partner in New York's Lazard Freres, Gut shifted the company's focus from traditional Swiss banking practices, which emphasized security and caution, to world investment banking and money management.
Company Perspectives:
Our group strategy is aimed at maintaining and strengthening our position among the global leaders in two key segments of the world's financial services market: Asset gathering and asset management; and Financial intermediation. Through each of our businesses, we aim to build expertise and presence in these areas while at the same time leveraging our financial services resources across all our businesses. Our overall objectives are to achieve high customer satisfaction, maximize shareholder value and be an employer of choice for talented individuals.
By 1986 the bank's assets were $46 billion, and somewhere between $75 billion and $150 billion more were under active management by the bank—well ahead of the estimated $50 billion under the management of the leading American bank in the field, Citicorp. Under Gut, Credit Suisse was the first Swiss bank to acquire a bank in West Germany, Effectenbank, and it became one of only a handful of foreign operations doing trust banking in Japan.
In 1978 White, Weld was purchased by Merrill Lynch & Co. After Credit Suisse and Merrill Lynch failed to reach an agreement on a continued cooperation arrangement, Credit Suisse purchased Merrill Lynch's stake in CS&WW, increasing its interest to 76 percent. Still seeking to work with an established U.S. investment bank, Credit Suisse reached an agreement with New York-based First Boston Inc. whereby CS&WW was transformed into Financière Crédit Suisse - First Boston (CSFB), 46 percent owned by Credit Suisse, 31 percent by First Boston, and 23 percent by management and other shareholders. CSFB, in turn, took over a 25 percent interest in First Boston.
The terms under which CSFB was established caused the defection of CSFB Chairman and Chief Executive John Craven, who was replaced by Michael von Clemm. Although he was consistently pilloried as a bad manager and was eventually replaced as chief executive by Hans Ulrich Doerig from Credit Suisse, von Clemm was widely credited with helping the company achieve its undisputed dominance of the Eurobond market with innovative financing deals. He also oversaw, however, one of the greatest financial disasters in the company's history, a $150 million issue bought by the company in 1980. The deal eventually cost CSFB between $20 and $40 million, and the three years during which von Clemm managed the company were its least successful.
Four years later six executives, including three executive directors, left CSFB. The exodus coincided with the appointment of Jack Hennessey, formerly of First Boston, as chief executive to replace Doerig, who returned to Credit Suisse. A former assistant secretary of the treasury, Hennessey was brought in to reduce the friction and to assume management duties. Von Clemm remained as chairman. The problems were not over, however.
At the beginning of 1984, three CSFB executives defected to Merrill Lynch, taking seven others with them. Published accounts of the brouhaha suggested that the expansion of Deputy Chairman Hans-Joerg Rudloff's power base within the company offended a number of the executives, many of whom were accustomed to operating in a wide-open entrepreneurial environment. But the company was growing too large, and as senior executives tried to figure out how to manage CSFB, the infighting grew nastier; Rudloff was considered the consummate corporate infighter.
The final defection came in 1986 when von Clemm resigned quietly after 16 years with the company to devote more time to outside interests. Hennessey took over as chairman and chief executive.
At about the same time, full-service investment banking companies such as Salomon Brothers and Goldman Sachs, as well as Japanese and German concerns, started pushing their way into the Eurobond market. That forced CSFB to diversify into mergers and acquisitions, equity sales, and other special-ties, as CSFB's share of the Eurobond market dropped from more than 16 percent to just more than 11 percent.
Alfred Escher founds an independent bank in Zurich, Schweizerische Kreditanstalt, known internationally as Credit Suisse.
The first branch opens in Basel.
The first foreign branch opens in New York.
Cooperation begins with White, Weld & Co., Inc., a leading American investment bank.
Credit Suisse is rocked by the Chiasso affair, a major scandal involving fraudulent banking and foreign exchange trading at the bank's Chiasso branch.
Following White, Weld's takeover by Merrill Lynch, Credit Suisse begins cooperating with U.S. investment bank First Boston Inc., particularly through the joint venture Financière Crédit Suisse-First Boston (CSFB).
Credit Suisse and First Boston restructure their joint venture under a new company called CS First Boston, Inc.
CS Holding becomes the publicly traded umbrella holding company for Credit Suisse, the group's stake in CS First Boston, and other group interests.
Credit Suisse bails out troubled First Boston, pumping in $300 million in equity and gaining majority control of the firm.
Swiss Volksbank, the nation's fourth largest bank, is acquired.
The group enters into a strategic alliance with Swiss Re.
The group enters into a strategic alliance with Winterthur Insurance, the number two Swiss-based insurance company.
Major restructuring takes effect and includes the renaming of CS Holding as Credit Suisse Group and the merger of global investment banking operations under Credit Suisse First Boston; Winterthur is acquired and becomes a Credit Suisse Group operating unit.
Donaldson, Lufkin & Jenrette, Inc., U.S.-based investment bank and asset management firm, is acquired.
Travails at Winterthur and the scandal-plagued CSFB lead to a record net loss of SFr 3.31 billion ($2.12 billion).
CSFB's Pershing unit and Winterthur's Churchill and Italian insurance operations are all divested.
In addition, CSFB was encountering competition from, of all places, its own two parent companies, Credit Suisse and First Boston. As the need for better cooperation between family members became apparent, CSFB moved one of its New York executives to London to establish better relations. For a while things seemed to be working. One of the first joint ventures among the three companies involved a $4 billion bond floated by General Motors Acceptance Corporation. While First Boston was lead manager, Credit Suisse provided a letter of credit to back the notes and CSFB placed $400 million of the bonds in Europe.
The true survivor of CSFB remained Rudloff, who took the company into Amsterdam with a bank acquisition there in 1986, and then became a director and officer of Credit Suisse itself in early 1987. Rudloff's return to Switzerland was viewed by the staid Swiss banking establishment as a harbinger that the cozy days of gentlemanly Swiss banking had come to a close.
One result of the newly deregulated and ever-fluctuating markets of the 1980s was that the relationship among Switzerland's three major banks (which included Credit Suisse, Union Bank of Switzerland, and Swiss Bank Corporation), collectively known as "the syndicate," could no longer be so friendly. Once a fairly tightly knit trio, they adopted new guidelines giving each other flexibility to withdraw from deals with which the others were involved if they had doubts about the borrower and even to return up to 60 percent of their allocation of bonds after a deal was done.
Credit Suisse was characterized in the financial press as a lone wolf rather than a pack hunter sharing the spoils of its deals with other members of the syndicate, conduct that further indicated the end of an era in the Swiss banking industry. Some of the first signs of the new conditions came when restrictions on gray market trading (trading before the valuation date) were relaxed. Credit Suisse moved aggressively into this area of finance, one it had previously shunned. The other two major Swiss banks sat back and waited and watched. In any event, by the early 1990s the syndicate was history as Switzerland, like many other countries worldwide, continued to deregulate.
Meanwhile, the company was tainted by mid-1980s charges of laundering drug money from Turkey and Bulgaria. Although the company denied the charges and, technically, money laundering was not illegal unless the money was used to buy drugs, the stain remained.
Acquisitions, Restructurings, and Diversification Highlighting the 1990s
The stock market crash of 1987 hit CSFB and First Boston particularly hard. During the year that followed, CSFB's problems included an estimated $15 million loss on a 1987 debt swap with Italy. First Boston, meanwhile, suffered large losses from bad bridge loans for mergers and acquisitions. In 1988 Credit Suisse and First Boston restructured their troublesome marriage under a new company, CS First Boston, Inc. Two years later, Credit Suisse bailed out the still troubled First Boston by agreeing to pump $300 million in equity into the firm, increasing Credit Suisse's stake in First Boston to 64.2 percent and making the Swiss bank the first foreigner to own a Wall Street investment bank. Relations between Credit Suisse and First Boston managers remained strained during the early 1990s, as it was difficult to reconcile the more freewheeling style of First Boston with the more conservative (if aggressive for Switzerland) style of Credit Suisse.
Meanwhile, Credit Suisse had been reorganized in early 1989. CS Holding had been created as a sister company seven years earlier, mainly to hold the bank's interests in CSFB. In 1989 CS Holding was transformed into an umbrella holding company, under which were placed Credit Suisse, the group's full-service bank in Switzerland; CS First Boston; Fides Holding, which specialized in trust business and management consulting in Switzerland; and the company's controlling stake in Electrowatt AG, the Swiss power utility. This simplification of what had been an extremely complex web of cross-holdings and sister firms cost the company about $80 million. The publicly traded shares in Credit Suisse were exchanged into shares in CS Holding.
Acquisitions and new growth areas were major themes of the 1990s for Credit Suisse. In April 1990 Bank Leu, Switzerland's sixth largest bank, was acquired in the first hostile takeover in Swiss banking. Bank Leu, which catered to the wealthy in Switzerland, became the centerpiece for Credit Suisse's private banking business, which also included Clariden Bank serving customers in North and South America, and the northern European activities of Bank Hofmann (which had been acquired in 1972).
In addition to private banking, Credit Suisse added another operating unit to its organization chart when it entered the insurance business, the first Swiss bank to do so, by establishing CS Life in October 1990. The group's involvement in insurance broadened in December 1994 when it entered into an alliance with Swiss Re, and in December 1995 when another alliance was formed, this one with Winterthur Insurance, the second largest Swiss-based insurance company.
In early 1993 Credit Suisse outbid Union Bank of Switzerland for the country's fourth largest bank, the troubled Swiss Volks-bank, in a SFr 1.6 billion ($1.1 billion) deal. Over the next few years, Credit Suisse and Swiss Volksbank's network of domestic branches were reconciled. Meantime, in 1994, Credit Suisse acquired Neue Aargauer Bank, the largest regional bank in Switzerland. This acquisition gave Credit Suisse the largest branch network in the country and made it Switzerland's number one bank by market share—positions it would hold until the 1998 merger of Swiss Bank and Union Bank that formed UBS AG.
In 1994 the Fides trust business was placed within the Credit Suisse banking operation. A much more significant restructuring and a refocusing of the overall group began in 1996. Early in the year Credit Suisse discussed a merger with Union Bank, which would have created a Swiss banking giant. Instead, Credit Suisse decided to turn its attention away from Switzerland; rather than being a Swiss bank with significant international interests, the group decided to become a truly international banking and financial services power that happened to be based in Switzerland and had some core businesses there. Under the resulting reorganization, which took effect at the beginning of 1997 and was led by the newly appointed chief executive Lukas Mühlemann (who had been head of Swiss Re), CS Holding was renamed Credit Suisse Group. The company's operations were reorganized into a domestic banking unit called Credit Suisse, which represented a full merger of the operations of the old Credit Suisse and Swiss Volksbank; a private banking unit called Credit Suisse Private Banking, which included Bank Leu, Clariden Bank, Bank Hofmann, and other CS Holding private banks; Credit Suisse First Boston, which included a full merging of CS First Boston and CS Holding's other corporate banking operations; and Credit Suisse Asset Management. All units except for Credit Suisse were to operate on a worldwide basis. The restructuring also involved a workforce reduction of 15 percent, or 5,000 employees. Simultaneously, Credit Suisse made its first moves toward divesting its controlling stake in Electrowatt, which promised to focus the group further on its core financial services businesses. By 1998 the group had, in large part, completed this divestment, having retained only a 20 percent stake in Watt AG, the former energy division of Electrowatt.
About the same time that the company was being restructured for the 21st century, its activities—and those of the other "Big Three" Swiss banks—during World War II were being reexamined, with resulting negative publicity. Reports of the banks' financial dealings with Nazi Germany were published, and Jewish groups pushed for reclamation of money that had been placed into Swiss bank accounts before World War II by victims of the Holocaust. The Swiss banks were initially reluctant to cooperate with these efforts—in part because of their traditional secrecy—but the resulting worldwide outcry forced the banks to publish lists of people who owned dormant accounts that had been opened before 1945, accounts that contained a total of SFr 61.2 million ($41.3 million) in them. In early 1997, the Big Three banks agreed to set up a SFr 100 million ($70 million) humanitarian fund for the victims of the Holocaust. Then in August 1998, with state and local governments in the United States threatening sanctions against Credit Suisse Group and UBS, the two Swiss banking giants agreed to pay $1.25 billion to settle all the Holocaust-related class-action lawsuits that had been brought in the United States. Credit Suisse agreed to pay one-third of the total. Many Swiss criticized the deal as the result of the blackmailing of a smaller country by the United States.
In December 1997 Credit Suisse Group made a great leap forward in the insurance sector when it acquired Winterthur Insurance for about $9.51 billion. This move immediately vaulted Credit Suisse into the top ten financial services companies in the world, with total assets of about SFr 700 billion ($466 billion), which brought it close to the size of Europe's largest bank, Deutsche Bank AG. It also increased the group's assets under management to about SFr 700 billion ($466 billion), which ranked it third in the world, trailing only Fidelity Investments and AXA/UAP/Equitable. Winterthur was set up within the group umbrella as a fifth operating unit, and Credit Suisse's CS Life was integrated into Winterthur Life.
Credit Suisse First Boston also was bolstered through two late 1990s acquisitions. In 1997 the mergers and acquisitions, equity underwriting, equity trading, and equity research departments of Barclays de Zoete Wedd, the investment banking arm of the U.K.-based Barclays PLC, were acquired. The following year saw the purchase of the leading Brazilian investment bank, Banco de Investimentos Garantia S.A. In 1999 Credit Suisse Group acquired Warburg Pincus Asset Management, a unit of Warburg, Pincus & Co., for $650 million. The acquired unit became part of Credit Suisse Asset Management, which gained $22 billion in assets under management, including $10 billion in Warburg Pincus mutual funds.
The 1990s ended on a sour note for the group, and particularly for Credit Suisse First Boston. That unit had heavily involved itself in Russia in the postcommunist era, becoming the dominant dealer in Russian government bonds as well as a major lender to Russian companies and municipalities. When the Russian economic crisis erupted in 1998, CSFB had a huge exposure and ended up with a $1.3 billion loss from its activities in Russia, leading to a loss for the year of $154 million. In 1999 Japan's banking watchdog, the Financial Supervisory Agency, launched an investigation into Credit Suisse First Boston's sale of derivatives to Japanese banks and companies so that these firms could hide huge losses. Although technically legal, such practices were considered inappropriate under newly issued regulations. Credit Suisse admitted that some of its staff had obstructed the agency's investigation by shredding documents and hiding files. Japanese regulators subsequently revoked the license of the Japanese derivatives arm of CSFB.
Troubles in the New Millennium
In May 2000 Gut handed over the chairmanship to Mühle-mann, who remained chief executive as well. Mühlemann engineered the second huge acquisition of his leadership reign in November of that year, acquiring Donaldson, Lufkin & Jenrette, Inc. (DLJ) for $12.36 billion. U.S.-based DLJ had both investment banking and asset management operations, and these were merged into CSFB and Credit Suisse Asset Management, respectively. The newly enlarged Credit Suisse First Boston ranked third globally in mergers and acquisitions advisory, fourth in equity underwriting, third in debt underwriting, and first in high-yield debt underwriting.
The acquisition of DLJ was poorly timed as it came right at the beginning of a major bear market. In addition to having to deal with the adverse market conditions, Credit Suisse First Boston was also at the very center of the Wall Street scandals that became regular headline-makers in the early 2000s. CSFB and other investment banks were accused of demanding kickbacks from their customers in exchange for shares in highly sought-after late 1990s technology IPOs. In January 2002 CSFB reached an agreement with U.S. regulators whereby it would pay $100 million in fines to settle these allegations. Frank Quattrone, the head of CSFB's technology underwriting group, was forced to resign from the company in March 2003, and one month later was charged with obstruction of justice for allegedly encouraging staffers to destroy e-mails at a time when he was aware that CSFB was under investigation. Then in April 2003 CSFB was part of a landmark $1.4 billion settlement between ten Wall Street firms and the New York Attorney General, the Securities and Exchange Commission, and other regulatory agencies. This deal settled a number of related allegations that had been raised against these financial firms, including that investment bankers had pressured research analysts to issue positive reports and that the analysts subsequently issued "worthless" stock recommendations even though they knew they were fraudulent. Credit Suisse First Boston's share of the settlement was $200 million in fines and penalties—an amount topped only by Citigroup Inc. Credit Suisse Group, meantime, took a pretax charge of SFr 700 million ($500 million) late in 2002 to cover damages from private lawsuits that were expected to be filed in connection with the CSFB scandals.
In mid-2001, as these scandals began unfolding and the red ink began to flow, the head of Credit Suisse First Boston, Allen D. Wheat, was relieved of his position and replaced by John J. Mack. Within two years of his appointment, Mack thoroughly overhauled what had become a bloated operation following the ill-advised acquisition of DLJ, cutting 10,000 jobs from the 27,500-person workforce and slashing costs by more than $3 billion. Part of the cost reductions came from a series of divestments that also helped to focus CSFB more on its core operations. Late in 2001 the unit's precious metals trading business and its Australian and New Zealand retail brokerages were sold off. In 2002 its U.K.-based online trading operation, DLJdirect Ltd., was sold to TD Waterhouse, and the sister operation in the United States, CSFBdirect, Inc., was sold to the Bank of Montreal. Then in May 2003 CSFB's Pershing unit, which provided financial services outsourcing solutions to broker-dealers and independent investment managers, was sold to the Bank of New York Company, Inc. for about $2.5 billion.
Meanwhile, the Credit Suisse Group was once again restructured in 2002. The structure was streamlined into two business units: Credit Suisse First Boston and Credit Suisse Financial Services. The latter encompassed private banking, corporate and retail banking, life insurance and pensions, and non-life insurance. In July 2002 Oswald J. Grübel, the former head of the group's successful private banking operation, was placed in charge of the financial services unit. Grübel was immediately faced with the challenge of dealing with Winterthur. The insurance unit had begun to lose money thanks to a steep decline in its investment income stemming from the collapsing stock markets. During 2002 Credit Suisse was forced to inject SFr 3.7 billion ($2.7 billion) into Winterthur to bolster its reserves. To effect a longer term repair to Winterthur's—and Credit Suisse's—capital base, several divestitures of insurance operations were completed. Two of the larger divestments occurred in later months of 2003: Winterthur's U.K. non-life insurer, Churchill Insurance Group plc, was sold to the Royal Bank of Scotland Group plc for about £1.2 billion; and Winterthur's Italian insurance operations were sold to Unipol, an Italian insurer, for EUR 1.46 billion ($1.7 billion).
The crises at both Credit Suisse First Boston and Winterthur resulted in a stunning net loss of SFr 3.31 billion ($2.12 billion)—making 2002 the worst year in company history. The stock of Credit Suisse Group fell sharply through most of 2002, with the company losing more than half of its market value over the course of the year. A recovery in the stock began late in the year following the announcement that Mühlemann—the person most closely associated with the ill-fated purchases of Winterthur and DLJ—would leave at the end of the year. Taking over as chairman at that time was Walter B. Kielholz, vice-chairman of Credit Suisse and also CEO of Swiss Re. The heads of the two operating units, Mack and Grübel, were named co-CEOs of the Credit Suisse Group.
Early results from 2003 pointed to a possible turnaround. Credit Suisse Group posted net profits of SFr 2 billion ($1.48 billion) for the first half of the year, compared with a net loss of SFr 211 million ($129 million) for the same period one year earlier. It was too early to tell, however, whether the scandals and acquisition headaches that had been dogging the group had been fully overcome.
Principal Subsidiaries
Bank Hofmann AG; Bank Leu AG; BGP Banca di Gestione Patrimoniale S.A.; Clariden Holding AG; Credit Suisse; Credit Suisse Fides; Credit Suisse First Boston; Credit Suisse First Boston (International) Holding AG; Credit Suisse Trust AG; Neue Aargauer Bank (98.6%); "Winterthur" Swiss Insurance Company; Winterthur Life; Credit Suisse Asset Management (Australia) Limited; DBV-Winterthur Versicherung AG (Germany); Winterthur Assicurazioni S.p.A. (Italy); Credit Suisse Trust and Banking Co. Ltd. (Japan); Credit Suisse Asset Management, Limited (U.K.); Credit Suisse First Boston (Europe) Limited (U.K.); JO Hambro Investment Management Limited (U.K.); Credit Suisse Asset Management LLC (U.S.A.); Credit Suisse First Boston LLC (U.S.A.); Credit Suisse First Boston (USA), Inc.; Frye-Louis Capital Management Holding Co., Inc. (U.S.A.).
Principal Operating Units
Credit Suisse Financial Services; Credit Suisse First Boston.
Principal Competitors
UBS AG; Citigroup Inc.; Deutsche Bank AG; The Royal Bank of Scotland Group plc; HSBC Holdings plc; Barclays PLC; Merrill Lynch & Co., Inc.; Goldman Sachs Group Inc; Morgan Stanley; Zurich Financial Services; Swiss Life Insurance and Pension Company.
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Smith, Alison, "Rebranded Credit Suisse Thinks Global," Financial Times, January 20, 1997, p. 17.
Spiro, Leah Nathans, and John Templeman, "A Short Leash for First Boston," Business Week, November 26, 1990, p. 156.
Strom, Stephanie, "Japan Revokes Credit Suisse Unit's Banking License," New York Times, July 30, 1999, p. C6.
Studer, Margaret, "Credit Suisse Looks Ahead to Solving Antitrust Problems of Winterthur Deal," Wall Street Journal, August 18, 1997, p. A9.
"Swiss Banks Spat Over Mergers," Banker, May 1996, p. 4.
"Swiss Cure," Economist, January 9, 1993, p. 66.
"A Swiss Giant Limbers Up," Economist, September 22, 1990, pp. 88, 93–94.
"A Swiss Role," Economist, November 17, 1990, pp. 100, 106.
Tagliabue, John, "Taking the Challenge of Streamlining Credit Suisse," New York Times, November 29, 1996, pp. D9, D14.
"A Treaty in Store for CSFB," Economist, April 16, 1988, p. 91.
"Twin Peaks," Economist, September 28, 2002, p. 100.
Weberman, Ben, "A Gnome Named Gut," Forbes, September 22, 1986, p. 110.
Wicks, John, "Building Up a Big Bank: Credit Suisse CEO Robert Jeker Looks for Dynamic Growth in Financial Services," swissBusiness, November/December 1990, p. 6.
——, "Founding Father," swissBusiness, July/August 1991, p. 4.
—update: David E. Salamie
International Directory of Company Histories Salamie, David E.
Salamie, David E. "Credit Suisse Group ." International Directory of Company Histories. . Encyclopedia.com. 17 Jan. 2023 <https://www.encyclopedia.com>.
Salamie, David E. "Credit Suisse Group ." International Directory of Company Histories. . Encyclopedia.com. (January 17, 2023). https://www.encyclopedia.com/books/politics-and-business-magazines/credit-suisse-group
Salamie, David E. "Credit Suisse Group ." International Directory of Company Histories. . Retrieved January 17, 2023 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/credit-suisse-group
Total Assets: SFr 524.15 billion (1997)
Stock Exchanges: Basel Geneva Zurich Frankfurt Tokyo
SICs: 6021 National Commercial Banks; 6081 Branches & Agencies of Foreign Banks; 6082 Foreign Trade & International Banking Institutions; 6211 Security Brokers, Dealers & Flotation Companies; 6282 Investment Advice; 6311 Life Insurance; 6321 Accident & Health Insurance; 6331 Fire, Marine & Casualty Insurance; 6399 Insurance Carriers, Not Elsewhere Classified; 6712 Offices of Bank Holding Companies
Credit Suisse Group, which began as a commercial bank in 1856, at a time when Switzerland was first embracing the industrial revolution, is Switzerland's largest bank and one of the ten largest financial services companies in the world. The group is organized into five business units: Credit Suisse Volks-bank, which provides consumer and business banking within Switzerland; Credit Suisse Private Banking, which is one of the largest private banking operations in the world; Credit Suisse First Boston, which handles the group's worldwide investment banking activities; Credit Suisse Asset Management, which manages funds for institutional investors worldwide; and Win-terthur, which was acquired in mid-1997 and is a global insurance group and one of the largest insurers in Europe. Credit Suisse has responded to the rapidly changing global financial markets of the 1990s by diversifying into new areas of finance and by enhancing its international operations.
Quickly Became Switzerland's Largest Bank After 1856 Founding
In 1856 Switzerland's federal constitution was only eight years old and there was little industry in the country as the shift from an agricultural to an industrial economy had just begun. Alfred Escher, a young Zurich politician from a prominent local family, was making slow progress in his talks with foreign banks about ways to finance a proposed northeastern railway, so he decided to set up an independent bank in Zurich, putting SFr 3 million worth of shares on public offer. The response was overwhelming: he received SFr 218 million in subscriptions within three days, and Credit Suisse opened for business on July 16.
The American Civil War had a great impact on the emerging textile industry in Switzerland, which suffered when cotton prices collapsed after the war ended. Credit Suisse posted its first and only loss ever in 1867.
Switzerland Became Banking Capital of the World by World War I
The founding of the Swiss National Bank in 1907 and the growth in foreign investment by Swiss banks sowed the seeds for Switzerland's eventual role as the banking capital of the world. Credit Suisse also branched out from Zurich during this period and had 13 different locations in Switzerland by the beginning of World War I.
After World War I, Credit Suisse continued financing the electrification of the country and, in response to a coal shortage, helped finance the national railroad's conversion to electricity in 1924. Foreign investment expanded rapidly during the 1920s, a period that came to a devastating end with the stock market crash in 1929.
Increasing tensions in Europe led to Credit Suisse's emphasis on English-speaking companies, which resulted in the establishment of the Swiss-American Corporation in 1939 to focus on the securities business and the opening of Credit Suisse's first foreign branch in New York in 1940.
During World War II Credit Suisse extended large amounts of credit to Swiss authorities, who were owed more than SFr 1.7 billion by Germany by the end of the war. Despite the loss of almost half of the company's employees to war-related service, Credit Suisse emerged from the conflagration financially sound and poised to capitalize on the impending economic upturn.
After the end of World War II, as normal banking activities resumed, reconstruction of the war-torn continent got under way and Credit Suisse again took up issuing paper for foreign debtors. At the same time, Credit Suisse expanded its services to its regular customers by developing new and different types of savings accounts and broadening into activities that were formerly handled by subsidiaries, such as issuing credit cards and providing consumer credit.
During the 1960s the bank also set up a farsighted business arrangement with White Weld, a leading American investment bank in Europe, which would eventually establish Credit Suisse's leading role in the Eurobond-issuing market and would ultimately lead to its relationship with the American investment bank First Boston.
Foreign exchange dealings assumed greater importance during this time, along with the precious metals markets. With the emergence of a free gold market in 1968, Credit Suisse became a major gold trading house and, through its acquisition of the precious metals refinery Valcambi S.A., in Ticino, a manufacturer of ingots and coins. By the turn of the decade, Credit Suisse had offices on every continent except Antarctica.
The 1970s brought the introduction of floating exchange rates and the subsequent devaluation of the dollar, a loss of investor confidence in the American market, and the oil crisis of 1973. The bank also experienced a major scandal in 1977 when authorities began investigating a fraudulent banking and foreign exchange trading scheme at the company's Chiasso branch involving more than $1.2 billion. The losses resulted in the resignation of several top executives and left the current chairman, Rainer Gut, second in line following the retirement of Chairman Otto Aeppli in 1983.
Rainer Gut Instilled Major Changes During the 1980s
Gut, who was Swiss born but trained in the United States, brought a measure of stateside savvy and aggressiveness to Credit Suisse. A former partner in New York's Lazard Freres, Gut has shifted the company's focus from traditional Swiss banking practices, which emphasize security and caution, to world investment banking and money management.
By 1986 the bank's assets were $46 billion, and somewhere between $75 and $150 billion more were under active management by the bank—well ahead of the estimated $50 billion under the management of the leading American bank in the field, Citicorp. Under Gut, Credit Suisse was the first Swiss bank to acquire a bank in West Germany, Effectenbank, and it became one of only a handful of foreign operations doing trust banking in Japan.
In 1978 Credit Suisse First Boston (CSFB), a joint venture with the New York investment bank First Boston, was formed after White Weld was purchased by Merrill Lynch. The terms under which CSFB was established caused the defection of CSFB Chairman and Chief Executive John Craven, who was replaced by Michael von Clemm.
Although he was consistently pilloried as a bad manager and was eventually replaced as chief executive by Hans Ulrich Doerig from Credit Suisse, von Clemm was widely credited with helping the company achieve its undisputed dominance of the Eurobond market with innovative financing deals. He also oversaw, however, one of the greatest financial disasters in the company's history, a $150 million issue bought by the company in 1980. The deal eventually cost CSFB between $20 and $40 million, and the three years during which von Clemm managed the company were its least successful.
Four years later six executives, including three executive directors, left Credit Suisse First Boston. The exodus coincided with the appointment of Jack Hennessey, formerly of First Boston, as chief executive to replace Doerig, who returned to Credit Suisse. A former assistant secretary of the treasury, Hennessey was brought in to reduce the friction and to assume management duties. Von Clemm remained as chairman. The problems were not over, however.
At the beginning of 1984, three CSFB executives defected to Merrill Lynch, taking seven others with them. Published accounts of the brouhaha suggested that the expansion of Deputy Chairman Hans-Joerg Rudloff s power base within the company offended a number of the executives, many of whom were accustomed to operating in a wide open entrepreneurial environment. But the company was growing too large, and as senior executives tried to figure out how to manage CSFB, the infighting grew nastier; Rudloff was considered the consummate corporate infighter.
At about the same time, full-service investment banking companies such as Salomon Brothers and Goldman Sachs, as well as Japanese and German concerns, started pushing their way into the Eurobond market. That forced CSFB to diversify into mergers and acquisitions, equity sales, and other specialties, as CSFB's share of the Eurobond market dropped from more than 16 percent to just more than 11 percent.
In addition, CSFB was encountering competition from, of all places, its own two parent companies, Credit Suisse and First Boston. As the need for better cooperation between, family members became apparent, CSFB moved one of its New York executives to London to establish better relations. For a while things seemed to be working. One of the first joint ventures among the three companies involved a $4 billion bond floated by General Motors Acceptance Corporation. While First Boston was lead manager, Credit Suisse provided a letter of credit to back the notes and CSFB placed $400 million of the bonds in Europe.
The true survivor of CSFB remained Rudloff, who took the company into Amsterdam with a bank acquisition there in 1986, and then became a director and officer of Credit Suisse itself in early 1987. Rudloff's return to Switzerland was viewed by the staid Swiss banking establishment as a harbinger that the cozy days of gentlemanly Swiss banking had come to a close.
One result of the newly deregulated and ever-fluctuating markets of the 1980s was that the relationship among Switzerland's three major banks (which included Credit Suisse, Union Bank of Switzerland, and Swiss Bank Corporation), collectively known as "the syndicate," could no longer be so friendly. Once a fairly tightly knit trio, they adopted new guidelines giving each other flexibility to withdraw from deals with which the others are involved if they have doubts about the borrower and even to return up to 60 percent of their allocation of bonds after a deal is done.
Acquisitions, Restructurings, and Diversification Highlighted 1990s
The stock market crash of 1987 hit CSFB and First Boston particularly hard. During the year that followed, CSFB's problems included an estimated $15 million loss on a 1987 debt swap with Italy. First Boston, meanwhile, suffered large losses from bad bridge loans for mergers and acquisitions. In 1988 Credit Suisse and First Boston restructured their troublesome marriage under a new company, CS First Boston. Two years later, Credit Suisse bailed out the still-troubled First Boston by agreeing to pump $300 million in equity into the firm, increasing Credit Suisse's stake to 60 percent and making the Swiss bank the first foreigner to own a Wall Street investment bank. Relations between Credit Suisse and First Boston managers remained strained during the early 1990s, as it was difficult to reconcile the more freewheeling style of First Boston with the more conservative (if aggressive for Switzerland) style of Credit Suisse.
Meanwhile, Credit Suisse had been reorganized in early 1989. A new publicly traded holding company, called CS Holding, was created under which were placed Credit Suisse, the group's full-service bank in Switzerland; CS First Boston; Fides Holding, which specialized in trust business and management consulting in Switzerland; and the company's controlling stake in Electrowatt Ltd., the Swiss power utility. This simplification of what had been an extremely complex web of cross-holdings and sister firms cost the company about $80 million.
Acquisitions and new growth areas were major themes of the 1990s for Credit Suisse. In April 1990 Bank Leu, Switzerland's fifth largest bank, was acquired in the first hostile takeover in Swiss banking. Bank Leu, which catered to the wealthy in Switzerland, became the centerpiece for Credit Suisse's private banking business, which also included Clariden Bank, serving customers in North and South America, and the northern European activities of Bank Hofmann.
In addition to private banking, Credit Suisse added another operating unit to its organization chart when it entered the insurance business, the first Swiss bank to do so, by establishing CS Life Insurance in October 1990. The group's involvement in insurance broadened in December 1994 when it entered into an alliance with Swiss Re, and in December 1995 when another alliance was formed, this one with Winterthur Insurance, the second largest Swiss-based insurance company.
In early 1993 Credit Suisse outbid Union Bank of Switzerland for the country's fifth largest bank, the troubted Swiss Volksbank, in a SFr 1.6 billion (US $1.1 billion) deal. Over the next few years, Credit Suisse and Swiss Volksbank's network of domestic branches were reconciled.
In 1994 the Fides trust business was placed within the Credit Suisse banking operation. A much more significant restructuring and a refocusing of the overall group began in 1996. Early in the year Credit Suisse discussed a merger with Union Bank, which would have created a Swiss banking giant. Instead, Credit Suisse decided to turn its attention away from Switzerland; rather than being a Swiss bank with significant international interests, the group decided to become a truly international banking and financial services power that happened to be based in Switzerland and had some core businesses there. Under the resulting reorganization, CS Holding was renamed Credit Suisse Group. The company's operations were reorganized into a domestic banking unit called Credit Suisse Volksbank, which represented a full merger of the operations of the old Credit Suisse and Swiss Volksbank; a private banking unit called Credit Suisse Private Banking, which included Bank Leu, Clariden Bank, Bank Hofmann, and other CS Holding private banks; Credit Suisse First Boston, which included a full merging of CS First Boston and CS Holding's other corporate banking operations; and Credit Suisse Asset Management. All units except for Credit Suisse Volksbank were to operate on a worldwide basis. Later in 1996 Credit Suisse made its first moves toward divesting its controlling stake in Electro-watt, which promised to focus the group further on its core financial services businesses.
About the same time that the company was being restructured for the 21st century, its activities—and those of other "Big Three" Swiss banks—during World War II were being reexam-ined, with resulting negative publicity. Reports of the banks' financial dealings with Nazi Germany were published, and Jewish groups pushed for reclamation of money that had been placed into Swiss bank accounts before World War II by victims of the Holocaust. The Swiss banks were initially reluctant to cooperate with these efforts—in part because of their traditional secrecy—but the resulting worldwide outcry forced the banks to publish lists of people who owned dormant accounts that had been opened before 1945, accounts that contained a total of SFr 61.2 million (US $41.3 million) in them. In early 1997, the Big Three banks agreed to set up a SFr 100 million (US $70 million) humanitarian fund for the victims of the Holocaust.
In August 1997 Credit Suisse Group made a great leap forward in the insurance sector when it announced the acquisition of Winterthur Insurance for about US $9.51 billion. This move immediately vaulted Credit Suisse into the top ten financial services companies in the world, with total assets of about SFr 700 billion (US $466 billion), which brought it close to the size of Europe's largest bank, Deutsche Bank AG. It also increased the group's assets under management to about SFr 700 billion (US $466 billion), which ranked it third in the world, trailing only Fidelity Investments and AXA/UAP/Equitable. Winterthur was set up within the group umbrella as a fifth operating unit, and Credit Suisse's CS Life would be integrated into Winterthur Life.
The integration of Winterthur, along with antitrust issues raised by the merger, particularly in the United States where banking and insurance still, by law, had to be kept separate, were sure to dominate the late 1990s, but Credit Suisse Group was now a clear giant in global finance. The company was well positioned to reach its goal of international greatness.
Neue Aargauer Bank; Bank Leu AG; Affida Bank; Bank Heusser & Cie. AG; Credit Suisse Fides; Clariden Bank; Bank Hofmann AG; Bank fur Handel & Effekten; Credit Suisse Trust; Credis International Fund Holding Ltd.; Credit Suisse (Gibraltar) Limited; Credit Suisse (Guernsey) Ltd.; Credit Suisse (Luxembourg) S.A.; Credit Suisse (France) S.A.; Credit Suisse (Bahamas) Ltd.; Credit Suisse Trust and Banking Co. Ltd. (Japan); Credit Suisse, Inc. (Canada); Credit Suisse Trust Holdings (Guernsey); Credit Suisse Securities Ltd. (U.K.); Swiss American Securities Inc. (U.S.A.); Credit Suisse Deposit Centre (Guernsey); Credit Suisse Asset Management (Australia); Credit Suisse Asset Management (Praha) s.r.o. (Czech Republic); Credit Suisse Asset Management (Polska) S.p. z.o.o. (Poland); Credit Suisse Asset Management Ltd. (U.K.); BEA Associates (U.S.A.); Credis (Deutschland) GmbH; Credis Investissements (France) S.A.; Credis SIM S.p.A. (Italy); Credit Suisse Investment Funds (Moscow) A/O (Russia).
Credit Suisse; Credit Suisse Private Banking; Credit Suisse First Boston; Credit Suisse Asset Management; Winterthur.
Cooper, Ron, "Gut Instincts," Forbes, October 14, 1991, pp. 169-70.
——, "Gut's Gang of Four," Euromoney, November 1990, p. 24.
Crabbe, Matthew, "Gut's Secret Plan," Euromoney, January 1989, p. 38.
"Credit Suisse Restructures," Banker, August 1996, p. 5.
"Gnomes at Play," Economist, July 6, 1996, pp. 61-62.
Grant, Linda, "Will CS First Boston Ever Win?," Fortune, August 19, 1996, pp. 30, 34.
McGeary, Johanna, "Echoes of the Holocaust," Time, February 24, 1997, pp. 37-40.
Rhoads, Christopher, and Studer, Margaret, "Credit Suisse Plans To Buy Winterthur in Transaction Valued at $9.51 Billion," Wall Street Journal, August 12, 1997, pp. A3, A8.
Rodger, Ian, "The Enfant Terrible of Swiss Banking," Financial Times, January 9, 1993, p. 12.
Smith, Alison, "Rebranded Credit Suisse Thinks Global," Financial Times, January 20, 1997, p. 17.
Spiro, Leah Nathans, and Templeman, John, "A Short Leash for First Boston," Business Week, November 26, 1990, p. 156.
Studer, Margaret, "Credit Suisse Looks Ahead To Solving Antitrust Problems of Winterthur Deal," Wall Street Journal, August 18, 1997, p. A9.
"Swiss Banks Spat over Mergers," Banker, May 1996, p. 4.
"Swiss Cure," Economist, January 9, 1993, p. 66.
"A Swiss Giant Limbers Up," Economist, September 22, 1990, pp. 88, 93-94.
"A Swiss Role," Economist, November 17, 1990, pp. 100, 106.
Tagliabue, John, "Taking the Challenge of Streamlining Credit Suisse," New York Times, November 29, 1996, pp. D9, D14.
"A Treaty in Store for CSFB," Economist, April 16, 1988, p. 91.
Weberman, Ben, "A Gnome Named Gut," Forbes, September 22, 1986, p. 110.
Wicks, John, "Building Up a Big Bank: Credit Suisse CEO Robert Jeker Looks for Dynamic Growth in Financial Services," swissBusiness, November/December 1990, p. 6.
——, "Founding Father," swissBusiness, July/August 1991, p. 4.
—updated by David E. Salamie
International Directory of Company Histories
"Credit Suisse Group ." International Directory of Company Histories. . Encyclopedia.com. 17 Jan. 2023 <https://www.encyclopedia.com>.
"Credit Suisse Group ." International Directory of Company Histories. . Encyclopedia.com. (January 17, 2023). https://www.encyclopedia.com/books/politics-and-business-magazines/credit-suisse-group-0
"Credit Suisse Group ." International Directory of Company Histories. . Retrieved January 17, 2023 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/credit-suisse-group-0
Barclays Plc , Barclays plc 54 Lombard Street London EC3P 3AH United Kingdom (0171) 699-5000 Fax: (0171) 699-2460 Web site: http://www.barclays.co.uk Public Company… Deutsche Bank A.g , Taunusanlage 12 60262 Frankfurt am Main Germany (4969) 71500 Fax: (4969) 7150-4225 Public Company Incorporated: 1870 Employees: 73,450 Total Assets:… U.s. Bancorp , U.S. Bank Place 601 Second Avenue South Minneapolis, Minnesota 55402-4302 U.S.A. Telephone: (612) 973-1111 Fax: (612) 973-2446 Web site: http://www.u… Dresdner Bank A.g , Jurgen-Ponto-Platz 1 60301 Frankfurt Germany Telephone: +49-692-630 Fax: +49-692-63-4831 Web site: http://www.dresdner-bank.com Public Company Incorp… The Bank Of Nova Scotia , Scotia Plaza 44 King Street West Toronto, Ontario M5H 1H1 Canada Telephone: (416) 866-6161 Fax: (416) 866-3750 Web site: http://www.scotiabank.com Pu… Midland Bank Plc , 27-32 Poultry London EC2P 2BX United Kingdom (0171) 260-8000 Fax: (0171) 260-7065 Wholly Owned Subsidiary of HSBC Holdings plc Incorporated: 1836 Emp…
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text:
import unittest, time, sys
sys.path.extend(['.','..','py'])
import h2o, h2o_cmd, h2o_hosts, h2o_import as h2i

class Basic(unittest.TestCase):
    def tearDown(self):
        h2o.check_sandbox_for_errors()

    @classmethod
    def setUpClass(cls):
        global localhost
        localhost = h2o.decide_if_localhost()
        if (localhost):
            h2o.build_cloud(node_count=1)
        else:
            h2o_hosts.build_cloud_with_hosts(node_count=3)

    @classmethod
    def tearDownClass(cls):
        h2o.tear_down_cloud()

    def test_Basic(self):
        h2o.beta_features = True
        for n in h2o.nodes:
            c = n.get_cloud()
            self.assertEqual(c['cloud_size'], len(h2o.nodes), 'inconsistent cloud size')

    def notest_RF_iris2(self):
        h2o.beta_features = True
        trees = 6
        timeoutSecs = 20
        csvPathname = 'iris/iris2.csv'
        parseResult = h2i.import_parse(bucket='smalldata', path=csvPathname, schema='put')
        h2o_cmd.runRF(parseResult=parseResult, trees=trees, timeoutSecs=timeoutSecs)

    def notest_RF_poker100(self):
        h2o.beta_features = True
        trees = 6
        timeoutSecs = 20
        csvPathname = 'poker/poker100'
        parseResult = h2i.import_parse(bucket='smalldata', path=csvPathname, schema='put')
        h2o_cmd.runRF(parseResult=parseResult, trees=trees, timeoutSecs=timeoutSecs)

    def test_GenParity1(self):
        h2o.beta_features = True
        SYNDATASETS_DIR = h2o.make_syn_dir()
        parityPl = h2o.find_file('syn_scripts/parity.pl')

# two row dataset gets this. Avoiding it for now
# java.lang.ArrayIndexOutOfBoundsException: 1
# at hex.rf.Data.sample_fair(Data.java:149)

        # always match the run below!
        print "\nAssuming two row dataset is illegal. avoiding"

        for x in xrange (10,100,10):
            shCmdString = "perl " + parityPl + " 128 4 "+ str(x) + " quad " + SYNDATASETS_DIR
            h2o.spawn_cmd_and_wait('parity.pl', shCmdString.split())
            # algorithm for creating the path and filename is hardwired in parity.pl.
            csvFilename = "parity_128_4_" + str(x) + "_quad.data"

        trees = 6
        timeoutSecs = 20
        # always match the gen above!
        # FIX! we fail if min is 3
        for x in xrange (10,100,10):
            sys.stdout.write('.')
            sys.stdout.flush()
            csvFilename = "parity_128_4_" + str(x) + "_quad.data"
            csvPathname = SYNDATASETS_DIR + '/' + csvFilename
            parseResult = h2i.import_parse(path=csvPathname, schema='put')
            h2o_cmd.runRF(parseResult=parseResult, trees=trees, timeoutSecs=timeoutSecs)

            trees += 10
            timeoutSecs += 2

if __name__ == '__main__':
    h2o.unit_main()

redpajama_set_name: RedPajamaGithub


This new book aims to explore the key issues and debates surrounding the question of the incorporation and institutionalisation of restorative justice within existing penal and criminal justice systems, an increasingly pressing issue given the rapid spread of restorative justice worldwide at both national and international levels. In doing so it aims to build bridges between those concerned with the practical institutionalisation of restorative justice on the one hand, and those engaged in more theoretical aspects of penal development and analysis on the other. It offers conceptual tools and a theoretical framework to help make sense of these developments, reflecting expertise drawn from analysis of developments in Europe, North America and Australasia.
The institutionalization of restorative justice in Canada: effective reform or limited and limiting add-on?
Reintegrative shaming and restorative justice: reconciliation or divorce?


NOVATO, CA – (December 14, 2015) – Bank of Marin Bancorp (NASDAQ: BMRC) has announced the names of 15 students from 10 local high schools whose photography is featured in the Bank's 2016 community calendar. This marks the sixth straight year that Bank of Marin has worked with photography teachers and students at North and East Bay high schools to select images for the calendar. Students submitted almost 250 images, from which the final photos were selected.
Bank of Marin will donate $100 to each participating high school's photography program for the purchase of supplies and equipment. The 2016 community calendars will be available for free at all Bank of Marin branches.


Applicake jujubes lollipop sugar plum donut sweet roll pastry dessert. Jelly-o croissant powder chupa chups applicake soufflé. Croissant icing carrot cake lemon drops marshmallow sugar plum. Tootsie roll gummi bears bear claw jelly beans chocolate cake toffee. Cupcake gummies jujubes croissant lollipop donut muffin. Cheesecake sesame snaps fruitcake oat cake marzipan lollipop icing danish. Chupa chups powder icing muffin candy. Fruitcake donut topping cheesecake gummies. Marshmallow marzipan danish chupa chups. Biscuit chocolate carrot cake. Cupcake powder oat cake caramels donut powder dragée toffee. Applicake soufflé jelly. Chocolate bar chocolate bar gingerbread carrot cake brownie.
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text:
El Fútbol Club Industriales és un club cubà de futbol de la ciutat de l'Havana.

Els seus colors són el blau i el blanc.

Palmarès
 Lliga cubana de futbol:
 1963, 1964, 1972, 1973

Referències

Clubs de futbol cubans

redpajama_set_name: RedPajamaWikipedia


Ideally located within 2 to 5 minutes' walk to fabulous beaches, restaurants, shops, excursion agencies and all amenities, this spacious 1 bedroom apartment is fully air-conditioned and tastefully furnished. There is a double-bed in the bedroom and a "clic clac" sofa bed in the living room. The apartment benefits from unlimited fibre optic wifi as well as all mod cons, including a digital safe, a flat screen television and a DVD/CD player. Bed linen and bathroom towels are provided, and your bed will be made prior to your arrival.
The grounds of this private residence boast tropical gardens and a large, newly refurbished swimming pool with the latest ecological water treatment system free of salt and chlorine. On request, we will arrange for free parking at the residence. A concierge resides in the lodge at the entrance to the residence.
Included in the price, our lovely English and French speaking housekeeper, Marceline, provides a daily cleaning service (Monday to Friday, excluding bank holidays). Marceline will welcome you on arrival, show you around, give you the keys and ensure that your stay is comfortable and enjoyable. Books, beach toys, a travel cot and a highchair are available on request.
- Half day/full day deep sea fishing (marlin, tuna and other species).
- L'Aventure du Sucre, an old sugar mill converted into a stimulating museum retracing the history of Mauritius is also 15 to 20 minutes drive away.
- The Botanical Garden of Pamplemousses is world-renowned. The gardens are spectacular with an enormous variety of tropical plant species. There are also giant indigenous tortoises and a small zoo. It is about 20 minutes' drive away.
- Visit the restored, grand colonial mansion of Chateau de la Bourdonnais, its lush gardens, old orchards and distillery where you will learn about the old production techniques of agricultural rum. It is about 20 minutes away.
- For another journey into the past, we suggest you visit La Demeure St. Antoine in Goodlands. It is an old mansion filled with the elegance of a bygone colonial era. It's also a perfect place to have aperitif in the gardens followed by a lovely meal on the veranda facing the beautiful gardens. Only about 20 minutes drive away.
Pereybere lies on the north/north west coast, which is the most sheltered from winds. It enjoys a clement local climate making it a great all-year-round destination.
- Spacious living/dining room area for a 1 bedroom apartment. - The apartment is air-conditioned throughout: the living/dining room as well as the bedroom. - The living/dining room has a "Clic Clac" sofabed. - Good quality bed linen provided and beds made prior to your arrival. Towels for indoor use also provided. - The residence boasts one of the larger swimming pools on the island for a private residence. It has recently been refurbished with a chemical-free "Oxymatic" cleaning system. - Our lovely housekeeper, Marceline, who welcomes our guests on arrival and cleans the apartment 5 times a week (included in our advertised nightly price) is always delighted to prepare on demand a delicious traditional Mauritian meal for a modest fee (250 - 350 Rupees per person per meal) . She can also take care of your laundry (250 Rupees per load, washed and ironed). - The residence is on the beach side of the coastal road running through Pereybère. There are no roads to cross to walk to an array of wonderful beaches, 3 to 5 minutes walk from the apartment. - The apartment is only 2 to 3 minutes walk from a very well-stocked supermarket, with also has a bakery section. - All amenities: a bus stop, taxi stand, restaurants, car rental agencies, diving centers and tour agencies are between 1 to 5 minutes walk from the apartment. - If required, we can organise your airport taxi transfers through a reliable English and French speaking driver (1,700 Rupees per transfer). - During your stay, the taxi service is also available for a wide variety of bespoke half and full day excursions.
Good quality bedding and the bed is made prior to your arrival.
Bathroom towels provided but please note that they are not for beach use. We do not provide towels for beach use.
Spacious air conditioned living/dining room with "Clic Clac" sofa bed and door leading to the balcony.
Crockery, pots and pans and kitchen utensils provided.
The balcony leading from the living/dining area, features a square wrought iron table with 2 chairs. We also provide 2 foldable beach chairs, which you may use by the pool or at the beach.
Just wanted to thank you and to let you know that we had a wonderful time staying in your apartment and visiting Mauritius. We loved the island and the people were all very friendly. Was lovely to meet your parents who were very friendly and helpful. Also Marcelline who cleaned the apartment. The apartment was perfect! Perfectly situated and had everything that we needed for our stay. We wouldn't hesitate to recommend to family and friends.
A good rental for two people and enough space for four if you don't mind preparing a sofa bed for the other two.
Positives: A great position: near the supermarket, car rental office, bus stop and about 4 minutes' walk to the beach.
Handy to have a pool for days when it's too windy for the beach, although there is some road noise but you'll get used to it.
There are plenty of utensils, crockery and bowls, etc. in the kitchen.
Spare linen and a linen basket is provided, so just wash what you've used. The washing machine plays a little tune when it's finished its cycle! A drying rack is provided.
The air con works well.
There is an alarm so you can feel safe.
The maid is very helpful and friendly.
Our taxi transfer was as arranged.
Negatives: A drawback is that there is no hot water in the bathroom basin or the kitchen sink so be prepared to boil the kettle. It would be helpful if this was pointed out.
The underground parking that comes off the little lane is quite tight so you have to be good at manoeuvring, so hire a small car. There are usually some cars parked at the top of the lane, so make sure there's nothing coming before you turn down there from the main road.
Extra information: The cooker is gas, including the oven and matches are provided (standard size not long ones, which seem to be impossible to find in the shops!).
We are really happy to write this review about the apartment and Mauritius as well.
First of all if you are looking for a destination with great weather, beautiful ocean and amazing people Mauritius is a right place for you! We always hoped that such a place still exist in the world where people great you with a smile in their face only because they pass around you! We really loved that!
As for the Pereybere it is a nice holiday village with good restaurants serving thai, chinese and creole food, several bars, internet cafes, travel agencies, ATM machines, some boutiques and big supermarket called "Winners" where you can buy really everything you might need. It is ideally located about 100 meters from the apartment (it is great for buying the freshly baked baguette every morning :) Pereybere is also known for its beautiful turquoise lagoon where you can swim almost like in a pool. We have a small baby so we couldn´t think of a better place. Yes it can get a bit crowded during the weekends but it is nice to see how locals spend their weekends by the sea. On the other side of the apartment there is a loooong stretch of so called private beaches where you can relax without the crowds. Apartment is equipped with the lightweight sun chairs and umbrella which you can take along with you to the beach.
As for the apartment itself... it is a nice, bright and very good located holiday apartment where you will find everything you might need for the selfcatering vacation. There is also a babycot and a highchair. Everyday cleaning is a bonus that we really appriciated and you are also in touch with lovely always smiling housekeeper Marceline who is there to help you with anything you might need.
And at the end we want to thank to the owners Sandra and Mark who were very helpful arranging the things around apartment. We were lucky enought to meet them and their parents personally. They all are such a nice people who provided us with plenty of information about the island and helped us with everything we needed during our one month long stay and also helped a lot when our baby was ill... they made our stay really amazing and unforgettable experience! And when they left back to Europe our baby was standing everyday infront of their door saying "Where is Gerome and Silvia?" :))) it was so cute...So once again thank you and we really hope so much to meet you all again in such a beautiful place like Mauritius definetely is!
We would like to let you know we had a very relaxing enjoyable holiday.
The was excellent. We used the "private" beach the mostly, as it is only 5 minutes walk and the snorkling for tropical fish was what we both were looking forward to. We found the trip (Rs400) to the South West showed us most of the Island and the bus rides into Port Louis(Rs32) as good as any fairground ride!
Marcella's meal was delicious and plenty of it.
There are lots of restaurants within 10 min walk or Winners supermarket is only 2 mins round the corner.
First of all thank you so much for really a great holiday.The photos don't do this apartment justice.. What a lovely spacious apartment, furnished appropriately for holidaymakers wanting a self catering style of holiday.,which is the only way to enjoy Mauritius :-) . The supermarket is around the corner and there are 2 fruit markets just as close making shopping so convenient . We enjoyed amazing food for breakfast every morning and had lunch and dinner a couple of times in the apartment. The place was kept immaculate by Marceline who also makes a mean local curry upon request for dinner - for a nothing fee. We spent every day on the beach and there was a cupboard full of beach towels, and beach chairs and mats to use which we really appreciated. The coffee perculator was my best friend and the local supermarket stocked my favourite coffee :-) . The location was brilliant - 5mins to Grand Baie by bus which stopped outside the door, and cost next to nothing. Cote d Azur private beach was a two minute walk and we spent every other day here, while Pereybere's main beach, a 3min walk was a lovely beach style lagoon , and a sunbed and umbrella could be hired out for the whole day, and Cafe Perybere and the local Food Stand and Icecream stand was well visited by us. We highly recommend hiring a scooter and going around the island - we had a free tourist map to use and it was easy to get around. Swimming with Dolphins was the highlight of our trip , which Nanda, who picked us up from the airport, combined it with a mini tour around Mauritus for a great price. Nanda is the man to talk to about tours, and if you like seafood and don't mind basic restaurant surroundings then Nanda's Uncles Rest in Grand Baie is the one to visit . The Sailing trip out to Flat Island was also another highlight with the snorkleing and the onboard seafood BBQ. We could go on and on about how amazing Mauritus was and staying in such a fresh, spacious and well equipped apartment for two weeks just made the holiday a real island style living scenario. We had an amazing time and ( fingers crossed) hope to be coming back next year. It really was a wonderful and truly magic holiday and would recommend it to families, couples and friends.
We cannot recommend Mauritius more highly! A more colourful and vibrant place would be difficult to imagine. The people are very friendly, and the island feels very safe.
We had a wonderfully warm welcome, first from Nanda who drove us safely across the island from the airport, then from the lovely Marceline, who couldn't have been more friendly and helpful, and subsequently from Sandra's very kind parents who gave us lots of useful advice.
The apartment is situated in Pereybere which is a pleasantly lively place with a variety of reasonably priced restaurants. The new 'Winners' supermarket is conveniently close and well stocked. The apartment itself is bright, and cool (due to the air conditioning). The furniture is quite basic, but we found the washing machine very useful. Marceline had thoughtfully furnished the fridge with a few items, so our first breakfast was provided for.
We didn't often feel 'ripped off' in Mauritius, but avoid the loungers and parasols on the beach for which they wanted to charge us 800 rupees. Do make sure you find time to visit the south of the island which is also very beautiful but quite different to the north.
All in all it was a great holiday! Don't miss out!


text:
FOR LEOS
WHY 360ARMOR
360ARMOR COMMUNITY
DONATE/SPONSORSHIP
360 STORE
360ARMOR PRESENTATIONS
360Armor is a cop-led 501c3 charitable non-profit teaching organization. We're a nationwide group of law enforcement officers (LEOs) who are committed to fitness and wellness on all fronts…for the benefit of our communities, for our families, and for our own on-duty/off-duty lives, too.
Our challenging program is designed to push back against the well-known attrition of our occupation. It focuses on four areas of fitness and wellness: emotional (Heart), spiritual (Soul), mental (Mind), and physical (Strength). Membership is conditioned on a commitment to pursue fitness in each area, and help fellow members do the same.
Our on-duty/off-duty core values are Fitness, Wellness, Right-Relationships, Honor, and Balance.
On-duty and off-duty, we pursue optimal fitness on all fronts—physical, emotional, mental, and spiritual—to better protect ourselves, and to better serve our families and our communities.
We see an American police force that is so fully prepared that it is unaffected by work-caused attrition, allowing its members to optimally serve, protect, and lead in their communities and in their own homes.
360ARMOR Leadership
Founder/Director: Dave Edmonds, 30-year-LEO (ret.), Sonoma County (CA) Sheriff's Office; Hanford (CA) Police Department.
Board of Directors: Pastor Warren Hays, Pastor JR Young, Pastor Char Broderson, Jeff Gilman; Sonoma County, CA.
360ARMOR Advisory Board
Dave Pedersen, 24-year LEO, Sonoma County (CA) Sheriff's Office (ret.), Santa Rosa (Ca.) Police Dept.
Thomas Edmonds, 37-year LEO (ret.), Kings Co. (CA) Sheriff's Office
Fran Sur, 13-year LEO, Los Angeles Aiport Police Department
Al Gray, 35-year LEO, Royal Canadian Mounted Police, Vancouver, BC.
Mike Raasch, 29-year LEO, Sonoma County (CA) Sheriff's Office,
Chris Spallino, 25-year LEO (ret.) Sonoma County Sheriff's Office
Stephen Wilbanks, 16-year LEO, Hall County (GA) Sheriff's Office
Mike Kelly, 38-year LEO, Nacogdoches (Tx) Police Department
©2020 360ARMOR 360ARMOR is a Christian-led charitable nonprofit teaching organization (Federal Tax ID 27-3952199). We exist to serve and support the entire police officer population and culture without judgement. We can be contacted at admin@360Armor.org

redpajama_set_name: RedPajamaCommonCrawl


text:
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		<param-name>primefaces.THEME</param-name>
		<param-value>bootstrap</param-value>
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	<filter>
		<display-name>AppEngine Bug 8145 Work Around</display-name>
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package org.apache.storm.localizer;

import com.google.common.annotations.VisibleForTesting;
import java.util.Comparator;
import java.util.Iterator;
import java.util.Map;
import java.util.SortedMap;
import java.util.TreeMap;
import java.util.concurrent.ConcurrentMap;
import org.apache.storm.blobstore.ClientBlobStore;
import org.apache.storm.generated.AuthorizationException;
import org.apache.storm.generated.KeyNotFoundException;
import org.slf4j.Logger;
import org.slf4j.LoggerFactory;

/**
 * A set of resources that we can look at to see which ones we retain and which ones should be
 * removed.
 */
public class LocalizedResourceRetentionSet {
    public static final Logger LOG = LoggerFactory.getLogger(LocalizedResourceRetentionSet.class);
    private long currentSize;
    // targetSize in Bytes
    private long targetSize;
    @VisibleForTesting
    final SortedMap<LocallyCachedBlob, Map<String, ? extends LocallyCachedBlob>> noReferences;

    LocalizedResourceRetentionSet(long targetSize) {
        this(targetSize, new LRUComparator());
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    LocalizedResourceRetentionSet(long targetSize, Comparator<? super LocallyCachedBlob> cmp) {
        this(targetSize, new TreeMap<>(cmp));
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    LocalizedResourceRetentionSet(long targetSize,
                                  SortedMap<LocallyCachedBlob, Map<String, ? extends LocallyCachedBlob>> retain) {
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    // for testing
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    /**
     * Add blobs to be checked if they can be deleted.
     * @param blobs a map of blob name to the blob object.  The blobs in this map will be deleted from the map
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            noReferences.put(b, blobs);
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    /**
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     * @param store the blobs store client used to check if the blob has been deleted from the blobstore.  If it has, the blob will be
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    public void cleanup(ClientBlobStore store) {
        LOG.debug("cleanup target size: {} current size is: {}", targetSize, currentSize);
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                return System.identityHashCode(r1) - System.identityHashCode(r2);
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            return ret > 0 ? 1 : -1;
        }
    }
}


Ryan Ogden is a global humanitarian from Richfield, Utah and is the Executive Director of Revive Humanity. He graduated from Utah Valley University with a communication degree and loves to do just that, COMMUNICATE. Either in Tagalog, Spanish, or English he loves to interact and be with people. After a two year mission for his Church in the Philippines he founded and became the Executive Director of Philippine Improvement Group (This is a 501(c)3 charitable organization that leads the way to improvement by teaching, healing, and increasing the stability in the Philippines). He has lead many service tours to the Philippines and other places around the world. He taught the language of Tagalog at the Missionary Training Center for 2 years. He speaks basic Spanish but isn't afraid to speak it to anyone. Ryan loves directing tours and putting a smile on faces while doing so.


text:
GCSE results: Stratford School Academy celebrates 'excellent' grades at end of 'difficult' academic year
Published: 12:48 PM August 20, 2020 Updated: 10:23 AM October 13, 2020
A headteacher has welcomed an "excellent" set of GCSE results at the end of a "difficult" school year.
Stratford School Academy in Forest Gate reports that the class of 2020's grades will give a significant majority of pupils a "strong platform" to take their education further.
Headteacher Craig Hewitt said: "We are incredibly proud of these results which are a real testament to the hard work of our students and their teachers together with the support of our parent community.
"It is great to have some good news in what has been a difficult year for many people and we are looking forward to celebrating these achievements with the students.
"We are so proud of our Year 11 pupils and how well they have adapted to this year's sudden change in circumstances. Their hard work is evident in their great results. We wish them all the best for the future."
The school reports that 76 per cent of students achieved a standard pass, at grade 4 or higher, in English and Maths.
A total of 61pc of youngsters scooped a strong pass, grade 5 or higher, in the same subjects.
And 76pc of pupils were awarded standard passes in five or more subjects including English and Maths.
Exceptional performances include Mahir Khan who gained eight grade 9s and one grade 8; Rashad Chowdury who was awarded seven grade 9s and two grade 8s as well as Solademi Oduyoye on eight grade 9s and one grade 8.
Faria Jahangir also scooped seven grade 9s and two grade 8s with Mayeda Miah earning the same.


In 2013, Duggal and Fujifilm announced the first commercial installation globally of the new Inca Onset Q406i UV high-speed digital press. With a droplet size of just 9 picoliters – three times less than the industry standard – the Inca gives Duggal the ability to provide unprecedented image detail and tonal range for industrial-volume runs.
In addition to the Inca, our Rho 900 flatbed press an Océ Arizona 350 GT UV flatbed printers are capable of printing directly onto an assortment of substrates up to 2 inches thick, from display boards to aluminum and wood. Our presses also feature white ink for special effect printing on colored and metallic substrates.


We rent bicycles for most needs. We can offer std bicycles, children's bicycles, electric bikes, touring and MTB. Höör with surroundings offers nice bike trails in varied nature.
Here are some options, you lack something so please ask, maybe we can arrange it.
Our usual rental terms (all can be found here (Swedish)) for machine rental also apply to bicycles. It is especially important to consider the points below.
* All cycling takes place at your own risk and the target man is responsible for his or her children.
* Places or loss of rental items are replaced by full value.
* The rented property must not be rented out, lent, mortgaged, transferred or otherwise disposed of.
* The lessee is responsible for the lease object being returned in the same condition and in the same place.
* If the bicycle is not relinquished at the agreed time, double the rent for this time.
Fill in the form if you wish to book bikes or have any questions. We normally respond within one working day. Note. No bikes are booked from you have received a confirmation from us.
Fyll i antal, typ, hyrestid, andra önskemål etc. Fill in what you want, type, how many, rental time, other wishes etc.


Costco, Wholesale Clubs, listed under "Wholesale Clubs" category, is located at 4901 Gate Pkwy Jacksonville FL, 32246 and can be reached by 9049977018 phone number. Costco has currently 0 reviews.
Browse all Wholesale Clubs in Jacksonville FL. Discover census data for Jacksonville, FL.


text:
Home/ARTICLES/GETTING LICENSED
Is your skipper's ticket legal?
By Carl Krause,
SADSAA National Safety Officer
FROM AS far back as I can remember, any person who took a craft to sea in the capacity as "skipper" was required to have a "Skipper's Ticket" or licence to do so.
In the mid 1950s the few deep sea angling clubs that were in existence either had their own clubs' skippers' tickets or, in the Durban Area, the Port Captain instituted specific requirements that had to be incorporated into the club's rules.
Thereafter, following the formation of the South African Ski-Boat Association, efforts were made to ensure that all crafts' skippers were licenced throughout South Africa and that stringent requirements came into force regarding the issuing of competency certificates.
These could only be issued after skippers had undergone intense practical and theory training and had indeed proved themselves to be competent skippers.
When the current national authority — South African Marine Safety Authority (SAMSA) — was introduced under a national government decree and legislation, all the different "skippers' tickets" were technically made redundant and their version of "grandfather clauses" with a specific time frame resulted in one uniform skipper's ticket being used nationwide.
As happens with so many regulated documents, a great number of "licensed skippers" either never became aware of the new requirement or adopted the stance of "I have my skippers ticket and have been taking a boat to sea for 10, 20, 30 years, so why must I change now?"
It's a reality that we live in an era of stringent controls in most aspects of life, and the requirement to have the right SAMSA Skipper's Ticket to take a craft to sea is one of them.
In recent months I have had hundreds of queries about which certificate/skipper's ticket is now valid.
For ease of reference, in this article we have shown examples of which "old" tickets are now obsolete, and have also provided photos of the only tickets that are now legal in terms of SAMSA legislation. Note the endorsements and wording.
With the new necessity to have a VHF radio aboard all sea going craft and a licensed operator/skipper aboard a craft going to sea, it is likely that the authorities will be doing a lot more checking of craft both for sea worthiness and also to see that skippers have legitimate skippers' tickets and VHF operation certificates.
Please note that SAMSA are appointing law enforcement officers to do the necessary checking of COCs and radio licences as well as COFs and buoyancy certificates. Insurance companies and financial institutions are also asking to see the correct documentation before they will cover or finance a boat.
Many of the old licences have categories that have changed with the inception of the new system and a few skippers are being caught out with wording that does not enable them to practice their sport and recreation at certain water distances out to sea. Endorsements were never placed on old skippers' licences, but today it is essential to have the correct endorsements, especially for insurance claims and in case of accidents under investigation.
If you are not sure about your licence you are welcome to e-mail <safety@sadsaa.co.za> and we will help you figure out whether your ticket is legal and, if not, how to upgrade. It is a paperwork trail and another expense, but if you think of the value of your craft and your boating safety, it's worth getting legal now.
To avoid possible prosecution, you must also ensure that all the necessary paper work and licences are in the possession of the skipper of any craft going to sea.
IRON FIST FROM THE SEA