Amazing layout - thanks for sharing. To quote John Keats, "A thing of beauty is a joy forever"!!!
Thanks Norm everyone enjoyed the evening. (Even though all your engines and rolling stock were dirty).
Thanks for coming out everyone! Some interesting trains got run. I'm spent!
Incredible video and photos the best I have ever seen online. Norms layout is truly amazing. Look forward to seeing other layouts from your group.
You did good Norm. Welcome to D3Rs.
Norms the best. Not just the trains, or the scenery, or photography or attention to small details or speed of production or knowledge... well ok, he might be the best.
However, he is a really nice guy and that makes it all worth the while.
Great job as usual Norm.
Yep, that's one sweet layout! Each time I look at the videos and pics I always see something I hadn't seen before.
Just a great time Norm .... Thank you.
Every time I see new photos of Norm's incredible layout, it just gets more amazing! Got to be one of the all time best sceniced and realistically detailed layouts out there.
Thanks Norm & Charlie for a great evening! Enjoyed meeting the gang!
Thanks for hosting a great evening Norm!
Norm's layout is what I look at as a goal for mine. Thanks for that video.
Absolutely beautiful layout with fantastic attention to detail. Make we wish I lived closer to Detroit, except maybe for the cold. Also a very nicely produced video.
Chief Engineer of the "See & Owe" railroad. When I see something that I like I will soon owe someone for it.
Thanks again CHARLIE for a great video!!!!
NORM, that is a beautiful layout!!! But I agree with SIR JAMES your trains are very dirty .
SIR JAMES, nice Cameo at the end. Lumberjack?
Quick question regarding "Hi-Rail" in general: typically, do you keep the over-size wheels with the deep flanges and thicker wheel depth, or replace the wheel sets with 2-rail wheels?
In any case, what a stunning layout.
I know Norm uses KD couplers but not sure about the flanges. Unless they are on display who actually see's them?
While I'm here I do hope the readers understand the humor about Norms dirty trains. I was referring to the weathering.
Always getting into trouble aren't you Jimmy.
Norm thanks for hosting again, sorry couldn't make it but hope to see you at York!
That's a great video of a truly awesome layout. Well done, fellas.
Thank you Norm for a great time!!! Your layout is truly incredible. I enjoyed the conversation and great friends we have in this club. See you at my place next month!!
I think Jim should be the D3R fashion consultant. That flannel of his will never go out of style!
Glad everyone who came out had a good time. I sure did! Thanks for all the kind words.
To answer Strummer's question - my engines and rolling stock are basically 3RS. After selecting and acquiring mostly RTR engines and rolling stock based on road name and era, ride height is corrected if needed, pilots are fixed if applicable, and body/frame-mounted Kadees are installed for a more scale appearance and better operation.
Daniel and I had a great time! Love the work you do. Next time I will bring more steam to run together! Maybe 6 steamers next time. Thanks again.
Thx man! You guys killed my poor powermasters - I may need to upgrade before the next party!
You need a bank of car batteries to power Greg's lashups.
Your concrete buildings, walls, etc are the most accurate representation of the real thing I have ever seen. Would you mind sharing how you get the colors so spot on?
Mike, thanks, for streets and retaining walls I mostly use Krylon (might actually be Rustoleum now) Khaki Camo, washed over and dry brushed with acrylics.
Short Clip of My Lionel Milwaukee Rd E6 & MTH passenger cars on Norm's Layout 02-09-2019.
What A Great Train Running Night.
OMG, I am so impressed with the detail on that layout! If you retitled the video as a early 50's film, it wouldn't be questioned! Other than the clarity of the images. The detail down to the weeds ! Just so phenomenal.
The video is great as well, I find it hard to believe that this was taken at a "monthly meet", It would seem to me that it was a staged event, for a professional recording. Wonderful job!! You guys should really be proud!!!!
Norm's layout and trains continue to inspire.


text:
Northern Trust Corp (NTRS) Q3 2021 Earnings Call Transcript
NASDAQ: NTRS
NTRS earnings call for the period ending September 30, 2021.
Northern Trust Corp (NTRS -0.02%)
Good day, everyone. Welcome to the Northern Trust's Third Quarter 2021 Earnings Call. [Operator Instructions]
At this time, I will turn the call over to Mr. Mark Bette. Please go ahead, sir.
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Mark Bette -- Senior Vice President, Director of Investor Relations
Thank you, Alan. Good morning, everyone, and welcome to Northern Trust Corporation's third quarter 2021 earnings conference call. Joining me on our call this morning are Mike O'Grady, our Chairman and CEO; and Jason Tyler, our Chief Financial Officer. Our third quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This October 20th call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be available on our website through November 17th. Northern Trust disclaims any continuing accuracy of the information provided in this call after today.
Now for our Safe Harbor statement. What we say during today's conference call may include forward-looking statements, which are Northern Trust's current estimates and expectations of future events or future results. Actual results, of course, could differ materially from those expressed or implied by these statements, because the realization of those results is subject to many risks and uncertainties that are difficult to predict. I urge you to read our 2020 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission for detailed information about factors that could affect actual results.
During today's question-and-answer session, please limit your initial query to one question and one related follow-up. This will allow us to move through the queue and enable as many people as possible the opportunity to ask questions as time permits.
Thank you again for joining us today. Let me turn the call over to Mike O'Grady.
Michael G. O'Grady -- Chairman, President and Chief Executive Officer
Thank you, Mark. Let me join and welcoming you to our third quarter 2021 earnings call. During the third quarter, we continued to have success executing on our growth strategies across each of our businesses. In our Wealth Management business, we've driven strong growth across each of our regions and our Global Family Offices business. We continued to see improved levels of engagement in new business activities with both existing and new clients.
During the quarter, we've also invested and strengthened our depth of expertise. There is no question that labor markets are tight and competition for talent is fierce, but even amid this environment, we are very pleased with the additions to our team across the country.
Within Asset Management, we continue to see momentum in our quant active FlexShares' ETF and ESG strategies. We launched six new climate-themed ETFs, which incorporate our new ESG Vector Score. Two of the launch funds were in Europe, marking our second launch of FlexShares offerings in Europe. We've also continued to have growth in our liquidity products and our money funds surpassed $300 billion in assets under management during the quarter for the first time. Additionally, our Asset Management business was recognized by Investment News as the 2021 Excellence in Diversity, Equity and Inclusion award winner for the third consecutive year.
Our Asset Servicing business continued to see growth that is well-diversified across regions, products and client segments. We remain focused on driving profitable growth, while investing and expanding our asset servicing solutions. The current environment has continued to pressure margins earned by investment managers and as they rethink their operating models and whether to move to outsourced solutions, our whole office approach has put us in a position to help them achieve their goals. We're also positioned well to benefit from the trends of asset owners managing more assets in-house, as the flexibility of our model and ability to combine capabilities for these clients has been an area of strength.
Our growth strategies within each of our businesses resulted in 11% year-over-year growth for our trust fees and 10% growth in our revenue. Our expenses also increased year-over-year, albeit at a lower rate, as we continue to invest in technology and our staff, including higher levels of compensation as we build a diverse engaged workforce with skills for the future. Taken together, this resulted in both positive fee operating leverage as well as positive total operating leverage.
To close, I also wanted to express my sincere and immense appreciation for our employees around the world, whose commitment, expertise, and professionalism in serving our clients, communities and one another continues to be truly extraordinary.
Now, let me turn the call to Jason to review our financial results in greater detail for the quarter.
Jason J. Tyler -- Executive Vice President and Chief Financial Officer
Thank you, Mike. Let me join Mark and Mike in welcoming you to our third quarter 2021 earnings call. Let's dive into the financial results of the quarter, starting on page two. This morning, we reported third quarter net income of $395.7 million. Earnings per share were $1.80 and our return on average common equity was 13.7%, which matches our performance from the prior two quarters. You can see some historical market data on the bottom of page two. Recall that a significant portion of our trust fees are based on quarter lag or month lag asset levels. And both the S&P 500 and EAFE Local had favorable sequential performance based on those calculations. As shown on this page, average 1-month and 3-month LIBOR rates were modestly lower during the quarter.
Let's move to page three and review the financial highlights of the third quarter. Year-over-year revenue was up 10% and expenses increased 3%. Net income was up 34%. In the sequential comparison, revenue was up 4% and expenses were up 1%, while net income was up 7%. The provision for credit losses reflected a release of $13 million in reserves in the current quarter compared to a release of $27 million in the prior quarter.
Return on average common equity was 13.7% for the quarter, up from 10.5% a year ago and consistent with the prior quarter. Assets under custody and administration and assets under custody were both up 21% compared to the prior year and flat on a sequential basis. Assets under management were $1.5 trillion and were up 17% from a year ago and also flat on a sequential basis.
Let's look at the results in greater detail, starting with revenue on page four. Trust, investment and other services fees, representing the largest component of our revenue, totaled $1.1 billion and were up 11% from last year and up 3% sequentially. Foreign exchange trading income was $66 million in the quarter, up 8% year-over-year and down 6% sequentially. The year-over-year growth was driven by higher volumes, while the sequential decline was due to lower volumes and lower volatility. The remaining components of non-interest income totaled $110 million in the quarter, up 21% from one year ago and up 11% sequentially. Within this, securities commissions and trading income was up 40% from the prior year and up 10% sequentially. Higher levels of interest rate swap activity benefited both the year-over-year and sequential results, while higher core brokerage revenue also benefited the performance versus last year.
Other operating income totaled $62 million and was up 17% from one year ago and up 15% sequentially. The increase compared to a year ago was driven by distributions from certain investments in community development projects, as well as higher banking and credit-related fees partially offset by lower miscellaneous income. The sequential increase was primarily driven by lower expenses related to Visa swap agreements and the higher income from investments in community development projects. Net interest income, which I'll discuss in more detail later, was $357 million and was up 6% from one year ago and up 4% sequentially.
Let's look at the components of our trust and investment fees on page five. For our Corporate & Institutional Services business, fees totaled $630 million and were up 8% year-over-year and up 3% sequentially. Custody and fund administration fees are $460 million and up 17% year-over-year and up 1% sequentially. Both the year-over-year and sequential increases were driven by favorable markets and new business. Unfavorable currency translation and lower transaction volumes also impacted the sequential comparison.
Assets under custody and administration for C&IS clients were $14.8 trillion at quarter end, up 21% year-over-year and flat sequentially. The year-over-year growth was primarily driven by favorable markets and new business. The sequential performance was driven by new business and favorable markets offset by unfavorable currency translation.
Investment management fees in C&IS of $114 million were down 17% year-over-year and up 13% sequentially. The year-over-year performance was driven by higher money market fund fee waivers, partially offset by favorable markets and new business. The sequential performance was driven by new business and favorable markets. Fee waivers in C&IS totaled $49.9 million in the third quarter, essentially unchanged from the prior quarter, but up compared to $0.9 million in the prior year.
Assets under management for C&IS clients were $1.2 trillion, up 17% year-over-year and down 1% sequentially. The growth from the prior year was driven by favorable markets and client flows. The sequential decline was driven by modest unfavorable impact from markets in currency, partially offset by positive net flows.
Securities lending fees were $20 million, up 2% year-over-year and up 3% sequentially. Average collateral levels were up 22% year-over-year and up 3% sequentially.
Moving to our Wealth Management business, trust, investment and other servicing fees were $481 million and were up 15% compared to the prior year and up 4% from the prior quarter. Fee waivers in Wealth Management totaled $26.7 million in the current quarter compared to $29.2 million in the prior quarter. And $4.4 million in the prior year.
Across the regions in Global Family Office, the year-over-year growth was driven by favorable markets and new business, partially offset by higher fee waivers. For the sequential performance, the growth within the regions was mainly due to favorable markets, as well as slightly lower fee waivers. Within Global Family Office, the sequential growth was primarily due to new business, favorable markets and lower fee waivers. Assets under management for Wealth Management clients were $373 billion at quarter end, up 17% year-over-year and essentially flat on a sequential basis. The year-over-year growth was driven by favorable markets and client flows, while the sequential performance primarily reflected client flows, mainly offset by unfavorable markets.
Moving to page six, net interest income was $357 million in the quarter and was up 6% from the prior year. Earning assets averaged $144 billion in the quarter, up 11% versus the prior year. Average deposits were $130 billion and were up 15% versus the prior year, while loan balances averaged $38 billion and were up 16% compared to the prior year.
The net interest margin was 0.98% in the quarter and was down 5 basis points from a year ago. The net interest margin decreased primarily due to lower average interest rates, partially offset by the benefits of balance sheet volume and mix. On a sequential quarter basis, net interest income grew 4%. Average earning assets and average deposits increased 1% on a sequential basis, while average loan balances were up 6%. The net interest margin increased 1 basis point sequentially primarily due to changes in balance sheet volume and mix.
Turning to page seven. Expenses were $1.1 billion in the third quarter and were 3% higher than the prior year and up 1% from the prior quarter. This quarter's results included a $6.9 million pension settlement charge within the employee benefits expense category, while the prior quarter included a pension charge of $17.6 million. Also recall that last year's results included a $43.4 million charge relating to account services activity -- account servicing activities. Excluding these items, expenses were up 7% versus the prior year and up 2% sequentially.
Compensation expense totaled $496 million and was up 7% compared to the prior year and was up 2% sequentially. The year-over-year growth was primarily driven by higher cash-based incentive accruals, as well as higher salaries. The sequential increase was primarily due to higher cash-based incentive accruals. Excluding the previously mentioned pension settlement charges, employee benefits expense was down 3% from a year ago and down 6% sequentially.
Outside services expense was $211 million and was up 13% from a year ago and down 3% from the prior quarter. Revenue and business volume expenses accounted for approximately three-quarters of the year-over-year growth. The remaining year-over-year growth within the category included higher technical services, consulting and data processing related costs, reflecting investment in the business as well as the timing of engagements. The sequential decline was driven by lower technical services, legal services and third party advisor fees, partially offset by higher sub-custody related costs.
Equipment and software expense of $185 million was up 8% from one year ago and up 4% sequentially. Both the year-over-year and sequential increases reflected higher software support and amortization costs. Occupancy expense of $54 million was up 4% from a year ago and up 3% sequentially. Higher real estate taxes and building operation costs were the primary drivers of both increases. Excluding the prior year's charge, other operating expense of $81 million was down 3% from one year ago and up 20% percent sequentially. The year-over-year decline was driven by lower miscellaneous expenses and staff related costs, partially offset by higher business promotion spend. The sequential increase was impacted by higher costs associated with the Northern Trust-sponsored PGA golf tournament, partially offset by other miscellaneous expenses within the category.
Turning to page eight. Our capital ratios remain strong, with our common equity Tier 1 ratio of 11.9% under the standardized approach, down slightly from the prior quarter. Our Tier 1 leverage ratio was 7.1% in line with the prior quarter. During the quarter, we purchased 860,000 shares of common stock at a cost of $100 million. We also declared cash dividends of $0.70 per share, totaling $148 million to common stockholders.
The current environment continues to demonstrate the importance of a strong capital base and liquid balance sheet profile to support our clients' needs. And we continue to provide our clients with the exceptional service and solution expertise they have come to expect. Our competitive positioning across each of our businesses, Wealth Management, Asset Management and Asset Servicing, continues to resonate well in the marketplace and is generating organic growth across each business.
Thank you again for participating in Northern Trust third quarter earnings conference call today. Mike, Mark and I'd be happy to answer your question. Alan, will you please open the line?
Certainly, sir. [Operator Instructions] And we will take our first question from Glenn Schorr with Evercore.
Good morning, Glenn.
Glenn Schorr -- Evercore ISI -- Analyst
Hi, thanks. Good morning. Thanks very much. Of course, first one is a question on custody and fund administration fees. Usually, we're beating you up and saying why didn't they grow as much as assets. At this time, you have 17% growth almost at pace with the 21% growth in assets. So I guess the underlying question is what's the nature of the new business that you're adding on? How is that average fee compared to the overall average? And if there's anything else you could add on in there, that'd be great, because it's interesting. Thanks.
Sure. Well, I'll start and if Mike wants to jump in. In looking at what's been added on, what was interesting to me is that it's a really good blend across geographies and across client channels. And so there has been good business that's been on-boarded in EMEA, APAC, but also in North America. And then you look at the client channels, whether it's our traditional Institutional Investor Group, IIG, or our Fund Services Group, there has been business that's been on-boarded across the board. Interestingly, we don't look that much at kind of the average fee per the assets coming on board. We look much more at what are we doing for those clients. And so I think what jumps more to me is how we've been able to continue to build in some of the other ancillary services that we were doing for clients. Things overall, like core brokerage, and you see FX down mostly because of the summer dynamic, but it's up nicely over year-over-year. Mike, anything to add?
I would just add, Glenn, two points. One is that with some of the new business that came online during the quarter, it was, as Jason mentioned, in North America, it was in Fund Services and specifically Fund Administration, plus other services related to that. So think about those as kind of full service clients to your point where per dollar of assets is going to be higher. So good client wins on that front.
And then the second thing is that we also get growth through the, I'll say, success and growth of our clients. And we've seen that particularly in the alternative assets area, where they've had good flows and good appreciation and that has flowed through to some of the increase in fees that you've seen for us.
That makes a lot of sense. Maybe just a quick follow-up, now that you mentioned the alternative world, obviously it is a big push and ongoing momentum in the high net worth individuals increasing their allocations to alts. We've seen that at bunch of the big broker dealers, we've seen the alts getting success in distributing their products, the big Wealth Management platform. Can you just talk to us about where you're at in terms of that evolution? Thanks.
Strategically, we see that as -- it's been successful to your point, Glenn, but still as a big opportunity for us across the company, so meaning each of our businesses. And with each of those, I would say we are trying to provide more in the way of services around that. So within Asset Management, our 50 South business is completely focused on providing alternative solutions for our both Wealth Management clients, but also institutional clients. Certainly within Asset Servicing, I mentioned there a little bit alternative asset managers. As you know, we have a relatively meaningful business in hedge funds. With hedge funds, we're looking to expand that more to private capital, where again we have a strong client base, but looking to grow that faster.
And then also within Wealth Management, if you just look at the asset allocation of our Wealth Management clients, at this point, it would indicate that overall their allocation to alternative should be higher over time. And so how can we provide that. We have some solutions on our platform in addition to 50 South, where they can invest directly in alternative funds. But we believe that there is more we can do across the spectrum of clients that we have. Okay, thank you.
Thanks, Glenn.
Your next question will come from the line of Steven Chubak with Wolfe Research.
Good morning, Steve.
Steven Chubak -- Wolfe Research -- Analyst
Hi, good morning. So just wanted to start off with a question on organic growth and maybe specific to the Wealth Management segment, some of your peers have been citing that flow rates have been running hot, expecting some moderation or normalization in the coming quarters. And I was hoping you could speak to where organic growth within the Wealth segment is running today? And what do you believe is a sustainable flow rate for that business longer term?
Well, the -- I'd start with separating the regions from GFO. And in general, over the last several years, the GFO business, which obviously people who are less familiar than you are, Steve, that serves the very upper end of our market clients with dedicated family offices. And we think that, that matches our brand particularly well and we've seen strong growth there on a consistent basis. And so, within the Wealth segment, that's where we've seen higher levels. And then I think progressively the -- in general, the higher the client base in terms of assets, that's where we've done well. And so that's been a continued theme for us. And as we look year-over-year, there is -- we've always talked about the fact that Wealth will be the lower organic growth relative to C&IS through a cycle, but still positive. And that's what we've seen even if we look year-over-year.
I would just add there is also a tremendous amount of activity right now, which is difficult to predict how that will continue. But when you think about family owned businesses and other liquidity events for business owners, that wealth creation where it goes from a business to being liquid wealth creates the opportunity for us to work with those clients in a different way. And so there has been a high level of activity on that front and we'll see what happens through the end of the year here, potential tax changes, things like that, that generally creates opportunity for us.
Well, that's great. And then just for my follow-up on the NII outlook, now certainly encouraging to see the uptick in securities yields in the quarter. Just curious if the forward curve holds, have we reached a point where we've lapped reinvestment headwinds? And just bigger picture in terms of the NII outlook more broadly, given strong loan growth and improving rate backdrop, should we expect to now grow off the current NII base level?
So we're still -- we're not fully all the way through from an NII perspective. The whole balance sheet is, call it, 85% to 90% through. But obviously we're not quite all the way there yet from a securities perspective. We're getting close. We're still losing, I'd call it based on the reinvestment rates right now, about $1 million a quarter in reinvestment, but that's going to eventually taper off and it's not as big of an impact as it was a year ago obviously, just having a $1 million quarter drag. And so you're right in that from here, mostly the drivers are going to be based on what's happening in the business. And so you saw strong loan growth and other factors of where we're investing be the key drivers of the movement in NII. And the drag from reinvestment is definitely much, much lower than what it was before.
That's great color. Thank you so much for taking my questions.
Sure. Thank you, Steve.
And your next question comes from the line of Brennan Hawken with UBS.
Hey, Brennan. If you're talking, you're on mute, Brennan.
Brennan Hawken -- UBS -- Analyst
Man, it's happened to me again. Sorry about that. I'd like to follow up on Steven's question. And his point I think is really fair. We've seen a pretty significant acceleration from a lot of the wealth management firms and it's happening broadly. It's happening in the mass affluent space. It's happening in the high net worth space. It doesn't seem like you guys have seen a similar magnitude of acceleration. But we're not sure, because we don't get the granular disclosure. So number one, could you maybe juxtapose -- do you juxtapose your growth versus some of those peers? And then maybe if the growth hasn't accelerated the way we've seen at some of the others, why do you think that is? Do you think it's because you were focused on ultra-high net worth? Do you think it has something to do with your approach in how you market to clients where face-to-face meetings are a lot more important? What do you think might be going on there? Thanks.
I'll start, Mike?
So, I'll start. And I think to your point, our business is different than what I would call the broad market for wealth managers. And as we've talked about many times, we're more focused upmarket, where some of that activity can be lumpier, if you will, where there are large transactions that either our clients are a part of or large wins where we're bringing on new clients with very meaningful wealth. And so I think in that sense, you are going to have different dynamics that happen there. Now we do internally track closely the flows in the revenues that are coming in from the different types of clients. And as much as there has been some variability in the proportion that's coming from the ultra-high net worth versus the high net worth, it's still relatively steady. So I would say to your point, we are participating in this very kind of broad base. Whether we're participating as much as any one of the other particular competitors, I can't speak to. But on the higher end, it has its own set of dynamics.
Okay, thanks for that. And Jason, you've recently flagged some upward expense pressure at an industry conference, which has been a big focus for investors. So understand that and it's probably too early to get much of a sense for magnitude on that front, but if it is possible to try to frame the magnitude, that would be helpful. Number one. And number two, even with that upward pressure, is the commitment and the focus still on generating fee revenue, operating leverage or organic operating leverage ex the fee waivers?
Thanks. I don't want to ramble. Would it be helpful for me to just give a little bit of an overview expenses in general or do you want me just stay specifically on the -- on kind of what happened with technology, equipment and services, outside services?
No, it's much more about the outlook and thinking about next year versus what's happened here recently.
So -- sounds good. So, we mentioned historically that we think about expenses in four categories, it's inflation, efficiencies, investments and growth. So just keep that framework in mind and I'll give some of the key themes that we're thinking about as we're thinking about 2022 expenses. So first, inflation is going to hit in a couple of areas. Mike talked earlier about the pressures we're feeling there. In comp, we're going to see higher growth levels. Every firm is talking about the challenges of retaining and attracting top talent or no different. So this will hit. It's affecting the salary base now, but it's going to continue to embed over time and we'll see a larger than historical adjustment in second quarter when our normal base pay adjustments actually hit. It also though -- it affects incentives and that's already hitting the income statement. We've got a -- there is a higher incentive accrual in third quarter of 2021 as we're addressing these issues.
And then secondly, as you talk -- you highlighted kind of the equipment, software and outside services lines, which I think are -- we should really talk about those in concert with one another, because there is some movement between those lines. And we want to -- we're going to continue investing and strengthening the technology foundation, given that we've got the digital transformation that's happening in Wealth Management and everything we want to do to maximize defenses against cyber threats. That means the equipment, software and outside services are going to -- they'll continue to be on a higher growth rate relative to the other expenses -- relative to the other expense categories. Now, just remember, about half of those lines are tied to business growth, but we're going to see the foundational element of those continue to be invested in.
The third theme I'd call out is call it a return to normal. And that's going to touch on occupancy and then travel, which hits in other operating expenses. We're going to be on the road more often. And that will hit that line item. And we're not going to likely get to pre-COVID levels, but -- by the end of next year, but that will be significantly higher.
And then the last theme is on efficiency actions. And we embedded efficiency and productivity targets into our plan every year. We made a big push on efficiency this year with the staff actions. We took out 100 roles mostly in North America and that drove the savings we talked about, of about $50 million. We're going to continue to push for opportunities across all the expense categories to find efficiencies. But those are the big four themes that have been on my mind is -- in our minds, not mine, all of our minds as we talk -- as we start to talk about 2022. So, hopefully, that's helpful in giving you a little bit of an outlook of how we're thinking about expenses.
It is helpful. Just the last piece, to remind you about is the fee operating leverage, like despite this pressure, is that still committed?
Thank you so much for reminding me that. Because that -- it's -- that is -- it's super important. And I think a lot of people try and think about, are Northern's expenses going to be flat, up, it depends. We consider ourselves still a growth company. We want to drive revenue growth. And so that fourth element of the framework I gave in the beginning of those comments around growth, if we're growing expenses because of that, because we've got good revenue growth, that's fine, that's good. And so the key thing we look at when we put all that together, what does the operating leverage look like for the company.
Okay, thanks.
And next, we'll go to Mike Mayo with Wells Fargo Securities.
Mike Mayo -- Wells Fargo Securities -- Analyst
Hi. Yeah, this follows --
Good morning, Mike.
Hey, good morning. This follows from the last question -- I'm not sure you answered that last question, maybe that was intentional, because you're going to wait. So do you think you'll have any operating leverage based on fees relative to expenses even with the higher comp, T&E and cyber? But the general question is where are you on the broader investing curve? I mean, headcount this year should probably grow only by about 1% and for the prior five years, it grew by about 5%. That's a dramatic reduction in the number of people that you're adding. So it looks like a lot more productivity. So the question is how much is that driven from technology and is sustainable and it should help drive positive operating leverage in the future? And how much is simply more productive employees might cost more in the future?
So Mike, I'm going to start with that because you've highlighted, I think, a really important dynamic, which is we have seen this meaningful increase in productivity. That said, looking at the drivers of that, yes, some of it is from technology that has enabled us to automate activities and other initiatives that we've been executing on for some time period. That said, another driver is the tight market for talent, and so -- and just the remote working environment, it's changed the operating environment. And to your point or question on sustainability, my judgment would be that it's a little tight. It's too tight at this point. So we've continued to grow. As Jason has highlighted, some of that growth, yes, comes through the markets, but we've also added new clients, net new business for us. We've added people as a part of that. We've tried to do it very efficiently. But also it's -- it's been a heavy burden I would just say on the employees to be able to deliver that in a remote working environment. And so back to this broader question on what we're driving toward, it's profitable growth, which does mean growing fees, growing revenue faster than we're growing our expense base with that.
Now, in any quarter, in any year, it can ebb and flow a little bit, but that's the objective over time. And when we look at the profitability in this quarter, whether you want to look at the ROE, the pre-tax margin or the fees to expenses, they're all at pretty attractive levels. Could they be better particularly on the pre-tax margin if the rate environment changes, absolutely and we'd like to see that. But we think we're operating pretty efficiently today. Certainly look to do more, but we're in an unusual operating environment.
And then one related question, as far as the investments in your back office which you retold, as it relates to the cloud, I think you are more conservative with your plans to move more workload to the public cloud. And I'm just curious as to why the more conservatism on your part versus some other financial firms?
So I would say we -- our cloud strategy is absolutely focused and tailored to our business, our client base. And so the pace or how it would be characterized, Mike, relative to somebody else could be viewed differently. I don't have a problem with that. We're looking at how does it fit with what we're doing. Given the nature of our client base and what we do for them, yes, we are highly sensitized to all the potential impacts and risk of a transition like that. And now with that said, we have been very focused, first, on the private cloud. And beyond the fact that, that's been a strategy that we've been executing on for years, in this past year, we completely upgraded the capabilities of the private cloud for us and have many, many of our applications and activities in the private cloud. As far as public cloud, we're taking a hybrid cloud approach to that. To your point, I would say being thoughtful about how we do it and we are still in the earlier stages of the actual transition of applications and activities into the public cloud. The strategy is there to continue to do that, but in a thoughtful secure, stable way for our business and for our clients.
Next, we'll go to Gerard Cassidy with RBC.
Hi, Gerard.
Gerard Cassidy -- RBC Capital Markets -- Analyst
Good morning, Mike. Good morning, Jason. Hi. Jason, can you give us some color on you had real good loan growth this quarter sequentially, just what was driving the loan growth? And then also with the balance sheet, your average deposits you pointed out grew sequentially, but the period end numbers fell. So maybe if you could give us some color on that as well.
Sure. So let me start on loan growth. Two buckets. One is in the personal side and again in that bucket, those are extremely -- those can be extremely high net worth clients that want to use our balance sheet to sell for liquidity needs. And the reason I highlight that is because it can be very volatile and unpredictable, but roughly half of the sequential increase came from that general bucket. The second bucket is commercial which was about the other half. And that's more stable. And that's been in various areas, but we've talked about going to our existing clients and doing more of the existing loan types with them, but explaining term that we've got appetite to do more with them. And part of our business model, not just financial model, is to grow with our clients. And I think that's one of the things that's driven our loan growth as our clients have been -- they've been active and we've told them we're happy to participate with them more in those ways. And so that's hit on the commercial line. And so again, I think part of it is the base there has definitely risen, but part of it is more -- is -- some components that might be more volatile over time.
And then on deposit volumes, and as you know well, because I know you follow this closely, that can also just be volatile. And we've got -- our clients will -- they'll call us and ask to put not millions, but sometimes hundreds of millions or billions of dollars on the balance sheet. And so we don't -- we tend not to look at the deposit at the quarter end balances. I do look clubbing into the quarter and after the quarter how they trend and this quarter, what didn't look very different in terms of how balances trended coming in or out, so I didn't over-read the dynamic that you mentioned of the average versus quarter end.
Very good. Thank you. And then you and your peers have had strong year-over-year growth in your fee revenues. You've talked about it already on this call. Can you pull out for us what percentage would you attribute the growth, in the custody fees and the wealth management fees that is, from market appreciation versus new business or additional flows from clients? Can you parse through that?
Sure. So, I can split it. Let's just start, we give year-over-year, and if we think about the C&IS business, there is I'd say a good chunk has come from markets, call it, high -- mid to high single digit. And then there is also the organic or net new business and other dynamics would represent the rest and that adds up overall to kind of again mid to high single digits, but a little bit less, call it, 5%, 6%, 7%, 8%.
And that's on total C&IS trust fees.
Yeah, yeah. And then on Wealth, I can do the same type of split for you and a little bit more weighted toward market there, which is -- that had an impact that's stronger, if we looked year-over-year, more like 15%, 20% type. And the organic piece, if I add it up, also strong, but more in the low single digit range on a percentage basis.
And the waivers are certainly in that mix too.
Got it. All right. Thank you.
And your next question will come from the line of Betsy Graseck with Morgan Stanley.
Good morning, Betsy.
Betsy Graseck -- Morgan Stanley -- Analyst
Hi. Hi, good morning. I had a question just a bit more strategic to kick off on how you're thinking about the returns that you're going to be generating from the investments you're making today in the various sleeves and across the globe. I'm just wondering if we think about where we are today versus pre-COVID, has the return profile changed much for your incremental investment spend? Thanks.
Betsy, I wouldn't necessarily say that the return profile has changed. In many respects, what I think has been interesting through the crisis here is that although there was a pause in some of the execution of projects and programs around investments in the initial stages of the pandemic, it picked up pretty quickly thereafter. And instead of groups all being in one room working together on the digital project, they figured out how to do it by WebEx, Zoom or Teams. So in that sense, we've continued to make really good progress on investments such as -- just to give you an example, the digitalization of our Wealth Management business, where there is a number of components to that journey as we call it. And so that progress has been very good. And I'd say, in general, to your point on the timing or the profile for the returns on that should be similar to what we would have expected when we started it. The one thing I would say is just the characterization or the character, if you will, of investments in the different businesses. I talked earlier in the call about launching new funds in Asset Management, for example. So there is meaningful investment that goes into product development. And again throughout the last couple of years here, they've continued to put out new products and then it takes some time period for those to obviously build AUM, but then are very profitable over time. That profile is very different than Asset Servicing where a lot of the investment -- the return you're going to get is near term in the sense of bringing on a large client, there are some integration and transition costs with that. But then once that's up and running, essentially you're getting the return for that investment. And then finally just Wealth Management, I talked about some additions that we've made, not just in the last quarter, but could go back. And there you're hiring people and teams that are in different parts of the country. Again, it takes a little bit of the time for them to get on and get acclimated, but they're productive relatively quickly as well. So we look at all of those when we put together, both our longer-term strategic planning, but also the annual plan.
Okay. And then just a little more nitty-gritty, wondering if there's any update on how you're thinking about the reinvesting the expenses that have been associated with the golf tournament. Is that going to flow through in other types of marketing or is that really gets thrown into the bigger bucket of opportunity set and we could see that migrate into other areas of investment, not specifically around that sleeve of client that you've been investing in with the golf tournament? Thanks.
Yeah, the way I would characterize it, Betsy, is the golf tournament was a great opportunity for us to build our brand, and particularly focused on a certain target market. And that was highly successful. Going forward, we'll continue to invest in the brand. So, yes, some of that investment will go into brand-building and marketing. However, there are also a portion of that, to your point, will be considered more broadly in the investments we're making, whether that's in people or technology or other areas to continue to grow the company.
Next, we'll go to Ken Usdin with Jefferies.
Hi, Ken.
Ken Usdin -- Jefferies -- Analyst
Hi. Good morning. Good morning. Just, Jason, wondering if you can give us an update on your thoughts around fee waivers from here. That looked it came down a little bit. Obviously, rates moved a touch, but not that much. Just any updated thoughts on where you expect those to sit and vis-a-vis waiting for bigger movements in rates going forward? Thanks.
Sure. A couple of thoughts. One, even though we saw a little creep this quarter purely relative to what we thought, it was actually -- if you think about it, it was driven more by volume. And we -- and Mike talked in his opening comments about the fact that money market mutual funds are over $300 billion. That's a record for us. And so -- and I think people sometimes forget that we're participating in the growth, but it also causes higher waivers. And so -- but what's more important is that the overall base of business that we have there is good. And so if you add that -- if you add up the waivers plus what we're earning, and so you think about the overall capacity that we have at the current volume level, it's something like $475 million to $500 million. And that's a strong capacity that we have there. Now, will volumes stay in as rates go up, probably -- maybe not. But it's nice that we've had good volume growth there. And the other thing to remember is it doesn't take a big lift in rates for the waivers to come down. And a lot of our AUM there is more institutional pricing, even our -- even on the Wealth side, even the waivers that are associated in the Wealth Management side, our big -- the nature of our client base means they price themselves more like institution. They have got the purchasing power to have more of an institutional approach. And so the fees aren't that high. And it doesn't take that much more yield to clear those hurdles and start to get back to that capacity level.
And then the other dynamic is run-rate wise, we're still -- as we sit today, we're still a little over $300 billion that held in over the quarter end. And the run rate on waivers is right at $75 million a quarter.
Yeah. Okay, great. And then second question, just coming back to the operating leverage point, this year bit of like easy comp for market levels, right, driving the huge trust fee growth and then kind of a harder comp for costs off of last year's really low base. So this year, you've got this really wide gap, but an absolute revenue and absolute cost growth rate that are both above trend, so to speak. And so I think the reason why the questions keep coming up about cost growth is next year when presumably we don't get as much of that back-end lift from markets alone, what happens with the absolute growth of expenses relative to what might be a slower and naturally a slower overall revenue growth rate? So how much of this year's 5%, 6% growth rate was also influenced by just kind of easy comps from last year, so to speak, as it helps to think this about like absolute levels of expense growth next year?
Thanks. Yeah, just a perspective on that for you, Ken, is I think you're right. I mean, we did get a meaningful benefit from the market in the fee growth. And that helps that positive operating fee leverage, fee operating leverage. The other way that I think about it is what is the absolute level of expenses to fees. And so now, for this quarter, we're at about 102%. That is a much lower level than we've been. And that's evidence of this positive fee operating leverage over time. And so, at that tight level, to your point to then say in the next year, can you continue to drive that down at that same rate? That's why I say it kind of ebbs and flows, right. But we want to be in that range around that 100%, 105% somewhere in there to make sure that we are appropriately investing in the business, etc., but also growing. We don't want to squeeze that so much that it impinges on our ability to serve our clients into growth.
Yeah, good perspective on reminding about that expense to trust fees. Thanks.
Next, we'll go to Jim Mitchell with Seaport Research.
James Mitchell -- Seaport Global Securities LLC -- Analyst
Hey, good morning.
Hi, Jim.
Hey, just maybe on the balance sheet, if I look over the last few quarters, securities, average security levels have been declining while cash levels have been growing. Is this you positioning for higher rates or is this -- is there something else driving that?
Something else driving that. And there is a hard line that people see externally between cash and securities. But there are so many different security types that are actually within the cash and within the securities. And on the cusp of cash and securities are some areas where we've strategically gone back and forth into and out of, and that's frankly where the change in classification that you see has been driven. And so there could be securities that are -- that have a risk return profile that are very similar to one another, one of which would be classified as cash and one would be classified as securities. And that's strategically where we'll make some of the kind of portfolio decisions of where we want to be playing based on what we're seeing in the marketplace and how we think about the risk return characteristics. And just in a sentence, that's what's been driving that, the distinction that you see based on the external reporting classification.
Okay. But can you maybe speak to whether you, A, believe asset sensitivity increased quarter-over-quarter and how much of that central bank cash do you think is available to invest when you feel the time is right?
Yeah, so plenty of availability from a non-HQLA perspective. And we -- from our perspective, we're not constrained by that. We feel -- we've got plenty of liquidity, plenty of buffers to be able to react, if we see more opportunities in the marketplace. And we've just -- we've been running the portfolio based on consistent risk return characteristics and where we want to be from a liquidity perspective, but certainly no constraints and plenty of dry powder, whether it's from a regulatory perspective or even our own view of what we want to do from more of an economic liquidity perspective for us to be able to put more to work if we see the opportunity to do so.
Okay. And the asset sensitivity question?
Yeah, we've actually stepped out a little bit. One way to get at that, just to give you more of a quantitative, we've stepped out to about 2.7 in duration. And so -- and there are other ways we can -- say it again.
Securities.
Portfolio, securities portfolio. Thank you. That's not the overall balance sheet, but the securities portfolio. But it gives you a sense of how we've managed. And that's from 2.6 last quarter. And there are other things we can do even within that to provide more flexibility if we see opportunities coming on the yield curve. But haven't done -- we haven't done much strategically there to change asset sensitivity.
Okay. That's all helpful. Thank you.
You bet.
All right. Next, we'll go to Brian Bedell with Deutsche Bank. Great.
Hey, Brian.
Brian Bedell -- Deutsche Bank -- Analyst
Good morning, folks. Hey, good morning. Most of my questions have been asked and answered, but I do have two more. One, sorry if I missed this, but the growth in C&IS investment management up, linked quarter up 13% with money market waivers being flat. What was the main driver of that?
Hi, Brian. It's Mark. So you're looking at the sequential growth in C&IS investment management fees?
Just to make sure, yep. So, yeah, it was a combination of both markets and organic growth. And to Jason's point, we did have with the higher money fund levels, even though waivers go up, that does come with fees, with net new fees. And that would have been partly behind that, but if you were going to break it down, I'd say that the new business or organic growth, I would say, drove a little bit more than the market growth did on that sequential growth.
Okay. Okay, perfect. And that actually is a good dovetail into my second question, a little bit broader, but ESG Asset Management, I think last time I thought that you guys were $155 billion, correct me if I'm wrong on that, on Northern Trust ESG AUM. Maybe just the question I guess would be from the organic growth side of your investment management business and as you think of that coming, both from the institutional side and then especially on the Wealth Management side, how are you viewing that, first of all, as an importance to your Wealth Management clients to have this capability -- investment management capabilities, and I think, Mike, you mentioned the launch of six new products in the quarter, but then also the organic growth potential for Northern Trust Investment Management from developing those ESG capabilities, is that going to be a major driver going forward?
So, Brian, I would say that, that is another major trend obviously that's in the marketplace, but also big driver for our strategy going forward. Yes, across the company, but as you've highlighted, particularly within Asset Management. And at that $155 billion in AUM now, the growth rate over the last five years, there has been about double of what the market growth rate has been for ESG best we can measure it there. And to your point, this hits across our client spectrum. So a lot of that, it started more outside the U.S., in EMEA, where we initially saw that the greatest growth with institutional clients. But now we're seeing it more through funds and in the U.S. and with both institutional clients, but also with our wealth clients. And we think we're still in the early days. We think that, that ESG or sustainability investing will be at a higher growth rate than the rest of the market overall.
And the $155 billion number is still ballpark good number in AUM.
And the plan is to develop even more product there or do you think you're fairly set where you are?
No, definitely more product.
Yeah, yeah. That's good.
A lot of it is leveraging this ESG Vector Score that was developed, which gives us a lot of capability to do more.
Great. Great, thanks for the color. Thank you.
All right. Next question comes from the line of Rob Wildhack with Autonomous Research.
Rob Wildhack -- Autonomous Research -- Analyst
Good morning, guys. A question on capital allocation. You've been very transparent on the components of your overall capital allocation strategy, racy relevant to peers, paying dividends, supporting growth, etc. Any change in your outlook on any of those components that could impact the capital return trajectory going forward?
The one I'd -- thanks for reminding the framework for everyone. But the key element there that has been a driver has been, we've been able to see the RWA growth because we've seen the loan growth coming. And that is a -- it's a big factor and how things get driven. And there are other things too, we could see from securities lending and other components of RWA. And at this point, we don't see the same type of RWA lift. Now that it's not to say that it can't happen. And if it does happen and if we see it, then we'll then look at the other factors and determine where we want to be from a CET1 perspective and other areas. But as we sit today, we don't see the type of organic growth coming in RWA. That's the one component of that overall mosaic I would highlight.
Got it. Thank you.
All right. Next, we'll go to Alex Blostein with Goldman Sachs.
Alex Blostein -- Goldman Sachs -- Analyst
Hi, good morning. Thanks. Hey, guys. Thanks for squeezing me in. So, I had a question around the money market fund business. You've had quite a lot of success growing that business in AUM and really gaining share against a large sort of book of inflows that the whole industry is seeing. How sticky do you think those assets are going to be in light of tapering off near term, but also sort of longer term as we start to contemplate interest rate increases? I think we've also had gotten accustomed to thinking about, all right, deposits will probably start to lead the industry, but how intertwined do you think the money market fund business is with that as we sort of contemplate how much of fee waivers could ultimately come back?
I'll start, Alex, and then Jason, who knows that business well, can give his perspective. But I think what's interesting is coming into the pandemic a couple of years ago, you had a combination of two things. One is the obvious, which you're pointing out, which is just significant easing on the part of the central banks, increased liquidity and that absolutely drove the flows into the money market funds is one place. But the other dynamic is that was also at a point in time where strategically and TAM was expanding its distribution for money funds. And so, not only having a portal, but being on other portals, and so it was an intentional strategy that hit at the right time to essentially capture more, a greater share of the increased flows coming from the additional liquidity in the marketplace. So then if you take that and then try to answer your question of what happens to the extent that you have tapering and some contraction there, I think, yes, of course, you're going to see it go down. But I think it's going to be stickier than you might think in the sense of it wasn't just the one factor.
Got it. Yeah, that's helpful, because the share gain dynamic doesn't help there. My followup is sort of related to that. Sorry to go back to the operating leverage dynamic again, but, Mike, I appreciate you framing it the way you did, it is like, look, we're doing 100% to 105% expenses to total fees, that's kind of where we hope to be. As we contemplate fee waivers coming back, should I think of the expenses to fees going below 100%, which I guess would imply almost all of the fee waiver benefit will come through to the bottom line at 100% margin? Or 100% to 105% is kind of where you see yourself living, even with a normalization in sort of interest rates? Thanks.
So, kiddingly, if you could also tell me what equity market levels are going to be at that point in time, that would help as well, because -- but you're highlighting the right thing, Alex, that we are benefiting out from the strong markets with regard to that ratio. And we're being penalized, if you will, by the money market fund fee waivers. And so that's playing out in there. But I would say, more importantly to your question is, yes, that's going to ebb and flow. But I don't believe that, that is a ratio that just continues to grind down below zero and well below zero etc., because I think that, that would actually -- again that would impact our ability to have the right talent, make sure that they're compensated appropriately and fairly for all the value that they're delivering, to invest in the technology, to take care of our clients, but also to grow the business. So simplistically, it would be a draw on the business if you tried to squeeze it too tight, so to speak. So that's why my own view is that range is more importantly, more important. Now, that said, that is not the only ratio that drives overall profitability and returns, as you know. And right now with rates where they are and net interest margin where it is, the other revenue, so to speak, which are a bigger driver in driving the pre-tax margin are at a lower level than they have been. And so the point being you can be in that range and yet have the other revenues growing in such a way that your profitability is growing up -- going up and your returns are going up.
Got it. Yep. That all makes perfect sense. Thanks very much.
All right. We'll take another question. We'll go to Vivek Juneja with JPMorgan.
Vivek Juneja -- JPMorgan -- Analyst
Hi, thanks for taking my questions. A couple of them. Firstly, balance sheet, given the plans for Fed tapering, your average deposits have been gradually going up. What do you see as the outlook for that, given the tapering thing that I just mentioned? Do you see yourself being able to continue to grow that?
Well, I think it's hard to tell. I think our clients right now see the flat yield curve. And I've been saying, I think it's less about the very short end of the curve and in some ways, that's more to do with the shape of the curve. And if there is some lift in the medium, then I think that, more than anything else, what might cause clients to move off of the overnight effectively to try and get some yield. Right now, with rates flat so far out, there is just no enticement to do anything else.
Another dynamic is that some clients think about cash as an asset allocation. And equity -- we were just talking about that, equity markets have done well. And so with markets now where they are and everyone is seeing their overall portfolio so much stronger, we should also assume clients are going to want to have more allocation to cash. And so I think both of those dynamics need to be played through as we think through. But we certainly think that the things Mike talked about with the money market mutual funds and the strength of our balance sheet are things that do attract clients to think that it's a good place for us to be able to provide liquidity resource for them.
Thanks. A separate question for both of you. What are you seeing in the alts space in terms of pricing? This pricing compression overall that all of you talk about in the custody business, but specifically alts, which has always had a higher fee rate. Do you see that coming down more than the overall fee rate pricing? Do you see more compression there, given it's higher or any thoughts and color on that?
Vivek, are you speaking to the investment product side of it?
No, to the custody business, C&IS business, Mike.
Yeah, OK.
Thinking more from that perspective, both hedge funds and the private side, especially with new players like you getting in as you mentioned, trying to grow that more, what -- how do you see that dynamic playing out?
Yeah, I would say that particularly on the hedge fund administration side of it, some of that has already played through in previous years. And so, like, it would be similar then to other asset classes. On the private capital side, so, PE and infrastructure and real estate and things like that, to your point, it's earlier in the development of that market. More of it I think will be outsourced over time. The size of the funds obviously are increasing. And so just from a pure rate perspective, yes, I do think that, that will play out in more compression on that, if you will, than in some of the other asset classes.
Okay. Thank you.
All right. We have one more question. We'll take that from Jeff Harte with Piper Sandler.
Good morning, Jeff.
Jeff Harte -- Piper Sandler -- Analyst
Hey, good morning, guys. So pretty much everything's been asked. But this is the one I had left, is there anything to highlight on the sequential increase in non-accrual loans in the quarter?
No. Those did tick up, it's more episodic. We don't feel like we're going to have losses there. And we've obviously -- the reserves are very, very strong, given the quality of our portfolio, but nothing to highlight there that jumped at us as a concern.
You bet. Thank you, Jeff.
All right. It looks like we have no further questions at this time. So I'd like to turn it back to our speakers for any additional or closing remarks.
Thanks, everyone, for joining us and we'll talk to you in January for our fourth quarter results.
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Why Shares of Northern Trust Are Falling Today

redpajama_set_name: RedPajamaCommonCrawl


Theme Park Review's 2010 Europe Trip!
The 1-2 coaster punch of Katun (amazing B&M Invert) and iSpeed (Intamin Launched Coaster) is possibly the best in the world.
The other standout rides include Reset:Anno Zero, a shooting dark ride through post-apocalyptic New York, and Legends of Dead Town, Europe's longest haunted house occurring in a ghost town. Columbia and Discovery are a pair of S&S Space Shots. Music is a Music Express but with a canopy cover, similar to a caterpillar.
The park has all the typical water rides that you would expect in a hot climate: Water Coaster, Splash Boat, Flume, Rapids, Splash Battle (Divertical, Niagara, Auto Splash, Rio Bravo, Raratonga). This Splash Battle is more like a splash assault, as the vehicles are so close together.
There is a McDonalds located in the park, but there are plenty of other quick-service options with hot dogs, pizza, Mexican, panini sandwiches, or fish and chips. Drive-In is a large buffet restaurant with a varied menu.
The park is open from April to October, with weekends-only operations in early April and from mid-September until Halloween.
Weekends in October incorporate OktoberFest and Halloween events.
FlashPass is an extreme virtual queue system. While many systems bring you to a merge point with the queue, with FlashPass you end up right on the loading platform and the attendants place you on the next available ride.
There are many musical/dance and comedic shows at the park. Beyond that is Grosso Guaio a Stunt City, a Hot Wheels inspired stunt show involving a dysfunctional police academy. More acrobatic performances, can be seen in The Adventures of Peter Pan.
iSpeed and Katun provide as powerful a 1-2 coaster punch as any. The grounds are nicely landscaped with plenty of areas to seek shelter from the intense Italian summer temperatures. The flora also serves as a barrier, hiding some rides from the main walkways.
Two well-done dark rides complement a solid and varied flat-ride package, and water rides provide enough splash to cool off on a hot day.
Food and drinks stands are prevalent throughout the park with an acceptable variety of options.
Nice small park with two really great coasters. It is a little more suitable for families than for thrillseekers, but it is still definately a must-do if you are visiting this region.
Theming is not awesome but iSpeed and Katun rollercoasters are great and funny.
The new ride for 2011 by the way miss 70% of theming.
This park has 2 of the best roller coasters in the world, Katun & Ispeed, I enjoyed the other rides but though there was missing something like the theming and more family rides, Katun and Ispeed are so amazing to look at! I think 1 day at the park is ok to do the best rides, they also selling something great to abort queue lines, food is not very good, but there is a Mc Donald inside and outside the park.
iSpeed is a great ride, as is Katun. There are a wide variety of great rides for everyone. The food is really good, especially the Gelato Sandwich! The park has a ton of attractions that could easily keep you busy the whole day.
Offers a true front-of-the-line VPass option. No merge point, you go straight on to the ride.
Children are allowed on the vast majority of the rides.
Typical Italian operations can lead to frustration.


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Get Surrey .. Simon Cowell helps children from Surrey hospices 'feel like celebrities' at star-studded event.. May 29th 2017
Simon Cowell helps children from Surrey hospices 'feel like celebrities' at star-studded event..
Youngsters and their families supported by Shooting Star Chase were invited to meet celebrities at The Dorchester in London.
BY FERGUS MCEWAN
Joan with Macauley at The Dorchester
Sick youngsters from Surrey were treated to a star-studded day out on Friday (May 26) by music mogul Simon Cowell .
As well as being a judge on television shows The X Factor and Britain's Got Talent , Mr Cowell is also vice-president of charity Shooting Star Chase.
He invited 12 children and their families supported by the charity , at its hospices in Guildford andHampton , to visit The Dorchester Hotel in London for afternoon tea.
During their visit, the children enjoyed afternoon tea in the hotel's exclusive Gold Room and helped themselves to goodies from a pick and mix sweet cart.
They were also treated to a performance by Britain's Got Talent star Connie Talbot, who sang an acoustic version of Somewhere Over the Rainbow.
Mr Cowell has supported Shooting Star Chase since 2003. He became vice-president of the charity in 2015 at the same time his partner, Lauren Silverman, became a patron.
Joan with Karen Sugarman
"It's a tribute to the children and their families, as well as Shooting Star Chase, that this is such an uplifting and unique event for everyone lucky enough to attend," he said.
Karen Sugarman, director of fundraising for Shooting Star Chase, said: "It was a wonderful afternoon and we can't thank Simon, Lauren and The Dorchester enough.
"Thanks to our celebrity friends for making each supported family feel really special.
Caleb and his mother Faye share a joke with Simon Cowell and Lauren Silverman (Photo: Shooting Star Chase)
2017CharityShooting Star


text:
Sydney FC, Wellington Phoenix and Perth Glory all continued their strong Hyundai A-League form in Round 14 and their stars were battling for berths in the Team of the Week. The Sky Blues put on a solid defensive display in a 2-1 win on the road against coach-less Newcastle Jet
Attacks were on full display in the Hyundai A-League this week as Melbourne Victory wrapped up the round with a dominant win, so how many of their stars made the Round 13 Team of the Week? Victory thumped the Newcastle Jets 4-0 after the form teams in the competition, Sydney F
Sydney FC produced a heroic display to come from behind with 10 men to beat Melbourne City, and a number of their stars feature in the Team of the Week. Wellington Phoenix also impressed with a 3-1 win as the Hyundai A-League went to Ballarat for the very first time, while Wes
Melbourne City's jaw-dropping performance to thrash Newcastle Jets was the pick of the weekend's performances but how many of their players made a-league.com.au's Team of the Week? Perth Glory ? especially there defenders - were also impressive in their win over the Wanderers,
Hyundai A-League Team of the Week - Round 8
The Hyundai A-League table became congested as a number of slow starters picked up wins in Round 8 ? but who were the individual stars that delivered stand-out performances? There was a much-needed win for Melbourne Victory against fellow early-season strugglers Perth Glory, w
In a drama-filled week of Hyundai A-League action, 17 goals were scored and only one clean sheet kept.
The latest round of Hyundai A-League action saw Brisbane Roar mount a comeback for the ages.
Who stood head and shoulders above the rest in Hyundai A-League Round 5? We've assessed the strongest contenders and gone with a 4-3-3 formation to house the weekend's best. Do you agree with our selections?
What a sensational weekend of Hyundai A-League action with cracking goals, epic upsets and a new leader of the competition. But which players stood out from the rest of the league in Round 4? Unfortunately we just couldn't fit everyone into our XI and we've gone with an att
Who stood head and shoulders above the rest in Hyundai A-League Round 2? After another thrilling weekend of football, we've assessed the main contenders and assembled our best eleven in a 4-3-3 formation. Do you agree with our selections?
The new stars of Western United were among those who delivered in Round 1 of the Hyundai A-League. But who else impressed on the opening weekend? We've assessed the best contenders, and opted to - in the same fashion of the league's newest team - assemble our Team of the We
Hyundai A-League Team of the Week: Round 26
Sydney FC toppled the new Premiers, Newcastle Jets delivered a six-goal salvo and Wellington Phoenix thrilled us all with a dramatic late win.
Who stood head and shoulders above the rest in Round 25 of the Hyundai A-League? We've assessed the candidates and gone with a 4-4-3 formation to house the best from the weekend that was. Disagree with our selections?


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A Taste of Missouri Barbecue
By: Samantha Crespo
Missouri is famous for barbecue.
The slow-smoked barbecue of Kansas City, known for being very saucy, tends to get the most attention — and rightfully so: Kansas City has more than 100 barbecue restaurants. But travelers will discover delicious barbecue across the state, from beef to chicken to pork — and even fish.
In St. Louis, make a visit to Pappy's Smokehouse, a popular spot that specializes in pork that's slow-cooked and topped with a sweet, tomato-based sauce. Bogart's Smokehouse, named one of the best barbecue restaurants in St. Louis, is known for its smoked prime rib. Sugarfire Smoke House is a must for any traveler. Along with traditional barbecue favorites, Sugarfire offers a Portobello mushroom sandwich. The mushroom is marinated in tangy, sweet balsamic vinaigrette and smoked for a decadent, vegetarian-friendly entrée.
Pappy's Smokehouse in St. Louis specializes in pork that's slow-cooked and topped with a sweet, tomato-based sauce.
pappyssmokehouse.com
bogartssmokehouse.com
sugarfiresmokehouse.com
True barbecue fans won't want to pass up Kansas City. Gates Bar-B-Q, which has six locations in Kansas City, has been serving original Kansas City-style barbecue for nearly 60 years. Legendary Arthur Bryant's is considered to be the most famous barbecue restaurant in America. The restaurant specializes in "burnt ends," the crispy, flavorful end pieces of smoked beef brisket. Fiorella's Jack Stack Barbecue, with four Kansas City locations, is a perfect spot for barbecue fans seeking several choices. Order The Sampler for a taste of barbecue chicken, spare ribs and burnt ends, served with creamy coleslaw.
Head to Kansas City for some of Missouri's best barbecue, high-end dining and innovative cocktails.
gatesbbq.com
arthurbryantsbbq.com
jackstackbbq.com
Elsewhere in Missouri
Outside of Missouri's biggest cities, barbecue-seekers will find dishes worth traveling for. Como Smoke and Fire in Columbia features a wide menu, including hearty chili and smoked items (imagine wood-fired salmon and smoked turkey). Lutz's BBQ in Jefferson City is an award-winning barbecue restaurant. Along with smoked meat, diners will want to try the house-made, spiral-cut potato chips — offered with a dozen seasoning options, from parmesan cheese to spicy Cajun accents.
In Branson, don't miss Danna's Bar-B-Que & Burger Shop, known for its inviting atmosphere and irresistible food. Even the small town of Dexter has noteworthy barbecue, in the form of slow-smoked meat at Dexter Bar-B-Que. At Port Cape Girardeau Restaurant and Lounge in Cape Girardeau, meat is slow-smoked over hickory and charcoal and served with fresh rolls and strawberry-honey butter.
In Springfield, at award-winning Whole Hog Café, order a Whole Hog Plate of ribs, pulled pork, beef brisket, chicken, pork loin, sausage or burnt ends. Don't forget a side of corn, tossed with burnt ends and melted cheese.
Lutz's BBQ in Jefferson City serves barbecue with these house-made, spiral-cut potato chips.
comosmokeandfire.com
lutzbbq.com
dannasbbq.com
dexterbbq.com
facebook.com/portcape
wholehogcafe.com
visitmo.com
St. Charles, Missouri: 3 Days of Dining and Historic Charm
Fountains of Fun in Kansas City
Carthage: A Delightful Slice of Small-Town USA
Missouri's Tastiest Neighborhoods
Exploring Historic Missouri: St. Louis, Kansas City and Fun in Between
10 Desserts to Satisfy Your Sweet Tooth in Missouri
Pulaski County: Charming Stretch Along Route 66


There has been a long felt need establishing a new B.Ed College in the district of Cooch Behar with a view to giving scope to the educated youth for acquiring Bachelor of education degree to enhance their skill and Competence to join in teaching profession. Such degree now in a knowledge base society may be treated for an essential pre-requisite for becoming a teacher in Secondary/higher Secondary School. A teacher has to renew and update his / her teaching competency all along his/her career and B.Ed. Course in just the first base of this teaching process.


In his final speech as Mayor of Hackney, Jules Pipe spoke about the impact of the Olympic legacy in Hackney and the need to ensure the economic success that the Games helped to create is felt by all those living in the host boroughs.
He went on to speak about the legacy already achieved, from the development of the Queen Elizabeth Olympic Park and mass participation sports events like Run Hackney, to improved transport links.
Referring to the development of Here East, which was built to house the International Press and Broadcast media during the Games, Mayor Pipe said: "It seems almost unbelievable now that, in our fight to secure the legacy, we encountered so much prejudice against east London from the mainstream media and the political establishment; we met so many people who found the very idea of a creative, media and digital hub in a location like this almost laughable…[but] these buildings were always the key to a transformative economic legacy for this part of east London.
He closed by highlighting the work left to do: "The legacy of 2012 will not be achieved if our communities are left behind by the economic success that the Games helped to create. The mission that I will take from here to City Hall, and the challenge I leave in Hackney for my successor, is that we must continue to strive to make this a legacy for all east London; one which benefits people from all backgrounds, which provides those life changing opportunities for the people that need them most. Local authorities like Hackney must continue to work with businesses on the Park to open up entry level jobs, paid internships, work experience, training, meaningful careers in creative industries for children from working class backgrounds who maybe don't have the contacts or the confidence to make those things happen by themselves.
Download the speech by clicking on the link in the side bar.


text:
Die Grenze zwischen Österreich und der Schweiz besteht aus zwei Abschnitten (unterbrochen durch Liechtenstein) und hat eine gesamte Länge von 166 Kilometern (nach Schweizer Angaben 180 Kilometer «inkl. Bodensee»).

Auf österreichischer Seite der Grenze liegen die Länder Vorarlberg und Tirol, auf Schweizer Seite die Kantone St. Gallen und Graubünden. Der Grenzverlauf ist zweigeteilt in jenen Teil, der im Wesentlichen dem Verlauf des Alpenrheins im Rheintal folgt und jenen Teil, der östlich von Liechtenstein durch alpines bis hochalpines Gelände entlang des Rätikons, der Silvretta und Teilen der Samnaungruppe verläuft. Dazwischen liegt das Fürstentum Liechtenstein, das die gemeinsame Staatsgrenze zwischen Österreich und der Schweiz für einige Kilometer unterbricht.

Abgesehen vom Bodensee wurde der aktuelle Grenzverlauf in einem bilateralen Staatsvertrag am 16. September 1972 rechtsverbindlich geregelt. Die Grenze ist Außengrenze der Europäischen Union.

Grenzverlauf

Die Grenze beginnt im Norden im Bodensee, wobei hier die exakte Grenzziehung nach wie vor strittig ist. Während die Schweiz davon ausgeht, dass der Obersee des Bodensees im Sinne einer Realteilung den Anrainerstaaten zuzurechnen ist, herrscht in Österreich die Kondominiumstheorie vor, der zufolge das Gebiet des "Hohen Sees" (also ab einer Seetiefe von mehr 25 Metern) gemeinsam verwaltetes Gebiet aller Anrainerstaaten sei.

Unstrittig ist der Beginn der Grenzziehung am Rande des Bodensees an der Einmündung des Alten Rheins bei Rheineck SG bzw. Gaißau in den Bodensee. Hier bildet die Mitte des Flusses die natürliche Grenze zwischen den beiden Staaten. Im Zuge der Regulierung des Alpenrheins zu Beginn des 20. Jahrhunderts wurde der Alpenrhein im Rheintal zwar begradigt, die ursprüngliche Grenzziehung zwischen Österreich und der Schweiz aber erhalten. Dies hat zur Folge, dass die Gemeinden Gaißau, Höchst und Fußach heute als einzige österreichische Gemeinden westlich des neuen Flusslaufs des Rheins liegen. Beim Bruggerloch im südlichsten Teil des Gemeindegebiets von Höchst wechselt die Grenzziehung in der Folge auf die Flussmitte des (Neuen) Rheins. In diesem Abschnitt bildet der Alpenrhein die Grenze zwischen den Schweizer Gemeinden Au SG und Widnau und der österreichischen Gemeinde Lustenau.

Kurz nach dem Zollamt "Wiesenrain" wechselt die Grenzziehung abermals auf den Flusslauf des Alten Rheins, der in diesem Teil ein Binnengewässer ist und Diepoldsau zur einzigen Schweizer Gemeinde östlich des neuen Flusslaufs des Alpenrheins im Rheintal macht. Der Alte Rhein und mit ihm die internationale Grenze zieht sich in einem weiten Bogen östlich um Diepoldsau herum. Danach wechselt der Grenzverlauf wieder auf die Flussmitte des (Neuen) Rheins.

Diesem folgt die Grenze bis zum Feldkircher Ortsteil Bangs im Südwesten Vorarlbergs, wo die gemeinsame Grenze Österreichs mit der Schweiz durch das Staatsgebiet des Fürstentums Liechtenstein unterbrochen wird. Dieser Dreiländergrenzpunkt stellt gleichzeitig den westlichsten Grenzpunkt Österreichs und den nördlichsten des Fürstentums Liechtenstein dar. Liechtenstein bildet einen Monolithen zwischen Österreich und der Schweiz, wodurch die Staatsgrenze der beiden Staaten erst wieder am Gipfel des Naafkopfs im Rätikon auf 2571 Meter über Adria (bzw. 2570 Meter über Meer nach schweizerischer Messung) aufeinander treffen. Ab diesem Punkt grenzt auf Schweizer Seite nicht mehr der Kanton St. Gallen, sondern der Kanton Graubünden an Österreich. In der Folge erstreckt sich die Staatsgrenze über den Gebirgskamm des Rätikons und findet ihren Anschluss im Hauptkamm der Silvrettakette, wobei unter anderem der Piz Buin, mit 3312 m ü.A. der höchste Berg Vorarlbergs, einen der Grenzpunkte bildet. Die Überquerung der beiden Gipfel der Dreiländerspitze markiert die innerstaatliche Grenze zwischen den österreichischen Bundesländern Vorarlberg und Tirol. Mit dem 3399 m ü.A. (bzw. 3398 m ü. M.) hohen Fluchthorn überquert die gemeinsame Grenze in der Folge auch den zweithöchsten Gipfel der Silvretta und erreicht dabei den höchsten Punkt der gemeinsamen Staatsgrenze. Danach überquert sie auch einige Gipfel der Samnaungruppe. Zwischen Schalkl, einem Ortsteil der österreichischen Gemeinde Pfunds, und Martina, einem Ortsteil der Schweizer Gemeinde Valsot, verläuft die Staatsgrenze bis Finstermünz zunächst am westlichen Ufer unmittelbar neben der alten Strasse und springt unmittelbar südlich der Brücke von Finstermünz in die Flussmitte des Inn. Im Anschluss daran führt die Staatsgrenze zwischen Tirol und Graubünden auch wenige hundert Meter durch die Sesvennagruppe und erreicht kurz vor dem Gipfel des Piz Lad im Dreiländereck mit Italien ihr Ende.

Gemeinden an der Staatsgrenze (von Nord nach Süd)

Grenzübertritt und Grenzverkehr

Im Alpenrheintal existieren derzeit zehn direkte Grenzübergänge für den Individualverkehr zwischen der Schweiz und Österreich, wobei alle in Form von Brücken über den (Alten oder Neuen) Rhein bestehen. Der Grenzverlauf südöstlich von Liechtenstein, der sich überwiegend im hochalpinen Gelände befindet, lässt in diesem Bereich einen grenzüberschreitenden motorisierten Individualverkehr nur zwischen den österreichischen Gemeinden Spiss bzw. Pfunds/Nauders und dem schweizerischen Samnaun sowie dem Dorf Martina GR im Unterengadin zu.

Eisenbahnstrecken verbinden die beiden Länder zwischen St. Margrethen und Bregenz sowie zwischen Buchs SG und Feldkirch. Auf beiden verkehren Züge des Fernverkehrs sowie Nahverkehrszüge der S-Bahn Vorarlberg. Allerdings wird dabei nur auf der Bahnstrecke St. Margrethen–Lauterach, die im Halbstunden-Takt von der Linie S3 befahren wird, die Staatsgrenze zwischen Österreich und der Schweiz direkt überquert. Die Bahnstrecke Feldkirch–Buchs, auf der ebenfalls Nah- und Fernverkehrszüge der Österreichischen Bundesbahnen verkehren, wird über liechtensteinisches Staatsgebiet geführt und überquert daher zunächst die Grenze zwischen Österreich und Liechtenstein und danach jene zwischen Liechtenstein und der Schweiz. Zudem existiert die länderübergreifende Dienstbahn der Internationalen Rheinregulierung mit Museumsbetrieb.

Da Österreich seit 1997, die Schweiz seit 2008 und Liechtenstein seit 2011 zum Schengen-Raum gehören, finden grundsätzlich an der Grenze keine regulären Personenkontrollen mehr statt. Hingegen gibt es Zollkontrollen, weil die Schweiz und Liechtenstein nicht Mitglieder der EU sind. Diese Zollkontrollen werden auf österreichischer Seite von der Operativen Zollaufsicht und auf Schweizer Seite (sowie auch im Fürstentum Liechtenstein) vom Grenzwachtkorps vorgenommen. Zu unterschiedlichen Anlässen wurde die Grenzkontrolle dennoch temporär von einer der beiden Seiten (oder auch von beiden Staaten wechselseitig) wieder aufgenommen, so etwa während der Fussball-Europameisterschaft 2008 und während der Coronavirus-Pandemie 2020. In letzterem Fall wurde auch der Flugverkehr zwischen den beiden Ländern eingestellt und kleinere Grenzübergänge gänzlich geschlossen.

Geschichte

Ein gemeinsamer Grenzverlauf zwischen den souveränen Staaten Schweiz und Österreich lässt sich erst im 19. Jahrhundert klar festmachen, da zuvor die europäische Staatenlandschaft so zersplittert war, dass eher von Grenzen zwischen Grafschaften und Herrschaftsgebieten als von nationalstaatlichen Grenzen gesprochen werden kann. Diese Grenzen waren zuvor zudem infolge zahlreicher kriegerischer Auseinandersetzungen ständigem Wandel unterworfen. Zum ersten Mal lässt sich eine solche nationalstaatliche Grenze daher mit der Gründung des Kaisertums Österreich am 11. August 1804 festmachen. Im Jahr 1805, in der Folge des Dritten Koalitionskriegs, verlor das Kaisertum Österreich Vorarlberg und Tirol an das Königreich Bayern und seine italischen Herrschaftsgebiete an das Königreich Italien, womit keine gemeinsame Grenze zwischen dem Kaisertum Österreich und der Schweiz mehr bestand. Im Jahr 1815 wurden im Zuge des Wiener Kongresses zur Neuordnung Europas nach den Napoleonischen Kriegen auch die Grenzen der Schweizerischen Eidgenossenschaft sowie des Kaisertums Österreich neu festgelegt. Die gemeinsame Staatsgrenze war zu diesem Zeitpunkt um ein Vielfaches länger als heute, da insbesondere das Staatsgebiet Österreichs wieder deutlich umfangreicher war. So gehörten die an die Schweiz angrenzenden Gebiete Südtirol sowie das Königreich Lombardo-Venetien zu diesem Zeitpunkt zum Kaisertum Österreich, womit sich die gemeinsame Grenze deutlich weiter nach Süden erstreckte als dies heute der Fall ist. Auch Vorarlberg und Tirol gehörten ab dem Wiener Kongress wieder zu Österreich. Das Tessin grenzte völlig an das österreichische Königreich Lombardo-Venetien.

Dieser Zustand änderte sich im Jahr 1859, als Österreich im Zuge des Sardinischen Kriegs das Königreich Lombardei an Frankreich bzw. Sizilien verlor. Ab diesem Gebietsverlust beschränkte sich die gemeinsame Staatsgrenze Österreich-Ungarns mit der Schweiz auf die heutige Grenze Südtirols und die heute bestehende Staatsgrenze. 1868 wurde der jahrhundertelange Grenzstreit um den Novellaberg im Unterengadin beigelegt.

Erstmals vertraglich fest verankert und geografisch exakt vermessen wurde die Staatsgrenze jedoch erst im Zuge der gemeinsamen Rheinregulierung. Hierbei wurde die Grenzziehung insbesondere im Rheintal festgelegt, wobei diese sich in der Flussmitte des ursprünglichen Flusslaufs des Rheins befinden sollte. Protokollarisch genehmigt wurde dieser Staatsvertrag über die gemeinsamen Grenzen am 14. bzw. 17. Mai 1909. Im ursprünglichen Staatsvertrag zur Rheinregulierung von 1892 war zwar ebenfalls bereits festgelegt worden, dass die Grenze sich in der Flussmitte des Alten Rheins befinden sollte, jedoch war ebenfalls angedacht, die Grenze im Bereich des Fußacher Durchstichs in die Flussmitte des neuen Rheins zu verlegen. Dies hätte jedoch zur Konsequenz gehabt, dass die österreichischen Gemeinden Gaißau, Höchst und Fußach an die Schweiz gefallen wären.
Nachdem im Jahr 1923 auch der Diepoldsauer Durchstich fertiggestellt worden war, ergab sich die Notwendigkeit, auch in diesem Bereich eine Grenzziehung zu fixieren. Zu diesem Zweck wurde eine gemeinsame Grenzfeststellungskommission aus Vertretern beider Länder gegründet, deren Feststellungen letztlich in einem Protokoll vom 5. November 1935 mündeten.

Nach dem Ersten Weltkrieg verlor die nun neu gegründete Republik Österreich auch Südtirol als Teil ihres Staatsgebiets und die Staatsgrenze ging 1918 auf den heute noch bestehenden Grenzverlauf über. Gröbere Änderungen erfuhr der Verlauf der gemeinsamen Grenze in der Folge nicht mehr. Nachdem im Zuge des "Anschlusses Österreichs" an das Deutsche Reich im März 1938 der souveräne Staat Österreich zu existieren aufgehört hatte, gab es von 1938 bis 1945 auch keine gemeinsame Staatsgrenze mehr zwischen Österreich und der Schweiz. Erst mit der Befreiung Österreichs von den Nationalsozialisten und der Wiedererrichtung der freien Republik im Jahr 1945 lebte auch die gemeinsame Staatsgrenze mit der Schweiz wieder auf. Im Jahr 1954 kam es aufgrund eines neuerlichen Staatsvertrags zwischen der Republik Österreich und der Schweizerischen Eidgenossenschaft im Bereich des Alpenrheins erneut zu einer Regulierung, die eine Verengung des Mittelgerinnes auf die österreichische Seite vorsah. Aufgrund dessen rückte die in der Flussmitte befindliche Staatsgrenze einige Meter nach Osten, also auf die österreichische Seite, wodurch die Schweiz 9,7 Hektar an Gebietszuwächsen verzeichnen konnte. Um diesen Gebietszuwachs auszugleichen, erhielt Österreich in der gleichen Fläche Gebiete am oberen und unteren Ende des Diepoldsauer Durchstichs zugesprochen, womit in diesem Bereich die Grenze kleinere Abweichungen von der Normallinie innerhalb des Flussbetts aufweist.

In den 1960er-Jahren wurde die Staatsgrenze im Bereich des Alpenrheins erneut von einer gemeinsamen Grenzkommission festgesetzt, was letztlich in den Staatsvertrag vom 16. September 1972 über den Verlauf der gemeinsamen Staatsgrenze mündete.

Siehe auch
 Volksabstimmung 1919 in Vorarlberg
 Liste der Schweizer Eisenbahngrenzübergänge #Schweiz – Österreich
 Schienenverkehr in der Schweiz #Grenzpunkte
 Österreichische Grenzübergänge in die Nachbarstaaten

Literatur
 Ferdinand Waibel: Die Regelung der Staatsgrenzen. In: Internationale Rheinregulierung Rohrschach (Hrsg.): Der Alpenrhein und seine Regulierung. Internationale Rheinregulierung 1892–1992. 2. Auflage, BuchsDruck, Buchs 1993, ISBN 3-905222-65-5, S. 190–192.

Weblinks

 Vertrag zwischen der Republik Österreich und der Schweizerischen Eidgenossenschaft über den Verlauf der gemeinsamen Staatsgrenze vom 16. September 1972 im Rechtsinformationssystem des Bundes (Österreich)
 Vertrag zwischen der Schweizerischen Eidgenossenschaft und der Republik Österreich über den Verlauf der gemeinsamen Staatsgrenze in der Systematischen Sammlung des Bundesrechts (Schweiz)

Einzelnachweise

OsterreichSchweiz
Osterreich Schweiz

redpajama_set_name: RedPajamaWikipedia


It's great to have Stan Porter's volume on Tischendorf out to celebrate T's bicentenary. Copies of the volume have been sent to the Tischendorf library, and to exhibitions in Leipzig, where Tischendorf was born. You can also listen to our recent podcast about the book in which Stan gives some insights into Tischendorf's life and work.
"...This little book is a model of the biographical art. Here Porter introduces Tischendorf and his historical context. He describes T's life. And he describes T's work... Another thing that Porter has, and should have, done here is to awaken a new generation of critics and exegetes to a man who is far too often overlooked or, among some, even unknown. Tischendorf was no fool, nor was he a neutral party in a quest for manuscripts merely for the sake of science..."
"Porter gives a very readable brief account of Tischendorf's career, and a concise discussion of his contributions to several areas of study (palaeography, textual criticism, the Greek Old Testament, the Greek New Testament, and his critical engagement with "higher criticism and theology").. a timely tribute Tischendorf and an accessible reminder of his remarkable career and many contributions to scholarship."
I hope this little book will get a wide readership and give people access to a key figure in the history of the discipline.
In this interview we discuss the life and work of Constantine Tischendorf -- the man who discovered Codex Sinaiticus -- with Professor Stanley E. Porter (McMaster Divinity College). The interview includes insights into Porter's recent book on Tischendorf, published to coincide with Tischendorf's bicentenary in January 2015.


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Consultant Jonah Washington is nurse manager Nell Sutherland's rock–her best friend. Let down by another man, Nell begins to realize how wonderful Jonah really is. Nell is shocked by her changed reaction. Why had she never realized how irresistible the gorgeous consultant was?
Their work in the neonatal-intensive-care unit of Belfield Hospital has brought Jonah and Nell closer than ever before, bound by their commitment to save the lives of their tiny patients. Meanwhile, Nell is fighting her attraction to Jonah, not realizing that he has desired her and been utterly in love with her forever!


text:
Ultimate Frisbee at the USC
Are you looking for a new and challenging sport? Come and play Ultimate Frisbee with Panic! Ultimate Frisbee is a fast, fun and furious combination of the best qualities of football, basketball, American Football and a flying disc. Demanding tactical choices at a high pace, Ultimate is a varied sport with a lot of depth.
A major difference with most sports is Ultimate's emphasis on Spirit. Games are played without referees, which ensures players themselves are responsible for an orderly conduct of the game. Because sportsmanship is so important, matches are both very physically demanding and tons of fun - with a big party after the games!
Panic! members include students from Leiden and abroad, as well as post-docs. We play competitions and tournaments all year, both indoor and out. Our teams are mixed, with both highly experienced players and rookies playing at the same time - so you can easily pick up the basics, but will always be challenged at your level.
Join us at our training on Mondays (outdoor) or Wednesdays (indoor) and taste the magic that is Ultimate Frisbee! Our training is always in English!
Week schedule 2019-2020
No schedule for this sport has been announced as of yet.
Register at the Sports Centre
In order to join this sport you need a valid sports membership. Additional expenses: contribution to the Ultimate Frisbee Association. For more information consult the association's website.
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Ultimate Frisbee (often called Ultimate in short) is an energetic, non-contact team sport. It is a mixture of sports containing the best elements of football, basketball and American football. All-in-all a fascinating sport for men and women.


And combining playlists with easy searches of what is available online is the start of something truly great. Clicker helps a great deal in this regard. The ability to share playlists is a key thing when it comes to discovery and it doesn't look like that is a possibility with Clicker unfortunately. We want to be able to build playlists, post them, embed them, share them.
Reid Rosefelt's SpeedCine is another such searcg tool. Or rather was. It's was easy to search but still had no playlist function. I suppose I shouldn't be surprised that such a service shuts down in these economic times -- but still I am. These are the tools we need. Search & Share. They are services that all film organizations should offer. Someone should take over what Reid built, be it IFP, FIND, Indiewire, or MOMA. Someone, please!
What of course all these services miss is a real curating function managed by a trusted critic/educator/filmmaker/brand. Or rather several curators. Imagine how cool it would be if you could see what filmmakers you respected wanted to watch, and with one click there you were, and with another click, you could engage in discussion with a whole bunch of other film fanatics and discuss the film.
Surely, some smart people must be out there building this stuff. It can't be that hard. If only the film world had more collaboration with the tech world. Let's get it built and put it to use.