DOCSLIB.ORG

The Capital Structure of Banks and Practice of Bank Restructuring

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Capital Structure of Banks and Practice of Bank Restructuring The Capital Structure of Banks and Practice of Bank Restructuring Eight Case Studies on Current Bank Restructurings in Europe Final Report Study commissioned by Center for Financial Studies University of Frankfurt By Hans-Joachim Dübel Finpolconsult, Berlin Assistance Malte Daniels Ioana Bejan Berlin October 8, 2013 List of Contents Executive Summary .............................................................................................................................................. iv Introduction ........................................................................................................................................................... 1 Focus and Purpose ................................................................................................................................... 1 Case Selection .......................................................................................................................................... 1 Methodology and Data .............................................................................................................................. 2 Structure .................................................................................................................................................... 3 Bank Case Studies .................................................................................................................................................. 4 Anglo Irish Bank ........................................................................................................................................ 4 Hypo Real Estate .................................................................................................................................... 10 Amagerbanken ........................................................................................................................................ 18 Bankia ..................................................................................................................................................... 22 Dexia ....................................................................................................................................................... 31 SNS Reaal Group ................................................................................................................................... 37 Cyprus Popular Bank (‘Laiki’) .................................................................................................................. 43 Alpha Bank .............................................................................................................................................. 52 Synopsis of Empirical Findings ............................................................................................................................. 59 Participation of the Capital Structure in Financing the Capital Gap ........................................................ 59 Expected Loss From Participation .......................................................................................................... 61 Expected Loss Distribution - Government vs. the Capital Structure/Private Sector ............................... 62 Synopsis of Policy Lessons ................................................................................................................................... 63 Macro level (regulatory forbearance and creditor participation policy) ................................................... 63 Micro level (bank restructuring policy and investor relations) ................................................................. 64 Annex .................................................................................................................................................................. 68 Abbreviations .......................................................................................................................................... 68 Glossary .................................................................................................................................................. 69 Literature ................................................................................................................................................. 70 Additional Data and Material ................................................................................................................... 72 Finpolconsult – Bank Capital Structure and Restructuring Europe ii Acknowledgements The author thanks Jan Pieter Krahnen and Tobias Tröger of the Center for Financial Studies at the Uni- versity of Frankfurt for providing financing for this research project. He is indebted to numerous contacts in policy institutions, banking and capital markets institutions and the research community that contributed to the study through additional data, review and discussion. Note This study is a companion piece to “Creditor Participation in Banking Crisis in the Eurozone – A Corner Turned?”, June 28, 2013. Both studies were written jointly under a co-finance scheme. This study therefore contains occasionally verbatim passages from the earlier published study. Finpolconsult – Bank Capital Structure and Restructuring Europe iii Executive Summary This study presents an empirical analysis of capital and liability management in eight cases of bank re- structurings and resolutions from eight different European countries. It can be read as a companion piece to an earlier study by the author covering the specific bank restructuring programs of Greece, Spain and Cyprus during 2012/13. 1 The study portrays for each case the timelines between the initial credit event and the (last) restructuring. It proceeds to discuss the capital and liability management activity before restructuring and the restructur- ing itself, launches an attempt to calibrate the extent of creditor participation as well as expected loss by government, and engages in a counterfactual discussion of what could have been a least cost restructur- ing approach. Four of the eight cases are resolutions, i.e. the original bank is unwound (Anglo Irish Bank, Amagerbank- en, Dexia, Laiki), while the four other banks have de-facto or de-jure become nationalized and are await- ing re-privatization after the restructuring (Deutsche Pfandbriefbank/Hypo Real Estate, Bankia, SNS Re- aal, Alpha Bank). The case selection follows considerations of their model character for the European bank restructuring and resolution policy discussion while straddling both the U.S. (2007 - 2010) and the European (2010 - ) legs of the financial crisis, which each saw very different policy responses. The drivers of creditor participation identified in this study are: • delay between first risk realization and comprehensive restructuring - a negative driver. Restructuring delay provides room for evasion by creditors whose interests are aligned with those of bank managers trying to preserve future issuance options for near-insolvent banks against the odds. Redemptions, lia- bility management exercises and early calls have in this way reduced the bail-inable capital over time in a number of cases substantially (Anglo Irish Bank in 2009, Bankia, Dexia, Laiki, Alpha Bank). This is particularly true for hybrid capital and subordinated debt first in line to take losses. Also, restructuring delay favors creditor rotation, which has maneuvered retail customers (Bankia, SNS Reaal, Laiki) and government (universal) into riskier positions of the capital structure. • depth of participation imposed on the capital structure both before and during the restructuring - a posi- tive driver. Depth is associated with the legal options available to supersede liability instrument con- tracts outside insolvency, e.g. a conducive bank restructuring and resolution law (existed for the cases of Amagerbanken, Bankia, SNS Reaal, Laiki). Yet, as important is political willingness to raise stakes with investors in voluntary exchanges prior to the restructuring (Anglo Irish Bank in 2010) and to avoid delaying passing legislation (negatively affected the cases of Hypo Real Estate, Dexia, and Alpha Bank). With senior debt only having been bailed in in isolated cases so far (Amagerbanken, Laiki), the study takes junior debt creditor participation as a yardstick for measuring the degree of burden sharing. The finding is that the depth of participation imposed during the restructuring dominates the impact of delay. One intuitive reason, established for several cases (Bankia, SNS Reaal, Laiki) is a high degree of junior creditor rotation caused by restructuring delay, with new legislation options as a result hitting the next in- vestor generation. When sorting individual cases by their depth of creditor participation it is found that in line with the general policy turnaround the early restructuring cases (Anglo Irish Bank, Hypo Real Estate) feature the lowest creditor participation levels and the latest restructuring cases the highest (Bankia, SNS Reaal, Laiki). However, there are both early restructuring cases realizing high creditor participation (Amagerbanken) 1 Dübel, Hans-Joachim. 2013. “Creditor Participation in Banking Crisis in the Eurozone – A Corner Turned?” Study commissioned by Bundestagsfraktion Bündnis 90 / Die Grünen in Bundestag and The Greens / European Free Alliance in European Parliament. June. Download: http://finpolconsult.de/mediapool/16/169624/data/Duebel_Bank_Creditor_Participation_Eurozone_Final.pdf Finpolconsult – Bank Capital Structure and Restructuring
Load more

Recommended publications
  • Floating Rate Strategic Income Fund (A1 Shares)
    P rospectus May 31, 2021 Share Class | Ticker A1 | FFRFX Federated Hermes Floating Rate Strategic Income Fund (formerly, Federated Floating Rate Strategic Income Fund) A Portfolio of Federated Hermes Income Securities Trust (formerly, Federated Income Securities Trust) A mutual fund seeking to provide total return consistent with current income and low interest rate volatility by investing primarily in a strategic mix of floating-rate fixed-income investments: domestic investment-grade, domestic noninvestment-grade and foreign fixed-income. As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee FEDERATED HERMES FLOATING RATE STRATEGIC INCOME FUND A Portfolio of Federated Hermes Income Securities Trust CLASS A SHARES (TICKER FRSAX) CLASS C SHARES (TICKER FRICX) INSTITUTIONAL SHARES (TICKER FFRSX) CLASS R6 SHARES (TICKER FFRLX) CLASS A1 SHARES (TICKER FFRFX) SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 2021 On August 13, 2021, the Board of Trustees of Federated Hermes Income Securities Trust, on behalf of Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), approved the conversion of the Fund’s existing Class C Shares to the Fund’s Class A Shares on a tax-free basis and without any fee, load or charge to Class C shareholders. The conversion is expected to become effective on or about the close of business on November 19, 2021. Accordingly, all references to Class C Shares are removed from the Fund’s Summary Prospectuses, Prospectuses and Statements of Additional Information as of the close of business on November 19, 2021.
    [Show full text]
  • Equity Credit for Hybrid Securities
    A.M. BEST METHODOLOGY Criteria – Insurance June 22, 2011 Equity Credit For Hybrid Securities Additional Information The increased use of nontraditional debt securities within the insur- ance industry reflects, in part, the generally more favorable treat- Criteria: ment they receive in the analysis of an issuer’s capital structure by A.M. Best’s Ratings & the Treatment of Debt regulators and rating agencies. The more favorable treatment of hybrid securities relative to traditional debt instruments is princi- Understanding BCAR for pally due to the existence of equity-like features or characteristics. Property/Casualty Insurers Many of these instruments also provide a lower after-tax cost of capital to the issuer, while at the same time they are a less expen- Understanding BCAR for Life & Health Insurers sive form of accessing capital than through the equity markets. Market participants are asking for guidance as to A.M. Best Co.’s perspective on hybrid securities and the amount of equity benefit that may be forthcoming to an organization’s capital structure in the rating process. This methodology summarizes A.M. Best’s treatment of equity credit for hybrid securities issued by insur- Analytical Contacts ance-related entities and highlights the importance of debt-service Andrew Edelsberg, Oldwick capabilities. The assessment focuses on these instruments’ use +1 (908) 439-2200 Ext. 5182 within an entity’s capital structure and their impact on financial [email protected] ratios and the financial flexibility of the entity issuing the hybrid security. The methodology should be read in conjunction with Duncan McColl, CFA, Oldwick A.M.
    [Show full text]
  • Hybrid Securities
    Analysis MULTI-JURISDICTIONAL GUIDE 2015/16 CAPITAL MARKETS Hybrid securities: an overview Ze'-ev D Eiger, Peter J Green, Thomas A Humphreys and Jeremy C Jennings-Mares Morrison & Foerster LLP global.practicallaw.com/1-517-1581 The history of hybrid securities may well be divided into two x The main bank regulatory requirements and how these differ by periods: pre-financial crisis and post-financial crisis. Before the jurisdiction. crisis, hybrid issuances by financial institutions including banks and insurance companies, and corporate issuers, which are generally x The main tax considerations and how these differ by jurisdiction. utilities, were quite significant. Such product structuring efforts x The accounting considerations. resulted in a vast array of hybrid products, such as trust preferred securities, real estate investment trust (REIT) preferred securities, x The ratings considerations. perpetual preferred securities and paired or stapled hybrid x How hybrid securities can be offered and how and to whom they structures. Following the financial crisis, regulators have been are usually marketed. focused on enhancing the regulatory capital requirements applicable to financial institutions and ensuring that there is Format greater transparency regarding financial instruments. Regulatory reform will continue to affect the future of hybrid capital. While Hybrid securities include: financial institutions have focused in recent years on non- x Certain classes of preferred stock. cumulative perpetual preferred stock and contingent capital instruments, "traditional" hybrids, such as trust preferred x Trust preferred securities (for non-bank issuers). securities, remain popular with corporate issuers. x Convertible debt securities (for non-bank issuers). This article provides a brief overview of the principal structuring, x Debt securities with principal write-down features.
    [Show full text]
  • Understanding S&P Global (China) Ratings General Considerations On
    Commentary: Understanding S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology June 29, 2020 ANALYTICAL CONTACTS May Zhong (Editor’s note: This article supersedes the commentary “Understanding S&P Global (China) Ratings General Beijing [email protected] Considerations on Rating Modifiers and Relative Ranking Methodology” published June 19, 2019. It is being republished to provide readers with more details on our approach to applying General Considerations on our Ying Li, CFA, FRM Rating Modifiers and Relative Ranking Methodology.) Beijing [email protected] Kan Zhou Introduction Beijing [email protected] The S&P Global (China) Ratings General Considerations on Rating Modifiers and Relative Ranking Methodology is constructed to describe our approach to considering the impact of common rating Peter Eastham Beijing modifiers that may influence the ultimate issuer credit rating (ICR) or issue credit rating (issue [email protected] rating) that we may assign. We may also consider the analysis of relative ranking of different securities and the associated impact on any rating that we may assign. Fangchun Rong, CFA Beijing Where relevant, we may consider external factors, such as group relationships, government [email protected] support, counterparty financial support and guarantees, amongst others, and see how these factors may influence either an underlying view of creditworthiness or the ultimate rating that we may assign. When applicable, we would also consider the relative ranking of a given security and the implications of the ranking or nature of that security for any rating that we may assign. Examples where relative ranking may be applicable include areas such as senior secured debt, senior unsecured debt, subordinated debt, hybrid securities, tranched securitization structures, amongst others.
    [Show full text]
  • Five-Minute-Mba-In-Corporate-Finance
    GetPedia : Get How Stuff Works! Works! Welcome To GetPedia.com The Online Information Resource Providing You the Most Unique Content and Genuine Articles in the most Widest range categories. Browse and discover Information in each and every category. There are currently more than 500,000 articles to browse for. Business Communications Health & Fitness Advertising Broadband Internet Acne Branding Mobile & Cell Phone Aerobics & Cardio Business Management VOIP Alternative Medicine Business Ethics Video Conferencing Beauty Tips Careers, Jobs & Employment Satellite TV Depression Customer Service Diabetes Reference & Education Marketing Exercise & Fitness Networking Book Reviews Fitness Equipment Network Marketing College & University Hair Loss Pay-Per-Click Advertising Psychology Medicine Presentation Science Articles Meditation Public Relations Food & Drinks Muscle Building & Sales Bodybuilding Sales Management Coffee Nutrition Sales Telemarketing Cooking Tips Nutritional Supplements Sales Training Recipes & Food and Drink Weight Loss Small Business Wine & Spirits Yoga Strategic Planning Home & Family Entrepreneur Recreation and Sport Negotiation Tips Crafts & Hobbies Fishing Team Building Elder Care Golf Top Quick Tips Holiday Martial Arts Home Improvement Internet & Businesses Online Motorcycle Home Security Affiliate Revenue Interior Design & Decorating Self Improvement & Motivation Blogging, RSS & Feeds Landscaping & Gardening Attraction Domain Name Babies & Toddler Coaching E-Book Pets Creativity E-commerce Parenting Dealing with Grief
    [Show full text]
  • Report REP 365 Hybrid Securities
    REPORT 365 Hybrid securities August 2013 About this report This report discusses offers of hybrid securities in the Australian market since the global financial crisis, and in particular, the extensive issuance from November 2011 to June 2013. Hybrid securities often have very complex features and the risks they can pose are often poorly understood by investors. This report describes: what we have done to engage with hybrid issuers and the brokers that sell hybrid securities so that these features and risks are clearly disclosed and the products are not being mis-sold; and the investor warnings and education about hybrid securities we have provided through the media and on ASIC's MoneySmart website. REPORT 365: Hybrid securities About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers: seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides: give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) explaining how ASIC interprets the law describing the principles underlying ASIC’s approach giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets: provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports: describe ASIC compliance or relief activity or the results of a research project. Disclaimer This report does not constitute legal advice. We encourage you to seek your own professional advice to find out how the Corporations Act and other applicable laws apply to you, as it is your responsibility to determine your obligations.
    [Show full text]
  • An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities
    WORKING PAPER An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities Squam Lake Working Group on Financial Regulation April 2009 1 Squam Lake Working Group on Financial Regulation The Squam Lake Working Group on Financial Regulation is a nonpartisan, nonaffiliated group of fifteen academics who have come together to offer guidance on the reform of financial regulation. The group first convened in fall 2008, amid the deepening capital markets crisis. Although in- formed by this crisis—its events and the ongoing policy responses—the group is intentionally fo- cused on longer-term issues. It aspires to help guide reform of capital markets—their structure, function, and regulation. This guidance is based on the group’s collective academic, private sector, and public policy experience. To achieve its goal, the Squam Lake Working Group is developing a set of principles and their implications that are aimed at different parts of the financial system: at individual firms, at financial firms collectively, and at the linkages that connect financial firms to the broader economy. The members of the group are Martin N. Baily Frederic S. Mishkin Brookings Institution Columbia University Andrew B. Bernard Raghuram G. Rajan Dartmouth College University of Chicago John Y. Campbell David S. Scharfstein Harvard University Harvard University John H. Cochrane Robert J. Shiller University of Chicago Yale University Douglas W. Diamond Hyun Song Shin University of Chicago Princeton University Darrell Duffie Matthew J. Slaughter Stanford University Dartmouth College Kenneth R. French René M. Stulz Dartmouth College Ohio State University Anil K Kashyap University of Chicago 2 An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities INTRODUCTION This short document develops a proposal aimed at sounder restructuring of distressed financial com- panies.
    [Show full text]
  • A Study on the Market Reaction to Hybrid Securities Announcements
    A Study on the Market Reaction to Hybrid Securities Announcements Norhuda Abdul Rahim Thesis submitted for the degree of Doctor of Philosophy in Finance Accounting and Finance Division Stirling Management School University of Stirling Scotland, United Kingdom July 2012 Declaration This thesis is submitted in fulfilment of requirement of the degree of Doctor of Philosophy in Finance at the University of Stirling. This work also has not previously been accepted and is not concurrently submitted in candidature for any degree. I declare that this thesis is based on my original work, except where otherwise stated. Other sources are appropriately acknowledged in this thesis. Norhuda Abdul Rahim July 2012 i A Study on the Market Reaction to Hybrid Securities Announcements Abstract The thesis presents three studies that focus on the wealth effects of hybrid securities namely: convertible bonds and warrant-bonds. The wealth effects of these hybrid securities are investigated through both meta-analysis and event-studies. Chapter 2 incorporates a review of the literature on wealth effects associated with the announcement of convertible bonds and warrant-bond loans. The findings of 35 event studies, which include 84 sub-samples and 6,310 announcements, are analysed using meta-analysis. A mean cumulative abnormal return of -1.14% for convertible bonds compared with -0.02% for warrant-bonds are observed, the significant difference confirming a relative advantage for warrant-bonds. Abnormal returns for hybrid securities issued in the United States are significantly more negative than for those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors.
    [Show full text]
  • Issuance of Hybrid Debt Instruments and So-Called Contingent Convertible Bonds (Coco) 1
    Issuance of hybrid debt instruments and so-called contingent convertible bonds (CoCo) 1 Briefing note August 2016 Issuance of hybrid debt instruments and so-called contingent convertible bonds (CoCo) Apart from the issuance of securities treated purely as debt instruments (e.g. bonds) or equity instruments (e.g. shares), it is also possible to issue so-called "hybrid instruments". They are securities that make it possible to combine the benefits of debt and equity. CoCo (Contingent Convertibles), i.e. bonds subject to automatic conversion into equity, are a special type of such instrument. The issuance of hybrid instruments offers numerous benefits to issuers which are not provided by standard debt/equity instruments. At the same time, provided they fulfil the relevant criteria, hybrid instruments may be considered equity instruments for accounting purposes. Because of this they increase the equity ratio of their issuer without affecting the level of the issuer's debt. Issuance of hybrid debt instruments and so-called contingent convertible bonds (CoCo) 2 What are hybrid instruments? Hybrid instruments are securities which, by being given specific parameters, possess elements of both debt securities as well as those characteristic of equity. Usually bonds (or other debt securities) that have specific elements bringing them closer to equity instruments are considered hybrid instruments. Hybrid instruments are a tool that is particularly attractive for banks and other financial institutions which are obliged to maintain specified levels
    [Show full text]
  • Emerging Market Debt Fund (Formerly, Federated Emerging Market Debt Fund)
    Statem ent of Additional Information January 31, 2021 Share Class | Ticker A | IHIAX C | IHICX Institutional | EMDIX Federated Hermes Emerging Market Debt Fund (formerly, Federated Emerging Market Debt Fund) A Portfolio of Federated Hermes World Investment Series, Inc. (formerly, Federated World Investments Series, Inc.) This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Emerging Market Debt Fund (the “Fund”), dated January 31, 2021. This SAI incorporates by reference the Fund’s Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400. Contents 1 How is the Fund Organized? 1 Securities in Which the Fund Invests 12 Investment Risks 16 Investment Objective and Investment Limitations 17 What Do Shares Cost? 20 How is the Fund Sold? 23 Purchases In-Kind 23 Redemption In-Kind 23 Account and Share Information 24 Tax Information 25 Who Manages and Provides Services to the Fund? 41 Financial Information 41 Investment Ratings 46 Addresses 47 Appendix Federated Hermes Emerging Market Debt Fund Federated Hermes Funds 4000 Ericsson Drive Warrendale, PA 15086-7561 Contact us at FederatedInvestors.com or call 1-800-341-7400. Federated Securities Corp., Distributor G01745-02 (1/21) © 2021 Federated Hermes, Inc. How is the Fund Organized? The Fund is a non-diversified portfolio of Federated Hermes World Investment Series, Inc. (the “Corporation”). The Corporation is an open-end, management investment company that was established under the laws of the state of Maryland on January 25, 1994. The Corporation may offer separate series of shares representing interests in separate portfolios of securities.
    [Show full text]
  • Corporate Hybrid Capital
    Master’s Thesis – Majeure Finance Corporate Hybrid Capital Student: Professor: Jean-Louis Lafontaine Stéphane Cavrois H2014 Sophie Javary [email protected] June 2014 1 Table of Content I. Definition and structure of corporate hybrid bonds .................................................. 5 A) Definition ............................................................................................................................................ 5 B) Key features of hybrid bonds ....................................................................................................... 5 i) Maturity .............................................................................................................................................................. 6 ii) Subordination .................................................................................................................................................. 6 iii) Call Option ................................................................................................................................................... 6 iv) Coupon step-ups ............................................................................................................................................. 7 v) Coupon deferral .............................................................................................................................................. 8 vi) Equity Credit ...................................................................................................................................................
    [Show full text]
  • Paris, Amsterdam, April 17, 2018 Press Release Unibail-Rodamco
    Paris, Amsterdam, April 17, 2018 Press release Unibail-Rodamco announces the pricing of its inaugural hybrid securities offering to finance a portion of the cash consideration in the Westfield acquisition Unibail-Rodamco last week conducted a European roadshow interacting with more than 50 investors. Yesterday, the Group priced a €2.0 Bn dual-tranche hybrid transaction: - A €1,250 Mn Deeply Subordinated Perpetual Non-Call 5.5 year hybrid security with a 2.125% coupon; - A €750 Mn Deeply Subordinated Perpetual Non-Call 8 year hybrid security with a 2.875% coupon. The combined order book came to €6.8 Bn, the largest order book for a Euro denominated hybrid issuance in 2018 to date. This transaction is the first ever public hybrid security issuance by a European REIT. It also marks the return of Unibail-Rodamco to the securities markets following the announcement of the acquisition of Westfield in December 2017. The use of proceeds of this transaction is to finance part of the cash consideration of the Westfield acquisition and will reduce Unibail-Rodamco’s bridge facility. The hybrid securities have been rated Baa1 (Moody’s) / BBB+ (S&P). Unibail-Rodamco is rated A2 (stable) / A (stable) / A (negative) by Moody’s, S&P and Fitch respectively. For the most recent information on the Westfield transaction, including the investor presentation uploaded on April 16, 2018, please consult the Westfield Transaction section on the Unibail-Rodamco website: www.unibail-rodamco.com For further information, please contact: Investor Relations Maarten Otte +33 1 76 77 58 02 [email protected] Media Relations Nathalie Feld +33 1 76 77 57 94 [email protected] About Unibail-Rodamco Created in 1968, Unibail-Rodamco SE is Europe’s largest listed commercial property company, with a presence in 11 Continental European countries, and a portfolio of assets valued at €43.1 Bn as of December 31, 2017.
    [Show full text]