Üks kommentaar kohviku veebist:
Kes elavad selle masu üle nagu see oleks nina nuusata? Vaata videot. Pakun, et pärast masu elab üle poole eestlastest sedasi, just vastavalt oma võimete järgi ja tegelevad sellega, mida nad tegelikult oskavad teha ja omavad elustandardit, mille nad on ausalt välja teeninud. Ja ei huvita neid enam mingi samba tuled vms. tühiasjad. Ja ka seksielu on mitmekesisem.
Head vaatamist. Elu tänapäeva euroopas. http://www.reporter.ee/2009/12/22/lehmapidamine-louna-eesti-moodi-loomad-elutoas/
53 kommentaari:
maa- ja provintsilinnainimesed elasidki 90ndate esimese poole vaid tänu sellele üle et kanu ja sigu kodus pidasid.
Kas keegi oskaks selgitada kuidas oleks võimalik ise elektrit tootma hakata, ei viitsi enam selle eest pappi välja kõhida, ja kust selleks seadmeid saada ning palju need maksavad?
Jah, ja Liis Lassi v6i Anu saagimisest ainult unistamise asemel keerab tavaline eesti mees konkreetselt iga 6hta oma lambale peeru vahele ja magab 6lgedel 6iglase und. Ja ei torgi teda ei Rootsi pank, ega pankrotiameti malk. Vanapaganad me olime ja vanapaganateks me j22me.
To 22,32 ära õrrita, see hull ei saa aru kui teda mõnitatakse ja hakkab sulle tõemeeli siin valgustavaid pikki artikleid igas keeles pritsima. Kahju temast...
iluspoiss
oleks etkar..elaksime kõik nii
https://www.blogger.com/comment.g?blogID=1770068182488734938&postID=429181256637491846
shitcase
Konnichiwa zeitgeist from Ireland!
Loe siit Jaapani pangandusest!
http://www.chiginkyo.or.jp/index.shtml
iluspoiss
本人確認にご協力ください
○ 200万円を超える大口現金取引（入金・出金等）や口座開設、貸金庫、保護預りなどのお取引を開始されるときには、「犯罪収益移転防止法」（注）により本人確認書類（運転免許証、各種健康保険証など）の提示が義務付けられております。
（注） 平成20年３月より「本人確認法」が廃止され、新たに「犯罪による収益の移転防止に関する法律（犯罪収益移転防止法）」が施行されました。
○ 平成19年１月４日より、本人確認法施行令等の改正に伴い、10万円を超える現金のお振込み（入学金・授業料、商品購入代金、公共料金など）などのお取引においても、本人確認書類の提示が必要となりますので、ご協力いただきますようお願いします。
Siin veel juttu tasuta elektrist!
■地方銀行平成2１年度中間決算の概要（平成2１年12月16日公表）
【要 旨】
○業務純益は、資金利益、役務取引等利益が減少したものの、国債等債券
関係損益が前年同期の大幅な損超（▲1,435億円）から益超に転じた
（262億円［前年同期比＋1,697億円］）ことから、6,479億円に増加（同＋
1,199億円［＋22.7％］）。
業務純益から一般貸倒引当金繰入額を除いた実質業務純益は、
6,989億円（同＋1,174億円［＋20.2％］）。
○経常利益は、このような業務純益の動きに加え、臨時損益の赤字幅
（▲2,626億円が縮小（前年同期比＋698億円）したことも加わって、
3,848億円に増加（同＋1,901億円［＋97.7％］）。
臨時損益の改善は、不良債権処理額の減少（2,235億円［同▲1,060億円］）が主因。
○この結果、中間純利益は、2,856億円に増加 （同+1,412億円［+97.8％］）
○個別行の状況では、64行全行が経常利益、中間純利益とも黒字となった
全行が経常利益・中間純利益とも黒字となるのは、平成８年度中間期以来13年ぶり。
○リスク管理債権額は、５兆381億円（前年度末比▲240億円[▲0.47％]）。
不良債権比率は、3.28％（同＋0.02％ポイント）。
○自己資本比率（国際統一基準行は連結、国内基準行は単体）
国際統一基準行（８行）：12.80％（前年度末比＋0.94％ポイント）。
国内基準行（56行）：11.12％（同＋0.46％ポイント）。
【通期業績予想】･･･各行の決算短信の集計値
○経常利益は、7,448億円（前年度比＋8,789億円）に増加の予想。
○当期純利益も、4,948億円（同＋5,647億円）に増加の予想。
iluspoiss
Selline elu on rohkem vaimse tervise, mitte raha küsimus. Nii sügavast madalseisust väljatuleku esimesed sammud ei vaja raha, vaid pealehakkamist.
Laari ja Ansipi Eesti ongi SÕNNIK.
ほかでは、BBNは、そのWebデザイン事象をイノベーションとIrja kohvikuga少なくとも外に大きな写真がエクスプレスは、すぐに似ている、と周り最後の時間でした。
私はデザインのように多くの問題を提供しますが、びっくりするコンテンツのままkesiseksすべてveebimeediaオプションで使用されていません。以下は、エストニア語veebiameedia残った部分pabermeedia反映しています。同様に、デルファイ自体によって、任意の値を追加することなくlihtlabaseltサークルpabermeediast合計すくいニュースを書き込みます。
しかし、わずかveebimeedia、メディアとは全く異なるレベルのように双方向の新たな可能性を大量に提供していますpabermeedia許可されています。私はいつもは、ウェブのカットされ、手紙に短いインタビューに置かです：不思議だフルの長さを読むpaberlehestとのインタビュー。これは、ページは、必ずしもすべてをすることではなく、それを正確には、インタビューを完了することが可能になりますウェブサイトです。またの機会を2月telgitaguseid物語解剖を提供します：どのように物語は、ジャーナリストとしてのは、情報検索のテクニックを使用住んでいた。私は、ジャーナリストのロボットのように、何かエキサイティングで物語作品は、プロセスが発生しないことはないと思う。通常は、ページには、ジャーナリストが見たもの、または経験のほんの一部にアクセスすることができます。ただし、すべてのウェブを含めます。あるいは、少なくとも、kärbetetaことなく完全な長さの曲を表現する。
また、私は気づいているには、Webユニークな機会を使用する：記事の執筆には、読者の関与。私自身のコメントをジャーナリストに新しい情報やヒントの膨大な量を介して、今では、ウェブからの最近の回では、それだけはさておきプッシュすべての情報で収穫されたことに気づいた。なぜ、幽霊を取る！？これは、しばしば、新しい固体物語を提供し読者が価値のあるソース。読者toimetustele興味深い情報や写真を送れば、すべての未使用のままです。
また、なぜオプションは、ウェブ上で1つのテーマに焦点を当て、数日以内にそれを開発に使用されていない理解していないことができます。飛行は、単なる問題を、何かを深く。例については、各メディアは内で何を表示していない詳細な治療上の小児性愛者ものの、いわゆるある各バージョンのためになる小児性愛者のリストと呼ばれる、誇りに思っています。アイデアの光あるいは、少なくともリーダーを提供する。エストニア語のメディアは、特にveebiameediatが、印象では、キーを押して読者は作られ参照情報ソースの関心。とは何ですümberkirjutamisegaを押していた。これについてはより多くのお金を求めるのに開始することです。 Kamoon、私はここで、ハンソンKaurさんの妻Sirli継手を理由と言っています
Muhahahaa 22:32
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
Ma olen ka kuulnud midagi odavast elektrist. Kas keegi oskaks selgitada, kuidas sellest rohkem teada saada?
Tasuta elekter
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は最低だ。
電気を無料で入手可能です。唯一の愚か者の電力を購入する。もし彼が電力生産のための維持費の結合事象をイノベーション子どもたちにも支払われることができます。Irja雌であり、性交は
Tõesti või? Nii, et tasuta elektri saamiseks kõlbab ka täiesti tavaline eesti tsink plekk pang? Lihtsalt korralikult tuleb sisse astuda? Sain ma õieti aru?
No aga miks siis ei ole veel kogu eestis tasuta elektrit?
Jätke tasuta elekter rahule...
P.S.Lugege tänast õhtulehte Ansipi intervjuuga.
KÕIK ON HÄSTI!!!!!!!!!!!
KÕIK ON EES!!!!!!!!!!!!
Nii et olge kannatlikud ja optimistlikud.
22:32-le
www.otherpower.com
ja e-bay
Küsimus:Kuidas saab TASUTA ELEKTRIT?
Vastus:katuseharja tuulikud(Rooftop windturbines) ja päikesepaneelid annavad tasuta elektri:
1.Bakeri OÜ koduleheküljel
http://ehra.ee/veebikiri/taastuvenergiapohised-tehnoloogiad/
http://209.85.229.132/search?q=cache:aPadvwoes6EJ:ehra.ee/veebikiri/taastuvenergiapohised-tehnoloogiad/+http://ehra.ee/veebikiri/taastuvenergiapohised-tehnoloogiad/&cd=1&hl=et&ct=clnk&client=firefox-a
taastuvenergia seadmete kohta on kirjas tekst:
Kui kiire on tasuvusperiood?
Tasuvusperiood ei ole ülitäpselt määratletud ja on sõltuvuses tarbimisest. Reeglina, mida suurem on tarbimisvajadus seda lühem on tasuvusperiood.
On juhuseid, kus tasuvusperiood on 0 päeva ja juhuseid kus tasuvusarvutuse tulemus on 20 aastat. Reeglina on tasuvusaeg praeguste hindade jures 5-10 aastat. See ei ole pikk aeg. Tuulegeneraatorite/päikesepaneelide puhul tuleb arvestada, et peale tasuvusperioodi lõppu on elekter nö. Tasuta. Ja mis peamine seadmed kuuluvad kliendile ning lisamakse kohustused
puuduvad. Soojuspumpade tasuvusaeg jääb 3-8 aasta piiridesse.
2.Kommentaar Äripäeva kommentaariumist:
vaatleja 06.10.09 09:41
Kas Te tõesti arvate, et elektrienergial on kuhugi veel tõusta? See oleks üpris imelik .... sest energia hinnale paneb piirid tavatarbija. Nimelt minnakse alternatiivide kasutamise peale ... päikeseenergia koos mõne kW-te tuulegeneraatorite peale ... nende vallas on areng kiire ja seadmed on juba kättesaadavad igale internetikasutajale eriti soodsalt. Hetkel tasuvusaeg on langenud 5-7-le aastale ja normaalsed seadmed peavad vastu 20-25 aastat ehk 20 aastat tasuta energiat. Tasuvusaeg aastast aastasse aina lüheneb ja tulevik on selle päralt, kes hakkab pakkuma majapidamisele täit lahendust ... mida varem seda parem, sest vastasel korral minnakse internetti ja ostetakse otse tootjalt. Ideaalis ei ole majapidamisele vaja salvestusjaama, kui ta saaks müüa oma üleliigse energia EE-le ning pimedal ajal teha tasaarvelduse. Ma usun, et sellisel juhul langeb tasuvusaeg 2-3le aastale majapidamise kohta. Tulevik on inimeste kätes ...
3.Arvutagem siis millal hakkab jooksma TASUTA ELEKTER katuseharja elektrituulikute(Rooftop windturbines)puhul!?!
a.Säästa liitumistasu arvelt:Rahvasuu teab rääkida,et Eesti Energia küsib kõrget liitumistasu kuni miljon krooni.Vello Väärtnõult küsiti 250 000 Eesti krooni... Peale liitumistasu tasumist jääte ikka ja aina võlgu Eesti energiale,igakuiste elektri arvete näol mis aina tõusevad koos "elektri hinna tõusuga"...see on legaalne väljapressimine.
Liitumistasu asemel muretsege taastuvenergia seadmed ja siis hakkab areng minema teises suunas-te hakkate lugema päevi mil hakkate saama tasuta elektrit...
b.www.energiaekspert.ee on kirjas tekst:
ELEKTRITUULIK MAKSAB END TAGASI
Kasu elektrituulikust on näha juba järgmises elektriarves! Elektrituuliku tasuvusaeg sõltub tuulte tingimustest, toodetud elektrienergia kogusest ja elektrienergia lõpphinnast.
5 kW-ne elektrituulik peaks tuulte tingimustest olenevalt tootma 10 000 kuni 20 000 kWh elektrienergiat aastas. Aastane energia tarve normaalselt soojustatud tänapäeva väikeelamu kütmisel on u. 120 kWh/m2 ehk näiteks 100 m2 majal umbes 12 000 kWh aastas. Valgustusele ja majapidamismasinatele kulub seejuures ca 5000...6000 kWh aastas
c.www.maassen.ie :
The first task of the wind turbine is offset the power that you require for your own needs when the wind is blowing. The generator will at times produce more power than you can use-this power is fed back in to the grid. New legislation now ensures that you get paid by the ESB (first 4000 microgenerator registered/including free import export meter) for any power you feed back into the grid. The first 3000kW you will receive 19cent per kW and for everything above 3000kW you will receive 9cent per kW.
Below are two example of how much a typical house can benefit from an MSET6 wind turbine.
1)Based on Very good wind site 7m/s ave.annual wind speed.
4500kW @ 18.6cent used from your turbine Saves - 837euro
3000kW @ 19cent paid from ESB for your export - 570euro
12500kW@ 9cent paid by the ESB for your export - 1125euro
Total annual gain 7m/s site = 2532.00euro
2)Based on good wind site 6m/s ave.annual wind speed.
4500kW @ 18.6cent used from your turbine Saves - 837euro
3000kW @ 19cent paid from ESB for your export - 570euro
8500kW@ 9cent paid by the ESB for your export - 765euro
Total annual gain 6m/s site = 2172.00euro
(As the cost of electricity rises year on year the gains will increase also)
4.Kõikse odavamalt saab tuuliku siis mil toda ise ehitada.www.otherpower.com
USA-s on tuulikute valmistamise buum,elanikud ise ehitavad tuulikuid autogaraazides.
5.Päikesepaneelide ise ehitamine Eestis on hoogu võtmas:www.saklubi.ee http://ttysak.blogspot.com-Nõudkem neilt kursuste korraldamist.
6.Kõikse enam säästab Ökomajas: A Finnish low energy house, the annual heating costs (without capital costs) are about 300 USD.
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B73H9-4829TP2-R&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&_docanchor=&view=c&_searchStrId=1
7.PEAAEGU TASUTA MAJAD-http://savikodu.ee/mtu.html...siin on võti küsimusele kas olla ori või peremees...Kes võtab pangalaenu teeb endast pangaorja...Pangad on elu terves riigis sättinud nõnda,et inimesed aina neid orjaksid,rabaksid tööd teha palehigis nii nagu orav rattas,et igal sammul pead aina maksma,kogu elu riigis on sätitud nii,et inimesed ei saaks vabaks,ei saaks sõltumatuteks siis saab neid aina ekspluateerida-sellest on väljapääs,tuleb ehitada Ökomaju ja savimaju talgute korras http://www.savikodu.pri.ee/foorum/viewforum.php?f=1 ja tagada endile tasuta elekter...
8.On ilmne,et Pangad ja Eesti riigipoliitika mis teenib
välispankasid aga mitte Eesti rahvust on ruineerinud väikesevõimsusega elektrituulikute kasutuselevõtu.Seoses sellega palun kõigil
mulle kirjutada kuidas Eesti Energia ja majandusministeerium on
ruineerinud väikesevõimsusega elektrituulikute kasutuselevõtu.
8."Igaaastaselt aetakse ahju 15 ja enam miljonit tonni põlevkivi. Enamus selles olevast energiast ei anna meile mitte soojust kodudesse, vaid kütab Narva jõest saadava jahutusvee kaudu Soome lahte. Nii umbes 10 miljardi krooni väärtuses aastas."-Marek Strandberg: Kuidas Eesti taas rikkaks saab? http://www.delfi.ee/news/paevauudised/arvamus/article.php?id=26888553&l=fpOpinion
9.Majanduskomisjon andis rohelise tule tasuta elektrile s.o. iga mees võib asetada oma maja või ühistu maja katusele katuseharja elektrituuliku ja siis tasuvusaja möödudes hakkab jooksma tasuta elekter...
Majanduskomisjon andis rohelise tule elektrituru avamisele http://www.e24.ee/?id=200694
TASUTA ELEKTER ANNAB SULLE VABADUSE...
TASUTA ELEKTER VABASTAB SIND...
TASUTA ELEKTER TÄIDAB LASTEGA KÕIK EESTIMAA KÜLAD...
elektritsaabtasuta.blogspot.com
Misasja sa debiil,pede nimega iluspoiss,siin situd?
Jaapani ja Islami pangad annavad intressideta laenu...Kolmanda Reichi oma samuti andis ilma intressideta laenu.Ainult juutide pangad võtavad laenult intresse.
Juudid ahju!
Postituse kohta nii palju,et inimeste elu on dikteeritud selliseks IMF juhendite alusel.
IMF-i diktatuuri tõid Eestisse värdjad Mart Laar ja Siim Kallas jms. pederastid.
The UK has it’s first bank run in 150 years. Citibank fired it’s CEO. The whole financial world is reeling from the financial mess called subprime (see here for our easy to understand footnote on subprime).
Even GM (last I checked they made cars and not houses!) has been forced to book a multi-billion dollar loss due to subprime. While hedge fund managers are collapsing left, right and centre, could there possibly be a Saviour? What’s that I see on the horizon? Is it a bird? Is it a plane? No… it’s a Japanese farmer!???
This sort of turmoil in the international financial market is unusual. In July Ben Bernanke, head of the US Fed, saw subprime losses reaching $100 billion US dollars. By early October, most market watchers had increased this figure to $400 billion US dollars. And with yet another collapse in asset backed securities (ABS) prices in the last few weeks, the growth in the turmoil seems to be growing again.
Perhaps what has been scarier has been the vast number of “respectable” financial institutions who have been hit. I’m still amazed that Bear Stearns was forced to go crying to the Chinese government for a bail out after its two hedge funds blew up over subprime. First Merrill Lynch and now Citibank announce huge multi-billion dollar write-offs for losses in the subprime investments that they claimed they never had. While we haven’t seen that many losses amongst Japanese financial institutions, the share prices of Japanese banks have collapsed on the assumption that they inevitably have lost a lot of money on subprime, but they probably just haven’t realized it themselves yet. (Three cheers for Japanese corporate governance standards!)
So why, you ask, is stippy.com boring you with a commentary on the subtleties of losses by US investment banks in exotic derivatives crafted around the hopes and dreams of rural Americans who thought that their home prices would continue to rise for ever? Well there is one Japanese organization who has been taking an active roll in this financial ponzi scheme and they are not taking the losses sitting down. In stark contract to the Yanks who are all too keen to take samurai style responsibility and resign after such losses (think Chuck Prince at Citibank), you won’t see a single person at this mysterious Japanese organization do anything like that. In fact they are standing up, and taking the losses in the stomach like Asashoryu (朝青龍） when he’s playing soccer back in Korea (bad example maybe?). Who am I talking about? I’m talking about the proverbial Mr. Watanabe from the inaka, our friendly neighbourhood farmer. A little confused? It’s a little known secret, that Japan’s farmers control one of the largest banks in the world. With 68 trillion yen of assets, the Norinchukin Bank (農林中金) has been one of the biggest Asian players in the bank rolling of credit to subprime lenders. You don’t regularly borrow money from your local rice growers, you say?
Relative Size of Japanese Banks
Relative Size of Japanese Banks(Unit:Trillions of Yen)
Norin Chukin is the second largest bank in Japan in order of deposits.
Even larger than the Mizuho and only smaller than MUFG who cheats
a little by including an American bank in its figures.
Norinchukin often hides behind the better known face of its sister bank, JA bank, the official window to the farmers of Japan. While it plasters its homepage with the word agrifinance (担い手金融、ninaite kin’yu） pretending to be the financier to the farmer, in reality it dedicates only a tiny portion of its time (and less than 20% of its assets!) to lending money at all. In reality it (and the fishery bank and the forestry bank) channels the vast majority of it’s assets to the Norinchukin to manage. Why lend to a local farmer yen for 1~2% interest when the Norinchukin will help you earn double digit returns lending dollars to un-creditworthy American workers? Given that the JA bank has about 80 trillion yen ($750 billion US dollars!) of farmers deposits, it’s no surprise that they need a dedicated body to work out how to manage these funds.
When I first read that the Norinchukin Bank had lost about 500 million US dollars in the first half of this year in subprime related investment, I have to confess that I was a little condescending. After all, What more could you expect from a bunch of imokusai country bumpkins dabbling in the financial matters of American blue collar workers? What stopped me in my tracks was this thread on 2 channel, Japan’s leading BBS site. At first I thought I’d misread it (after all it is in Japanese). But no, even after a second appraisal it seems that the guys at Norinchukin are potentially the ballsiest farmers in the world. Japanese FarmerNot only did they admit that they have invested over 4 trillion yen in various securitized derivatives to date, the head of bond trading has signalled to the market that the bank is going to invest another 3 trillion yen into this troubled market before the end of the year! When every single Western bank is racing to hedge their exposure to subprime by purchasing vast quantities of credit default swaps, it seems that the only investor with enough confidence to stick up for himself, fight back, protect his position and buy more (a true example of 逆張り, gyakubari) is this odd collection of Japanese farmers. That man – a 3 trillion yen big swinging dick – I take my hat off to.
The ability to take risk is the best definition of a professional investor. Think back to the famous Chandler brothers from New Zealand who had the guts to buy 5% of UFJ Bank back in February ‘04 (full story here). UFJ’s share price had fallen 90% in two years and it was market consensus that it and almost all other Japanese banks would go belly up. The people who best knew Japan – the local investors – called them crazy but low and behold (despite the stock falling 30% in the month after they bought it), UFJ bank’s share price then rallied 6 fold within the following 12 months. Does something sound familiar? Domestic investors (read Citibank, Merrill Lynch) are panicking and selling/hedging out their exposure to sub prime. As you can see from the chart below prices in all but the safest sub prime portfolios have fallen off a cliff steeper than the Mino waterfall (箕面滝)!
ABX Chart
Unless you’re a shareholder of Livedoor, I’m sure you’ll agree that losing 80% of market value in such a short time is not common. Remember, each of these lines represents a diversified portfolio of loans. If the market thinks that all of those loans will be repaid without a problem then it should never trade below 100 (which means 100 cents in the dollar or 100% of the loan will be returned to the lender on maturity). In other words, the market is trying to tell you (and the Japanese farmers) that 8/10 owners of houses whose mortgages make up the BBB-tranche will not be able to repay their loans. They’ll go bankrupt when they finally realise why they should have read the “fine print” before they signed off on the loan. That’s pretty extreme. You can see why Norinchukin are getting excited. If US housing prices pick up, enabling America’s low income workers to escape bankruptcy then that red line should trend back to 100. Buy at 20. Sell at 100. Five times your money. Very nice. (Obviously the risk is that if you’re wrong you lose everything, but let’s not focus on the downside just yet).
Japanese Farmers and Subprime: Would the real farmer please stand up?Taking huge and controversial risks is nothing new to Norinchukin. Not only do they have the biggest non-JGB (Japanese Govt. Bond) portfolio of all banks, they are also by far and away the largest Japanese player in the “alternative investment” market (otherwise known as hedge funds). Although it is quite normal for Western banks and insurance companies to invest in a wide range of investment funds, the world of exotic finance (read “positive returns”) has been taboo in the deep, low backed, 1970s style leather seats that deck the boardrooms of Japanese banks. Not so for our rice growing friends. While Japanese banks spent the last five years trying to squeeze half a percent of interest out of their troubled borrowers, Norinchukin cut it’s loan balance by a third and instead increased its investments in derivatives and funds by 50% (source). In addition to a handy 15 trillion of investments in foreign debt related investments (aka subprime), they also have another 15 trillion yen of “alternative” investments. Between these two asset groups that accounts for almost half of their entire asset base. I don’t know about you but that makes my 401k pale in insignificance. Norinchukin has been funnelling cash by the barrel load into hedge funds, private equity funds, subprime loans, etc for years. I wonder how much longer they will get away with calling themselves a bank. The “real” banks in Japan are too scared to take on these risks due to the high BIS penalty associated when calculating their regulatory capital (in laymans terms, they don’t have the financial strength to withstand the potential losses from anything riskier than a Japanese government bond). It was these same “real” bankers that thought the shift to Basel II would be enough to scare even Norinchukin from continuing its investment strategy but this gutsy proclamation to double up (難平買い, nannpinngai) on subprime will prove them wrong. It’s rare that I take a step back and say “wow” with respect for the risk taking of Japanese management, but this is one of those times. Farmers 1. “Real” bankers 0.
~☆~☆~☆~☆~☆~
Footnote: what is “subprime” (低所得者向け住宅ローン、いわゆるサブプライム問題とは？)
So what is subprime and why is what Norinchukin doing so amazingly risky? Let me try to describe the current problem with subprime (and why it is given the nickname “toxic waste”).
Although we’re used to low interest rates here in Japan, the low interest rates in the US for the past 10 years were unusual and triggered a perception that money was almost free. Even people who had low incomes could afford to buy a house because the monthly repayments necessary were a very small part of their disposable income. Land prices continued to rise (did someone say bubble? not me!), so it was unlikely that these borrowers would have any trouble repaying their loans. Worst case scenario, you could sell your house for a profit to repay the loan. Couldn’t be simpler! The concept was so popular that a bunch of cunning businessmen (who had never worked at banks) decided that they’d make these loans available to even the lowest of income earners in America. Because they didn’t know much about the business, they focused on the marketing of the loans. I’m sure you’ve seen those annoying ads on the web:
* No down payment required!
* No proof of income required!
* No repayment of principal needed!
* Special discount interest rates!
Too good to be true? Of course it was. But nobody even bothered to read the small print. The “special discount interest rates” had a life-span of only 2 years. Most of the loans had “resets” at the start of the third year that rocketed the interest rate up to over 10%. Even on these reduced “special” interest rates, these low income borrowers were on average paying away about 1/3 of their pre-tax incomes (assuming of course they didn’t lie about their salary on the application form). It should be no surprise to you now that most of the blue collar workers are going to struggling to foot the interest bill at the higher rates (let alone the principal). Oh and by the way, housing prices have been falling for the past year so their house isn’t even worth as much as it was when they bought it. The vast majority of these loans were done in the three years between 2004-2006. As anyone who can do simple addition has probably already worked out, the “special” interest rates on those loans are going to be rest to “normal” rates, one by one between 2007-2009. It’s no coincidence that the first of these reset periods coincided with the huge losses that American banks have been announcing since July.
But hold on a sec, just because a couple of home owners go bankrupt, the law of large numbers should mean that the losses are limited, right? This is where the magic of investment banks comes in. American Investment banks aggressively bought all of these loans from the cunning marketers and created “diversified” funds that consisted of the loans to hundreds and hundreds of home buyers. Better yet, in order to make these funds more attractive to their clients (naive US banks, General Motors, Norinchukin etc) they split the funds up into several tranches. Each trance had it’s own credit rating and you can see the price of each of those tranches on the chart (with the coloured lines) above in this article. The pink AAA tranche (the one that is only down a little bit) is structured in such a way that you only lose money as an investor (ie get less than 100 at maturity) after 20% or more of all of the home owners have gone bankrupt. The green AA tranche is structured in such a way that you only lose money (ie don’t get your original 100 back) after 15% or more of all of the home owners have gone bankrupt (but you lose all of your money if 20% or more of the home owners have gone bankrupt). The blue A tranche is structured in such a way that you only lose money after 9% or more of all of the home owners have gone bankrupt (but lose every dime if more than 15% of home owners file for bankruptcy). I think you are starting to get the picture. Pretty much everything below A is known as toxic waste. We then skip a few tranches, but the red BBB-tranche is structured in such a way that if more than 7% of home owners go bankrupt then you will lose every grain of rice you invested in the fund. (Check this website for more up to date prices on each of these tranches)
So why is it so risky investing in subprime now? Put simply, those friendly “resets” will continue at the same pace for at least the next 12 months if not more. If we are already seeing huge numbers of personal bankruptcies after 2-3 months of resets, how will this be after we see the ”resets” hit tens times as many home owners. Things are going to get a lot uglier before they get better.
Finally, let me leave you with my favourite subprime quote out there. It’s from an Aussie called Nick Parsons (from NAB), who was commenting on US treasury secretary, Hank Paulson’s (an ex-Goldman Sachs investment banker) plan to bail out a bunch of these funds:
“By insulating the junk from the sellers of junk, the holders of junk should be spared the problems of junk. The one flaw in this cunning plan, however, would be if investors took fright at being reminded just how much junk is still in the system.” I guess that is what we have Japanese farmers for.
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Tags: 農林中金, JA Bank, Norinchukin Bank, Subprime
http://www.stippy.com/japan-work/norinchukin-bank-buying-up-on-subprime-loans/
How interest-free banking works: The case of JAK
Ana Carrie
In 2001, Feasta's money group investigated the feasibility of establishing an interest-free bank in Ireland. The most promising way seemed to be to persuade the Swedish JAK Bank to establish an Irish branch. However, since JAK had no experience of running branches in Sweden, its directors turned the idea down. This is a report from a money group member who went to Sweden to study the bank.
Can a bank operate successfully if it does not charge interest on its loans? The Swedish JAK Medlemsbank (Members' Bank) certainly does - it has been called the safest bank in Sweden. This account of how it does so is based on two visits to its headquarters in Skövde and numerous conversations with JAK's enthusiastic staff and members, both in Sweden and in Ireland. I am indebted to the staff of JAK for their hospitality and assistance, and to Feasta for its financial support.
Savings Points
JAK's primary objective is to provide its members with interest-free loans. In order to accomplish this, it must attract interest-free savings. JAK uses a system of "Savings Points" in order to balance saving and borrowing.
Given the choice of borrowing without interest or saving without interest, most of us would gladly choose borrowing. While people are generally willing to save temporary surpluses of money in current accounts that don't pay interest, few are willing or able to save more significant amounts over a long period of time with no compensation. JAK cannot, of course, lend money without having savings on deposit and so, using an imaginative system of Savings Points, each member who wishes to take out a loan must save money first and, over a lifetime with JAK, every member will have saved roughly as much money and for the same period of time as they will have borrowed. You could almost imagine JAK as allowing its members to borrow (interest-free) from their future selves.
For a new JAK member, the first step towards an interest-free loan is to save and thereby earn Savings Points. These are calculated as the amount saved, multiplied by the number of months for which it is saved, multiplied by a Savings Factor. This factor varies according to the type of savings account the member has selected and is lower (about 0.7) for a demand account from which savings can be withdrawn at any time. For example, assuming a Savings Factor of 0.9, we have1 :
€100 �1 Month �0.9 = 90 Savings Points
The Savings Factor varies with the type of deposit account and is lowest for demand accounts where savings can be withdrawn at any time (about 0.7).
Example 1: Either of these scenarios would earn identical Savings Points.
After saving for a minimum of six months, a member may apply for a loan. In order to borrow €1 for one month, one Savings Point must be redeemed. The amount borrowed and the time taken to repay are entirely up to the member, provided that the appropriate Savings Points are available. For example, borrowing €90 (or €9,000) over 1 year uses as many savings points as borrowing €45 (or €4,500) with repayments spread over 2 years.
Example 2: A Basic Loan.
Example 3: An alternative basic loan, borrowing half as much but repaying it over a longer period.
In addition to a Basic Loan that uses Savings Points already earned, members may apply for an Additional Loan using Savings Points that will be earned in the future. An "Allocation Factor" (currently 14) is multiplied by the member's current Savings Points to determine the number of points available for an Additional Loan.
Each loan repayment includes a savings instalment, and the payments are structured so that when the loan is fully repaid, all necessary Savings Points have been earned. A consequence of this is that upon full repayment of an Additional Loan, the member has built up significant savings. Savings made during the course of repaying a loan are known as Post-Savings, while those that precede the loan are Pre-Savings. Once the loan has been repaid, the balance of the post-savings is available to the member to be withdrawn or, as frequently happens, to be used as the start of saving for a new loan.
Example 4: A Basic Loan with an Additional Loan.
There is no interest charged on a loan, of course, but members must place 6% of the value of the loan on deposit for the duration of the loan, and additionally pay a loan fee to cover administration costs. Members also pay 200 SEK (about €22) when they first join JAK and 200 SEK per year as a membership fee.
JAK is a virtual bank in the sense that it has no branches and business cannot be transacted in person. A necessary and prudent decision since the membership of JAK is quite spread out over a large country, and also resulting in no bias against rural members who would have to travel much farther to their nearest branch. A result of this "virtual" status is that JAK members must have an account with another bank with which to conduct their day-to-day financial affairs. Members transfer money into or out of their JAK basic account via post giro, bank giro or Internet into their other accounts. With improvements in technology and the changing financial infrastructure, JAK hopes in the near future to offer direct deposit of paycheques and credit/debit card facilities to its members. For some members, this might negate the need to bank elsewhere.
Credit control
Like any bank, JAK must ensure that loans can and will be repaid. Unlike most banks, however, JAK's system of saving and borrowing has several unique features that combine to give it an enviably low default rate.
A member applying for a loan is given a range of options for the loan size and duration based upon their desired loan amount, desired repayments and available savings points. When they have made their selection, the loan department within JAK must assess the member's ability to repay the desired loan. The member's income and expenses are evaluated with the assistance of computer software that calculates average living expenses for individuals and families based upon age and gender.
Between 20 and 25 applications are processed per week, and 95% are approved. Most loans are secured, either against property or with a personal guarantor. Loans for up to 37,000 SEK (about €4,000) with 2-5 years' duration can be unsecured, but these are limited to 5% of JAK's turnover and so surplus applications must be held in a queue until funds are available. The most common reason for borrowing is to refinance a conventional bank loan obtained to buy a house followed by purchasing a car and making home improvements.
In general, people who can save regularly are good performers when it comes to loan repayments. The JAK system where saving must precede borrowing is therefore ideally suited to attracting these regular savers. In addition, around half-way through repayment of a loan there is a break-even point where the Post Savings on deposit are equal to the balance outstanding on the loan, and from this point forward the loan is fully secured by the member's savings.
Very few JAK loans end in default. Borrowers are decidedly involved "members" as opposed to disinterested "customers". Many feel quite strongly about the idea of interest-free banking and this common bond goes a long way towards encouraging good behaviour. Personal guarantors rarely need to be asked to make good on their guarantee.
Liquidity
At the simplest level, a bank takes one person's savings and lends them to someone else. Ideological arguments aside, this presents some practical difficulties. Firstly, what if a saver wants their money back before the borrower has finished with it? Secondly, what if there are not enough or too many borrowers relative to savers?
The first point is generally dealt with in the banking system by having a reasonably large number of savers and making sure that enough money is set aside to cope with those who, on any given day, want some of their money back. While individuals might withdraw their savings in a random manner, a large group of savers will tend to be stable and predictable.
It is JAK's policy to keep a minimum of 20% of pre-savings available in either a bank account or in government bonds, either of which can be made available almost immediately. Too much liquidity means that money is lying idle rather than being lent out to members, so it is not seen as desirable to have much more than 20% on reserve. Post-savings do not need to have a component on reserve since these can only be withdrawn at specified times.
JAK also encourages stability from its savers by offering a higher Savings Factor in long-term deposit accounts. JAK members can choose from 6, 12 and 24-month deposit accounts which represent the advance notice required to make a withdrawal.
With regard to the second point, JAK has a more difficult balancing act between saving and borrowing than other banks, due to the fact that the two are intimately linked by Savings Points. Most people save with the intention of borrowing in the future. An excess of saving today could indicate too much demand for borrowing next year.
The Allocation Factor has a central role in the relationship between supply of savings and demand for loans. In general, the JAK board sets the Allocation Factor to reflect the current level of liquidity within the bank. The greater the pool of excess savings, the higher the Allocation Factor to encourage members to take out loans and reduce the excess. Unfortunately for JAK, the relationship between the Allocation Factor and the demand for loans is not as simple as this. In the short term, increasing the Allocation Factor can actually make things worse, as members decide to increase their Savings Points with a view to taking out a larger loan in the future. Excess demand for loans would be particularly problematic for JAK. Reducing the Allocation Factor would likely lead to an outcry from members who had made financial plans based on a higher factor. The alternatives, however, would be to refuse more loans or to introduce a waiting list. The dynamics of this saving/borrowing relationship are likely to be a constant challenge to JAK's management as the membership grows and the range of banking services offered by JAK expands.
JAK culture
A significant amount of JAK's energy is devoted to communicating with its 21,000-strong membership. JAK is a co-operative, fully owned by its members. In addition to a quarterly newsletter, 24 regional offices staffed by trained volunteers keep in touch with members through study groups and exhibitions. While JAK's primary function is to provide interest-free banking, it is also viewed by the membership as a vehicle for economic reform.
A recent innovation in support of economic reform is the Local Enterprise Bank. Community members save in a special JAK account and, rather than earning points themselves, their savings are used to provide an interest-free loan for a local enterprise. Savings are fully guaranteed, so members are not exposed to any financial risk. The first two projects to be funded in this way are an ecological slaughterhouse and a replica Viking village. It is an interesting experiment in local finance for local projects, and so far has been very warmly received by local media and participants. While savers don't, of course, receive any interest on their savings, they benefit both economically and otherwise from the improvements in their local economy and infrastructure as a result of the projects.
Conclusions
The JAK Members' Bank is unique in the commitment it inspires from its volunteers and staff. It provides affordable and responsible finance, and enables its members to have a say in where their money is invested. I have no doubt it will continue to be true to its purpose and values while exploring new frontiers in ethical finance.
This paper is from
Growth:The Celtic Cancer,
the second Feasta Review. Copies of the Review can be ordered online from Green Books, priced at £9.95 plus postage and packaging. Green Books banner 1
Continue to panel: Why interest-free banking matters
http://www.feasta.org/documents/review2/carrie2.htm
http://www.idara.com/store/islamic-books/english-books/banking-without-interest/prod_846.html
http://www.onlineislamicstore.com/b2355.html
http://www.islamicgoodsdirect.co.uk/product_info.php/products_id/2771
http://www.sustecweb.co.uk/past/sustec12-3/bank_operates_without_interest.htm
http://en.wikipedia.org/wiki/Islamic_banking
http://www.abc.net.au/worldtoday/stories/s66783.htm
http://www.kriso.ee/Banking-without-Interest-Revised-edition/db/9780860371199.html
http://www.soundvision.com/shop/pview.asp?item=420-057
Economy: America is Not Japan
November 4, 2008
Jesper Koll
By Jesper Koll
The re-regulation and nationalization of the US banking system is a far cry from the dark days here following the bubble era.
There are significant differences between Japan’s banking crisis in the 1990s and the US crisis today. In fact, it is highly likely US banks will be much worse off after all the public policy intervention and crisis management, while Japanese banks were turned from being bad banks into being good ones.
At the outset, let me make sure you understand that I am not talking about the bad balance sheets and capital shortage in the financial system. Here the Japan and US crises are very similar: A reckless credit boom is followed by a bust, public capital is injected to allow the write-offs and then, eventually, a new cycle starts. The problem is that for Japan, public policy was very focused on ensuring that a new cycle would start, that the banks could actually be turned into better ones. In contrast, current US policy leaves little hope that American banks will ever again be as profitable as they were in the past. Why? Japan’s counter policy was to deregulate and privatize while current US policy is to re-regulate and nationalize.
Some specifics: Japanese banks were bad banks throughout the boom of the 1980s. Yes, they built huge balance sheets by lending recklessly to real estate speculators and buying US trophy assets like Rockefeller Center, but their operating business was barely profitable, with wafer-thin margins, high costs and a powerful straightjacket of rules and regulations that prevented them from doing basically anything outside the bare-bone deposit and loan business. Even at the heyday of Japan’s bubble economy in the late 1980s, non-interest income was not even 5 percent of total income. In other words, outside the traditional banking business of making money from collecting deposits and lending at higher interest rates, Japanese banks had not much of a business.
Wall StreetJapan’s post-bubble rebuilding of its banking system cannot be used as a blueprint for the US.
Japan’s ‘Big Bang’ of the mid-1990s started to change that, laying out a clear time schedule for when banks could start new business like selling mutual funds and insurance. Today, non-interest income is almost one-third of all income for Japanese banks. The deregulation drive of the 1990s allowed banks to built new profit centers after their balance sheets were fixed.
In contrast, US banks already exploited all the benefits of deregulation before their balance sheets went bad. Non-interest income accounted for almost half of their total income just last year, before the crisis hit. US policy is now focusing on tighter rules, more regulation, all of which will mean that future profit opportunities for US banks are being cut back. On top of bad balance sheets, US banks have a bad business outlook as their industry is going to be squeezed. In contrast, Japan banks, yes, had bad balance sheets, but while these were supported with public funds, public policy actually focused on allowing banks to build new profit centers. Specifically, non-interest income now makes up almost one third of total income as banks have thrived from deregulation opportunities.
Moreover, the positive impact of postal savings privatization should not be underestimated. By the mid-1990s, the public postal banks and postal insurance accounted for almost 80 percent of all financial intermediation. In plain speak, the public sector bank saw most of the follow-through from savings to investment, which means the private banks were ‘crowded out,’ meaning they were not able to profit from the basic financial flow in the economy. With the ‘Big Bang,’ the public postal bank gradually moved out of the way. For example, the postal bank-funded housing and loan corporation stopped making mortgage loans and private banks were allowed to pick up that business. This created huge ‘crowding in’—new profit opportunities for the private sector. The latest housing and construction boom was almost entirely funded by private banks, accounting for almost half of the growth in their operating profitability.
All said, Japan’s banks were bad banks with very low profitability and the 1990s deregulation and privatization drive allowed them to build new, profitable businesses. US banks were very good banks with record profitability and super high returns. Now re-regulation and nationalization is poised to cap their earnings’ up-side potential. No doubt, this is necessary after the excesses caused by the horrific lack of supervision and public and private governance in financial America over the past decade. But if stock markets are seeking to discount future earnings streams, a Wall Street recovery will not start with public bailouts and capital injections, but will only start when credible rules and established supervision are that allows US banks to build new profit centers. Where Japan offered public capital and a business plan, the US, right now, is only offering capital but no plan for future growth.
Jesper Koll is the CEO of independent investment advisory company, Tantallon Research Japan.
http://www.japaninc.com/mgz_november_2008_us-banking-system
Specifically, non-interest income now makes up almost one third of total income as banks have thrived from deregulation opportunities.
Specifically, non-interest income now makes up almost one third of total income as banks have thrived from deregulation opportunities.
Specifically, non-interest income now makes up almost one third of total income as banks have thrived from deregulation opportunities.
ja ma ütlen teile: käsitööliste päralt on tulevik. kätega valmis tehtud väärtus hakkab maksma, õhumüüjad kaovad igavikku.
ken taur
Nüüd loodetavasti sai elekter otsa!Süüdake küünlad!
Kes oskaks seletada, kuidas tasuta elektrit saada?
Uskumatu et paduelektrik ei saa aru kui teda kõik mõnitavad ja vastab aktiivselt igale küsimusele!
iluspedepoiss..nagu SC kirjutas...
See, kes siin tasuta elektrit lubab on järjekordselt tabletid võtmata,või Jämejalast jooksu pannud.Kas omal juba see jama tüütuks ei lähe,see loll tuleks küll blokeerida,keda see jama huvitab.
eestlased oleks nagu pea peale kukkunud, midagi ei tule tasuta, purukapitalistlikus eestis veel kõige vähem, everything comes with a price, ja nagu elu on näidanud vaestelt eestlastelt kooritakse veel seitse nahka. no suhkrutrahvi skandaal on ainult üks näide sellest, lootsime kokku hoida aga pärast plekkisime nii et silme ees must..lol
oodake edasi valget laeva ja loodke paremaid aegu. seda osatakse siinmail eriti hästi. ehk siis optimistlikult: naeratage, sest homme on hullem LOL
http://www.vello42.com/?p=1242
Ma olen aru saanud, et shitcase kitkub oma kalkuneid kusagil Dublini kandis, vähemalt varasemate postituste järgi. Nii. Nüüd palve kohvikulistele - kellelgi on kindlasti sealkandis mõni tuttav-sõber kaasmaalane kas tööl või muidu. Äkki keegi teeb heateo ja valgustab shitcase'i tausta, olen aru saanud, et tema identiteet pole (mõnedele) Dublini eestlastele teadmata. Kitkukme tal endal natuke sulgi, ehk võtab vaiksemaks. Ta ju ei läbusta ainult siin, vaid ka kõigis ettejuhtuvais kommentaariumeis, maakonnalehtede ja erialafoorumiteni välja.
Alustuseks peaks Inno siinsamas kohvikus sulgi kitkuma ja vähemalt selle tüübi topeltpostitused kustutama. Ja võõrkeelsed tekstid samuti!
iluspoiss
KOHVIK ELEKTRIVABAKS!
Uuel aastal puhtamat kohvikut paluks!
jõulupoiss
Kui on valida, kas loomad elutoas või tasutaelektriidioot laudas, siis mina valin esimese variandi.
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