Fifth Oregon Climate Assessment

Total Page:16

File Type:pdf, Size:1020Kb

Fifth Oregon Climate Assessment Fifth Oregon Climate Assessment Dudley Chelton Oregon Climate Change Research Institute 1 Acknowledgments This fifth Oregon Climate Assessment is consistent with the charge of the Oregon Climate Change Research Institute under Enrolled House Bill 3543 of the 74th Oregon Legislative Assembly. We are grateful to the many authors, other contributors, reviewers, and advisors to this Assessment, especially during a year that was extraordinarily difficult for so many. We welcome readers to contact us with ideas for ensuring that the sustained assessment process is relevant to their priorities. Thanks to John Abatzoglou, Rupa Basu, Hilary Boudet, Tim Brown, Maya Buchanan, Karin Bumbaco, Francis Chan, Tyler Creech, Steven Dundas, Alexander Gershunov, Ryan Haugo, Glen MacDonald, Deniss Martinez, Guillaume Mauger, Phil Mote, Michael Olsen, Andrew Plantinga, David Rupp, and Tim Sheehan for reviews of content in this Assessment. Published January 2021 at Oregon State University, Corvallis, Oregon. Recommended citation: Dalton, M., and E. Fleishman, editors. 2021. Fifth Oregon Climate Assessment. Oregon Climate Change Research Institute, Oregon State University, Corvallis, Oregon. https://blogs.oregonstate.edu/occri/oregon-climate-assessments/. The photographers and figure sources credited herein retain all rights to their images. All other elements of the document are published under a Creative Commons Attribution- NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0). 2 3 Authors Table of Contents Idowu Ajibade, Portland State University Acknowledgments 3 Coral Avery, Affiliated Tribes of Northwest Indians & Northwest Climate Adaptation Science Authors 4 Center Meghna Babbar-Sebens, Oregon State University Executive Summary 7 John A. Barth, Oregon State University Introduction 9 Caren Braby, Oregon Department of Fish and Wildlife State of Climate Science 11 Heejun Chang, Portland State University Samantha Chisholm Hatfield, Oregon State University Natural Hazards Meghan Dalton, Oregon State University Extreme Heat 31 Erica Fleishman, Oregon State University Drought 37 Benjamin Galindo, Doris Duke Conservation Scholars Program Wildfire 47 Kelly Gleason, Portland State University Floods 67 Jessica Halofsky, USDA Forest Service, Northwest Climate Hub and Western Wildland Coastal Hazards 75 Environmental Threat Assessment Center Marine and Coastal Change 81 Benjamin Hatchett, Desert Research Institute Adaptation Sectors Tia H. Ho, Finding Mindful Now & Portland State University Natural Systems 95 Andrés Holz, Portland State University Built Environment 113 Perry Hystad, Oregon State University Public Health 137 Lara Jacobs, Oregon State University Tribal Cultural Resources 157 Chas Jones, Affiliated Tribes of Northwest Indians & Northwest Climate Adaptation Science Center Social Systems 171 Paul Loikith, Portland State University Chris Lower, Portland State University Elizabeth Marino, Oregon State University–Cascades Philip Mote, Oregon State University William Nanavati, Portland State University Larry O’Neill, Oregon State University Laura Platt, Portland State University Laura Queen, Oregon State University Charlotte Regula Whitefield, Oregon Department of Fish and Wildlife Alexandra Rempel, University of Oregon Peter Ruggiero, Oregon State University David Rupp, Oregon State University Stephanie Salas, Doris Duke Conservation Scholars Program Emily York, Oregon Health Authority 4 5 Fifth Oregon Climate Assessment • January 2021 Executive Summary Established and emerging understanding of Oregon. During summer, relative increases in observed and projected climate change in Oregon, nighttime minimum temperatures have been greater and knowledge of the opportunities and risks that than those in daytime maximum temperatures. The climate change poses to natural and human systems, frequency, duration, and intensity of extreme heat may serve as a resource for actions including but not events is expected to increase throughout the state limited to planning for mitigation of climate-related during the twenty-first century. natural hazards and implementation of Oregon’s Drought. Over the past 20 years, the incidence, 2021 Climate Change Adaptation Framework. extent, and severity of drought in the Northwest State of Climate Science increased. These changes partially are attributable to human-caused climate change. As summers in Temperature. Oregon’s annual average temperature Oregon continue to become warmer and drier, and increased by about 2.2°F per century since 1895. If mountain snowpack decreases, the frequency of greenhouse gas emissions continue at current levels, droughts, particularly snow droughts such as those in temperature in Oregon is projected to increase on 2014 and 2015, is likely to increase. average by 5°F by the 2050s and 8.2°F by the 2080s, with the greatest seasonal increases in summer. Wildfire. Wildfire dynamics are affected by climate change, past and contemporary land management Precipitation. Precipitation is projected to increase and human activity, and expansion of non-native during winter and decrease during summer. The invasive grasses. From 1984 through 2018, annual number and intensity of heavy precipitation area burned in Oregon increased considerably. events, particularly in winter, is projected to Over the next 50 to 100 years, area burned and fire increase throughout the twenty-first century. frequency are projected to increase substantially, Furthermore, as temperatures warm, the proportion initially east of the crest of the Cascade Range of precipitation falling as rain rather than snow in and then in the western Cascade Range. Over the Oregon is projected to increase, especially at lower to long term, depending on how vegetation and fire intermediate elevations in the Cascade Range. weather shift with climatic changes and fuel and fire Snowpack and runoff. Snowpack throughout management, fire severity also may increase. Oregon, especially on the west slope of the Cascade Floods. Flood magnitudes in Oregon are likely to Range, is accumulating more slowly, reaching lower increase. Heavy precipitation events are expected to peak values, and melting earlier. These trends are become more intense because a warmer atmosphere likely to continue, and may accelerate, as temperature can carry more moisture. Also, in a warmer climate, increases. Concomitantly, runoff is expected to begin the relatively contribution to floods of rainfall will and peak earlier in the year, decline in summer, and be greater than that of snowmelt. The consequence increase in winter, but will vary geographically. is larger flood peaks because, for a given amount of Science advances. In addition to simulations of precipitation, the peaks of rainfall-driven floods tend future climate from the newest generation of global to be larger than those of snowmelt-driven floods. climate models, advances in climate science have Projected increases in wet-season precipitation improved the accuracy of climate forecasts one week also are likely to increase winter flood magnitude. to one month into the future. Also, it is becoming Increases in regulated flows from the main stem of more feasible to estimate the extent to which human- the Columbia River during winter appear likely to caused climate change affects the likelihood of some increase flood risk throughout the Columbia River types of extreme weather events. reservoir system. Coastal hazards. Sea-level rise, storminess, sediment Climate-Related Natural Hazards supply, and human adaptation measures influence Extreme heat. The frequency and magnitude of whether a given stretch of Oregon’s coastline has days that are warmer than 90°F is increasing across eroded or built up in recent decades. Therefore, 6 7 predicting future shoreline change is challenging. As and risks of heat stress. Opportunities for mitigation Introduction sea level rises, coastal storms and high tides are likely and adaptation include wind and solar power, grid to increase the frequency and severity of flooding integration of electric transportation, and green Consistent with its charge under Oregon House Bill 3543, the Oregon Climate Change Research along Oregon’s coastline. By the year 2050, relative infrastructure for resilience to flooding. Data- Institute (OCCRI) conducts a biennial assessment of the state of climate change science, including sea level at Newport is very likely to rise between driven, science-based capital planning that engages biological, physical, and social science, as it relates to Oregon and the likely effects of climate change 0.6 and 1.8 feet, and at least one flood is likely to stakeholders can help to realize these adaptations. exceed four feet above mean high tide. Accounting on Oregon. This fifth Oregon Climate Assessment builds on previous assessments (Dello and Mote Public health. Racial and economic injustices for plausible, yet uncertain, estimates of Antarctic 2010; Dalton et al. 2013, 2017; Mote et al. 2019) by continuing to evaluate past and projected future have created disparities in health outcomes among ice sheet melt suggests that sea level could rise 2.9 changes in Oregon’s climate and hydrology. This Assessment is structured with the goal of serving populations in Oregon. Black, Indigenous, and feet by the year 2050, with regular nuisance flooding as a resource for the state’s mitigation planning for natural hazards and implementation of the 2021 People of Color; underinvested rural, Tribal, and occurring earlier. Oregon Climate Change Adaptation Framework. low-income
Recommended publications
  • Reflections on Northern Rock: the Bank Run That Heralded the Global
    Journal of Economic Perspectives—Volume 23, Number 1—Winter 2009—Pages 101–119 Reflections on Northern Rock: The Bank Run that Heralded the Global Financial Crisis Hyun Song Shin n September 2007, television viewers and newspaper readers around the world saw pictures of what looked like an old-fashioned bank run—that is, I depositors waiting in line outside the branch offices of a United Kingdom bank called Northern Rock to withdraw their money. The previous U.K. bank run before Northern Rock was in 1866 at Overend Gurney, a London bank that overreached itself in the railway and docks boom of the 1860s. Bank runs were not uncommon in the United States up through the 1930s, but they have been rare since the start of deposit insurance backed by the Federal Deposit Insurance Corporation. In contrast, deposit insurance in the United Kingdom was a partial affair, funded by the banking industry itself and insuring only a part of the deposits—at the time of the run, U.K. bank deposits were fully insured only up to 2,000 pounds, and then only 90 percent of the deposits up to an upper limit of 35,000 pounds. When faced with a run, the incentive to withdraw one’s deposits from a U.K. bank was therefore very strong. For economists, the run on Northern Rock at first seemed to offer a rare opportunity to study at close quarters all the elements involved in their theoretical models of bank runs: the futility of public statements of reassurance, the mutually reinforcing anxiety of depositors, as well as the power of the media in galvanizing and channeling that anxiety through the power of television images.
    [Show full text]
  • Northern Rock Plc - HM Treasury
    [ARCHIVED CONTENT] Northern Rock plc - HM Treasury This snapshot, taken on 07/04/2010, shows web content acquired for preservation by The National Archives. External links, forms and search may not work in archived websites and contact details are likely to be out of date. More about the UK Government Web Archive See all dates available for this archived website The UK Government Web Archive does not use cookies but some may be left in your browser from archived websites. More about cookies 16/08 Help | Contact us | Access keys | Site map | A-Z 17 February 2008 Northern Rock plc Newsroom & speeches Home > Newsroom & speeches > Press notices > 2008 Press Notices > February > Northern Rock plc 1. The Government has today decided to bring forward legislation that will enable Northern Rock plc to be taken into a period of temporary Home public ownership. The Government has taken this decision after full consultation with the Bank of England and the Financial Services Authority. The Government's financial adviser, Goldman Sachs, has concluded from a financial point of view that a temporary period of Budget public ownership better meets the Government's objective of protecting taxpayers. 2. Northern Rock will be open for business as usual tomorrow morning and thereafter. Branches will be open; internet and call centre Pre-Budget Report services will operate as normal. All Northern Rock employees remain employed by the company. Depositors' money remains absolutely safe and secure. The Government's guarantee arrangements remain in place and will continue to do so. Borrowers will continue to make their payments in the normal way.
    [Show full text]
  • NRAM Limited Annual Report & Accounts
    NRAM Limited (formerly NRAM (No.1) Limited) Annual Report & Accounts for the 12 months to 31 March 2017 Registered in England and Wales under company number 09655526 Annual Report & Accounts 2017 Contents Page Strategic Report Overview 2 Highlights of 2016/17 3 Key performance indicators 4 Business review 5 Principal risks and uncertainties 8 Directors’ Report and Governance Statement Other matters 11 - Statement of Directors’ responsibilities 12 Independent Auditor’s report Independent Auditor’s report to the Members of NRAM Limited 14 Accounts Consolidated Income Statement 17 Consolidated Statement of Comprehensive Income 18 Balance Sheets 19 Consolidated Statement of Changes in Equity 20 Company Statement of Changes in Equity 21 Cash Flow Statements 22 Notes to the Financial Statements 23 1 Strategic Report Annual Report & Accounts 2017 The Directors present their Annual Report & Accounts for the year to 31 March 2017. NRAM Limited (‘the Company’) is a limited company which was incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The Company and its subsidiary undertakings comprise the NRAM Limited Group. Overview The NRAM Limited Group and Company primarily operates as an asset manager holding mortgage loans secured on residential properties and other financial assets. No new lending is carried out. NRAM plc was taken into public ownership on 22 February 2008. During 2007 and 2008 loan facilities to NRAM plc were put in place by the Bank of England all of which were novated to Her Majesty's Treasury (‘HM Treasury’) on 28 August 2008. On 28 October 2009 the European Commission approved State aid to NRAM plc confirming the facilities provided by HM Treasury, thereby removing the material uncertainty over NRAM plc’s ability to continue as a going concern which previously existed.
    [Show full text]
  • Register of Lords' Interests (29 August 2013)
    REGISTER OF LORDS’ INTERESTS _________________ The following Members of the House of Lords have registered relevant interests under the code of conduct: ABERDARE, L. Category 1: Directorships Director, WALTZ Programmes Limited (training for work/apprenticeships in London) Category 10: Non-financial interests (a) Director, F.C.M. Limited (recording rights) Category 10: Non-financial interests (c) Trustee, Berlioz Society Trustee, St John Cymru-Wales Trustee, National Library of Wales Category 10: Non-financial interests (e) Trustee, West Wycombe Charitable Trust ADAMS OF CRAIGIELEA, B. Nil No registrable interests ADDINGTON, L. Category 1: Directorships Chairman, Microlink PC (UK) Ltd (computing and software) Category 7: Overseas visits Visit to Azerbaijan, 30 May - 3 June 2013, to meet ministers and other political leaders, NGOs and business figures; cost of visit met by European Azerbaijan Society Category 8: Gifts, benefits and hospitality One ticket for final of men's badminton, Olympic Games, 5 August 2012; two tickets for opening ceremony of Paralympic Games, 29 August 2012, as a part of duties as a parliamentary ambassador for the London Olympic Games 2012 * Category 10: Non-financial interests (d) Vice President, British Dyslexia Association Category 10: Non-financial interests (e) Vice President, UK Sports Association Vice President, Lakenham Hewitt Rugby Club ADEBOWALE, L. Category 1: Directorships Director, Leadership in Mind Ltd (business activities; certain income from services provided personally by the Member is or will
    [Show full text]
  • Lessons from the Northern Rock Episode
    LESSONS FROM THE NORTHERN ROCK EPISODE David G Mayes1 and Geoffrey Wood2 Abstract We consider the lessons that might be learned by other countries from the problems with Northern Rock and the reactions of the UK authorities. We ask whether the surprise of the run on the bank came because economic analysis did not provide the right guidance or whether it was simply a problem of practical implementation. We conclude it was the latter and that as a result other countries will want to review the detail of their deposit insurance and their regimes for handling banking problems and insolvency. The relationships between the various authorities involved were shown to be crucial; were a similar problem to occur in a cross-border institution the difficulties experienced in the UK could be small by comparison. JEL: G28, E53, G21 key words: Northern Rock, bank failure, bank run, deposit insurance, lender of last resort Up to September of 2007, the authorities in the UK, and most private sector observers there, thought that the idea of a bank run on a solvent bank, with pictures of distressed depositors queuing in the street, was something that occurred in other parts of the world, such as South America, and not something that could happen at home. After all it had been nearly 150 years since the last significant bank run (on Overend, Gurney, and Co. in 1866) and the London market, particularly through Bagehot, had developed the ideas ,which most other financial centres have followed, of an effective Lender of Last Resort to help banks which are illiquid but can offer adequate collateral.
    [Show full text]
  • Rbs.Com Annual Review and Summary Financial Statement 2010
    Annual Review and Summary Financial Statement 2010 rbs.com What’s inside 01 Essential reading 20 Divisional review 02 Chairman’s statement 22 UK Retail 04 Group Chief Executive’s review 24 UK Corporate 06 Q&As on progress 26 Wealth 07 Our key targets 28 Global Transaction Services 30 Ulster Bank 08 Our business and our strategy 32 US Retail & Commercial 10 Our approach to business 34 Global Banking & Markets 12 Progress on our Strategic Plan 36 RBS Insurance 14 Our Core businesses 38 Business Services and Central Functions 16 The economic environment 40 Non-Core Division 17 Our approach to risk management 41 Asset Protection Scheme (APS) 42 Sustainability 44 Sustainability in practice 45 Our five key themes 45 Our community programmes 47 Highlights of how we focus action across our businesses 48 Directors’ report and summary financial statement 50 Board of directors and secretary 52 Executive Committee 54 Our approach to Governance M Why go online? 56 Letter from the Chair of the Remuneration Committee www.rbs.com/AnnualReport 58 Summary remuneration report If you haven’t already tried it, visit our easy-to-use online Annual Report. Many shareholders are now 62 Financial results benefiting from more accessible information and 69 Shareholder information helping the environment too. Essential reading We have met, and in some cases exceeded, the targets for the second year of our Strategic Plan. 2010 business achievements Our 2013 vision Good progress against Strategic Plan targets Enduring customer franchises Core bank becoming stronger
    [Show full text]
  • Notice of Meeting 2014 Proof 5 17/06/2014 Run out at 100% Pdf 100%
    Notice of Meeting 2014 Proof 5 17/06/2014 Run out at 100% pdf 100% PLEASE NOTE: THIS PROOF IS NOT ACCURATE FOR COLOUR. Private & confidential Flybe Group plc Jack Walker House Exeter International Airport Exeter Devon EX5 2HL England Telephone +44 (0)1392 366669 [email protected] www.flybe.com 16 June 2014 Dear Shareholder 2014 Annual General Meeting I am pleased to be writing to you with details of our Annual General Meeting (‘AGM’) which we are holding at the offices of Instinctif Partners, 65 Gresham Street, London EC2V 7NQ on Wednesday 23 July 2014 at 11.00am. The formal Notice of Annual General Meeting together with an explanation of the resolutions on which you will be asked to vote are set out on pages 2 to 12 attached. The Directors consider that all the resolutions to be put to the meeting are in the best interests of Flybe Group plc (the ‘Company’) and its shareholders as a whole and unanimously recommend that you vote in favour of them, as they intend to do in respect of their own beneficial holdings. If you would like to vote on the resolutions but cannot attend the AGM, please register your proxy appointment and voting instructions in one of the following ways: • By lodging your instructions online at www.flybe-shares.com. To do this you will need your investor code, which is shown on your share certificate. • By filling in the proxy form sent to you with this Notice of Annual General Meeting and returning it to our registrar as soon as possible.
    [Show full text]
  • Annual Report and Accounts 2014 Strategic Report Governance Financial Statements
    Annual Report 2014 and Accounts OneSavings Bank Annual Report and Accounts 2014 Strategic report Governance Financial statements Strategic report Highlights ..............................................................01 OneSavings Bank At a glance ............................................................02 Chief Executive Officer’s statement ..............04 Market review ......................................................06 is a specialist lender Our strategic framework ..................................08 Our business model ...........................................09 Our strategy in action .......................................10 primarily focused Strategic report Governance Financial statements OneSavings Bank Annual Report and Accounts 2014 10-11 Our strategy in action Gross new organic lending 2014: £1.5bn 2013: £794m specialist Best Buy-to-Let Mortgage lender Provider 2014 What Mortgage on carefully selected Sub-Sector market Bespoke Intermediary Inorganic specialisation underwriting relationships growth We focus on specialist mortgage lending Our highly skilled underwriting team has We originate almost all of our organic Since the formation of OneSavings Bank to consumers, entrepreneurs and SMEs in an average of 12 years’ experience. We lending through a selected panel of the Group has diversified into new lending sub-sectors of the UK market where we adopt a manual approach to underwriting specialist intermediaries, who have markets through business acquisitions, have identified opportunities for both risk- specifically
    [Show full text]
  • Virgin Fixed Rate Bond Works for Me Key Product Information
    Virgin Fixed Rate Bond works for me Key product information A fixed return on your money Now Northern Rock is part of Virgin Money we’ve launched a new range of Virgin savings products. Here is some important information about our Virgin Fixed Rate Bonds to help you decide whether these accounts are right for you. You should read this sheet carefully together with the full Savings Terms and Conditions and keep it safe, so you can check it again if you need to. If you have any questions, just talk to us at your local Northern Rock branch or call us on 0845 600 1568*. These Virgin Fixed Rate Bonds are provided by Northern Rock. Any deposits made into these accounts are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 across all the eligible depositor’s accounts with Northern Rock plc. For further information about the scheme refer to the FSCS website www.FSCS.org.uk. Key product information for our Savings Accounts Account Name Virgin Fixed Rate Bond Issue 1 Interest rates (AERs) Rates effective from 1 February 2012 on balances of £1+ Annual interest Monthly interest % Gross % Net1 % AER2 % Gross % Net1 % AER2 3.00 2.40 3.00 2.96 2.36 3.00 ■■ Rates are fixed until 1 March 2013. Thereafter your account will earn a variable rate of interest. We will write to you before your bond matures to advise you of the options available to you. ■■ Once this issue is withdrawn no further deposits will be accepted. ■■ Where the balance falls below £1, interest will be earned at the prevailing basic rate, currently 0.10% gross p.a.
    [Show full text]
  • Company Name Property Reference Property Address RV Clarks Pies Ltd 00014109259009 259, North Street, Bedminster, Bristol, BS3 1
    Company Name Property Reference Property Address RV Clarks Pies Ltd 00014109259009 259, North Street, Bedminster, Bristol, BS3 1JN 10100 00014566016001 Bridge Inn, 16, Passage Street, Bristol, BS2 0JF 10100 Bristol City Council (Nh) 00012830999023 1-20 Transit Gypsy Site, Kings Weston Lane, Kings Weston, Bristol, BS11 8AZ 10150 0001430702601A Red Lion, 26, Worrall Road, Bristol, BS8 2UE 10150 00013173001006 Colloseum, Redcliff Hill, Bristol, BS1 6SJ 10200 00012362010101 Pt 1st & 2nd Flr, 10-12, Gloucester Road, Bishopston, Bristol, BS7 8AE 10250 00012362045016 45, Gloucester Road, Bishopston, Bristol, BS7 8AD 10250 Heliocentric Ltd 00012362064006 64, Gloucester Road, Bishopston, Bristol, BS7 8BH 10250 The Olive Shed Ltd 00012362123003 123, Gloucester Road, Bishopston, Bristol, BS7 8AX 10250 0001236213500B 135, Gloucester Road, Bishopston, Bristol, BS7 8AX 10250 00012362166023 166-168, Gloucester Road, Bishopston, Bristol, BS7 8NT 10250 The Co-Operative Group Ltd 00012362278012 278, Gloucester Road, Horfield, Bristol, BS7 8PD 10250 00012362287029 287, Gloucester Road, Bishopston, Bristol, BS7 8NY 10250 Philtonian Retail Ltd 00012362322012 322-324, Gloucester Road, Bishopston, Bristol, BS7 8TJ 10250 00012362393034 393-395, Gloucester Road, Bishopston, Bristol, BS7 8TS 10250 Mobile Broadband Network Ltd 00012432122456 T Mobile 68643 On Rooftop, Unit 15, Albion Dockside Estate, Hanover Place, Bristol, BS1 6UT 10250 Good Morning Foods Ltd 00012444102212 Unit C, Netham Ind Park, Netham Road, Bristol, BS5 9PJ 10250 May Gurney Ltd 00012499047101
    [Show full text]
  • The Failure of Northern Rock: a Multi-Dimensional Case Study
    THE FAILURE OF NORTHERN ROCK: A MULTI-DIMENSIONAL CASE STUDY Edited By Franco Bruni and David T. Llewellyn Chapters by: Tim Congdon Charles A.E. Goodhart Robert A. Eisenbeis and George G. Kaufman Paul Hamalainen Rosa M. Lastra David T. Llewellyn David G. Mayes and Geoffrey Wood Alistair Milne Marco Onado Michael Taylor SUERF – The European Money and Finance Forum Vienna 2009 CIP THE FAILURE OF NORTHERN ROCK: A MULTI-DIMENSIONAL CASE STUDY Editors: Franco Bruni and David T. Llewellyn; Authors: Tim Congdon, Charles A. E. Goodhart, Robert A. Eisenbeis and George G. Kaufman, Paul Hamalainen, Rosa M. Lastra, David T. Llewellyn, David G. Mayes and Geoffrey Wood, Alistair Milne, Marco Onado, Michael Taylor Vienna: SUERF (SUERF Studies: 2009/1) ISBN-13: 978-3-902109-46-0 Keywords: Northern Rock, retail banking, mortgages, nationalisation, bank failure, United Kingdom, LPHI risk, lender of last resort, deposit insurance, market discipline, Countrywide, IndyMac, United States, deposit guarantees, supervisory failure, bank regulation, return on equity, business model, securitisation, financial regulation, financial stability, crisis management, banking law, insolvency, emergency liquidity assistance, cross-border bank insolvency, moral hazard, penalty rates, teaser rates, capital-asset ratios, Basel I, Basel II JEL Classification Numbers: D14, D18, D4, E21, E5, E51, E53, E58, G18, G2, G21, G28, G32, G33, G34, G38, K2, L1, L5, L51 © 2009 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations.
    [Show full text]
  • Northern Rock (Asset Management) Plc (Formerly Northern Rock Plc
    Northern R Northern ock ock (A sset Management) plc plc Management) sset (f ormerly Northern R Northern ormerly ock plc ock Northern Rock (Asset Management) plc ) Annual R Annual ) (formerly Northern Rock plc) eport and and eport Annual Report and Accounts Acco unts unts 20 2009 09 Northern Rock (Asset Management) plc, Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne NE3 4PL Registered in England and Wales under Company Number 3273685 www.northernrockassetmanagement.co.uk CONTENTS Chairman’s Statement 1 Chief Executive’s Report 2 The Board 4 Corporate Governance 5 Directors’ Remuneration Report 10 Corporate Social Responsibility Report 16 Operating and Financial Review 19 Directors’ Report 30 Independent Auditors’ Report 32 Consolidated Income Statement 33 Consolidated Statement of Comprehensive Income 34 Consolidated Balance Sheet 35 Company Balance Sheet 36 Consolidated Statement of Changes in Equity 37 Company Statement of Changes in Equity 38 Consolidated Cash Flow Statement 39 Company Cash Flow Statement 40 Notes to the Accounts 41 Presentation of Information On 17 February 2008, the Chancellor of the Exchequer announced that the Government had decided to take Northern Rock into a period of temporary pub- lic ownership and on 22 February 2008 the Banking (Special Provisions) Bill received Royal Assent. HM Treasury made an order on 22 February 2008 which transferred all of the Ordinary, Preference and Foundation Shares in Northern Rock to the Treasury Solicitor as the Treasury’s nominee. The legislation includes provisions such that Change of Control provisions in any of the Company’s contractual arrangements have not been triggered. Details of the impact of temporary public ownership are given throughout this Annual Report and Accounts as it affects the Company’s operations and finan- cial disclosures.
    [Show full text]